0000310522-20-000121 | 10-K | XBRL Viewer | Federal National Mortgage Association Fannie MAE

Print Document View Excel Document

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2019	Jan. 31, 2020	Jun. 28, 2019
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	0-50231
Entity Tax Identification Number	52-0883107
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 Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Small Business	false
Entity Common Stock, Shares Outstanding		1,158,087,567
Entity Public Float			$ 3.1
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Address, Address Line One	1100 15th Street, NW
City Area Code	800
Local Phone Number	232-6643
Entity Address, City or Town	Washington,
Entity Address, State or Province	DC
Entity Address, State or Province	20005
Entity Incorporation, State or Country Code	X1
Entity Emerging Growth Company	false
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 21,184	$ 25,557
Restricted cash (includes $33,294 and $17,849, respectively, related to consolidated trusts)	40,223	23,866
Federal funds sold and securities purchased under agreements to resell or similar arrangements	13,578	32,938
Investments in securities:
Trading, at fair value (includes $3,037 and $3,061, respectively, pledged as collateral)	48,123	41,867
Available-for-sale, at fair value	2,404	3,429
Total investments in securities	50,527	45,296
Mortgage loans:
Loans Receivable Held-for-sale, Amount	6,773	7,701
Financing Receivable, before Allowance for Credit Loss (includes $7,825 and $8,922, respectively, at fair value)	3,336,405	3,255,897
Allowance for loan losses	(9,016)	(14,203)
Total loans held for investment, net of allowance	3,327,389	3,241,694
Total mortgage loans	3,334,162	3,249,395
Deferred tax assets, net	11,910	13,188
Accrued interest receivable, net (includes $8,172 and $7,928, respectively, related to consolidated trusts)	8,604	8,490
Acquired property, net	2,366	2,584
Other assets	20,765	17,004
Total assets	3,503,319	3,418,318
Liabilities:
Accrued interest payable (includes $9,361 and $9,133, respectively, related to consolidated trusts)	10,228	10,211
Other liabilities (includes $376 and $356, respectively, related to consolidated trusts)	11,097	9,947
Total liabilities	3,488,711	3,412,078
Commitments and contingencies (Note 16)	0	0
Fannie Mae stockholders’ equity:
Senior preferred stock (liquidation preference of $131,178 and $123,836, respectively)	120,836	120,836
Preferred stock, 700,000,000 shares are authorized—555,374,922 shares issued and outstanding	19,130	19,130
Common stock, no par value, no maximum authorization—1,308,762,703 shares issued and 1,158,087,567 shares outstanding	687	687
Accumulated deficit	(118,776)	(127,335)
Accumulated other comprehensive income	131	322
Treasury stock, at cost, 150,675,136 shares	(7,400)	(7,400)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	14,608	6,240
Total liabilities and equity	3,503,319	3,418,318
Fannie Mae [Member]
Mortgage loans:
Financing Receivable, before Allowance for Credit Loss (includes $7,825 and $8,922, respectively, at fair value)	94,911	113,039
Liabilities:
Debt (includes $5,687 and $6,826, respectively, of debt of Fannie Mae and $21,880 and $23,753, respectively, of debt of consolidated trusts, at fair value)	182,247	232,074
Consolidated Trusts [Member]
ASSETS
Restricted cash (includes $33,294 and $17,849, respectively, related to consolidated trusts)	33,294	17,849
Mortgage loans:
Financing Receivable, before Allowance for Credit Loss (includes $7,825 and $8,922, respectively, at fair value)	3,241,494	3,142,858
Accrued interest receivable, net (includes $8,172 and $7,928, respectively, related to consolidated trusts)	8,172	7,928
Liabilities:
Accrued interest payable (includes $9,361 and $9,133, respectively, related to consolidated trusts)	9,361	9,133
Debt (includes $5,687 and $6,826, respectively, of debt of Fannie Mae and $21,880 and $23,753, respectively, of debt of consolidated trusts, at fair value)	3,285,139	3,159,846
Other liabilities (includes $376 and $356, respectively, related to consolidated trusts)	$ 376	$ 356

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Restricted cash (includes $33,294 and $17,849, respectively, related to consolidated trusts)	$ 40,223	$ 23,866
Investments in securities:
Available-for-sale, at fair value	2,404	3,429
Mortgage loans:
Loans held for investment, at amortized cost of consolidated trusts (includes $12,057 and $14,075, respectively, at fair value)	7,825	8,922
Accrued interest receivable, net (includes $8,172 and $7,928, respectively, related to consolidated trusts)	8,604	8,490
Liabilities:
Accrued interest payable (includes $9,361 and $9,133, respectively, related to consolidated trusts)	10,228	10,211
Other liabilities (includes $376 and $356, respectively, related to consolidated trusts)	$ 11,097	$ 9,947
Fannie Mae stockholders’ equity:
Senior preferred stock, 1,000,000 shares outstanding	131,178	123,836
Preferred stock, 700,000,000 shares are authorized	700,000,000	700,000,000
Preferred stock, 555,374,922 shares issued	555,374,922	555,374,922
Preferred stock, 555,374,922 shares outstanding	555,374,922	555,374,922
Common stock, no par value, no maximum authorization, 1,308,762,703 shares issued	1,308,762,703	1,308,762,703
Common stock, no par value, no maximum authorization, 1,158,087,567 and 1,158,082,750 shares outstanding, respectively	1,200,000,000	1,158,087,567
Treasury stock, at cost, 150,675,136 and 150,679,953 shares, respectively	150,675,136	150,675,136
Security Owned and Pledged as Collateral, Fair Value	$ 0	$ 0
Consolidated Trusts [Member]
ASSETS
Restricted cash (includes $33,294 and $17,849, respectively, related to consolidated trusts)	33,294	17,849
Mortgage loans:
Accrued interest receivable, net (includes $8,172 and $7,928, respectively, related to consolidated trusts)	8,172	7,928
Liabilities:
Accrued interest payable (includes $9,361 and $9,133, respectively, related to consolidated trusts)	9,361	9,133
Debt at fair value	21,880	23,753
Other liabilities (includes $376 and $356, respectively, related to consolidated trusts)	376	356
Fannie Mae [Member]
Liabilities:
Debt at fair value	$ 5,687	$ 6,826

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest income:
Trading securities	$ 1,627	$ 1,336	$ 706
Available-for-sale securities	175	230	335
Mortgage loans	116,764	114,605	108,319
Interest Income, Federal Funds Sold and Securities Purchased under Agreements to Resell	843	742	373
Other	163	136	123
Total interest income	119,572	117,049	109,856
Interest expense:
Short-term debt	(501)	(468)	(250)
Long-term debt	(98,109)	(95,630)	(88,873)
Total interest expense	(98,610)	(96,098)	(89,123)
Net interest income	20,962	20,951	20,733
Benefit for credit losses	4,011	3,309	2,041
Net interest income after benefit for credit losses	24,973	24,260	22,774
Non-interest Income:
Investment gains, net	1,770	952	1,522
Fair value losses, net	(2,214)	1,121	(1,211)
Fee and other income	1,176	979	2,227
Non-interest income	732	3,052	2,538
Administrative expenses:
Salaries and employee benefits	(1,486)	(1,451)	(1,328)
Professional services	(967)	(1,032)	(933)
Other administrative expenses	(570)	(576)	(476)
Total administrative expenses	(3,023)	(3,059)	(2,737)
Foreclosed property expense	(515)	(617)	(521)
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees	(2,432)	(2,284)	(2,096)
Other expenses, net	(2,158)	(1,253)	(1,511)
Total expenses	(8,128)	(7,213)	(6,865)
Income before federal income taxes	17,577	20,099	18,447
Provision for federal income taxes	(3,417)	(4,140)	(15,984)
Total comprehensive income
Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and taxes	(179)	(344)	(206)
Other, (net of taxes of $0, $0 and $3, respectively)	(12)	(4)	0
Total other comprehensive loss	(191)	(348)	(206)
Total comprehensive income attributable to Fannie Mae	13,969	15,611	2,257
Net income attributable to Fannie Mae	14,160	15,959	2,463
Dividends distributed or amounts attributable to senior preferred stock	(13,969)	(12,613)	(8,944)
Net income (loss) attributable to common stockholders	$ 191	$ 3,346	$ (6,481)
Earnings (loss) per share: Basic	$ 0.03	$ 0.58	$ (1.12)
Earnings (loss) per share: Diluted	$ 0.03	$ 0.57	$ (1.12)
Weighted Average Number of Shares Outstanding, Basic	5,762	5,762	5,762
Weighted-average common shares outstanding: Diluted	5,893	5,893	5,762

Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Mortgage loans interest income	$ 116,764	$ 114,605	$ 108,319
Long-term debt interest expense	98,109	95,630	88,873
Consolidated Trusts [Member]
Mortgage loans interest income	111,805	107,964	100,593
Long-term debt interest expense	$ 92,561	$ 89,682	$ 82,580

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows provided by (used in) operating activities:
Net income	$ 14,160	$ 15,959	$ 2,463
Reconciliation of net income to net cash provided by operating activities:
Amortization of cost basis adjustments	(6,002)	(5,949)	(6,641)
Benefit for credit losses	(4,011)	(3,309)	(2,041)
Valuation gains	(1,809)	(911)	(1,573)
Current and deferred federal income taxes	1,517	3,680	14,369
Net gains related to the disposition of acquired property and preforeclosure sales, including credit enhancements	(917)	(1,785)	(2,426)
Other, net	(98)	440	(406)
Net change in trading securities	(1,630)	(5,454)	4,511
Interest Paid, Excluding Capitalized Interest, Operating Activities	(5,964)	(423)	(4,043)
Net cash provided by (used in) operating activities	(4,754)	2,248	4,213
Cash flows provided by investing activities:
Proceeds from maturities and paydowns of trading securities held for investment	58	182	1,206
Proceeds from sales of trading securities held for investment	49	96	241
Proceeds from maturities and paydowns of available-for-sale securities	469	695	2,009
Proceeds from sales of available-for-sale securities	537	760	1,990
Purchases of loans held for investment	(261,808)	(172,155)	(189,593)
Advances to lenders	(141,395)	(108,294)	(123,687)
Proceeds from disposition of acquired property and preforeclosure sales	7,425	9,321	12,221
Net change in federal funds sold and securities purchased under agreements to resell or similar arrangements	19,360	(13,468)	10,945
Other, net	(80)	78	641
Net cash provided by investing activities	207,052	150,853	184,408
Cash flows used in financing activities:
Payments of cash dividends on senior preferred stock to Treasury	(5,601)	(9,372)	(12,015)
Proceeds from senior preferred stock purchase agreement with Treasury	0	3,687	0
Other, net	480	63	6
Net cash used in financing activities	(190,314)	(163,938)	(190,538)
Net increase (decrease) in cash, cash equivalents and restricted cash	11,984	(10,837)	(1,917)
Cash, cash equivalents and restricted cash at beginning of period	49,423	60,260	62,177
Cash, cash equivalents and restricted cash at end of period	61,407	49,423	60,260
Cash paid during the period for:
Interest	121,542	110,415	109,480
Income taxes	1,900	460	3,090
Non-cash activities:
Net mortgage loans acquired by assuming debt	273,174	231,478	258,312
Net transfers from mortgage loans of Fannie Mae to mortgage loans of consolidated trusts	248,463	185,310	193,809
Transfers from advances to lenders to loans held for investment of consolidated trusts	128,272	102,865	118,282
Net transfers from mortgage loans to acquired property	6,681	8,131	10,262
Fannie Mae [Member]
Cash flows provided by investing activities:
Proceeds from repayments of loans acquired as held for investment	12,508	15,082	22,557
Proceeds from sales of loans acquired as held for investment	17,794	17,511	10,241
Cash flows used in financing activities:
Proceeds from the issuance of debt	789,572	789,355	1,034,742
Payments to redeem debt	(834,294)	(834,366)	(1,082,427)
Consolidated Trusts [Member]
Cash flows provided by investing activities:
Proceeds from repayments of loans acquired as held for investment	552,135	401,045	435,637
Cash flows used in financing activities:
Proceeds from the issuance of debt	435,235	357,846	383,793
Payments to redeem debt	$ (575,706)	$ (471,151)	$ (514,637)

Consolidated Statements of Changes in Equity (Deficit) - USD ($) shares in Millions, $ in Millions	Total	Senior Preferred Stock	Preferred Stock	Common Stock	Accumulated Deficit	Accumulated Other Comprehensive Income	Treasury Stock
Balance (shares) at Dec. 31, 2016		1	556	1,158
Balance at Dec. 31, 2016	$ (6,071)	$ (117,149)	$ (19,130)	$ (687)	$ 124,253	$ (759)	$ 7,401
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Senior preferred stock dividends paid per share	(12,015)				(12,015)
Proceeds from senior preferred stock purchase agreement with Treasury	0
Comprehensive income:
Net income	2,463				2,463
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on available-for-sale securities (net of taxes of $28, $21 and $0, respectively)	53					53
Reclassification adjustment for gains included in net income (net of taxes of $139, $70 and $48, respectively)	(259)					(259)
Other, (net of taxes of $0, $0 and $3, respectively)	0
Other	1						1
Total comprehensive income	2,257
Balance at Dec. 31, 2017	3,686	$ (117,149)	$ (19,130)	$ (687)	133,805	(553)	7,400
Balance (shares) at Dec. 31, 2017		1	556	1,158
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Senior preferred stock dividends paid per share	(9,372)				(9,372)
Proceeds from senior preferred stock purchase agreement with Treasury	3,687	$ 3,687
Comprehensive income:
Net income	15,959				15,959
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on available-for-sale securities (net of taxes of $28, $21 and $0, respectively)	(79)					(79)
Reclassification adjustment for gains included in net income (net of taxes of $139, $70 and $48, respectively)	(265)					(265)
Other, (net of taxes of $0, $0 and $3, respectively)	(4)					(4)
Total comprehensive income	15,611
Reclassification related to Tax Cuts and Jobs Act					(117)	117
Balance at Dec. 31, 2018	(6,240)	$ (120,836)	$ (19,130)	$ (687)	127,335	(322)	7,400
Balance (shares) at Dec. 31, 2018		1	556	1,158
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Senior preferred stock dividends paid per share	(5,601)				(5,601)
Proceeds from senior preferred stock purchase agreement with Treasury	0
Comprehensive income:
Net income	14,160				14,160
Other comprehensive income, net of tax effect:
Reclassification adjustment for gains included in net income (net of taxes of $139, $70 and $48, respectively)	1					1
Prior service cost and actuarial gains, net of amortization for defined benefit plans (net of tax)	(180)					(180)
Other, (net of taxes of $0, $0 and $3, respectively)	(12)					(12)
Total comprehensive income	13,969
Balance at Dec. 31, 2019	$ (14,608)	$ (120,836)	$ (19,130)	$ (687)	$ 118,776	$ (131)	$ 7,400
Balance (shares) at Dec. 31, 2019		1	556	1,158

Consolidated Statements of Changes in Equity (Deficit) (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Changes in net unrealized gains on available-for-sale securities, net of tax	$ 0	$ 21,000,000	$ 28,000,000
Reclassification adjustment for gains included in net loss, net of tax	48,000,000	70,000,000	139,000,000
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect	$ 3	$ 0	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Earnings Per Share, Policy [Policy Text Block]

The calculation of diluted EPS includes all the components of basic earnings per share, plus the dilutive effect of common stock equivalents such as convertible securities and stock options. Weighted-average shares outstanding is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued.

Earnings (Loss) per Share

Earnings (loss) per share (“EPS”) is presented for basic and diluted EPS. We compute basic EPS by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. However, as a result of our conservatorship status and the terms of the senior preferred stock, no amounts would be available to distribute as dividends to common or preferred stockholders (other than to Treasury as the holder of the senior preferred stock). Net income (loss) attributable to common stockholders excludes amounts attributable to the senior preferred stock, which increase the liquidation preference as described above in “Senior Preferred Stock Purchase Agreement, Senior Preferred Stock and Warrant.”

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, primarily working with lenders. We do not originate loans or lend money directly to consumers in the primary mortgage market. Instead, we securitize mortgage loans originated by lenders into Fannie Mae mortgage-backed securities (“MBS”) that we guarantee; purchase mortgage loans and mortgage-related securities, primarily for securitization and sale at a later date; manage mortgage credit risk; and engage in other activities that increase the supply of affordable housing.

We have two reportable business segments: Single-Family and Multifamily. The Single-Family business operates in the secondary mortgage market relating to loans secured by properties containing four or fewer residential dwelling units. The Multifamily business operates in the secondary mortgage market relating primarily to loans secured by properties containing five or more residential units. We describe the management reporting and allocation process used to generate our segment results in “Note 10, Segment Reporting.”

Conservatorship

On September 7, 2008, the Secretary of the Treasury and the Director of FHFA announced several actions taken by Treasury and FHFA regarding Fannie Mae, which included: (1) placing us in conservatorship and (2) the execution of a senior preferred stock purchase agreement by our conservator, on our behalf, and Treasury, pursuant to which we issued to Treasury both senior preferred stock and a warrant to purchase common stock.

Under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended, including by the Federal Housing Finance Regulatory Reform Act of 2008 (together, the “GSE Act”), the conservator immediately succeeded to (1) all rights, titles, powers and privileges of Fannie Mae, and of any stockholder, officer or director of Fannie Mae with respect to Fannie Mae and its assets, and (2) title to the books, records and assets of any other legal custodian of Fannie Mae. The conservator subsequently issued an order that provided for our Board of Directors to exercise specified authorities. The conservator also provided instructions regarding matters for which conservator decision or notification is required. The conservator retains the authority to amend or withdraw its order and instructions at any time.

The conservator has the power to transfer or sell any asset or liability of Fannie Mae (subject to limitations and post-transfer notice provisions for transfers of qualified financial contracts) without any approval, assignment of rights or consent of any party. However, 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.

On September 5, 2019, Treasury released a plan to reform the housing finance system. The Treasury Housing Reform Plan (the “Treasury plan”) is far-reaching in scope and could have a significant impact on our structure, our role in the secondary mortgage market, our capitalization, our business and our competitive environment. The Treasury plan includes recommendations relating to ending our conservatorship, amending our senior preferred stock purchase agreement with Treasury, considering additional restrictions and requirements on our business, and many other matters. The Treasury plan recommends that Treasury’s commitment to provide funding under the senior preferred stock purchase agreement should be replaced with legislation that authorizes an explicit, paid-for guarantee backed by the full faith and credit of the Federal Government that is limited to the timely payment of principal and interest on qualifying MBS. The Treasury plan further recommends that, pending legislation, even after conservatorship Treasury should maintain its ongoing commitment to support our single-family and multifamily mortgage-backed securities through the senior preferred stock purchase agreement, as amended as contemplated by the plan.

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, the level of government support of our business, how long we will be in conservatorship, what form we will have and what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will

continue to exist following conservatorship. Under the GSE Act, FHFA must place us into receivership if the Director of FHFA makes a written determination that our assets are less than our obligations or if we have not been paying our debts, in either case, for a period of 60 days. In addition, the Director of FHFA may place us into receivership at his discretion at any time for other reasons set forth in the GSE Act, including if we are critically undercapitalized or if we are undercapitalized and have no reasonable prospect of becoming adequately capitalized. Should we be placed into receivership, different assumptions would be required to determine the carrying value of our assets, which could lead to substantially different financial results. Treasury has made a commitment under the senior preferred stock purchase agreement to provide funding to us under certain circumstances if we have a net worth deficit. We are not aware of any plans of FHFA (1) to fundamentally change our business model, other than changes that might result from recommendations in the Treasury plan, if implemented, or (2) to reduce the aggregate amount available to or held by the company under our capital structure, which includes the senior preferred stock purchase agreement.

Senior Preferred Stock Purchase Agreement, Senior Preferred Stock and Warrant

Senior Preferred Stock Purchase Agreement

Under our senior preferred stock purchase agreement with Treasury, in September 2008 we issued Treasury one million shares of senior preferred stock and a warrant to purchase shares of our common stock. The senior preferred stock purchase agreement was amended and restated on September 26, 2008 and was subsequently amended three times: in May 2009, December 2009 and August 2012. The dividend and liquidation preference provisions of the senior preferred stock were also amended in December 2017 and in September 2019 pursuant to letter agreements between us, through FHFA in its capacity as conservator, and Treasury.

Senior Preferred Stock

The modifications and other specified provisions of the September 2019 letter agreement are described below.

•

Modification to Dividend Provisions—Increase in Applicable Capital Reserve Amount. The terms of the senior preferred stock provide for dividends each quarter in the amount, if any, by which our net worth as of the end of the immediately preceding fiscal quarter exceeds the applicable capital reserve amount. The September 2019 letter agreement modified the dividend provisions of the senior preferred stock to increase the applicable capital reserve amount from $3 billion to $25 billion, effective for dividend periods beginning July 1, 2019. As a result of this change to the senior preferred stock dividend provisions, no dividends will be payable on the senior preferred stock for the first quarter of 2020, as our net worth of $14.6 billion as of December 31, 2019 is lower than the $25 billion capital reserve amount.

•

Modification to Liquidation Preference Provisions—Increase in Liquidation Preference. The September 2019 letter agreement provides that, on September 30, 2019, and at the end of each fiscal quarter thereafter, the liquidation preference of the senior preferred stock will increase by an amount equal to the increase in our net worth, if any, during the immediately prior fiscal quarter, until such time as the liquidation preference has increased by $22 billion pursuant to this provision. As a result of this change to the senior preferred stock liquidation preference provisions, the aggregate liquidation preference of the senior preferred stock will increase from $131.2 billion as of December 31, 2019 to $135.4 billion as of March 31, 2020, due to the increase in our net worth during the fourth quarter of 2019.

•

Agreement to Amend Senior Preferred Stock Purchase Agreement to Enhance Taxpayer Protections. The September 2019 letter agreement provides that we and Treasury agree to negotiate and execute an additional amendment to the senior preferred stock purchase agreement that further enhances taxpayer protections by adopting covenants broadly consistent with recommendations for administrative reform contained in the Treasury plan.

See “Note 11, Equity” for additional information about the senior preferred stock purchase agreement, including Treasury’s funding commitment under the agreement.

Warrant

On September 7, 2008, we issued to Treasury a warrant 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 the warrant is exercised. The warrant may be exercised, 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 earnings (loss) per share. The weighted-average shares of common stock outstanding for 2019, 2018 and 2017 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 FHFA’s provision of authority.

In addition to MBS issuances, we fund our business through the issuance of short-term and long-term debt securities in the domestic and international capital markets. Accordingly, 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 our business and our debt securities.

We believe that continued federal government support of our business, as well as our status as a government-sponsored enterprise, are essential to maintaining our current level of access to debt funding. Changes or perceived changes in federal government support of our business without appropriate capitalization of the company could materially and adversely affect our liquidity, financial condition and results of operations. Changes or perceived changes in our status as a government-sponsored enterprise could also 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 impact 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.

Related Parties

Because Treasury holds a 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, 2019, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $131.2 billion. See “Senior Preferred Stock Purchase Agreement, Senior Preferred Stock and Warrant” above for additional information on transactions under this agreement.

FHFA’s control of both Fannie Mae and Freddie Mac has caused Fannie Mae, FHFA and Freddie Mac to be deemed related parties. Additionally, Fannie Mae and Freddie Mac jointly own Common Securitization Solutions, LLC (“CSS”), a limited liability company created to operate a common securitization platform; as such, CSS is deemed a related party. As a part of our joint ownership, Fannie Mae, Freddie Mac and CSS are parties to a limited liability company agreement that sets forth the overall framework for the joint venture, including Fannie Mae’s and Freddie Mac’s rights and responsibilities as members of CSS. Fannie Mae, Freddie Mac and CSS are also parties to a customer services agreement that sets forth the terms under which CSS provides mortgage securitization services to us and Freddie Mac, including the operation of the common securitization platform as well as an administrative services agreement. CSS operates as a separate company from us and Freddie Mac, with all funding and limited administrative support services and other resources provided to it by us and Freddie Mac through our capital contributions.

In the ordinary course of business, Fannie Mae may purchase and sell securities issued by Treasury and Freddie Mac. These transactions occur on the same terms as those prevailing at the time for comparable transactions with unrelated parties. With our implementation of the Single Security Initiative in June 2019, some of the structured securities we issue are backed in whole or in part by Freddie Mac securities. Additionally, we make regular income tax payments to and receive tax refunds from the Internal Revenue Service (“IRS”), a bureau of Treasury.

Transactions with Treasury

Our administrative expenses were reduced by $20 million, $24 million and $40 million for the years ended December 31, 2019, 2018 and 2017, 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.

In December 2011, Congress enacted the Temporary Payroll Cut Continuation Act of 2011 (“TCCA”) which, among other provisions, required that we increase our single-family guaranty fees by at least 10 basis points and remit this increase to Treasury. Effective April 1, 2012, we increased the guaranty fee on all single-family residential mortgages delivered to us by 10 basis points. FHFA and Treasury 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 $2.4 billion, $2.3 billion and $2.1 billion in TCCA fees during the years ended December 31, 2019, 2018 and 2017, respectively, of which $626 million and $586 million had not been remitted as of December 31, 2019 and 2018, respectively.

The GSE Act requires us to set aside certain funding obligations, a portion of which is attributable to Treasury’s Capital Magnet Fund. In December 2014, FHFA directed us to set aside amounts for these contributions during each fiscal year, except for any fiscal year for which a draw from Treasury was made under the terms of the senior preferred stock purchase agreement or in which such allocation or transfer would cause such a draw. These funding obligations, recognized in “Other expenses, net” in our consolidated statements of operations and comprehensive income, were measured as the product of 4.2 basis points and the unpaid principal balance of our total new business purchases for the respective period, with 35% of this amount payable to Treasury’s Capital Magnet Fund. We recognized $98 million, $75 million and $84 million in “Other expenses, net” in connection with Treasury’s Capital Magnet Fund for the years ended December 31, 2019, 2018 and 2017, respectively. We paid $75 million and $84 million to Treasury’s Capital Magnet Fund in 2019 and 2018, respectively. In 2020, we expect to pay $98 million to Treasury’s Capital Magnet Fund based on our new business purchases in 2019.

On September 27, 2019, we, through FHFA acting on our behalf in its capacity as our conservator, and Treasury entered into a letter agreement modifying the dividend and liquidation preference provisions of the senior preferred stock held by Treasury. These modifications and other specified provisions of the letter agreement are described under “Senior Preferred Stock Purchase Agreement, Senior Preferred Stock and Warrant” above.

Transactions with FHFA

The GSE Act authorizes FHFA to establish an annual assessment for regulated entities, including Fannie Mae, which is payable on a semi-annual basis (April and October), for FHFA’s costs and expenses, as well as to maintain FHFA’s working capital. We recognized FHFA assessment fees, which are recorded in “Administrative expenses” in our consolidated statements of operations and comprehensive income, of $121 million, $110 million and $112 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Transactions with CSS and Freddie Mac

We contributed capital to CSS, the company we jointly own with Freddie Mac, of $105 million, $135 million and $102 million for the years ended December 31, 2019, 2018 and 2017, respectively.

In the second quarter of 2019, Fannie Mae, Freddie Mac and CSS entered into an amendment to the customer services agreement that sets forth the terms under which CSS provides mortgage securitization services to us and Freddie Mac. In June 2019, we entered into an indemnification agreement with Freddie Mac relating to the commingled structured securities that we and Freddie Mac issue. Under the indemnification agreement, Fannie Mae and Freddie Mac each have agreed to indemnify the other party for losses caused by: its failure to meet its payment or other specified obligations under the trust agreements pursuant to which the underlying resecuritized securities were issued; its failure to meet its obligations under the customer services agreement; its violations of laws; or with respect to material misstatements or omissions in offering documents, ongoing disclosures and related materials relating to the underlying resecuritized securities.

New Accounting Guidance

The Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments in June 2016, which was later amended by ASU 2019-04, ASU 2019-05 and ASU 2019-11. These ASUs (the “CECL standard”) replace the existing incurred loss impairment methodology for loans that are collectively evaluated for impairment with a methodology that reflects lifetime expected credit losses and requires consideration of a broader range of reasonable and supportable forecast information to develop a lifetime credit loss estimate. The CECL standard also requires credit losses related to AFS debt securities to be recorded through an allowance for credit losses. Our adoption of this standard on January 1, 2020 did not have a material impact on our portfolio of AFS debt securities.

The CECL standard became effective for our fiscal year beginning January 1, 2020. We have changed our accounting policies and implemented system, model and process changes to adopt the standard. Upon adoption, we used a discounted cash flow method to measure expected credit losses on our single-family mortgage loans and an undiscounted loss method to measure expected credit losses on our multifamily mortgage loans. The models used to estimate credit losses incorporated our historical credit loss experience, adjusted for current economic forecasts and the current credit profile of our loan book of business. The models used reasonable and supportable forecasts for key economic drivers, such as home prices (single-family), rental income (multifamily) and capitalization rates (multifamily).

The adoption of the CECL standard on January 1, 2020 will reduce our retained earnings by $1.1 billion on an after-tax basis, which will be reflected in our financial statements for the quarter ending March 31, 2020. The adoption of this guidance increased our overall credit loss reserves primarily as the result of an increase in our single-family loan loss reserves that were previously evaluated on a collective basis for impairment. This increase was partially offset by a decrease in estimated credit losses on loans that were previously considered individually impaired (our troubled debt restructurings).

The increase in our single-family loan loss reserves that were previously evaluated on a collective basis was primarily driven by the migration from an incurred-loss approach, which allowed us to consider only default events and economic conditions that already existed as of each financial reporting date, to an estimate that incorporates both expected default events over the expected life of each mortgage loan and a forecast of home prices in different economic environments over a reasonable and supportable period. The increase in loss reserves for this portion of our book was low relative to its size due to the credit quality of these loans and because our current model forecasts home price growth.

The allowance for loan losses on the TDR book was already measured using an expected lifetime credit loss estimate. The expected credit losses on this portion of our single-family book decreased upon the adoption of CECL because the new guidance required us to exclude from our estimate of credit losses all pre-foreclosure and post-foreclosure costs that are expected to be advanced after the balance sheet date. Prior to the adoption of CECL, we incorporated these costs in our estimate of expected credit losses for this book.

Consolidations and Transfers of Financial Assets

12 Months Ended

Dec. 31, 2019

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 and resecuritization trusts, guaranteed by us via lender swap transactions;


•	portfolio securitization transactions;


•	commingled resecuritization trusts;


•	mortgage-backed trusts that were not created by us;


•	housing partnerships that are established to finance the acquisition, construction, development or rehabilitation of affordable multifamily and single-family housing; and


•	certain credit risk transfer transactions.

These interests include investments in securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization transactions. 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 unless we have the unilateral ability to dissolve the trust. We also do not consolidate our resecuritization trusts unless we have the unilateral ability to dissolve the trust. Historically, the vast majority of underlying assets of our resecuritization trusts were limited to Fannie Mae securities that were collateralized by mortgage loans held in consolidated trusts. However, with our issuance of UMBS beginning in June 2019, we include securities issued by Freddie Mac in some of our resecuritization trusts. The mortgage loans that serve as collateral for Freddie Mac-issued securities are not held in trusts that are consolidated by Fannie Mae.

Types of VIEs

Securitization and Resecuritization 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 referred to as “first-level securities.” 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.

In our structured securitization transactions, we earn fees for assisting lenders and dealers with the design and issuance of structured mortgage-related securities, referred to as “second-level securities.” In contrast to first-level securities, the trust assets can include both Fannie Mae securities and Freddie Mac securities as the underlying collateral. These structured securities include Fannie Megas^® and Supers^TM, which are single-class resecuritizations, as well as REMICs and SMBS, which are multi-class resecuritizations, and separate the cash flows from underlying assets into separately tradable interests. When we issue a structured security backed in whole or in part by Freddie Mac securities, we provide a new and separate guaranty of principal and interest on the newly-formed structured security. If Freddie Mac were to fail to make a payment due on its securities underlying a Fannie Mae-issued structured security, we would be obligated under our guaranty to fund any shortfall. To the extent that the trust assets are Fannie Mae securities, the trust has permitted activities that are similar to those for our lender swap and portfolio securitization transactions. Additionally, we may retain or purchase a portion of the securities issued by each trust.

We also hold investments 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.

Limited Partnerships

In 2018, we resumed making new investments in various limited partnerships that sponsor affordable housing projects utilizing the LIHTC 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.

SPVs Associated with Our Credit Risk Transfer Programs

We transfer mortgage credit risk to investors through Connecticut Avenue Securities (“CAS”) REMIC and CAS credit-linked note (“CLN”) trusts. In October 2019, we issued our first Multifamily Connecticut Avenue Securities (“MCAS”) transaction, which is a CAS CLN and in December 2019, we issued our first single-family CAS CLN. The structure of CAS CLNs is similar to CAS REMICs; however, CAS CLNs allow us to transfer risk on reference pools containing seasoned loans. Since the REMIC election was not made on the loans in the reference pools at the time of acquisition, these trusts do not qualify as REMICs. Each CAS trust is a separate legal entity which issues notes that are fully collateralized by amounts deposited into a collateral account held by the CAS trust. To the extent that collateral held by the CAS trust and the earnings thereon are insufficient relative to the payments due to holders of the CAS notes, we may be required to make payments to the CAS trust. The CAS trusts qualify as VIEs. We do not have the power to direct significant activities of the CAS trusts while the CAS notes are outstanding, and, therefore, we do not consolidate CAS trusts.

Consolidated VIEs

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

We continually assess whether we are the primary beneficiary of the VIEs with which we are involved and therefore may consolidate or deconsolidate a VIE through the duration of our involvement. As of December 31, 2019, we did not consolidate any VIEs that were not already consolidated as of December 31, 2018. However, as of December 31, 2019, we deconsolidated certain VIEs that were consolidated and had combined total assets of $1.5 billion in unpaid principal balance as of December 31, 2018. The majority of this activity related to the deconsolidation of multi-class resecuritization trusts containing consolidated Fannie Mae MBS. This resulted in the recognition of MBS debt outstanding and the fair value of our retained interests as securities in our consolidated balance sheets.

Unconsolidated VIEs

We do not consolidate VIEs when we are not deemed to be the primary beneficiary. Our unconsolidated VIEs include securitization and resecuritization trusts, limited partnerships, and certain SPVs designed to transfer credit risk. The following table displays the carrying amount and classification of our assets and liabilities that relate to our involvement with unconsolidated securitization and resecuritization trusts.



	As of December 31,
	2019				2018
	(Dollars in millions)
Assets and liabilities recorded in our consolidated balance sheets related to unconsolidated mortgage-backed trusts:
Assets:
Trading securities:
Fannie Mae		$	2,543			$	1,422
Non-Fannie Mae		5,100				4,809
Total trading securities		7,643				6,231
Available-for-sale securities:
Fannie Mae		1,524				1,704
Non-Fannie Mae		574				1,207
Total available-for-sale securities		2,098				2,911
Other assets		56				66
Other liabilities		(78		)		(101		)
Net carrying amount		$	9,719			$	9,107

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. Our involvement in unconsolidated resecuritization trusts may give rise to additional exposure to loss depending on the type of resecuritization trust. Fannie Mae non-commingled resecuritization trusts are backed entirely by Fannie Mae MBS. These non-commingled single-class and multi-class resecuritization trusts are not consolidated and do not give rise to any additional exposure to loss as we already consolidate the underlying collateral.

Fannie Mae commingled resecuritization trusts are backed in whole or in part by Freddie Mac securities. The guaranty that we provide to these commingled resecuritization trusts may increase our exposure to loss to the extent that we are providing a guaranty for the timely payment and interest on the underlying Freddie Mac securities that we have not previously guaranteed. Our maximum exposure to loss for these unconsolidated trusts is measured by the amount of Freddie Mac securities that are held in these resecuritization trusts. However, a portion of these Freddie Mac securities may be backed in whole or in part by Fannie Mae MBS. To the extent that these Freddie Mac securities are backed by Fannie Mae MBS, our guarantee to the resecuritization trust does not subject us to any additional exposure to credit risk. Thus, our actual exposure to credit risk from Freddie Mac securities held in our resecuritization trusts is likely lower than the disclosed maximum exposure to loss. Our maximum exposure to loss related to unconsolidated securitization and resecuritization trusts was approximately $62 billion and $14 billion as of December 31, 2019 and 2018, respectively. The total assets of our unconsolidated securitization and resecuritization trusts were approximately $130 billion and $80 billion as of December 31, 2019 and 2018, respectively.

The maximum exposure to loss for our unconsolidated limited partnerships and similar legal entities, which consist of LIHTC, community investments and other entities, was $98 million and the related carrying value was $79 million as of December 31, 2019. As of December 31, 2018, the maximum exposure to loss was $111 million and the related carrying value was $89 million. The total assets of these limited partnership investments were $2.0 billion and $2.3 billion as of December 31, 2019 and 2018, respectively.

The maximum exposure to loss related to our involvement with unconsolidated SPVs that transfer credit risk represents the unpaid principal balance and accrued interest payable of obligations issued by the CAS SPVs. The maximum exposure to loss related to these unconsolidated SPVs was $9.5 billion and $920 million as of December 31, 2019 and 2018, respectively. The total assets related to these unconsolidated SPVs were $9.5 billion and $931 million as of December 31, 2019 and 2018, respectively.

The unpaid principal balance of our multifamily loan portfolio was $327.6 billion as of December 31, 2019. As our lending relationship does not provide us with a controlling financial interest in the borrower entity, we do not consolidate these borrowers regardless of their status as either a VIE or a voting interest entity. We have excluded these entities from our VIE disclosures. However, the disclosures we have provided in “Note 3, Mortgage Loans,” “Note 4, Allowance for Loan Losses” and “Note 6, Financial Guarantees” with respect to this population are consistent with the FASB’s stated objectives for the disclosures related to unconsolidated VIEs.

Transfers of Financial Assets

We issue Fannie Mae MBS through portfolio securitization transactions by transferring pools of mortgage loans or mortgage-related securities to one or more trusts or special purpose entities. We are considered to be the transferor when we transfer assets from our own retained mortgage portfolio in a portfolio securitization transaction. For the years ended December 31, 2019, 2018 and 2017, the unpaid principal balance of portfolio securitizations was $278.6 billion, $228.4 billion and $252.7 billion, respectively. The substantial majority of these portfolio securitization transactions generally do not qualify for sale treatment. Portfolio securitization trusts that do qualify for sale treatment primarily consist of loans that are guaranteed or insured, in whole or in part, by the U.S. government.

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, 2019, the unpaid principal balance of retained interests was $2.9 billion and its related fair value was $4.0 billion. The unpaid principal balance of retained interests was $1.5 billion and its related fair value was $2.2 billion as of December 31, 2018. For the years ended December 31, 2019, 2018 and 2017, the principal, interest and other fees received on retained interests was $595 million, $585 million and $1.1 billion, respectively.

Mortgage Loans

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Mortgage Loans

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

For purposes of the single-family mortgage loan disclosures below, we define “primary” class as mortgage loans that are not included in other loan classes; “government” class as mortgage loans that are guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies, and 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,
	2019			2018
	(Dollars in millions)
Single-family	$	2,972,361		$	2,929,925
Multifamily	327,593			293,858
Total unpaid principal balance of mortgage loans	3,299,954			3,223,783
Cost basis and fair value adjustments, net	43,224			39,815
Allowance for loan losses for HFI loans	(9,016		)	(14,203		)
Total mortgage loans	$	3,334,162		$	3,249,395

The following table displays information about our redesignated mortgage loans.



	For the Year Ended December 31,
	2019		2018		2017
	(Dollars in millions)
Carrying value of loans redesignated from HFI to HFS⁽¹⁾	$	17,126	$	21,960	$	12,886
Carrying value of loans redesignated from HFS to HFI⁽¹⁾	28		56		113
Loans sold - unpaid principal balance	19,737		21,918		12,184
Realized gains on sale of mortgage loans	1,238		444		723


⁽¹⁾	Represents the carrying value of the loans after redesignation, excluding allowance.

The recorded investment of single-family mortgage loans for which formal foreclosure proceedings are in process was $7.6 billion and $10.1 billion as of December 31, 2019 and 2018, respectively. As a result of our various loss mitigation and foreclosure prevention efforts, we expect that a portion of the loans in the process of formal foreclosure proceedings will not ultimately foreclose.

Aging Analysis

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



	As of December 31, 2019
	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		$	28,909		$	7,497		$	13,695		$	50,101	$	2,886,520	$	2,936,621		$	29	$	24,573
Government⁽²⁾		44			21			133			198		16,931		17,129			133		—
Alt-A		1,721			602			1,290			3,613		38,642		42,255			1		2,198
Other		559			206			467			1,232		9,074		10,306			1		775
Total single-family		31,233			8,326			15,585			55,144		2,951,167		3,006,311			164		27,546
Multifamily⁽³⁾		7			N/A			115			122		330,496		330,618			—		435
Total		$	31,240		$	8,326		$	15,700		$	55,266	$	3,281,663	$	3,336,929		$	164	$	27,981



	As of December 31, 2018
	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		$	30,471		$	7,881		$	14,866		$	53,218	$	2,816,047	$	2,869,265		$	22	$	26,170
Government⁽²⁾		57			17			169			243		21,887		22,130			169		—
Alt-A		2,332			821			1,844			4,997		48,274		53,271			2		3,082
Other		804			283			713			1,800		13,038		14,838			2		1,128
Total single-family		33,664			9,002			17,592			60,258		2,899,246		2,959,504			195		30,380
Multifamily⁽³⁾		56			N/A			171			227		295,437		295,664			—		492
Total		$	33,720		$	9,002		$	17,763		$	60,485	$	3,194,683	$	3,255,168		$	195	$	30,872


⁽¹⁾	Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due.


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

⁽³⁾

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

Credit Quality Indicators

The following table displays the total recorded investment in our single-family HFI loans by class and credit quality indicator, excluding loans for which we have elected the fair value option. The estimated mark-to-market LTV ratio is a strong predictor of credit performance. The likelihood of default and the gross severity of a loss in the event of default are typically lower as the LTV ratio decreases.



	As of December 31,
	2019⁽¹⁾						2018⁽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%	$	2,556,685	$	37,932	$	9,002	$	2,521,766	$	45,476	$	12,291
Greater than 80%and less than or equal to 90%	243,459		2,225		642		228,614		3,804		1,195
Greater than 90%and less than or equal to 100%	131,653		1,078		318		109,548		1,997		645
Greater than 100%	4,824		1,020		344		9,337		1,994		707
Total	$	2,936,621	$	42,255	$	10,306	$	2,869,265	$	53,271	$	14,838


⁽¹⁾	Excludes the “government” class, which consists of $17.1 billion and $22.1 billion as of December 31, 2019 and 2018, 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. This 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 divided by the estimated current value of the property as of the end of each reported period, which we calculate using an internal valuation model that estimates periodic changes in home value.

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



	As of December 31,
	2019		2018
	(Dollars in millions)
Credit risk profile by internally assigned grade:
Non-classified	$	323,773	$	289,231
Classified⁽¹⁾	6,845		6,433
Total	$	330,618	$	295,664

⁽¹⁾

Represents loans classified as “Substandard” or “Doubtful.” Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. Loans classified as “Doubtful” have a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. As of December 31, 2019, we had loans with recorded investment of $5 million classified as doubtful, compared with $1 million as of December 31, 2018.

Individually Impaired Loans

Individually impaired loans include TDRs, acquired credit-impaired loans and multifamily loans that we have assessed as probable that we will not collect all contractual amounts due, regardless of whether we are currently accruing interest, excluding loans classified as HFS and loans for which we have elected the fair value option. The following tables display the unpaid principal balance, total recorded investment, related allowance, average recorded investment and total interest income recognized for individually impaired loans.



	As of December 31,
	2019									2018
	Unpaid Principal Balance			Total Recorded Investment			Related Allowance for Loan Losses			Unpaid Principal Balance			Total Recorded Investment			Related Allowance for Loan Losses
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary		$	64,201		$	62,150	$	(5,884	)		$	81,791		$	78,688	$	(9,406	)
Government		243			247		(48		)		264			270		(55		)
Alt-A		11,453			10,535		(1,676		)		16,576			15,158		(2,793		)
Other		3,485			3,296		(567		)		5,482			5,169		(1,001		)
Total single-family		79,382			76,228		(8,175		)		104,113			99,285		(13,255		)
Multifamily		314			315		(45		)		197			196		(40		)
Total individually impaired loans with related allowance recorded		79,696			76,543		(8,220		)		104,310			99,481		(13,295		)
With no related allowance recorded:⁽¹⁾
Single-family:
Primary		19,047			18,249		—				15,939			15,191		—
Government		64			60		—				61			56		—
Alt-A		2,339			2,098		—				2,628			2,363		—
Other		611			561		—				718			666		—
Total single-family		22,061			20,968		—				19,346			18,276		—
Multifamily		363			365		—				343			346		—
Total individually impaired loans with no related allowance recorded		22,424			21,333		—				19,689			18,622		—
Total individually impaired loans⁽²⁾		$	102,120		$	97,876	$	(8,220	)		$	123,999		$	118,103	$	(13,295	)


⁽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 $96.9 billion and $117.2 billion as of December 31, 2019 and 2018, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $102 million and $187 million as of December 31, 2019 and 2018, respectively.



	For the Year Ended December 31,
	2019									2018									2017
	Average Recorded Investment			Total Interest Income Recognized			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized			Interest Income Recognized on a Cash Basis
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary		$	71,048		$	2,954		$	264		$	85,063		$	3,522		$	381		$	92,893		$	3,721		$	319
Government		263			11			—			276			17			—			292			10			—
Alt-A		12,685			540			38			18,202			772			57			23,536			929			56
Other		4,177			154			13			6,691			250			19			9,158			318			19
Total single-family		88,173			3,659			315			110,232			4,561			457			125,879			4,978			394
Multifamily		287			7			—			235			3			—			273			9			—
Total individually impaired loans with related allowance recorded		88,460			3,666			315			110,467			4,564			457			126,152			4,987			394
With no related allowance recorded:⁽¹⁾
Single-family:
Primary		16,243			1,008			150			15,005			967			119			15,166			1,107			96
Government		57			4			—			57			4			—			61			3			—
Alt-A		2,176			169			15			2,625			218			17			3,000			270			13
Other		599			38			4			807			56			5			997			84			4
Total single-family		19,075			1,219			169			18,494			1,245			141			19,224			1,464			113
Multifamily		375			31			—			336			14			—			297			19			—
Total individually impaired loans with no related allowance recorded		19,450			1,250			169			18,830			1,259			141			19,521			1,483			113
Total individually impaired loans		$	107,910		$	4,916		$	484		$	129,297		$	5,823		$	598		$	145,673		$	6,470		$	507

⁽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.

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, including loan modifications in a trial period, 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. For discussion of how modifications are factored into the determination of the allowance for loans losses, see “Note 1, Summary of Significant Accounting Policies.”

The substantial majority of the loan modifications we complete result in term extensions, interest rate reductions or a combination of both. The average term extension of a single-family modified loan was 162 months, 109 months and 153 months for the years ended December 31, 2019, 2018 and 2017, respectively. The average interest rate reduction was 0.13, 0.21 and 0.56 percentage points for the years ended December 31, 2019, 2018 and 2017, respectively.

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



	For the Year Ended December 31,
	2019					2018					2017
	Number of Loans		RecordedInvestment⁽¹⁾			Number of Loans		RecordedInvestment⁽¹⁾			Number of Loans		RecordedInvestment⁽¹⁾
	(Dollars in millions)
Single-family:
Primary		48,858		$	7,688		89,192		$	13,437		59,708		$	8,247
Government		72		8			115		11			171		18
Alt-A		2,465		313			5,378		697			5,369		771
Other		464		81			1,127		208			1,158		207
Total single-family		51,859		8,090			95,812		14,353			66,406		9,243
Multifamily		11		56			14		74			8		99
Total TDRs		51,870		$	8,146		95,826		$	14,427		66,414		$	9,342


⁽¹⁾	Based on the nature of our modification programs, which do not include principal or past-due interest forgiveness, there is not a material difference between the recorded investment in our loans pre- and post- modification. Therefore, these amounts represent recorded investment post-modification.

The decrease in loans classified as TDRs for the year ended December 31, 2019 compared with the year ended December 31, 2018 was primarily attributable to significantly higher single-family loan modifications and other forms of loss mitigation in the areas affected by Hurricanes Harvey, Irma and Maria that resulted in a restructuring of the terms of these loans.

For loans that had a payment default in the period presented and that were classified as a TDR in the twelve months prior to the payment default, the following table displays the number of loans and our recorded investment in these loans at the time of payment default. For the 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,
	2019					2018					2017
	Number of Loans		Recorded Investment			Number of Loans		Recorded Investment			Number of Loans		Recorded Investment
	(Dollars in millions)
Single-family:
Primary		15,875		$	2,425		18,613		$	2,697		19,539		$	2,722
Government		74		10			55		7			91		10
Alt-A		1,453		218			2,412		386			2,588		400
Other		447		87			662		131			760		145
Total single-family		17,849		2,740			21,742		3,221			22,978		3,277
Multifamily		2		18			2		3			2		12
Total TDRs that subsequently defaulted		17,851		$	2,758		21,744		$	3,224		22,980		$	3,289

Allowance for Loan Losses

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Allowance for Loan Losses

We maintain an allowance for loan losses for HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts, excluding loans for which we have elected the fair value option. When calculating our allowance for loan losses, we consider the unpaid principal balance, net of unamortized premiums and discounts, and other cost basis adjustments of HFI loans at the balance sheet date.

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



	For the Year Ended December 31,
	2019			2018			2017
	(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance	$	(13,969	)	$	(18,849	)	$	(23,283	)
Benefit (provision) for loan losses⁽¹⁾	3,988			2,990			1,994
Charge-offs	1,299			2,148			2,795
Recoveries	(71		)	(240		)	(326		)
Other	(6		)	(18		)	(29		)
Ending balance	$	(8,759	)	$	(13,969	)	$	(18,849	)
Multifamily allowance for loan losses:
Beginning balance	$	(234	)	$	(235	)	$	(182	)
Benefit (provision) for loan losses⁽¹⁾	(27		)	(3		)	(53		)
Charge-offs	8			4			3
Recoveries	(4		)	—			(3		)
Ending balance	$	(257	)	$	(234	)	$	(235	)
Total allowance for loan losses:
Beginning balance	$	(14,203	)	$	(19,084	)	$	(23,465	)
Benefit (provision) for loan losses⁽¹⁾	3,961			2,987			1,941
Charge-offs	1,307			2,152			2,798
Recoveries	(75		)	(240		)	(329		)
Other	(6		)	(18		)	(29		)
Ending balance	$	(9,016	)	$	(14,203	)	$	(19,084	)

⁽¹⁾

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

The following table displays the allowance for loan losses and recorded investment in our HFI loans by impairment or allowance methodology and portfolio segment, excluding loans for which we have elected the fair value option.



	As of December 31,
	2019										2018
	Single-Family			Multifamily				Total			Single-Family			Multifamily				Total
	(Dollars in millions)
Allowance for loan losses by segment:
Individually impaired loans	$	(8,175	)		$	(45	)	$	(8,220	)	$	(13,255	)		$	(40	)	$	(13,295	)
Collectively reserved loans	(584		)		(212		)	(796		)	(714		)		(194		)	(908		)
Total allowance for loan losses	$	(8,759	)		$	(257	)	$	(9,016	)	$	(13,969	)		$	(234	)	$	(14,203	)
Recorded investment in loans by segment:
Individually impaired loans	$	97,196			$	680		$	97,876		$	117,561			$	542		$	118,103
Collectively reserved loans	2,909,115				329,938			3,239,053			2,841,943				295,122			3,137,065
Total recorded investment in loans	$	3,006,311			$	330,618		$	3,336,929		$	2,959,504			$	295,664		$	3,255,168

Investments in Securities

12 Months Ended

Dec. 31, 2019

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 gains (losses), net” in our consolidated statements of operations and comprehensive income. The following table displays our investments in trading securities.



	As of December 31,
	2019		2018
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae⁽¹⁾	$	3,424	$	1,467
Other agency⁽²⁾	4,490		3,503
Private-label and other mortgage securities	629		1,306
Total mortgage-related securities (includes $896 and $32, respectively, related to consolidated trusts)	8,543		6,276
Non-mortgage-related securities:
U.S. Treasury securities	39,501		35,502
Other securities	79		89
Total non-mortgage-related securities	39,580		35,591
Total trading securities	$	48,123	$	41,867


⁽¹⁾	In the second quarter of 2019, we implemented the Single Security Initiative and recognized $1.4 billion in mortgage-related securities that had previously been consolidated.


⁽²⁾	Consists of Freddie Mac and Ginnie Mae mortgage-related securities.

The decrease in private-label and other mortgage securities for the year ended December 31, 2019 compared with the year ended December 31, 2018 was primarily attributable to sales of Alt-A and subprime private-label securities.

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



	For the Year Ended December 31,
	2019			2018		2017
	(Dollars in millions)
Net trading gains		$	322	$	126		$	190
Net trading gains recognized in the period related to securities still held at period end		238		55			161

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 loss” in our consolidated statements of operations and comprehensive income. We recognize realized gains and losses from the sale of AFS securities in “Investment gains, net.”

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



	For the Year Ended December 31,
	2019		2018		2017
	(Dollars in millions)
Gross realized gains	$	265	$	375	$	487
Total proceeds (excludes initial sale of securities from new portfolio securitizations)	537		662		1,780

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



	As of December 31, 2019
	Total Amortized Cost⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses⁽²⁾				Total Fair Value
	(Dollars in millions)
Fannie Mae		$	1,445		$	85		$	(10	)	$	1,520
Other agency		183			15			—			198
Alt-A and subprime private-label securities		34			23			—			57
Mortgage revenue bonds		309			9			(3		)	315
Other mortgage-related securities		310			5			(1		)	314
Total		$	2,281		$	137		$	(14	)	$	2,404



	As of December 31, 2018
	Total Amortized Cost⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses⁽²⁾				Total Fair Value
	(Dollars in millions)
Fannie Mae		$	1,754		$	69		$	(26	)	$	1,797
Other agency		239			17			—			256
Alt-A and subprime private-label securities		325			267			—			592
Mortgage revenue bonds		425			13			(4		)	434
Other mortgage-related securities		336			14			—			350
Total		$	3,079		$	380		$	(30	)	$	3,429


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


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

The decrease in Alt-A and subprime private-label for the year ended December 31, 2019 compared with the year ended December 31, 2018 was primarily attributable to sales of subprime private-label securities.

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



	As of December 31, 2019
	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		$	—		$	—		$	(10	)	$	337
Mortgage revenue bonds		—			—			(3		)	3
Other mortgage-related securities		(1		)	130			—			—
Total		$	(1	)	$	130		$	(13	)	$	340

	As of December 31, 2018
	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		$	—		$	—		$	(26	)	$	487
Mortgage revenue bonds		(1		)	24			(3		)	19
Total		$	(1	)	$	24		$	(29	)	$	506

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.

The balance of the unrealized credit loss component of AFS debt securities held by us and recognized in our consolidated statements of operations and comprehensive income was $36 million, $635 million and $1.1 billion as of December 31, 2019, 2018 and 2017, respectively. The decrease for the years ended 2019 and 2018 was primarily driven by securities that we no longer hold in our portfolio.

The following table displays net unrealized gains on AFS securities and other amounts within accumulated other comprehensive income (“AOCI”), net of tax, by major categories.



	As of December 31,
	2019		2018		2017
	(Dollars in millions)

Net unrealized gains on AFS securities for which we have not recorded OTTI	$	97	$	52	$	87
Net unrealized gains on AFS securities for which we have recorded OTTI	—		224		423
Other	34		46		43
Accumulated other comprehensive income	$	131	$	322	$	553

Maturity Information

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



	As of December 31, 2019
	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		$	1,445		$	1,520		$	—		$	—		$	15		$	16		$	95		$	104		$	1,335		$	1,400
Other agency		183			198			—			—			18			18			24			27			141			153
Alt-A and subprime private-label securities		34			57			—			—			—			—			3			3			31			54
Mortgage revenue bonds		309			315			2			2			31			32			29			30			247			251
Other mortgage-related securities		310			314			—			—			—			—			24			26			286			288
Total		$	2,281		$	2,404		$	2		$	2		$	64		$	66		$	175		$	190		$	2,040		$	2,146
Weighted-average yield ⁽¹⁾		6.48		%				5.51		%				6.30		%				6.19		%				6.51		%

⁽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

12 Months Ended

Dec. 31, 2019

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 off-balance sheet guarantees expose us to credit losses primarily relating to the unpaid principal balance of our unconsolidated Fannie Mae MBS and other financial guarantees. The remaining contractual terms of our guarantees range from 1 day to 33 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.

As the guarantor of structured securities backed in whole or in part by Freddie Mac-issued securities, we extend our guaranty to the underlying Freddie Mac securities in our resecuritization trusts. However, Freddie Mac continues to guarantee the payment of principal and interest on the underlying Freddie Mac securities that we have resecuritized. We do not charge an incremental guaranty fee to include Freddie Mac securities in the structured securities that we issue. As described in “Note 1, Summary of Significant Accounting Policies,” in June 2019, we entered into an indemnification agreement under which Freddie Mac agreed to indemnify us for losses caused by its failure to meet its payment or other specified obligations under the trust agreements pursuant to which the underlying resecuritized securities were issued. As a result, and due to the funding commitment available to Freddie Mac through its senior preferred stock purchase agreement with Treasury, we have concluded that the associated credit risk is negligible. As such, we exclude from the following table approximately $50.1 billion of Freddie Mac securities backing unconsolidated Fannie Mae-issued structured securities as of December 31, 2019.

The following table displays our off-balance sheet maximum exposure, guaranty obligation recognized in our consolidated balance sheets and the potential maximum recovery from third parties through available credit enhancements and recourse related to our financial guarantees.



	As of December 31,
	2019									2018
	Maximum Exposure		Guaranty Obligation			Maximum Recovery⁽¹⁾			Maximum Exposure			Guaranty Obligation			Maximum Recovery⁽¹⁾
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	5,801		$	26		$	5,545		$	7,278		$	30		$	6,811
Other guaranty arrangements⁽²⁾	12,670			128			2,553			13,847			130			2,711
Total	$	18,471		$	154		$	8,098		$	21,125		$	160		$	9,522


⁽¹⁾	Recoverability of such credit enhancements and recourse is subject to, among other factors, our mortgage insurers’ and financial guarantors’ ability to meet their obligations to us. For information on our mortgage insurers, see “Note 13, Concentrations of Credit Risk.”

⁽²⁾

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

Short-Term and Long-Term Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Short-Term and Long-Term Debt

Short-Term Debt

The following table displays our outstanding short-term debt (debt with an original contractual maturity of one year or less) and weighted-average interest rates of this debt.



	As of December 31,
	2019				2018
	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⁾	$	478	1.67	%	$	—	—	%
Short-term debt of Fannie Mae	$	26,662	1.56	%	$	24,896	2.29	%


⁽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, reported as “Other liabilities” in our consolidated balance sheets.

Intraday Line of Credit

We use a secured intraday funding line of credit provided by a large financial institution. We post collateral which, in some circumstances, the secured party has the right to repledge to third parties. As this line of credit is an uncommitted intraday loan facility, we may be unable to draw on it if and when needed. The line of credit under this facility was $15.0 billion as of December 31, 2019 and 2018.

Long-Term Debt

Long-term debt represents debt with an original contractual maturity of greater than one year. The following table displays our outstanding long-term debt.



	As of December 31,
	2019					2018
	Maturities	Outstanding		Weighted-Average Interest Rate⁽¹⁾		Maturities	Outstanding		Weighted-Average Interest Rate⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2020 - 2030	$	86,114	2.66	%	2019 - 2030	$	103,206	2.36	%
Medium-term notes⁽²⁾	2020 - 2026	32,590		1.57		2019 - 2026	61,455		1.48
Other⁽³⁾	2020 - 2038	5,254		5.01		2019 - 2038	6,683		4.62
Total senior fixed		123,958		2.47			171,344		2.13
Senior floating:
Medium-term notes⁽²⁾	2020 - 2021	9,774		1.66		2019 - 2020	4,174		2.36
CAS⁽⁴⁾	2023 - 2031	21,424		5.61		2023 - 2031	25,641		5.97
Other⁽⁵⁾	2020 - 2037	398		6.27		2020 - 2037	351		10.19
Total senior floating		31,596		4.40			30,166		5.52
Subordinated debentures	2019	—		—		2019	5,617		9.64
Secured borrowings⁽⁶⁾	2021 - 2022	31		2.31		2021 - 2022	51		1.96
Total long-term debt of Fannie Mae⁽⁷⁾		155,585		2.86			207,178		2.83
Debt of consolidated trusts	2020 - 2059	3,285,139		2.78		2019 - 2058	3,159,846		3.03
Total long-term debt		$	3,440,724	2.78	%		$	3,367,024	3.02	%


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


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


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


⁽⁴⁾	Credit risk-sharing securities that transfer a portion of the credit risk on specified pools of single-family mortgage loans to the investors in these securities, a portion of which is reported at fair value. Represents CAS issued prior to November 2018. See “Note 2, Consolidations and Transfers of Financial Assets” for more information about our CAS structures issued beginning November 2018.


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


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

⁽⁷⁾

Includes unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $2 million and $413 million as of December 31, 2019 and 2018, respectively.

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

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

Characteristics of Debt

As of December 31, 2019 and 2018, the face amount of our debt securities of Fannie Mae was $182.2 billion and $232.5 billion, respectively. As of December 31, 2019, we had zero-coupon debt with a face amount of $23.1 billion, which had an effective interest rate of 1.63%. As of December 31, 2018, we had zero-coupon debt with a face amount of $23.2 billion, which had an effective interest rate of 4.15%. Our zero-coupon debt outstanding as of December 31, 2018 included subordinated debentures, which matured in October 2019.

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, 2019 and 2018 included $38.5 billion and $64.3 billion, respectively, of callable debt that could be redeemed in whole or in part at our option on or after a specified date.

The following table displays the amount of our long-term debt as of December 31, 2019 by year of maturity for each of the years 2020 through 2024 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)
2020		$	47,427		$	60,464
2021		29,028			21,037
2022		15,584			14,010
2023		5,301			4,470
2024		14,344			13,320
Thereafter		43,901			42,284
Total long-term debt of Fannie Mae⁽¹⁾		155,585			155,585
Debt of consolidated trusts⁽²⁾		3,285,139			3,285,139
Total long-term debt		$	3,440,724		$	3,440,724


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

⁽²⁾

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

Derivative Instruments

12 Months Ended

Dec. 31, 2019

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 OTC derivative transactions and our derivative transactions accepted for clearing by a derivatives clearing organization as our cleared derivative transactions. We typically do not settle the notional amount of our risk management derivatives; rather, notional amounts provide the basis for calculating actual payments or settlement amounts. The derivative contracts we use for interest-rate risk management purposes fall into these broad categories:


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


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


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


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

We account for certain forms of credit risk transfer transactions as derivatives. In our credit risk transfer transactions, a portion of the credit risk associated with losses on a reference pool of mortgage loans is transferred to a third party. We enter into derivative transactions that are associated with some of our credit risk transfer transactions, whereby we manage investment risk to guarantee that certain unconsolidated VIEs have sufficient cash flows to pay their contractual obligations.

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

We recognize all derivatives as either assets or liabilities in our consolidated balance sheets at their fair value on a trade-date basis. Fair value amounts, which are (1) netted to the extent a legal right of offset exists and is enforceable by law at the counterparty level and (2) inclusive of the right or obligation associated with the cash collateral posted or received, are recorded in “Other assets” or “Other liabilities” in our consolidated balance sheets. See “Note 15, Fair Value” for additional information on derivatives recorded at fair value. We present cash flows from derivatives as operating activities in our consolidated statements of cash flows.

Notional and Fair Value Position of our Derivatives

The following table displays the notional amount and estimated fair value of our asset and liability derivative instruments.



	As of December 31, 2019										As of December 31, 2018
	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	$	41,052	$	—		$	29,178	$	(970	)	$	71,416	$	438		$	21,253	$	(740	)
Receive-fixed	73,579		816			26,382		(62		)	88,799		1,113			58,399		(860		)
Basis	273		149			—		—			250		104			624		—
Foreign currency	229		39			232		(65		)	221		22			223		(72		)
Swaptions:
Pay-fixed	4,600		18			6,375		(219		)	10,375		191			1,000		(4		)
Receive-fixed	2,875		106			4,600		(232		)	500		20			7,375		(338		)
Futures⁽¹⁾	20,507		—			—		—			16,631		—			—		—
Total gross risk management derivatives	143,115		1,128			66,767		(1,548		)	188,192		1,888			88,874		(2,014		)
Accrued interest receivable (payable)	—		226			—		(250		)	—		400			—		(419		)
Netting adjustment⁽²⁾	—		(1,288		)	—		1,694			—		(2,266		)	—		2,315
Total net risk management derivatives	$	143,115	$	66		$	66,767	$	(104	)	$	188,192	$	22		$	88,874	$	(118	)
Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	$	7,115	$	15		$	1,787	$	(1	)	$	4,370	$	29		$	57	$	—
Forward contracts to purchase mortgage-related securities	55,531		137			9,560		(28		)	40,650		349			1,045		(3		)
Forward contracts to sell mortgage-related securities	9,282		13			109,066		(277		)	292		1			70,593		(645		)
Total mortgage commitment derivatives	71,928		165			120,413		(306		)	45,312		379			71,695		(648		)
Credit enhancement derivatives	28,432		40			9,486		(25		)	33,431		57			919		(11		)
Derivatives at fair value	$	243,475	$	271		$	196,666	$	(435	)	$	266,935	$	458		$	161,488	$	(777	)


⁽¹⁾	Futures have no ascribable fair value since the positions are settled daily.

⁽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 $1.0 billion and $713 million as of December 31, 2019 and 2018, respectively. Cash collateral received was $635 million and $664 million as of December 31, 2019 and 2018, respectively.

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



	For the Year Ended December 31,
	2019			2018			2017
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	(3,964	)	$	2,940		$	1,296
Receive-fixed	3,685			(1,834		)	(851		)
Basis	46			(21		)	21
Foreign currency	24			(51		)	49
Swaptions:
Pay-fixed	(380		)	100			(161		)
Receive-fixed	117			(39		)	(60		)
Futures	273			38			22
Net contractual interest expense on interest-rate swaps	(833		)	(1,061		)	(889		)
Total risk management derivatives fair value gains (losses), net	(1,032		)	72			(573		)
Mortgage commitment derivatives fair value gains (losses), net	(1,043		)	324			(603		)
Credit enhancement derivatives fair value gains (losses), net	(35		)	26			(9		)
Total derivatives fair value gains (losses), net	$	(2,110	)	$	422		$	(1,185	)

Derivative Counterparty Credit Exposure

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

See “Note 14, Netting Arrangements” for information on our rights to offset assets and liabilities as of December 31, 2019 and 2018.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Tax

Income Taxes

Provision for Federal Income Taxes

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



	For the Year Ended December 31,
	2019				2018				2017
	(Dollars in millions)
Current income tax benefit (provision)		$	(2,089	)		$	114			$	600
Deferred income tax provision⁽¹⁾		(1,328		)		(4,254		)		(16,584		)
Provision for federal income taxes		$	(3,417	)		$	(4,140	)		$	(15,984	)


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

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



	For the Year Ended December 31,
	2019				2018				2017
Statutory corporate tax rate		21.0		%		21.0		%		35.0		%
Equity investments in affordable housing projects		(0.2	)			(0.6	)			(1.4	)
Effect of corporate tax rate change		—				—				53.6
Change in unrecognized tax benefits		(1.2	)			—				—
Other		(0.2	)			0.2				(0.6	)
Effective tax rate		19.4		%		20.6		%		86.6		%

Our effective tax rate is the provision for federal income taxes expressed as a percentage of income or loss before federal income taxes. Our effective tax rates for the years 2019, 2018, and 2017 were impacted by the benefits of our investments in housing projects eligible for low-income housing tax credits. Our effective tax rate for 2019 was also impacted by the favorable resolution of our uncertain tax position which reduced our provision for federal income taxes by $205 million. The effective tax rate in 2017 was impacted by the re-measurement of our net deferred tax assets in the fourth quarter of 2017 as a result of the federal statutory corporate tax rate change from 35% to 21%.

Deferred Tax Assets and Liabilities

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

As of December 31, 2019, we continued to conclude that the positive evidence in favor of the recoverability of our deferred tax assets outweighed the negative evidence and that it is more likely than not that our deferred tax assets will be realized. Our framework for assessing the recoverability of deferred tax assets requires us to weigh all available evidence, to the extent it exists, 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; and


•	the funding available to us under the senior preferred stock purchase agreement.

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



	As of December 31,
	2019			2018
	(Dollars in millions)
Deferred tax assets:
Mortgage and mortgage-related assets		$	9,290		$	9,285
Allowance for loan losses and basis in acquired property, net		1,240			2,065
Debt and derivative instruments		627			687
Partnership credits		—			161
Partnership and other equity investments		152			223
Interest-only securities		788			738
Other, net		—			102
Total deferred tax assets		12,097			13,261
Deferred tax liabilities:
Unrealized gains on AFS securities, net		26			73
Other, net		161			—
Total deferred tax liabilities		187			73
Deferred tax assets, net		$	11,910		$	13,188

Unrecognized Tax Benefits

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



	For the Year Ended December 31,
	2019				2018				2017
	(Dollars in millions)
Unrecognized tax benefits as of January 1		$	416			$	514			$	—
Gross increases - tax positions in current year		—				—				514
Gross decreases - tax positions in current year		—				(98		)		—
Gross decreases - tax positions in prior years		(416		)		—				—
Unrecognized tax benefits as of December 31⁽¹⁾		$	—			$	416			$	514


⁽¹⁾	Amount excludes tax credits of $151 million, and $220 million as of 2018, and 2017, respectively. We had no unrecognized tax benefits as of December 31, 2019.

Our tax years 2007 through 2018 remain open to assessment by the IRS.

Segment Reporting

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Reporting

We have two reportable business segments: Single-Family and Multifamily. The chief operating decision maker allocates resources and assesses performance based on these two business segments. Results of our two business segments are intended to reflect each segment as if it were a stand-alone business. The sum of the results for our two business segments equals our consolidated results of operations.

The section below provides a discussion of our business segments.

Single-Family Business Segment


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


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


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


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

Multifamily Business Segment


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


•	Issues structured multifamily Fannie Mae MBS through our Fannie Mae Guaranteed Multifamily Structures (“Fannie Mae GeMS”) program and provides other services to our lender customers.


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


•	Enters into transactions that transfer an additional portion of Fannie Mae’s credit risk on some of the loans in our multifamily guaranty book of business.


•	Works to maintain credit quality of the book, prevent foreclosure, reduce costs of defaulted multifamily loans, manage our REO inventory, and pursue contractual remedies from lenders, servicers and providers of credit enhancement.

Segment Allocations and Results

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

The following table displays total assets by segment.



	As of December 31,
	2019		2018
	(Dollars in millions)
Single-Family	$	3,149,212	$	3,099,588
Multifamily	354,107		318,730
Total assets	$	3,503,319	$	3,418,318

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

The following tables display our segment results.



	For the Year Ended December 31, 2019
	Single-Family			Multifamily			Total
	(Dollars in millions)
Net interest income⁽¹⁾	$	18,013		$	2,949		$	20,962
Fee and other income⁽²⁾	453			723			1,176
Net revenues	18,466			3,672			22,138
Investment gains, net⁽³⁾	1,589			181			1,770
Fair value gains (losses), net⁽⁴⁾	(2,216		)	2			(2,214		)
Administrative expenses	(2,565		)	(458		)	(3,023		)
Credit-related income (expense):⁽⁵⁾
Benefit (provision) for credit losses	4,038			(27		)	4,011
Foreclosed property income (expense)	(523		)	8			(515		)
Total credit-related income (expense)	3,515			(19		)	3,496
TCCA fees⁽⁶⁾	(2,432		)	—			(2,432		)
Other expenses, net	(1,661		)	(497		)	(2,158		)
Income before federal income taxes	14,696			2,881			17,577
Provision for federal income taxes	(2,859		)	(558		)	(3,417		)
Net income	$	11,837		$	2,323		$	14,160



	For the Year Ended December 31, 2018
	Single-Family			Multifamily			Total
	(Dollars in millions)
Net interest income⁽¹⁾	$	18,162		$	2,789		$	20,951
Fee and other income⁽²⁾	450			529			979
Net revenues	18,612			3,318			21,930
Investment gains, net⁽³⁾	850			102			952
Fair value gains (losses), net⁽⁴⁾	1,210			(89		)	1,121
Administrative expenses	(2,631		)	(428		)	(3,059		)
Credit-related income (expense):⁽⁵⁾
Benefit (provision) for credit losses	3,313			(4		)	3,309
Foreclosed property expense	(604		)	(13		)	(617		)
Total credit-related income (expense)	2,709			(17		)	2,692
TCCA fees⁽⁶⁾	(2,284		)	—			(2,284		)
Other expenses, net	(1,012		)	(241		)	(1,253		)
Income before federal income taxes	17,454			2,645			20,099
Provision for federal income taxes	(3,708		)	(432		)	(4,140		)
Net income	$	13,746		$	2,213		$	15,959



	For the Year Ended December 31, 2017
	Single-Family			Multifamily			Total
	(Dollars in millions)
Net interest income⁽¹⁾	$	18,212		$	2,521		$	20,733
Fee and other income⁽²⁾	1,378			849			2,227
Net revenues	19,590			3,370			22,960
Investment gains, net⁽³⁾	1,352			170			1,522
Fair value losses, net⁽⁴⁾	(1,188		)	(23		)	(1,211		)
Administrative expenses	(2,391		)	(346		)	(2,737		)
Credit-related income (expense):⁽⁵⁾
Benefit (provision) for credit losses	2,090			(49		)	2,041
Foreclosed property income (expense)	(540		)	19			(521		)
Total credit-related income (expense)	1,550			(30		)	1,520
TCCA fees⁽⁶⁾	(2,096		)	—			(2,096		)
Other expenses, net	(1,004		)	(507		)	(1,511		)
Income before federal income taxes	15,813			2,634			18,447
Provision for federal income taxes	(14,301		)	(1,683		)	(15,984		)
Net income	$	1,512		$	951		$	2,463

⁽¹⁾

Net interest income primarily consists of guaranty fees received as compensation for assuming and managing the credit risk on loans underlying Fannie Mae MBS held by third parties for the respective business segment, and the difference between the interest income earned on the respective business segment’s mortgage assets in our retained mortgage portfolio and the interest expense associated with the debt funding those assets. Revenues from single-family guaranty fees include revenues generated by the 10 basis point increase in guaranty fees pursuant to the TCCA, the incremental revenue for which is remitted to Treasury and not retained by us.

⁽²⁾

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


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

⁽⁴⁾

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


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

⁽⁶⁾

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

Equity

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018.

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

Preferred Stock

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



		Issued and Outstanding as of December 31,									Annual Dividend Rate as of December 31, 2019
		2019			2018			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	$	120,836	1	$	120,836	$	120,836	⁽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			2.146	⁽⁴⁾	March 31, 2002	⁽⁵⁾
Series G	August 8, 2000	6	288		6	288		50			2.624	⁽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, 2019 was $120,836.

⁽²⁾

Beginning in 2013, dividends on the senior preferred stock are calculated based on our net worth as of the end of the immediately preceding fiscal quarter less an applicable capital reserve amount. The applicable capital reserve amount was $3 billion for 2018 and the first and second quarters of 2019. The capital reserve amount increased to $25 billion effective for dividend periods beginning July 1, 2019, pursuant to the September 2019 letter agreement with Treasury.


⁽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 Treasury’s funding commitment under the senior preferred stock purchase agreement.


⁽⁴⁾	Rate effective March 31, 2018. 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, 2018. 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, 2019. 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, 2019 and 2018.


⁽⁹⁾	Rate effective December 31, 2019. 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, 2019. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.75% or 3-Month LIBOR plus 4.23%.


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


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

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

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

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

Holders of preferred stock (other than the senior preferred stock) are entitled to receive non-cumulative, quarterly dividends when, and if, declared by our Board of Directors, but have no right to require redemption of any shares of preferred stock. Payment of dividends on preferred stock (other than the senior preferred stock) is not mandatory, but has priority over payment of dividends on common stock, which are also declared by the Board of Directors. If dividends on the preferred stock are not paid or set aside for payment for a given dividend period, dividends may not be paid on our common stock for that period. There were no dividends declared or paid on preferred stock (other than the senior preferred stock) for the years ended December 31, 2019 or 2018.

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, 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, for an aggregate initial liquidation preference of $1.0 billion. Under the terms governing the senior preferred stock, the aggregate liquidation preference is increased by the following:


•	any amounts Treasury pays to us pursuant to its funding commitment under the senior preferred stock purchase agreement (a total of $119.8 billion as of the date of this filing),


•	any quarterly commitment fees that are payable but not paid in cash (no such fees have become payable, nor will they under the current terms of the agreement and the senior preferred stock); and


•	any dividends that are payable but not paid in cash to Treasury, regardless of whether or not they are declared.

In addition:


•	the December 2017 letter agreement increased the aggregate liquidation preference of the senior preferred stock by $3.0 billion as of December 31, 2017; and


•	the September 2019 letter agreement provides that, beginning on September 30, 2019, and at the end of each fiscal quarter thereafter, the liquidation preference shall be increased by an amount equal to the increase in our net worth, if any, during the immediately prior fiscal quarter, until such time as the liquidation preference has increased by $22 billion pursuant to this provision.

Accordingly, the aggregate liquidation preference of the senior preferred stock was $131.2 billion as of December 31, 2019 and will increase to $135.4 billion as of March 31, 2020 due to the increase in our net worth during the fourth quarter of 2019.

Treasury, as the 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 the senior preferred stock were $5.6 billion, $9.4 billion, and $12.0 billion for the years ended December 31, 2019, 2018 and 2017, respectively. The dividends we have paid to Treasury on the senior preferred stock during conservatorship have been declared by, and paid at the direction of, our conservator, acting as successor to the rights, titles, powers and privileges of the Board of Directors. Dividend payments we make to Treasury do not restore or increase the amount of funding available to us under the agreement.

The dividend provisions of the senior preferred stock have been amended three times.


•	Original Dividend Rate. As originally issued, the senior preferred stock provided for cumulative quarterly cash dividends at an annual rate of 10% per year on the stock’s then-current liquidation preference. This dividend rate was applicable from the fourth quarter of 2008 through the fourth quarter of 2012.

•

“Net Worth Sweep” Amendment. As amended in August 2012, the senior preferred stock provides for a “net worth sweep” dividend. For each quarterly dividend period, the dividend amount is 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. Our net worth is defined as 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 with respect to capital stock), in each case as reflected on our balance sheet prepared in accordance with GAAP. The applicable capital reserve amount was initially $3.0 billion for dividend periods in 2013 and decreased by $600 million each year until it reached $600 million for dividend periods in 2017. These provisions became applicable in the first quarter of 2013 and remain in effect as modified by the December 2017 and September 2019 letter agreements.


•	December 2017 Letter Agreement Amendment. As amended in December 2017, the applicable capital reserve amount was increased to $3 billion. The December 2017 letter agreement also reduced by $2.4 billion the dividend amount otherwise payable for the fourth quarter of 2017.


•	September 2019 Amendment. As amended in September 2019, the applicable capital reserve amount was increased to $25 billion effective for dividend periods beginning July 1, 2019. If we do not declare and pay the dividend amount in full for any dividend period for which dividends are payable, then the applicable capital reserve amount will thereafter be zero.

As a result of these amended dividend provisions, for each quarterly period beginning with the third quarter of 2019, dividends on the senior preferred stock accumulate and are payable based on the amount by which our net worth as of the end of the immediately preceding fiscal quarter exceeds $25 billion. If our net worth does not exceed the applicable capital reserve

amount of $25 billion as of the end of the immediately preceding fiscal quarter, then dividends will neither accumulate nor be payable for such period.

The senior preferred stock ranks ahead of 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. As a result, if we are liquidated, the holder of the senior preferred stock is entitled to its then-current liquidation preference (which includes any accumulated but unpaid dividends) before any distribution is made to the holders of our common stock or other preferred stock.

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:


•	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


•	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.

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:


•	accumulated and unpaid dividends previously added to the liquidation preference and not previously paid down; and


•	quarterly commitment fees previously added to the liquidation preference and not previously paid down.

In addition to these exceptions, if we issue any shares of capital stock for cash while the senior preferred stock is outstanding (which requires Treasury’s approval), we are required to use the net proceeds of the issuance to pay down the liquidation preference of the senior preferred stock; however, the liquidation preference of each share of senior preferred stock may not be paid down below $1,000 per share prior to the termination of Treasury’s funding commitment. Following the termination of Treasury’s funding commitment, we may pay down the liquidation preference of all outstanding shares of senior preferred stock at any time, in whole or in part.

Common Stock Warrant

The warrant gives Treasury the right to purchase shares of our common stock equal to 79.9% of the total number of shares of our common stock outstanding on a fully diluted basis on the date the warrant is exercised. 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 notice of exercise;


•	payment of the exercise price of $0.00001 per share; and


•	the warrant.

If the market price of one share of common stock is greater than the exercise price, in lieu of exercising the warrant by payment of the exercise price, Treasury may elect to receive shares equal to the value of the warrant (or portion thereof being canceled) pursuant to the formula specified in the warrant. Upon exercise of the warrant, Treasury may assign the right to receive the shares of common stock issuable upon exercise to any other person. If the warrant is exercised, the stated value of the common stock issued will be reclassified as “Common stock” in our consolidated balance sheets. As of February 13, 2020, 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. As of December 31, 2019, Treasury has provided us with a total of $119.8 billion under its senior preferred stock purchase agreement funding commitment, and the amount of funding remaining available to us under the agreement was $113.9 billion.

While we had positive net worth as of December 31, 2019, in some future periods we could have net worth deficit and, if so, will be required to obtain additional funding from Treasury pursuant to the senior preferred stock purchase agreement to avoid being placed into receivership. If we were to draw additional funds from Treasury under the agreement with respect to a future period, the amount of remaining funding under the agreement would be reduced by the amount of our draw.

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

The senior preferred stock purchase agreement provides for the payment of an unspecified quarterly commitment fee to Treasury; however, the August 2012 amendment to the agreement provided that this commitment fee will not be set, accrue or be payable, as long as the dividend provisions of the senior preferred stock remain substantially the same in form and content.

Covenants

The senior preferred stock purchase agreement contains covenants that prohibit us from taking a number of actions without the prior written consent of Treasury, including:


•	declaring or paying dividends or making other distributions on or redeeming, purchasing, retiring or otherwise acquiring our equity securities (other than the senior preferred stock or warrant);


•	selling or issuing equity securities (except in limited instances);


•	seeking or permitting the termination of our conservatorship (other than in connection with a receivership);


•	selling, transferring, leasing or otherwise disposing of any assets, except for dispositions for fair market value in limited circumstances including if (a) the transaction is in the ordinary course of business and consistent with past practice or (b) the assets have a fair market value individually or in the aggregate of less than $250 million;


•	incurring indebtedness that would result in our aggregate indebtedness exceeding $300 billion;


•	issuing subordinated debt;


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


•	engaging in transactions with affiliates other than on arm’s-length terms or in the ordinary course of business.

The senior preferred stock purchase agreement also prohibits us from entering into any new compensation arrangements or increasing amounts or benefits payable under existing compensation arrangements with any of our executive officers (as defined by SEC rules) without the consent of the Director of FHFA, in consultation with the Secretary of the Treasury.

In addition, the senior preferred stock purchase agreement subjects us to limits on the amount of mortgage assets that we may own and the total amount of our indebtedness.

•

Mortgage Asset Limit. The amount of mortgage assets we are permitted to own decreased by a specified amount each year until it reached a limit of $250 billion as of December 31, 2018. In addition, FHFA has directed that we further cap our mortgage assets at $225 billion. For purposes of calculating our limit for 2019 and prior periods, mortgage asset amounts are based on the unpaid principal balance of such assets and do not reflect market valuation adjustments, allowance for loan losses, impairments, unamortized premiums and discounts and the impact of our consolidation of variable interest entities. Applying this measure, our mortgage assets as of December 31, 2019 were $153.6 billion. For periods after 2019, at FHFA’s direction our mortgage asset calculation will also include 10% of the notional value of interest-only securities we hold.

•

Debt Limit. Our debt limit under the senior preferred stock purchase agreement is set at 120% of the amount of mortgage assets we were allowed to own under the agreement on December 31 of the immediately preceding calendar year. Accordingly, our debt limit in 2019 and each year thereafter is $300 billion. For purposes of this calculation, indebtedness is based on the par value of each applicable loan and does not reflect the impact of consolidation of variable interest entities. Applying this measure, our indebtedness as of December 31, 2019 was $182.2 billion.

Annual Risk Management Plan Covenant. Each year we remain in conservatorship we are required to provide Treasury a risk management plan that sets out our strategy for reducing our risk profile, describes the actions we will take to reduce the financial and operational risk associated with each of our business segments, and includes an assessment of our performance against the planned actions described in the prior year’s plan. We submitted our most recent annual risk management plan to Treasury in December 2019.

Termination Provisions

The senior preferred stock purchase agreement provides that Treasury’s funding commitment will terminate under any of the following circumstances:


•	the completion of our liquidation and fulfillment of Treasury’s obligations under its funding commitment at that time,


•	the payment in full of, or reasonable provision for, all of our liabilities (whether or not contingent, including mortgage guaranty obligations), or


•	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.

Regulatory Capital Requirements

12 Months Ended

Dec. 31, 2019

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Regulatory Capital Requirements

FHFA suspended our capital classifications during conservatorship. We submit capital reports to FHFA and FHFA monitors our capital levels. 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.

FHFA has directed us, during the time we are under conservatorship, to focus on managing to a positive net worth, and we are working on building our capital reserve up to the $25 billion we are permitted to retain. We had a positive net worth of $14.6 billion and $6.2 billion as of December 31, 2019 and 2018, respectively.

The following table displays our regulatory capital classification measures.



	As of December 31,
	2019			2018
	(Dollars in millions)
Core capital⁽¹⁾	$	(106,360	)	$	(114,919	)
Statutory minimum capital requirement⁽²⁾	22,392			22,216
Deficit of core capital over statutory minimum capital requirement	$	(128,752	)	$	(137,135	)


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


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

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

As of December 31, 2019 and 2018, we had a minimum capital deficiency of $128.8 billion and $137.1 billion, respectively. See “Note 1, Summary of Significant Accounting Policies” and “Note 11, Equity” for more information on capital and the terms of our senior preferred stock purchase agreement with Treasury and the senior preferred stock we issued to Treasury. Set forth below are additional restrictions related to our capital requirements.

Restrictions on Capital Distributions and Dividends

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

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

Restrictions Under Senior Preferred Stock Purchase Agreement and Senior Preferred Stock. 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, pursuant to the dividend provisions of the senior preferred stock and quarterly directives from our conservator, we are obligated to pay Treasury each quarter any dividends declared consisting of the amount, if any, by which our net worth as of the end of the immediately preceding fiscal quarter exceeds a $25 billion capital reserve amount. 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 1, Summary of Significant Accounting Policies” and “Note 11, 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 regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1C
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958572-112826

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1D
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958573-112826

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958570-112826

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958569-112826

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1G
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958577-112826

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1F
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958575-112826

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1E
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958574-112826

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958568-112826

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1H
-URI http://asc.fasb.org/extlink&oid=117337116&loc=d3e65071-112826

+ Details

Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2019

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 insurers;


•	mortgage sellers and servicers;


•	multifamily lenders with risk sharing; and


•	derivative counterparties and parties associated with our off-balance sheet transactions.

Concentrations for each of these groups are discussed below.

Single-Family Loan Borrowers

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

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

Multifamily Loan Borrowers

Numerous factors affect a multifamily borrower’s ability to repay the loan and the value of the property underlying the loan. Multifamily loans are generally non-recourse to the borrower. 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. We continually monitor the performance and risk characteristics of our multifamily loans, underlying properties and borrowers on an ongoing basis.

As part of our multifamily risk management activities, we perform detailed loan reviews that evaluate property performance, borrower and geographic concentrations, lender qualifications, counterparty risk and contract compliance. We generally require mortgage servicers to obtain and 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.

Geographic Concentration

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



	Geographic Concentration⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business						Percentage of Multifamily Guaranty Book of Business
	As of December 31,						As of December 31,
	2019			2018			2019			2018
Midwest		15	%		15	%		10	%		10	%
Northeast		17			17			15			14
Southeast		22			22			27			26
Southwest		18			18			23			24
West		28			28			25			26
Total		100	%		100	%		100	%		100	%

⁽¹⁾

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

Risk Characteristics of our Guaranty Book of Business

One of the measures by which we gauge our performance risk is the delinquency status of the mortgage loans in our guaranty book of business.

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 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.

Single-Family Credit Risk Characteristics

For single-family loans, management monitors the serious delinquency rate, which is the percentage of single-family loans, based on the number of loans that are 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.

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



	As of December 31,
	2019						2018
	30 Days Delinquent		60 Days Delinquent		Seriously Delinquent⁽¹⁾		30 Days Delinquent		60 Days Delinquent		Seriously Delinquent⁽¹⁾
Percentage of single-family conventional guaranty book of business based on UPB	1.07	%	0.29	%	0.59	%	1.17	%	0.32	%	0.69	%
Percentage of single-family conventional loans based on loan count	1.27		0.35		0.66		1.37		0.38		0.76



	As of December 31,
	2019			2018
	Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB	Seriously Delinquent Rate⁽¹⁾		Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB	Seriously Delinquent Rate⁽¹⁾
Estimated mark-to-market LTV ratio:
Greater than 100%	*	10.14	%	*	9.85	%
Geographical distribution:
California	19	0.32		19	0.34
Florida	6	0.84		6	1.16
Illinois	4	0.91		4	0.98
New Jersey	3	1.13		4	1.38
New York	5	1.18		5	1.40
All other states	63	0.64		62	0.73
Product distribution:
Alt-A	2	2.95		2	3.35
Vintages:
2004 and prior	2	2.48		3	2.69
2005-2008	4	4.11		5	4.61
2009-2019	94	0.35		92	0.34


*	Represents less than 0.5% of single-family conventional business volume or book of business.

⁽¹⁾

Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of December 31, 2019 and 2018.



	As of December 31,
	2019⁽¹⁾				2018⁽¹⁾
	30 Days Delinquent		Seriously Delinquent⁽²⁾		30 Days Delinquent		Seriously Delinquent⁽²⁾
Percentage of multifamily guaranty book of business	0.02	%	0.04	%	0.02	%	0.06	%



	As of December 31,
	2019				2018
	Percentage of Multifamily Guaranty Book of Business⁽¹⁾		Percentage Seriously Delinquent⁽²⁾⁽³⁾		Percentage of Multifamily Guaranty Book of Business⁽¹⁾		Percentage Seriously Delinquent⁽²⁾⁽³⁾
Original LTV ratio:
Greater than 80%	1	%	—	%	1	%	—	%
Less than or equal to 80%	99		0.04		99		0.06
Current DSCR below 1.0⁽⁴⁾	2		0.48		2		1.38


⁽¹⁾	Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business.


⁽²⁾	Consists of multifamily loans that were 60 days or more past due as of the dates indicated.


⁽³⁾	Calculated based on the unpaid principal balance of multifamily loans that were seriously delinquent divided by the aggregate unpaid principal balance of multifamily loans for each category included in our multifamily guaranty book of business.

⁽⁴⁾

Our estimates of current DSCRs are based on the latest available income information for these properties. Although we use the most recently available results from 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. For certain properties, we do not receive updated financial information.

Mortgage Insurers. Mortgage insurance “risk in force” refers to our maximum potential loss recovery under the applicable mortgage insurance policies in force and is generally based on the loan-level insurance coverage percentage and, if applicable, any aggregate pool loss limit, as specified in the policy.

The following table displays our total mortgage insurance risk in force by primary and pool insurance, as well as the total risk-in-force mortgage insurance coverage as a percentage of the single-family conventional guaranty book of business.



	As of December 31,
	2019			2018
	Risk in Force		Percentage of Single-Family Conventional Guaranty Book of Business	Risk in Force		Percentage of Single-Family Conventional Guaranty Book of Business
	(Dollars in millions)
Mortgage insurance risk in force:
Primary mortgage insurance	$	162,855		$	152,379
Pool mortgage insurance	339			409
Total mortgage insurance risk in force	$	163,194	6%	$	152,788	5%

Mortgage insurance does not protect us from all losses on covered loans. For example, mortgage insurance does not cover us from default risk for properties that suffered damages that were not covered by the hazard insurance we require. Specifically, a property damaged by a flood that was outside a Federal Emergency Management Agency (“FEMA”)-identified Special Flood Hazard Area, where we require coverage, or a property damaged by an earthquake are the most likely scenarios where property damage may result in a default not covered by hazard insurance.

The table below displays our mortgage insurer counterparties that provided approximately 10% or more of the risk-in-force mortgage insurance coverage on mortgage loans in our single-family conventional guaranty book of business.



	Percentage of Risk in Force Coverage by Mortgage Insurer
	As of December 31,
	2019		2018
Counterparty:⁽¹⁾
Arch Capital Group Ltd.	23	%	25	%
Radian Guaranty, Inc.	20		21
Mortgage Guaranty Insurance Corp.	18		18
Genworth Mortgage Insurance Corp.⁽²⁾	15		15
Essent Guaranty, Inc.	14		12
Others	10		9
Total	100	%	100	%


⁽¹⁾	Insurance coverage amounts provided for each counterparty may include coverage provided by affiliates and subsidiaries of the counterparty.


⁽²⁾	Genworth Financial, Inc., the ultimate parent company of Genworth Mortgage Insurance Corp., is in the process of being acquired by China Oceanwide Holdings Group Co., Ltd. Upon acquisition, Genworth Mortgage Insurance Corp. will continue to be subject to our ongoing review of financial and operational eligibility requirements.

Three of our mortgage insurer counterparties that are currently not approved to write new business are in run-off: PMI Mortgage Insurance Co. (“PMI”), Triad Guaranty Insurance Corporation (“Triad”) and Republic Mortgage Insurance Company (“RMIC”). 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 $3.3 billion, or 2%, of our risk in force mortgage insurance coverage of our single-family conventional guaranty book of business as of December 31, 2019.

PMI and Triad have been paying only a portion of policyholder claims and deferring the remaining portion. PMI is currently paying 74.5% of claims under its mortgage insurance policies in cash and is deferring the remaining 25.5%, and Triad is currently paying 75% of claims in cash and deferring the remaining 25%. It is uncertain whether PMI or Triad will be permitted in the future to pay any remaining deferred policyholder claims and/or increase or decrease the amount of cash they pay on claims. RMIC is no longer deferring payments on policyholder claims and has paid us its previously outstanding deferred payment obligations as well as interest on those obligations; however, RMIC remains in run-off.

We have counterparty credit risk relating to the potential insolvency of, or non-performance by, mortgage insurers that insure single-family loans we purchase or guarantee. There is risk that these counterparties may fail to fulfill their obligations to pay our claims under insurance policies. On at least a quarterly basis, we assess our mortgage insurer counterparties’ respective abilities to fulfill their obligations to us. Our assessment includes financial reviews and analyses of the insurers’ portfolios and capital adequacy. 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 increase 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 increase our loss reserves. As of December 31, 2019 and 2018, our estimated benefit from mortgage insurance reduced our loss reserves by $410 million and $691 million, respectively.

When an insured loan held in our retained mortgage portfolio subsequently goes into foreclosure, we charge off the loan, eliminating any previously-recorded loss reserves, and record REO and a mortgage insurance receivable for the claim proceeds deemed probable of recovery, as appropriate. However, if a mortgage insurer rescinds, cancels or denies insurance coverage, the initial receivable becomes due from the mortgage seller or servicer. We had outstanding receivables of $654 million recorded in “Other assets” in our consolidated balance sheets as of December 31, 2019 and $745 million as of December 31, 2018 related to amounts claimed on insured, defaulted loans excluding government-insured loans. We assessed these outstanding receivables for collectability, and established a valuation allowance of $541 million as of December 31, 2019 and $564 million as of December 31, 2018, which reduced our claim receivable to the amount considered probable of collection.

Mortgage Servicers and Sellers. 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 servicers and sellers may also be obligated to repurchase loans or foreclosed properties, reimburse us for losses or provide other remedies under certain circumstances, such as if it is determined that the mortgage loan did not meet our underwriting or eligibility requirements, if certain loan representations and warranties are violated or if mortgage insurers rescind coverage. Our representation and warranty framework does not 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. The table below displays the percentage of our single-family guaranty book of business serviced by our top five depository single-family mortgage servicers and top five non-depository single-family mortgage servicers, and identifies one servicer that serviced more than 10% of our single-family guaranty book of business based on unpaid principal balance.



	Percentage of Single-Family Guaranty Book of Business
	As of December 31,
	2019		2018
Wells Fargo Bank, N.A. (together with its affiliates)	17	%	18	%
Remaining top five depository servicers	15		16
Top five non-depository servicers	27		22
Total	59	%	56	%

There was an increase in the portion of our single-family guaranty book serviced by our top five non-depository servicers in 2019, particularly for our delinquent single-family loans. Compared with depository financial institutions, these institutions pose additional risks because they may not have the same financial strength or operational capacity, or be subject to the same level of regulatory oversight, as our largest mortgage servicer counterparties, which are mostly depository institutions.

The table below displays the percentage of our multifamily guaranty book of business serviced by our top five multifamily mortgage servicers, and identifies two servicers that serviced 10% or more of our multifamily guaranty book of business based on unpaid principal balance.



	Percentage of Multifamily Guaranty Book of Business
	As of December 31,
	2019		2018
Wells Fargo Bank, N.A. (together with its affiliates)	13	%	14	%
Walker & Dunlop, LLC	12		12
Remaining top five servicers	23		22
Total	48	%	48	%

If a significant mortgage servicer or seller counterparty, or a number of mortgage servicers or sellers, fails to meet their obligations to us, it could adversely affect our results of operations and financial condition. We mitigate these risks in several ways, including:


•	establishing minimum standards and financial requirements for our servicers;


•	monitoring financial and portfolio performance as compared with peers and internal benchmarks; and


•	for our largest mortgage servicers, conducting periodic on-site and financial reviews to confirm compliance with servicing guidelines and servicing performance expectations.

We may take one or more of the following actions to mitigate our credit exposure to mortgage servicers that present a higher risk:


•	require a guaranty of obligations by higher-rated entities;


•	transfer exposure to third parties;


•	require collateral;


•	establish more stringent financial requirements;


•	work on-site with underperforming major servicers to improve operational processes; and


•	suspend or terminate the selling and servicing relationship if deemed necessary.

Multifamily Lenders with Risk Sharing. We enter into risk sharing agreements with lenders pursuant to which the lenders agree to bear all or some portion of the credit losses on the covered loans. Our maximum potential loss recovery from lenders under these risk sharing agreements on both Delegated Underwriting and Servicing (“DUS”) and non-DUS multifamily loans was $81.4 billion as of December 31, 2019, compared with $71.8 billion as of December 31, 2018. As of December 31, 2019 and 2018, 44% of our maximum potential loss recovery on multifamily loans was from four DUS lenders.

Derivatives Counterparties. For information on credit risk associated with our derivative transactions and repurchase agreements see “Note 8, Derivative Instruments” and “Note 14, Netting Arrangements.”

Netting Arrangements

12 Months Ended

Dec. 31, 2019

Offsetting [Abstract]

Netting Arrangements

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



	As of December 31, 2019
			Gross Amount Offset⁽¹⁾			Net Amount Presented in our Consolidated Balance Sheets					Amounts Not Offset in our Consolidated Balance Sheets
	Gross Amount		Gross Amount Offset⁽¹⁾			Net Amount Presented in our Consolidated Balance Sheets					Financial Instruments⁽²⁾				Collateral⁽³⁾			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	1,354	$	(1,334	)		$	20				$	—		$	—		$	20
Cleared risk management derivatives	—		46				46					—			—			46
Mortgage commitment derivatives	165		—				165					(101		)	(1		)	63
Total derivative assets	1,519		(1,288		)		231		⁽⁴	⁾		(101		)	(1		)	129
Securities purchased under agreements to resell or similar arrangements⁽⁵⁾	24,928		—				24,928					—			(24,928		)	—
Total assets	$	26,447	$	(1,288	)		$	25,159				$	(101	)	$	(24,929	)	$	129



Liabilities:
OTC risk management derivatives	$	(1,798	)	$	1,695		$	(103	)			$	—	$	—	$	(103	)
Cleared risk management derivatives	—			(1		)	(1		)			—		1		—
Mortgage commitment derivatives	(306		)	—			(306		)			101		181		(24		)
Total derivative liabilities	(2,104		)	1,694			(410		)	⁽⁴	⁾	101		182		(127		)
Securities sold under agreements to repurchase or similar arrangements⁽⁵⁾	(478		)	—			(478		)			—		475		(3		)
Total liabilities	$	(2,582	)	$	1,694		$	(888	)			$	101	$	657	$	(130	)



	As of December 31, 2018
			Gross Amount Offset⁽¹⁾			Net Amount Presented in our Consolidated Balance Sheets					Amounts Not Offset in our Consolidated Balance Sheets
	Gross Amount		Gross Amount Offset⁽¹⁾			Net Amount Presented in our Consolidated Balance Sheets					Financial Instruments⁽²⁾				Collateral⁽³⁾			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	2,288	$	(2,273	)		$	15				$	—		$	—		$	15
Cleared risk management derivatives	—		7				7					—			—			7
Mortgage commitment derivatives	379		—				379					(153		)	(7		)	219
Total derivative assets	2,667		(2,266		)		401		⁽⁴	⁾		(153		)	(7		)	241
Securities purchased under agreements to resell or similar arrangements⁽⁵⁾	48,288		—				48,288					—			(48,288		)	—
Total assets	$	50,955	$	(2,266	)		$	48,689				$	(153	)	$	(48,295	)	$	241



Liabilities:
OTC risk management derivatives	$	(2,433	)	$	2,342		$	(91	)			$	—	$	—	$	(91	)
Cleared risk management derivatives	—			(27		)	(27		)			—		23		(4		)
Mortgage commitment derivatives	(648		)	—			(648		)			153		466		(29		)
Total derivative liabilities	(3,081		)	2,315			(766		)	⁽⁴	⁾	153		489		(124		)
Total liabilities	$	(3,081	)	$	2,315		$	(766	)			$	153	$	489	$	(124	)


⁽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 received that has not been recognized and not offset in our consolidated balance sheets as well as collateral posted which has been recognized but not offset in our consolidated balance sheets. Does not include collateral held or posted in excess of our exposure. The fair value of non-cash collateral we pledged which the counterparty was permitted to sell or repledge was $2.3 billion and $1.9 billion as of December 31, 2019 and 2018, respectively. The fair value of non-cash collateral received was $24.7 billion and $48.4 billion, of which $23.8 billion and $45.7 billion could be sold or repledged as of December 31, 2019 and 2018, respectively. None of the underlying collateral was sold or repledged as of December 31, 2019 and 2018, respectively.


⁽⁴⁾	Excludes derivative assets of $40 million and $57 million as of December 31, 2019 and 2018, respectively, and derivative liabilities of $25 million and $11 million recognized in our consolidated balance sheets as of December 31, 2019 and 2018, respectively, that are not subject to enforceable master netting arrangements.


⁽⁵⁾	Includes $11.4 billion and $15.4 billion of securities purchased under agreements to resell classified as “Cash and cash equivalents” in our consolidated balance sheets as of December 31, 2019 and 2018, 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 (“Selling Guide”), for Fannie Mae-approved lenders, or Master Securities Forward Transaction Agreements (“MSFTA”), for counterparties that are not Fannie Mae-approved lenders. In the event of default by the counterparty, both the Guide and the MSFTA allow us to terminate all outstanding transactions under the applicable agreement and offset all outstanding amounts related to the terminated transactions including collateral posted or received. Under the Guide, upon a lender event of default, we generally may offset any amounts owed to a lender against any amounts a lender may owe us under any other existing agreement, regardless of whether or not such other agreements are in default or payments are immediately due.

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

We also have securities purchased under agreements to resell which we transact through the Fixed Income Clearing Corporation (“FICC”). 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, 2019

Fair Value Disclosures [Abstract]

Fair Value

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

Fair Value Measurement

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

Level 2, is given to measurements of assets and liabilities based on limited observable inputs or observable inputs for similar assets and liabilities. The lowest priority, Level 3, is given to measurements based on unobservable inputs.

Recurring Changes in Fair Value

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



	Fair Value Measurements as of December 31, 2019
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
	(Dollars in millions)
Recurring fair value measurements:
Assets:
Trading securities:
Mortgage-related securities:
Fannie Mae		$	—		$	3,379		$	45		$	—			$	3,424
Other agency		—			4,489			1			—				4,490
Private-label and other mortgage securities		—			629			—			—				629
Non-mortgage-related securities:
U.S. Treasury securities		39,501			—			—			—				39,501
Other securities		—			79			—			—				79
Total trading securities		39,501			8,576			46			—				48,123
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			1,349			171			—				1,520
Other agency		—			198			—			—				198
Alt-A and subprime private-label securities		—			57			—			—				57
Mortgage revenue bonds		—			—			315			—				315
Other		—			8			306			—				314
Total available-for-sale securities		—			1,612			792			—				2,404
Mortgage loans		—			7,137			688			—				7,825
Other assets:
Risk management derivatives:
Swaps		—			1,071			159			—				1,230
Swaptions		—			124			—			—				124
Netting adjustment		—			—			—			(1,288		)		(1,288		)
Mortgage commitment derivatives		—			165			—			—				165
Credit enhancement derivatives		—			—			40			—				40
Total other assets		—			1,360			199			(1,288		)		271
Total assets at fair value		$	39,501		$	18,685		$	1,725		$	(1,288	)		$	58,623

Liabilities:
Long-term debt:
Of Fannie Mae:
Senior floating		$	—		$	5,289		$	398		$	—			$	5,687
Total of Fannie Mae		—			5,289			398			—				5,687
Of consolidated trusts		—			21,805			75			—				21,880
Total long-term debt		—			27,094			473			—				27,567
Other liabilities:
Risk management derivatives:
Swaps		—			1,346			1			—				1,347
Swaptions		—			440			11			—				451
Netting adjustment		—			—			—			(1,694		)		(1,694		)
Mortgage commitment derivatives		—			306			—			—				306
Credit enhancement derivatives		—			—			25			—				25
Total other liabilities		—			2,092			37			(1,694		)		435
Total liabilities at fair value		$	—		$	29,186		$	510		$	(1,694	)		$	28,002



	Fair Value Measurements as of December 31, 2018
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
	(Dollars in millions)
Assets:
Cash equivalents⁽²⁾		$	748		$	—		$	—		$	—			$	748
Trading securities:
Mortgage-related securities:
Fannie Mae		—			1,435			32			—				1,467
Other agency		—			3,503			—			—				3,503
Private-label and other mortgage securities		—			1,305			1			—				1,306
Non-mortgage-related securities:
U.S. Treasury securities		35,502			—			—			—				35,502
Other securities		—			89			—			—				89
Total trading securities		35,502			6,332			33			—				41,867
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			1,645			152			—				1,797
Other agency		—			256			—			—				256
Alt-A and subprime private-label securities		—			568			24			—				592
Mortgage revenue bonds		—			—			434			—				434
Other		—			8			342			—				350
Total available-for-sale securities		—			2,477			952			—				3,429
Mortgage loans		—			7,985			937			—				8,922
Other assets:
Risk management derivatives:
Swaps		—			1,962			115			—				2,077
Swaptions		—			211			—			—				211
Netting adjustment		—			—			—			(2,266		)		(2,266		)
Mortgage commitment derivatives		—			342			37			—				379
Credit enhancement derivatives		—			—			57			—				57
Total other assets		—			2,515			209			(2,266		)		458
Total assets at fair value		$	36,250		$	19,309		$	2,131		$	(2,266	)		$	55,424

Liabilities:
Long-term debt:
Of Fannie Mae:
Senior floating		$	—		$	6,475		$	351		$	—			$	6,826
Total of Fannie Mae		—			6,475			351			—				6,826
Of consolidated trusts		—			23,552			201			—				23,753
Total long-term debt		—			30,027			552			—				30,579
Other liabilities:
Risk management derivatives:
Swaps		—			2,089			2			—				2,091
Swaptions		—			342			—			—				342
Netting adjustment		—			—			—			(2,315		)		(2,315		)
Mortgage commitment derivatives		—			646			2			—				648
Credit enhancement derivatives		—			—			11			—				11
Total other liabilities		—			3,077			15			(2,315		)		777
Total liabilities at fair value		$	—		$	33,104		$	567		$	(2,315	)		$	31,356


⁽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.

⁽²⁾

Cash equivalents are comprised of U.S. Treasuries that have a maturity at the date of acquisition of three months or less.

The following tables display a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). The tables also display gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized in our consolidated statements of operations and comprehensive income for Level 3 assets and liabilities.



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2019
				Total Gains (Losses) (Realized/Unrealized)																												Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2019⁽⁵⁾⁽⁶⁾			Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2019⁽¹⁾
	Balance, December 31, 2018			Included in Net Income				Included in Total OCI Gains/(Losses)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, December 31, 2019
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	32		$	3				$	—		$	77	$	(22	)	$	—		$	(16	)	$	(108	)	$	79		$	45		$	1		$	—
Other agency	—			—					—			—		—			—			—			—			1			1			—			—
Private-label and other mortgage securities	1			—					—			—		—			—			(1		)	—			—			—			—			—
Total trading securities	$	33		$	3		⁽⁶⁾⁽⁷⁾		$	—		$	77	$	(22	)	$	—		$	(17	)	$	(108	)	$	80		$	46		$	1		$	—

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	152		$	—				$	7		$	—	$	—		$	—		$	(8	)	$	(103	)	$	123		$	171		$	—		$	6
Alt-A and subprime private-label securities	24			5					(5		)	—		(23		)	—			(1		)	—			—			—			—			—
Mortgage revenue bonds	434			1					(3		)	—		(5		)	—			(112		)	—			—			315			—			(1		)
Other	342			13					(10		)	—		—			—			(37		)	(3		)	1			306			—			(8		)
Total available-for-sale securities	$	952		$	19		⁽⁷⁾⁽⁸⁾		$	(11	)	$	—	$	(28	)	$	—		$	(158	)	$	(106	)	$	124		$	792		$	—		$	(3	)

Mortgage loans	$	937		$	46		⁽⁶⁾⁽⁷⁾		$	—		$	—	$	(52	)	$	—		$	(136	)	$	(254	)	$	147		$	688		$	26		$	—
Net derivatives	194			109			⁽⁶⁾		—			—		—			—			(119		)	(10		)	(12		)	162			3			—
Long-term debt:
Of Fannie Mae:
Senior floating	(351		)	(47		)	⁽⁶⁾		—			—		—			—			—			—			—			(398		)	(47		)	—
Of consolidated trusts	(201		)	(8		)	⁽⁶⁾⁽⁷⁾		—			—		—			(2		)	19			200			(83		)	(75		)	(4		)	—
Total long-term debt	$	(552	)	$	(55	)			$	—		$	—	$	—		$	(2	)	$	19		$	200		$	(83	)	$	(473	)	$	(51	)	$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2018
				Total Gains (Losses) (Realized/Unrealized)																											Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2018⁽⁵⁾⁽⁶⁾			Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2018⁽¹⁾
	Balance, December 31, 2017			Included in Net Income				Included in Total OCI (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾		Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, December 31, 2018
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	971		$	163				$	—		$	1	$	(1,059	)	$	—	$	(1	)	$	(44	)	$	1		$	32		$	4		$	—
Other agency	35			(1		)			—			—		—			—		(1		)	(33		)	—			—			—			—
Private-label and other mortgage securities	195			(85		)			—			—		—			—		(5		)	(104		)	—			1			—			—
Total trading securities	$	1,201		$	77		⁽⁶⁾⁽⁷⁾		$	—		$	1	$	(1,059	)	$	—	$	(7	)	$	(181	)	$	1		$	33		$	4		$	—

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	208		$	2				$	1		$	—	$	—		$	—	$	(10	)	$	(49	)	$	—		$	152		$	—		$	—
Alt-A and subprime private-label securities	77			—					(45		)	—		—			—		(4		)	(4		)	—			24			—			1
Mortgage revenue bonds	671			—					(7		)	—		(22		)	—		(208		)	—			—			434			—			(2		)
Other	357			28					(2		)	—		—			—		(41		)	—			—			342			—			1
Total available-for-sale securities	$	1,313		$	30		⁽⁷⁾⁽⁸⁾		$	(53	)	$	—	$	(22	)	$	—	$	(263	)	$	(53	)	$	—		$	952		$	—		$	—

Mortgage loans	$	1,116		$	38		⁽⁶⁾⁽⁷⁾		$	—		$	—	$	—		$	—	$	(216	)	$	(162	)	$	161		$	937		$	14		$	—
Net derivatives	134			(38		)	⁽⁶⁾		—			—		—			—		45			53			—			194			40			—
Long-term debt:
Of Fannie Mae:
Senior floating	(376		)	25			⁽⁶⁾		—			—		—			—		—			—			—			(351		)	25			—
Of consolidated trusts	(582		)	9			⁽⁶⁾⁽⁷⁾		—			—		—			1		44			541			(214		)	(201		)	(2		)	—
Total long-term debt	$	(958	)	$	34				$	—		$	—	$	—		$	1	$	44		$	541		$	(214	)	$	(552	)	$	23		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2017
				Total Gains (Losses) (Realized/Unrealized)																												Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2017⁽⁵⁾⁽⁶⁾			Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2017⁽¹⁾
	Balance, December 31, 2016			Included in Net Income				Included in Total OCI (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, December 31, 2017
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	835		$	41				$	—		$	64	$	—		$	—		$	(5	)	$	(991	)	$	1,027		$	971		$	6		$	—
Other agency	—			—					—			35		—			—			—			—			—			35			—			—
Private-label and other mortgage securities	292			18					—			—		(81		)	—			(34		)	—			—			195			5			—
Total trading securities	$	1,127		$	59		⁽⁶⁾⁽⁷⁾		$	—		$	99	$	(81	)	$	—		$	(39	)	$	(991	)	$	1,027		$	1,201		$	11		$	—

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	230		$	2				$	(1	)	$	—	$	—		$	—		$	(9	)	$	(72	)	$	58		$	208		$	—		$	—
Other agency	5			—					—			—		(1		)	—			—			(4		)	—			—			—			—
Alt-A and subprime private-label securities	217			54					(53		)	—		(105		)	—			(36		)	—			—			77			—			4
Mortgage revenue bonds	1,272			35					(11		)	—		(392		)	—			(233		)	—			—			671			—			4
Other	429			8					(11		)	—		(5		)	—			(64		)	—			—			357			—			(7		)
Total available-for-sale securities	$	2,153		$	99		⁽⁷⁾⁽⁸⁾		$	(76	)	$	—	$	(503	)	$	—		$	(342	)	$	(76	)	$	58		$	1,313		$	—		$	1

Mortgage loans	$	1,197		$	45		⁽⁶⁾⁽⁷⁾		$	—		$	5	$	—		$	—		$	(233	)	$	(70	)	$	172		$	1,116		$	25		$	—
Net derivatives	44			111			⁽⁶⁾		—			—		—			—			(22		)	6			(5		)	134			13			—
Long-term debt:
Of Fannie Mae:
Senior floating	(347		)	(29		)	⁽⁶⁾		—			—		—			—			—			—			—			(376		)	(29		)	—
Of consolidated trusts	(241		)	(9		)	⁽⁶⁾⁽⁷⁾		—			—		—			(2		)	66			388			(784		)	(582		)	(11		)	—
Total long-term debt	$	(588	)	$	(38	)			$	—		$	—	$	—		$	(2	)	$	66		$	388		$	(784	)	$	(958	)	$	(40	)	$	—


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


⁽²⁾	Purchases and sales include activity related to the consolidation and deconsolidation of assets of securitization trusts. For 2018, includes the dissolution of a Fannie Mae-wrapped private-label securities trust.


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

⁽⁴⁾

Transfers into and out of Level 3 consisted primarily of Fannie Mae securities backed by private-label mortgage-related securities. Prices for these securities are based on inputs that were not readily observable. Transfers out of Level 3 also occurred for Alt-A loans and subprime private-label mortgage-related securities. Prices for these securities were available from multiple third-party vendors and demonstrated an increased and sustained level of observability over time.


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


⁽⁶⁾	Gains (losses) are included in “Fair value gains (losses), net” in our consolidated statements of operations and comprehensive income.


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

⁽⁸⁾

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

The following tables display valuation techniques and the range and the weighted average of significant unobservable inputs for our Level 3 assets and liabilities measured at fair value on a recurring basis, excluding instruments for which we have elected the fair value option. Changes in these unobservable inputs can result in significantly higher or lower fair value measurements of these assets and liabilities as of the reporting date.



	Fair Value Measurements as of December 31, 2019
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾⁽²⁾
	(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Agency⁽³⁾	$	46	Various
Available-for-sale securities:
Mortgage-related securities:
Agency⁽³⁾	107		Consensus
	64		Various
Total agency	171
Mortgage Revenue Bonds	222		Single Vendor	Spreads (bps)	23.0	-	205.1	76.1
	93		Various
Total mortgage revenue bonds	315
Other	267		Discounted Cash Flow	Spreads (bps)	300.0			300.0
	39		Various
Total other	306
Total available-for-sale securities	$	792
Net derivatives	$	147	Dealer Mark
	15		Various
Total net derivatives	$	162



	Fair Value Measurements as of December 31, 2018
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾⁽²⁾
	(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Agency⁽³⁾	$	32	Various
Private-label and other mortgage securities	1		Various
Total trading securities	$	33
Available-for-sale securities:
Mortgage-related securities:
Agency⁽³⁾	$	152	Various
Alt-A and subprime private-label securities	24		Various
Mortgage revenue bonds	349		Single Vendor	Spreads (bps)	(0.5)	-	332.8	59.0
	85		Various
Total mortgage revenue bonds	434
Other	294		Discounted Cash Flow	Default Rate (%)	4.7			4.7
				Prepayment Speed (%)	8.2			8.2
				Severity (%)	70.0			70.0
				Spreads (bps)	75.4	-	390.0	389.1
	48		Various
Total other	342
Total available-for-sale securities	$	952
Net derivatives	$	113	Dealer Mark
	81		Various
Total net derivatives	$	194

⁽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⁾	Unobservable inputs were weighted by the relative fair value of the instruments.


⁽³⁾	Includes Fannie Mae and Freddie Mac securities.

In our consolidated balance sheets certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when we evaluate loans for impairment). We held no Level 1 assets or liabilities as of December 31, 2019 or December 31, 2018 that were measured on a nonrecurring basis. We held $274 million and $91 million in Level 2 assets, comprised of mortgage loans held for sale and mortgage loans held for investment that were individually impaired. We had no Level 2 liabilities that were measured at fair value on a nonrecurring basis as of December 31, 2019 or December 31, 2018.

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



		Fair Value Measurements as of December 31,
	Valuation Techniques	2019		2018
		(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	471	$	631
	Single Vendor	605		1,119
Total mortgage loans held for sale, at lower of cost or fair value		1,076		1,750
Single-family mortgage loans held for investment, at amortized cost	Internal Model	555		818
Multifamily mortgage loans held for investment, at amortized cost	Asset Manager Estimate	24		102
	Various	16		40
Total multifamily mortgage loans held for investment, at amortized cost		40		142
Acquired property, net:⁽¹⁾
Single-family	Accepted Offers	101		151
	Appraisals	362		419

	Walk Forwards	240		181
	Internal Model	164		219
	Various	51		41
Total single-family		918		1,011
Multifamily	Various	9		50
Total nonrecurring assets at fair value		$	2,598	$	3,771

⁽¹⁾

The most commonly used techniques in our valuation of acquired property are a proprietary home price model and third-party valuations (both current and walk forward). Based on the number of properties measured as of December 31, 2019, these methodologies comprised approximately 85% of our valuations, while accepted offers comprised approximately 12% of our valuations. Based on the number of properties measured as of December 31, 2018, these methodologies comprised approximately 82% of our valuations, while accepted offers comprised approximately 15% of our valuations.

We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation techniques we use for fair value measurement and disclosure as well as our basis for classifying these measurements as Level 1, Level 2 or Level 3 of the valuation hierarchy in more specific situations.



Instruments	Valuation Techniques	Classification
U.S Treasury Securities	We classify securities whose values are based on quoted market prices in active markets for identical assets as Level 1 of the valuation hierarchy.	Level 1
Trading Securities and Available-for-Sale Securities	We classify securities in active markets as Level 2 of the valuation hierarchy if quoted market prices in active markets for identical assets are not available. For all valuation techniques used for securities where there is limited activity or less transparency around these inputs to the valuation, these securities are classified as Level 3 of the valuation hierarchy. Single Vendor: Uses one vendor price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example, default rates) are disclosed in the table above. Dealer Mark: Uses one dealer price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example, default rates) are disclosed in the table above. Consensus: Uses an average of two or more vendor prices for similar securities. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example, default rates) are disclosed in the table above.	Level 2 and 3
	Discounted Cash Flow: In the absence of prices provided by third-party pricing services supported by observable market data, we estimate the fair value of a portion of our securities using a discounted cash flow technique that uses inputs such as default rates, prepayment speeds, loss severity and spreads based on market assumptions where available. For private-label securities, an increase in unobservable prepayment speeds in isolation would generally result in an increase in fair value, and an increase in unobservable spreads, severity rates or default rates in isolation would generally result in a decrease in fair value. For mortgage revenue bonds classified as Level 3 of the valuation hierarchy, an increase in unobservable spreads would result in a decrease in fair value. Although we have disclosed unobservable inputs for the fair value of our recurring Level 3 securities above, interrelationships exist among these inputs such that a change in one unobservable input typically results in a change to one or more of the other inputs.
Mortgage Loans Held for Investment	Build-up: We derive the fair value of performing mortgage loans using a build-up valuation technique starting with the base value for our Fannie Mae MBS with similar characteristics and then add or subtract the fair value of the associated guaranty asset, guaranty obligation (“GO”) and master servicing arrangement. We set the GO equal to the estimated fair value we would receive if we were to issue our guaranty to an unrelated party in a stand-alone arm’s length transaction at the measurement date. The fair value of the GO is estimated based on our current guaranty pricing for loans underwritten after 2008 and our internal valuation models considering management’s best estimate of key loan characteristics for loans underwritten before 2008. Our performing loans are generally classified as Level 2 of the valuation hierarchy to the extent that significant inputs are observable. To the extent that unobservable inputs are significant, the loans are classified as Level 3 of the valuation hierarchy.	Level 2 and 3
	Consensus: Calculated through the extrapolation of indicative sample bids obtained from multiple active market participants plus the estimated value of any applicable mortgage insurance, the estimated fair value using the Consensus method represents an estimate of the prices we would receive if we were to sell these single-family nonperforming and certain reperforming loans in the whole-loan market. The fair value of any mortgage insurance is estimated by taking the loan-level coverage and adjusting it by the expected claims paying ability of the associated mortgage insurer. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable. We estimate the fair value for a portion of our senior-subordinated trust structures using the average of two or more vendor prices at the security level as a proxy for estimating loan fair value. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.
	Single Vendor: We estimate the fair value of our reverse mortgages using the single vendor valuation technique. Internal Model: The internal model used in this process applies one of following two approaches when valuing the collateral depending on the historical accuracy of the two approaches. (1) The comparable foreclosed property sales approach is used in the majority of the internal model valuations. The comparable foreclosed property sales approach uses various factors such as geographic distance, transaction time and the value difference. (2) The median Metropolitan Statistical Area (“MSA”) approach is based on the median of all the foreclosure sales of REOs in a specific MSA or state when there is not enough REO sales in a specific MSA. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.



Instruments	Valuation Techniques	Classification
Mortgage Loans Held for Investment	Appraisals: Uses appraisals to estimate the fair value for a portion of our multifamily loans based on either estimated replacement cost, the present value of future cash flows, or sales of similar properties. Significant unobservable inputs include estimated replacement or construction costs, property net operating income, capitalization rates, and adjustments made to sales of comparable properties based on characteristics such as financing, conditions of sale, and physical characteristics of the property. Broker Price Opinion (“BPO”): Uses BPO to estimate the fair value for a portion of our multifamily loans. This technique uses both current property value and the property value adjusted for stabilization and market conditions. The unobservable inputs used in this technique are property net operating income and market capitalization rates to estimate property value. Asset Manager Estimate (“AME”): This technique uses the net operating income and tax assessments of the specific property as well as MSA-specific market capitalization rates and average per unit sales values to estimate property fair value.	Level 2 and 3
	An increase in prepayment speeds in isolation would generally result in an increase in the fair value of our mortgage loans classified as Level 3 of the valuation hierarchy, and an increase in severity rates, default rates or spreads in isolation would generally result in a decrease in fair value. Although we have disclosed unobservable inputs for the fair value of the mortgage loans classified as Level 3 above, interrelationships exist among these inputs such that a change in one unobservable input typically results in a change to one or more of the other inputs.
Acquired Property, Net and Other Assets	Single-family acquired property valuation techniques Appraisal: An appraisal is an estimate based on recent historical data of the value of a specific property by a certified or licensed appraiser. Adjustments are made for differences between comparable properties for unobservable inputs such as square footage, location, and condition of the property. Broker Price Opinion: This technique provides an estimate of what the property is worth based upon a real estate broker’s use of specific market research and a sales comparison approach that is similar to the appraisal process. This information, all of which is unobservable, is used along with recent and pending sales and current listings of similar properties to arrive at an estimate of value.	Level 3
	Appraisal and Broker Price Opinion Walk Forwards (“Walk Forwards”): We use these techniques to adjust appraisal and broker price opinion valuations for changing market conditions by applying a walk forward factor based on local price movements since the time the third-party value was obtained. Internal Model: We use an internal model to estimate fair value for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.”
	Multifamily acquired property valuation techniques Appraisals: We use this method to estimate property values for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.” Broker Price Opinions: We use this method to estimate property values for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.” Asset Manager Estimate (“AME”): We use this method to estimate property values for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.”
Derivatives Assets and Liabilities (collectively “Derivatives”)	The valuation process for the majority of our risk management derivatives uses observable market data provided by third-party sources, resulting in Level 2 classification of the valuation hierarchy. Single Vendor: Uses one vendor price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique. Internal Model: We use internal models to value interest-rate derivatives which are valued by referencing yield curves derived from observable interest rates and spreads to project and discount cash flows to present value. Dealer Mark: Certain highly complex structured swaps primarily use a single dealer mark due to lack of transparency in the market and may be modeled using observable interest rates and volatility levels as well as significant unobservable assumptions, resulting in Level 3 classification of the valuation hierarchy. Mortgage commitment derivatives that use observable market data, quotes and actual transaction price levels adjusted for market movement are typically classified as Level 2 of the valuation hierarchy. To the extent mortgage commitment derivatives include adjustments for market movement that cannot be corroborated by observable market data, we classify them as Level 3 of the valuation hierarchy.	Level 2 and 3



Instruments	Valuation Techniques	Classification
Debt of Fannie Mae and Consolidated Trusts	We classify debt instruments that have quoted market prices in active markets for similar liabilities when traded as assets as Level 2 of the valuation hierarchy. For all valuation techniques used for debt instruments where there is limited activity or less transparency around these inputs to the valuation, these debt instruments are classified as Level 3 of the valuation hierarchy. Consensus: Uses an average of two or more vendor prices or dealer marks that represents estimated fair value for similar liabilities when traded as assets. Single Vendor: Uses a single vendor price that represents estimated fair value for these liabilities when traded as assets. Discounted Cash Flow: Uses spreads based on market assumptions where available. The valuation methodology and inputs used in estimating the fair value of MBS assets are described under “Trading Securities and Available-for-Sale Securities.”	Level 2 and 3

Fair Value of Financial Instruments

The following table displays the carrying value and estimated fair value of our financial instruments. The fair value of financial instruments we disclose includes commitments to purchase multifamily and single-family mortgage loans that we do not record in our consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.” The disclosure excludes all non-financial instruments; therefore, the fair value of our financial assets and liabilities does not represent the underlying fair value of our total consolidated assets and liabilities.



	As of December 31, 2019
	Carrying Value		Quoted Prices 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	$	61,407	$	50,057	$	11,350	$	—	$	—		$	61,407
Federal funds sold and securities purchased under agreements to resell or similar arrangements	13,578		—		13,578		—		—			13,578
Trading securities	48,123		39,501		8,576		46		—			48,123
Available-for-sale securities	2,404		—		1,612		792		—			2,404
Mortgage loans held for sale	6,773		—		229		7,054		—			7,283
Mortgage loans held for investment, net of allowance for loan losses	3,327,389		—		3,270,535		127,650		—			3,398,185
Advances to lenders	6,453		—		6,451		2		—			6,453
Derivative assets at fair value	271		—		1,360		199		(1,288		)	271
Guaranty assets and buy-ups	142		—		—		305		—			305
Total financial assets	$	3,466,540	$	89,558	$	3,313,691	$	136,048	$	(1,288	)	$	3,538,009
Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	478	$	—	$	478	$	—	$	—		$	478
Short-term debt:
Of Fannie Mae	26,662		—		26,667		—		—			26,667
Long-term debt:
Of Fannie Mae	155,585		—		164,144		401		—			164,545
Of consolidated trusts	3,285,139		—		3,312,763		31,827		—			3,344,590
Derivative liabilities at fair value	435		—		2,092		37		(1,694		)	435
Guaranty obligations	154		—		—		97		—			97
Total financial liabilities	$	3,468,453	$	—	$	3,506,144	$	32,362	$	(1,694	)	$	3,536,812



	As of December 31, 2018
	Carrying Value		Quoted Prices 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	$	49,423	$	34,073	$	15,350	$	—	$	—		$	49,423
Federal funds sold and securities purchased under agreements to resell or similar arrangements	32,938		—		32,938		—		—			32,938
Trading securities	41,867		35,502		6,332		33		—			41,867
Available-for-sale securities	3,429		—		2,477		952		—			3,429
Mortgage loans held for sale	7,701		—		238		7,856		—			8,094
Mortgage loans held for investment, net of allowance for loan losses	3,241,694		—		2,990,104		216,404		—			3,206,508
Advances to lenders	3,356		—		3,354		2		—			3,356
Derivative assets at fair value	458		—		2,515		209		(2,266		)	458
Guaranty assets and buy-ups	147		—		—		356		—			356
Total financial assets	$	3,381,013	$	69,575	$	3,053,308	$	225,812	$	(2,266	)	$	3,346,429
Financial liabilities:
Short-term debt:
Of Fannie Mae	$	24,896	$	—	$	24,901	$	—	$	—		$	24,901
Long-term debt:
Of Fannie Mae	207,178		—		211,403		771		—			212,174
Of consolidated trusts	3,159,846		—		3,064,239		39,043		—			3,103,282
Derivative liabilities at fair value	777		—		3,077		15		(2,315		)	777
Guaranty obligations	160		—		—		121		—			121
Total financial liabilities	$	3,392,857	$	—	$	3,303,620	$	39,950	$	(2,315	)	$	3,341,255

The following is a description of the valuation techniques we use for fair value measurement of our financial instruments as well as our basis for classifying these measurements as Level 1, Level 2 or Level 3 of the valuation hierarchy in certain specific situations.



Instruments	Description	Classification
Financial instruments for which fair value approximates carrying value	We hold certain financial instruments that are not carried at fair value but for which the carrying value approximates fair value due to the short-term nature and negligible credit risk inherent in them. These financial instruments include cash and cash equivalents, the majority of advances to lenders, and federal funds and securities sold/purchased under agreements to repurchase/resell.	Level 1 and 2
Federal funds and securities sold/purchased under agreements to repurchase/resell	The carrying value for the majority of these specific instruments approximates the fair value due to the short-term nature and the negligible inherent credit risk, as they involve the exchange of collateral that is easily traded. Were we to calculate the fair value of these instruments, we would use observable inputs.	Level 2
Mortgage loans held for sale	Loans are reported at the lower of cost or fair value in our consolidated balance sheets. The valuation methodology and inputs used in estimating the fair value of HFS loans are the same as for our HFI loans and are described under “Fair Value Measurement—Mortgage Loans Held for Investment.” To the extent that significant inputs are unobservable, the loans are classified within Level 3 of the valuation hierarchy.	Level 2 and 3
Mortgage loans held for investment	For a description of loan valuation techniques, refer to “Fair Value Measurement—Mortgage Loans Held for Investment.” We measure the fair value of certain loans that are delivered under the Home Affordable Refinance Program (“HARP”) using a modified build-up approach while the loan is performing. Under this modified approach, we set the credit component of the consolidated loans (that is, the guaranty obligation) equal to the compensation we would currently receive for a loan delivered to us under the program because the total compensation for these loans is equal to their current exit price in the government-sponsored enterprise securitization market. We will continue to use this pricing methodology as long as the HARP program is available to market participants. If, subsequent to delivery, the refinanced loan becomes past due or is modified as a part of a troubled debt restructuring, the fair value of the guaranty obligation is then measured consistent with other loans that have similar characteristics.	Level 2 and 3
Advances to lenders	The carrying value for the majority of our advances to lenders approximates the fair value due to the short-term nature and the negligible inherent credit risk. If we were to calculate the fair value of these instruments, we would use discounted cash flow models that use observable inputs such as spreads based on market assumptions, resulting in Level 2 classification. Advances to lenders also include loans that do not qualify for Fannie Mae MBS securitization and are valued using a discounted cash flow technique that uses estimated credit spreads of similar collateral and prepayment speeds that consider recent prepayment activity. We classify these valuations as Level 3 given that significant inputs are not observable or are determined by extrapolation of observable inputs.	Level 2 and 3
Guaranty assets and buy-ups	Guaranty assets related to our portfolio securitizations are recorded in our consolidated balance sheets at fair value on a recurring basis and are classified as Level 3. Guaranty assets in lender swap transactions are recorded in our consolidated balance sheets at the lower of cost or fair value. These assets, which are measured at fair value on a nonrecurring basis, are also classified as Level 3. We estimate the fair value of guaranty assets by using proprietary models to project cash flows based on management’s best estimate of key assumptions such as prepayment speeds and forward yield curves. Because guaranty assets are similar to an interest-only income stream, the projected cash flows are discounted at rates that consider the current spreads on interest-only swaps that reference Fannie Mae MBS and also liquidity considerations of the guaranty assets. The fair value of guaranty assets includes the fair value of any associated buy-ups.	Level 3
Guaranty obligations	The fair value of all guaranty obligations, measured subsequent to their initial recognition, is our estimate of a hypothetical transaction price we would receive if we were to issue our guaranty to an unrelated party in a standalone arm’s-length transaction at the measurement date. The valuation methodology and inputs used in estimating the fair value of the guaranty obligations are described under “Fair Value Measurement—Mortgage Loans Held for Investment—Build-up.”	Level 3

Fair Value Option

We elected the fair value option for loans and debt which contain embedded derivatives that would otherwise require bifurcation. Additionally, we elected the fair value option for our credit risk-sharing securities accounted for as debt of Fannie Mae issued under our CAS series prior to January 1, 2016. Under the fair value option, we elected to carry these instruments at fair value instead of bifurcating the embedded derivative from such instruments.

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,
		2019									2018
	Loans⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts			Loans⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts
		(Dollars in millions)
Fair value		$	7,825		$	5,687		$	21,880		$	8,922		$	6,826		$	23,753
Unpaid principal balance		7,514			5,200			19,653			8,832			6,241			22,080

⁽¹⁾

Includes nonaccrual loans with a fair value of $129 million and $161 million as of December 31, 2019 and 2018, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of December 31, 2019 and 2018 is $11 million and $19 million, respectively. Includes loans that are 90 days or more past due with a fair value of $80 million and $102 million as of December 31, 2019 and 2018, respectively. The difference between unpaid principal balance and the fair value of these 90 or more days past due loans as of December 31, 2019 and 2018 is $10 million and $14 million, respectively.

Changes in Fair Value under the Fair Value Option Election

We recorded gains of $357 million, losses of $128 million and gains of $136 million for the years ended December 31, 2019, 2018 and 2017, respectively, from changes in the fair value of loans recorded at fair value in “Fair value gains (losses), net” in our consolidated statements of operations and comprehensive income.

We recorded losses of $765 million, gains of $688 million and losses of $294 million for the years ended December 31, 2019, 2018 and 2017, respectively, from changes in the fair value of long-term debt recorded at fair value in “Fair value gains (losses), net” in our consolidated statements of operations and comprehensive income.

- 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, 2019

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.

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.

On a quarterly basis, we review relevant information about all pending legal actions and proceedings for the purpose of evaluating and revising our contingencies, accruals and disclosures. We establish an accrual only for matters when a loss is probable and we can reasonably estimate the amount of such loss. We are often unable to estimate the possible losses or ranges of losses, particularly for proceedings that are in their early stages of development, where plaintiffs seek indeterminate or unspecified damages, where there may be novel or unsettled legal questions relevant to the proceedings, or where settlement negotiations have not occurred or progressed. Given the uncertainties involved in any action or proceeding, regardless of whether we have established an accrual, the ultimate resolution of certain of these matters may be material to our operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of our net income or loss for that period.

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

Senior Preferred Stock Purchase Agreements Litigation

A consolidated putative class action (“In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations”) and two non-class action lawsuits, Arrowood Indemnity Company v. Fannie Mae and Fairholme Funds v. FHFA, filed by Fannie Mae and Freddie Mac shareholders against us, FHFA as our conservator, and Freddie Mac are pending in the U.S. District Court for the District of Columbia. The lawsuits challenge the August 2012 amendment to each company’s senior preferred stock purchase agreement with Treasury.

Plaintiffs filed amended complaints in all three lawsuits on November 1, 2017 alleging that the net worth sweep dividend provisions of the senior preferred stock that were implemented pursuant to the August 2012 amendments nullified certain of the shareholders’ rights, particularly the right to receive dividends. Plaintiffs seek unspecified damages, equitable and injunctive relief, and costs and expenses, including attorneys’ fees. Plaintiffs in the class action 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. On September 28, 2018, the court dismissed all of the plaintiffs’ claims except for their claims for breach of an implied covenant of good faith and fair dealing.

On May 21, 2018, a plaintiff in a non-class action case, Angel v. Federal Home Loan Mortgage Corporation, filed a complaint for declaratory relief and compensatory damages against Fannie Mae (including certain members of its Board of Directors), Freddie Mac (including certain members of its Board of Directors) and FHFA, as conservator, in the U.S. District Court for the District of Columbia. Plaintiff in that case asserts claims for breach of contract, breach of implied covenants of good faith and fair dealing, and aiding and abetting the federal government in avoiding an alleged implicit guarantee of dividend payments. On March 6, 2019, the court granted defendants’ motion to dismiss and on March 18, 2019, plaintiff moved to alter or amend the judgment and to file an amended complaint. On May 24, 2019, the court denied this motion. On June 19, 2019, plaintiff filed a notice of appeal of the court’s dismissal and related orders with the U.S. Court of Appeals for the District of Columbia Circuit.

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 September 30, 2033. Some of these leases provide for payment by the lessee of property taxes, insurance premiums, cost of maintenance and other costs. Rental expenses for operating leases were $95 million, $100 million and $61 million for the years ended December 31, 2019, 2018 and 2017, 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, 2019
	Loans and Mortgage-Related Securities⁽¹⁾			Operating Leases⁽²⁾		Other⁽³⁾
	(Dollars in millions)
2020		$	74,283	$	59	$	109
2021		—		55		40
2022		—		56		6
2023		—		49		—
2024		—		50		—
Thereafter		—		475		—
Total		$	74,283	$	744	$	155


⁽¹⁾	Primarily includes $74.0 billion that has been accounted for as mortgage commitment derivatives.


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

⁽³⁾

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

Selected Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (Unaudited)

The consolidated statements of operations for the quarterly periods in 2019 and 2018 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 2019 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	427			$	432			$	418			$	350
Available-for-sale securities		53				45				40				37
Mortgage loans		29,768				29,379				28,858				28,759
Federal funds sold and securities purchased under agreements to resell or similar arrangements		263				257				178				145
Other		32				41				47				43
Total interest income		30,543				30,154				29,541				29,334
Interest expense:
Short-term debt		(125		)		(119		)		(125		)		(132		)
Long-term debt		(25,685		)		(24,885		)		(24,187		)		(23,352		)
Total interest expense		(25,810		)		(25,004		)		(24,312		)		(23,484		)
Net interest income		4,733				5,150				5,229				5,850
Benefit for credit losses		650				1,225				1,857				279
Net interest income after benefit for credit losses		5,383				6,375				7,086				6,129
Investment gains, net		133				461				253				923
Fair value gains (losses), net		(831		)		(754		)		(713		)		84
Fee and other income		227				246				402				301
Non-interest income (loss)		(471		)		(47		)		(58		)		1,308
Administrative expenses:
Salaries and employee benefits		(386		)		(376		)		(361		)		(363		)
Professional services		(225		)		(233		)		(241		)		(268		)
Other administrative expenses		(133		)		(135		)		(147		)		(155		)
Total administrative expenses		(744		)		(744		)		(749		)		(786		)
Foreclosed property expense		(140		)		(128		)		(96		)		(151		)
TCCA fees		(593		)		(600		)		(613		)		(626		)
Other expenses, net		(408		)		(535		)		(571		)		(644		)
Total expenses		(1,885		)		(2,007		)		(2,029		)		(2,207		)
Income before federal income taxes		3,027				4,321				4,999				5,230
Provision for federal income taxes		(627		)		(889		)		(1,036		)		(865		)
Net income		2,400				3,432				3,963				4,365
Dividends distributed or amounts attributable to senior preferred stock		(2,361		)		(3,365		)		(3,977		)		(4,266		)
Net income (loss) attributable to common stockholders		$	39			$	67			$	(14	)		$	99
Earnings per share:
Basic		$	0.01			$	0.01			$	0.00			$	0.02
Diluted		0.01				0.01				0.00				0.02
Weighted-average common shares outstanding:
Basic		5,762				5,762				5,762				5,762
Diluted		5,893				5,893				5,762				5,893



	For the 2018 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	236			$	318			$	363			$	419
Available-for-sale securities		71				50				54				55
Mortgage loans		28,034				28,307				28,723				29,541
Federal funds sold and securities purchased under agreements to resell or similar arrangements		142				149				166				285
Other		31				33				38				34
Total interest income		28,514				28,857				29,344				30,334
Interest expense:
Short-term debt		(107		)		(110		)		(114		)		(137		)
Long-term debt		(23,175		)		(23,370		)		(23,861		)		(25,224		)
Total interest expense		(23,282		)		(23,480		)		(23,975		)		(25,361		)
Net interest income		5,232				5,377				5,369				4,973
Benefit for credit losses		217				1,296				716				1,080
Net interest income after benefit for credit losses		5,449				6,673				6,085				6,053
Investment gains, net		250				277				166				259
Fair value gains (losses), net		1,045				229				386				(539		)
Fee and other income		320				239				271				149
Non-interest income (loss)		1,615				745				823				(131		)
Administrative expenses:
Salaries and employee benefits		(381		)		(365		)		(355		)		(350		)
Professional services		(243		)		(254		)		(247		)		(288		)
Other administrative expenses		(126		)		(136		)		(138		)		(176		)
Total administrative expenses		(750		)		(755		)		(740		)		(814		)
Foreclosed property expense		(162		)		(139		)		(159		)		(157		)
TCCA fees		(557		)		(565		)		(576		)		(586		)
Other expenses, net		(203		)		(366		)		(377		)		(307		)
Total expenses		(1,672		)		(1,825		)		(1,852		)		(1,864		)
Income before federal income taxes		5,392				5,593				5,056				4,058
Provision for federal income taxes		(1,131		)		(1,136		)		(1,045		)		(828		)
Net income		4,261				4,457				4,011				3,230
Dividends distributed or amounts attributable to senior preferred stock		(938		)		(4,459		)		(3,975		)		(3,241		)
Net income (loss) attributable to common stockholders		$	3,323			$	(2	)		$	36			$	(11	)
Earnings per share:
Basic		$	0.58			$	0.00			$	0.01			$	0.00
Diluted		0.56				0.00				0.01				0.00
Weighted-average common shares outstanding:
Basic		5,762				5,762				5,762				5,762
Diluted		5,893				5,762				5,893				5,762

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). To conform to our current period presentation, we have reclassified certain amounts reported in our prior periods’ consolidated financial statements.

Segment Reporting Policy

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

Effective April 1, 2012, we increased the guaranty fee on all single-family residential mortgages delivered to us by 10 basis points. FHFA and Treasury 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

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, our allowance for loan losses. Actual results could be different from these estimates.

Principles of Consolidation Policy

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 an entity such as a variable interest entity (“VIE”) through arrangements that do not involve voting interests

Consolidated VIEs

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.

Unconsolidated VIEs

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

Consolidation, Variable Interest Entity Policy

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.

The primary types of VIE entities with which we are involved are securitization trusts guaranteed by us via lender swap and portfolio securitization transactions, special-purpose vehicles (“SPVs”) associated with certain credit risk transfer programs, 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. For more information on the primary types of VIE entities with which we are involved, see “Note 2, Consolidations and Transfers of Financial Assets.”

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.

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 recognized upon consolidation. However, for the securitization trusts established under our lender swap program, no gain or loss is recognized if the trust is consolidated at formation as there is no difference in the respective fair value of (1) and (2) above. We record gains or losses that are associated with the consolidation of VIEs as a component of “Investment gains, net” in our consolidated statements of operations and comprehensive income.

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

Purchase/Sale of Fannie Mae Securities

We actively purchase and may subsequently sell guaranteed MBS that have been issued through lender swap and portfolio securitization transactions. 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.

Transfers and Servicing of Financial Assets Policy

Transfers of Financial Assets

We evaluate each transfer of financial assets to determine whether the transfer qualifies as a sale. If a 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 the transfer. We record transfers of financial assets in which we surrender control of the transferred assets 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 net proceeds from the sale is recorded as a component of “Investment gains, net” in our consolidated statements of operations and comprehensive income. Retained interests are primarily derived from transfers associated with our portfolio securitizations in the form of Fannie Mae securities. We separately describe the subsequent accounting, as well as how we determine fair value, for our retained interests in the “Investments in Securities” section of this note.

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

The substantial majority of these portfolio securitization transactions generally do not qualify for sale treatment. Portfolio securitization trusts that do qualify for sale treatment primarily consist of loans that are guaranteed or insured, in whole or in part, by the U.S. government.We retain interests from the transfer and sale of mortgage-related securities to unconsolidated single-class and multi-class portfolio securitization trusts.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.

Cash and Cash Equivalents Policy

Cash and Cash Equivalents, Restricted Cash 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.

“Restricted cash” in our consolidated balance sheets represents cash advanced to the extent such amounts are due to, but have not yet been remitted to, MBS certificateholders. Similarly, 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. In addition, we recognize restricted cash when we and our servicers advance payments on delinquent loans to consolidated Fannie Mae MBS trusts. Cash may also be recognized as 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.

In the presentation of our consolidated statements of cash flows, we present cash flows from derivatives that do not contain financing elements and mortgage loans held for sale at acquisition as operating activities. We present cash flows from federal funds sold and securities purchased under agreements to resell or similar arrangements as investing activities and cash flows from federal funds purchased and securities sold under agreements to repurchase as financing activities in “Other, net.” We classify cash flows from trading securities based on their nature and purpose.

We classify cash flows related to mortgage loans acquired as held-for-investment, including loans of Fannie Mae and loans of consolidated trusts, as either investing activities (for principal repayments or sales proceeds) 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.

Available-for-sale Securities Policy

Investments in Securities

Securities Classified as Trading or Available-for-Sale

We classify and account for our securities as either trading or available-for-sale (“AFS”). 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 gains (losses), net” in our consolidated statements of operations and comprehensive income. We include interest and dividends on securities in our consolidated statements of operations and comprehensive income. Interest income includes the amortization of cost basis adjustments, including premiums and discounts, recognized as a yield adjustment using the interest method over the contractual term of the security. We measure AFS securities at fair value in our consolidated balance sheets, with unrealized gains and losses included in accumulated other comprehensive income, net of income taxes. We recognize realized gains and losses on AFS securities when securities are sold. We calculate the gains and losses using the specific identification method and record them in “Investment gains, net” in our consolidated statements of operations and comprehensive income.

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. For any subsequent purchase or sale, we continue to account for any outstanding recorded amounts associated with the guaranty transaction on the same basis of accounting.

Other-Than-Temporary Impairment of Debt Securities

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

comprehensive income. In periods after we recognize OTTI of debt securities, we use the prospective interest method to recognize interest income.

Available-for-Sale Securities

Other-Than-Temporary Impairments

Financing Receivable, Held-for-sale Policy

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 the carrying value of HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Investment gains, net” in our consolidated statements of operations and comprehensive income. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchase premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level.

In the event that we reclassify held for investment (“HFI”) loans to HFS loans, based upon a change in our intent, we record the loans at lower of cost or fair value on the date of redesignation. If the amounts charged off upon redesignation exceed the allowance related to the loans, we record a provision for credit losses. If the amounts charged off are less than the allowance related to the loans, we recognize a benefit for credit losses.

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

Financing Receivable, Held-for-investment Policy

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 securitization 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, mortgage loans acquired with the intent to securitize via consolidated trusts will be classified as HFI in our consolidated balance sheets both prior to and subsequent to their securitization.

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

Nonaccrual Loans Policy

Nonaccrual Loans

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

Troubled Debt Restructurings Policy

Restructured Loans

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

We generally do not include principal or past due interest forgiveness as part of our loss mitigation programs, and, as a result, we generally do not charge off any outstanding principal or accrued interest amounts at the time of loan modification. We believe that the loan underwriting activities we perform as a part of our loan modification process coupled with the borrower’s successful performance during any required trial period provides us reasonable assurance regarding the collectability 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.

We also engage in other loss mitigation activities with troubled borrowers, which include repayment plans, forbearance arrangements, and modifications that are limited to the capitalization only of past due amounts. 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 either through a legal or informal modification, 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 Policy

Allowance for Loan Losses

Our allowance for loan losses is a valuation allowance that reflects an estimate of incurred credit losses related to our recorded investment in both single-family and multifamily HFI loans. This population includes both HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts. When calculating our allowance for loan losses, we consider only our net recorded investment in the loan at the balance sheet date, which includes the loan’s unpaid principal balance and any applicable cost basis adjustments. When losses on a loan are confirmed, typically through our receipt of property upon foreclosure of the loan or of cash proceeds upon completion of a short sale, we reduce our allowance for loan losses by recording a charge-off. Additionally, we record charge-offs as a reduction to our allowance for loan losses when a loan is determined to be uncollectible, upon the redesignation of loans from HFI to HFS and pursuant to the charge-off provisions of FHFA’s Advisory Bulletin 2012-02, “Framework for Adversely Classifying Loans, Other Real Estate Owned, and Other Assets and Listing Assets for Special Mention” (the “Advisory Bulletin”). The excess of a loan’s unpaid principal balance, accrued interest, and any applicable cost basis adjustments (“our total exposure”) over the fair value of the assets is treated as a charge-off loss that is deducted from the allowance for loan losses. The amount charged off also considers estimated proceeds from primary mortgage insurance or other credit enhancements that are either contractually attached to a loan or that were entered into contemporaneously with and in contemplation of a guaranty or loan purchase transaction as a recovery of our total exposure, up to the amount of loss recognized as a charge-off. We record additional proceeds from primary mortgage insurance and credit enhancements in excess of our total exposure as a recovery of any forgone contractually past due interest, and then as an offset to the expenses recorded in “Foreclosed property expense” in our consolidated statements of operations and comprehensive income when received.

Impaired Financing Receivable Policy

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 loan-to-value (“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.

Individually Impaired Single-Family Loans

Individually impaired single-family loans currently consist of those we restructure in a TDR. 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 some or all of our recorded investment in an individually impaired loan through probable foreclosure of the underlying collateral, 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. For individually impaired loans that we believe are probable of foreclosure, we take into consideration the sales prices of foreclosed properties in determining the value of the underlying real estate collateral.

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

Multifamily Loans

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

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

Advances to Lenders Policy

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.”

Financing Receivable, Held-for-investment, Foreclosed Asset Policy

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” in our consolidated balance sheets. 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 previously charged-off amounts, then to recover any forgone, contractually due interest, and lastly to “Foreclosed property expense” in our consolidated statements of operations and comprehensive income.

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

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

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

Commitments to Purchase and Sell Mortgage Loans and Securities Policy

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 extinguishments or issuances of debt, respectively. For commitments to purchase and sell securities issued by our consolidated MBS trusts, we recognize the fair value of the commitment on the settlement date as a component of debt extinguishment gains and losses or in the cost basis of the debt issued, respectively.

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

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

Derivatives Policy

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

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, Offsetting Fair Value Amounts Policy

We offset the carrying amounts of certain derivatives that are in gain positions and loss positions as well as cash collateral receivables and payables associated with derivative positions pursuant to the terms of enforceable 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. For our over-the-counter (“OTC”) derivative positions, our master netting arrangements allow us to net derivative assets and liabilities with the same counterparty. For our cleared derivative contracts, our master netting arrangements allow us to net our exposure by clearing organization and by clearing member.

After offsetting, we report derivatives in a gain position in “Other assets” and derivatives in a loss position in “Other liabilities” 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.

Derivatives, Embedded Derivatives Policy

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

Repurchase Agreements, Collateral Policy

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 Policy

Debt

Our consolidated balance sheets contain debt of Fannie Mae as well as debt of consolidated trusts. We report debt issued by us as “Debt of Fannie Mae” and by consolidated trusts as “Debt of consolidated trusts.” Debt issued by us represents debt that we issue to third parties to fund our general business activities and certain credit risk-sharing securities. The debt of consolidated trusts represents the amount of Fannie Mae MBS issued from such trusts that 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.

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 sheet (including unamortized premiums, discounts and other cost basis adjustments) at the time of purchase as a component of “Other expenses, net” in our consolidated statements of operations and comprehensive income.

Interest Expense Policy

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.

Income Tax Policy

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. In 2018, we resumed investing in new LIHTC projects and elected the proportional amortization method for the associated tax credits. We amortize the cost of a LIHTC investment each reporting period in proportion to the tax credits and other tax benefits received. We recognize the resulting amortization as a component of the “provision for federal income taxes” in our consolidated statements of operations and comprehensive income.

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.Our framework for assessing the recoverability of deferred tax assets requires us to weigh all available evidence, to the extent it exists, 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; and

•

the funding available to us under the senior preferred stock purchase agreement.

Income Tax Uncertainties Policy

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

Earnings Per Share Policy

Earnings (Loss) per Share

New Accounting Pronouncements Policy

New Accounting Guidance

Consolidations and Transfers of Financial Assets (Policies)	12 Months Ended
	Dec. 31, 2019
Consolidations and Transfers of Financial Assets [Abstract]
Principles of Consolidation Policy	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 an entity such as a variable interest entity (“VIE”) through arrangements that do not involve voting interests Consolidated VIEs If an entity is a VIE, we consider whether our variable interest in that entity causes us to be the primary beneficiary. The primary beneficiary of the VIE is required to consolidate and account for the assets, liabilities and noncontrolling interests of the VIE in its consolidated financial statements. An enterprise is deemed to be the primary beneficiary when the enterprise has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and exposure to benefits and/or losses could potentially be significant to the entity. In general, the investors in the obligations of consolidated VIEs have recourse only to the assets of those VIEs and do not have recourse to us, except where we provide a guaranty to the VIE. We continually assess whether we are the primary beneficiary of the VIEs with which we are involved and therefore may consolidate or deconsolidate a VIE through the duration of our involvement. Unconsolidated VIEs We do not consolidate VIEs when we are not deemed to be the primary beneficiary.
Transfers and Servicing of Financial Assets Policy	Transfers of Financial Assets We evaluate each transfer of financial assets to determine whether the transfer qualifies as a sale. If a 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 the transfer. We record transfers of financial assets in which we surrender control of the transferred assets 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 net proceeds from the sale is recorded as a component of “Investment gains, net” in our consolidated statements of operations and comprehensive income. Retained interests are primarily derived from transfers associated with our portfolio securitizations in the form of Fannie Mae securities. We separately describe the subsequent accounting, as well as how we determine fair value, for our retained interests in the “Investments in Securities” section of this note. We enter into repurchase agreements that involve contemporaneous trades to purchase and sell securities. These transactions are accounted for as secured financings since the transferor has not relinquished control over the transferred assets. These transactions are reported as securities purchased under agreements to resell and securities sold under agreements to repurchase in our consolidated balance sheets except for securities purchased under agreements to resell on an overnight basis, which are included in cash and cash equivalents in our consolidated balance sheets. The substantial majority of these portfolio securitization transactions generally do not qualify for sale treatment. Portfolio securitization trusts that do qualify for sale treatment primarily consist of loans that are guaranteed or insured, in whole or in part, by the U.S. government.We retain interests from the transfer and sale of mortgage-related securities to unconsolidated single-class and multi-class portfolio securitization trusts.We issue Fannie Mae MBS through portfolio securitization transactions by transferring pools of mortgage loans or mortgage-related securities to one or more trusts or special purpose entities. We are considered to be the transferor when we transfer assets from our own retained mortgage portfolio in a portfolio securitization transaction.

- Definition

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

+ References + Details

Mortgage Loans (Policies)	12 Months Ended
Mortgage Loans (Policies)	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Financing Receivable, Held-for-investment Policy	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 securitization 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, mortgage loans acquired with the intent to securitize via consolidated trusts will be classified as HFI in our consolidated balance sheets both prior to and subsequent to their securitization. We report the carrying value of HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and allowance for loan losses. We recognize interest income on HFI loans on an accrual basis using the interest method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured.We define the recorded investment of HFI loans as unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and accrued interest receivable.We report the carrying value of HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and an allowance for loan losses.
Financing Receivable, Held-for-sale Policy	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 the carrying value of HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Investment gains, net” in our consolidated statements of operations and comprehensive income. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchase premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level. In the event that we reclassify held for investment (“HFI”) loans to HFS loans, based upon a change in our intent, we record the loans at lower of cost or fair value on the date of redesignation. If the amounts charged off upon redesignation exceed the allowance related to the loans, we record a provision for credit losses. If the amounts charged off are less than the allowance related to the loans, we recognize a benefit for credit losses. We report the carrying value of HFS loans at the lower of cost or fair value and record valuation changes in “Investment gains, net” in our consolidated statements of operations and comprehensive income.
Troubled Debt Restructurings Policy	Restructured Loans A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulty is considered a troubled debt restructuring (“TDR”). Our loss mitigation programs primarily include modifications that result in the capitalization of past due amounts in combination with interest rate reductions and/or the extension of the loan’s maturity date. Such restructurings are granted to borrowers in financial difficulty on either a permanent or contingent basis, as in the case of modifications with a trial period. We consider these types of loan restructurings to be TDRs. We generally do not include principal or past due interest forgiveness as part of our loss mitigation programs, and, as a result, we generally do not charge off any outstanding principal or accrued interest amounts at the time of loan modification. We believe that the loan underwriting activities we perform as a part of our loan modification process coupled with the borrower’s successful performance during any required trial period provides us reasonable assurance regarding the collectability 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. We also engage in other loss mitigation activities with troubled borrowers, which include repayment plans, forbearance arrangements, and modifications that are limited to the capitalization only of past due amounts. 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 either through a legal or informal modification, 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, including loan modifications in a trial period, 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.

Allowance for Loan Losses Allowance For Loan Losses (Policies)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Allowance for Loan Losses Policy	Allowance for Loan Losses Our allowance for loan losses is a valuation allowance that reflects an estimate of incurred credit losses related to our recorded investment in both single-family and multifamily HFI loans. This population includes both HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts. When calculating our allowance for loan losses, we consider only our net recorded investment in the loan at the balance sheet date, which includes the loan’s unpaid principal balance and any applicable cost basis adjustments. When losses on a loan are confirmed, typically through our receipt of property upon foreclosure of the loan or of cash proceeds upon completion of a short sale, we reduce our allowance for loan losses by recording a charge-off. Additionally, we record charge-offs as a reduction to our allowance for loan losses when a loan is determined to be uncollectible, upon the redesignation of loans from HFI to HFS and pursuant to the charge-off provisions of FHFA’s Advisory Bulletin 2012-02, “Framework for Adversely Classifying Loans, Other Real Estate Owned, and Other Assets and Listing Assets for Special Mention” (the “Advisory Bulletin”). The excess of a loan’s unpaid principal balance, accrued interest, and any applicable cost basis adjustments (“our total exposure”) over the fair value of the assets is treated as a charge-off loss that is deducted from the allowance for loan losses. The amount charged off also considers estimated proceeds from primary mortgage insurance or other credit enhancements that are either contractually attached to a loan or that were entered into contemporaneously with and in contemplation of a guaranty or loan purchase transaction as a recovery of our total exposure, up to the amount of loss recognized as a charge-off. We record additional proceeds from primary mortgage insurance and credit enhancements in excess of our total exposure as a recovery of any forgone contractually past due interest, and then as an offset to the expenses recorded in “Foreclosed property expense” in our consolidated statements of operations and comprehensive income when received. We maintain an allowance for loan losses for HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts, excluding loans for which we have elected the fair value option. When calculating our allowance for loan losses, we consider the unpaid principal balance, net of unamortized premiums and discounts, and other cost basis adjustments of HFI loans at the balance sheet date.

Investments in Securities (Policies)	12 Months Ended
Investments in Securities (Policies)	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities Policy	Investments in Securities Securities Classified as Trading or Available-for-Sale We classify and account for our securities as either trading or available-for-sale (“AFS”). 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 gains (losses), net” in our consolidated statements of operations and comprehensive income. We include interest and dividends on securities in our consolidated statements of operations and comprehensive income. Interest income includes the amortization of cost basis adjustments, including premiums and discounts, recognized as a yield adjustment using the interest method over the contractual term of the security. We measure AFS securities at fair value in our consolidated balance sheets, with unrealized gains and losses included in accumulated other comprehensive income, net of income taxes. We recognize realized gains and losses on AFS securities when securities are sold. We calculate the gains and losses using the specific identification method and record them in “Investment gains, net” in our consolidated statements of operations and comprehensive income. 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. For any subsequent purchase or sale, we continue to account for any outstanding recorded amounts associated with the guaranty transaction on the same basis of accounting. Other-Than-Temporary Impairment of Debt Securities We evaluate AFS securities for other-than-temporary impairment (“OTTI”) on a quarterly basis. OTTI is considered to have occurred when the fair value of a debt security is below its amortized cost basis and we intend to sell the security or it is more likely than not that we will be required to sell the security before recovery. In such cases, we recognize in “Investment gains, net” in our consolidated statements of operations and comprehensive income the entire difference between the amortized cost basis of a security and its fair value. OTTI is also considered to have occurred if we do not expect to recover the entire amortized cost basis of a debt security even if we do not intend to sell the security or it is not more likely than not that we will be required to sell the security before recovery. In these circumstances, we separate the difference between the amortized cost basis of the security and its fair value into the amount representing the credit loss, which we recognize in “Investment gains, net” in our consolidated statements of operations and comprehensive income, and the amount related to all other factors, which we recognize in “Total other comprehensive loss,” net of taxes, in our consolidated statements of operations and comprehensive income. In periods after we recognize OTTI of debt securities, we use the prospective interest method to recognize interest income. Trading securities are recorded at fair value with subsequent changes in fair value recorded as “Fair value gains (losses), net” in our consolidated statements of operations and comprehensive income. 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 loss” in our consolidated statements of operations and comprehensive income. We recognize realized gains and losses from the sale of AFS securities in “Investment gains, net.” 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.

Derivative Instruments (Policies)	12 Months Ended
Derivative Instruments (Policies)	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Policy	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 recognize all derivatives as either assets or liabilities in our consolidated balance sheets at their fair value on a trade-date basis. Fair value amounts, which are (1) netted to the extent a legal right of offset exists and is enforceable by law at the counterparty level and (2) inclusive of the right or obligation associated with the cash collateral posted or received, are recorded in “Other assets” or “Other liabilities” in our consolidated balance sheets. See “Note 15, Fair Value” for additional information on derivatives recorded at fair value. We present cash flows from derivatives as operating activities in our consolidated statements of cash flows. We record all derivative gains and losses, including accrued interest, in “Fair value gains (losses), net” in our consolidated statements of operations and comprehensive income. 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.

Income Tax (Policies)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Tax Policy

Income Taxes


•	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; and

•

the funding available to us under the senior preferred stock purchase agreement.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32847-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 954
-SubTopic 740
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18780-107790

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=116657188&loc=SL116659661-227067

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=116821951&loc=d3e32247-109318

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=116821951&loc=d3e32280-109318

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 05
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65884525&loc=d3e40913-109327

+ Details

Segment Reporting (Policies)	12 Months Ended
Segment Reporting (Policies)	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Reporting Policy	We have two reportable business segments: Single-Family and Multifamily. The Single-Family business operates in the secondary mortgage market relating to loans secured by properties containing four or fewer residential dwelling units. The Multifamily business operates in the secondary mortgage market relating primarily to loans secured by properties containing five or more residential units. We describe the management reporting and allocation process used to generate our segment results in “Note 10, Segment Reporting.” We have two reportable business segments: Single-Family and Multifamily. The chief operating decision maker allocates resources and assesses performance based on these two business segments. Results of our two business segments are intended to reflect each segment as if it were a stand-alone business. The sum of the results for our two business segments equals our consolidated results of operations.

Netting Arrangements (Policies)	12 Months Ended
Netting Arrangements (Policies)	Dec. 31, 2019
Offsetting [Abstract]
Derivatives, Offsetting Policy	We offset the carrying amounts of certain derivatives that are in gain positions and loss positions as well as cash collateral receivables and payables associated with derivative positions pursuant to the terms of enforceable 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. For our over-the-counter (“OTC”) derivative positions, our master netting arrangements allow us to net derivative assets and liabilities with the same counterparty. For our cleared derivative contracts, our master netting arrangements allow us to net our exposure by clearing organization and by clearing member. After offsetting, we report derivatives in a gain position in “Other assets” and derivatives in a loss position in “Other liabilities” 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 (Policies)	12 Months Ended
Fair Value (Policies)	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Option	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. In our consolidated balance sheets certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when we evaluate loans for impairment). Fair Value of Financial Instruments The following table displays the carrying value and estimated fair value of our financial instruments. The fair value of financial instruments we disclose includes commitments to purchase multifamily and single-family mortgage loans that we do not record in our consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.” Fair Value Option We elected the fair value option for loans and debt which contain embedded derivatives that would otherwise require bifurcation. Additionally, we elected the fair value option for our credit risk-sharing securities accounted for as debt of Fannie Mae issued under our CAS series prior to January 1, 2016. Under the fair value option, we elected to carry these instruments at fair value instead of bifurcating the embedded derivative from such instruments. 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.

Commitments and Contingencies (Policies)	12 Months Ended
Commitments and Contingencies (Policies)	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Policy	On a quarterly basis, we review relevant information about all pending legal actions and proceedings for the purpose of evaluating and revising our contingencies, accruals and disclosures. We establish an accrual only for matters when a loss is probable and we can reasonably estimate the amount of such loss.
Loan and Mortgage Related Securities Commitments Policy	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, 2019

Consolidations and Transfers of Financial Assets [Abstract]

Unconsolidated Variable Interest Entities

The following table displays the carrying amount and classification of our assets and liabilities that relate to our involvement with unconsolidated securitization and resecuritization trusts.



	As of December 31,
	2019				2018
	(Dollars in millions)
Assets and liabilities recorded in our consolidated balance sheets related to unconsolidated mortgage-backed trusts:
Assets:
Trading securities:
Fannie Mae		$	2,543			$	1,422
Non-Fannie Mae		5,100				4,809
Total trading securities		7,643				6,231
Available-for-sale securities:
Fannie Mae		1,524				1,704
Non-Fannie Mae		574				1,207
Total available-for-sale securities		2,098				2,911
Other assets		56				66
Other liabilities		(78		)		(101		)
Net carrying amount		$	9,719			$	9,107

- 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, 2019

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]

Loans in Mortgage Portfolio

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



	As of December 31,
	2019			2018
	(Dollars in millions)
Single-family	$	2,972,361		$	2,929,925
Multifamily	327,593			293,858
Total unpaid principal balance of mortgage loans	3,299,954			3,223,783
Cost basis and fair value adjustments, net	43,224			39,815
Allowance for loan losses for HFI loans	(9,016		)	(14,203		)
Total mortgage loans	$	3,334,162		$	3,249,395

The following table displays information about our redesignated mortgage loans.



	For the Year Ended December 31,
	2019		2018		2017
	(Dollars in millions)
Carrying value of loans redesignated from HFI to HFS⁽¹⁾	$	17,126	$	21,960	$	12,886
Carrying value of loans redesignated from HFS to HFI⁽¹⁾	28		56		113
Loans sold - unpaid principal balance	19,737		21,918		12,184
Realized gains on sale of mortgage loans	1,238		444		723

⁽¹⁾

Represents the carrying value of the loans after redesignation, excluding allowance.



	As of December 31,
	2019										2018
	Single-Family			Multifamily				Total			Single-Family			Multifamily				Total
	(Dollars in millions)
Allowance for loan losses by segment:
Individually impaired loans	$	(8,175	)		$	(45	)	$	(8,220	)	$	(13,255	)		$	(40	)	$	(13,295	)
Collectively reserved loans	(584		)		(212		)	(796		)	(714		)		(194		)	(908		)
Total allowance for loan losses	$	(8,759	)		$	(257	)	$	(9,016	)	$	(13,969	)		$	(234	)	$	(14,203	)
Recorded investment in loans by segment:
Individually impaired loans	$	97,196			$	680		$	97,876		$	117,561			$	542		$	118,103
Collectively reserved loans	2,909,115				329,938			3,239,053			2,841,943				295,122			3,137,065
Total recorded investment in loans	$	3,006,311			$	330,618		$	3,336,929		$	2,959,504			$	295,664		$	3,255,168

Aging Analysis



	As of December 31, 2019
	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		$	28,909		$	7,497		$	13,695		$	50,101	$	2,886,520	$	2,936,621		$	29	$	24,573
Government⁽²⁾		44			21			133			198		16,931		17,129			133		—
Alt-A		1,721			602			1,290			3,613		38,642		42,255			1		2,198
Other		559			206			467			1,232		9,074		10,306			1		775
Total single-family		31,233			8,326			15,585			55,144		2,951,167		3,006,311			164		27,546
Multifamily⁽³⁾		7			N/A			115			122		330,496		330,618			—		435
Total		$	31,240		$	8,326		$	15,700		$	55,266	$	3,281,663	$	3,336,929		$	164	$	27,981



	As of December 31, 2018
	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		$	30,471		$	7,881		$	14,866		$	53,218	$	2,816,047	$	2,869,265		$	22	$	26,170
Government⁽²⁾		57			17			169			243		21,887		22,130			169		—
Alt-A		2,332			821			1,844			4,997		48,274		53,271			2		3,082
Other		804			283			713			1,800		13,038		14,838			2		1,128
Total single-family		33,664			9,002			17,592			60,258		2,899,246		2,959,504			195		30,380
Multifamily⁽³⁾		56			N/A			171			227		295,437		295,664			—		492
Total		$	33,720		$	9,002		$	17,763		$	60,485	$	3,194,683	$	3,255,168		$	195	$	30,872


⁽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

ily loans restructured in a TDR with a recorded investment of $102 million and $187 million as of December 31, 2019 and 2018, respectively.



	For the Year Ended December 31,
	2019									2018									2017
	Average Recorded Investment			Total Interest Income Recognized			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized			Interest Income Recognized on a Cash Basis
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary		$	71,048		$	2,954		$	264		$	85,063		$	3,522		$	381		$	92,893		$	3,721		$	319
Government		263			11			—			276			17			—			292			10			—
Alt-A		12,685			540			38			18,202			772			57			23,536			929			56
Other		4,177			154			13			6,691			250			19			9,158			318			19
Total single-family		88,173			3,659			315			110,232			4,561			457			125,879			4,978			394
Multifamily		287			7			—			235			3			—			273			9			—
Total individually impaired loans with related allowance recorded		88,460			3,666			315			110,467			4,564			457			126,152			4,987			394
With no related allowance recorded:⁽¹⁾
Single-family:
Primary		16,243			1,008			150			15,005			967			119			15,166			1,107			96
Government		57			4			—			57			4			—			61			3			—
Alt-A		2,176			169			15			2,625			218			17			3,000			270			13
Other		599			38			4			807			56			5			997			84			4
Total single-family		19,075			1,219			169			18,494			1,245			141			19,224			1,464			113
Multifamily		375			31			—			336			14			—			297			19			—
Total individually impaired loans with no related allowance recorded		19,450			1,250			169			18,830			1,259			141			19,521			1,483			113
Total individually impaired loans		$	107,910		$	4,916		$	484		$	129,297		$	5,823		$	598		$	145,673		$	6,470		$	507

⁽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.

Troubled Debt Restructurings Activity

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



	For the Year Ended December 31,
	2019					2018					2017
	Number of Loans		RecordedInvestment⁽¹⁾			Number of Loans		RecordedInvestment⁽¹⁾			Number of Loans		RecordedInvestment⁽¹⁾
	(Dollars in millions)
Single-family:
Primary		48,858		$	7,688		89,192		$	13,437		59,708		$	8,247
Government		72		8			115		11			171		18
Alt-A		2,465		313			5,378		697			5,369		771
Other		464		81			1,127		208			1,158		207
Total single-family		51,859		8,090			95,812		14,353			66,406		9,243
Multifamily		11		56			14		74			8		99
Total TDRs		51,870		$	8,146		95,826		$	14,427		66,414		$	9,342

⁽¹⁾

Based on the nature of our modification programs, which do not include principal or past-due interest forgiveness, there is not a material difference between the recorded investment in our loans pre- and post- modification. Therefore, these amounts represent recorded investment post-modification.



	For the Year Ended December 31,
	2019					2018					2017
	Number of Loans		Recorded Investment			Number of Loans		Recorded Investment			Number of Loans		Recorded Investment
	(Dollars in millions)
Single-family:
Primary		15,875		$	2,425		18,613		$	2,697		19,539		$	2,722
Government		74		10			55		7			91		10
Alt-A		1,453		218			2,412		386			2,588		400
Other		447		87			662		131			760		145
Total single-family		17,849		2,740			21,742		3,221			22,978		3,277
Multifamily		2		18			2		3			2		12
Total TDRs that subsequently defaulted		17,851		$	2,758		21,744		$	3,224		22,980		$	3,289

Single-Family [Member]

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]

Credit Quality Indicators



	As of December 31,
	2019⁽¹⁾						2018⁽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%	$	2,556,685	$	37,932	$	9,002	$	2,521,766	$	45,476	$	12,291
Greater than 80%and less than or equal to 90%	243,459		2,225		642		228,614		3,804		1,195
Greater than 90%and less than or equal to 100%	131,653		1,078		318		109,548		1,997		645
Greater than 100%	4,824		1,020		344		9,337		1,994		707
Total	$	2,936,621	$	42,255	$	10,306	$	2,869,265	$	53,271	$	14,838


⁽¹⁾	Excludes the “government” class, which consists of $17.1 billion and $22.1 billion as of December 31, 2019 and 2018, 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. This class is primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV ratio.

⁽²⁾

Multifamily [Member]

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]

Credit Quality Indicators

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



	As of December 31,
	2019		2018
	(Dollars in millions)
Credit risk profile by internally assigned grade:
Non-classified	$	323,773	$	289,231
Classified⁽¹⁾	6,845		6,433
Total	$	330,618	$	295,664

⁽¹⁾

Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Allowance for Loan Losses Roll Forward by Segment

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



	For the Year Ended December 31,
	2019			2018			2017
	(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance	$	(13,969	)	$	(18,849	)	$	(23,283	)
Benefit (provision) for loan losses⁽¹⁾	3,988			2,990			1,994
Charge-offs	1,299			2,148			2,795
Recoveries	(71		)	(240		)	(326		)
Other	(6		)	(18		)	(29		)
Ending balance	$	(8,759	)	$	(13,969	)	$	(18,849	)
Multifamily allowance for loan losses:
Beginning balance	$	(234	)	$	(235	)	$	(182	)
Benefit (provision) for loan losses⁽¹⁾	(27		)	(3		)	(53		)
Charge-offs	8			4			3
Recoveries	(4		)	—			(3		)
Ending balance	$	(257	)	$	(234	)	$	(235	)
Total allowance for loan losses:
Beginning balance	$	(14,203	)	$	(19,084	)	$	(23,465	)
Benefit (provision) for loan losses⁽¹⁾	3,961			2,987			1,941
Charge-offs	1,307			2,152			2,798
Recoveries	(75		)	(240		)	(329		)
Other	(6		)	(18		)	(29		)
Ending balance	$	(9,016	)	$	(14,203	)	$	(19,084	)

⁽¹⁾

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

Allowance for Loan Losses and Total Recorded Investment in HFI Loans

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



	As of December 31,
	2019			2018
	(Dollars in millions)
Single-family	$	2,972,361		$	2,929,925
Multifamily	327,593			293,858
Total unpaid principal balance of mortgage loans	3,299,954			3,223,783
Cost basis and fair value adjustments, net	43,224			39,815
Allowance for loan losses for HFI loans	(9,016		)	(14,203		)
Total mortgage loans	$	3,334,162		$	3,249,395

The following table displays information about our redesignated mortgage loans.



	For the Year Ended December 31,
	2019		2018		2017
	(Dollars in millions)
Carrying value of loans redesignated from HFI to HFS⁽¹⁾	$	17,126	$	21,960	$	12,886
Carrying value of loans redesignated from HFS to HFI⁽¹⁾	28		56		113
Loans sold - unpaid principal balance	19,737		21,918		12,184
Realized gains on sale of mortgage loans	1,238		444		723

⁽¹⁾

Represents the carrying value of the loans after redesignation, excluding allowance.



	As of December 31,
	2019										2018
	Single-Family			Multifamily				Total			Single-Family			Multifamily				Total
	(Dollars in millions)
Allowance for loan losses by segment:
Individually impaired loans	$	(8,175	)		$	(45	)	$	(8,220	)	$	(13,255	)		$	(40	)	$	(13,295	)
Collectively reserved loans	(584		)		(212		)	(796		)	(714		)		(194		)	(908		)
Total allowance for loan losses	$	(8,759	)		$	(257	)	$	(9,016	)	$	(13,969	)		$	(234	)	$	(14,203	)
Recorded investment in loans by segment:
Individually impaired loans	$	97,196			$	680		$	97,876		$	117,561			$	542		$	118,103
Collectively reserved loans	2,909,115				329,938			3,239,053			2,841,943				295,122			3,137,065
Total recorded investment in loans	$	3,006,311			$	330,618		$	3,336,929		$	2,959,504			$	295,664		$	3,255,168

Investments in Securities (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Investments In Trading Securities

The following table displays our investments in trading securities.



	As of December 31,
	2019		2018
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae⁽¹⁾	$	3,424	$	1,467
Other agency⁽²⁾	4,490		3,503
Private-label and other mortgage securities	629		1,306
Total mortgage-related securities (includes $896 and $32, respectively, related to consolidated trusts)	8,543		6,276
Non-mortgage-related securities:
U.S. Treasury securities	39,501		35,502
Other securities	79		89
Total non-mortgage-related securities	39,580		35,591
Total trading securities	$	48,123	$	41,867

Schedule of Trading Securities Gains (Losses), Net

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



	For the Year Ended December 31,
	2019			2018		2017
	(Dollars in millions)
Net trading gains		$	322	$	126		$	190
Net trading gains recognized in the period related to securities still held at period end		238		55			161

Schedule of Available-for-sale Securities Realized Gain (Loss)

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



	For the Year Ended December 31,
	2019		2018		2017
	(Dollars in millions)
Gross realized gains	$	265	$	375	$	487
Total proceeds (excludes initial sale of securities from new portfolio securitizations)	537		662		1,780

Schedule of Available-for-sale Securities Reconciliation

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



	As of December 31, 2019
	Total Amortized Cost⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses⁽²⁾				Total Fair Value
	(Dollars in millions)
Fannie Mae		$	1,445		$	85		$	(10	)	$	1,520
Other agency		183			15			—			198
Alt-A and subprime private-label securities		34			23			—			57
Mortgage revenue bonds		309			9			(3		)	315
Other mortgage-related securities		310			5			(1		)	314
Total		$	2,281		$	137		$	(14	)	$	2,404



	As of December 31, 2018
	Total Amortized Cost⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses⁽²⁾				Total Fair Value
	(Dollars in millions)
Fannie Mae		$	1,754		$	69		$	(26	)	$	1,797
Other agency		239			17			—			256
Alt-A and subprime private-label securities		325			267			—			592
Mortgage revenue bonds		425			13			(4		)	434
Other mortgage-related securities		336			14			—			350
Total		$	3,079		$	380		$	(30	)	$	3,429


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


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

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

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



	As of December 31, 2019
	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		$	—		$	—		$	(10	)	$	337
Mortgage revenue bonds		—			—			(3		)	3
Other mortgage-related securities		(1		)	130			—			—
Total		$	(1	)	$	130		$	(13	)	$	340

	As of December 31, 2018
	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		$	—		$	—		$	(26	)	$	487
Mortgage revenue bonds		(1		)	24			(3		)	19
Total		$	(1	)	$	24		$	(29	)	$	506

Investments Classified by Contractual Maturity Date



	As of December 31, 2019
	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		$	1,445		$	1,520		$	—		$	—		$	15		$	16		$	95		$	104		$	1,335		$	1,400
Other agency		183			198			—			—			18			18			24			27			141			153
Alt-A and subprime private-label securities		34			57			—			—			—			—			3			3			31			54
Mortgage revenue bonds		309			315			2			2			31			32			29			30			247			251
Other mortgage-related securities		310			314			—			—			—			—			24			26			286			288
Total		$	2,281		$	2,404		$	2		$	2		$	64		$	66		$	175		$	190		$	2,040		$	2,146
Weighted-average yield ⁽¹⁾		6.48		%				5.51		%				6.30		%				6.19		%				6.51		%

⁽¹⁾

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table displays net unrealized gains on AFS securities and other amounts within accumulated other comprehensive income (“AOCI”), net of tax, by major categories.



	As of December 31,
	2019		2018		2017
	(Dollars in millions)

Net unrealized gains on AFS securities for which we have not recorded OTTI	$	97	$	52	$	87
Net unrealized gains on AFS securities for which we have recorded OTTI	—		224		423
Other	34		46		43
Accumulated other comprehensive income	$	131	$	322	$	553

Financial Guarantees (Tables)

12 Months Ended

Dec. 31, 2019

Guarantees [Abstract]

Financial Guarantees and Maximum Recovery



	As of December 31,
	2019									2018
	Maximum Exposure		Guaranty Obligation			Maximum Recovery⁽¹⁾			Maximum Exposure			Guaranty Obligation			Maximum Recovery⁽¹⁾
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	5,801		$	26		$	5,545		$	7,278		$	30		$	6,811
Other guaranty arrangements⁽²⁾	12,670			128			2,553			13,847			130			2,711
Total	$	18,471		$	154		$	8,098		$	21,125		$	160		$	9,522


⁽¹⁾	Recoverability of such credit enhancements and recourse is subject to, among other factors, our mortgage insurers’ and financial guarantors’ ability to meet their obligations to us. For information on our mortgage insurers, see “Note 13, Concentrations of Credit Risk.”

⁽²⁾

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

Short-Term and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Short-Term Debt

The following table displays our outstanding short-term debt (debt with an original contractual maturity of one year or less) and weighted-average interest rates of this debt.



	As of December 31,
	2019				2018
	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⁾	$	478	1.67	%	$	—	—	%
Short-term debt of Fannie Mae	$	26,662	1.56	%	$	24,896	2.29	%


⁽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, reported as “Other liabilities” in our consolidated balance sheets.

Long-Term Debt

The following table displays our outstanding long-term debt.



	As of December 31,
	2019					2018
	Maturities	Outstanding		Weighted-Average Interest Rate⁽¹⁾		Maturities	Outstanding		Weighted-Average Interest Rate⁽¹⁾
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2020 - 2030	$	86,114	2.66	%	2019 - 2030	$	103,206	2.36	%
Medium-term notes⁽²⁾	2020 - 2026	32,590		1.57		2019 - 2026	61,455		1.48
Other⁽³⁾	2020 - 2038	5,254		5.01		2019 - 2038	6,683		4.62
Total senior fixed		123,958		2.47			171,344		2.13
Senior floating:
Medium-term notes⁽²⁾	2020 - 2021	9,774		1.66		2019 - 2020	4,174		2.36
CAS⁽⁴⁾	2023 - 2031	21,424		5.61		2023 - 2031	25,641		5.97
Other⁽⁵⁾	2020 - 2037	398		6.27		2020 - 2037	351		10.19
Total senior floating		31,596		4.40			30,166		5.52
Subordinated debentures	2019	—		—		2019	5,617		9.64
Secured borrowings⁽⁶⁾	2021 - 2022	31		2.31		2021 - 2022	51		1.96
Total long-term debt of Fannie Mae⁽⁷⁾		155,585		2.86			207,178		2.83
Debt of consolidated trusts	2020 - 2059	3,285,139		2.78		2019 - 2058	3,159,846		3.03
Total long-term debt		$	3,440,724	2.78	%		$	3,367,024	3.02	%


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


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


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


⁽⁴⁾	Credit risk-sharing securities that transfer a portion of the credit risk on specified pools of single-family mortgage loans to the investors in these securities, a portion of which is reported at fair value. Represents CAS issued prior to November 2018. See “Note 2, Consolidations and Transfers of Financial Assets” for more information about our CAS structures issued beginning November 2018.


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


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

⁽⁷⁾

Includes unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $2 million and $413 million as of December 31, 2019 and 2018, respectively.

Long-Term Debt by Year of Maturity



	Long-Term Debt by Year of Maturity			Assuming Callable Debt Redeemed at Next Available Call Date
	(Dollars in millions)
2020		$	47,427		$	60,464
2021		29,028			21,037
2022		15,584			14,010
2023		5,301			4,470
2024		14,344			13,320
Thereafter		43,901			42,284
Total long-term debt of Fannie Mae⁽¹⁾		155,585			155,585
Debt of consolidated trusts⁽²⁾		3,285,139			3,285,139
Total long-term debt		$	3,440,724		$	3,440,724


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

⁽²⁾

- 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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional and Fair Value Position

The following table displays the notional amount and estimated fair value of our asset and liability derivative instruments.



	As of December 31, 2019										As of December 31, 2018
	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	$	41,052	$	—		$	29,178	$	(970	)	$	71,416	$	438		$	21,253	$	(740	)
Receive-fixed	73,579		816			26,382		(62		)	88,799		1,113			58,399		(860		)
Basis	273		149			—		—			250		104			624		—
Foreign currency	229		39			232		(65		)	221		22			223		(72		)
Swaptions:
Pay-fixed	4,600		18			6,375		(219		)	10,375		191			1,000		(4		)
Receive-fixed	2,875		106			4,600		(232		)	500		20			7,375		(338		)
Futures⁽¹⁾	20,507		—			—		—			16,631		—			—		—
Total gross risk management derivatives	143,115		1,128			66,767		(1,548		)	188,192		1,888			88,874		(2,014		)
Accrued interest receivable (payable)	—		226			—		(250		)	—		400			—		(419		)
Netting adjustment⁽²⁾	—		(1,288		)	—		1,694			—		(2,266		)	—		2,315
Total net risk management derivatives	$	143,115	$	66		$	66,767	$	(104	)	$	188,192	$	22		$	88,874	$	(118	)
Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	$	7,115	$	15		$	1,787	$	(1	)	$	4,370	$	29		$	57	$	—
Forward contracts to purchase mortgage-related securities	55,531		137			9,560		(28		)	40,650		349			1,045		(3		)
Forward contracts to sell mortgage-related securities	9,282		13			109,066		(277		)	292		1			70,593		(645		)
Total mortgage commitment derivatives	71,928		165			120,413		(306		)	45,312		379			71,695		(648		)
Credit enhancement derivatives	28,432		40			9,486		(25		)	33,431		57			919		(11		)
Derivatives at fair value	$	243,475	$	271		$	196,666	$	(435	)	$	266,935	$	458		$	161,488	$	(777	)


⁽¹⁾	Futures have no ascribable fair value since the positions are settled daily.

⁽²⁾

Fair Value Gain (Loss), Net

The following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives.



	For the Year Ended December 31,
	2019			2018			2017
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	(3,964	)	$	2,940		$	1,296
Receive-fixed	3,685			(1,834		)	(851		)
Basis	46			(21		)	21
Foreign currency	24			(51		)	49
Swaptions:
Pay-fixed	(380		)	100			(161		)
Receive-fixed	117			(39		)	(60		)
Futures	273			38			22
Net contractual interest expense on interest-rate swaps	(833		)	(1,061		)	(889		)
Total risk management derivatives fair value gains (losses), net	(1,032		)	72			(573		)
Mortgage commitment derivatives fair value gains (losses), net	(1,043		)	324			(603		)
Credit enhancement derivatives fair value gains (losses), net	(35		)	26			(9		)
Total derivatives fair value gains (losses), net	$	(2,110	)	$	422		$	(1,185	)

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-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

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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



	For the Year Ended December 31,
	2019				2018				2017
	(Dollars in millions)
Current income tax benefit (provision)		$	(2,089	)		$	114			$	600
Deferred income tax provision⁽¹⁾		(1,328		)		(4,254		)		(16,584		)
Provision for federal income taxes		$	(3,417	)		$	(4,140	)		$	(15,984	)

⁽¹⁾

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

Schedule of Effective Income Tax Rate Reconciliation

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



	For the Year Ended December 31,
	2019				2018				2017
Statutory corporate tax rate		21.0		%		21.0		%		35.0		%
Equity investments in affordable housing projects		(0.2	)			(0.6	)			(1.4	)
Effect of corporate tax rate change		—				—				53.6
Change in unrecognized tax benefits		(1.2	)			—				—
Other		(0.2	)			0.2				(0.6	)
Effective tax rate		19.4		%		20.6		%		86.6		%

Schedule of Deferred Tax Assets and Liabilities

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



	As of December 31,
	2019			2018
	(Dollars in millions)
Deferred tax assets:
Mortgage and mortgage-related assets		$	9,290		$	9,285
Allowance for loan losses and basis in acquired property, net		1,240			2,065
Debt and derivative instruments		627			687
Partnership credits		—			161
Partnership and other equity investments		152			223
Interest-only securities		788			738
Other, net		—			102
Total deferred tax assets		12,097			13,261
Deferred tax liabilities:
Unrealized gains on AFS securities, net		26			73
Other, net		161			—
Total deferred tax liabilities		187			73
Deferred tax assets, net		$	11,910		$	13,188

Schedule of Unrecognized Tax Benefits Roll Forward

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



	For the Year Ended December 31,
	2019				2018				2017
	(Dollars in millions)
Unrecognized tax benefits as of January 1		$	416			$	514			$	—
Gross increases - tax positions in current year		—				—				514
Gross decreases - tax positions in current year		—				(98		)		—
Gross decreases - tax positions in prior years		(416		)		—				—
Unrecognized tax benefits as of December 31⁽¹⁾		$	—			$	416			$	514

⁽¹⁾

Amount excludes tax credits of $151 million, and $220 million as of 2018, and 2017, respectively.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Total assets by segment

The following table displays total assets by segment.



	As of December 31,
	2019		2018
	(Dollars in millions)
Single-Family	$	3,149,212	$	3,099,588
Multifamily	354,107		318,730
Total assets	$	3,503,319	$	3,418,318

Segment results

The following tables display our segment results.



	For the Year Ended December 31, 2019
	Single-Family			Multifamily			Total
	(Dollars in millions)
Net interest income⁽¹⁾	$	18,013		$	2,949		$	20,962
Fee and other income⁽²⁾	453			723			1,176
Net revenues	18,466			3,672			22,138
Investment gains, net⁽³⁾	1,589			181			1,770
Fair value gains (losses), net⁽⁴⁾	(2,216		)	2			(2,214		)
Administrative expenses	(2,565		)	(458		)	(3,023		)
Credit-related income (expense):⁽⁵⁾
Benefit (provision) for credit losses	4,038			(27		)	4,011
Foreclosed property income (expense)	(523		)	8			(515		)
Total credit-related income (expense)	3,515			(19		)	3,496
TCCA fees⁽⁶⁾	(2,432		)	—			(2,432		)
Other expenses, net	(1,661		)	(497		)	(2,158		)
Income before federal income taxes	14,696			2,881			17,577
Provision for federal income taxes	(2,859		)	(558		)	(3,417		)
Net income	$	11,837		$	2,323		$	14,160



	For the Year Ended December 31, 2018
	Single-Family			Multifamily			Total
	(Dollars in millions)
Net interest income⁽¹⁾	$	18,162		$	2,789		$	20,951
Fee and other income⁽²⁾	450			529			979
Net revenues	18,612			3,318			21,930
Investment gains, net⁽³⁾	850			102			952
Fair value gains (losses), net⁽⁴⁾	1,210			(89		)	1,121
Administrative expenses	(2,631		)	(428		)	(3,059		)
Credit-related income (expense):⁽⁵⁾
Benefit (provision) for credit losses	3,313			(4		)	3,309
Foreclosed property expense	(604		)	(13		)	(617		)
Total credit-related income (expense)	2,709			(17		)	2,692
TCCA fees⁽⁶⁾	(2,284		)	—			(2,284		)
Other expenses, net	(1,012		)	(241		)	(1,253		)
Income before federal income taxes	17,454			2,645			20,099
Provision for federal income taxes	(3,708		)	(432		)	(4,140		)
Net income	$	13,746		$	2,213		$	15,959



	For the Year Ended December 31, 2017
	Single-Family			Multifamily			Total
	(Dollars in millions)
Net interest income⁽¹⁾	$	18,212		$	2,521		$	20,733
Fee and other income⁽²⁾	1,378			849			2,227
Net revenues	19,590			3,370			22,960
Investment gains, net⁽³⁾	1,352			170			1,522
Fair value losses, net⁽⁴⁾	(1,188		)	(23		)	(1,211		)
Administrative expenses	(2,391		)	(346		)	(2,737		)
Credit-related income (expense):⁽⁵⁾
Benefit (provision) for credit losses	2,090			(49		)	2,041
Foreclosed property income (expense)	(540		)	19			(521		)
Total credit-related income (expense)	1,550			(30		)	1,520
TCCA fees⁽⁶⁾	(2,096		)	—			(2,096		)
Other expenses, net	(1,004		)	(507		)	(1,511		)
Income before federal income taxes	15,813			2,634			18,447
Provision for federal income taxes	(14,301		)	(1,683		)	(15,984		)
Net income	$	1,512		$	951		$	2,463

⁽¹⁾

⁽²⁾


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

⁽⁴⁾


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

⁽⁶⁾

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

Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Preferred Stock

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



		Issued and Outstanding as of December 31,									Annual Dividend Rate as of December 31, 2019
		2019			2018			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	$	120,836	1	$	120,836	$	120,836	⁽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			2.146	⁽⁴⁾	March 31, 2002	⁽⁵⁾
Series G	August 8, 2000	6	288		6	288		50			2.624	⁽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, 2019 was $120,836.

⁽²⁾


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


⁽⁴⁾	Rate effective March 31, 2018. 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, 2018. 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, 2019. 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, 2019 and 2018.


⁽⁹⁾	Rate effective December 31, 2019. 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, 2019. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.75% or 3-Month LIBOR plus 4.23%.


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

⁽¹³⁾

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

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table displays net unrealized gains on AFS securities and other amounts within accumulated other comprehensive income (“AOCI”), net of tax, by major categories.



	As of December 31,
	2019		2018		2017
	(Dollars in millions)

Net unrealized gains on AFS securities for which we have not recorded OTTI	$	97	$	52	$	87
Net unrealized gains on AFS securities for which we have recorded OTTI	—		224		423
Other	34		46		43
Accumulated other comprehensive income	$	131	$	322	$	553

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21553-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65877616&loc=d3e177068-122764

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21488-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21484-112644

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Regulatory Capital Requirements (Tables)

12 Months Ended

Dec. 31, 2019

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Regulatory Capital Classification Measures

The following table displays our regulatory capital classification measures.



	As of December 31,
	2019			2018
	(Dollars in millions)
Core capital⁽¹⁾	$	(106,360	)	$	(114,919	)
Statutory minimum capital requirement⁽²⁾	22,392			22,216
Deficit of core capital over statutory minimum capital requirement	$	(128,752	)	$	(137,135	)


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

⁽²⁾

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

Concentrations of Credit Risk (Tables)

12 Months Ended

Dec. 31, 2019

Geographic Concentration Risk [Member]

Concentration Risk [Line Items]

Schedules of Concentration of Risk, by Risk Factor

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



	Geographic Concentration⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business						Percentage of Multifamily Guaranty Book of Business
	As of December 31,						As of December 31,
	2019			2018			2019			2018
Midwest		15	%		15	%		10	%		10	%
Northeast		17			17			15			14
Southeast		22			22			27			26
Southwest		18			18			23			24
West		28			28			25			26
Total		100	%		100	%		100	%		100	%

⁽¹⁾

Single-Family [Member]

Concentration Risk [Line Items]

Schedule of Risk in Force Mortgage Insurance Coverage



	As of December 31,
	2019			2018
	Risk in Force		Percentage of Single-Family Conventional Guaranty Book of Business	Risk in Force		Percentage of Single-Family Conventional Guaranty Book of Business
	(Dollars in millions)
Mortgage insurance risk in force:
Primary mortgage insurance	$	162,855		$	152,379
Pool mortgage insurance	339			409
Total mortgage insurance risk in force	$	163,194	6%	$	152,788	5%

Schedules of Concentration of Risk, by Risk Factor

The table below displays the percentage of our single-family guaranty book of business serviced by our top five depository single-family mortgage servicers and top five non-depository single-family mortgage servicers, and identifies one servicer that serviced more than 10% of our single-family guaranty book of business based on unpaid principal balance.



	Percentage of Single-Family Guaranty Book of Business
	As of December 31,
	2019		2018
Wells Fargo Bank, N.A. (together with its affiliates)	17	%	18	%
Remaining top five depository servicers	15		16
Top five non-depository servicers	27		22
Total	59	%	56	%

Schedule of Delinquency Status Guaranty Book of Business

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



	As of December 31,
	2019						2018
	30 Days Delinquent		60 Days Delinquent		Seriously Delinquent⁽¹⁾		30 Days Delinquent		60 Days Delinquent		Seriously Delinquent⁽¹⁾
Percentage of single-family conventional guaranty book of business based on UPB	1.07	%	0.29	%	0.59	%	1.17	%	0.32	%	0.69	%
Percentage of single-family conventional loans based on loan count	1.27		0.35		0.66		1.37		0.38		0.76

Schedule of Risk Characteristics Guaranty Book of Business



	As of December 31,
	2019			2018
	Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB	Seriously Delinquent Rate⁽¹⁾		Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB	Seriously Delinquent Rate⁽¹⁾
Estimated mark-to-market LTV ratio:
Greater than 100%	*	10.14	%	*	9.85	%
Geographical distribution:
California	19	0.32		19	0.34
Florida	6	0.84		6	1.16
Illinois	4	0.91		4	0.98
New Jersey	3	1.13		4	1.38
New York	5	1.18		5	1.40
All other states	63	0.64		62	0.73
Product distribution:
Alt-A	2	2.95		2	3.35
Vintages:
2004 and prior	2	2.48		3	2.69
2005-2008	4	4.11		5	4.61
2009-2019	94	0.35		92	0.34


*	Represents less than 0.5% of single-family conventional business volume or book of business.

⁽¹⁾

Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of December 31, 2019 and 2018.

Schedule of Risk in Force Mortgage Insurance Coverage, by Counterparty



	Percentage of Risk in Force Coverage by Mortgage Insurer
	As of December 31,
	2019		2018
Counterparty:⁽¹⁾
Arch Capital Group Ltd.	23	%	25	%
Radian Guaranty, Inc.	20		21
Mortgage Guaranty Insurance Corp.	18		18
Genworth Mortgage Insurance Corp.⁽²⁾	15		15
Essent Guaranty, Inc.	14		12
Others	10		9
Total	100	%	100	%


⁽¹⁾	Insurance coverage amounts provided for each counterparty may include coverage provided by affiliates and subsidiaries of the counterparty.

⁽²⁾

Genworth Financial, Inc., the ultimate parent company of Genworth Mortgage Insurance Corp., is in the process of being acquired by China Oceanwide Holdings Group Co., Ltd. Upon acquisition, Genworth Mortgage Insurance Corp. will continue to be subject to our ongoing review of financial and operational eligibility requirements.

Multifamily [Member]

Concentration Risk [Line Items]

Schedules of Concentration of Risk, by Risk Factor



	Percentage of Multifamily Guaranty Book of Business
	As of December 31,
	2019		2018
Wells Fargo Bank, N.A. (together with its affiliates)	13	%	14	%
Walker & Dunlop, LLC	12		12
Remaining top five servicers	23		22
Total	48	%	48	%

Schedule of Delinquency Status Guaranty Book of Business



	As of December 31,
	2019⁽¹⁾				2018⁽¹⁾
	30 Days Delinquent		Seriously Delinquent⁽²⁾		30 Days Delinquent		Seriously Delinquent⁽²⁾
Percentage of multifamily guaranty book of business	0.02	%	0.04	%	0.02	%	0.06	%

Schedule of Risk Characteristics Guaranty Book of Business



	As of December 31,
	2019				2018
	Percentage of Multifamily Guaranty Book of Business⁽¹⁾		Percentage Seriously Delinquent⁽²⁾⁽³⁾		Percentage of Multifamily Guaranty Book of Business⁽¹⁾		Percentage Seriously Delinquent⁽²⁾⁽³⁾
Original LTV ratio:
Greater than 80%	1	%	—	%	1	%	—	%
Less than or equal to 80%	99		0.04		99		0.06
Current DSCR below 1.0⁽⁴⁾	2		0.48		2		1.38


⁽¹⁾	Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business.


⁽²⁾	Consists of multifamily loans that were 60 days or more past due as of the dates indicated.


⁽³⁾	Calculated based on the unpaid principal balance of multifamily loans that were seriously delinquent divided by the aggregate unpaid principal balance of multifamily loans for each category included in our multifamily guaranty book of business.

⁽⁴⁾

Netting Arrangements (Tables)

12 Months Ended

Dec. 31, 2019

Offsetting [Abstract]

Offsetting

The tables below display information related to derivatives, securities purchased under agreements to resell or similar arrangements, and securities sold under agreements to repurchase or similar arrangements, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our consolidated balance sheets.



	As of December 31, 2019
			Gross Amount Offset⁽¹⁾			Net Amount Presented in our Consolidated Balance Sheets					Amounts Not Offset in our Consolidated Balance Sheets
	Gross Amount		Gross Amount Offset⁽¹⁾			Net Amount Presented in our Consolidated Balance Sheets					Financial Instruments⁽²⁾				Collateral⁽³⁾			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	1,354	$	(1,334	)		$	20				$	—		$	—		$	20
Cleared risk management derivatives	—		46				46					—			—			46
Mortgage commitment derivatives	165		—				165					(101		)	(1		)	63
Total derivative assets	1,519		(1,288		)		231		⁽⁴	⁾		(101		)	(1		)	129
Securities purchased under agreements to resell or similar arrangements⁽⁵⁾	24,928		—				24,928					—			(24,928		)	—
Total assets	$	26,447	$	(1,288	)		$	25,159				$	(101	)	$	(24,929	)	$	129



Liabilities:
OTC risk management derivatives	$	(1,798	)	$	1,695		$	(103	)			$	—	$	—	$	(103	)
Cleared risk management derivatives	—			(1		)	(1		)			—		1		—
Mortgage commitment derivatives	(306		)	—			(306		)			101		181		(24		)
Total derivative liabilities	(2,104		)	1,694			(410		)	⁽⁴	⁾	101		182		(127		)
Securities sold under agreements to repurchase or similar arrangements⁽⁵⁾	(478		)	—			(478		)			—		475		(3		)
Total liabilities	$	(2,582	)	$	1,694		$	(888	)			$	101	$	657	$	(130	)



	As of December 31, 2018
			Gross Amount Offset⁽¹⁾			Net Amount Presented in our Consolidated Balance Sheets					Amounts Not Offset in our Consolidated Balance Sheets
	Gross Amount		Gross Amount Offset⁽¹⁾			Net Amount Presented in our Consolidated Balance Sheets					Financial Instruments⁽²⁾				Collateral⁽³⁾			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	2,288	$	(2,273	)		$	15				$	—		$	—		$	15
Cleared risk management derivatives	—		7				7					—			—			7
Mortgage commitment derivatives	379		—				379					(153		)	(7		)	219
Total derivative assets	2,667		(2,266		)		401		⁽⁴	⁾		(153		)	(7		)	241
Securities purchased under agreements to resell or similar arrangements⁽⁵⁾	48,288		—				48,288					—			(48,288		)	—
Total assets	$	50,955	$	(2,266	)		$	48,689				$	(153	)	$	(48,295	)	$	241



Liabilities:
OTC risk management derivatives	$	(2,433	)	$	2,342		$	(91	)			$	—	$	—	$	(91	)
Cleared risk management derivatives	—			(27		)	(27		)			—		23		(4		)
Mortgage commitment derivatives	(648		)	—			(648		)			153		466		(29		)
Total derivative liabilities	(3,081		)	2,315			(766		)	⁽⁴	⁾	153		489		(124		)
Total liabilities	$	(3,081	)	$	2,315		$	(766	)			$	153	$	489	$	(124	)


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


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

⁽³⁾


⁽⁴⁾	Excludes derivative assets of $40 million and $57 million as of December 31, 2019 and 2018, respectively, and derivative liabilities of $25 million and $11 million recognized in our consolidated balance sheets as of December 31, 2019 and 2018, respectively, that are not subject to enforceable master netting arrangements.

⁽⁵⁾

Includes $11.4 billion and $15.4 billion of securities purchased under agreements to resell classified as “Cash and cash equivalents” in our consolidated balance sheets as of December 31, 2019 and 2018, respectively.

Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Recurring Changes in Fair Value



	Fair Value Measurements as of December 31, 2019
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
	(Dollars in millions)
Recurring fair value measurements:
Assets:
Trading securities:
Mortgage-related securities:
Fannie Mae		$	—		$	3,379		$	45		$	—			$	3,424
Other agency		—			4,489			1			—				4,490
Private-label and other mortgage securities		—			629			—			—				629
Non-mortgage-related securities:
U.S. Treasury securities		39,501			—			—			—				39,501
Other securities		—			79			—			—				79
Total trading securities		39,501			8,576			46			—				48,123
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			1,349			171			—				1,520
Other agency		—			198			—			—				198
Alt-A and subprime private-label securities		—			57			—			—				57
Mortgage revenue bonds		—			—			315			—				315
Other		—			8			306			—				314
Total available-for-sale securities		—			1,612			792			—				2,404
Mortgage loans		—			7,137			688			—				7,825
Other assets:
Risk management derivatives:
Swaps		—			1,071			159			—				1,230
Swaptions		—			124			—			—				124
Netting adjustment		—			—			—			(1,288		)		(1,288		)
Mortgage commitment derivatives		—			165			—			—				165
Credit enhancement derivatives		—			—			40			—				40
Total other assets		—			1,360			199			(1,288		)		271
Total assets at fair value		$	39,501		$	18,685		$	1,725		$	(1,288	)		$	58,623

Liabilities:
Long-term debt:
Of Fannie Mae:
Senior floating		$	—		$	5,289		$	398		$	—			$	5,687
Total of Fannie Mae		—			5,289			398			—				5,687
Of consolidated trusts		—			21,805			75			—				21,880
Total long-term debt		—			27,094			473			—				27,567
Other liabilities:
Risk management derivatives:
Swaps		—			1,346			1			—				1,347
Swaptions		—			440			11			—				451
Netting adjustment		—			—			—			(1,694		)		(1,694		)
Mortgage commitment derivatives		—			306			—			—				306
Credit enhancement derivatives		—			—			25			—				25
Total other liabilities		—			2,092			37			(1,694		)		435
Total liabilities at fair value		$	—		$	29,186		$	510		$	(1,694	)		$	28,002



	Fair Value Measurements as of December 31, 2018
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
	(Dollars in millions)
Assets:
Cash equivalents⁽²⁾		$	748		$	—		$	—		$	—			$	748
Trading securities:
Mortgage-related securities:
Fannie Mae		—			1,435			32			—				1,467
Other agency		—			3,503			—			—				3,503
Private-label and other mortgage securities		—			1,305			1			—				1,306
Non-mortgage-related securities:
U.S. Treasury securities		35,502			—			—			—				35,502
Other securities		—			89			—			—				89
Total trading securities		35,502			6,332			33			—				41,867
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			1,645			152			—				1,797
Other agency		—			256			—			—				256
Alt-A and subprime private-label securities		—			568			24			—				592
Mortgage revenue bonds		—			—			434			—				434
Other		—			8			342			—				350
Total available-for-sale securities		—			2,477			952			—				3,429
Mortgage loans		—			7,985			937			—				8,922
Other assets:
Risk management derivatives:
Swaps		—			1,962			115			—				2,077
Swaptions		—			211			—			—				211
Netting adjustment		—			—			—			(2,266		)		(2,266		)
Mortgage commitment derivatives		—			342			37			—				379
Credit enhancement derivatives		—			—			57			—				57
Total other assets		—			2,515			209			(2,266		)		458
Total assets at fair value		$	36,250		$	19,309		$	2,131		$	(2,266	)		$	55,424

Liabilities:
Long-term debt:
Of Fannie Mae:
Senior floating		$	—		$	6,475		$	351		$	—			$	6,826
Total of Fannie Mae		—			6,475			351			—				6,826
Of consolidated trusts		—			23,552			201			—				23,753
Total long-term debt		—			30,027			552			—				30,579
Other liabilities:
Risk management derivatives:
Swaps		—			2,089			2			—				2,091
Swaptions		—			342			—			—				342
Netting adjustment		—			—			—			(2,315		)		(2,315		)
Mortgage commitment derivatives		—			646			2			—				648
Credit enhancement derivatives		—			—			11			—				11
Total other liabilities		—			3,077			15			(2,315		)		777
Total liabilities at fair value		$	—		$	33,104		$	567		$	(2,315	)		$	31,356


⁽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.

⁽²⁾

Cash equivalents are comprised of U.S. Treasuries that have a maturity at the date of acquisition of three months or less.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2019
				Total Gains (Losses) (Realized/Unrealized)																												Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2019⁽⁵⁾⁽⁶⁾			Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2019⁽¹⁾
	Balance, December 31, 2018			Included in Net Income				Included in Total OCI Gains/(Losses)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, December 31, 2019
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	32		$	3				$	—		$	77	$	(22	)	$	—		$	(16	)	$	(108	)	$	79		$	45		$	1		$	—
Other agency	—			—					—			—		—			—			—			—			1			1			—			—
Private-label and other mortgage securities	1			—					—			—		—			—			(1		)	—			—			—			—			—
Total trading securities	$	33		$	3		⁽⁶⁾⁽⁷⁾		$	—		$	77	$	(22	)	$	—		$	(17	)	$	(108	)	$	80		$	46		$	1		$	—

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	152		$	—				$	7		$	—	$	—		$	—		$	(8	)	$	(103	)	$	123		$	171		$	—		$	6
Alt-A and subprime private-label securities	24			5					(5		)	—		(23		)	—			(1		)	—			—			—			—			—
Mortgage revenue bonds	434			1					(3		)	—		(5		)	—			(112		)	—			—			315			—			(1		)
Other	342			13					(10		)	—		—			—			(37		)	(3		)	1			306			—			(8		)
Total available-for-sale securities	$	952		$	19		⁽⁷⁾⁽⁸⁾		$	(11	)	$	—	$	(28	)	$	—		$	(158	)	$	(106	)	$	124		$	792		$	—		$	(3	)

Mortgage loans	$	937		$	46		⁽⁶⁾⁽⁷⁾		$	—		$	—	$	(52	)	$	—		$	(136	)	$	(254	)	$	147		$	688		$	26		$	—
Net derivatives	194			109			⁽⁶⁾		—			—		—			—			(119		)	(10		)	(12		)	162			3			—
Long-term debt:
Of Fannie Mae:
Senior floating	(351		)	(47		)	⁽⁶⁾		—			—		—			—			—			—			—			(398		)	(47		)	—
Of consolidated trusts	(201		)	(8		)	⁽⁶⁾⁽⁷⁾		—			—		—			(2		)	19			200			(83		)	(75		)	(4		)	—
Total long-term debt	$	(552	)	$	(55	)			$	—		$	—	$	—		$	(2	)	$	19		$	200		$	(83	)	$	(473	)	$	(51	)	$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2018
				Total Gains (Losses) (Realized/Unrealized)																											Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2018⁽⁵⁾⁽⁶⁾			Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2018⁽¹⁾
	Balance, December 31, 2017			Included in Net Income				Included in Total OCI (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾		Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, December 31, 2018
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	971		$	163				$	—		$	1	$	(1,059	)	$	—	$	(1	)	$	(44	)	$	1		$	32		$	4		$	—
Other agency	35			(1		)			—			—		—			—		(1		)	(33		)	—			—			—			—
Private-label and other mortgage securities	195			(85		)			—			—		—			—		(5		)	(104		)	—			1			—			—
Total trading securities	$	1,201		$	77		⁽⁶⁾⁽⁷⁾		$	—		$	1	$	(1,059	)	$	—	$	(7	)	$	(181	)	$	1		$	33		$	4		$	—

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	208		$	2				$	1		$	—	$	—		$	—	$	(10	)	$	(49	)	$	—		$	152		$	—		$	—
Alt-A and subprime private-label securities	77			—					(45		)	—		—			—		(4		)	(4		)	—			24			—			1
Mortgage revenue bonds	671			—					(7		)	—		(22		)	—		(208		)	—			—			434			—			(2		)
Other	357			28					(2		)	—		—			—		(41		)	—			—			342			—			1
Total available-for-sale securities	$	1,313		$	30		⁽⁷⁾⁽⁸⁾		$	(53	)	$	—	$	(22	)	$	—	$	(263	)	$	(53	)	$	—		$	952		$	—		$	—

Mortgage loans	$	1,116		$	38		⁽⁶⁾⁽⁷⁾		$	—		$	—	$	—		$	—	$	(216	)	$	(162	)	$	161		$	937		$	14		$	—
Net derivatives	134			(38		)	⁽⁶⁾		—			—		—			—		45			53			—			194			40			—
Long-term debt:
Of Fannie Mae:
Senior floating	(376		)	25			⁽⁶⁾		—			—		—			—		—			—			—			(351		)	25			—
Of consolidated trusts	(582		)	9			⁽⁶⁾⁽⁷⁾		—			—		—			1		44			541			(214		)	(201		)	(2		)	—
Total long-term debt	$	(958	)	$	34				$	—		$	—	$	—		$	1	$	44		$	541		$	(214	)	$	(552	)	$	23		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2017
				Total Gains (Losses) (Realized/Unrealized)																												Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2017⁽⁵⁾⁽⁶⁾			Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2017⁽¹⁾
	Balance, December 31, 2016			Included in Net Income				Included in Total OCI (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, December 31, 2017
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	835		$	41				$	—		$	64	$	—		$	—		$	(5	)	$	(991	)	$	1,027		$	971		$	6		$	—
Other agency	—			—					—			35		—			—			—			—			—			35			—			—
Private-label and other mortgage securities	292			18					—			—		(81		)	—			(34		)	—			—			195			5			—
Total trading securities	$	1,127		$	59		⁽⁶⁾⁽⁷⁾		$	—		$	99	$	(81	)	$	—		$	(39	)	$	(991	)	$	1,027		$	1,201		$	11		$	—

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	230		$	2				$	(1	)	$	—	$	—		$	—		$	(9	)	$	(72	)	$	58		$	208		$	—		$	—
Other agency	5			—					—			—		(1		)	—			—			(4		)	—			—			—			—
Alt-A and subprime private-label securities	217			54					(53		)	—		(105		)	—			(36		)	—			—			77			—			4
Mortgage revenue bonds	1,272			35					(11		)	—		(392		)	—			(233		)	—			—			671			—			4
Other	429			8					(11		)	—		(5		)	—			(64		)	—			—			357			—			(7		)
Total available-for-sale securities	$	2,153		$	99		⁽⁷⁾⁽⁸⁾		$	(76	)	$	—	$	(503	)	$	—		$	(342	)	$	(76	)	$	58		$	1,313		$	—		$	1

Mortgage loans	$	1,197		$	45		⁽⁶⁾⁽⁷⁾		$	—		$	5	$	—		$	—		$	(233	)	$	(70	)	$	172		$	1,116		$	25		$	—
Net derivatives	44			111			⁽⁶⁾		—			—		—			—			(22		)	6			(5		)	134			13			—
Long-term debt:
Of Fannie Mae:
Senior floating	(347		)	(29		)	⁽⁶⁾		—			—		—			—			—			—			—			(376		)	(29		)	—
Of consolidated trusts	(241		)	(9		)	⁽⁶⁾⁽⁷⁾		—			—		—			(2		)	66			388			(784		)	(582		)	(11		)	—
Total long-term debt	$	(588	)	$	(38	)			$	—		$	—	$	—		$	(2	)	$	66		$	388		$	(784	)	$	(958	)	$	(40	)	$	—


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


⁽²⁾	Purchases and sales include activity related to the consolidation and deconsolidation of assets of securitization trusts. For 2018, includes the dissolution of a Fannie Mae-wrapped private-label securities trust.


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

⁽⁴⁾


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


⁽⁶⁾	Gains (losses) are included in “Fair value gains (losses), net” in our consolidated statements of operations and comprehensive income.


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

⁽⁸⁾

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

Valuation Techniques and Significant Unobservable Inputs for Level 3 Assets and Liabilities



	Fair Value Measurements as of December 31, 2019
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾⁽²⁾
	(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Agency⁽³⁾	$	46	Various
Available-for-sale securities:
Mortgage-related securities:
Agency⁽³⁾	107		Consensus
	64		Various
Total agency	171
Mortgage Revenue Bonds	222		Single Vendor	Spreads (bps)	23.0	-	205.1	76.1
	93		Various
Total mortgage revenue bonds	315
Other	267		Discounted Cash Flow	Spreads (bps)	300.0			300.0
	39		Various
Total other	306
Total available-for-sale securities	$	792
Net derivatives	$	147	Dealer Mark
	15		Various
Total net derivatives	$	162



	Fair Value Measurements as of December 31, 2018
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾⁽²⁾
	(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Agency⁽³⁾	$	32	Various
Private-label and other mortgage securities	1		Various
Total trading securities	$	33
Available-for-sale securities:
Mortgage-related securities:
Agency⁽³⁾	$	152	Various
Alt-A and subprime private-label securities	24		Various
Mortgage revenue bonds	349		Single Vendor	Spreads (bps)	(0.5)	-	332.8	59.0
	85		Various
Total mortgage revenue bonds	434
Other	294		Discounted Cash Flow	Default Rate (%)	4.7			4.7
				Prepayment Speed (%)	8.2			8.2
				Severity (%)	70.0			70.0
				Spreads (bps)	75.4	-	390.0	389.1
	48		Various
Total other	342
Total available-for-sale securities	$	952
Net derivatives	$	113	Dealer Mark
	81		Various
Total net derivatives	$	194

⁽¹⁾


⁽²⁾	Unobservable inputs were weighted by the relative fair value of the instruments.

⁽³⁾

Includes Fannie Mae and Freddie Mac securities.

Level 3 Assets Measured on Nonrecurring Basis

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



		Fair Value Measurements as of December 31,
	Valuation Techniques	2019		2018
		(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	471	$	631
	Single Vendor	605		1,119
Total mortgage loans held for sale, at lower of cost or fair value		1,076		1,750
Single-family mortgage loans held for investment, at amortized cost	Internal Model	555		818
Multifamily mortgage loans held for investment, at amortized cost	Asset Manager Estimate	24		102
	Various	16		40
Total multifamily mortgage loans held for investment, at amortized cost		40		142
Acquired property, net:⁽¹⁾
Single-family	Accepted Offers	101		151
	Appraisals	362		419

	Walk Forwards	240		181
	Internal Model	164		219
	Various	51		41
Total single-family		918		1,011
Multifamily	Various	9		50
Total nonrecurring assets at fair value		$	2,598	$	3,771

⁽¹⁾



Instruments	Valuation Techniques	Classification
U.S Treasury Securities	We classify securities whose values are based on quoted market prices in active markets for identical assets as Level 1 of the valuation hierarchy.	Level 1
Trading Securities and Available-for-Sale Securities	We classify securities in active markets as Level 2 of the valuation hierarchy if quoted market prices in active markets for identical assets are not available. For all valuation techniques used for securities where there is limited activity or less transparency around these inputs to the valuation, these securities are classified as Level 3 of the valuation hierarchy. Single Vendor: Uses one vendor price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example, default rates) are disclosed in the table above. Dealer Mark: Uses one dealer price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example, default rates) are disclosed in the table above. Consensus: Uses an average of two or more vendor prices for similar securities. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example, default rates) are disclosed in the table above.	Level 2 and 3
	Discounted Cash Flow: In the absence of prices provided by third-party pricing services supported by observable market data, we estimate the fair value of a portion of our securities using a discounted cash flow technique that uses inputs such as default rates, prepayment speeds, loss severity and spreads based on market assumptions where available. For private-label securities, an increase in unobservable prepayment speeds in isolation would generally result in an increase in fair value, and an increase in unobservable spreads, severity rates or default rates in isolation would generally result in a decrease in fair value. For mortgage revenue bonds classified as Level 3 of the valuation hierarchy, an increase in unobservable spreads would result in a decrease in fair value. Although we have disclosed unobservable inputs for the fair value of our recurring Level 3 securities above, interrelationships exist among these inputs such that a change in one unobservable input typically results in a change to one or more of the other inputs.
Mortgage Loans Held for Investment	Build-up: We derive the fair value of performing mortgage loans using a build-up valuation technique starting with the base value for our Fannie Mae MBS with similar characteristics and then add or subtract the fair value of the associated guaranty asset, guaranty obligation (“GO”) and master servicing arrangement. We set the GO equal to the estimated fair value we would receive if we were to issue our guaranty to an unrelated party in a stand-alone arm’s length transaction at the measurement date. The fair value of the GO is estimated based on our current guaranty pricing for loans underwritten after 2008 and our internal valuation models considering management’s best estimate of key loan characteristics for loans underwritten before 2008. Our performing loans are generally classified as Level 2 of the valuation hierarchy to the extent that significant inputs are observable. To the extent that unobservable inputs are significant, the loans are classified as Level 3 of the valuation hierarchy.	Level 2 and 3
	Consensus: Calculated through the extrapolation of indicative sample bids obtained from multiple active market participants plus the estimated value of any applicable mortgage insurance, the estimated fair value using the Consensus method represents an estimate of the prices we would receive if we were to sell these single-family nonperforming and certain reperforming loans in the whole-loan market. The fair value of any mortgage insurance is estimated by taking the loan-level coverage and adjusting it by the expected claims paying ability of the associated mortgage insurer. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable. We estimate the fair value for a portion of our senior-subordinated trust structures using the average of two or more vendor prices at the security level as a proxy for estimating loan fair value. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.
	Single Vendor: We estimate the fair value of our reverse mortgages using the single vendor valuation technique. Internal Model: The internal model used in this process applies one of following two approaches when valuing the collateral depending on the historical accuracy of the two approaches. (1) The comparable foreclosed property sales approach is used in the majority of the internal model valuations. The comparable foreclosed property sales approach uses various factors such as geographic distance, transaction time and the value difference. (2) The median Metropolitan Statistical Area (“MSA”) approach is based on the median of all the foreclosure sales of REOs in a specific MSA or state when there is not enough REO sales in a specific MSA. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.



Instruments	Valuation Techniques	Classification
Mortgage Loans Held for Investment	Appraisals: Uses appraisals to estimate the fair value for a portion of our multifamily loans based on either estimated replacement cost, the present value of future cash flows, or sales of similar properties. Significant unobservable inputs include estimated replacement or construction costs, property net operating income, capitalization rates, and adjustments made to sales of comparable properties based on characteristics such as financing, conditions of sale, and physical characteristics of the property. Broker Price Opinion (“BPO”): Uses BPO to estimate the fair value for a portion of our multifamily loans. This technique uses both current property value and the property value adjusted for stabilization and market conditions. The unobservable inputs used in this technique are property net operating income and market capitalization rates to estimate property value. Asset Manager Estimate (“AME”): This technique uses the net operating income and tax assessments of the specific property as well as MSA-specific market capitalization rates and average per unit sales values to estimate property fair value.	Level 2 and 3
	An increase in prepayment speeds in isolation would generally result in an increase in the fair value of our mortgage loans classified as Level 3 of the valuation hierarchy, and an increase in severity rates, default rates or spreads in isolation would generally result in a decrease in fair value. Although we have disclosed unobservable inputs for the fair value of the mortgage loans classified as Level 3 above, interrelationships exist among these inputs such that a change in one unobservable input typically results in a change to one or more of the other inputs.
Acquired Property, Net and Other Assets	Single-family acquired property valuation techniques Appraisal: An appraisal is an estimate based on recent historical data of the value of a specific property by a certified or licensed appraiser. Adjustments are made for differences between comparable properties for unobservable inputs such as square footage, location, and condition of the property. Broker Price Opinion: This technique provides an estimate of what the property is worth based upon a real estate broker’s use of specific market research and a sales comparison approach that is similar to the appraisal process. This information, all of which is unobservable, is used along with recent and pending sales and current listings of similar properties to arrive at an estimate of value.	Level 3
	Appraisal and Broker Price Opinion Walk Forwards (“Walk Forwards”): We use these techniques to adjust appraisal and broker price opinion valuations for changing market conditions by applying a walk forward factor based on local price movements since the time the third-party value was obtained. Internal Model: We use an internal model to estimate fair value for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.”
	Multifamily acquired property valuation techniques Appraisals: We use this method to estimate property values for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.” Broker Price Opinions: We use this method to estimate property values for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.” Asset Manager Estimate (“AME”): We use this method to estimate property values for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.”
Derivatives Assets and Liabilities (collectively “Derivatives”)	The valuation process for the majority of our risk management derivatives uses observable market data provided by third-party sources, resulting in Level 2 classification of the valuation hierarchy. Single Vendor: Uses one vendor price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique. Internal Model: We use internal models to value interest-rate derivatives which are valued by referencing yield curves derived from observable interest rates and spreads to project and discount cash flows to present value. Dealer Mark: Certain highly complex structured swaps primarily use a single dealer mark due to lack of transparency in the market and may be modeled using observable interest rates and volatility levels as well as significant unobservable assumptions, resulting in Level 3 classification of the valuation hierarchy. Mortgage commitment derivatives that use observable market data, quotes and actual transaction price levels adjusted for market movement are typically classified as Level 2 of the valuation hierarchy. To the extent mortgage commitment derivatives include adjustments for market movement that cannot be corroborated by observable market data, we classify them as Level 3 of the valuation hierarchy.	Level 2 and 3



Instruments	Valuation Techniques	Classification
Debt of Fannie Mae and Consolidated Trusts	We classify debt instruments that have quoted market prices in active markets for similar liabilities when traded as assets as Level 2 of the valuation hierarchy. For all valuation techniques used for debt instruments where there is limited activity or less transparency around these inputs to the valuation, these debt instruments are classified as Level 3 of the valuation hierarchy. Consensus: Uses an average of two or more vendor prices or dealer marks that represents estimated fair value for similar liabilities when traded as assets. Single Vendor: Uses a single vendor price that represents estimated fair value for these liabilities when traded as assets. Discounted Cash Flow: Uses spreads based on market assumptions where available. The valuation methodology and inputs used in estimating the fair value of MBS assets are described under “Trading Securities and Available-for-Sale Securities.”	Level 2 and 3



	As of December 31, 2018
	Carrying Value		Quoted Prices 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	$	49,423	$	34,073	$	15,350	$	—	$	—		$	49,423
Federal funds sold and securities purchased under agreements to resell or similar arrangements	32,938		—		32,938		—		—			32,938
Trading securities	41,867		35,502		6,332		33		—			41,867
Available-for-sale securities	3,429		—		2,477		952		—			3,429
Mortgage loans held for sale	7,701		—		238		7,856		—			8,094
Mortgage loans held for investment, net of allowance for loan losses	3,241,694		—		2,990,104		216,404		—			3,206,508
Advances to lenders	3,356		—		3,354		2		—			3,356
Derivative assets at fair value	458		—		2,515		209		(2,266		)	458
Guaranty assets and buy-ups	147		—		—		356		—			356
Total financial assets	$	3,381,013	$	69,575	$	3,053,308	$	225,812	$	(2,266	)	$	3,346,429
Financial liabilities:
Short-term debt:
Of Fannie Mae	$	24,896	$	—	$	24,901	$	—	$	—		$	24,901
Long-term debt:
Of Fannie Mae	207,178		—		211,403		771		—			212,174
Of consolidated trusts	3,159,846		—		3,064,239		39,043		—			3,103,282
Derivative liabilities at fair value	777		—		3,077		15		(2,315		)	777
Guaranty obligations	160		—		—		121		—			121
Total financial liabilities	$	3,392,857	$	—	$	3,303,620	$	39,950	$	(2,315	)	$	3,341,255



Instruments	Description	Classification
Financial instruments for which fair value approximates carrying value	We hold certain financial instruments that are not carried at fair value but for which the carrying value approximates fair value due to the short-term nature and negligible credit risk inherent in them. These financial instruments include cash and cash equivalents, the majority of advances to lenders, and federal funds and securities sold/purchased under agreements to repurchase/resell.	Level 1 and 2
Federal funds and securities sold/purchased under agreements to repurchase/resell	The carrying value for the majority of these specific instruments approximates the fair value due to the short-term nature and the negligible inherent credit risk, as they involve the exchange of collateral that is easily traded. Were we to calculate the fair value of these instruments, we would use observable inputs.	Level 2
Mortgage loans held for sale	Loans are reported at the lower of cost or fair value in our consolidated balance sheets. The valuation methodology and inputs used in estimating the fair value of HFS loans are the same as for our HFI loans and are described under “Fair Value Measurement—Mortgage Loans Held for Investment.” To the extent that significant inputs are unobservable, the loans are classified within Level 3 of the valuation hierarchy.	Level 2 and 3
Mortgage loans held for investment	For a description of loan valuation techniques, refer to “Fair Value Measurement—Mortgage Loans Held for Investment.” We measure the fair value of certain loans that are delivered under the Home Affordable Refinance Program (“HARP”) using a modified build-up approach while the loan is performing. Under this modified approach, we set the credit component of the consolidated loans (that is, the guaranty obligation) equal to the compensation we would currently receive for a loan delivered to us under the program because the total compensation for these loans is equal to their current exit price in the government-sponsored enterprise securitization market. We will continue to use this pricing methodology as long as the HARP program is available to market participants. If, subsequent to delivery, the refinanced loan becomes past due or is modified as a part of a troubled debt restructuring, the fair value of the guaranty obligation is then measured consistent with other loans that have similar characteristics.	Level 2 and 3
Advances to lenders	The carrying value for the majority of our advances to lenders approximates the fair value due to the short-term nature and the negligible inherent credit risk. If we were to calculate the fair value of these instruments, we would use discounted cash flow models that use observable inputs such as spreads based on market assumptions, resulting in Level 2 classification. Advances to lenders also include loans that do not qualify for Fannie Mae MBS securitization and are valued using a discounted cash flow technique that uses estimated credit spreads of similar collateral and prepayment speeds that consider recent prepayment activity. We classify these valuations as Level 3 given that significant inputs are not observable or are determined by extrapolation of observable inputs.	Level 2 and 3
Guaranty assets and buy-ups	Guaranty assets related to our portfolio securitizations are recorded in our consolidated balance sheets at fair value on a recurring basis and are classified as Level 3. Guaranty assets in lender swap transactions are recorded in our consolidated balance sheets at the lower of cost or fair value. These assets, which are measured at fair value on a nonrecurring basis, are also classified as Level 3. We estimate the fair value of guaranty assets by using proprietary models to project cash flows based on management’s best estimate of key assumptions such as prepayment speeds and forward yield curves. Because guaranty assets are similar to an interest-only income stream, the projected cash flows are discounted at rates that consider the current spreads on interest-only swaps that reference Fannie Mae MBS and also liquidity considerations of the guaranty assets. The fair value of guaranty assets includes the fair value of any associated buy-ups.	Level 3
Guaranty obligations	The fair value of all guaranty obligations, measured subsequent to their initial recognition, is our estimate of a hypothetical transaction price we would receive if we were to issue our guaranty to an unrelated party in a standalone arm’s-length transaction at the measurement date. The valuation methodology and inputs used in estimating the fair value of the guaranty obligations are described under “Fair Value Measurement—Mortgage Loans Held for Investment—Build-up.”	Level 3

Fair Value of Financial Instruments



	As of December 31, 2019
	Carrying Value		Quoted Prices 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	$	61,407	$	50,057	$	11,350	$	—	$	—		$	61,407
Federal funds sold and securities purchased under agreements to resell or similar arrangements	13,578		—		13,578		—		—			13,578
Trading securities	48,123		39,501		8,576		46		—			48,123
Available-for-sale securities	2,404		—		1,612		792		—			2,404
Mortgage loans held for sale	6,773		—		229		7,054		—			7,283
Mortgage loans held for investment, net of allowance for loan losses	3,327,389		—		3,270,535		127,650		—			3,398,185
Advances to lenders	6,453		—		6,451		2		—			6,453
Derivative assets at fair value	271		—		1,360		199		(1,288		)	271
Guaranty assets and buy-ups	142		—		—		305		—			305
Total financial assets	$	3,466,540	$	89,558	$	3,313,691	$	136,048	$	(1,288	)	$	3,538,009
Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	478	$	—	$	478	$	—	$	—		$	478
Short-term debt:
Of Fannie Mae	26,662		—		26,667		—		—			26,667
Long-term debt:
Of Fannie Mae	155,585		—		164,144		401		—			164,545
Of consolidated trusts	3,285,139		—		3,312,763		31,827		—			3,344,590
Derivative liabilities at fair value	435		—		2,092		37		(1,694		)	435
Guaranty obligations	154		—		—		97		—			97
Total financial liabilities	$	3,468,453	$	—	$	3,506,144	$	32,362	$	(1,694	)	$	3,536,812



	As of December 31, 2018
	Carrying Value		Quoted Prices 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	$	49,423	$	34,073	$	15,350	$	—	$	—		$	49,423
Federal funds sold and securities purchased under agreements to resell or similar arrangements	32,938		—		32,938		—		—			32,938
Trading securities	41,867		35,502		6,332		33		—			41,867
Available-for-sale securities	3,429		—		2,477		952		—			3,429
Mortgage loans held for sale	7,701		—		238		7,856		—			8,094
Mortgage loans held for investment, net of allowance for loan losses	3,241,694		—		2,990,104		216,404		—			3,206,508
Advances to lenders	3,356		—		3,354		2		—			3,356
Derivative assets at fair value	458		—		2,515		209		(2,266		)	458
Guaranty assets and buy-ups	147		—		—		356		—			356
Total financial assets	$	3,381,013	$	69,575	$	3,053,308	$	225,812	$	(2,266	)	$	3,346,429
Financial liabilities:
Short-term debt:
Of Fannie Mae	$	24,896	$	—	$	24,901	$	—	$	—		$	24,901
Long-term debt:
Of Fannie Mae	207,178		—		211,403		771		—			212,174
Of consolidated trusts	3,159,846		—		3,064,239		39,043		—			3,103,282
Derivative liabilities at fair value	777		—		3,077		15		(2,315		)	777
Guaranty obligations	160		—		—		121		—			121
Total financial liabilities	$	3,392,857	$	—	$	3,303,620	$	39,950	$	(2,315	)	$	3,341,255

Fair Value Option

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,
		2019									2018
	Loans⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts			Loans⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts
		(Dollars in millions)
Fair value		$	7,825		$	5,687		$	21,880		$	8,922		$	6,826		$	23,753
Unpaid principal balance		7,514			5,200			19,653			8,832			6,241			22,080

⁽¹⁾

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019
	Loans and Mortgage-Related Securities⁽¹⁾			Operating Leases⁽²⁾		Other⁽³⁾
	(Dollars in millions)
2020		$	74,283	$	59	$	109
2021		—		55		40
2022		—		56		6
2023		—		49		—
2024		—		50		—
Thereafter		—		475		—
Total		$	74,283	$	744	$	155


⁽¹⁾	Primarily includes $74.0 billion that has been accounted for as mortgage commitment derivatives.


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

⁽³⁾

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

Selected Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Information



	For the 2019 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	427			$	432			$	418			$	350
Available-for-sale securities		53				45				40				37
Mortgage loans		29,768				29,379				28,858				28,759
Federal funds sold and securities purchased under agreements to resell or similar arrangements		263				257				178				145
Other		32				41				47				43
Total interest income		30,543				30,154				29,541				29,334
Interest expense:
Short-term debt		(125		)		(119		)		(125		)		(132		)
Long-term debt		(25,685		)		(24,885		)		(24,187		)		(23,352		)
Total interest expense		(25,810		)		(25,004		)		(24,312		)		(23,484		)
Net interest income		4,733				5,150				5,229				5,850
Benefit for credit losses		650				1,225				1,857				279
Net interest income after benefit for credit losses		5,383				6,375				7,086				6,129
Investment gains, net		133				461				253				923
Fair value gains (losses), net		(831		)		(754		)		(713		)		84
Fee and other income		227				246				402				301
Non-interest income (loss)		(471		)		(47		)		(58		)		1,308
Administrative expenses:
Salaries and employee benefits		(386		)		(376		)		(361		)		(363		)
Professional services		(225		)		(233		)		(241		)		(268		)
Other administrative expenses		(133		)		(135		)		(147		)		(155		)
Total administrative expenses		(744		)		(744		)		(749		)		(786		)
Foreclosed property expense		(140		)		(128		)		(96		)		(151		)
TCCA fees		(593		)		(600		)		(613		)		(626		)
Other expenses, net		(408		)		(535		)		(571		)		(644		)
Total expenses		(1,885		)		(2,007		)		(2,029		)		(2,207		)
Income before federal income taxes		3,027				4,321				4,999				5,230
Provision for federal income taxes		(627		)		(889		)		(1,036		)		(865		)
Net income		2,400				3,432				3,963				4,365
Dividends distributed or amounts attributable to senior preferred stock		(2,361		)		(3,365		)		(3,977		)		(4,266		)
Net income (loss) attributable to common stockholders		$	39			$	67			$	(14	)		$	99
Earnings per share:
Basic		$	0.01			$	0.01			$	0.00			$	0.02
Diluted		0.01				0.01				0.00				0.02
Weighted-average common shares outstanding:
Basic		5,762				5,762				5,762				5,762
Diluted		5,893				5,893				5,762				5,893



	For the 2018 Quarter Ended
	March 31				June 30				September 30				December 31
	(Dollars and shares in millions, except per share amounts)
Interest income:
Trading securities		$	236			$	318			$	363			$	419
Available-for-sale securities		71				50				54				55
Mortgage loans		28,034				28,307				28,723				29,541
Federal funds sold and securities purchased under agreements to resell or similar arrangements		142				149				166				285
Other		31				33				38				34
Total interest income		28,514				28,857				29,344				30,334
Interest expense:
Short-term debt		(107		)		(110		)		(114		)		(137		)
Long-term debt		(23,175		)		(23,370		)		(23,861		)		(25,224		)
Total interest expense		(23,282		)		(23,480		)		(23,975		)		(25,361		)
Net interest income		5,232				5,377				5,369				4,973
Benefit for credit losses		217				1,296				716				1,080
Net interest income after benefit for credit losses		5,449				6,673				6,085				6,053
Investment gains, net		250				277				166				259
Fair value gains (losses), net		1,045				229				386				(539		)
Fee and other income		320				239				271				149
Non-interest income (loss)		1,615				745				823				(131		)
Administrative expenses:
Salaries and employee benefits		(381		)		(365		)		(355		)		(350		)
Professional services		(243		)		(254		)		(247		)		(288		)
Other administrative expenses		(126		)		(136		)		(138		)		(176		)
Total administrative expenses		(750		)		(755		)		(740		)		(814		)
Foreclosed property expense		(162		)		(139		)		(159		)		(157		)
TCCA fees		(557		)		(565		)		(576		)		(586		)
Other expenses, net		(203		)		(366		)		(377		)		(307		)
Total expenses		(1,672		)		(1,825		)		(1,852		)		(1,864		)
Income before federal income taxes		5,392				5,593				5,056				4,058
Provision for federal income taxes		(1,131		)		(1,136		)		(1,045		)		(828		)
Net income		4,261				4,457				4,011				3,230
Dividends distributed or amounts attributable to senior preferred stock		(938		)		(4,459		)		(3,975		)		(3,241		)
Net income (loss) attributable to common stockholders		$	3,323			$	(2	)		$	36			$	(11	)
Earnings per share:
Basic		$	0.58			$	0.00			$	0.01			$	0.00
Diluted		0.56				0.00				0.01				0.00
Weighted-average common shares outstanding:
Basic		5,762				5,762				5,762				5,762
Diluted		5,893				5,762				5,893				5,762

Summary of Significant Accounting Policies Senior Preferred Stock Purchase Agreement (Details) - USD ($)		12 Months Ended
	Sep. 08, 2008	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2013	Sep. 07, 2008
Related Parties [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%	21.00%	35.00%	35.00%
Early Lender Funding Advances, Maximum Term		60 days
Weighted Average Number of Shares, Contingently Issuable		4,600,000,000	4,600,000,000	4,600,000,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock			131,000,000	131,000,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		$ 14,608,000,000	$ 6,240,000,000
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		13,969,000,000	15,611,000,000	$ 2,257,000,000
US Treasury [Member]
Related Parties [Line Items]
Capital Reserve Amount, Fiscal Year, Senior Preferred Stock Purchase Agreement, Amendment			$ 3,000,000,000				$ 25,000,000,000	$ 3,000,000,000	$ 0	$ 0
Capital Reserve Amount Fiscal Year Senior Preferred Stock Purchase Agreement September 2019 Amendment							$ 22,000,000,000
Aggregate liquidation preference of senior preferred stock		$ 131,200,000,000
Percentage Of Common Shares Attributable to Warrants Issued to Treasury as Percentage to Total Diluted Common Shares		79.90%
Common stock warrant exercise price per share											$ 0.00001
Fair value of the warrant at issuance	$ 3,500,000,000
Forecast [Member] \| US Treasury [Member]
Related Parties [Line Items]
Aggregate liquidation preference of senior preferred stock						$ 135,400,000,000
Series 2008-2 Senior Preferred Stock [Member]
Related Parties [Line Items]
Stock Issued During Period, Shares, New Issues	1,000,000
Aggregate liquidation preference of senior preferred stock	$ 1,000,000,000.0

Summary of Significant Accounting Policies Related Parties (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2020
Related Parties [Line Items]
Temporary Payroll Cut Continuation Act of 2011 (TCCA) fees	$ (626,000,000)	$ (613,000,000)	$ (600,000,000)	$ (593,000,000)	$ (586,000,000)	$ (576,000,000)	$ (565,000,000)	$ (557,000,000)	$ (2,432,000,000)	$ (2,284,000,000)	$ (2,096,000,000)
Basis Points of Each Dollar of Unpaid Principal Balance	420.00%								420.00%
Affordable Housing Program Obligation	$ 0.35								$ 0.35
US Treasury [Member]
Related Parties [Line Items]
Percentage Of Common Shares Attributable to Warrants Issued to Treasury as Percentage to Total Diluted Common Shares	79.90%								79.90%
Aggregate Liquidation Preference of Senior Preferred Stock	$ 131,200,000,000								$ 131,200,000,000
Home Affordable Modification Program Administrative Expense Reimbursement									$ 20,000,000	24,000,000	40,000,000
Increase of Guarantee Fee Rate Resulting from the Temporary Payroll Tax Cut Continuation Act of 2011.	1000.00%								1000.00%
Temporary Payroll Cut Continuation Act of 2011 (TCCA) fees									$ (2,432,000,000)	(2,284,000,000)	(2,096,000,000)
US Treasury [Member] \| Other Expense [Member]
Related Parties [Line Items]
Affordable Housing Program Assessments									98,000,000	75,000,000	84,000,000
US Treasury [Member] \| Forecast [Member]
Related Parties [Line Items]
Aggregate Liquidation Preference of Senior Preferred Stock												$ 135,400,000,000
Federal Housing Finance Agency [Member]
Related Parties [Line Items]
FHFA assessment fees/expense									121,000,000	110,000,000	112,000,000
Common Securitization Solutions [Member]
Related Parties [Line Items]
Payments to Acquire Equity Method Investments									105,000,000	135,000,000	$ 102,000,000
Single-Family [Member] \| US Treasury [Member]
Related Parties [Line Items]
Recognized TCCA fees that had not been remitted to Treasury as of period end	$ 626,000,000				$ 586,000,000				$ 626,000,000	$ 586,000,000

Summary of Significant Accounting Policies New Accounting Guidance (Details) $ in Billions	Jan. 01, 2020 USD ($)
Accounting Standards Update 2016-13 [Member] \| Forecast [Member]
Item Effected [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (1.1)

Consolidations and Transfers of Financial Assets Types of VIEs (Details) $ in Millions	Dec. 31, 2018 USD ($)
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Conclusion to Consolidate, Change in Facts and Circumstances, Amount	$ 1,500

Consolidations and Transfers of Financial Assets Unconsolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entities [Line Items]
Trading, at fair value	$ 48,123	$ 41,867
Available-for-sale securities	2,404	3,429
Other assets	20,765	17,004
Other liabilities	(11,097)	(9,947)
Unpaid principal balance of mortgage loans	3,299,954	3,223,783
Multifamily [Member]
Variable Interest Entities [Line Items]
Unpaid principal balance of mortgage loans	327,593	293,858
Consolidated VIEs [Member]
Variable Interest Entities [Line Items]
Other liabilities	(376)	(356)
Unconsolidated VIEs [Member] \| Multifamily [Member]
Variable Interest Entities [Line Items]
Unpaid principal balance of mortgage loans	327,600
Unconsolidated VIEs [Member] \| Fannie Mae Securities [Member]
Variable Interest Entities [Line Items]
Trading, at fair value	2,543	1,422
Available-for-sale securities	1,524	1,704
Unconsolidated VIEs [Member] \| Non-Fannie Mae Securities [Member]
Variable Interest Entities [Line Items]
Trading, at fair value	5,100	4,809
Available-for-sale securities	574	1,207
Unconsolidated VIEs [Member] \| Mortgage-related securities [Member]
Variable Interest Entities [Line Items]
Trading, at fair value	7,643	6,231
Available-for-sale securities	2,098	2,911
Other assets	56	66
Other liabilities	(78)	(101)
Net carrying amount	9,719	9,107
Maximum exposure to loss	62,000	14,000
Total unconsolidated assets	130,000	80,000
Unconsolidated VIEs [Member] \| Partnership Interest [Member]
Variable Interest Entities [Line Items]
Net carrying amount	79	89
Maximum exposure to loss	98	111
Total unconsolidated assets	2,000	2,300
Unconsolidated VIEs [Member] \| Debt Securities [Member]
Variable Interest Entities [Line Items]
Maximum exposure to loss	9,500	920
Total unconsolidated assets	$ 9,500	$ 931

Consolidations and Transfers of Financial Assets Transfers of Financial Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Transfers of Financial Assets [Line Items]
Portfolio securitizations: unpaid principal balance	$ 278,600	$ 228,400	$ 252,700
Unconsolidated VIEs [Member]
Transfers of Financial Assets [Line Items]
Retained interests: principal and interest received	595	585	$ 1,100
Unconsolidated VIEs [Member] \| Single Class MBS, REMIC & Megas [Member]
Transfers of Financial Assets [Line Items]
Retained interests: unpaid principal balance	2,900	1,500
Retained interest: fair value	$ 4,000	$ 2,200

Loans in Mortgage Portfolio (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	$ 3,299,954	$ 3,223,783
Cost basis and fair value adjustments, net	43,224	39,815
Allowance for loan losses for loans held for investment	(9,016)	(14,203)	$ (19,084)	$ (23,465)
Total mortgage loans	3,334,162	3,249,395
Carrying value of loans redesignated from HFI to HFS	17,126	21,960	12,886
Carrying value of loans redesignated from HFS to HFI	28	56	113
Sale of loans, unpaid principal balance	19,737	21,918	12,184
Realized gains on sales of mortgage loans	1,238	444	$ 723
Single-Family [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	2,972,361	2,929,925
Recorded investment of single-family mortgage loans referred to foreclosure	7,600	10,100
Multifamily [Member]
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	$ 327,593	$ 293,858

Mortgage Loans Aging (Details) - USD ($) $ in Millions	12 Months Ended
Mortgage Loans Aging (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	$ 55,266	$ 60,485
Current, recorded investment	3,281,663	3,194,683
Total recorded investment in loans	3,336,929	3,255,168
Recorded investment in loans 90 days or more delinquent and accruing interest	164	195
Recorded investment in nonaccrual loans	27,981	30,872
30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	31,240	33,720
60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	8,326	9,002
Seriously Delinquent [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	15,700	17,763
Single-Family [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	55,144	60,258
Current, recorded investment	2,951,167	2,899,246
Total recorded investment in loans	3,006,311	2,959,504
Recorded investment in loans 90 days or more delinquent and accruing interest	164	195
Recorded investment in nonaccrual loans	$ 27,546	$ 30,380
Single-Family [Member] \| Minimum [Member]
Table Footnote [Abstract]
Serious delinquency: days past due	90 days	90 days
Single-Family [Member] \| 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	$ 31,233	$ 33,664
Single-Family [Member] \| 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	8,326	9,002
Single-Family [Member] \| Seriously Delinquent [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	15,585	17,592
Single-Family [Member] \| Primary [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	50,101	53,218
Current, recorded investment	2,886,520	2,816,047
Total recorded investment in loans	2,936,621	2,869,265
Recorded investment in loans 90 days or more delinquent and accruing interest	29	22
Recorded investment in nonaccrual loans	24,573	26,170
Single-Family [Member] \| Primary [Member] \| 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	28,909	30,471
Single-Family [Member] \| Primary [Member] \| 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	7,497	7,881
Single-Family [Member] \| Primary [Member] \| Seriously Delinquent [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	13,695	14,866
Single-Family [Member] \| Government [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	198	243
Current, recorded investment	16,931	21,887
Total recorded investment in loans	17,129	22,130
Recorded investment in loans 90 days or more delinquent and accruing interest	133	169
Recorded investment in nonaccrual loans	0	0
Single-Family [Member] \| Government [Member] \| 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	44	57
Single-Family [Member] \| Government [Member] \| 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	21	17
Single-Family [Member] \| Government [Member] \| Seriously Delinquent [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	133	169
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	3,613	4,997
Current, recorded investment	38,642	48,274
Total recorded investment in loans	42,255	53,271
Recorded investment in loans 90 days or more delinquent and accruing interest	1	2
Recorded investment in nonaccrual loans	2,198	3,082
Single-Family [Member] \| Alt-A [Member] \| 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	1,721	2,332
Single-Family [Member] \| Alt-A [Member] \| 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	602	821
Single-Family [Member] \| Alt-A [Member] \| Seriously Delinquent [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	1,290	1,844
Single-Family [Member] \| Other [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	1,232	1,800
Current, recorded investment	9,074	13,038
Total recorded investment in loans	10,306	14,838
Recorded investment in loans 90 days or more delinquent and accruing interest	1	2
Recorded investment in nonaccrual loans	775	1,128
Single-Family [Member] \| Other [Member] \| 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	559	804
Single-Family [Member] \| Other [Member] \| 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	206	283
Single-Family [Member] \| Other [Member] \| Seriously Delinquent [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	467	713
Multifamily [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	122	227
Current, recorded investment	330,496	295,437
Total recorded investment in loans	330,618	295,664
Recorded investment in loans 90 days or more delinquent and accruing interest	0	0
Recorded investment in nonaccrual loans	$ 435	$ 492
Multifamily [Member] \| Minimum [Member]
Table Footnote [Abstract]
Serious delinquency: days past due	60 days	60 days
Multifamily [Member] \| Maximum [Member]
Table Footnote [Abstract]
Serious delinquency: days past due	89 days	89 days
Multifamily [Member] \| 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	$ 7	$ 56
Multifamily [Member] \| Seriously Delinquent [Member]
Financing Receivable, Past Due [Line Items]
Days delinquent, recorded investment	$ 115	$ 171

Mortgage Loans Credit Quality Indicators - MF (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Total recorded investment	$ 3,336,929	$ 3,255,168
Multifamily [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total recorded investment	330,618	295,664
Multifamily [Member] \| Non-classified [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total recorded investment	323,773	289,231
Multifamily [Member] \| Doubtful [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total recorded investment	5	1
Multifamily [Member] \| Total classified [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total recorded investment	$ 6,845	$ 6,433

Mortgage Loans Individually Impaired Loans (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	$ 79,696	$ 104,310
Individually impaired loans with related allowance recorded: total recorded investment	76,543	99,481
Related allowance for loan losses	(8,220)	(13,295)
Individually impaired loans with no related allowance recorded: unpaid principal balance	22,424	19,689
Individually impaired loans with no related allowance recorded: total recorded investment	21,333	18,622
Total individually impaired loans: unpaid principal balance	102,120	123,999
Total individually impaired loans: total recorded investment	97,876	118,103
Single-Family [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	79,382	104,113
Individually impaired loans with related allowance recorded: total recorded investment	76,228	99,285
Related allowance for loan losses	(8,175)	(13,255)
Individually impaired loans with no related allowance recorded: unpaid principal balance	22,061	19,346
Individually impaired loans with no related allowance recorded: total recorded investment	20,968	18,276
Troubled debt restructuring recorded investment	96,900	117,200
Single-Family [Member] \| Primary [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	64,201	81,791
Individually impaired loans with related allowance recorded: total recorded investment	62,150	78,688
Related allowance for loan losses	(5,884)	(9,406)
Individually impaired loans with no related allowance recorded: unpaid principal balance	19,047	15,939
Individually impaired loans with no related allowance recorded: total recorded investment	18,249	15,191
Single-Family [Member] \| Government [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	243	264
Individually impaired loans with related allowance recorded: total recorded investment	247	270
Related allowance for loan losses	(48)	(55)
Individually impaired loans with no related allowance recorded: unpaid principal balance	64	61
Individually impaired loans with no related allowance recorded: total recorded investment	60	56
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	11,453	16,576
Individually impaired loans with related allowance recorded: total recorded investment	10,535	15,158
Related allowance for loan losses	(1,676)	(2,793)
Individually impaired loans with no related allowance recorded: unpaid principal balance	2,339	2,628
Individually impaired loans with no related allowance recorded: total recorded investment	2,098	2,363
Single-Family [Member] \| Other [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	3,485	5,482
Individually impaired loans with related allowance recorded: total recorded investment	3,296	5,169
Related allowance for loan losses	(567)	(1,001)
Individually impaired loans with no related allowance recorded: unpaid principal balance	611	718
Individually impaired loans with no related allowance recorded: total recorded investment	561	666
Multifamily [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: unpaid principal balance	314	197
Individually impaired loans with related allowance recorded: total recorded investment	315	196
Related allowance for loan losses	(45)	(40)
Individually impaired loans with no related allowance recorded: unpaid principal balance	363	343
Individually impaired loans with no related allowance recorded: total recorded investment	365	346
Troubled debt restructuring recorded investment	$ 102	$ 187

Mortgage Loans Individually Impaired Loans - 2 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	$ 88,460	$ 110,467	$ 126,152
Individually impaired loans with related allowance recorded: total interest income recognized	3,666	4,564	4,987
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	315	457	394
Individually impaired loans with no related allowance recorded: average recorded investment	19,450	18,830	19,521
Individually impaired loans with no related allowance recorded: total interest income recognized	1,250	1,259	1,483
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	169	141	113
Individually impaired loans: average recorded investment	107,910	129,297	145,673
Individually impaired loans: total interest income recognized	4,916	5,823	6,470
Individually impaired loans: interest income recognized on a cash basis	484	598	507
Single Family [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	88,173	110,232	125,879
Individually impaired loans with related allowance recorded: total interest income recognized	3,659	4,561	4,978
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	315	457	394
Individually impaired loans with no related allowance recorded: average recorded investment	19,075	18,494	19,224
Individually impaired loans with no related allowance recorded: total interest income recognized	1,219	1,245	1,464
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	169	141	113
Single Family [Member] \| Primary [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	71,048	85,063	92,893
Individually impaired loans with related allowance recorded: total interest income recognized	2,954	3,522	3,721
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	264	381	319
Individually impaired loans with no related allowance recorded: average recorded investment	16,243	15,005	15,166
Individually impaired loans with no related allowance recorded: total interest income recognized	1,008	967	1,107
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	150	119	96
Single Family [Member] \| Government [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	263	276	292
Individually impaired loans with related allowance recorded: total interest income recognized	11	17	10
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	57	57	61
Individually impaired loans with no related allowance recorded: total interest income recognized	4	4	3
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	12,685	18,202	23,536
Individually impaired loans with related allowance recorded: total interest income recognized	540	772	929
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	38	57	56
Individually impaired loans with no related allowance recorded: average recorded investment	2,176	2,625	3,000
Individually impaired loans with no related allowance recorded: total interest income recognized	169	218	270
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	15	17	13
Single Family [Member] \| Other [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	4,177	6,691	9,158
Individually impaired loans with related allowance recorded: total interest income recognized	154	250	318
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis	13	19	19
Individually impaired loans with no related allowance recorded: average recorded investment	599	807	997
Individually impaired loans with no related allowance recorded: total interest income recognized	38	56	84
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	4	5	4
Multifamily [Member]
Financing Receivable, Impaired [Line Items]
Individually impaired loans with related allowance recorded: average recorded investment	287	235	273
Individually impaired loans with related allowance recorded: total interest income recognized	7	3	9
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	375	336	297
Individually impaired loans with no related allowance recorded: total interest income recognized	31	14	19
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis	$ 0	$ 0	$ 0

Mortgage Loans TDRs (Details) $ in Millions	6 Months Ended	12 Months Ended
Mortgage Loans TDRs (Details) $ in Millions	Jun. 30, 2019	Dec. 31, 2019 USD ($) contracts	Dec. 31, 2018 USD ($) contracts	Dec. 31, 2017 USD ($) contracts
Financing Receivable, Troubled Debt Restructuring [Line Items]
Average term extension of a single-family modified loan	162 months		109 months	153 months
Average interest rate reduction of a single-family modified loan		0.13%	0.21%	0.56%
Number of loans troubled debt restructurings activity \| contracts		51,870	95,826	66,414
Recorded investment troubled debt restructurings activity \| $		$ 8,146	$ 14,427	$ 9,342
Single-Family [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity \| contracts		51,859	95,812	66,406
Recorded investment troubled debt restructurings activity \| $		$ 8,090	$ 14,353	$ 9,243
Single-Family [Member] \| Primary [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity \| contracts		48,858	89,192	59,708
Recorded investment troubled debt restructurings activity \| $		$ 7,688	$ 13,437	$ 8,247
Single-Family [Member] \| Government [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity \| contracts		72	115	171
Recorded investment troubled debt restructurings activity \| $		$ 8	$ 11	$ 18
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity \| contracts		2,465	5,378	5,369
Recorded investment troubled debt restructurings activity \| $		$ 313	$ 697	$ 771
Single-Family [Member] \| Other [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity \| contracts		464	1,127	1,158
Recorded investment troubled debt restructurings activity \| $		$ 81	$ 208	$ 207
Multifamily [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity \| contracts		11	14	8
Recorded investment troubled debt restructurings activity \| $		$ 56	$ 74	$ 99

Mortgage Loans TDRs with Sub Defaults (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) contracts	Dec. 31, 2018 USD ($) contracts	Dec. 31, 2017 USD ($) contracts
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings subsequent default \| contracts	17,851	21,744	22,980
Recorded investment troubled debt restructurings subsequent default \| $	$ 2,758	$ 3,224	$ 3,289
Single-Family [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings subsequent default \| contracts	17,849	21,742	22,978
Recorded investment troubled debt restructurings subsequent default \| $	$ 2,740	$ 3,221	$ 3,277
Single-Family [Member] \| Primary [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings subsequent default \| contracts	15,875	18,613	19,539
Recorded investment troubled debt restructurings subsequent default \| $	$ 2,425	$ 2,697	$ 2,722
Single-Family [Member] \| Government [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings subsequent default \| contracts	74	55	91
Recorded investment troubled debt restructurings subsequent default \| $	$ 10	$ 7	$ 10
Single-Family [Member] \| Alt-A [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings subsequent default \| contracts	1,453	2,412	2,588
Recorded investment troubled debt restructurings subsequent default \| $	$ 218	$ 386	$ 400
Single-Family [Member] \| Other [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings subsequent default \| contracts	447	662	760
Recorded investment troubled debt restructurings subsequent default \| $	$ 87	$ 131	$ 145
Multifamily [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings subsequent default \| contracts	2	2	2
Recorded investment troubled debt restructurings subsequent default \| $	$ 18	$ 3	$ 12

Allowance for Loan Losses Rollforward by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Allowance for Loan Losses [Roll Forward]
Beginning balance	$ (14,203)	$ (19,084)	$ (23,465)
Benefit (provision) for loan losses	3,961	2,987	1,941
Charge-offs	1,307	2,152	2,798
Recoveries	(75)	(240)	(329)
Other	(6)	(18)	(29)
Ending balance	(9,016)	(14,203)	(19,084)
Single-Family [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	(13,969)	(18,849)	(23,283)
Benefit (provision) for loan losses	3,988	2,990	1,994
Charge-offs	1,299	2,148	2,795
Recoveries	(71)	(240)	(326)
Other	(6)	(18)	(29)
Ending balance	(8,759)	(13,969)	(18,849)
Multifamily [Member]
Allowance for Loan Losses [Roll Forward]
Beginning balance	(234)	(235)	(182)
Benefit (provision) for loan losses	(27)	(3)	(53)
Charge-offs	8	4	3
Recoveries	(4)	0	(3)
Ending balance	$ (257)	$ (234)	$ (235)

Allowance for Loan Losses and Total Recorded Investment in HFI Loans (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses for individually impaired loans	$ (8,220)	$ (13,295)
Allowance for loan losses for collectively reserved loans	(796)	(908)
Total allowance for loan losses	(9,016)	(14,203)	$ (19,084)	$ (23,465)
Recorded investment in individually impaired loans	97,876	118,103
Recorded investment in collectively reserved loans	3,239,053	3,137,065
Total recorded investment in loans	3,336,929	3,255,168
Single-Family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses for individually impaired loans	(8,175)	(13,255)
Allowance for loan losses for collectively reserved loans	(584)	(714)
Total allowance for loan losses	(8,759)	(13,969)	(18,849)	(23,283)
Recorded investment in individually impaired loans	97,196	117,561
Recorded investment in collectively reserved loans	2,909,115	2,841,943
Total recorded investment in loans	3,006,311	2,959,504
Multifamily [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses for individually impaired loans	(45)	(40)
Allowance for loan losses for collectively reserved loans	(212)	(194)
Total allowance for loan losses	(257)	(234)	$ (235)	$ (182)
Recorded investment in individually impaired loans	680	542
Recorded investment in collectively reserved loans	329,938	295,122
Total recorded investment in loans	$ 330,618	$ 295,664

Investments in Securities Trading 1 (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 48,123		$ 41,867
Mortgage-related securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	8,543		6,276
Fannie Mae [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	3,424		1,467
Variable Interest Entity, Conclusion to Consolidate, Change in Facts and Circumstances, Amount		$ 1,400
Other agency [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	4,490		3,503
Alt-A and subprime private-label securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	629		1,306
U.S. Treasury Securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	39,501		35,502
Debt Security, Corporate, US [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	79		89
Non-mortgage-related securities [Member]
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 39,580		$ 35,591

Investments in Securities Trading 2 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Net trading gains (losses)	$ 322	$ 126	$ 190
Net trading gains (losses) recognized in the period related to securities still held at period end	$ 238	$ 55	$ 161

Investments in Securities Available-for-sale Securities 1 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 265	$ 375	$ 487
Proceeds from Sale of Available-for-sale Securities	$ 537	$ 662	$ 1,780

Investments in Securities Available-for-sale Securities 2 (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	$ 2,281	$ 3,079
Gross unrealized gains	137	380
Gross unrealized losses	(14)	(30)
Total fair value	2,404	3,429
Fannie Mae [Member]
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	1,445	1,754
Gross unrealized gains	85	69
Gross unrealized losses	(10)	(26)
Total fair value	1,520	1,797
Other agency [Member]
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	183	239
Gross unrealized gains	15	17
Gross unrealized losses	0	0
Total fair value	198	256
Alt-A and subprime private-label securities [Member]
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	34	325
Gross unrealized gains	23	267
Gross unrealized losses	0	0
Total fair value	57	592
Mortgage revenue bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	309	425
Gross unrealized gains	9	13
Gross unrealized losses	(3)	(4)
Total fair value	315	434
Other mortgage-related securities [Member]
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	310	336
Gross unrealized gains	5	14
Gross unrealized losses	(1)	0
Total fair value	$ 314	$ 350

Investments in Securities Available-for-sale Securities 3 (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses	$ (1)	$ (1)
Less Than 12 Consecutive Months, Fair Value	130	24
12 Consecutive Months or Longer, Gross Unrealized Losses	(13)	(29)
12 Consecutive Months or Longer, Fair Value	340	506
Fannie Mae [Member]
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses	0	0
Less Than 12 Consecutive Months, Fair Value	0	0
12 Consecutive Months or Longer, Gross Unrealized Losses	(10)	(26)
12 Consecutive Months or Longer, Fair Value	337	487
Mortgage revenue bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses	0	(1)
Less Than 12 Consecutive Months, Fair Value	0	24
12 Consecutive Months or Longer, Gross Unrealized Losses	(3)	(3)
12 Consecutive Months or Longer, Fair Value	3	$ 19
Other mortgage-related securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses	(1)
Less Than 12 Consecutive Months, Fair Value	130
12 Consecutive Months or Longer, Gross Unrealized Losses	0
12 Consecutive Months or Longer, Fair Value	$ 0

Investments in Securities Other-than-temporary Impairments 1 (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held	$ 36	$ 635	$ 1,100
Accumulated Other Comprehensive Income (Loss), Net of Tax, Available-for-sale Securities, Other-than-temporary Impairment not Recorded	97	52	87
Accumulated Other Comprehensive Income (Loss), Net of Tax, Available-for-sale Gain (Loss), Other-than-temporary Impairment Recorded	0	224	423
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	34	46	43
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 131	$ 322	$ 553

Investments in Securities Maturity Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	$ 2,281	$ 3,079
Total fair value	2,404	3,429
One Year or Less, Amortized Cost	2
One Year or Less, Fair Value	2
After One Year through Five Years, Amortized Cost	64
After One Year through Five Years, Fair Value	66
After Five Years through Ten Years, Amortized Cost	175
After Five Years through Ten Years, Fair Value	190
After Ten Years, Amortized Cost	2,040
After Ten Years, Fair Value	$ 2,146
Weighted average yield	6.48%
One Year or Less, weighted average yield	5.51%
After One Year through Five Years, weighted average yield	6.30%
After Five Years through Ten Years, weighted average yield	6.19%
After Ten Years, weighted average yield	6.51%
Fannie Mae [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	$ 1,445	1,754
Total fair value	1,520	1,797
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	15
After One Year through Five Years, Fair Value	16
After Five Years through Ten Years, Amortized Cost	95
After Five Years through Ten Years, Fair Value	104
After Ten Years, Amortized Cost	1,335
After Ten Years, Fair Value	1,400
Other agency [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	183	239
Total fair value	198	256
One Year or Less, Amortized Cost	0
One Year or Less, Fair Value	0
After One Year through Five Years, Amortized Cost	18
After One Year through Five Years, Fair Value	18
After Five Years through Ten Years, Amortized Cost	24
After Five Years through Ten Years, Fair Value	27
After Ten Years, Amortized Cost	141
After Ten Years, Fair Value	153
Alt-A and subprime private-label securities [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	34	325
Total fair value	57	592
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	3
After Five Years through Ten Years, Fair Value	3
After Ten Years, Amortized Cost	31
After Ten Years, Fair Value	54
Mortgage revenue bonds [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	309	425
Total fair value	315	434
One Year or Less, Amortized Cost	2
One Year or Less, Fair Value	2
After One Year through Five Years, Amortized Cost	31
After One Year through Five Years, Fair Value	32
After Five Years through Ten Years, Amortized Cost	29
After Five Years through Ten Years, Fair Value	30
After Ten Years, Amortized Cost	247
After Ten Years, Fair Value	251
Other mortgage-related securities [Member]
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost	310	336
Total fair value	314	$ 350
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	24
After Five Years through Ten Years, Fair Value	26
After Ten Years, Amortized Cost	286
After Ten Years, Fair Value	$ 288

Financial Guarantees and Maximum Recovery (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Financial Guarantees and Maximum Recovery [Line Items]
Maximum exposure	$ 18,471	$ 21,125
Guaranty obligation	154	160
Maximum recovery	8,098	9,522
Unconsolidated VIEs [Member] \| Unconsolidated Fannie Mae MBS [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Maximum exposure	5,801	7,278
Guaranty obligation	26	30
Maximum recovery	5,545	6,811
Unconsolidated VIEs [Member] \| Other guaranty arrangements [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Maximum exposure	12,670	13,847
Guaranty obligation	128	130
Maximum recovery	$ 2,553	$ 2,711
Minimum [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Contractual terms of our guarantees	1 day
Maximum [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Contractual terms of our guarantees	33 years
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] \| Unconsolidated VIEs [Member]
Financial Guarantees and Maximum Recovery [Line Items]
Freddie Mac collateral included in Fannie Mae commingled security	$ 50,100

Short-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Short-Term Debt [Line Items]
Federal Funds Purchased and Securities Sold under Agreements to Repurchase	$ 478	$ 0
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member]
Short-Term Debt [Line Items]
Debt, Weighted Average Interest Rate	1.67%	0.00%
Line of Credit [Member]
Short-Term Debt [Line Items]
Line of credit maximum borrowing capacity	$ 15,000	$ 15,000
Fannie Mae [Member]
Short-Term Debt [Line Items]
Short-term debt, outstanding	$ 26,662	$ 24,896
Short-term debt, weighted-average interest rate	1.56%	2.29%

Long-Term Debt (Details) - USD ($) $ in Millions	12 Months Ended
Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 3,440,724	$ 3,367,024
Long-term debt, weighted-average interest rate	2.78%	3.02%
Consolidated Trusts [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 3,285,139	$ 3,159,846
Long-term debt, weighted-average interest rate	2.78%	3.03%
Fannie Mae [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 155,585	$ 207,178
Long-term debt, weighted-average interest rate	2.86%	2.83%
Net unamortized discount, fair value adjustments and other cost basis adjustments	$ 2	$ 413
Fannie Mae [Member] \| Minimum [Member]
Long-Term Debt [Line Items]
Medium-term Notes Original Contractual Maturity 1	1 year
Long-term debt, original contractual maturity greater than 10 years	10 years
Fannie Mae [Member] \| Maximum [Member]
Long-Term Debt [Line Items]
Medium-term Notes Original Contractual Maturity 1	10 years
Fannie Mae [Member] \| Senior Fixed [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 123,958	$ 171,344
Long-term debt, weighted-average interest rate	2.47%	2.13%
Fannie Mae [Member] \| Senior fixed benchmark notes and bonds [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 86,114	$ 103,206
Long-term debt, weighted-average interest rate	2.66%	2.36%
Fannie Mae [Member] \| Senior fixed medium-term notes [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 32,590	$ 61,455
Long-term debt, weighted-average interest rate	1.57%	1.48%
Fannie Mae [Member] \| Senior fixed other debt [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 5,254	$ 6,683
Long-term debt, weighted-average interest rate	5.01%	4.62%
Fannie Mae [Member] \| Senior floating [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 31,596	$ 30,166
Long-term debt, weighted-average interest rate	4.40%	5.52%
Fannie Mae [Member] \| Senior floating medium-term notes [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 9,774	$ 4,174
Long-term debt, weighted-average interest rate	1.66%	2.36%
Fannie Mae [Member] \| Senior floating Connecticut Avenue Securities [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 21,424	$ 25,641
Long-term debt, weighted-average interest rate	5.61%	5.97%
Fannie Mae [Member] \| Senior floating other debt [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 398	$ 351
Long-term debt, weighted-average interest rate	6.27%	10.19%
Fannie Mae [Member] \| Subordinated debentures [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 0	$ 5,617
Long-term debt, weighted-average interest rate	0.00%	9.64%
Fannie Mae [Member] \| Secured borrowings [Member]
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 31	$ 51
Long-term debt, weighted-average interest rate	2.31%	1.96%

Short-Term and Long-Term Debt Characteristics of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Long-Term Debt by Year of Maturity [Abstract]
Total long-term debt	$ 3,440,724	$ 3,367,024
Consolidated Trusts [Member]
Long-Term Debt by Year of Maturity [Abstract]
Total long-term debt	3,285,139	3,159,846
Earlier of Contractual Maturity or Next Call Date [Member]
Long-Term Debt by Year of Maturity [Abstract]
Total long-term debt	3,440,724
Earlier of Contractual Maturity or Next Call Date [Member] \| Consolidated Trusts [Member]
Long-Term Debt by Year of Maturity [Abstract]
Total long-term debt	3,285,139
Fannie Mae [Member]
Long-Term Debt [Line Items]
Face amount	182,200	232,500
Long-Term Debt by Year of Maturity [Abstract]
2020	47,427
2021	29,028
2022	15,584
2023	5,301
2024	14,344
Thereafter	43,901
Total long-term debt	155,585	207,178
Net unamortized discount, fair value adjustments and other cost basis adjustments	2	413
Fannie Mae [Member] \| Zero-Coupon Debt [Member]
Long-Term Debt [Line Items]
Face amount	$ 23,100	$ 23,200
Effective interest rate	1.63%	4.15%
Fannie Mae [Member] \| Callable [Member]
Long-Term Debt [Line Items]
Outstanding debt	$ 38,500	$ 64,300
Fannie Mae [Member] \| Earlier of Contractual Maturity or Next Call Date [Member]
Long-Term Debt by Year of Maturity [Abstract]
2020	60,464
2021	21,037
2022	14,010
2023	4,470
2024	13,320
Thereafter	42,284
Total long-term debt	$ 155,585

Derivative Instruments Derivatives 1 - Notional and FV Position (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Asset Derivatives [Abstract]
Notional amount	$ 243,475	$ 266,935
Derivative asset, estimated fair value	271	458
Netting adjustment	(1,288)	(2,266)
Derivative Liabilities [Abstract]
Notional amount	196,666	161,488
Derivative liability, estimated fair value	(435)	(777)
Netting adjustment	1,694	2,315
Table Footnote [Abstract]
Cash collateral posted for derivative instruments	1,000	713
Cash collateral received for derivative instruments	635	664
Pay-fixed swap
Asset Derivatives [Abstract]
Notional amount	41,052	71,416
Derivative asset, estimated fair value	0	438
Derivative Liabilities [Abstract]
Notional amount	29,178	21,253
Derivative liability, estimated fair value	(970)	(740)
Receive-fixed Swap
Asset Derivatives [Abstract]
Notional amount	73,579	88,799
Derivative asset, estimated fair value	816	1,113
Derivative Liabilities [Abstract]
Notional amount	26,382	58,399
Derivative liability, estimated fair value	(62)	(860)
Basis swap
Asset Derivatives [Abstract]
Notional amount	273	250
Derivative asset, estimated fair value	149	104
Derivative Liabilities [Abstract]
Notional amount	0	624
Derivative liability, estimated fair value	0	0
Foreign currency swap
Asset Derivatives [Abstract]
Notional amount	229	221
Derivative asset, estimated fair value	39	22
Derivative Liabilities [Abstract]
Notional amount	232	223
Derivative liability, estimated fair value	(65)	(72)
Pay-fixed swaption
Asset Derivatives [Abstract]
Notional amount	4,600	10,375
Derivative asset, estimated fair value	18	191
Derivative Liabilities [Abstract]
Notional amount	6,375	1,000
Derivative liability, estimated fair value	(219)	(4)
Receive-fixed swaption
Asset Derivatives [Abstract]
Notional amount	2,875	500
Derivative asset, estimated fair value	106	20
Derivative Liabilities [Abstract]
Notional amount	4,600	7,375
Derivative liability, estimated fair value	(232)	(338)
Futures
Asset Derivatives [Abstract]
Notional amount	20,507	16,631
Derivative asset, estimated fair value	0	0
Derivative Liabilities [Abstract]
Notional amount	0	0
Derivative liability, estimated fair value	0	0
Risk management derivatives
Asset Derivatives [Abstract]
Notional amount	143,115	188,192
Derivative asset, estimated fair value	1,128	1,888
Accrued interest receivable	226	400
Netting adjustment	(1,288)	(2,266)
Total net risk management derivatives - Asset	66	22
Derivative Liabilities [Abstract]
Notional amount	66,767	88,874
Derivative liability, estimated fair value	(1,548)	(2,014)
Accrued interest payable	(250)	(419)
Netting adjustment	1,694	2,315
Total net risk management derivatives - Liability	(104)	(118)
Mortgage commitments to purchase whole loans
Asset Derivatives [Abstract]
Notional amount	7,115	4,370
Derivative asset, estimated fair value	15	29
Derivative Liabilities [Abstract]
Notional amount	1,787	57
Derivative liability, estimated fair value	(1)	0
Forward contracts to purchase mortgage-related securities
Asset Derivatives [Abstract]
Notional amount	55,531	40,650
Derivative asset, estimated fair value	137	349
Derivative Liabilities [Abstract]
Notional amount	9,560	1,045
Derivative liability, estimated fair value	(28)	(3)
Forward contracts to sell mortgage-related securities
Asset Derivatives [Abstract]
Notional amount	9,282	292
Derivative asset, estimated fair value	13	1
Derivative Liabilities [Abstract]
Notional amount	109,066	70,593
Derivative liability, estimated fair value	(277)	(645)
Mortgage commitment derivatives
Asset Derivatives [Abstract]
Notional amount	71,928	45,312
Derivative asset, estimated fair value	165	379
Netting adjustment	0	0
Derivative Liabilities [Abstract]
Notional amount	120,413	71,695
Derivative liability, estimated fair value	(306)	(648)
Netting adjustment	0	0
Credit enhancement derivatives
Asset Derivatives [Abstract]
Notional amount	28,432	33,431
Derivative asset, estimated fair value	40	57
Derivative Liabilities [Abstract]
Notional amount	9,486	919
Derivative liability, estimated fair value	$ (25)	$ (11)

Derivative Instruments Derivatives 2 - FV Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									$ (1,185)	$ (2,110)	$ 422
Net accrual of periodic settlements	$ 5,850	$ 5,229	$ 5,150	$ 4,733	$ 4,973	$ 5,369	$ 5,377	$ 5,232		20,962	20,951	$ 20,733
Pay-fixed swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									1,296	(3,964)	2,940
Receive-fixed Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									(851)	3,685	(1,834)
Basis swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									21	46	(21)
Foreign currency swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									49	24	(51)
Pay-fixed swaption
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									(161)	(380)	100
Receive-fixed swaption
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									(60)	117	(39)
Futures
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									22	273	38
Risk management derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									(573)	(1,032)	72
Net accrual of periodic settlements									(889)	(833)	(1,061)
Mortgage commitment derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									(603)	(1,043)	324
Credit enhancement derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net									$ (9)	$ (35)	$ 26

Income Taxes Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Period Increase (Decrease)									$ 205
Income Tax Provision (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Current income tax benefit (provision)									(2,089)	$ 114	$ 600
Deferred income tax provision									(1,328)	(4,254)	(16,584)
Provision for federal income taxes	$ (865)	$ (1,036)	$ (889)	$ (627)	$ (828)	$ (1,045)	$ (1,136)	$ (1,131)	$ (3,417)	$ (4,140)	$ (15,984)
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Statutory corporate tax rate									21.00%	21.00%	35.00%	35.00%
Equity investments in affordable housing projects									(0.20%)	(0.60%)	(1.40%)
Effect of corporate tax rate change									0.00%	0.00%	53.60%
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent									(1.20%)	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent									(0.20%)	0.20%	(0.60%)
Effective tax rate									19.40%	20.60%	86.60%

Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Mortgage and mortgage-related assets	$ 9,290	$ 9,285
Allowance for loan losses and basis in acquired property, net	1,240	2,065
Debt and derivative instruments	627	687
Partnership credits	0	161
Partnership and other equity investments	152	223
Deferred Tax Assets, Investments	788	738
Other, net	0	102
Total deferred tax assets	12,097	13,261
Deferred tax liabilities:
Unrealized gains on AFS securities, net	26	73
Deferred Tax Liabilities, Other	161	0
Total deferred tax liabilities	187	73
Net deferred tax assets	$ 11,910	$ 13,188

Income Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	$ 0	$ 0	$ 514
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits as of January 1	(416)	(514)	0
Unrecognized tax benefits as of December 31	0	(416)	(514)
Unrecognized Tax Benefit Resulting in Tax Credits and/or Net Operating Loss Carryforward		151	220
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions	0	(98)	0
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	$ (416)	$ 0	$ 0

Segment Reporting (Narrative) (Details)	12 Months Ended
Segment Reporting (Narrative) (Details)	Dec. 31, 2019 segments
Segment Reporting [Abstract]
Number of Reportable Segments	2

Segment Reporting Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 3,503,319	$ 3,418,318
Operating Segments [Member] \| Single-Family [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,149,212	3,099,588
Operating Segments [Member] \| Multifamily [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 354,107	$ 318,730

Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Segment Reporting (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net interest income	$ 5,850	$ 5,229	$ 5,150	$ 4,733	$ 4,973	$ 5,369	$ 5,377	$ 5,232	$ 20,962	$ 20,951	$ 20,733
Fee and other income									1,176	979	2,227
Net revenues									22,138	21,930	22,960
Investment gains, net	923	253	461	133	259	166	277	250	1,770	952	1,522
Fair value losses, net	84	(713)	(754)	(831)	(539)	386	229	1,045	(2,214)	1,121	(1,211)
Administrative expenses	(786)	(749)	(744)	(744)	(814)	(740)	(755)	(750)	(3,023)	(3,059)	(2,737)
Benefit for credit losses	279	1,857	1,225	650	1,080	716	1,296	217	4,011	3,309	2,041
Foreclosed property income (expense)	(151)	(96)	(128)	(140)	(157)	(159)	(139)	(162)	(515)	(617)	(521)
Credit-related income (expense)									3,496	2,692	1,520
Temporary Payroll Cut Continuation Act of 2011 (TCCA) fees	(626)	(613)	(600)	(593)	(586)	(576)	(565)	(557)	(2,432)	(2,284)	(2,096)
Other expenses, net	(644)	(571)	(535)	(408)	(307)	(377)	(366)	(203)	(2,158)	(1,253)	(1,511)
Income before federal income taxes	5,230	4,999	4,321	3,027	4,058	5,056	5,593	5,392	17,577	20,099	18,447
Provision for federal income taxes	(865)	(1,036)	(889)	(627)	(828)	(1,045)	(1,136)	(1,131)	(3,417)	(4,140)	(15,984)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 4,365	$ 3,963	$ 3,432	$ 2,400	$ 3,230	$ 4,011	$ 4,457	$ 4,261	14,160	15,959	2,463
US Treasury [Member]
Segment Reporting Information [Line Items]
Temporary Payroll Cut Continuation Act of 2011 (TCCA) fees									(2,432)	(2,284)	(2,096)
Operating Segments [Member] \| Single-Family [Member]
Segment Reporting Information [Line Items]
Net interest income									18,013	18,162	18,212
Fee and other income									453	450	1,378
Net revenues									18,466	18,612	19,590
Investment gains, net									1,589	850	1,352
Fair value losses, net									(2,216)	1,210	(1,188)
Administrative expenses									(2,565)	(2,631)	(2,391)
Benefit for credit losses									4,038	3,313	2,090
Foreclosed property income (expense)									(523)	(604)	(540)
Credit-related income (expense)									3,515	2,709	1,550
Other expenses, net									(1,661)	(1,012)	(1,004)
Income before federal income taxes									14,696	17,454	15,813
Provision for federal income taxes									(2,859)	(3,708)	(14,301)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									11,837	13,746	1,512
Operating Segments [Member] \| Multifamily [Member]
Segment Reporting Information [Line Items]
Net interest income									2,949	2,789	2,521
Fee and other income									723	529	849
Net revenues									3,672	3,318	3,370
Investment gains, net									181	102	170
Fair value losses, net									2	(89)	(23)
Administrative expenses									(458)	(428)	(346)
Benefit for credit losses									(27)	(4)	(49)
Foreclosed property income (expense)									8	(13)	19
Credit-related income (expense)									(19)	(17)	(30)
Other expenses, net									(497)	(241)	(507)
Income before federal income taxes									2,881	2,645	2,634
Provision for federal income taxes									(558)	(432)	(1,683)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest									2,323	2,213	951
Operating Segments [Member] \| US Treasury [Member] \| Single-Family [Member]
Segment Reporting Information [Line Items]
Temporary Payroll Cut Continuation Act of 2011 (TCCA) fees									(2,432)	(2,284)	(2,096)
Operating Segments [Member] \| US Treasury [Member] \| Multifamily [Member]
Segment Reporting Information [Line Items]
Temporary Payroll Cut Continuation Act of 2011 (TCCA) fees									$ 0	$ 0	$ 0

Equity Narratives (Details) - USD ($)			12 Months Ended
Equity Narratives (Details) - USD ($)	Sep. 08, 2008	Sep. 08, 2008	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2020	Jan. 01, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2013	Sep. 07, 2008
Class of Stock [Line Items]
Preferred Stock, Redemption Terms			P2Y
Common Stock, Shares, Outstanding			1,200,000,000	1,158,087,567
Comprehensive Income (Loss), Net of Tax, Attributable to Parent			$ 13,969,000,000	$ 15,611,000,000	$ 2,257,000,000
Reduction in Dividends Paid				2,400,000,000
Preferred Stock, Covenant, Maximum Mortgage Assets			153,600,000,000	250,000,000,000
Payment Of Cash Dividends On Senior Preferred Stock To Treasury			$ 5,601,000,000	$ 9,372,000,000	12,015,000,000
Convertible Series 2004-1 Preferred Stock [Member]
Class of Stock [Line Items]
Conversion price per share			$ 94.31
Conversion rate			1,060.3329
Preferred Stock, Redemption Price Per Share			$ 105,000
Series 2008-2 Senior Preferred Stock [Member]
Class of Stock [Line Items]
Senior Preferred Stock, Par or Stated Value Per Share	$ 1,000	$ 1,000	$ 120,836
Shares of variable liquidation preference senior preferred stock issued		1,000,000
Aggregate liquidation preference of senior preferred stock	$ 1,000,000,000.0	$ 1,000,000,000.0
Value assigned to Treasury's commitment and recorded as a reduction to additional paid-in-capital	$ 4,500,000,000
Preferred Stock Covenant Maximum Fair Market Value of assets and properties per transaction			$ 250,000,000
Preferred Stock, Covenant, Current Period Debt v.s. Maximum Mortgage Assets Allowed at Prior Year End, Maximum Ratio				120.00%
Minimum [Member] \| Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Redemption Price Per Share			$ 50
Maximum [Member] \| Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Redemption Price Per Share			$ 52.50
US Treasury [Member]
Class of Stock [Line Items]
Percentage Of Common Shares Attributable to Warrants Issued to Treasury as Percentage to Total Diluted Common Shares			79.90%
Aggregate liquidation preference of senior preferred stock			$ 131,200,000,000
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement			119,800,000,000
Capital Reserve Amount Fiscal Year Senior Preferred Stock Purchase Agreement September 2019 Amendment								$ 22,000,000,000
Capital reserve amount for the fiscal year based on the amended Senior Preferred Stock Purchase agreement				$ 3,000,000,000				$ 25,000,000,000	$ 3,000,000,000	$ 0	$ 0
Annual Reduction of Capital Reserve Amount from 2013 to 2017, Senior Preferred Stock Purchase Agreement, Amendment				600,000,000	$ 600,000,000
Common stock warrant exercise price per share												$ 0.00001
Total remaining funding available from US Treasury pursuant to the senior preferred stock agreement			113,900,000,000
Fannie Mae [Member]
Class of Stock [Line Items]
Debt Instrument, Face Amount			$ 182,200,000,000	$ 232,500,000,000
Forecast [Member]
Class of Stock [Line Items]
Preferred Stock, Covenant, Maximum Mortgage Assets							$ 225,000,000,000
Debt Instrument, Face Amount							$ 300,000,000,000
Forecast [Member] \| US Treasury [Member]
Class of Stock [Line Items]
Aggregate liquidation preference of senior preferred stock						$ 135,400,000,000

Equity Schedule of Stock by Class (Details)		12 Months Ended
Equity Schedule of Stock by Class (Details)	Sep. 08, 2008 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2016 USD ($) shares	Dec. 31, 2013 USD ($)	Jun. 04, 2008 USD ($) shares	May 22, 2008 USD ($) shares	May 19, 2008 USD ($) shares	Dec. 14, 2007 USD ($) shares	Nov. 21, 2007 USD ($) shares
Class of Stock [Line Items]
Senior preferred stock value		$ 120,836,000,000	$ 120,836,000,000
Senior preferred stock, shares outstanding \| shares		131,178	123,836
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		$ 14,608,000,000	$ 6,240,000,000	$ (3,686,000,000)				$ 6,071,000,000
Preferred stock, shares issued \| shares		555,374,922	555,374,922
Preferred Stock, Value, Issued		$ 19,130,000,000	$ 19,130,000,000
Preferred stock, shares outstanding \| shares		555,374,922	555,374,922
Common Stock, Shares, Outstanding \| shares		1,200,000,000	1,158,087,567
Preferred stock outstanding, amount		$ 19,130,000,000	$ 19,130,000,000
Weighted Average Number of Shares, Contingently Issuable \| shares		4,600,000,000	4,600,000,000	4,600,000,000
Reduction in Dividends Paid			$ 2,400,000,000
Preferred Stock, Redemption Terms		P2Y
Series 2008-2 Senior Preferred Stock [Member]
Class of Stock [Line Items]
Senior preferred stock value		$ 120,836,000,000	$ 120,836,000,000
Senior preferred stock issued, shares \| shares			1,000,000
Senior preferred stock, shares outstanding \| shares			1,000,000
Senior preferred stock, stated value per share \| $ / shares	$ 1,000	$ 120,836
Aggregate liquidation preference of senior preferred stock	$ 1,000,000,000.0
Stock Issued During Period, Shares, New Issues \| shares	1,000,000
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued \| shares		3,000,000	3,000,000
Preferred Stock, Value, Issued		$ 150,000,000	$ 150,000,000
Preferred stock, shares outstanding \| shares		3,000,000	3,000,000
Preferred stock outstanding, amount		$ 150,000,000	$ 150,000,000
Preferred stock, stated value per share \| $ / shares		$ 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 \| shares		3,000,000	3,000,000
Preferred Stock, Value, Issued		$ 150,000,000	$ 150,000,000
Preferred stock, shares outstanding \| shares		3,000,000	3,000,000
Preferred stock outstanding, amount		$ 150,000,000	$ 150,000,000
Preferred stock, stated value per share \| $ / shares		$ 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 \| shares		14,000,000	14,000,000
Preferred Stock, Value, Issued		$ 690,000,000	$ 690,000,000
Preferred stock, shares outstanding \| shares		14,000,000	14,000,000
Preferred stock outstanding, amount		$ 690,000,000	$ 690,000,000
Preferred stock, stated value per share \| $ / shares		$ 50
Preferred stock, annual dividend rate (as a percent)		2.146%
Series G Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued \| shares		6,000,000	6,000,000
Preferred Stock, Value, Issued		$ 288,000,000	$ 288,000,000
Preferred stock, shares outstanding \| shares		6,000,000	6,000,000
Preferred stock outstanding, amount		$ 287,500,000	$ 287,500,000
Preferred stock, stated value per share \| $ / shares		$ 50
Preferred stock, annual dividend rate (as a percent)		2.624%
Preferred Stock, Redemption Terms		P2Y
Series H Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued \| shares		8,000,000	8,000,000
Preferred Stock, Value, Issued		$ 400,000,000	$ 400,000,000
Preferred stock, shares outstanding \| shares		8,000,000	8,000,000
Preferred stock outstanding, amount		$ 400,000,000	$ 400,000,000
Preferred stock, stated value per share \| $ / shares		$ 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 \| shares		6,000,000	6,000,000
Preferred Stock, Value, Issued		$ 300,000,000	$ 300,000,000
Preferred stock, shares outstanding \| shares		6,000,000	6,000,000
Preferred stock outstanding, amount		$ 300,000,000	$ 300,000,000
Preferred stock, stated value per share \| $ / shares		$ 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 \| shares		7,000,000	7,000,000
Preferred Stock, Value, Issued		$ 345,000,000	$ 345,000,000
Preferred stock, shares outstanding \| shares		7,000,000	7,000,000
Preferred stock outstanding, amount		$ 345,000,000	$ 345,000,000
Preferred stock, stated value per share \| $ / shares		$ 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 \| shares		9,000,000	9,000,000
Preferred Stock, Value, Issued		$ 460,000,000	$ 460,000,000
Preferred stock, shares outstanding \| shares		9,000,000	9,000,000
Preferred stock outstanding, amount		$ 460,000,000	$ 460,000,000
Preferred stock, stated value per share \| $ / shares		$ 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 \| shares		5,000,000	5,000,000
Preferred Stock, Value, Issued		$ 225,000,000	$ 225,000,000
Preferred stock, shares outstanding \| shares		5,000,000	5,000,000
Preferred stock outstanding, amount		$ 225,000,000	$ 225,000,000
Preferred stock, stated value per share \| $ / shares		$ 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 \| shares		50,000,000	50,000,000
Preferred Stock, Value, Issued		$ 2,500,000,000	$ 2,500,000,000
Preferred stock, shares outstanding \| shares		50,000,000	50,000,000
Preferred stock outstanding, amount		$ 2,500,000,000	$ 2,500,000,000
Preferred stock, stated value per share \| $ / shares		$ 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 \| shares		24,922	24,922
Preferred Stock, Value, Issued		$ 2,492,000,000	$ 2,492,000,000
Preferred stock, shares outstanding \| shares		24,922	24,922
Preferred stock outstanding, amount		$ 2,492,200,000	$ 2,492,200,000
Preferred stock, stated value per share \| $ / shares		$ 100,000
Preferred stock, annual dividend rate (as a percent)		5.375%
Convertible Stock, Conversion Price \| $ / shares		$ 94.31
Conversion Stock, Conversion Rate		1,060.3329
Preferred Stock, Redemption Price Per Share \| $ / shares		$ 105,000
Series P Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued \| shares		40,000,000	40,000,000
Preferred Stock, Value, Issued		$ 1,000,000,000	$ 1,000,000,000
Preferred stock, shares outstanding \| shares		40,000,000	40,000,000
Preferred stock outstanding, amount		$ 1,000,000,000	$ 1,000,000,000
Preferred stock, stated value per share \| $ / shares		$ 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 \| shares		15,000,000	15,000,000
Preferred Stock, Value, Issued		$ 375,000,000	$ 375,000,000
Preferred stock, shares outstanding \| shares		15,000,000	15,000,000
Preferred stock outstanding, amount		$ 375,000,000	$ 375,000,000
Preferred stock, stated value per share \| $ / shares		$ 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 \| shares		21,000,000	21,000,000										1,200,000	20,000,000
Preferred Stock, Value, Issued		$ 530,000,000	$ 530,000,000										$ 30,000,000	$ 500,000,000
Preferred stock, shares outstanding \| shares		21,000,000	21,000,000
Preferred stock outstanding, amount		$ 530,000,000	$ 530,000,000
Preferred stock, stated value per share \| $ / shares		$ 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 \| shares		280,000,000	280,000,000
Preferred Stock, Value, Issued		$ 7,000,000,000	$ 7,000,000,000
Preferred stock, shares outstanding \| shares		280,000,000	280,000,000
Preferred stock outstanding, amount		$ 7,000,000,000	$ 7,000,000,000
Preferred stock, stated value per share \| $ / shares		$ 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 \| shares		89,000,000	89,000,000							1,000,000	8,000,000	80,000,000
Preferred Stock, Value, Issued		$ 2,225,000,000	$ 2,225,000,000							$ 25,000,000	$ 200,000,000	$ 2,000,000,000.0
Preferred stock, shares outstanding \| shares		89,000,000	89,000,000
Preferred stock outstanding, amount		$ 2,225,000,000	$ 2,225,000,000
Preferred stock, stated value per share \| $ / shares		$ 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%
Maximum [Member] \| Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Redemption Price Per Share \| $ / shares		$ 52.50
Minimum [Member] \| Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate (as a percent)		7.00%
Preferred Stock, Redemption Price Per Share \| $ / shares		$ 50
Minimum [Member] \| Series P Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate (as a percent)		4.50%
Minimum [Member] \| Series S Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate (as a percent)		7.75%
Two-year Constant Maturity U.S. Treasury Rate [Member] \| Series F Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate		0.16%
Two-year Constant Maturity U.S. Treasury Rate [Member] \| Series G Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate		0.18%
Ten-year Constant Maturity U.S. Treasury Rate [Member] \| Series O Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate		2.375%
Three-Month LIBOR [Member] \| Series P Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate		0.75%
Three-Month LIBOR [Member] \| Series S Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate		4.23%
US Treasury [Member]
Class of Stock [Line Items]
Capital reserve amount for the fiscal year based on the amended Senior Preferred Stock Purchase agreement			3,000,000,000		$ 25,000,000,000	$ 3,000,000,000	$ 0		$ 0
Aggregate liquidation preference of senior preferred stock		$ 131,200,000,000
Annual Reduction of Capital Reserve Amount from 2013 to 2017, Senior Preferred Stock Purchase Agreement, Amendment			$ 600,000,000	$ 600,000,000
Senior Preferred Stock
Class of Stock [Line Items]
Shares, Outstanding \| shares		1,000,000	1,000,000	1,000,000				1,000,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest		$ 120,836,000,000	$ 120,836,000,000	$ 117,149,000,000				$ 117,149,000,000
Senior Preferred Stock \| Series 2008-2 Senior Preferred Stock [Member]
Class of Stock [Line Items]
Senior preferred stock, shares outstanding \| shares		1,000,000

Equity Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Net unrealized gains on AFS securities for which we have not recorded OTTI	$ 97	$ 52	$ 87
Net unrealized gains on AFS securities for which we have recorded OTTI	0	224	423
Other	34	46	43
Accumulated other comprehensive income	$ 131	$ 322	$ 553

Equity Changes in AOCI (Details) - USD ($) $ in Millions	12 Months Ended
Equity Changes in AOCI (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Statutory corporate tax rate	21.00%	21.00%	35.00%	35.00%
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 6,240
Total other comprehensive loss	(191)	$ (348)	$ (206)
Ending balance	$ 14,608	$ 6,240

Regulatory Capital Requirements (Details) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2013
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
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 critical capital requirement, percentage of the unpaid principal balance of outstanding Fannie Mae MBS held by third parties	0.45%
Net worth (deficit)	$ 14,608,000,000				$ 6,240,000,000	$ (3,686,000,000)	$ 6,071,000,000
Core capital	(106,360,000,000)				(114,919,000,000)
Statutory minimum capital requirement	22,392,000,000				22,216,000,000
Deficit of core capital over statutory minimum capital requirement	$ (128,752,000,000)				(137,135,000,000)
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, 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 other off-balance sheet obligations	0.25%
Related Parties [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 14,608,000,000				6,240,000,000
US Treasury [Member]
Related Parties [Line Items]
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement	$ 119,800,000,000
Capital Reserve Amount, Fiscal Year, Senior Preferred Stock Purchase Agreement, Amendment		$ 25,000,000,000	$ 3,000,000,000	$ 0	$ 3,000,000,000			$ 0

Concentrations of Credit Risk Geographic Concentration (Details) - Guaranty Book of Business [Member]	Dec. 31, 2019	Dec. 31, 2018
Single-Family [Member] \| Conventional Mortgage [Member]
Concentration Risk [Line Items]
Percentage of book of business	100.00%	100.00%
Single-Family [Member] \| Conventional Mortgage [Member] \| Midwest [Member]
Concentration Risk [Line Items]
Percentage of book of business	15.00%	15.00%
Single-Family [Member] \| Conventional Mortgage [Member] \| Northeast [Member]
Concentration Risk [Line Items]
Percentage of book of business	17.00%	17.00%
Single-Family [Member] \| Conventional Mortgage [Member] \| Southeast [Member]
Concentration Risk [Line Items]
Percentage of book of business	22.00%	22.00%
Single-Family [Member] \| Conventional Mortgage [Member] \| Southwest [Member]
Concentration Risk [Line Items]
Percentage of book of business	18.00%	18.00%
Single-Family [Member] \| Conventional Mortgage [Member] \| West [Member]
Concentration Risk [Line Items]
Percentage of book of business	28.00%	28.00%
Multifamily [Member]
Concentration Risk [Line Items]
Percentage of book of business	100.00%	100.00%
Multifamily [Member] \| Midwest [Member]
Concentration Risk [Line Items]
Percentage of book of business	10.00%	10.00%
Multifamily [Member] \| Northeast [Member]
Concentration Risk [Line Items]
Percentage of book of business	15.00%	14.00%
Multifamily [Member] \| Southeast [Member]
Concentration Risk [Line Items]
Percentage of book of business	27.00%	26.00%
Multifamily [Member] \| Southwest [Member]
Concentration Risk [Line Items]
Percentage of book of business	23.00%	24.00%
Multifamily [Member] \| West [Member]
Concentration Risk [Line Items]
Percentage of book of business	25.00%	26.00%

Concentrations of Credit Risk SF Risk Characteristics (Details) - Single-Family [Member]	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Guaranty Book of Business [Member] \| Conventional Mortgage [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)	1.07%	1.17%
60 days delinquent (percentage of book of business)	0.29%	0.32%
Seriously delinquent (percentage of book of business)	0.59%	0.69%
30 days delinquent (percentage of conventional loans)	1.27%	1.37%
60 days delinquent (percentage of conventional loans)	0.35%	0.38%
Seriously delinquent (percentage of conventional loans)	0.66%	0.76%
Percentage of book of business	100.00%	100.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.32%	0.34%
Percentage of book of business	19.00%	19.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.84%	1.16%
Percentage of book of business	6.00%	6.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| ILLINOIS
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.91%	0.98%
Percentage of book of business	4.00%	4.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	1.13%	1.38%
Percentage of book of business	3.00%	4.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	1.18%	1.40%
Percentage of book of business	5.00%	5.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| All other states
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.64%	0.73%
Percentage of book of business	63.00%	62.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| Estimated mark-to-market LTV ratio greater than 100% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	10.14%	9.85%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| Alt-A [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	2.95%	3.35%
Percentage of book of business	2.00%	2.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| 2004 and Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	2.48%	2.69%
Percentage of book of business	2.00%	3.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| 2005 - 2008
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	4.11%	4.61%
Percentage of book of business	4.00%	5.00%
Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| 2009 - 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.35%	0.34%
Percentage of book of business	94.00%	92.00%
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency: days past due	90 days	90 days

Concentrations of Credit Risk MF Risk Characteristics (Details) - Multifamily [Member]	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
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
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency: days past due	89 days	89 days
Current debt service coverage ratio reporting lag	6 months
Current Debt Service Coverage Ratio, Higher Risk Loans1	1.0
Guaranty Book of Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)	0.02%	0.02%
Seriously delinquent (percentage of book of business)	0.04%	0.06%
Percentage of book of business	100.00%	100.00%
Guaranty Book of Business [Member] \| Original LTV ratio greater than 80% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	1.00%	1.00%
Loans seriously delinquent, percentage by unpaid principal balance	0.00%	0.00%
Guaranty Book of Business [Member] \| Original LTV ratio less than or equal to 80% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	99.00%	99.00%
Loans seriously delinquent, percentage by unpaid principal balance	0.04%	0.06%
Guaranty Book of Business [Member] \| Current DSCR less than 100% [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	2.00%	2.00%
Loans seriously delinquent, percentage by unpaid principal balance	0.48%	1.38%

Concentrations of Credit Risk Other Concentrations (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) counterparties	Dec. 31, 2018 USD ($) counterparties
Concentration Risk [Line Items]
Estimated benefit included in combined loss reserves	$ 410	$ 691
Receivable from claims on insured, defaulted loans excluding government insured loans	654	745
Allowance for mortgage insurance receivable	$ 541	564
PMI [Member]
Concentration Risk [Line Items]
Mortgage insurance coverage risk in force percentage to be paid in cash	74.50%
Mortgage insurance coverage risk in force percentage to be deferred	25.50%
Triad [Member]
Concentration Risk [Line Items]
Mortgage insurance coverage risk in force percentage to be paid in cash	75.00%
Mortgage insurance coverage risk in force percentage to be deferred	25.00%
Single-Family [Member]
Concentration Risk [Line Items]
Number of Insurance Companies Who Provided Majority of Mortgage Insurance	3
Single-Family [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Primary mortgage insurance coverage risk in force	$ 162,855	152,379
Mortgage insurance coverage risk in force	$ 163,194	$ 152,788
Mortgage insurance coverage risk in force as a percentage of book of business	6.00%	5.00%
Pool mortgage insurance coverage risk in force	$ 339	$ 409
Single-Family [Member] \| Guaranty Book of Business [Member] \| Conventional Mortgage [Member] \| Minimum [Member]
Concentration Risk [Line Items]
Percentage of Loans with Detailed Loan Level Information		99.00%
Single-Family [Member] \| Guaranty Book of Business [Member] \| Credit Concentration Risk [Member] \| Group of Largest Mortgage Servicers including Affiliates [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	59.00%	56.00%
Single-Family [Member] \| Guaranty Book of Business [Member] \| Insurance Service Provider Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	100.00%	100.00%
Mortgage insurance coverage risk in force for insurers with credit quality deterioration	$ 3,300
Percentage of concentration risk	2.00%
Single-Family [Member] \| Guaranty Book of Business [Member] \| Insurance Service Provider Concentration Risk [Member] \| Arch Capital Group Ltd. [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	23.00%	25.00%
Single-Family [Member] \| Guaranty Book of Business [Member] \| Insurance Service Provider Concentration Risk [Member] \| Radian Guaranty, Inc [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	20.00%	21.00%
Single-Family [Member] \| Guaranty Book of Business [Member] \| Insurance Service Provider Concentration Risk [Member] \| Mortgage Guaranty Insurance Corp. [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	18.00%	18.00%
Single-Family [Member] \| Guaranty Book of Business [Member] \| Insurance Service Provider Concentration Risk [Member] \| Genworth Mortgage Insurance Corp. [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	15.00%	15.00%
Single-Family [Member] \| Guaranty Book of Business [Member] \| Insurance Service Provider Concentration Risk [Member] \| Essent Guaranty, Inc [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	14.00%	12.00%
Single-Family [Member] \| Guaranty Book of Business [Member] \| Insurance Service Provider Concentration Risk [Member] \| Other counterparties [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%	9.00%
Single-Family [Member] \| Depository Servicer [Member]
Concentration Risk [Line Items]
Number of Largest Mortgage Servicers Servicing Majority of Guaranty Book of Business	5	5
Single-Family [Member] \| Depository Servicer [Member] \| Guaranty Book of Business [Member] \| Credit Concentration Risk [Member] \| Wells Fargo Bank N.A. [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	17.00%	18.00%
Single-Family [Member] \| Depository Servicer [Member] \| Guaranty Book of Business [Member] \| Credit Concentration Risk [Member] \| Other Top Servicers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	15.00%	16.00%
Single-Family [Member] \| Non-Depository Servicer [Member]
Concentration Risk [Line Items]
Number of Largest Mortgage Servicers Servicing Majority of Guaranty Book of Business	5	5
Single-Family [Member] \| Non-Depository Servicer [Member] \| Guaranty Book of Business [Member] \| Credit Concentration Risk [Member] \| Group of Largest Mortgage Servicers including Affiliates [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	27.00%	22.00%
Multifamily [Member]
Concentration Risk [Line Items]
Maximum potential loss recovery from lenders under risk sharing agreements	$ 81,400	$ 71,800
Number of Largest Mortgage Servicers Servicing Majority of Guaranty Book of Business	5	5
Multifamily [Member] \| Lender Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration Risk, Number of Lenders, Maximum Potential Loss Recovery \| counterparties	4	4
Multifamily [Member] \| Lender Concentration Risk [Member] \| Four Major Lenders [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	44.00%	44.00%
Multifamily [Member] \| Guaranty Book of Business [Member]
Concentration Risk [Line Items]
Percentage of Loans with Detailed Loan Level Information		99.00%
Multifamily [Member] \| Guaranty Book of Business [Member] \| Credit Concentration Risk [Member] \| Wells Fargo Bank N.A. [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	13.00%	14.00%
Multifamily [Member] \| Guaranty Book of Business [Member] \| Credit Concentration Risk [Member] \| Group of Largest Mortgage Servicers including Affiliates [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	48.00%	48.00%
Multifamily [Member] \| Guaranty Book of Business [Member] \| Credit Concentration Risk [Member] \| Other Top Servicers [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	23.00%	22.00%
Multifamily [Member] \| Guaranty Book of Business [Member] \| Credit Concentration Risk [Member] \| Walker & Dunlop, LLC [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	12.00%	12.00%

Netting Arrangements (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Offsetting Assets [Line Items]
Financial Instruments Owned and Pledged as Collateral, Amount Eligible to be Repledged by Counterparty	$ 2,300	$ 1,900
Assets:
Derivative assets, gross amount	1,519	2,667
Derivative asset, gross amount offset	(1,288)	(2,266)
Derivative assets, net amount presented in our consolidated balance sheets	231	401
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	(101)	(153)
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	(1)	(7)
Derivative assets, net amount	129	241
Securities purchased under agreements to resell, or similar arrangements, gross amount	24,928	48,288
Securities purchased under agreements to resell or similar arrangements, gross amount offset	0	0
Securities purchased under agreements to resell or similar arrangements, net amount presented in our consolidated balance sheets	24,928	48,288
Securities purchased under agreements to resell, under master netting arrangement, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Securities purchased under agreements to resell or similar arrangements, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	(24,928)	(48,288)
Securities purchased under agreements to resell or similar arrangements, net amount	0	0
Total assets, gross amount	26,447	50,955
Total assets, gross amount offset	(1,288)	(2,266)
Total assets, net amount presented in the consolidated balance sheets	25,159	48,689
Total assets, under the master netting arrangements, not offset in our consolidated balance sheets, financial instruments	(101)	(153)
Total assets, under master netting arrangements, not offset in our consolidated balance sheets, collateral	(24,929)	(48,295)
Total assets, net amount	129	241
Liabilities:
Derivative liabilities, gross amount	(2,104)	(3,081)
Derivative liabilities, gross amount offset	1,694	2,315
Derivative liabilities, net amount presented in our consolidated balance sheets	(410)	(766)
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	101	153
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	182	489
Derivative liabilities, net amount	(127)	(124)
Securities Sold under Agreements to Repurchase, Gross	(478)
Securities Sold under Agreements to Repurchase, Not Subject to Master Netting Arrangement	(478)
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities	475
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral	(3)
Total liabilities, gross amount	(2,582)	(3,081)
Total liabilities, gross amount offset	1,694	2,315
Total liabilities, net amount presented in our consolidated balance sheets	(888)	(766)
Total liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial statements	101	153
Total liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	657	489
Total liabilities, net amount	(130)	(124)
Securities Received as Collateral	24,700	48,400
Fair Value of Securities Received as Collateral that Can be Resold or Repledged	23,800	45,700
Fair Value of Securities Received as Collateral that Have Been Resold or Repledged	0	0
Derivative Asset, Not Subject to Master Netting Arrangement	40	57
Derivative Liability, Not Subject to Master Netting Arrangement	25	11
Risk management derivatives
Assets:
Derivative asset, gross amount offset	(1,288)	(2,266)
Liabilities:
Derivative liabilities, gross amount offset	1,694	2,315
Mortgage commitment derivatives
Assets:
Derivative assets, gross amount	165	379
Derivative asset, gross amount offset	0	0
Derivative assets, net amount presented in our consolidated balance sheets	165	379
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	(101)	(153)
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	(1)	(7)
Derivative assets, net amount	63	219
Liabilities:
Derivative liabilities, gross amount	(306)	(648)
Derivative liabilities, gross amount offset	0	0
Derivative liabilities, net amount presented in our consolidated balance sheets	(306)	(648)
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	101	153
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	181	466
Derivative liabilities, net amount	(24)	(29)
Over the Counter [Member] \| Risk management derivatives
Assets:
Derivative assets, gross amount	1,354	2,288
Derivative asset, gross amount offset	(1,334)	(2,273)
Derivative assets, net amount presented in our consolidated balance sheets	20	15
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	0	0
Derivative assets, net amount	20	15
Liabilities:
Derivative liabilities, gross amount	(1,798)	(2,433)
Derivative liabilities, gross amount offset	1,695	2,342
Derivative liabilities, net amount presented in our consolidated balance sheets	(103)	(91)
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	0	0
Derivative liabilities, net amount	(103)	(91)
Exchange Cleared [Member] \| Risk management derivatives
Assets:
Derivative assets, gross amount	0	0
Derivative asset, gross amount offset	46	7
Derivative assets, net amount presented in our consolidated balance sheets	46	7
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	0	0
Derivative assets, net amount	46	7
Liabilities:
Derivative liabilities, gross amount	0	0
Derivative liabilities, gross amount offset	(1)	(27)
Derivative liabilities, net amount presented in our consolidated balance sheets	(1)	(27)
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	1	23
Derivative liabilities, net amount	0	(4)
Cash and Cash Equivalents [Member]
Liabilities:
Securities Purchased under Agreements to Resell	$ 11,400	$ 15,400

Netting Arrangements Narratives (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Fair value of non-cash collateral we pledged	$ 2,300	$ 1,900
Fair value of non-cash collateral received	24,700	48,400
Fair value of non-cash collateral received that could be sold or repledged	23,800	45,700
Fair value of underlying collateral that was sold or repledged	0	0
Derivative assets not subject to an enforceable master netting arrangement	40	57
Derivative liabilities not subject to an enforceable master netting arrangement	25	11
Cash and Cash Equivalents [Member]
Derivative [Line Items]
Securities purchased under agreements to resell	$ 11,400	$ 15,400

Fair Value Level 3 Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Trading Assets, Excluding Debt and Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	$ 1	$ 4	$ 11
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	33	1,201	1,127
Total gains or (losses) (realized/unrealized) Included in Net Income	3	77	59
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	77	1	99
Sales	(22)	(1,059)	(81)
Issues	0	0	0
Settlements	(17)	(7)	(39)
Transfers out of Level 3	(108)	(181)	(991)
Transfers into Level 3	80	1	1,027
Ending Balance	46	33	1,201
Trading Assets, Excluding Debt and Equity Securities [Member] \| Fannie Mae [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	1	4	6
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	32	971	835
Total gains or (losses) (realized/unrealized) Included in Net Income	3	163	41
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	77	1	64
Sales	(22)	(1,059)	0
Issues	0	0	0
Settlements	(16)	(1)	(5)
Transfers out of Level 3	(108)	(44)	(991)
Transfers into Level 3	79	1	1,027
Ending Balance	45	32	971
Trading Assets, Excluding Debt and Equity Securities [Member] \| Other agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	35	0
Total gains or (losses) (realized/unrealized) Included in Net Income	0	(1)	0
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	0	0	35
Sales	0	0	0
Issues	0	0	0
Settlements	0	(1)	0
Transfers out of Level 3	0	(33)	0
Transfers into Level 3	1	0	0
Ending Balance	1	0	35
Trading Assets, Excluding Debt and Equity Securities [Member] \| Alt-A and subprime private-label securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	5
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1	195	292
Total gains or (losses) (realized/unrealized) Included in Net Income	0	(85)	18
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	0	0	0
Sales	0	0	(81)
Issues	0	0	0
Settlements	(1)	(5)	(34)
Transfers out of Level 3	0	(104)	0
Transfers into Level 3	0	0	0
Ending Balance	0	1	195
Available-for-sale securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	952	1,313	2,153
Total gains or (losses) (realized/unrealized) Included in Net Income	19	30	99
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(11)	(53)	(76)
Purchases	0	0	0
Sales	(28)	(22)	(503)
Issues	0	0	0
Settlements	(158)	(263)	(342)
Transfers out of Level 3	(106)	(53)	(76)
Transfers into Level 3	124	0	58
Ending Balance	792	952	1,313
Available-for-sale securities [Member] \| Fannie Mae [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	152	208	230
Total gains or (losses) (realized/unrealized) Included in Net Income	0	2	2
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	7	1	(1)
Purchases	0	0	0
Sales	0	0	0
Issues	0	0	0
Settlements	(8)	(10)	(9)
Transfers out of Level 3	(103)	(49)	(72)
Transfers into Level 3	123	0	58
Ending Balance	171	152	208
Available-for-sale securities [Member] \| Other agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held			0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		0	5
Total gains or (losses) (realized/unrealized) Included in Net Income			0
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)			0
Purchases			0
Sales			(1)
Issues			0
Settlements			0
Transfers out of Level 3			(4)
Transfers into Level 3			0
Ending Balance			0
Available-for-sale securities [Member] \| Alt-A and subprime private-label securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	24	77	217
Total gains or (losses) (realized/unrealized) Included in Net Income	5	0	54
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(5)	(45)	(53)
Purchases	0	0	0
Sales	(23)	0	(105)
Issues	0	0	0
Settlements	(1)	(4)	(36)
Transfers out of Level 3	0	(4)	0
Transfers into Level 3	0	0	0
Ending Balance	0	24	77
Available-for-sale securities [Member] \| Mortgage revenue bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	434	671	1,272
Total gains or (losses) (realized/unrealized) Included in Net Income	1	0	35
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(3)	(7)	(11)
Purchases	0	0	0
Sales	(5)	(22)	(392)
Issues	0	0	0
Settlements	(112)	(208)	(233)
Transfers out of Level 3	0	0	0
Transfers into Level 3	0	0	0
Ending Balance	315	434	671
Available-for-sale securities [Member] \| Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	342	357	429
Total gains or (losses) (realized/unrealized) Included in Net Income	13	28	8
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(10)	(2)	(11)
Purchases	0	0	0
Sales	0	0	(5)
Issues	0	0	0
Settlements	(37)	(41)	(64)
Transfers out of Level 3	(3)	0	0
Transfers into Level 3	1	0	0
Ending Balance	306	342	357
Mortgage loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	26	14	25
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	937	1,116	1,197
Total gains or (losses) (realized/unrealized) Included in Net Income	46	38	45
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	0	0	5
Sales	(52)	0	0
Issues	0	0	0
Settlements	(136)	(216)	(233)
Transfers out of Level 3	(254)	(162)	(70)
Transfers into Level 3	147	161	172
Ending Balance	688	937	1,116
Net derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	3	40	13
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	194	134	44
Total gains or (losses) (realized/unrealized) Included in Net Income	109	(38)	111
Total gains or (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	0	0	0
Settlements	(119)	(45)	(22)
Transfers out of Level 3	(10)	53	6
Transfers into Level 3	(12)	0	(5)
Ending Balance	162	194	134
Long-term debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net unrealized Gains (Losses) included in net income related to liabilities still held	(51)	23	(40)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(552)	(958)	(588)
Total gains (losses) (realized/unrealized) Included in Net Income	(55)	(34)	(38)
Total gains (losses) Included in Other Comprehensive Income	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	2	1	2
Settlements	19	44	66
Transfers out of Level 3	200	541	388
Transfers Into Level 3	(83)	(214)	(784)
Ending Balance	(473)	(552)	(958)
Long-term debt [Member] \| Consolidated Trusts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net unrealized Gains (Losses) included in net income related to liabilities still held	(4)	(2)	(11)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(201)	(582)	(241)
Total gains (losses) (realized/unrealized) Included in Net Income	(8)	9	(9)
Total gains (losses) Included in Other Comprehensive Income	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	2	1	2
Settlements	19	44	66
Transfers out of Level 3	200	541	388
Transfers Into Level 3	(83)	(214)	(784)
Ending Balance	(75)	(201)	(582)
Long-term debt [Member] \| Senior floating [Member] \| Fannie Mae [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net unrealized Gains (Losses) included in net income related to liabilities still held	(47)	25	(29)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(351)	(376)	(347)
Total gains (losses) (realized/unrealized) Included in Net Income	(47)	25	(29)
Total gains (losses) 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	0	0	0
Transfers Into Level 3	0	0	0
Ending Balance	(398)	(351)	(376)
Other Comprehensive Income (Loss) [Member] \| Trading Assets, Excluding Debt and Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Other Comprehensive Income (Loss) [Member] \| Trading Assets, Excluding Debt and Equity Securities [Member] \| Fannie Mae [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Other Comprehensive Income (Loss) [Member] \| Trading Assets, Excluding Debt and Equity Securities [Member] \| Other agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Other Comprehensive Income (Loss) [Member] \| Trading Assets, Excluding Debt and Equity Securities [Member] \| Alt-A and subprime private-label securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Other Comprehensive Income (Loss) [Member] \| Available-for-sale securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	(3)	0	1
Other Comprehensive Income (Loss) [Member] \| Available-for-sale securities [Member] \| Fannie Mae [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	6	0	0
Other Comprehensive Income (Loss) [Member] \| Available-for-sale securities [Member] \| Other agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held			0
Other Comprehensive Income (Loss) [Member] \| Available-for-sale securities [Member] \| Alt-A and subprime private-label securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	1	4
Other Comprehensive Income (Loss) [Member] \| Available-for-sale securities [Member] \| Mortgage revenue bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	(1)	(2)	4
Other Comprehensive Income (Loss) [Member] \| Available-for-sale securities [Member] \| Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	(8)	1	(7)
Other Comprehensive Income (Loss) [Member] \| Mortgage loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Other Comprehensive Income (Loss) [Member] \| Net derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gains (Losses) included in net income related to assets still held	0	0	0
Other Comprehensive Income (Loss) [Member] \| Long-term debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net unrealized Gains (Losses) included in net income related to liabilities still held	0	0	0
Other Comprehensive Income (Loss) [Member] \| Long-term debt [Member] \| Consolidated Trusts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net unrealized Gains (Losses) included in net income related to liabilities still held	0	0	0
Other Comprehensive Income (Loss) [Member] \| Long-term debt [Member] \| Senior floating [Member] \| Fannie Mae [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net unrealized Gains (Losses) included in net income related to liabilities still held	$ 0	$ 0	$ 0

Fair Value Level 3 Valuation - Nonrecurring (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	$ 7,825	$ 8,922
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	229	238
Mortgage loans held for investment, at fair value	3,270,535	2,990,104
Total nonrecurring assets at fair value	3,313,691	3,053,308
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	7,054	7,856
Mortgage loans held for investment, at fair value	127,650	216,404
Total nonrecurring assets at fair value	136,048	225,812
Fair Value, Recurring [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	7,825	8,922
Total nonrecurring assets at fair value	58,623	55,424
Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	7,137	7,985
Total nonrecurring assets at fair value	18,685	19,309
Fair Value, Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	688	937
Total nonrecurring assets at fair value	1,725	2,131
Fair Value, Nonrecurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	274	91
Fair Value, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	1,076	1,750
Total nonrecurring assets at fair value	2,598	3,771
Fair Value, 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	471	631
Fair Value, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single vendor without inputs [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	$ 605	$ 1,119
Fair Value, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Accepted Offers [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Number of properties measured	12.00%	15.00%
Fair Value, 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	85.00%	82.00%
Fair Value, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	$ 918	$ 1,011
Fair Value, 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	51	41
Fair Value, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Internal model [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	555	818
Acquired property, net	164	219
Fair Value, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Accepted Offers [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	101	151
Fair Value, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Appraisals [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	362	419
Fair Value, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Single-Family [Member] \| Walk Forwards [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	240	181
Fair Value, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Multifamily [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	40	142
Fair Value, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Multifamily [Member] \| Other valuation technique [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	16	40
Acquired property, net	9	50
Fair Value, Nonrecurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Multifamily [Member] \| Asset Manager Estimate [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value	$ 24	$ 102

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Fair Value Measurement [Domain]
Financial assets [Abstract]
Netting adjustment	$ (1,288)	$ (2,266)
Financial liabilities [Abstract]
Netting adjustment	(1,694)	(2,315)
Mortgage loans held for investment, at fair value	7,825	8,922
Netting adjustment	(1,288)	(2,266)
Netting adjustment	(1,694)	(2,315)
Fannie Mae [Member]
Financial liabilities [Abstract]
Long-term debt	5,687	6,826
Consolidated Trusts [Member]
Financial liabilities [Abstract]
Long-term debt	21,880	23,753
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	50,057	34,073
Federal funds sold and securities purchased under agreements to resell or similar arrangements	0	0
Trading securities	39,501	35,502
Available-for-sale securities	0	0
Mortgage loans held for sale	0	0
Mortgage loans held for investment, at fair value	0	0
Advances to lenders	0	0
Derivative assets at fair value	0	0
Guaranty assets and buy-ups	0	0
Total assets at fair value	89,558	69,575
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	0
Financial liabilities [Abstract]
Derivatives liabilities at fair value	0	0
Guaranty obligations	0	0
Total liabilities at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fannie Mae [Member]
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Consolidated Trusts [Member]
Financial liabilities [Abstract]
Long-term debt	0	0
Significant Other Observable Inputs (Level 2) [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	11,350	15,350
Federal funds sold and securities purchased under agreements to resell or similar arrangements	13,578	32,938
Trading securities	8,576	6,332
Available-for-sale securities	1,612	2,477
Mortgage loans held for sale	229	238
Mortgage loans held for investment, at fair value	3,270,535	2,990,104
Advances to lenders	6,451	3,354
Derivative assets at fair value	1,360	2,515
Guaranty assets and buy-ups	0	0
Total assets at fair value	3,313,691	3,053,308
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	478
Financial liabilities [Abstract]
Derivatives liabilities at fair value	2,092	3,077
Guaranty obligations	0	0
Total liabilities at fair value	3,506,144	3,303,620
Significant Other Observable Inputs (Level 2) [Member] \| Fannie Mae [Member]
Financial liabilities [Abstract]
Short-term debt	26,667	24,901
Long-term debt	164,144	211,403
Significant Other Observable Inputs (Level 2) [Member] \| Consolidated Trusts [Member]
Financial liabilities [Abstract]
Long-term debt	3,312,763	3,064,239
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	46	33
Available-for-sale securities	792	952
Mortgage loans held for sale	7,054	7,856
Mortgage loans held for investment, at fair value	127,650	216,404
Advances to lenders	2	2
Derivative assets at fair value	199	209
Guaranty assets and buy-ups	305	356
Total assets at fair value	136,048	225,812
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	0
Financial liabilities [Abstract]
Derivatives liabilities at fair value	37	15
Guaranty obligations	97	121
Total liabilities at fair value	32,362	39,950
Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member]
Financial liabilities [Abstract]
Short-term debt	0	0
Long-term debt	401	771
Significant Unobservable Inputs (Level 3) [Member] \| Consolidated Trusts [Member]
Financial liabilities [Abstract]
Long-term debt	31,827	39,043
Carrying Value [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	61,407	49,423
Federal funds sold and securities purchased under agreements to resell or similar arrangements	13,578	32,938
Trading securities	48,123	41,867
Available-for-sale securities	2,404	3,429
Mortgage loans held for sale	6,773	7,701
Mortgage loans held for investment, at fair value	3,327,389	3,241,694
Advances to lenders	6,453	3,356
Derivative assets at fair value	271	458
Guaranty assets and buy-ups	142	147
Total assets at fair value	3,466,540	3,381,013
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	478
Financial liabilities [Abstract]
Derivatives liabilities at fair value	435	777
Guaranty obligations	154	160
Total liabilities at fair value	3,468,453	3,392,857
Carrying Value [Member] \| Fannie Mae [Member]
Financial liabilities [Abstract]
Short-term debt	26,662	24,896
Long-term debt	155,585	207,178
Carrying Value [Member] \| Consolidated Trusts [Member]
Financial liabilities [Abstract]
Long-term debt	3,285,139	3,159,846
Estimate of Fair Value Measurement [Member]
Financial assets [Abstract]
Cash and cash equivalents and restricted cash	61,407	49,423
Federal funds sold and securities purchased under agreements to resell or similar arrangements	13,578	32,938
Trading securities	48,123	41,867
Available-for-sale securities	2,404	3,429
Mortgage loans held for sale	7,283	8,094
Mortgage loans held for investment, at fair value	3,398,185	3,206,508
Advances to lenders	6,453	3,356
Derivative assets at fair value	271	458
Guaranty assets and buy-ups	305	356
Total assets at fair value	3,538,009	3,346,429
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure	478
Financial liabilities [Abstract]
Derivatives liabilities at fair value	435	777
Guaranty obligations	97	121
Total liabilities at fair value	3,536,812	3,341,255
Estimate of Fair Value Measurement [Member] \| Fannie Mae [Member]
Financial liabilities [Abstract]
Short-term debt	26,667	24,901
Long-term debt	164,545	212,174
Estimate of Fair Value Measurement [Member] \| Consolidated Trusts [Member]
Financial liabilities [Abstract]
Long-term debt	$ 3,344,590	$ 3,103,282

Fair Value Option (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
Fair Value Option (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2019	Dec. 31, 2018
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value		$ 7,825	$ 8,922
Fair value of nonaccrual loans		129	161
Difference between unpaid principal balance and the fair value of nonaccrual loans		11	19
Fair value of loans that are 90 days past due		80	102
Difference between unpaid principal balance and the fair value of these 90 days or more days past due loans		$ 10	14
Single-Family [Member] \| Minimum [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Serious delinquency: days past due		90 days
Consolidated Trusts [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Long-term debt, fair value		$ 21,880	23,753
Fannie Mae [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Long-term debt, fair value		5,687	6,826
Loans [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, at fair value		7,825	8,922
Loans, unpaid principal balance		7,514	8,832
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ 136	357	(128)
Long-term debt [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ (294)	(765)	688
Long-term debt [Member] \| Consolidated Trusts [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Long-term debt, fair value		21,880	23,753
Long-Term Debt, unpaid principal balance		19,653	22,080
Long-term debt [Member] \| Fannie Mae [Member]
Fair Value Inputs, Quantitative Information [Line Items]
Long-term debt, fair value		5,687	6,826
Long-Term Debt, unpaid principal balance		$ 5,200	$ 6,241

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unconditional Purchase Obligation [Line Items]
Purchase Obligation	$ 74,283
Rent expenses for operating leases	95	$ 100	$ 61
Mortgage commitment derivatives
Unconditional Purchase Obligation [Line Items]
Purchase Obligation	$ 74,000

Commitments and Contingencies Fiscal Year Maturity Schedule (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unconditional Purchase Obligation [Line Items]
Operating Leases, Rent Expense	$ 95	$ 100	$ 61
Loans and Mortgage-Related Securities [Abstract]
2020	74,283
2021	0
2022	0
2023	0
2024	0
Thereafter	0
Total	74,283
Operating Leases [Abstract]
2020	59
2021	55
2022	56
2023	49
2024	50
Thereafter	475
Total	744
Other [Abstract]
2020	109
2021	40
2022	6
2023	0
2024	0
Thereafter	0
Total	155
Mortgage commitment derivatives
Loans and Mortgage-Related Securities [Abstract]
Total	$ 74,000

Selected Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest income:
Trading securities	$ 350	$ 418	$ 432	$ 427	$ 419	$ 363	$ 318	$ 236	$ 1,627	$ 1,336	$ 706
Available-for-sale securities	37	40	45	53	55	54	50	71	175	230	335
Mortgage loans interest income	28,759	28,858	29,379	29,768	29,541	28,723	28,307	28,034	116,764	114,605	108,319
Interest Income, Federal Funds Sold and Securities Purchased under Agreements to Resell	145	178	257	263	285	166	149	142	843	742	373
Other	43	47	41	32	34	38	33	31	163	136	123
Total interest income	29,334	29,541	30,154	30,543	30,334	29,344	28,857	28,514	119,572	117,049	109,856
Interest expense:
Short-term debt interest expense	(132)	(125)	(119)	(125)	(137)	(114)	(110)	(107)	(501)	(468)	(250)
Long-term debt interest expense	(23,352)	(24,187)	(24,885)	(25,685)	(25,224)	(23,861)	(23,370)	(23,175)	(98,109)	(95,630)	(88,873)
Total interest expense	(23,484)	(24,312)	(25,004)	(25,810)	(25,361)	(23,975)	(23,480)	(23,282)	(98,610)	(96,098)	(89,123)
Net interest income	5,850	5,229	5,150	4,733	4,973	5,369	5,377	5,232	20,962	20,951	20,733
Benefit (provision) for credit losses	279	1,857	1,225	650	1,080	716	1,296	217	4,011	3,309	2,041
Net interest income after benefit for credit losses	6,129	7,086	6,375	5,383	6,053	6,085	6,673	5,449	24,973	24,260	22,774
Investment gains (losses), net	923	253	461	133	259	166	277	250	1,770	952	1,522
Fair value gains (losses), net	84	(713)	(754)	(831)	(539)	386	229	1,045	(2,214)	1,121	(1,211)
Fee and other income	301	402	246	227	149	271	239	320	1,176	979	2,227
Non-interest income	1,308	(58)	(47)	(471)	(131)	823	745	1,615	732	3,052	2,538
Salaries and employee benefits	(363)	(361)	(376)	(386)	(350)	(355)	(365)	(381)	(1,486)	(1,451)	(1,328)
Professional services	(268)	(241)	(233)	(225)	(288)	(247)	(254)	(243)	(967)	(1,032)	(933)
Other administrative expenses	(155)	(147)	(135)	(133)	(176)	(138)	(136)	(126)	(570)	(576)	(476)
Total administrative expenses	(786)	(749)	(744)	(744)	(814)	(740)	(755)	(750)	(3,023)	(3,059)	(2,737)
Foreclosed property expense	(151)	(96)	(128)	(140)	(157)	(159)	(139)	(162)	(515)	(617)	(521)
Temporary Payroll Cut Continuation Act of 2011 (TCCA) fees	(626)	(613)	(600)	(593)	(586)	(576)	(565)	(557)	(2,432)	(2,284)	(2,096)
Other expenses, net	(644)	(571)	(535)	(408)	(307)	(377)	(366)	(203)	(2,158)	(1,253)	(1,511)
Total expenses	(2,207)	(2,029)	(2,007)	(1,885)	(1,864)	(1,852)	(1,825)	(1,672)	(8,128)	(7,213)	(6,865)
Income before federal income taxes	5,230	4,999	4,321	3,027	4,058	5,056	5,593	5,392	17,577	20,099	18,447
Provision for federal income taxes	(865)	(1,036)	(889)	(627)	(828)	(1,045)	(1,136)	(1,131)	(3,417)	(4,140)	(15,984)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	4,365	3,963	3,432	2,400	3,230	4,011	4,457	4,261	14,160	15,959	2,463
Dividends distributed or available for distribution to senior preferred stockholder	(4,266)	(3,977)	(3,365)	(2,361)	(3,241)	(3,975)	(4,459)	(938)	(13,969)	(12,613)	(8,944)
Net income (loss) attributable to common stockholders	$ 99	$ (14)	$ 67	$ 39	$ (11)	$ 36	$ (2)	$ 3,323	$ 191	$ 3,346	$ (6,481)
Earnings (loss) per share: Basic	$ 0.02	$ 0.00	$ 0.01	$ 0.01	$ 0.00	$ 0.01	$ 0.00	$ 0.58	$ 0.03	$ 0.58	$ (1.12)
Earnings (loss) per share: Diluted	$ 0.02	$ 0.00	$ 0.01	$ 0.01	$ 0.00	$ 0.01	$ 0.00	$ 0.56	$ 0.03	$ 0.57	$ (1.12)
Weighted-average common shares outstanding: Basic	5,762	5,762	5,762	5,762	5,762	5,762	5,762	5,762	5,762	5,762	5,762
Weighted-average common shares outstanding: Diluted	5,893	5,762	5,893	5,893	5,762	5,893	5,762	5,893	5,893	5,893	5,762

Fair Value Levels Hierarchy (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets [Abstract]
Mortgage loans held for investment, at fair value	$ 7,825	$ 8,922
Other assets [Abstract]
Derivative asset, gross amount offset	(1,288)	(2,266)
Other liabilities [Abstract]
Derivative liabilities, gross amount offset	(1,694)	(2,315)
Mortgage commitment derivatives
Other assets [Abstract]
Derivative asset, gross amount offset	0	0
Other liabilities [Abstract]
Derivative liabilities, gross amount offset	0	0
Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	5,687	6,826
Consolidated Trusts [Member]
Liabilities [Abstract]
Long-term debt, fair value	21,880	23,753
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Trading securities	39,501	35,502
Available-for-sale securities	0	0
Mortgage loans held for investment, at fair value	0	0
Other assets [Abstract]
Derivative assets at fair value	0	0
Total assets at fair value	89,558	69,575
Other liabilities [Abstract]
Derivatives liabilities at fair value	0	0
Total liabilities at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Consolidated Trusts [Member]
Liabilities [Abstract]
Long-term debt, fair value	0	0
Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Trading securities	8,576	6,332
Available-for-sale securities	1,612	2,477
Mortgage loans held for investment, at fair value	3,270,535	2,990,104
Other assets [Abstract]
Derivative assets at fair value	1,360	2,515
Total assets at fair value	3,313,691	3,053,308
Other liabilities [Abstract]
Derivatives liabilities at fair value	2,092	3,077
Total liabilities at fair value	3,506,144	3,303,620
Significant Other Observable Inputs (Level 2) [Member] \| Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	164,144	211,403
Significant Other Observable Inputs (Level 2) [Member] \| Consolidated Trusts [Member]
Liabilities [Abstract]
Long-term debt, fair value	3,312,763	3,064,239
Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Trading securities	46	33
Available-for-sale securities	792	952
Mortgage loans held for investment, at fair value	127,650	216,404
Other assets [Abstract]
Derivative assets at fair value	199	209
Total assets at fair value	136,048	225,812
Other liabilities [Abstract]
Derivatives liabilities at fair value	37	15
Total liabilities at fair value	32,362	39,950
Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	401	771
Significant Unobservable Inputs (Level 3) [Member] \| Consolidated Trusts [Member]
Liabilities [Abstract]
Long-term debt, fair value	31,827	39,043
Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure		748
Assets [Abstract]
Trading securities	48,123	41,867
Available-for-sale securities	2,404	3,429
Mortgage loans held for investment, at fair value	7,825	8,922
Other assets [Abstract]
Derivative asset, gross amount offset	(1,288)	(2,266)
Derivative assets at fair value	271	458
Total assets at fair value	58,623	55,424
Liabilities [Abstract]
Long-term debt, fair value	27,567	30,579
Other liabilities [Abstract]
Derivatives liabilities at fair value	435	777
Derivative liabilities, gross amount offset	(1,694)	(2,315)
Total liabilities at fair value	28,002	31,356
Recurring Fair Value Measurements [Member] \| Swaps [Member]
Other assets [Abstract]
Derivative assets at fair value	1,230	2,077
Other liabilities [Abstract]
Derivatives liabilities at fair value	1,347	2,091
Recurring Fair Value Measurements [Member] \| Swaptions [Member]
Other assets [Abstract]
Derivative assets at fair value	124	211
Other liabilities [Abstract]
Derivatives liabilities at fair value	451	342
Recurring Fair Value Measurements [Member] \| Credit enhancement derivatives
Other assets [Abstract]
Derivative assets at fair value	40	57
Other liabilities [Abstract]
Derivatives liabilities at fair value	25	11
Recurring Fair Value Measurements [Member] \| Mortgage commitment derivatives
Other assets [Abstract]
Derivative assets at fair value	165	379
Other liabilities [Abstract]
Derivatives liabilities at fair value	306	648
Recurring Fair Value Measurements [Member] \| Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	5,687	6,826
Recurring Fair Value Measurements [Member] \| Fannie Mae [Member] \| Senior floating [Member]
Liabilities [Abstract]
Long-term debt, fair value	5,687	6,826
Recurring Fair Value Measurements [Member] \| Consolidated Trusts [Member]
Liabilities [Abstract]
Long-term debt, fair value	21,880	23,753
Recurring Fair Value Measurements [Member] \| Fannie Mae [Member]
Assets [Abstract]
Trading securities	3,424	1,467
Available-for-sale securities	1,520	1,797
Recurring Fair Value Measurements [Member] \| Other agency [Member]
Assets [Abstract]
Trading securities	4,490	3,503
Available-for-sale securities	198	256
Recurring Fair Value Measurements [Member] \| Alt-A and subprime private-label securities [Member]
Assets [Abstract]
Trading securities	629	1,306
Available-for-sale securities	57	592
Recurring Fair Value Measurements [Member] \| Mortgage revenue bonds [Member]
Assets [Abstract]
Available-for-sale securities	315	434
Recurring Fair Value Measurements [Member] \| Other [Member]
Assets [Abstract]
Available-for-sale securities	314	350
Recurring Fair Value Measurements [Member] \| U.S. Treasury Securities [Member]
Assets [Abstract]
Trading securities	39,501	35,502
Recurring Fair Value Measurements [Member] \| Debt Security, Corporate, US [Member]
Assets [Abstract]
Trading securities	79	89
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure		748
Assets [Abstract]
Trading securities	39,501	35,502
Available-for-sale securities	0	0
Mortgage loans held for investment, at fair value	0	0
Other assets [Abstract]
Derivative assets at fair value	0	0
Total assets at fair value	39,501	36,250
Liabilities [Abstract]
Long-term debt, fair value	0	0
Other liabilities [Abstract]
Derivatives liabilities at fair value	0	0
Total liabilities at fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Swaps [Member]
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivatives liabilities at fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Swaptions [Member]
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivatives liabilities at fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Credit enhancement derivatives
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivatives liabilities at fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Mortgage commitment derivatives
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivatives liabilities at fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fannie Mae [Member] \| Senior floating [Member]
Liabilities [Abstract]
Long-term debt, fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Consolidated Trusts [Member]
Liabilities [Abstract]
Long-term debt, fair value	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fannie Mae [Member]
Assets [Abstract]
Trading securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Other agency [Member]
Assets [Abstract]
Trading securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Alt-A and subprime private-label securities [Member]
Assets [Abstract]
Trading securities	0	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Mortgage revenue bonds [Member]
Assets [Abstract]
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Other [Member]
Assets [Abstract]
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. Treasury Securities [Member]
Assets [Abstract]
Trading securities	39,501	35,502
Recurring Fair Value Measurements [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Debt Security, Corporate, US [Member]
Assets [Abstract]
Trading securities	0	0
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure		0
Assets [Abstract]
Trading securities	8,576	6,332
Available-for-sale securities	1,612	2,477
Mortgage loans held for investment, at fair value	7,137	7,985
Other assets [Abstract]
Derivative assets at fair value	1,360	2,515
Total assets at fair value	18,685	19,309
Liabilities [Abstract]
Long-term debt, fair value	27,094	30,027
Other liabilities [Abstract]
Derivatives liabilities at fair value	2,092	3,077
Total liabilities at fair value	29,186	33,104
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Swaps [Member]
Other assets [Abstract]
Derivative assets at fair value	1,071	1,962
Other liabilities [Abstract]
Derivatives liabilities at fair value	1,346	2,089
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Swaptions [Member]
Other assets [Abstract]
Derivative assets at fair value	124	211
Other liabilities [Abstract]
Derivatives liabilities at fair value	440	342
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Credit enhancement derivatives
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivatives liabilities at fair value	0	0
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Mortgage commitment derivatives
Other assets [Abstract]
Derivative assets at fair value	165	342
Other liabilities [Abstract]
Derivatives liabilities at fair value	306	646
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	5,289	6,475
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Fannie Mae [Member] \| Senior floating [Member]
Liabilities [Abstract]
Long-term debt, fair value	5,289	6,475
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Consolidated Trusts [Member]
Liabilities [Abstract]
Long-term debt, fair value	21,805	23,552
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Fannie Mae [Member]
Assets [Abstract]
Trading securities	3,379	1,435
Available-for-sale securities	1,349	1,645
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Other agency [Member]
Assets [Abstract]
Trading securities	4,489	3,503
Available-for-sale securities	198	256
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Alt-A and subprime private-label securities [Member]
Assets [Abstract]
Trading securities	629	1,305
Available-for-sale securities	57	568
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Mortgage revenue bonds [Member]
Assets [Abstract]
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Other [Member]
Assets [Abstract]
Available-for-sale securities	8	8
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| U.S. Treasury Securities [Member]
Assets [Abstract]
Trading securities	0	0
Recurring Fair Value Measurements [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Debt Security, Corporate, US [Member]
Assets [Abstract]
Trading securities	79	89
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure		0
Assets [Abstract]
Trading securities	46	33
Available-for-sale securities	792	952
Mortgage loans held for investment, at fair value	688	937
Other assets [Abstract]
Derivative assets at fair value	199	209
Total assets at fair value	1,725	2,131
Liabilities [Abstract]
Long-term debt, fair value	473	552
Other liabilities [Abstract]
Derivatives liabilities at fair value	37	15
Total liabilities at fair value	510	567
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Swaps [Member]
Other assets [Abstract]
Derivative assets at fair value	159	115
Other liabilities [Abstract]
Derivatives liabilities at fair value	1	2
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Swaptions [Member]
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivatives liabilities at fair value	11	0
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Credit enhancement derivatives
Other assets [Abstract]
Derivative assets at fair value	40	57
Other liabilities [Abstract]
Derivatives liabilities at fair value	25	11
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Mortgage commitment derivatives
Other assets [Abstract]
Derivative assets at fair value	0	37
Other liabilities [Abstract]
Derivatives liabilities at fair value	0	2
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member]
Liabilities [Abstract]
Long-term debt, fair value	398	351
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member] \| Senior floating [Member]
Liabilities [Abstract]
Long-term debt, fair value	398	351
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Consolidated Trusts [Member]
Liabilities [Abstract]
Long-term debt, fair value	75	201
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fannie Mae [Member]
Assets [Abstract]
Trading securities	45	32
Available-for-sale securities	171	152
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Other agency [Member]
Assets [Abstract]
Trading securities	1	0
Available-for-sale securities	0	0
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Alt-A and subprime private-label securities [Member]
Assets [Abstract]
Trading securities	0	1
Available-for-sale securities	0	24
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Mortgage revenue bonds [Member]
Assets [Abstract]
Available-for-sale securities	315	434
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Other [Member]
Assets [Abstract]
Available-for-sale securities	306	342
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| U.S. Treasury Securities [Member]
Assets [Abstract]
Trading securities	0	0
Recurring Fair Value Measurements [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Debt Security, Corporate, US [Member]
Assets [Abstract]
Trading securities	$ 0	$ 0