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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from   to   
Commission file number: 0-50231
Federal National Mortgage Association
(Exact name of registrant as specified in its charter)
Fannie Mae
Federally chartered corporation
52-0883107
1100 15th Street, NW


800232-6643
Washington,DC20005
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
(Address of principal executive offices, including zip code)(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneN/AN/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
As of March 31, 2020, there were 1,158,087,567 shares of common stock of the registrant outstanding.



TABLE OF CONTENTS
Page
PART I—Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
PART II—Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
Fannie Mae First Quarter 2020 Form 10-Q
i

MD&A | Introduction

PART I—FINANCIAL INFORMATION
Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations
We have been under conservatorship, with the Federal Housing Finance Agency (“FHFA”) acting as conservator, since September 6, 2008. As conservator, FHFA succeeded to all rights, titles, powers and privileges of the company, and of any shareholder, officer or director of the company with respect to the company and its assets. The conservator has since provided for the exercise of certain authorities by our Board of Directors. Our directors do not have any fiduciary duties to any person or entity except to the conservator and, accordingly, are not obligated to consider the interests of the company, the holders of our equity or debt securities, or the holders of Fannie Mae MBS unless specifically directed to do so by the conservator.
We do not know when or how the conservatorship will terminate, what further changes to our business will be made during or following 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 or whether we will continue to exist following conservatorship. The U.S. Department of the Treasury (“Treasury”) released a plan in September 2019 for housing finance reform (the “Treasury plan”) that includes recommendations related to ending our conservatorship. Congress and the Administration continue to consider options for reform of the housing finance system, including Fannie Mae. We are not permitted to retain more than $25 billion in capital reserves or to pay dividends or other distributions to stockholders other than Treasury. Our agreements with Treasury include covenants that significantly restrict our business activities. For additional information on the conservatorship, the uncertainty of our future, our agreements with Treasury, and recent developments relating to housing finance reform, see “Business—Conservatorship, Treasury Agreements and Housing Finance Reform” in our Form 10-K for the year ended December 31, 2019 (“2019 Form 10-K”) and “Risk Factors” in our 2019 Form 10-K and in this report.
You should read this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) in conjunction with our unaudited condensed consolidated financial statements and related notes in this report and the more detailed information in our 2019 Form 10-K. You can find a “Glossary of Terms Used in This Report” in our 2019 Form 10-K.
Forward-looking statements in this report are based on management’s current expectations and are subject to significant uncertainties and changes in circumstances, as we describe in “Forward-Looking Statements.” Future events and our future results may differ materially from those reflected in our forward-looking statements due to a variety of factors, including those discussed in “Risk Factors” and elsewhere in this report and in our 2019 Form 10-K.
Introduction
Fannie Mae is a leading source of financing for mortgages in the United States. Our revenues are primarily driven by guaranty fees we receive for managing the credit risk on loans underlying the mortgage-backed securities we issue. Our mission is to provide a stable source of liquidity to support housing in the U.S. for low- and moderate-income borrowers and renters. We operate in the secondary mortgage market, primarily working with lenders, who originate loans to borrowers. We do not originate loans or lend money directly to borrowers in the primary mortgage market. Instead, we securitize mortgage loans originated by lenders into Fannie Mae mortgage-backed securities that we guarantee (which we refer to as Fannie Mae MBS or our MBS); 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 support access to credit and the supply of affordable housing.
Through our single-family and multifamily business segments, we provided $204.6 billion in liquidity to the mortgage market in the first quarter of 2020, which enabled the financing of approximately 854,000 home purchases, refinancings or rental units.
Fannie Mae Provided $204.6 Billion in Liquidity in the First Quarter of 2020
Unpaid Principal BalanceUnits
$68.8B256K
Single-Family Home Purchases
$121.7B439K
Single-Family Refinancings
$14.1B159K
Multifamily Rental Units
Fannie Mae First Quarter 2020 Form 10-Q
1

MD&A | Executive Summary
Executive Summary
Summary of Our Financial Performance
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The decrease in our net income in the first quarter of 2020, compared with the first quarter of 2019, was primarily driven by a shift from credit-related income to credit-related expense driven by the economic dislocation caused by the COVID-19 outbreak, partially offset by an increase in net interest income and a decrease in fair value losses. See “Consolidated Results of Operations” for more information on our financial results.
Net worth. Our net worth declined from $14.6 billion as of December 31, 2019 to $13.9 billion as of March 31, 2020. Although we had comprehensive income of $476 million for the first quarter of 2020, we had a charge of $1.1 billion to retained earnings due to our implementation of Accounting Standards Update 2016-13, Financial Instruments—Credit Losses, Measurement of Credit Losses on Financial Instruments and related amendments (the “CECL standard”) on January 1, 2020, resulting in a $663 million decline in our net worth during the period. See “Note 1, Summary of Significant Accounting Policies—New Accounting Guidance—The Current Expected Credit Loss Standard” for further details.
Changes in our net worth can be significantly impacted by market conditions that affect our net interest income; fluctuations in the estimated fair value of our derivatives and other financial instruments that we mark to market through our earnings; developments that affect our loss reserves, such as changes in interest rates, home prices or accounting standards, or events such as natural disasters or pandemics; and other factors, as we discuss in “Risk Factors” and “Consolidated Results of Operations” in our 2019 Form 10-K and in this report.
Financial performance. Our long-term financial performance will depend on many factors, including:
the size of and our share of the U.S. mortgage market, which in turn will depend upon macroeconomic factors such as population growth, household formation and housing supply;
borrower performance and changes in macroeconomic factors, including home prices and interest rates; and
actions by FHFA, the Administration and Congress relating to our business and housing finance reform, including the capital requirements that will be applicable to us, our ongoing financial obligations to Treasury, potential restrictions on our activities and our business footprint, our competitive environment, and actions we are required to take to support borrowers or the mortgage market.
Quarterly fluctuations in acquisition volumes, market share, guaranty fees, or acquisition credit characteristics in any one period typically have limited impact on the size and stability of our conventional guaranty book of business and the associated revenue, profitability, and credit quality.
As described further in “COVID-19 Impact” and “Risk Factors,” the COVID-19 outbreak has significantly affected our financial performance and we expect that it will continue to do so. Given the unprecedented nature of the COVID-19 outbreak and the fast pace at which new developments relating to the outbreak are occurring, it is difficult to assess or predict the short-term or long-term effects of the outbreak on our financial performance.
Fannie Mae First Quarter 2020 Form 10-Q
2

MD&A | Executive Summary
Net Worth, Treasury Funding and Senior Preferred Stock Dividends
Treasury has made a commitment under a senior preferred stock purchase agreement to provide funding to us under certain circumstances if we have a net worth deficit. Pursuant to the senior preferred stock purchase agreement, we issued shares of senior preferred stock to Treasury in 2008.
Under the terms of the senior preferred stock, we will not owe senior preferred stock dividends to Treasury until we have accumulated over $25 billion in net worth as of the end of a quarter. Accordingly, no dividends were payable to Treasury for the first quarter of 2020, and none are payable for the second quarter of 2020.
The charts below show information about our net worth, the remaining amount of Treasury’s funding commitment to us, senior preferred stock dividends we have paid Treasury and funds we have drawn from Treasury pursuant to its funding commitment.
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(1)Aggregate amount of dividends we have paid to Treasury on the senior preferred stock from 2008 through March 31, 2020. Under the terms of the senior preferred stock purchase agreement, dividend payments we make to Treasury do not offset our draws of funds from Treasury.
(2)Aggregate amount of funds we have drawn from Treasury pursuant to the senior preferred stock purchase agreement from 2008 through March 31, 2020.
The aggregate liquidation preference of the senior preferred stock increased 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. Because our net worth did not increase during the first quarter of 2020, the aggregate liquidation preference of the senior preferred stock will remain at $135.4 billion as of June 30, 2020.
If we were to draw additional funds from Treasury under the senior preferred stock purchase agreement with respect to a future period, the amount of remaining funding under the agreement would be reduced by the amount of our draw, and the aggregate liquidation preference of the senior preferred stock would increase by the amount of our draw. For a description of the terms of the senior preferred stock purchase agreement and the senior preferred stock, see “Business—Conservatorship, Treasury Agreements and Housing Finance Reform” in our 2019 Form 10-K.
Treasury owns our senior preferred stock and a warrant to purchase 79.9% of our common stock. Treasury has also made a commitment under the senior preferred stock purchase agreement to provide us with funds to maintain a positive net worth under specified conditions. However, the U.S. government does not guarantee our securities or other obligations.

Fannie Mae First Quarter 2020 Form 10-Q
3

MD&A | Executive Summary
COVID-19 Impact
On March 11, 2020, the World Health Organization characterized COVID-19, a new respiratory disease caused by a novel coronavirus, as a pandemic, and on March 13, 2020, President Trump declared the COVID-19 outbreak in the United States a national emergency. The COVID-19 outbreak in the United States has expanded in recent weeks, and has resulted in stay-at-home orders, school closures and widespread business shutdowns across the country. The COVID-19 outbreak had a significant impact on our business and financial results in the first quarter of 2020, and we expect that it will continue to do so. We provide a brief overview below of the economic impact of the outbreak, our response to the outbreak, and the outbreak's impact on our business and financial results, with references to where these items are discussed in more detail in this report. We also highlight below the many uncertainties relating to the impact of the COVID-19 outbreak.
Economic Impact
The COVID-19 outbreak has caused substantial financial market volatility in recent weeks and has significantly adversely affected both the U.S. and the global economy. The extensive shutdowns and other reductions in business activity across the country and globally have substantially increased unemployment levels. The federal government is taking many actions to reduce the negative economic impact of the COVID-19 outbreak. For example, the Federal Reserve has lowered the federal funds rate and is increasing its purchases of Treasury and mortgage-backed securities, purchasing corporate debt securities, and establishing and expanding liquidity facilities to support the flow of credit to consumers and businesses. In addition, the federal government has passed legislation increasing and expanding unemployment benefits, providing direct cash payments to eligible taxpayers, and allocating funds to assist businesses, states, and municipalities. However, the extent to which these actions will mitigate the short-term and long-term negative impacts of the COVID-19 outbreak on the U.S. economy and our business is unclear. The outbreak has already resulted in a contraction in U.S. gross domestic product (“GDP”) for the first quarter of 2020, and could result in a sustained drop in the level of U.S. economic activity.
We expect the COVID-19 outbreak to significantly negatively impact GDP, unemployment rates, and home price growth in 2020. See “Key Market Economic Indicators” for information on macroeconomic conditions during the first quarter of 2020 and our current forecasts regarding future macroeconomic conditions.
Fannie Mae Response
We are taking a number of actions to help borrowers, renters, lenders and servicers manage the negative impact of the COVID-19 outbreak, including providing forbearance to single-family and multifamily borrowers with COVID-19-related financial hardships, suspending foreclosure-related activities, providing lenders and servicers temporary flexibilities for certain of our Selling Guide and Servicing Guide requirements, and providing liquidity to lenders by purchasing loans through our whole loan conduit. See “Single-Family Business—Single-Family Mortgage Credit Risk Management” and “Multifamily Business—Multifamily Mortgage Credit Risk Management” for more information on the actions we are taking to help borrowers, renters, lenders and servicers in response to the COVID-19 outbreak. Also see “Legislation and Regulation” for a discussion of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which contains a number of provisions aimed at providing relief for borrowers and renters experiencing financial hardship caused by the COVID-19 outbreak that apply to the loans we guarantee, and for a discussion of a change to our Single-Family Servicing Guide to provide stability and clarity to mortgage servicers regarding their obligations to advance missed borrower payments.
We have also taken steps to protect the safety and resiliency of our workforce. We have required nearly all of our workforce to work remotely since mid-March and continue to assess when it will be safe for employees to return to the office. To date, our business resiliency plans and technology systems have effectively supported this company-wide telework arrangement.
Impact on our Business and Financial Results
The economic dislocation caused by the COVID-19 outbreak was the primary driver of the decline in our net income in the first quarter of 2020, as compared with the first quarter of 2019. We significantly increased our allowance for loan losses to reflect the loan losses we currently expect as a result of the outbreak, which resulted in substantial credit-related expenses for the quarter. We expect the impact of the outbreak to continue to negatively affect our financial results and contribute to lower net income in 2020 than in 2019. We could have a net loss in one or more future periods or possibly could have a net worth deficit that requires a draw from Treasury under the senior preferred stock purchase agreement. See “Consolidated Results of Operations,” “Single-Family Business” and “Multifamily Business” for more information on our financial results for the first quarter of 2020.
The volatile market conditions in recent weeks have also adversely affected our ability to issue credit risk transfer securities, as described in “Single-Family Business—Single-Family Mortgage Credit Risk Management—Single-Family Credit Enhancement and Transfer of Mortgage Credit Risk” and “Multifamily Business—Multifamily Mortgage Credit Risk Management—Transfer of Multifamily Mortgage Credit Risk.”
Also see “Retained Mortgage Portfolio,” “Liquidity and Capital Management” and “Risk Management” for discussions of the impact of the COVID-19 outbreak on our business.
Fannie Mae First Quarter 2020 Form 10-Q
4

MD&A | Executive Summary
Risks and Uncertainties
Our current forecasts and expectations relating to the impact of the COVID-19 outbreak are subject to many uncertainties and may change, perhaps substantially. It is difficult to assess or predict the impact of this unprecedented event on our business, financial results or financial condition. Factors that will impact the extent to which the COVID-19 outbreak affects our business, financial results and financial condition include: the duration, spread and severity of the outbreak; the actions taken to contain the virus or treat its impact, including government actions to mitigate the economic impact of the outbreak; the nature and extent of the forbearance and modification options we offer borrowers affected by the outbreak; accounting elections and estimates relating to the impact of the COVID-19 outbreak; borrower and renter behavior in response to the outbreak and its economic impact; how quickly and to what extent normal economic and operating conditions can resume, including whether any future outbreaks interrupt economic recovery; and how quickly and to what extent affected borrowers, renters and counterparties can recover from the negative economic impact of the outbreak. See “Risk Factors” for a discussion of the risks to our business, financial results and financial condition relating to the COVID-19 outbreak. See “Forward-Looking Statements” for a discussion of factors that could cause actual conditions, events or results to differ materially from those described in our forecasts, expectations and other forward-looking statements in this report.
Legislation and Regulation
The information in this section updates and supplements information regarding legislative and regulatory developments affecting our business set forth in “Business—Conservatorship, Treasury Agreements and Housing Finance Reform” and “Business—Charter Act and Regulation” in our 2019 Form 10-K. Also see “Risk Factors” in this report and in our 2019 Form 10-K for discussions of risks relating to legislative and regulatory matters.
CARES Act
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act, referred to as the CARES Act, was enacted. The CARES Act is an economic stimulus bill that provides relief for individuals and businesses negatively affected by the COVID-19 outbreak. The CARES Act includes a number of provisions that apply to the loans we guarantee, including provisions requiring that our servicers:
provide forbearance (that is, a temporary suspension of the borrower’s monthly mortgage payments) for up to 360 days upon the request of any single-family borrower experiencing a financial hardship caused by the COVID-19 outbreak, regardless of the borrower’s delinquency status and with no additional documentation required other than the borrower’s attestation to a financial hardship caused by the COVID-19 outbreak;
provide forbearance for up to 90 days upon the request of any multifamily borrower experiencing a documented financial hardship due to the COVID-19 outbreak that was current on its payments as of February 1, 2020; during the forbearance period, multifamily borrowers may not evict tenants for nonpayment, issue notices to vacate, or charge fees for late payment of rent; and
suspend foreclosures and foreclosure-related evictions for single-family properties through May 17, 2020, other than for vacant or abandoned properties.
The CARES Act also instituted a temporary moratorium through July 25, 2020 on tenant evictions for nonpayment of rent that applies to any single-family or multifamily property that secures a mortgage loan we own or guarantee.
See “Single-Family Business—Single-Family Mortgage Credit Risk Management” and “Multifamily Business—Multifamily Mortgage Credit Risk Management” for more information on the actions we are taking to provide forbearance and suspend foreclosures and evictions pursuant to the CARES Act, FHFA directives, and other legal requirements.
The CARES Act also allows financial institutions to elect temporary relief relating to the accounting for troubled debt restructurings (“TDRs”). The CARES Act provides that a financial institution may elect to suspend the TDR requirements under U.S. generally accepted accounting principles (“GAAP”) for certain loss mitigation activities, including forbearance and loan modifications, related to the COVID-19 pandemic that occur between March 1, 2020 through the earlier of December 31, 2020 or 60 days after the date on which the COVID-19 outbreak national emergency terminates, as long as the loan was not more than 30 days delinquent as of December 31, 2019. As described in “Note 1, Summary of Significant Accounting Policies,” we have elected this option for temporary TDR relief for COVID-19-related loss mitigation activities.
In addition to the requirements applicable to us, the CARES Act also contains many provisions designed to mitigate the negative economic impact of the COVID-19 outbreak. Some of these provisions may improve the ability of impacted borrowers to pay their mortgage loans and renters to pay their rent, including direct cash payments to eligible taxpayers below specified income limits, expanded unemployment insurance benefits and eligibility, and relief designed to prevent layoffs and business closures at small businesses.
Fannie Mae First Quarter 2020 Form 10-Q
5

MD&A | Legislation and Regulation
State and Local Government Responses to COVID-19
To slow the spread of the COVID-19 outbreak, many states and localities have issued stay-at-home orders requiring non-essential businesses to close. Across the nation, states are following different practices in determining which mortgage-related businesses, title companies, courts, county recording offices, and other such operations are essential and should remain open, which is contributing to uncertainty and delays in some mortgage refinances and originations.
Many states and localities are continuing to issue executive orders and propose legislation requiring mortgage forbearance, foreclosure and eviction moratoriums, and rent flexibilities. These executive orders and proposals vary significantly in duration and scope. Some of these orders and proposals provide borrower or renter relief that goes beyond the scope of the CARES Act. In addition, due to growing concern that renters will not be able to meet their monthly rental payments as the COVID-19 emergency continues, some states and localities are considering rent freezes or rent forgiveness during the emergency’s duration. Actions taken by federal, state or local lawmakers to provide additional relief to borrowers and renters during the COVID-19 outbreak, depending on their scope and whether and to what extent they apply to our business, could negatively affect our business and financial results.
FHFA Instructions on Servicer Advance Requirement and Loan Removal Policy
In April 2020, FHFA instructed us to reduce our single-family servicers’ current obligations to advance missed borrower payments to MBS trusts. Currently, for the majority of our single-family guaranty book of business, when borrowers do not pay their mortgages, our Single-Family Servicing Guide generally requires servicers to advance the missed scheduled principal and interest payments to MBS trusts for payment to MBS holders until the loans are purchased from the MBS trusts. Since we typically do not purchase loans from MBS trusts while they are in forbearance, this servicer payment obligation could continue for an extended period of time. To provide servicers with stability and clarity regarding their payment obligations and to align our servicer advance requirement with Freddie Mac, FHFA’s instructions require that, effective August 2020, we cease requiring servicers to advance missed scheduled principal and interest payments after four months of missed borrower payments on a loan. After this time, we will make the missed scheduled principal and interest payments to the MBS trust for payment to MBS holders so long as the loan remains in the MBS trust.
FHFA also issued an instruction in April 2020 requiring that loans subject to forbearance plans must remain in MBS trusts to the extent permitted by the trust documents. Our current policies already provide that we generally do not purchase loans in forbearance plans from MBS trusts, so this did not require a change to our current policies.
Stress Testing
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) requires certain financial companies to conduct annual stress tests to determine whether the companies have the capital necessary to absorb losses as a result of adverse economic conditions. In March 2020, FHFA amended its regulation relating to this requirement. Under the previous version of FHFA’s stress testing regulation, each year we were required to conduct a stress test using three different scenarios of financial conditions provided by FHFA: baseline, adverse and severely adverse. Consistent with actions taken by other U.S. financial services regulators, FHFA’s amended stress testing regulation eliminated the adverse scenario from the list of required scenarios.
Duty to Serve Plan Extension
In March 2020, in light of COVID-19, FHFA notified us that it has extended until September 1, 2020 the deadline for the submission of our draft duty to serve underserved markets plan for 2021-2023.
Fannie Mae First Quarter 2020 Form 10-Q
6

MD&A | Key Market Economic Indicators

Key Market Economic Indicators
Below we discuss how varying macroeconomic conditions can significantly influence our financial results across different business and economic environments.
Selected Benchmark Interest Rates
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(1)According to Bloomberg.
(2)Secured Overnight Financing Rate (“SOFR”) began April 2018.
(3)Refers to the U.S. weekly average fixed-rate mortgage rate according to Freddie Mac's Primary Mortgage Market Survey®. These rates are reported using the latest available data for a given period.
How interest rates can affect our financial results
Net interest income. In a rising interest-rate environment, our mortgage loans tend to prepay more slowly, which typically results in lower net amortization income from cost basis adjustments on mortgage loans and related debt. Conversely, in a declining interest-rate environment, our mortgage loans tend to prepay faster, typically resulting in higher net amortization income from cost basis adjustments on mortgage loans and related debt.
Fair value gains (losses). We have exposure to fair value gains and losses resulting from changes in interest rates, primarily through our risk management derivatives and mortgage commitment derivatives, which we mark to market. Generally, we experience fair value losses when swap rates decrease and fair value gains when swap rates increase; however, because the composition of our derivative position varies across the yield curve, different yield curve changes (e.g., parallel, steepening or flattening) will generate different gains and losses. We are preparing to implement hedge accounting to reduce the impact of interest-rate volatility on our financial results. For additional information on the expected impact of hedge accounting, see “Consolidated Results of Operations—Fair Value Losses, Net.”
Credit-related income (expense). Increases in mortgage interest rates tend to lengthen the expected lives of our loans, which generally increases the impairment and provision for credit losses on such loans. Decreases in mortgage interest rates tend to shorten the expected lives of our loans, which reduces the impairment and provision for credit losses on such loans.
Fannie Mae First Quarter 2020 Form 10-Q
7

MD&A | Key Market Economic Indicators

Single-Family Quarterly Home Price Growth Rate(1)
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(1)Calculated internally using property data on loans purchased by Fannie Mae, Freddie Mac, and other third-party home sales data. Fannie Mae’s home price index is a weighted repeat transactions index, measuring average price changes in repeat sales on the same properties. Fannie Mae’s home price index excludes prices on properties sold in foreclosure. Fannie Mae’s home price estimates are based on preliminary data and are subject to change as additional data become available.
How home prices can affect our financial results
Actual and forecasted home prices impact our provision or benefit for credit losses.
Changes in home prices affect the amount of equity that borrowers have in their homes. Borrowers with less equity typically have higher delinquency and default rates.
As home prices increase, the severity of losses we incur on defaulted loans that we hold or guarantee decreases because the amount we can recover from the properties securing the loans increases. Decreases in home prices increase the losses we incur on defaulted loans.
We currently expect home prices on a national basis will be flat in 2020. While we previously expected home price appreciation on a national basis to moderate slightly in 2020, compared with the 5.1% home price growth rate in 2019, we revised our prior expectation downward due to the impact of the COVID-19 outbreak. We also expect significant regional variation in the timing and rate of home price growth. Our forecasts and expectations relating to the impact of the COVID-19 outbreak are subject to many uncertainties and may change, perhaps substantially, from our current forecasts and expectations. For example, if GDP declines more than we currently expect or the housing market is more sensitive to economic and labor market weakness than we expect, home price growth could contract further with potential declines in annual nominal home prices for 2020. For further discussion on housing activity, see “Single-Family Business—Single-Family Mortgage Market” and “Multifamily Business—Multifamily Mortgage Market.”
New Housing Starts(1)

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(1)According to U.S. Census Bureau and subject to revision.
Fannie Mae First Quarter 2020 Form 10-Q
8

MD&A | Key Market Economic Indicators

How housing activity can affect our financial results
Two key aspects of economic activity that can impact supply and demand for housing and thus mortgage lending are the rate of household formation and new housing construction.
Household formation is a key driver of demand for both single-family and multifamily housing. A newly formed household will either rent or purchase a home. Thus, changes in the pace of household formation can affect prices and credit performance as well as the degree of loss on defaulted loans.
Growth of household formation stimulates homebuilding. Homebuilding has typically been a cyclical leader of broader economic activity contributing to the growth of GDP and to employment. Residential construction activity has historically been a leading indicator, weakening prior to a slowdown in U.S. economic activity and accelerating prior to a recovery. However, the 2008-2009 recession was significantly impacted by real estate and real estate finance. Therefore, various policy responses were targeted to real estate and real estate finance, potentially altering the cyclical performance of the real estate sector. Due to the adverse nature of the current economic situation, the housing sector’s performance may vary from its historical precedent.
In light of the uncertainties surrounding the effects of the COVID-19 outbreak and its impact on the economy, purchase demand is likely to decline as people delay buying homes, which we expect will contribute to a decrease in home construction. We expect single-family housing starts to fall sharply in the second quarter, and we expect full-year 2020 single-family housing starts to decline as well.
A decline in housing starts results in fewer new homes being available for purchase and potentially a lower volume of mortgage originations. Construction activity can also affect credit losses. If the growth of demand exceeds the growth of supply, prices will appreciate and impact the risk profile of newly originated home purchase mortgages, depending on where in the housing cycle the market is. A reduced pace of construction often leads to a broader economic slowdown and signals expected increases in delinquency and losses on defaulted loans.
GDP, Unemployment Rate and Personal Consumption
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(1)GDP growth (decline) and personal consumption growth (decline) are the quarterly series calculated by the Bureau of Economic Analysis and subject to revision.
(2)According to the U.S. Bureau of Labor Statistics and subject to revision.
Fannie Mae First Quarter 2020 Form 10-Q
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MD&A | Key Market Economic Indicators

How GDP, the unemployment rate and personal consumption can affect our financial results
Changes in GDP, the unemployment rate and personal consumption can affect several mortgage market factors, including the demand for both single-family and multifamily housing and the level of loan delinquencies.
Economic growth is a key factor for the performance of mortgage-related assets. In a growing economy, employment and income are rising thus allowing existing borrowers to meet payment requirements, existing homeowners to consider purchasing another home, and renters to consider becoming homeowners. Homebuilding typically increases to meet the rise in demand. Mortgage delinquencies typically fall in an expanding economy, thereby decreasing credit losses.
In a slowing economy, employment and income growth slow and housing activity slows as an early indicator of reduced economic activity. As the slowdown intensifies, households become more conservative and debt repayment takes precedence over consumption, which then falls and accelerates the slowdown. If the slowdown of economic growth turns to recession, employment losses occur impairing the ability of borrowers and renters to meet mortgage and rental payments, and loan delinquencies rise. Home sales and mortgage originations also typically fall in a slowing economy.
Due to the impact of the COVID-19 outbreak, the unemployment rate rose significantly in March and unemployment claims increased sharply in April. We expect this trend to continue for the near term. Additionally, we expect GDP to decline in 2020.
See “Risk Factors—Market and Industry Risk” in our 2019 Form 10-K and “Risk Factors” in this report for further discussion of risks to our business and financial results associated with interest rates, home prices, housing activity and economic conditions.
Fannie Mae First Quarter 2020 Form 10-Q
10

MD&A | Consolidated Results of Operations
Consolidated Results of Operations
This section discusses our condensed consolidated results of operations and should be read together with our condensed consolidated financial statements and the accompanying notes.
Summary of Condensed Consolidated Results of Operations
For the Three Months Ended March 31,
20202019Variance
(Dollars in millions)
Net interest income(1)
$5,347  $4,796  $551  
Fee and other income308  134  174  
Net revenues5,655  4,930  725  
Investment gains (losses), net(158) 133  (291) 
Fair value losses, net(276) (831) 555  
Administrative expenses(749) (744) (5) 
Credit-related income (expenses):
Benefit (provision) for credit losses(2,583) 650  (3,233) 
Foreclosed property expense(80) (140) 60  
Total credit-related income (expenses)(2,663) 510  (3,173) 
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees
(637) (593) (44) 
Credit enhancement expense(2)
(331) (171) (160) 
Other expenses, net(3)
(263) (207) (56) 
Income before federal income taxes578  3,027  (2,449) 
Provision for federal income taxes(117) (627) 510  
Net income$461  $2,400  $(1,939) 
Total comprehensive income$476  $2,361  $(1,885) 
(1)Prior period amounts have been adjusted to reflect the current year change in presentation related to our yield maintenance fees. See “Note 1, Summary of Significant Accounting Policies” for more information about our change in presentation.
(2)Previously included in Other expenses, net. Primarily consists of costs associated with our Credit Insurance Risk TransferTM (“CIRTTM”) and Connecticut Avenue Securities® (“CAS”) programs as well as enterprise-paid mortgage insurance (“EPMI”). See “Note 1, Summary of Significant Accounting Policies” for more information about our change in presentation.
(3)Consists of the following: (a) debt extinguishment losses, net; (b) gains (losses) from partnership investments; and (c) losses on certain guaranty contracts.
Net Interest Income
Our primary source of net interest income is guaranty fees we receive for managing the credit risk on loans underlying Fannie Mae MBS held by third parties.
Guaranty fees consist of two primary components:
base guaranty fees that we receive over the life of the loan; and
upfront fees that we receive at the time of loan acquisition primarily related to single-family loan-level pricing adjustments and other fees we receive from lenders, which are amortized into net interest income as cost basis adjustments over the contractual life of the loan. We refer to this as amortization income.
We recognize almost all of our guaranty fee revenue in net interest income because we consolidate the substantial majority of loans underlying our Fannie Mae MBS in consolidated trusts in our condensed consolidated balance sheets. Those guaranty fees are the primary component of the difference between the interest income on loans in consolidated trusts and the interest expense on the debt of consolidated trusts.
The timing of when we recognize amortization income can vary based on a number of factors, the most significant of which is a change in mortgage interest rates. In a rising interest-rate environment, our mortgage loans tend to prepay more slowly, which typically results in lower net amortization income. Conversely, in a declining interest-rate environment, our mortgage loans tend to prepay faster, typically resulting in higher net amortization income.
We also recognize net interest income on the difference between interest income earned on the assets in our retained mortgage portfolio and our other investments portfolio (collectively, our “portfolios”) and the interest expense associated with the debt that funds those assets. See “Retained Mortgage Portfolio” and “Liquidity and Capital Management—Liquidity Management—Other Investments Portfolio” for more information about our portfolios.
Fannie Mae First Quarter 2020 Form 10-Q
11

MD&A | Consolidated Results of Operations
The table below displays the components of our net interest income from our guaranty book of business, which we discuss in “Guaranty Book of Business,” and from our portfolios. Prior period amounts have been adjusted to reflect the current year change in presentation related to our yield maintenance fees. See “Note 1, Summary of Significant Accounting Policies” for more information about our change in presentation.
Components of Net Interest Income
For the Three Months Ended March 31,
 20202019Variance
(Dollars in millions)
Net interest income from guaranty book of business:
Base guaranty fee income, net of TCCA$2,600  $2,318  $282  
Base guaranty fee income related to TCCA(1)
637  593  44  
Net amortization income1,506  986  520  
Total net interest income from guaranty book of business
4,743  3,897  846  
Net interest income from portfolios604  899  (295) 
Total net interest income$5,347  $4,796  $551  
(1)Revenues generated by the 10 basis point guaranty fee increase we implemented pursuant to the TCCA, the incremental revenue from which is remitted to Treasury and not retained by us.
Net interest income increased in the first quarter of 2020 compared with the first quarter of 2019, driven by higher net amortization income and higher base guaranty fee income, partially offset by lower income from portfolios.
Net amortization income increased in the first quarter of 2020 compared with the first quarter of 2019 as a lower interest-rate environment in the first quarter of 2020 led to increased prepayments on mortgage loans, which accelerated the amortization of cost basis adjustments on mortgage loans of consolidated trusts and the related debt.
Net interest income from base guaranty fees increased in the first quarter of 2020 compared with the first quarter of 2019 due to an increase in the size of our guaranty book of business and loans with higher base guaranty fees comprising a larger part of our guaranty book of business.
Net interest income from portfolios decreased in the first quarter of 2020 compared with the first quarter of 2019 primarily due to sales of reperforming loans as well as liquidations, which have reduced the average balance of our retained mortgage portfolio over time. This was partially offset by a decrease in interest expense on long-term funding debt as the decline in our retained mortgage portfolio reduced our funding needs over the past twelve months. For a discussion of the impact of the COVID-19 outbreak on our funding needs and funding activity, see “Liquidity and Capital Management—Liquidity Management—Debt Funding.”
Analysis of Deferred Amortization Income
We initially recognize mortgage loans and debt of consolidated trusts in our condensed consolidated balance sheet at fair value. The difference between the initial fair value and the carrying value of these instruments is recorded as cost basis adjustments, either as premiums or discounts, in our condensed consolidated balance sheets. We amortize these cost basis adjustments over the contractual lives of the loans or debt. On a net basis, for mortgage loans and debt of consolidated trusts, we are in a premium position with respect to debt of consolidated trusts, which represents deferred income we will recognize in our condensed consolidated statements of operations and comprehensive income as amortization income in future periods.
Deferred Income Represented by Net Premium Position
on Debt of Consolidated Trusts
(Dollars in billions)
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Fannie Mae First Quarter 2020 Form 10-Q
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MD&A | Consolidated Results of Operations
Analysis of Net Interest Income
The table below displays an analysis of our net interest income, average balances, and related yields earned on assets and incurred on liabilities. For most components of the average balances, we use a daily weighted average of unpaid principal balance net of unamortized cost basis adjustments. When daily average balance information is not available, such as for mortgage loans, we use monthly averages. Prior-period amounts have been adjusted to reflect the current-year change in presentation related to our yield maintenance fees. See “Note 1, Summary of Significant Accounting Policies” for more information about our change in presentation.
Analysis of Net Interest Income and Yield(1)
For the Three Months Ended March 31,
20202019
Average
Balance
Interest
Income/
(Expense)
Average
Rates
Earned/Paid
Average
Balance
Interest
Income/
(Expense)
Average
Rates
Earned/Paid
(Dollars in millions)
Interest-earning assets:
Mortgage loans of Fannie Mae$101,765  $1,016  3.99 %$119,495  $1,323  4.43 %
Mortgage loans of consolidated trusts3,259,557  27,922  3.43  3,153,383  28,539  3.62  
Total mortgage loans(2)
3,361,322  28,938  3.44  3,272,878  29,862  3.65  
Mortgage-related securities10,875  99  3.64  9,044  102  4.51  
Non-mortgage-related securities(3)
64,806  248  1.51  60,833  378  2.49  
Federal funds sold and securities purchased under agreements to resell or similar arrangements
29,335  107  1.44  41,533  263  2.53  
Advances to lenders6,416  34  2.10  3,703  32  3.46  
Total interest-earning assets$3,472,754  $29,426  3.39 %$3,387,991  $30,637  3.62 %
Interest-bearing liabilities:
Short-term funding debt$31,842  $(102) 1.27 %$20,712  $(125) 2.41 %
Long-term funding debt135,415  (787) 2.32  179,152  (1,114) 2.49  
Connecticut Avenue Securities® (“CAS”)
20,536  (289) 5.63  24,884  (382) 6.14  
Total debt of Fannie Mae187,793  (1,178) 2.51  224,748  (1,621) 2.89  
Debt securities of consolidated trusts held by third parties
3,281,716  (22,901) 2.79  3,156,398  (24,220) 3.07  
Total interest-bearing liabilities$3,469,509  $(24,079) 2.78 %$3,381,146  $(25,841) 3.06 %
Net interest income/net interest yield$5,347  0.62 %$4,796  0.57 %
(1)Includes the effects of discounts, premiums and other cost basis adjustments.
(2)Average balance includes mortgage loans on nonaccrual status. Typically, interest income on nonaccrual mortgage loans is recognized when cash is received. Interest income from the amortization of loan fees, primarily consisting of upfront cash fees and yield maintenance fees, was $1.6 billion and $1.1 billion for the first quarter of 2020 and 2019, respectively.
(3)Consists of cash, cash equivalents and U.S Treasury securities.
Investment Gains (Losses), Net
Investment gains (losses), net primarily includes gains and losses recognized from the sale of available-for-sale (“AFS”) securities, the sale of loans, gains and losses recognized on the consolidation and deconsolidation of securities, net of other-than-temporary impairments recognized on our investments, and the lower of cost or fair value adjustments on single-family held-for-sale (“HFS”) loans. We recognized investment losses, net in the first quarter of 2020 as a result of the decrease in the fair value of HFS loans driven by price decreases during the quarter. We recognized investment gains, net in the first quarter of 2019 primarily as a result of gains on the sale of AFS securities.
Fannie Mae First Quarter 2020 Form 10-Q
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MD&A | Consolidated Results of Operations
Fair Value Losses, Net
The estimated fair value of our derivatives, trading securities and other financial instruments carried at fair value may fluctuate substantially from period to period because of changes in interest rates, the yield curve, mortgage and credit spreads and implied volatility, as well as activity related to these financial instruments. While the estimated fair value of our derivatives that mitigate certain risk exposures may fluctuate, some of the financial instruments that generate these exposures are not recorded at fair value in our condensed consolidated financial statements.
We are preparing to implement fair value hedge accounting to reduce the impact of interest-rate volatility on our financial results. Once implemented, for derivatives in designated hedges, fair value gains and losses attributable to changes in certain benchmark interest rates, such as the London Inter-bank Offered Rate (“LIBOR”) or the Secured Overnight Financing Rate (“SOFR”), may be reduced by offsetting gains and losses in the fair value of designated hedged mortgage loans or debt. Therefore, we expect the volatility of our financial results associated with changes in interest rates will be reduced substantially while fair value gains and losses driven by other factors, such as credit spreads, will remain.
The table below displays the components of our fair value gains and losses.
Fair Value Losses, Net
For the Three Months Ended March 31,
20202019
(Dollars in millions)
Risk management derivatives fair value losses attributable to:
Net contractual interest expense on interest-rate swaps$(106) $(266) 
Net change in fair value during the period(255) (122) 
Total risk management derivatives fair value losses, net(361) (388) 
Mortgage commitment derivatives fair value losses, net
(993) (300) 
Credit enhancement derivatives fair value losses, net
(11) (7) 
Total derivatives fair value losses, net
(1,365) (695) 
Trading securities gains, net
647  92  
CAS debt fair value gains (losses), net
637  (22) 
Other, net(1)
(195) (206) 
Fair value losses, net$(276) $(831) 
(1)Consists of fair value gains and losses on non-CAS debt and mortgage loans held at fair value.
Fair value losses, net decreased in the first quarter of 2020 compared with the first quarter of 2019, due to gains on our trading securities and CAS debt. Our fair value gains and losses in the first quarter of 2020 were impacted by market disruptions due to the COVID-19 outbreak that resulted in lower interest rates and widened spreads between debt and U.S. Treasury yields.
Fair value losses in the first quarter of 2020 were primarily driven by:
decreases in the fair value of mortgage commitment derivatives due to losses on commitments to sell mortgage-related securities as prices increased during the commitment period as interest rates declined, which were partially offset by gains on commitments to buy mortgage-related securities;
net interest expense on risk management derivatives combined with decreases in the fair value of pay-fixed risk management derivatives due to declines in medium- to longer-term swap rates, which were partially offset by increases in the fair value of receive-fixed risk management derivatives; and
increases in the fair value of long-term debt of consolidated trusts held at fair value, which are included in “Other, net,” due to declines in interest rates.
These losses were partially offset by fair value gains in the first quarter of 2020 on trading securities and CAS debt, primarily driven by declines in U.S. Treasury yields and widened spreads between debt yields and U.S. Treasury yields, which resulted in gains on fixed-rate securities held in our other investments portfolio and our CAS debt held at fair value.
Fair value losses in the first quarter of 2019 were primarily driven by:
net interest expense on our risk management derivatives combined with decreases in the fair value of our
pay-fixed risk management derivatives due to declines in longer-term swap rates during the quarter, which were
partially offset by increases in the fair value of our receive-fixed risk management derivatives;
Fannie Mae First Quarter 2020 Form 10-Q
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MD&A | Consolidated Results of Operations
decreases in the fair value of our mortgage commitment derivatives due to losses on commitments to sell mortgage-related securities as a result of increases in the prices of securities as interest rates decreased during the
commitment periods; and
losses driven by increases in the fair value of long-term debt of consolidated trusts held at fair value.
Credit-Related Income (Expense)
Our credit-related income or expense can vary substantially from period to period based on a number of factors, such as changes in actual and forecasted home prices or property valuations, fluctuations in actual and forecasted interest rates, borrower payment behavior, events such as natural disasters or pandemics, the types and volume of our loss mitigation activities, including forbearance and loan modifications, the volume of foreclosures completed, and the redesignation of loans from held for investment (“HFI”) to held for sale (“HFS”). While the redesignation of certain reperforming and nonperforming single-family loans has been a significant driver of credit-related income in recent periods, we expect to see a significantly reduced impact from this activity in 2020 as market disruptions due to the COVID-19 outbreak have decreased investor interest in reperforming and nonperforming loans.
Our credit-related income or expense and our loss reserves can also be impacted by updates to the models, assumptions and data used in determining our allowance for loan losses. The January 1, 2020 CECL standard implementation introduces additional volatility in our financial results as credit-related income or expense now includes expected lifetime losses on our loans and thus are sensitive to fluctuations in the factors detailed above.
The primary driver of credit-related expense for the first quarter of 2020 was an increase in our allowance for loan losses due to losses we expect to incur as a result of the COVID-19 outbreak, using an expected lifetime loss methodology. Estimating the impact of the COVID-19 outbreak on our expected credit loss reserves required significant management judgment, including estimates of the number of single-family borrowers who will receive forbearance and any resulting loan modifications that will be provided once the forbearance period ends. Under our CECL methodology, depending on the type of loan modification granted, loss severity estimates vary. In determining our allowance for loan losses as of March 31, 2020, we estimated that 15% of our single-family borrowers and 20% of our multifamily borrowers would ultimately receive forbearance due to a COVID-19-related financial hardship. Given the short-term nature of the forbearance period for multifamily borrowers (up to 3 months), the impact of forbearance did not have a material impact on our multifamily allowance as of March 31, 2020. Although we believe our estimates underlying our allowance determination are reasonable, we may observe future volatility in these estimates as we continue to observe actual loan performance data and update our models and assumptions surrounding this unprecedented event.
Fannie Mae First Quarter 2020 Form 10-Q
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MD&A | Consolidated Results of Operations
Benefit (Provision) for Credit Losses
The table below provides a quantitative analysis of the drivers for the first quarter of 2020 of our single-family and multifamily provision for credit losses and the increase in expected benefit from freestanding credit enhancements. The provision for credit losses includes our provision for loan losses on our loan book of business as well as our provision for our guaranty loss reserves. It excludes the transition impact of adopting the CECL standard, which was recorded as an adjustment to beginning retained earnings. Many of the drivers that contribute to our provision for credit losses overlap or are interdependent. The attribution shown below is based on internal allocation estimates.
Expected benefits from credit enhancements that are contractually attached to the loan, which largely consist of primary mortgage insurance, are included as a reduction of estimated credit losses in our allowance for loan losses. Expected benefits from freestanding credit enhancements are not considered in our allowance for loan losses and are recognized separately in “Fee and other income.” Freestanding credit enhancements relate to our credit risk transfers, including but not limited to, Credit Insurance Risk TransferTM (“CIRTTM”) transactions, Connecticut Avenue Securities® (“CAS”) credit risk transfer programs, and multifamily Delegated Underwriting and Servicing (“DUS®”) lender risk-sharing. Benefits from these programs are modeled based on estimated losses and the contractual terms of the credit risk transfer arrangements.
Components of Provision for Credit Losses and Benefit from Freestanding Credit Enhancements
For the Three Months Ended March 31, 2020
(Dollars in millions)
Single-family provision for credit losses:
Changes in loan activity(1)
$(84) 
Redesignation of loans from HFI to HFS175  
Actual and forecasted home prices(921) 
Actual and projected interest rates1,257  
Adjustment to model results for estimated impact of the COVID-19 outbreak(2,500) 
Other(97) 
Single-family provision for credit losses(2,170) 
Multifamily provision for credit losses:
Changes in loan activity(1)
(22) 
Actual and projected interest rates216  
Estimated impact of the COVID-19 outbreak(636) 
Other32  
Multifamily provision for credit losses(410) 
Total provision for credit losses(2)
$(2,580) 
Increase in expected benefit from freestanding credit enhancements:
Single-family$58  
Multifamily127  
Total increase in expected benefit from freestanding credit enhancements$185  
(1)Primarily consists of changes in the allowance due to loan delinquency, loan liquidations, new TDRs, amortization of concessions granted to borrowers and the impact 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”). For multifamily, it also includes the impact of changes in debt service coverage ratios (“DSCRs”) based on updated property financial information.
(2)The table does not include credit losses of $3 million on our AFS securities.
The primary factors that impacted our single-family provision for credit losses in the first quarter of 2020 were:
Expected credit losses as a result of the COVID-19 outbreak, which was included as an adjustment to modeled results. Given the rapidly changing and deteriorating market conditions in recent weeks as a result of the unprecedented COVID-19 outbreak, we believe our model used to estimate single-family credit losses as of March 31, 2020 does not capture the entirety of losses we expect to incur relating to COVID-19. As such, management used its judgment to increase the loss projections developed by our credit loss model to reflect our current expectations relating to COVID-19’s impact. These judgments included adjusting our modeled results for (1) the expected impact of widespread forbearance programs, including the rate of borrower participation, and the volume and type of loan modifications as a result thereof, (2) the effect of TDR accounting relief from the CARES Act, and (3) lower expected
Fannie Mae First Quarter 2020 Form 10-Q
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MD&A | Consolidated Results of Operations
prepayment volumes given the sharp rise in unemployment rates that are expected to stay elevated over the near term. In developing the model adjustment shown in the table above, management considered the current credit risk profile of our single-family loan book of business, as well as relevant historical credit loss experience during rare or stressful economic environments.
A decrease in our expectations for home price growth. We revised our forecast to reflect near zero home price appreciation on a national basis for 2020 due to COVID-19 market disruptions. The actual and forecasted home price impact shown in the table above reflects our revised forecast. Lower home prices increase the likelihood that loans will default and increase the amount of credit loss on loans that do default, which impacts our estimate of losses and ultimately increases our loss reserves and provision for credit losses.
These factors were partially offset by lower actual and projected mortgage interest rates. As mortgage interest rates decline, we expect an increase in future prepayments on single-family loans, including modified loans. Higher expected prepayments shorten the expected lives of modified loans, which decreases the expected impairment relating to term and interest-rate concessions provided on these loans and results in a benefit for credit losses. The actual and forecasted interest rate impact shown in the table above reflects our modeled results. As noted above, we adjusted downward our modeled expectation of prepayment volumes due to the COVID-19 outbreak, which reduced this modeled benefit from interest rates.
Our multifamily provision for credit losses in the first quarter of 2020 was primarily driven by:
Expected credit losses as a result of the COVID-19 outbreak. Similar to the single-family provision for credit losses discussed above, we believe our model used to estimate multifamily credit losses as of March 31, 2020 does not capture the entirety of losses we expect to incur relating to COVID-19. As such, management used its judgment to increase the loss projections developed by our credit loss model to reflect our current expectations relating to COVID-19’s impact. Accordingly, our current multifamily provision for credit losses was primarily driven by higher expected unemployment rates, which we expect will increase the number of loans in forbearance and reduce property net operating income in the near term, thereby decreasing forecasted property values and increasing the probability of loan default. In developing these adjustments, management considered the current credit risk profile of our multifamily loan book of business, as well as relevant historical credit loss experience during rare or stressful economic environments.
The table below provides quantitative analysis of the drivers for the first quarter of 2019 of our single-family benefit for credit losses. The presentation of our components represents amounts recognized prior to our transition to the lifetime loss model prescribed by the CECL standard. Many of the drivers that contribute to our benefit for credit losses overlap or are interdependent. The attribution shown below is based on internal allocation estimates. The table does not include our multifamily benefit (provision) for credit losses as the amounts for 2019 were less than $50 million.
Components of Benefit for Credit Losses
For the Three Months Ended March 31,
2019
(Dollars in millions)
Single-family benefit for credit losses:
Changes in loan activity(1)
$24  
Redesignation of loans from HFI to HFS
227  
Actual and forecasted home prices228  
Actual and projected interest rates165  
Other(2)
17  
Total single-family benefit for credit losses$661  
(1)Primarily consists of changes in the allowance due to loan delinquency, loan liquidations, new TDRs, amortization of concessions granted to borrowers and the impact of FHFA’s Advisory Bulletin.
(2)Primarily consists of the impact of model and assumption changes and changes in the reserve for guaranty losses that are not separately included in the other components.
The primary factors that contributed to our benefit for credit losses in the first quarter of 2019 were:
The redesignation of certain reperforming single-family loans from HFI to HFS as we no longer intend to hold them for the foreseeable future or to maturity. Upon redesignation of these loans, we recorded the loans at the lower of cost or fair value with a write-off to the allowance for loan losses. Amounts recorded in the allowance related to these loans exceeded the amounts charged off, which contributed to the benefit for credit losses.
Fannie Mae First Quarter 2020 Form 10-Q
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MD&A | Consolidated Results of Operations
An increase in actual and forecasted home prices. Higher home prices decrease the likelihood that loans will default and reduce the amount of credit loss on loans that do default, which impacts our estimate of losses and ultimately reduces our loss reserves and provision for credit losses.
Lower actual and projected mortgage interest rates.
TCCA Fees
Pursuant to the TCCA, in 2012, FHFA directed us to increase our single-family guaranty fees by 10 basis points and remit this increase to Treasury. This TCCA-related revenue is included in “Net interest income” and the expense is recognized as “TCCA fees” in our condensed consolidated financial statements. TCCA fees increased in the first quarter of 2020 compared with the first quarter of 2019 as our book of business subject to the TCCA continued to grow. See “Business—Charter Act and Regulation—GSE Act and Other Legislation—Guaranty Fees and Pricing” in our 2019 Form 10-K for further discussion of the TCCA.
Credit Enhancement Expense
Credit enhancement expense primarily consists of costs associated with our CIRT and CAS programs as well as enterprise-paid mortgage insurance (“EPMI”). We exclude from this expense costs related to our CAS transactions accounted for as debt instruments and credit risk transfer programs accounted for as derivative instruments. Credit enhancement expense has been presented as a separate line item for all periods presented as the percentage of our book of business covered by freestanding credit enhancements has increased and become a more significant driver of our results of operations. In prior periods, credit enhancement expenses were recorded in “Other expenses, net.”
Credit enhancement expense increased in the first quarter of 2020 compared with the first quarter of 2019 primarily due to higher outstanding volumes of loans covered by credit risk transfer transactions. We discuss the transfer of mortgage credit risk in “Single-Family Business—Single-Family Mortgage Credit Risk Management—Single-Family Credit Enhancement and Transfer of Mortgage Credit Risk” and “Multifamily Business—Multifamily Mortgage Credit Risk Management—Transfer of Multifamily Mortgage Credit Risk.”
Fannie Mae First Quarter 2020 Form 10-Q
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MD&A | Consolidated Balance Sheet Analysis

Consolidated Balance Sheet Analysis
This section discusses our condensed consolidated balance sheets and should be read together with our condensed consolidated financial statements and the accompanying notes.
Summary of Condensed Consolidated Balance Sheets
As of
March 31, 2020December 31, 2019Variance
(Dollars in millions)
Assets
Cash and cash equivalents and federal funds sold and securities purchased under agreements to resell or similar arrangements
$88,238  $34,762  $53,476  
Restricted cash48,245  40,223  8,022  
Investments in securities55,230  50,527  4,703  
Mortgage loans:
Of Fannie Mae106,674  101,668  5,006  
Of consolidated trusts3,269,345  3,241,510  27,835  
Allowance for loan losses(13,209) (9,016) (4,193) 
Mortgage loans, net of allowance for loan losses3,362,810  3,334,162  28,648  
Deferred tax assets, net12,831  11,910  921  
Other assets34,002  31,735  2,267  
Total assets$3,601,356  $3,503,319