0000310522-21-000557 | 10-Q | XBRL Viewer | Federal National Mortgage Association Fannie MAE

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2021	Oct. 15, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	0-50231
Entity Registrant Name	FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE
Entity Incorporation, State or Country Code	X1
Entity Tax Identification Number	52-0883107
Entity Address, Address Line One	1100 15th Street, NW
Entity Address, City or Town	Washington,
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20005
City Area Code	800
Local Phone Number	232-6643
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,158,087,567
Entity Central Index Key	0000310522
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 67,377	$ 38,337
Restricted cash and cash equivalents (includes $59,370 and $68,308, respectively, related to consolidated trusts)	66,087	77,286
Federal funds sold and securities purchased under agreements to resell or similar arrangements (includes $27,110 and $0, respectively, related to consolidated trusts)	27,610	28,200
Investments in securities:
Trading, at fair value (includes $5,567 and $6,544, respectively, pledged as collateral)	97,209	136,542
Available-for-sale, at fair value (with an amortized cost of $873 and $1,606, net of allowance for credit losses of $0 and $3 as of September 30, 2021 and December 31, 2020, respectively)	886	1,697
Total investments in securities	98,095	138,239
Mortgage loans:
Loans held for sale, at lower of cost or fair value	7,489	5,197
Total loans held for investment	3,902,514	3,659,247
Allowance for loan losses	(6,334)	(10,552)
Total loans held for investment, net of allowance	3,896,180	3,648,695
Total mortgage loans	3,903,669	3,653,892
Advances to lenders	9,924	10,449
Deferred tax assets, net	13,128	12,947
Accrued interest receivable, net (includes $9,544 and $9,635 related to consolidated trusts and net of allowance of $118 and $216 as of September 30, 2021 and December 31, 2020, respectively)	9,895	9,937
Acquired property, net	1,261	1,261
Other assets	12,163	15,201
Total assets	4,209,209	3,985,749
Liabilities:
Accrued interest payable (includes $8,563 and $8,955, respectively, related to consolidated trusts)	9,299	9,719
Other liabilities (includes $1,233 and $1,523, respectively, related to consolidated trusts)	15,268	15,035
Total liabilities	4,167,036	3,960,490
Commitments and contingencies (Note 13)	0	0
Fannie Mae stockholders’ equity:
Senior preferred stock (liquidation preference of $158,844 and $142,192, 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	(91,123)	(108,110)
Accumulated other comprehensive income	43	116
Treasury stock, at cost, 150,675,136 shares	(7,400)	(7,400)
Total stockholders’ equity (See Note 1: Senior Preferred Stock Purchase Agreement and Senior Preferred Stock for information on the related dividend obligation and liquidation preference)	42,173	25,259
Total liabilities and equity	4,209,209	3,985,749
Fannie Mae
Mortgage loans:
Total loans held for investment	70,936	112,726
Liabilities:
Debt (includes $2,946 and $3,728, respectively, of debt of Fannie Mae at fair value and $22,972 and $24,586 respectively, of debt of consolidated trusts, at fair value)	234,843	289,572
Consolidated Trusts
Assets:
Restricted cash and cash equivalents (includes $59,370 and $68,308, respectively, related to consolidated trusts)	59,370	68,308
Federal funds sold and securities purchased under agreements to resell or similar arrangements (includes $27,110 and $0, respectively, related to consolidated trusts)	27,110	0
Investments in securities:
Trading, at fair value (includes $5,567 and $6,544, respectively, pledged as collateral)	642	793
Mortgage loans:
Total loans held for investment	3,831,578	3,546,521
Accrued interest receivable, net (includes $9,544 and $9,635 related to consolidated trusts and net of allowance of $118 and $216 as of September 30, 2021 and December 31, 2020, respectively)	9,544	9,635
Liabilities:
Accrued interest payable (includes $8,563 and $8,955, respectively, related to consolidated trusts)	8,563	8,955
Debt (includes $2,946 and $3,728, respectively, of debt of Fannie Mae at fair value and $22,972 and $24,586 respectively, of debt of consolidated trusts, at fair value)	3,907,626	3,646,164
Other liabilities (includes $1,233 and $1,523, respectively, related to consolidated trusts)	$ 1,233	$ 1,523

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets:
Restricted cash and cash equivalents related to consolidated trusts	$ 66,087	$ 77,286
Federal funds sold and securities purchased under agreements to resell or similar arrangements related to consolidated trusts	27,610	28,200
Investments in securities:
Trading, at fair value pledged as collateral	5,567	6,544
Available-for-sale securities at amortized cost	873	1,606
Allowance for credit losses	0	3
Mortgage loans:
Total loans held for investment, at fair value	5,301	6,490
Accrued interest receivable, net, related to consolidated trusts	9,895	9,937
Liabilities:
Accrued interest payable related to consolidated trusts	9,299	9,719
Other liabilities related to consolidated trusts	15,268	15,035
Fannie Mae stockholders’ equity:
Senior preferred stock liquidation preference	$ 158,844	$ 142,192
Preferred stock authorized (shares)	700,000,000	700,000,000
Preferred stock issued (shares)	555,374,922	555,374,922
Preferred stock outstanding (shares)	555,374,922	555,374,922
Common stock issued (shares)	1,308,762,703	1,308,762,703
Common stock outstanding (shares)	1,158,087,567	1,158,087,567
Treasury stock at cost (shares)	150,675,136	150,675,136
SEC Schedule, 12-09, Allowance, Loan and Lease Loss
Mortgage loans:
Accrued interest receivable, net, related to consolidated trusts	$ 118	$ 216
Fannie Mae
Liabilities:
Long-term debt at fair value	2,633	3,728
Consolidated Trusts
Assets:
Restricted cash and cash equivalents related to consolidated trusts	59,370	68,308
Federal funds sold and securities purchased under agreements to resell or similar arrangements related to consolidated trusts	27,110	0
Mortgage loans:
Accrued interest receivable, net, related to consolidated trusts	9,544	9,635
Liabilities:
Accrued interest payable related to consolidated trusts	8,563	8,955
Long-term debt at fair value	23,020	24,586
Other liabilities related to consolidated trusts	$ 1,233	$ 1,523

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income:
Trading securities	$ 134	$ 177	$ 396	$ 712
Available-for-sale securities	11	19	48	76
Mortgage loans	24,798	25,810	73,083	81,755
Federal funds sold and securities purchased under agreements to resell or similar arrangements	5	14	17	135
Other	33	33	106	92
Total interest income	24,981	26,053	73,650	82,770
Interest expense:
Short-term debt	0	(19)	(4)	(175)
Long-term debt	(18,009)	(19,378)	(51,646)	(64,815)
Total interest expense	(18,009)	(19,397)	(51,650)	(64,990)
Net interest income	6,972	6,656	22,000	17,780
Benefit (provision) for credit losses	937	501	4,290	(2,094)
Net interest income after benefit (provision) for credit losses	7,909	7,157	26,290	15,686
Gain (Loss) on Investments	243	653	934	644
Non-interest income (loss):
Fair value gains (losses), net	(17)	(327)	321	(1,621)
Fee and other income	111	93	301	303
Non-interest income (loss)	337	419	1,556	(674)
Administrative expenses:
Salaries and employee benefits	(376)	(386)	(1,128)	(1,161)
Professional services	(184)	(230)	(582)	(673)
Other administrative expenses	(185)	(146)	(529)	(431)
Total administrative expenses	(745)	(762)	(2,239)	(2,265)
Foreclosed property expense	(69)	(71)	(105)	(161)
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees	(781)	(679)	(2,270)	(1,976)
Credit enhancement expense	(233)	(325)	(791)	(1,061)
Change in expected credit enhancement recoveries	(42)	(48)	(117)	413
Other expenses, net	(268)	(313)	(867)	(792)
Total expenses	(2,138)	(2,198)	(6,389)	(5,842)
Income before federal income taxes	6,108	5,378	21,457	9,170
Provision for federal income taxes	(1,266)	(1,149)	(4,470)	(1,935)
Net income	4,842	4,229	16,987	7,235
Other comprehensive loss:
Changes in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustments and taxes	(10)	(11)	(64)	(4)
Other, net of taxes	(4)	(2)	(9)	(7)
Total other comprehensive loss	(14)	(13)	(73)	(11)
Total comprehensive income	4,828	4,216	16,914	7,224
Dividends distributed or amounts attributable to senior preferred stock	(4,828)	(4,216)	(16,914)	(7,224)
Net income attributable to common stockholders	14	13	73	11
Net income attributable to common stockholders	$ 14	$ 13	$ 73	$ 11
Earnings per share, Basic (in usd per share)	$ 0.00	$ 0.00	$ 0.01	$ 0.00
Earnings per share, Diluted (in usd per share)	$ 0.00	$ 0.00	$ 0.01	$ 0.00
Weighted-average common shares outstanding, Basic (shares)	5,867	5,867	5,867	5,867
Weighted-average common shares outstanding, Diluted (shares)	5,893	5,893	5,893	5,893

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Net cash provided by (used in) operating activities
Net cash provided by (used in) operating activities	$ 37,055	$ (76,994)
Cash flows provided by investing activities:
Proceeds from maturities and paydowns of trading securities held for investment	33	35
Proceeds from sales of trading securities held for investment	159	44
Proceeds from maturities and paydowns of available-for-sale securities	221	275
Proceeds from sales of available-for-sale securities	582	258
Purchases of loans held for investment	(528,555)	(519,133)
Advances to lenders	(306,079)	(223,007)
Proceeds from disposition of acquired property and preforeclosure sales	2,816	4,694
Net change in federal funds sold and securities purchased under agreements to resell or similar arrangements	590	878
Other, net	(62)	(576)
Net cash provided by investing activities	50,291	46,583
Cash flows provided by (used in) financing activities:
Other, net	433	(461)
Net cash provided by (used in) financing activities	(69,505)	79,992
Net increase in cash, cash equivalents and restricted cash and cash equivalents	17,841	49,581
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	115,623	61,407
Cash, cash equivalents and restricted cash and cash equivalents at end of period	133,464	110,988
Cash paid during the period for:
Interest	80,048	86,035
Income taxes	4,650	2,750
Fannie Mae
Cash flows provided by investing activities:
Proceeds from repayments and sales of loans acquired as held for investment	8,595	7,711
Proceeds from sales of loans acquired held-for-investment of Fannie Mae	10,475	4,422
Cash flows provided by (used in) financing activities:
Proceeds from issuance of debt	199,222	501,627
Payments to redeem debt	(253,093)	(394,187)
Consolidated Trusts
Cash flows provided by investing activities:
Proceeds from repayments and sales of loans acquired as held for investment	861,516	770,982
Cash flows provided by (used in) financing activities:
Proceeds from issuance of debt	887,383	716,591
Payments to redeem debt	$ (903,450)	$ (743,578)

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Senior Preferred Stock	Preferred Stock	Common Stock	Accumulated Deficit	Accumulated Other Comprehensive Income	Treasury Stock	Transition impact, net of tax, from the adoption of the current expected credit loss standard	Transition impact, net of tax, from the adoption of the current expected credit loss standard Accumulated Deficit	Adjusted Balance	Adjusted Balance Senior Preferred Stock	Adjusted Balance Preferred Stock	Adjusted Balance Common Stock	Adjusted Balance Accumulated Deficit	Adjusted Balance Accumulated Other Comprehensive Income	Adjusted Balance Treasury Stock
Balance (shares) at Dec. 31, 2019		1	556	1,158							1	556	1,158
Balance at Dec. 31, 2019	$ 14,608	$ 120,836	$ 19,130	$ 687	$ (118,776)	$ 131	$ (7,400)	$ (1,139)	$ (1,139)	$ 13,469	$ 120,836	$ 19,130	$ 687	$ (119,915)	$ 131	$ (7,400)
Comprehensive income:
Net income	7,235				7,235
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of tax	2					2
Reclassification adjustment for gains included in net income, net of tax	(6)					(6)
Prior service cost and actuarial gains, net of amortization for defined benefit plans, net of tax	(7)					(7)
Total comprehensive income	7,224
Balance at Sep. 30, 2020	20,693	$ 120,836	$ 19,130	$ 687	(112,680)	120	(7,400)
Balance (shares) at Sep. 30, 2020		1	556	1,158
Balance (shares) at Jun. 30, 2020		1	556	1,158
Balance at Jun. 30, 2020	16,477	$ 120,836	$ 19,130	$ 687	(116,909)	133	(7,400)
Comprehensive income:
Net income	4,229				4,229
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of tax	1					1
Reclassification adjustment for gains included in net income, net of tax	(12)					(12)
Prior service cost and actuarial gains, net of amortization for defined benefit plans, net of tax	(2)					(2)
Total comprehensive income	4,216
Balance at Sep. 30, 2020	20,693	$ 120,836	$ 19,130	$ 687	(112,680)	120	(7,400)
Balance (shares) at Sep. 30, 2020		1	556	1,158
Balance (shares) at Dec. 31, 2020		1	556	1,158
Balance at Dec. 31, 2020	25,259	$ 120,836	$ 19,130	$ 687	(108,110)	116	(7,400)
Comprehensive income:
Net income	16,987				16,987
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of tax	(14)					(14)
Reclassification adjustment for gains included in net income, net of tax	(50)					(50)
Prior service cost and actuarial gains, net of amortization for defined benefit plans, net of tax	(9)					(9)
Total comprehensive income	16,914
Balance at Sep. 30, 2021	42,173	$ 120,836	$ 19,130	$ 687	(91,123)	43	(7,400)
Balance (shares) at Sep. 30, 2021		1	556	1,158
Balance (shares) at Jun. 30, 2021		1	556	1,158
Balance at Jun. 30, 2021	37,345	$ 120,836	$ 19,130	$ 687	(95,965)	57	(7,400)
Comprehensive income:
Net income	4,842				4,842
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of tax	(10)					(10)
Reclassification adjustment for gains included in net income, net of tax	0					0
Prior service cost and actuarial gains, net of amortization for defined benefit plans, net of tax	(4)					(4)
Total comprehensive income	4,828
Balance at Sep. 30, 2021	$ 42,173	$ 120,836	$ 19,130	$ 687	$ (91,123)	$ 43	$ (7,400)
Balance (shares) at Sep. 30, 2021		1	556	1,158

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Consolidated Statements of Changes in Equity (Deficit) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Changes in net unrealized gains on available-for-sale securities, tax	$ 3	$ (1)	$ 4	$ 1
Reclassification adjustment for gains included in net income, tax	0	1	(13)	2
Other, tax	$ 1	$ 1	$ 2	$ 2

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Fannie Mae is a leading source of financing for mortgages in the United States. We are a shareholder-owned corporation organized as a government-sponsored entity (“GSE”) and existing under the Federal National Mortgage Association Charter Act (the “Charter Act” or our “charter”). Our charter is an act of Congress, and we have a mission under that charter to provide liquidity and stability to the residential mortgage market and to promote access to mortgage credit. As a result, 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 have been under conservatorship, with FHFA acting as conservator, since September 6, 2008. See below and “Note 1, Summary of Significant Accounting Policies” in our annual report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”) for additional information on our conservatorship and the impact of U.S. government support of our business. The unaudited interim condensed consolidated financial statements as of and for the three and nine months ended September 30, 2021 and related notes should be read in conjunction with our audited consolidated financial statements and related notes included in our 2020 Form 10-K. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the SEC’s instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. The accompanying condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany accounts and transactions have been eliminated. Results for the three and nine months ended September 30, 2021 may not necessarily be indicative of the results for the year ending December 31, 2021. Presentation of Restricted Cash and Cash Equivalents Restricted cash and cash equivalents includes funds held by consolidated MBS trusts that have not yet been remitted to MBS certificateholders under the terms of our servicing guide and the related trust agreements. In 2021, Fannie Mae, in its role as trustee, began to invest funds held by consolidated trusts directly in eligible short-term third-party investments, which may include investments in cash equivalents that are composed of overnight repurchase agreements and U.S. Treasuries that have a maturity at the date of acquisition of three months or less. The funds underlying these short-term investments are restricted per the trust agreements. Accordingly, any investment in cash equivalents should be classified as restricted and is presented as “Restricted cash and cash equivalents” in our condensed consolidated balance sheets to reflect the investment of funds related to MBS trusts. Use of Estimates Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, the allowance for loan losses. Actual results could be different from these estimates. 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, with FHFA acting as our conservator, 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 Housing and Economic Recovery 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. 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 the Director’s 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 could 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, 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 and Senior Preferred Stock 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 and the dividend and liquidation provisions of the senior preferred stock were amended in January 2021 pursuant to a letter agreement between Fannie Mae, through FHFA in its capacity as conservator, and Treasury. These changes included the following: •The dividend provisions of the senior preferred stock were amended to permit us to retain increases in our net worth until our net worth exceeds the amount of adjusted total capital necessary for us to meet the capital requirements and buffers under the enterprise regulatory capital framework discussed in “Note 12, Regulatory Capital Requirements” in our 2020 Form 10-K. After the “capital reserve end date,” which is defined as the last day of the second consecutive fiscal quarter during which we have had and maintained capital equal to, or in excess of, all of the capital requirements and buffers under the enterprise regulatory capital framework, the amount of quarterly dividends to Treasury will be equal to the lesser of any quarterly increase in our net worth and a 10% annual rate on the then-current liquidation preference of the senior preferred stock. •At the end of each fiscal quarter, through and including the capital reserve end date, the liquidation preference of the senior preferred stock will be increased by an amount equal to the increase in our net worth, if any, during the immediately prior fiscal quarter. •We may issue and retain up to $70 billion in proceeds from the sale of common stock without Treasury’s prior consent, provided that (1) Treasury has already exercised its warrant in full, and (2) all currently pending significant litigation relating to the conservatorship and to an amendment to the senior preferred stock purchase agreement made in August 2012 has been resolved, which may require Treasury’s assent. •FHFA may release us from conservatorship without Treasury’s consent after (1) all currently pending significant litigation relating to the conservatorship and to the August 2012 amendment to the senior preferred stock purchase agreement has been resolved, and (2) our common equity tier 1 capital, together with any other common stock that we may issue in a public offering, equals or exceeds 3% of our “adjusted total assets” under our enterprise regulatory capital framework. •New restrictive covenants were added that impact both our single-family and multifamily business activities. On September 14, 2021, Fannie Mae, through FHFA acting in its capacity as Fannie Mae’s conservator, entered into a letter agreement with Treasury temporarily suspending certain of the restrictive business covenants that were added in the January 2021 letter agreement amending the senior preferred stock purchase agreement. The letter agreement provides that the suspension of these provisions will terminate on the later of one year after the date of the agreement and six months after Treasury notifies us. While the September 2021 letter agreement temporarily suspended restrictions on certain business activities, in the ordinary course of business these and other business activities are subject to constraints from a variety of sources, including board- and management-approved risk limits, capital considerations and FHFA instructions. 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. Pursuant to the senior preferred stock purchase agreement, we have received a total of $119.8 billion from Treasury as of September 30, 2021, and the amount of remaining funding available to us under the agreement is $113.9 billion. We have not received any funding from Treasury under this commitment since the first quarter of 2018. Dividend provisions of the senior preferred stock permit us to retain increases in our net worth until our net worth exceeds the amount of adjusted total capital necessary for us to meet the capital requirements and buffers under the enterprise regulatory capital framework established by FHFA in November 2020. The aggregate liquidation preference of the senior preferred stock increased to $158.8 billion as of September 30, 2021 and will further increase to $163.7 billion as of December 31, 2021 due to the $4.8 billion increase in our net worth during the third quarter of 2021. Both the January and September 2021 letter agreements have been accounted for as modifications of the existing agreement. As a result, there is no change in the carrying value of the senior preferred stock. See “Note 11, Equity” in our 2020 Form 10-K for additional information about the senior preferred stock purchase agreement and the senior preferred stock. Statutory CapitalWe submit capital reports to FHFA, which monitors our capital levels. The deficit of core capital over statutory minimum capital was $106.5 billion as of September 30, 2021 and $124.3 billion as of December 31, 2020. 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 September 30, 2021, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $158.8 billion. See “Senior Preferred Stock Purchase Agreement and Senior Preferred Stock” above for additional information on transactions under this agreement and the modifications made in the January 2021 and September 2021 letter agreements. 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 a result, 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. 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. Some of the structured securities we issue are backed in whole or in part by Freddie Mac securities. 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. 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 $4 million and $5 million for the three months ended September 30, 2021 and 2020, respectively, and $13 million and $14 million for the nine months ended September 30, 2021 and 2020, respectively, due to reimbursements from Treasury and Freddie Mac for expenses incurred as program administrator for Treasury’s Home Affordable Modification Program 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. In 2012, 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 “Interest income: Mortgage loans” and “TCCA fees,” respectively, in our condensed consolidated statements of operations and comprehensive income. In 2020, FHFA provided guidance that we are not required to accrue or remit TCCA fees to Treasury with respect to loans backing MBS trusts that have been delinquent for four months or longer. Once payments on such loans resume, we will resume accrual and remittance to Treasury of the associated TCCA fees on the loans. We recognized $781 million and $679 million in TCCA fees during the three months ended September 30, 2021 and 2020, respectively, and $2.3 billion and $2.0 billion for the nine months ended September 30, 2021 and 2020, respectively, of which $781 million had not been remitted to Treasury as of September 30, 2021. The GSE Act requires us to set aside certain funding obligations, a portion of which is attributable to Treasury’s Capital Magnet Fund. These funding obligations, recognized in “Other expenses, net” in our condensed 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, and 35% of this amount is payable to Treasury’s Capital Magnet Fund. We recognized a total of $46 million and $59 million in “Other expenses, net” for the three months ended September 30, 2021 and 2020, respectively, and $165 million and $144 million for the nine months ended September 30, 2021 and 2020, respectively, in connection with Treasury’s Capital Magnet Fund, of which $165 million has not been remitted as of September 30, 2021. On September 14, 2021, Fannie Mae, through FHFA acting in its capacity as Fannie Mae’s conservator, entered into a letter agreement with Treasury temporarily suspending certain of the restrictive business covenants in the senior preferred stock purchase agreement. The specified provisions of the letter agreement are described under “Senior Preferred Stock Purchase Agreement and Senior Preferred Stock” 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 condensed consolidated statements of operations and comprehensive income, of $35 million for the three months ended September 30, 2021 and 2020, and $107 million and $102 million for the nine months ended September 30, 2021 and 2020, respectively. Transactions with CSS and Freddie Mac We contributed capital to CSS, the company we jointly own with Freddie Mac, of $15 million and $19 million for the three months ended September 30, 2021 and 2020, respectively, and $60 million and $67 million for the nine months ended September 30, 2021 and 2020, respectively. Derivatives We recognize our derivatives as either assets or liabilities in our condensed consolidated balance sheets at their fair value on a trade date basis. Changes in fair value and interest accruals on derivatives not in qualifying fair value hedging relationships are recorded as “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. 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 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 condensed consolidated balance sheets. 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 whether: (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. Fair Value Hedge Accounting In January 2021, to reduce earnings volatility related to changes in benchmark interest rates, we began applying fair value hedge accounting to certain pools of single-family mortgage loans and certain issuances of our funding debt by designating such instruments as the hedged item in hedging relationships with interest-rate swaps. In these relationships, we have designated the change in the benchmark interest rate, either the London Inter-bank Offered Rate (“LIBOR”) or Secured Overnight Financing Rate (“SOFR”), as the risk being hedged. We have elected to use the last-of-layer method to hedge certain pools of single-family mortgage loans. This election involves establishing fair value hedging relationships on the portion of each loan pool that is not expected to be affected by prepayments, defaults and other events that affect the timing and amount of cash flows. The term of each hedging relationship is generally one business day and we establish hedging relationships daily to align our hedge accounting with our risk management practices. We apply hedge accounting to qualifying hedging relationships. A qualifying hedging relationship exists when changes in the fair value of a derivative hedging instrument are expected to be highly effective in offsetting changes in the fair value of the hedged item attributable to the risk being hedged during the term of the hedging relationship. We assess hedge effectiveness using statistical regression analysis. A hedging relationship is considered highly effective if the total change in fair value of the hedging instrument and the change in the fair value of the hedged item due to changes in the benchmark interest rate offset each other within a range of 80% to 125% and certain other statistical tests are met. If a hedging relationship qualifies for hedge accounting, the change in the fair value of the interest-rate swaps and the change in the fair value of the hedged item for the risk being hedged are recorded through net interest income. A corresponding basis adjustment is recorded against the hedged item, either the pool of mortgage loans or the debt, for the changes in the fair value attributable to the risk being hedged. For hedging relationships that hedge pools of single-family mortgage loans, basis adjustments are allocated to individual single-family loans based on the relative unpaid principal balance of each loan at the termination of the hedging relationship. The cumulative basis adjustments on the hedged item are amortized into earnings using the effective interest method over the contractual life of the hedged item, with amortization beginning upon termination of the hedging relationship. All changes in fair value of the designated portion of the derivative hedging instrument (i.e., interest-rate swap), including interest accruals, are recorded in the same line item in the condensed consolidated statements of operations and comprehensive income used to record the earnings effect of the hedged item. Therefore, changes in the fair value of the hedged mortgage loans and debt attributable to the risk being hedged are recognized in “Interest income” or “Interest expense,” along with the changes in the fair value of the respective derivative hedging instruments. The recognition of basis adjustments on the hedged item and the subsequent amortization are noncash activities and are removed from net income to derive the “Net cash provided by (used in) operating activities” in our condensed consolidated statement of cash flows. Cash on derivative instruments paid or received while the derivative is designated in a hedging relationship is reported as “Net cash provided by (used in) operating activities” in the condensed consolidated statement of cash flows. See “Note 3, Mortgage Loans,” “Note 7, Short-Term and Long-Term Debt” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures. Earnings per Share Earnings per share (“EPS”) is presented for basic and diluted EPS. We compute basic EPS by dividing net income 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 attributable to common stockholders excludes amounts attributable to the senior preferred stock. Weighted average common shares include 4.7 billion shares for the periods ended September 30, 2021 and 2020 that would have been issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through September 30, 2021 and 2020. 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. For the three and nine months ended September 30, 2021 and the three and nine months ended September 30, 2020, our diluted EPS weighted-average shares outstanding includes 26 million shares issuable upon the conversion of convertible preferred stock.

Consolidations and Transfers of Financial Assets

9 Months Ended

Sep. 30, 2021

Consolidations and Transfers of Financial Assets [Abstract]

Consolidations and Transfers of Financial Assets

Consolidations and Transfers of Financial AssetsWe have interests in various entities that are considered to be variable interest entities (“VIEs”). The primary types of entities are securitization and resecuritization trusts, limited partnerships and special purpose vehicles (“SPVs”). These interests include investments in securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization transactions and our guaranty to the entity. We consolidate the substantial majority of our single-class securitization trusts because our role as guarantor and master servicer provides us with the power to direct matters (primarily the servicing of mortgage loans) that impact the credit risk to which we are exposed. In contrast, we do not consolidate single-class securitization trusts when other organizations have the power to direct these activities 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 uniform mortgage-backed securities (“UMBS®”), 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.

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
	September 30, 2021		December 31, 2020
	(Dollars in millions)
Assets and liabilities recorded in our condensed consolidated balance sheets related to unconsolidated mortgage-backed trusts:
Assets:
Trading securities:
Fannie Mae	$	1,073	$	1,611
Non-Fannie Mae	3,282		3,608
Total trading securities	4,355		5,219
Available-for-sale securities:
Fannie Mae	518		1,168
Non-Fannie Mae	207		318
Total available-for-sale securities	725		1,486
Other assets	37		41
Other liabilities	(63)		(67)
Net carrying amount	$	5,054	$	6,679

Our maximum exposure to loss generally represents the greater of our carrying value 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.

Our maximum exposure to loss related to unconsolidated securitization and resecuritization trusts, which includes but is not limited to our exposure to these Freddie Mac securities, was approximately $198 billion and $146 billion as of September 30, 2021 and December 31, 2020, respectively. The total assets of our unconsolidated securitization and resecuritization trusts were approximately $240 billion and $180 billion as of September 30, 2021 and December 31, 2020, respectively.

The maximum exposure to loss for our unconsolidated limited partnerships and similar legal entities, which consist of low-income housing tax credit investments (“LIHTC”), community investments and other entities, was $225 million and the related net carrying value was $219 million as of September 30, 2021. As of December 31, 2020, the maximum exposure to loss was $126 million and the related net carrying value was $121 million. The total assets of these limited partnership investments were $3.3 billion as of September 30, 2021 and $2.6 billion as of December 31, 2020.

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 Connecticut Avenue Securities® (“CAS”) and Multifamily Connecticut Avenue SecuritiesTM (“MCASTM”) SPVs. The maximum exposure to loss related to these unconsolidated SPVs was $8.2 billion and $11.4 billion as of September 30, 2021 and December 31, 2020, respectively. The total assets related to these unconsolidated SPVs were $8.2 billion and $11.4 billion as of September 30, 2021 and December 31, 2020, respectively.

The unpaid principal balance of our multifamily loan portfolio was $398.2 billion as of September 30, 2021. 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 Financial Accounting Standards Board’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 three months ended September 30, 2021 and 2020, the unpaid principal balance of portfolio securitizations was $140.1 billion and $213.0 billion, respectively. For the nine months ended September 30, 2021 and 2020, the unpaid principal balance of portfolio securitizations was $554.0 billion and $504.9 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 September 30, 2021, the unpaid principal balance of retained interests was $1.1 billion and its related fair value was $2.1 billion. As of December 31, 2020, the unpaid principal balance of retained interests was $1.7 billion and its related fair value was $2.9 billion. For the three months ended September 30, 2021 and 2020, the principal, interest and other fees received on retained interests was $139 million and $166 million, respectively. For the nine months ended September 30, 2021 and 2020, the principal, interest and other fees received on retained interests was $426 million and $517 million, respectively.

Mortgage Loans

9 Months Ended

Sep. 30, 2021

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 held for investment (“HFI”) or held for sale (“HFS”). We report the amortized cost of HFI loans for which we have not elected the fair value option at the unpaid principal balance, net of unamortized premiums and discounts, hedge-related basis adjustments, other cost basis adjustments, and accrued interest receivable. For purposes of our condensed consolidated balance sheets, we present accrued interest receivable, net separately from the amortized cost of our loans held for investment. 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 condensed consolidated statements of operations and comprehensive income. See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on hedge-related basis adjustments and on the implementation of our fair value hedge accounting program in January 2021.

For purposes of the single-family mortgage loan disclosures below, we display loans by class of financing receivable type. Financing receivable classes used for disclosure consist of: “20- and 30-year or more, amortizing fixed-rate,” “15-year or less, amortizing fixed-rate,” “Adjustable-rate,” and “Other.” The “Other” class primarily consists of reverse mortgage loans, interest-only loans, negative-amortizing loans and second liens.

The following table displays the carrying value of our mortgage loans and allowance for loan losses.


	As of
	September 30, 2021		December 31, 2020
	(Dollars in millions)
Single-family	$	3,435,023	$	3,216,146
Multifamily	398,168		373,722
Total unpaid principal balance of mortgage loans	3,833,191		3,589,868
Cost basis and fair value adjustments, net	76,812		74,576
Allowance for loan losses for HFI loans	(6,334)		(10,552)
Total mortgage loans(1)	$	3,903,669	$	3,653,892

(1)Excludes $9.8 billion of accrued interest receivable, net of allowance as of September 30, 2021 and December 31, 2020.

The following table displays information about our redesignation of loans from HFI to HFS and the sales of mortgage loans during the period.


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,

		2021		2020		2021		2020
	(Dollars in millions)
Single-family loans redesignated from HFI to HFS:
Amortized cost		$	3,427	$	5,305	$	12,844	$	6,942
Lower of cost or fair value adjustment at time of redesignation(1)		(47)		(227)		(247)		(236)
Allowance reversed at time of redesignation		165		737		1,350		921

Single-family loans sold:
Unpaid principal balance		$	3,063	$	4,593	$	10,588	$	5,088
Realized gains, net		300		424		955		464

(1)Consists of the write-off against the allowance at the time of redesignation.

The amortized cost of single-family mortgage loans for which formal foreclosure proceedings were in process was $5.0 billion as of September 30, 2021 and December 31, 2020. 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. In response to the COVID-19 pandemic, we have prohibited our servicers from completing foreclosures on our single-family loans through July 31, 2021, except in the case of vacant or abandoned properties. In addition, our servicers are required to comply with a Consumer Financial Protection Bureau (the “CFPB”) rule that

prohibits certain new single-family foreclosures on mortgage loans secured by the borrower’s principal residence until after December 31, 2021.

Aging Analysis

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

Pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), for purposes of reporting to the credit bureaus, servicers must report a borrower receiving a COVID-19-related payment accommodation during the covered period, such as a forbearance plan or loan modification, as current if the borrower was current prior to receiving the accommodation and the borrower makes all required payments in accordance with the accommodation. For purposes of our disclosures regarding delinquency status, we report loans receiving COVID-19-related payment forbearance as delinquent according to the contractual terms of the loan.


	As of September 30, 2021
	30 - 59 Days Delinquent		60 - 89 Days Delinquent		Seriously Delinquent(1)		Total Delinquent		Current		Total		Loans 90 Days or More Delinquent and Accruing Interest		Nonaccrual Loans with No Allowance
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	19,980	$	5,013	$	48,802	$	73,795	$	2,838,393	$	2,912,188	$	33,274	$	5,608
15-year or less, amortizing fixed-rate	1,960		337		2,477		4,774		519,238		524,012		2,083		185
Adjustable-rate	165		32		537		734		26,235		26,969		434		72
Other(2)	715		212		2,425		3,352		39,285		42,637		1,360		541
Total single-family	22,820		5,594		54,241		82,655		3,423,151		3,505,806		37,151		6,406
Multifamily(3)	368		N/A		1,656		2,024		399,217		401,241		122		126
Total	$	23,188	$	5,594	$	55,897	$	84,679	$	3,822,368	$	3,907,047	$	37,273	$	6,532


	As of December 31, 2020
	30 - 59 Days Delinquent		60 - 89 Days Delinquent		Seriously Delinquent(1)		Total Delinquent		Current		Total		Loans 90 Days or More Delinquent and Accruing Interest		Nonaccrual Loans with No Allowance
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	24,928	$	9,414	$	88,276	$	122,618	$	2,619,585	$	2,742,203	$	68,526	$	6,028
15-year or less, amortizing fixed-rate	1,987		601		5,028		7,616		449,443		457,059		4,292		240
Adjustable-rate	268		97		1,143		1,508		29,933		31,441		907		114
Other(2)	1,150		458		5,037		6,645		47,937		54,582		2,861		771
Total single-family	28,333		10,570		99,484		138,387		3,146,898		3,285,285		76,586		7,153
Multifamily(3)	1,140		N/A		3,688		4,828		372,598		377,426		610		302
Total	$	29,473	$	10,570	$	103,172	$	143,215	$	3,519,496	$	3,662,711	$	77,196	$	7,455

(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)Reverse mortgage loans included in “Other” are not aged due to their nature 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 tables display the total amortized cost of our single-family HFI loans by class, year of origination and credit quality indicator, excluding loans for which we have elected the fair value option. The estimated mark-to-market loan-to-value (“LTV”) ratio is a primary factor we consider when estimating our allowance for loan losses for single-family loans. As LTV ratios increase, the borrower's equity in the home decreases, which may negatively affect the borrower's ability to refinance or to sell the property for an amount at or above the outstanding balance of the loan.


	As of September 30, 2021, by Year of Origination(1)
	2021		2020		2019		2018		2017		Prior		Total
	(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%	$	613,085	$	912,984	$	199,883	$	99,052	$	123,581	$	724,677	$	2,673,262
Greater than 80% and less than or equal to 90%	107,349		63,299		3,821		1,250		731		2,226		178,676
Greater than 90% and less than or equal to 100%	55,381		2,642		626		302		60		585		59,596
Greater than 100%	3		6		7		12		27		599		654
Total 20- and 30-year or more, amortizing fixed-rate	775,818		978,931		204,337		100,616		124,399		728,087		2,912,188
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	157,618		167,706		28,311		10,712		22,806		133,000		520,153
Greater than 80% and less than or equal to 90%	2,642		564		23		5		3		9		3,246
Greater than 90% and less than or equal to 100%	589		9		—		1		1		4		604
Greater than 100%	—		—		—		1		1		7		9
Total 15-year or less, amortizing fixed-rate	160,849		168,279		28,334		10,719		22,811		133,020		524,012
Adjustable-rate:
Less than or equal to 80%	4,791		2,424		1,239		1,424		2,880		13,636		26,394
Greater than 80% and less than or equal to 90%	377		39		7		5		2		3		433
Greater than 90% and less than or equal to 100%	141		1		—		—		—		—		142
Greater than 100%	—		—		—		—		—		—		—
Total adjustable-rate	5,309		2,464		1,246		1,429		2,882		13,639		26,969
Other:
Less than or equal to 80%	—		—		35		287		697		29,199		30,218
Greater than 80% and less than or equal to 90%	—		—		—		5		9		387		401
Greater than 90% and less than or equal to 100%	—		—		1		1		2		185		189
Greater than 100%	—		—		—		2		2		189		193
Total other	—		—		36		295		710		29,960		31,001
Total	$	941,976	$	1,149,674	$	233,953	$	113,059	$	150,802	$	904,706	$	3,494,170

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	775,494	$	1,083,114	$	229,468	$	111,475	$	149,964	$	900,512	$	3,250,027
Greater than 80% and less than or equal to 90%	110,368		63,902		3,851		1,265		745		2,625		182,756
Greater than 90% and less than or equal to 100%	56,111		2,652		627		304		63		774		60,531
Greater than 100%	3		6		7		15		30		795		856
Total	$	941,976	$	1,149,674	$	233,953	$	113,059	$	150,802	$	904,706	$	3,494,170


	As of December 31, 2020, by Year of Origination(1)
	2020		2019		2018		2017		2016		Prior		Total
	(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%	$	794,156	$	233,994	$	135,849	$	183,315	$	221,172	$	775,636	$	2,344,122
Greater than 80% and less than or equal to 90%	157,500		85,227		23,440		5,270		1,592		5,958		278,987
Greater than 90% and less than or equal to 100%	109,743		4,186		820		250		124		1,994		117,117
Greater than 100%	28		7		28		77		81		1,756		1,977
Total 20- and 30-year or more, amortizing fixed-rate	1,061,427		323,414		160,137		188,912		222,969		785,344		2,742,203
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	181,418		41,374		15,768		31,497		46,088		132,596		448,741
Greater than 80% and less than or equal to 90%	6,105		811		35		14		8		20		6,993
Greater than 90% and less than or equal to 100%	1,274		9		3		4		3		10		1,303
Greater than 100%	—		—		3		3		3		13		22
Total 15-year or less, amortizing fixed-rate	188,797		42,194		15,809		31,518		46,102		132,639		457,059
Adjustable-rate:
Less than or equal to 80%	2,935		1,839		2,412		4,765		2,678		16,248		30,877
Greater than 80% and less than or equal to 90%	234		152		79		19		5		12		501
Greater than 90% and less than or equal to 100%	56		3		1		—		—		2		62
Greater than 100%	—		—		—		—		—		1		1
Total adjustable-rate	3,225		1,994		2,492		4,784		2,683		16,263		31,441
Other:
Less than or equal to 80%	—		41		328		811		1,028		36,216		38,424
Greater than 80% and less than or equal to 90%	—		2		20		43		30		1,298		1,393
Greater than 90% and less than or equal to 100%	—		2		8		16		10		602		638
Greater than 100%	—		—		4		8		9		631		652
Total other	—		45		360		878		1,077		38,747		41,107
Total	$	1,253,449	$	367,647	$	178,798	$	226,092	$	272,831	$	972,993	$	3,271,810

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	978,509	$	277,248	$	154,357	$	220,388	$	270,966	$	960,696	$	2,862,164
Greater than 80% and less than or equal to 90%	163,839		86,192		23,574		5,346		1,635		7,288		287,874
Greater than 90% and less than or equal to 100%	111,073		4,200		832		270		137		2,608		119,120
Greater than 100%	28		7		35		88		93		2,401		2,652
Total	$	1,253,449	$	367,647	$	178,798	$	226,092	$	272,831	$	972,993	$	3,271,810

(1)Excludes $11.6 billion and $13.5 billion as of September 30, 2021 and December 31, 2020, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies, which represents 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 tables display the total amortized cost in our multifamily HFI loans by year of origination and credit-risk rating, excluding loans for which we have elected the fair value option. Property rental income and property valuations are key inputs to our internally assigned credit risk ratings.


	As of September 30, 2021, by Year of Origination
	2021		2020		2019		2018		2017		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Non-classified(1)	$	38,547	$	81,070	$	66,157	$	59,144	$	47,164	$	95,395	$	387,477
Classified(2)	56		264		1,679		1,871		3,353		6,541		13,764
Total	$	38,603	$	81,334	$	67,836	$	61,015	$	50,517	$	101,936	$	401,241


	As of December 31, 2020, by Year of Origination
	2020		2019		2018		2017		2016		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Non-classified(1)	$	71,977	$	68,296	$	62,087	$	50,907	$	43,174	$	70,933	$	367,374
Classified(2)	37		1,041		1,529		2,616		1,579		3,250		10,052
Total	$	72,014	$	69,337	$	63,616	$	53,523	$	44,753	$	74,183	$	377,426

(1)A loan categorized as “Non-classified” is current or adequately protected by the current financial strength and debt service capability of the borrower.

(2)Represents loans classified as “Substandard” or “Doubtful.” Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. “Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. We had no loans classified as doubtful as of September 30, 2021 and loans with an amortized cost of less than $1 million classified as doubtful as of December 31, 2020.

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 troubled debt restructuring (“TDR”). In addition to formal loan modifications, we also engage in other loss mitigation activities with troubled borrowers, which include repayment plans and forbearance arrangements, both of which represent informal agreements with the borrower that do not result in the legal modification of the loan’s contractual terms. We account for these informal restructurings as a TDR if we defer more than three missed payments. We also classify loans to certain borrowers who have received bankruptcy relief as TDRs. However, our current TDR accounting described herein is temporarily impacted by our election to account for certain eligible loss mitigation activities under the COVID-19 relief granted pursuant to the CARES Act and the Consolidated Appropriations Act of 2021. See “Note 1, Summary of Significant Accounting Policies” in our 2020 Form 10-K for more information on the COVID-19 relief from TDR accounting and disclosure requirements.

The substantial majority of the loan modifications accounted for as a TDR result in term extensions, interest rate reductions or a combination of both. The average term extension of a single-family modified loan was 151 months and 159 months for the three months ended September 30, 2021 and 2020, respectively. The average interest rate reduction was 0.56 and 0.42 percentage points, for the three months ended September 30, 2021 and 2020, respectively. During the nine months ended September 30, 2021 and 2020, the average term extension of a single-family modified loan was 146 months and 166 months, respectively, and the average interest rate reduction was 0.57 and 0.35 percentage points, respectively.

The following tables display the number of loans and amortized cost of loans classified as a TDR during the period.


		For the Three Months Ended September 30,
		2021			2020
		Number of Loans	Amortized Cost		Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		2,126	$	345	5,993	$	1,006
15-year or less, amortizing fixed-rate		209	16		579	50
Adjustable-rate		18	2		109	16
Other		88	8		371	47
Total single-family		2,441	371		7,052	1,119
Multifamily		—	—		—	—
Total TDRs		2,441	$	371	7,052	$	1,119


		For the Nine Months Ended September 30,
		2021			2020
		Number of Loans	Amortized Cost		Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		8,022	$	1,274	25,360	$	4,412
15-year or less, amortizing fixed-rate		886	70		2,448	216
Adjustable-rate		96	14		395	62
Other		416	43		1,464	185
Total single-family		9,420	1,401		29,667	4,875
Multifamily		—	—		—	—
Total TDRs		9,420	$	1,401	29,667	$	4,875

For loans that defaulted in the periods presented and that were classified as a TDR in the twelve months prior to the default, the following tables display the number of loans and the amortized cost of these loans at the time of payment default. For purposes of this disclosure, we define loans that had a payment default as: single-family and multifamily loans with completed TDRs that liquidated during the period, either through foreclosure, deed-in-lieu of foreclosure, or a short sale; single-family loans with completed modifications that are two or more months delinquent during the period; or multifamily loans with completed modifications that are one or more months delinquent during the period.


		For the Three Months Ended September 30,
		2021			2020
		Number of Loans	Amortized Cost		Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		1,782	$	294	2,956	$	532
15-year or less, amortizing fixed-rate		133	10		21	1
Adjustable-rate		11	1		3	—
Other		200	37		219	35
Total single-family		2,126	342		3,199	568
Multifamily		—	—		—	—
Total TDRs that subsequently defaulted		2,126	$	342	3,199	$	568


		For the Nine Months Ended September 30,
		2021			2020
		Number of Loans	Amortized Cost		Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		5,754	$	969	11,529	$	2,119
15-year or less, amortizing fixed-rate		330	24		106	7
Adjustable-rate		26	4		15	2
Other		693	128		1,094	180
Total single-family		6,803	1,125		12,744	2,308
Multifamily		—	—		4	16
Total TDRs that subsequently defaulted		6,803	$	1,125	12,748	$	2,324

Nonaccrual Loans

For loans not subject to the COVID-19-related nonaccrual policy described below, we discontinue accruing interest when we believe collectability of principal and 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 on such loans is reversed through interest income at the date the loan is placed on nonaccrual status. For single-family 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 when the borrower brings the loan current. We return a modified single-family loan to accrual status at the point when the borrower has successfully made 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 two months or more past due according to its contractual terms unless the loan is well secured such that collectability of principal and accrued interest is reasonably assured. For multifamily loans on nonaccrual status, we apply any payment received on a cost recovery basis to reduce principal on the mortgage loan. We return a multifamily loan to accrual status when the borrower cures the delinquency of the loan. Single-family and multifamily loans are reported past due if a full payment of principal and interest is not received within one month of its due date.

For loans negatively impacted by the COVID-19 pandemic, we continue to recognize interest income for up to six months of delinquency provided that the loan was either current at March 1, 2020 or originated after March 1, 2020. For single-family loans, we continue to accrue interest income beyond six months of delinquency provided that the collection of principal and interest continues to be reasonably assured. Multifamily loans that are in a forbearance arrangement are placed on nonaccrual status when the borrower is six months past due unless the loan is both well secured and in the process of collection. Loans on nonaccrual status that have been placed in a repayment plan or that have been brought current through a modification or a payment deferral are returned to accrual status once the borrower has made six consecutive contractual payments under the terms of the repayment plan or the modified loan. For loans in a forbearance arrangement that are placed on nonaccrual status, cash payments for interest are applied as a reduction of accrued interest receivable until the receivable has been reduced to zero, and then recognized as interest income. If interest is capitalized pursuant to a loan modification, any capitalized interest that had not been previously recognized as interest income is recorded as a discount to the loan and amortized over the life of the loan. See “Note 1, Summary of Significant Accounting Policies” in our 2020 Form 10-K for more information on our nonaccrual policy, including a discussion of regulatory guidance on interest income issued in response to COVID-19, and additional information on our policies for determining if the collection of principal and interest is reasonably assured, as well as our policy for establishing a valuation allowance for expected credit losses on the accrued interest receivable balance for loans negatively impacted by COVID-19.

The tables below display the forgone interest and the accrued interest receivable written off through the reversal of interest income for HFI single-family and multifamily nonaccrual loans.


		For the Three Months Ended September 30,
		2021		2020
	(Dollars in millions)
Single-family:
Interest income forgone(1)		$	133	$	219
Accrued interest receivable written off through the reversal of interest income		15		33

Multifamily:
Interest income forgone(1)		$	13	$	8
Accrued interest receivable written off through the reversal of interest income		—		5


		For the Nine Months Ended September 30,
		2021		2020
	(Dollars in millions)
Single-family:
Interest income forgone(1)		$	450	$	573
Accrued interest receivable written off through the reversal of interest income		144		165

Multifamily:
Interest income forgone(1)		$	33	$	9
Accrued interest receivable written off through the reversal of interest income		1		7

(1)For loans on nonaccrual status held as of period end, represents the amount of interest income we did not recognize but would have recognized if the loans had performed in accordance with their original contractual terms.

The tables below include the amortized cost of and interest income recognized on our HFI single-family and multifamily loans on nonaccrual status by class, excluding loans for which we have elected the fair value option.


		As of
		September 30, 2021		June 30, 2021		December 31, 2020
		Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	20,083	$	24,728	$	22,907
15-year or less, amortizing fixed-rate		491		596		853
Adjustable-rate		126		179		270
Other		1,277		1,761		2,475
Total single-family		21,977		27,264		26,505
Multifamily		2,253		2,220		2,069
Total nonaccrual loans		$	24,230	$	29,484	$	28,574


	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2021		2020		2021			2020
	Total Interest Income Recognized(1)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	67	$	68		$	241		$	309
15-year or less, amortizing fixed-rate	1		2			4			9
Adjustable-rate	—		1			1			3
Other	3		5			14			31
Total single-family	71		76			260			352
Multifamily	9		—			24			3
Total nonaccrual loans	$	80	$	76		$	284		$	355

(1)Single-family interest income recognized includes amounts accrued while the loans were performing, including the amortization of any deferred cost basis adjustments, as well as payments received on nonaccrual loans held as of period end. Multifamily interest income recognized includes amounts accrued while the loans were performing and the amortization of any deferred cost basis adjustments for nonaccrual loans held as of period end.

Allowance for Loan Losses

9 Months Ended

Sep. 30, 2021

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. We record write-offs as a reduction to our allowance for loan losses at the point of foreclosure, completion of a short sale, upon the redesignation of nonperforming and reperforming loans from HFI to HFS or when a loan is determined to be uncollectible.

The following table displays changes in our allowance for single-family loans, multifamily loans and total allowance for loan losses, including the transition impact of adopting Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which was later amended by ASU 2019-04, ASU 2019-05 and ASU 2019-1 (collectively, the “CECL standard”), on January 1, 2020. See “Note 1, Summary of Significant Accounting Policies” in our 2020 Form 10-K for additional information on changes to our allowance for loan losses resulting from our adoption of the CECL standard.

The benefit or provision for loan losses excludes provision for accrued interest receivable losses, guaranty loss reserves and credit losses on available-for-sale (“AFS”) debt securities. Cumulatively, these amounts are recognized as “Benefit (provision) for credit losses” in our condensed consolidated statements of operations and comprehensive income.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance	$	(6,064)	$	(11,598)	$	(9,344)	$	(8,759)
Transition impact of the adoption of the CECL standard	—		—		—		(1,229)
Benefit (provision) for loan losses	839		931		4,003		(857)
Write-offs	51		261		271		377
Recoveries	(133)		(4)		(212)		(10)
Other	(8)		23		(33)		91
Ending Balance	$	(5,315)	$	(10,387)	$	(5,315)	$	(10,387)
Multifamily allowance for loan losses:
Beginning balance	$	(1,050)	$	(1,368)	$	(1,208)	$	(257)
Transition impact of the adoption of the CECL standard	—		—		—		(493)
Benefit (provision) for loan losses	45		(34)		175		(669)
Write-offs	7		86		54		104
Recoveries	(21)		—		(40)		(1)

Ending Balance	$	(1,019)	$	(1,316)	$	(1,019)	$	(1,316)
Total allowance for loan losses:
Beginning balance	$	(7,114)	$	(12,966)	$	(10,552)	$	(9,016)
Transition impact of the adoption of the CECL standard	—		—		—		(1,722)
Benefit (provision) for loan losses	884		897		4,178		(1,526)
Write-offs	58		347		325		481
Recoveries	(154)		(4)		(252)		(11)
Other	(8)		23		(33)		91
Ending Balance	$	(6,334)	$	(11,703)	$	(6,334)	$	(11,703)

Our benefit or provision for loan losses 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 type, volume and effectiveness of our loss mitigation activities, including forbearances and loan modifications, the volume of foreclosures completed, and the redesignation of loans from HFI to HFS. Our benefit or provision can also be impacted by updates to the models, assumptions, and data used in determining our allowance for loan losses. As described below, our benefit or provision for loan losses and our loss reserves have been significantly affected by our estimates of the impact of the COVID-19 pandemic and the pace and strength of the economy’s subsequent recovery, which require significant management judgment.

The primary factors that contributed to our single-family benefit for loan losses for the three months ended September 30, 2021 were:

•Benefit from actual and forecasted home price growth. For the three months ended September 30, 2021, actual home price growth continued to be strong. We also increased our expectations for home price growth on a national basis for full-year 2021. Higher home prices decrease the likelihood that loans will default and reduce the amount of loan loss on loans that do default, which impacts our estimate of losses and ultimately reduces our loss reserves and provision for loan losses.

•Benefit from changes in assumptions regarding COVID-19 forbearance and loan delinquencies. For the three months ended September 30, 2021, the benefit was primarily driven by the removal of the remaining non-modeled adjustment related to COVID-19 as discussed below.

The primary factors that contributed to our single-family benefit for loan losses for the nine months ended September 30, 2021 were:

•Benefit from actual and forecasted home price growth which have been robust throughout 2021.

•Benefit from the redesignation of certain nonperforming and reperforming single-family loans from HFI to HFS. We redesignated certain nonperforming and 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 against the allowance for loan losses. Amounts recorded in the allowance related to these loans exceeded the amounts written off, resulting in a net benefit for loan losses.

•Benefit from changes in assumptions regarding COVID-19 forbearance and loan delinquencies. During the first and second quarters of 2021, management used its judgment to supplement the loss projections developed by our credit loss model to account for uncertainty arising from the COVID-19 pandemic that was not represented in historical data or otherwise captured by our credit model. As of September 30, 2021, management removed the remaining non-modeled adjustment as the effects of the economic stimulus, the vaccine rollout, and the effectiveness of COVID-19-related loss mitigation strategies have all become much less uncertain. Specifically, the decrease in uncertainty as of September 30, 2021 compared with the end of 2020 was primarily driven by the passage of the American Rescue Plan Act of 2021 and the broad implementation of the COVID-19 vaccination program in the United States, which contributed to a significant increase in business activity and helped support continued economic growth. There has also been a steady decline in the number of borrowers in a COVID-19-related forbearance, lessening expectations of loan losses. Additionally, we believe the array of possible future economic environments included in our credit model, which captures scenarios that may be remote, combined with data consumed over the course of the COVID-19 pandemic have removed the need to continue to supplement modeled results.

The impact of these factors was partially offset by the impact of the following factor, which reduced our single-family benefit for loan losses recognized for the nine months ended September 30, 2021.

•Provision for higher actual and projected interest rates. Actual and projected interest rates were higher as of September 30, 2021 compared with December 31, 2020. As mortgage rates increase, we expect a decrease in future prepayments on single-family loans, including modified loans. Lower expected prepayments extend the expected lives of modified loans, which increases the expected impairment relating to term and interest-rate concessions provided on these loans, resulting in a provision for loan losses.

The decrease in single-family write-offs for the three months ended September 30, 2021 compared with the three months ended September 30, 2020 was primarily due to a reduction in the number of nonperforming and reperforming loans redesignated from HFI to HFS in the third quarter of 2021 as well as more favorable pricing on our HFS loans.

The primary factors that contributed to our single-family provision for loan losses for the nine months ended September 30, 2020 were:

•Provision for changes in assumptions regarding COVID-19 forbearance and loan delinquencies, which included adjustments to modeled results. Our single-family provision for loan losses for the nine months ended September 30, 2020 was driven by the economic dislocation caused by the COVID-19 pandemic, with the majority of the provision recognized in the first quarter of 2020. Estimating expected loan losses as a result of the COVID-19 pandemic continued to require significant management judgment regarding a number of matters, including our expectations surrounding borrower participation in a COVID-19-related forbearance, the type and extent of loss mitigation that may be needed when the loan exits forbearance, the high degree of uncertainty regarding the future course of the pandemic and its effect on the economy, and expectations regarding the impact of fiscal stimulus to support borrowers. As a result, the model used to estimate single-family loan losses did not capture the entirety of losses we expected to incur relating to COVID-19 at that time. The model consumed data from the initial months of the pandemic, including loan delinquencies, and updated credit profile data for loans in forbearance. As more of this data was consumed by our credit loss model, we reduced the non-modeled adjustment initially recorded in the first quarter.

In the third quarter of 2020, management continued to apply its judgment and supplement model results as of September 30, 2020, taking into account the continued high degree of uncertainty regarding the future impact of the pandemic and its effect on the economy, future economic and housing policy, and extended foreclosure moratoriums. These factors, combined with higher loan delinquencies, led to an increase in provision attributable to these COVID-19-related factors, which was partially offset by a decrease in our estimated single-family cumulative forbearance take-up, based on the economic data and forbearance activity observed through the third quarter of 2020.

The factors discussed above were offset by the factors below, which contributed to a single-family benefit for loan losses for the three months ended September 30, 2020 and reduced the amount of single-family provision for loan losses recognized for the nine months ended September 30, 2020:

•Benefit from lower actual and projected interest rates. For much of 2020, we continued to be in a historically low interest-rate environment. 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 loan losses. Most of this benefit from lower actual and projected mortgage interest rates was recognized in the first half of 2020.

•Benefit from the redesignation of certain reperforming single-family loans from HFI to HFS. In the third quarter of 2020, we resumed sales of reperforming loans after our suspension of new loan sales in the second quarter of 2020. As a result, we redesignated certain reperforming single-family loans from HFI to HFS in the third quarter of 2020, as we no longer intended 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 against the allowance for loan losses. Amounts recorded in the allowance related to these loans exceeded the amounts written off, which contributed to a net benefit for loan losses for the three and nine months ended September 30, 2020.

•Benefit from actual and expected home price growth. In the first quarter of 2020, we significantly reduced our expectations for home price growth to near-zero for 2020. However, the negative impact from the first quarter of 2020 was more than offset by an increase in actual home price growth in the second and third quarters.

The primary factors that contributed to our multifamily benefit for loan losses for the three and nine months ended September 30, 2021 were:

•Benefit from actual and projected economic data. For the three and nine months ended September 30, 2021, property value forecasts increased due to continued demand for multifamily housing. In addition, improved job growth led to an increase in projected average property net operating income, which reduced the probability of loan defaults resulting in a benefit for loan losses for the quarter and year-to-date.

•Benefit from lower expected loan losses as a result of the COVID-19 pandemic. Similar to our single-family benefit for loan losses described above, for the first and second quarters of 2021 management used its judgment to supplement the loss projections developed by our credit loss model to account for uncertainty arising from the COVID-19 pandemic. As of September 30, 2021, management removed the remaining non-modeled adjustment as the effects of the economic stimulus, the vaccine rollout, and the effectiveness of COVID-19-related loss mitigation strategies have all become much less uncertain. See our single-family 2021 benefit for loan losses discussion above for more information on these factors.

Our multifamily provision for loan losses for the nine months ended September 30, 2020 was driven by higher expected losses as a result of the economic dislocation caused by the COVID-19 pandemic and heightened economic uncertainty, driven by elevated unemployment which we expected would result in a decrease of multifamily property income and property values. In addition, the multifamily provision for loan losses included increased expected loan losses on seniors housing loans as these properties were disproportionately impacted by the pandemic. The vast majority of these expenses were recognized in the first half of 2020. Consistent with the single-family discussion above, the model we used to estimate multifamily loan losses did not capture the entirety of losses we expected to incur relating to COVID-19 at that time. The model consumed data from the initial months of the pandemic, but we continued to apply management judgment and supplement model results as of September 30, 2020, taking into account the continued high degree of uncertainty that remained relating to the impact of the pandemic.

In the third quarter of 2020, our provision for expected multifamily loan losses as a result of the COVID-19 pandemic was relatively flat. In September 2020, we decreased our estimate for loan losses due to a downward revision of our estimated multifamily cumulative forbearance take-up rate, as well as an improved forecasted unemployment rate. These benefits were offset by continued economic uncertainty, forbearance arrangements that were extended beyond the initial term, and overall increased delinquencies. These factors, inclusive of the other components of the multifamily provision for loan losses, resulted in a modest expense for the third quarter of 2020.

The primary factor that contributed to multifamily write-offs for the three and nine months ended September 30, 2020 was a write down in the value of a seniors housing portfolio during the third quarter of 2020 following its default on its forbearance agreement.

Investments in Securities

9 Months Ended

Sep. 30, 2021

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


	As of
	September 30, 2021			December 31, 2020
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae		$	1,715		$	2,404
Other agency(1)		3,139			3,451
Private-label and other mortgage securities		143			158
Total mortgage-related securities (includes $642 million and $793 million, respectively, related to consolidated trusts)		4,997			6,013
Non-mortgage-related securities:
U.S. Treasury securities		92,192			130,456
Other securities		20			73
Total non-mortgage-related securities		92,212			130,529
Total trading securities		$	97,209		$	136,542

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

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,

	2021		2020			2021		2020
	(Dollars in millions)
Net trading gains (losses)	$	(129)	$	(91)		$	(726)	$	691
Net trading gains (losses) recognized in the period related to securities still held at period end	(124)		(71)			(702)		448

Available-for-Sale Securities

We record AFS securities at fair value with unrealized gains and losses, recorded net of tax, as a component of “Other comprehensive income (loss)” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive income. We define the amortized cost basis of our AFS securities as unpaid principal balance, net of unamortized premiums and discounts, and other cost basis adjustments. We record an allowance for credit losses for AFS securities that reflects the impairment for credit losses, which are limited to the amount that fair value is less than the amortized cost. Impairment due to non-credit losses are recorded as unrealized losses within other comprehensive income.

The following tables display the amortized cost, allowance for credit losses, gross unrealized gains and losses in accumulated other comprehensive income (loss) (“AOCI”), and fair value by major security type for AFS securities.


	As of September 30, 2021
	Total Amortized Cost(1)			Allowance for Credit Losses(3)		Gross Unrealized Gains in AOCI		Gross Unrealized Losses in AOCI			Total Fair Value(1)
	(Dollars in millions)
Fannie Mae		$	510	$	—	$	16		$	(8)	$	518
Other agency(2)		14		—		1			—		15
Alt-A and subprime private-label securities		3		—		—			—		3

Mortgage revenue bonds		161		—		5			(2)		164
Other mortgage-related securities		185		—		1			—		186
Total		$	873	$	—	$	23		$	(10)	$	886


	As of December 31, 2020
	Total Amortized Cost(1)			Allowance for Credit Losses			Gross Unrealized Gains in AOCI			Gross Unrealized Losses in AOCI			Total Fair Value(1)
	(Dollars in millions)
Fannie Mae		$	1,094		$	—		$	86		$	(12)	$	1,168
Other agency(2)		59			—			6			—		65
Alt-A and subprime private-label securities		4			—			2			—		6
Mortgage revenue bonds		211			(3)			8			—		216
Other mortgage-related securities		238			—			4			—		242
Total		$	1,606		$	(3)		$	106		$	(12)	$	1,697

(1)We exclude from amortized cost and fair value accrued interest of $3 million and $6 million as of September 30, 2021 and December 31, 2020, respectively, which we record in “Other assets” in our condensed consolidated balance sheets.

(2)Other agency securities consist of securities issued by Freddie Mac and Ginnie Mae.

(3)Total allowance for credit losses is less than $1 million as of September 30, 2021.

Fannie Mae and Other Agency Securities

Our Fannie Mae and other agency AFS securities consist of securities issued by us, Freddie Mac, or Ginnie Mae. The principal and interest on these securities are guaranteed by the issuing agency. We believe that the guaranty provided by the issuing agency, the support provided to the agencies by the U.S. government, the importance of the agencies to the liquidity and stability in the secondary mortgage market, and the long history of zero credit losses on agency mortgage-related securities are all indicators that there are currently no credit losses on these securities, even if the security is in an unrealized loss position. In addition, we generally hold these securities that are in an unrealized loss position to recovery. As a result, unless we intend to sell the security, we do not recognize an allowance for credit losses on agency mortgage-related securities.

Non-Agency Mortgage-Related Securities

As of September 30, 2021, substantially all of our non-agency mortgage-related securities were in an unrealized gain position. As a result, we have not recognized an allowance for credit losses on these securities.

The following table displays additional information regarding gross unrealized losses and fair value by major security type for AFS securities in an unrealized loss position, excluding allowance for credit losses.


	As of
	September 30, 2021										December 31, 2020
	Less Than 12 Consecutive Months					12 Consecutive Months or Longer					Less Than 12 Consecutive Months					12 Consecutive Months or Longer
	Gross Unrealized Losses in AOCI			Fair Value		Gross Unrealized Losses in AOCI			Fair Value		Gross Unrealized Losses in AOCI			Fair Value		Gross Unrealized Losses in AOCI			Fair Value
	(Dollars in millions)
Fannie Mae		$	(2)	$	231		$	(6)	$	105		$	(1)	$	40		$	(11)	$	94
Mortgage revenue bonds		(2)		2			—		—			—		—			—		—

Total		$	(4)	$	233		$	(6)	$	105		$	(1)	$	40		$	(11)	$	94

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,

	2021		2020		2021		2020
	(Dollars in millions)
Gross realized gains	$	—	$	15	$	59	$	45

Total proceeds (excludes initial sale of securities from new portfolio securitizations)	—		137		582		258

The following table displays net unrealized gains and losses on AFS securities and other amounts accumulated within our accumulated other comprehensive income, net of tax.


	As of
	September 30, 2021		December 31, 2020
	(Dollars in millions)
Net unrealized gains on AFS securities for which we have not recorded an allowance for credit losses	$	12	$	74
Net unrealized gains (losses) on AFS securities for which we have recorded an allowance for credit losses	(2)		—
Other	33		42
Accumulated other comprehensive income	$	43	$	116

Maturity Information

The following table displays the carrying amount 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 September 30, 2021
	Total Carrying Amount(1)			Total Fair Value		One Year or Less					After One Year Through Five Years					After Five Years Through Ten Years					After Ten Years
						Net Carrying Amount(1)			Fair Value		Net Carrying Amount(1)			Fair Value		Net Carrying Amount(1)			Fair Value		Net Carrying Amount(1)			Fair Value
	(Dollars in millions)
Fannie Mae		$	510	$	518		$	—	$	—		$	2	$	2		$	12	$	13		$	496	$	503
Other agency		14		15			—		—			—		—			1		1			13		14
Alt-A and subprime private-label securities		3		3			—		—			—		—			2		2			1		1

Mortgage revenue bonds		161		164			1		1			29		30			10		9			121		124
Other mortgage-related securities		185		186			—		—			—		—			3		4			182		182
Total		$	873	$	886		$	1	$	1		$	31	$	32		$	28	$	29		$	813	$	824

(1) Net carrying amount consists of amortized cost, net of allowance for credit losses on AFS debt securities but does not include any unrealized fair value gains or losses.

Financial Guarantees

9 Months Ended

Sep. 30, 2021

Guarantees [Abstract]

Financial Guarantees

We recognize a guaranty obligation for our obligation to stand ready to perform on our guarantees to unconsolidated trusts and other guaranty arrangements. These 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 maximum remaining contractual term of our guarantees is 31 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. We measure our guaranty reserve for estimated credit losses for off-balance sheet exposures over the contractual period for which they are exposed to the credit risk, unless that obligation is unconditionally cancellable by the issuer.

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. When we began issuing UMBS, 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. Accordingly, we exclude from the following table Freddie Mac securities backing unconsolidated Fannie Mae-issued structured securities of approximately $190.2 billion and $137.3 billion as of September 30, 2021 and December 31, 2020, respectively.

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


	As of
	September 30, 2021						December 31, 2020
	Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)		Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	3,964	$	17	$	3,847	$	4,424	$	18	$	4,226
Other guaranty arrangements(2)	10,772		91		2,180		11,828		109		2,438
Total	$	14,736	$	108	$	6,027	$	16,252	$	127	$	6,664

(1)Recoverability of such credit enhancements and recourse is subject to, among other factors, the ability of our mortgage insurers and the U.S. government, as a financial guarantor, to meet their obligations to us. For information on our mortgage insurers, “Note 10, Concentrations of Credit Risk.”

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

Short-Term and Long-Term Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Short-Term and Long-Term Debt

Short-Term and Long-Term Debt In January 2021, we began applying fair value hedge accounting to certain debt issuances. The objective of our fair value hedges is to reduce GAAP earnings volatility related to changes in benchmark interest rates. See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures.

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
	September 30, 2021				December 31, 2020
	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)	$	363	(0.04)	%	$	—	—	%
Short-term debt of Fannie Mae	8,045		0.03		12,173		0.18

(1)Includes the effects of discounts, premiums and other cost basis adjustments. Includes interest generated from negative interest rates on certain repurchase agreements.

(2)Represents agreements to repurchase securities for a specified price, with repayment generally occurring on the following day, reported as “Other liabilities” in our condensed consolidated balance sheets.

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
	September 30, 2021					December 31, 2020
	Maturities	Outstanding(1)		Weighted- Average Interest Rate(2)		Maturities	Outstanding(1)		Weighted- Average Interest Rate(2)
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2021 - 2030	$	93,233	2.16	%	2021 - 2030	$	106,691	2.03	%
Medium-term notes(3)	2021 - 2031	38,385		0.62		2021 - 2030	48,524		0.63
Other(4)	2023 - 2038	7,048		3.80		2021 - 2038	6,701		3.90
Total senior fixed		138,666		1.82			161,916		1.69
Senior floating:
Medium-term notes(3)	2021 - 2022	74,078		0.33		2021 - 2022	100,089		0.35
Connecticut Avenue Securities(5)	2023 - 2031	13,666		4.11		2023 - 2031	14,978		4.16
Other(6)	2037	388		8.16		2037	416		7.75
Total senior floating		88,132		0.94			115,483		0.86


Total long-term debt of Fannie Mae(7)		226,798		1.48			277,399		1.34
Debt of consolidated trusts	2021 - 2061	3,907,626		1.75		2021 - 2060	3,646,164		1.88
Total long-term debt		$	4,134,424	1.74	%		$	3,923,563	1.85	%

(1)Outstanding debt balance consists of the unpaid principal balance, premiums and discounts, fair value adjustments, hedge-related basis adjustments, and other cost basis adjustments.

(2)Excludes the effects of fair value adjustments and hedge-related basis adjustments.

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

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

(5)Consists of CAS debt issued prior to November 2018, a portion of which is reported at fair value. See “Note 2, Consolidations and Transfers of Financial Assets” in our 2020 Form 10-K for more information about our CAS structures issued beginning November 2018.

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

(7)Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments in a net discount position of $1.3 billion and $392 million as of September 30, 2021 and December 31, 2020, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (g)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivative Instruments

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative instruments are an integral part of our strategy in managing interest-rate risk. Derivative instruments may be privately-negotiated, bilateral contracts, or they may be listed and traded on an exchange. We refer to our derivative transactions made pursuant to bilateral contracts as our over-the-counter (“OTC”) derivative transactions and our derivative transactions accepted for clearing by a derivatives clearing organization as our cleared derivative transactions. We typically do not settle the notional amount of our risk management derivatives; rather, notional amounts provide the basis for calculating actual payments or settlement amounts. The derivative contracts we use for interest-rate risk management purposes consist primarily of interest-rate swaps and interest-rate options. See “Note 8, Derivative Instruments” in our 2020 Form 10-K for additional information on interest-rate risk management.

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 condensed 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 condensed consolidated balance sheets. See “Note 12, Fair Value” for additional information on derivatives recorded at fair value. We present cash flows from derivatives as operating activities in our condensed consolidated statements of cash flows.

Fair Value Hedge Accounting

As discussed in “Note 1, Summary of Significant Accounting Policies,” we implemented a fair value hedge accounting program in January 2021. Pursuant to this program, we may designate certain interest-rate swaps as hedging instruments in hedges of the change in fair value attributable to the designated benchmark interest rate for certain closed pools of fixed-rate, single-family mortgage loans or our funding debt. For hedged items in qualifying fair value hedging relationships, changes in fair value attributable to the designated risk are recognized as a basis adjustment to the hedged item. We also report changes in the fair value of the derivative hedging instrument in the same condensed consolidated statements of operations and comprehensive income line item used to recognize the earnings effect of the hedged item’s basis adjustment. The objective of our fair value hedges is to reduce GAAP earnings volatility related to changes in benchmark interest rates.

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, including derivative instruments designated as hedges.


	As of September 30, 2021								As of December 31, 2020
	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 designated as fair value hedges:
Swaps:(1)
Pay-fixed	$	2,575	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Receive-fixed	40,833		—		205		(2)		—		—		—		—

Total risk management derivatives designated as hedges	43,408		—		205		(2)		—		—		—		—
Risk management derivatives not designated as fair value hedges:
Swaps:(1)
Pay-fixed	71,189		—		300		—		88,361		—		11,461		(595)
Receive-fixed	26,348		1		44,273		(765)		92,315		233		33,919		(123)
Basis	250		154		—		—		250		192		—		—
Foreign currency	233		28		101		(35)		237		57		239		(58)
Swaptions:(1)
Pay-fixed	4,430		68		160		(1)		5,530		37		2,025		(118)
Receive-fixed	390		7		700		(24)		3,355		346		700		(16)
Futures(1)	30		—		—		—		64,398		—		—		—
Total gross risk management derivatives	102,870		258		45,534		(825)		254,446		865		48,344		(910)
Accrued interest receivable (payable)	—		78		—		(14)		—		97		—		(105)
Total risk management derivatives not designated as hedges	102,870		336		45,534		(839)		254,446		962		48,344		(1,015)
Netting adjustment(2)	—		(290)		—		838		—		(905)		—		995
Total risk management derivatives portfolio	146,278		46		45,739		(3)		254,446		57		48,344		(20)
Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	6,649		6		11,794		(71)		35,292		145		51		—
Forward contracts to purchase mortgage-related securities	11,360		22		73,742		(498)		144,215		844		607		—
Forward contracts to sell mortgage-related securities	115,159		735		20,606		(30)		199		—		227,828		(1,426)
Total mortgage commitment derivatives	133,168		763		106,142		(599)		179,706		989		228,486		(1,426)
Credit enhancement derivatives	10,093		—		8,167		(20)		16,829		179		11,368		(49)
Derivatives at fair value	$	289,539	$	809	$	160,048	$	(622)	$	450,981	$	1,225	$	288,198	$	(1,495)

(1)Centrally cleared derivatives have no ascribable fair value because 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 $570 million and $658 million as of September 30, 2021 and December 31, 2020, respectively. Cash collateral received was $22 million and $568 million as of September 30, 2021 and December 31, 2020, respectively.

We record all gains and losses, including accrued interest, on derivatives while they are not in a qualifying designated hedging relationship in “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. The following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,

	2021		2020		2021		2020
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	343	$	634	$	1,855	$	(3,489)
Receive-fixed	(209)		(550)		(1,307)		2,984
Basis	(12)		(5)		(39)		68
Foreign currency	(19)		23		(23)		(11)
Swaptions:
Pay-fixed	6		2		55		(159)
Receive-fixed	(14)		(60)		(223)		597
Futures	—		—		1		(75)
Net contractual interest income (expense) on interest-rate swaps	(2)		(46)		(6)		(216)
Total risk management derivatives fair value gains (losses), net	93		(2)		313		(301)
Mortgage commitment derivatives fair value gains (losses), net	(25)		(672)		504		(2,327)
Credit enhancement derivatives fair value gains (losses), net	(55)		380		(163)		400
Total derivatives fair value gains (losses), net	$	13	$	(294)	$	654	$	(2,228)

Effect of Fair Value Hedge Accounting

The following table displays the effect of fair value hedge accounting on our condensed consolidated statements of operations and comprehensive income, including gains and losses recognized on fair value hedging relationships.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,

	2021					2021
	Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt				Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt
	(Dollars in millions)
Total amounts presented in our condensed consolidated statements of operations and comprehensive income	$	24,798	$	(18,009)			$	73,083	$	(51,646)




Gains (losses) from fair value hedging relationships:
Mortgage loans HFI and related interest-rate contracts:
Hedged items	$	(1)	$	—			$	69	$	—
Discontinued hedge related basis adjustment amortization	(3)		—				(3)		—


Derivatives designated as hedging instruments	(1)		—				(71)		—
Interest accruals on hedging instruments	(4)		—				(9)		—
Debt of Fannie Mae and related interest-rate contracts:
Hedged items	—		195				—		1,000
Discontinued hedge-related basis adjustment amortization	—		(20)				—		(54)
Derivatives designated as hedging instruments	—		(191)				—		(982)
Interest accruals on derivative hedging instruments	—		65				—		178
Total effect of fair value hedges	$	(9)	$	49			$	(14)	$	142

Hedged Items in Fair Value Hedging Relationships

The following table displays the carrying amounts of the hedged items that have been in qualifying fair value hedges recorded in our condensed consolidated balance sheets, including the hedged item's cumulative basis adjustments and the closed portfolio balances under the last-of-layer method. The hedged item carrying amounts and total basis adjustments include both open and discontinued hedges. The amortized cost and designated UPB consists only of open hedges as of September 30, 2021.


	As of September 30, 2021
	Carrying Amount Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount				Closed Portfolio of Mortgage Loans Under Last-of-Layer Method
			Total Basis Adjustments(1)(2)		Remaining Adjustments - Discontinued Hedge		Total Amortized Cost		Designated UPB
	(Dollars in millions)
Mortgage loans HFI	$	150,829	$	66	$	66	$	36,424	$	2,548

Debt of Fannie Mae	(72,497)		946		946		N/A		N/A

(1) No basis adjustment associated with open hedges, as all hedges are designated at the close of business, with a one-day term.

(2) Based on the unamortized balance of the hedge-related cost basis.

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 11, Netting Arrangements” for information on our rights to offset assets and liabilities as of September 30, 2021 and December 31, 2020

Segment Reporting

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Reporting

We have two reportable business segments, which are based on the type of business activities each perform: Single-Family and Multifamily. 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 condensed consolidated results of operations. For additional information related to our business segments, including basis of organization and other segment activities, see “Note 10, Segment Reporting” in our 2020 Form 10-K.

Segment Allocations and Results

The majority of our revenues and expenses are directly associated with each respective business segment and are included in determining its operating results. Those 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 the gains and losses associated with our risk management derivatives, including the impact of hedge accounting, are allocated to our Single-Family business segment.

The following tables display our segment results.


	For the Three Months Ended September 30,
	2021						2020
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	5,870	$	1,102	$	6,972	$	5,870	$	786	$	6,656
Fee and other income(2)	86		25		111		73		20		93
Net revenues	5,956		1,127		7,083		5,943		806		6,749
Investment gains, net(3)	222		21		243		583		70		653
Fair value gains (losses), net(4)	(31)		14		(17)		(244)		(83)		(327)
Administrative expenses	(620)		(125)		(745)		(634)		(128)		(762)
Credit-related income (expense)(5)
Benefit (provision) for credit losses	887		50		937		542		(41)		501
Foreclosed property income (expense)	(80)		11		(69)		(64)		(7)		(71)
Total credit-related income (expense)	807		61		868		478		(48)		430
TCCA fees(6)	(781)		—		(781)		(679)		—		(679)
Credit enhancement expense(7)	(174)		(59)		(233)		(274)		(51)		(325)
Change in expected credit enhancement recoveries(8)	(28)		(14)		(42)		(48)		—		(48)
Other expenses, net	(261)		(7)		(268)		(307)		(6)		(313)
Income before federal income taxes	5,090		1,018		6,108		4,818		560		5,378
Provision for federal income taxes	(1,065)		(201)		(1,266)		(1,049)		(100)		(1,149)
Net income	$	4,025	$	817	$	4,842	$	3,769	$	460	$	4,229


	For the Nine Months Ended September 30,
	2021						2020
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	19,087	$	2,913	$	22,000	$	15,350	$	2,430	$	17,780
Fee and other income(2)	228		73		301		238		65		303
Net revenues	19,315		2,986		22,301		15,588		2,495		18,083
Investment gains (losses), net(3)	944		(10)		934		527		117		644
Fair value gains (losses), net(4)	323		(2)		321		(1,734)		113		(1,621)
Administrative expenses	(1,862)		(377)		(2,239)		(1,888)		(377)		(2,265)
Credit-related income (expense)(5)
Benefit (provision) for credit losses	4,102		188		4,290		(1,411)		(683)		(2,094)
Foreclosed property expense	(91)		(14)		(105)		(145)		(16)		(161)
Total credit-related income (expense)	4,011		174		4,185		(1,556)		(699)		(2,255)
TCCA fees(6)	(2,270)		—		(2,270)		(1,976)		—		(1,976)
Credit enhancement expense(7)	(619)		(172)		(791)		(897)		(164)		(1,061)
Change in expected credit enhancement recoveries(8)	(101)		(16)		(117)		218		195		413
Other expenses, net	(863)		(4)		(867)		(722)		(70)		(792)
Income before federal income taxes	18,878		2,579		21,457		7,560		1,610		9,170
Provision for federal income taxes	(3,952)		(518)		(4,470)		(1,623)		(312)		(1,935)
Net income	$	14,926	$	2,061	$	16,987	$	5,937	$	1,298	$	7,235

(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 from which is remitted to Treasury and not retained by us. Also includes yield maintenance fees we recognized on the prepayment of multifamily loans. Beginning in January 2021, net interest income was impacted by the application of fair value hedge accounting. See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures.

(2)Single-family fee and other income primarily consists of compensation for engaging in structured transactions and providing other lender services. Multifamily fee and other income consists of fees associated with Multifamily business activities.

(3)Single-family investment gains and losses primarily consist of gains and losses on the sale of mortgage assets. Multifamily investment gains and losses primarily consists of gains and losses on resecuritization activity.

(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, fair value option debt, 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. Beginning in January 2021, fair value gains (losses), net was impacted by the application of fair value hedge accounting. See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures.

(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.

(7)Single-family credit enhancement expense consists of costs associated with our freestanding credit enhancements, which primarily include costs associated with our Credit Insurance Risk TransferTM (“CIRTTM”), Connecticut Avenue Securities® (“CAS”) and enterprise-paid mortgage insurance (“EPMI”) programs. Multifamily credit enhancement expense primarily consists of costs associated with our Multifamily CIRTTM (“MCIRTTM”) and Multifamily Connecticut Avenue SecuritiesTM (“MCASTM”) programs as well as amortization expense for certain lender risk-sharing programs. Excludes CAS transactions accounted for as debt instruments and credit risk transfer programs accounted for as derivative instruments.

(8)Consists of change in benefits recognized from our freestanding credit enhancements, primarily from our CAS and CIRT programs as well as certain lender risk-sharing arrangements, including our multifamily Delegated Underwriting and Servicing (“DUS®”) program.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Concentrations of Credit Risk

9 Months Ended

Sep. 30, 2021

Risks and Uncertainties [Abstract]

Concentrations of Credit Risk

Risk Characteristics of our Guaranty Book of Business

One of the measures by which we gauge our credit 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 other economic data, 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.

We report the delinquency status of our single-family and multifamily guaranty book of business below. We report loans receiving COVID-19-related payment forbearance as delinquent according to the contractual terms of the loans.

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
	September 30, 2021						December 31, 2020
	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	0.66	%	0.16	%	1.61	%	0.88	%	0.33	%	3.10	%
Percentage of single-family conventional loans based on loan count	0.78		0.20		1.62		1.02		0.36		2.87


	As of
	September 30, 2021				December 31, 2020
	Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB		Serious Delinquency Rate(1)		Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB		Serious Delinquency Rate(1)
Estimated mark-to-market LTV ratio:
Greater than 100%	*		16.04	%	*		22.43	%
Geographical distribution:
California	20	%	1.38		19	%	2.62
Florida	6		2.11		6		4.17
Illinois	3		2.00		3		3.10
New Jersey	3		2.58		3		4.57
New York	5		2.92		5		4.79
All other states	63		1.48		64		2.59
Product distribution:
Alt-A	1		6.27		1		9.32
Vintages:
2004 and prior	1		4.25		2		5.88
2005-2008	2		7.21		2		9.98
2009-2021	97		1.31		96		2.39

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

(1)Based on loan count, consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of September 30, 2021 or December 31, 2020.

Multifamily Credit Risk Characteristics

For multifamily loans, management monitors the serious delinquency rate, which is the percentage of multifamily loans, based on unpaid principal balance, that are 60 days or more past due, and loans with other higher risk characteristics to determine the overall credit quality of our multifamily book of business. Higher risk characteristics include, but are not limited to, current debt service coverage ratio (“DSCR”) below 1.0 and original LTV ratios greater than 80%. We stratify multifamily loans into different internal risk categories based on the credit risk inherent in each individual loan.

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


	As of
	September 30, 2021(1)				December 31, 2020(1)
	30 Days Delinquent		Seriously Delinquent(2)		30 Days Delinquent		Seriously Delinquent(2)
Percentage of multifamily guaranty book of business	0.09	%	0.42	%	0.29	%	0.98	%


	As of
	September 30, 2021				December 31, 2020
	Percentage of Multifamily Guaranty Book of Business(1)		Serious Delinquency Rate(2)(3)		Percentage of Multifamily Guaranty Book of Business(1)		Serious Delinquency Rate(2)(3)
Original LTV ratio:
Greater than 80%	1	%	0.13	%	1	%	1.04	%
Less than or equal to 80%	99		0.42		99		0.98
Current DSCR below 1.0(4)	2		14.21		2		21.19

(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 of our multifamily borrowers, there is a lag in reporting, which typically can range from 3 to 6 months but in some cases may be longer. For certain properties, we do not receive updated financial information.

Other Concentrations

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
	September 30, 2021			December 31, 2020
	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	$	174,973		$	170,890
Pool mortgage insurance	269			291
Total mortgage insurance risk in force	$	175,242	5%	$	171,181	5%

Mortgage insurance does not protect us from all losses on covered loans. For example, mortgage insurance does not cover property damage that is not covered by the hazard insurance we require, and such damage may result in a reduction to, or a denial of, mortgage insurance benefits. 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 loss event 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
	September 30, 2021		December 31, 2020

Counterparty:(1)
Arch Capital Group Ltd.	19	%	21	%
Mortgage Guaranty Insurance Corp.	19		18
Radian Guaranty, Inc.	17		19
Genworth Mortgage Insurance Corp.	17		16
Essent Guaranty, Inc.	16		16
National Mortgage Insurance Corp.	11		9
Others	1		1
Total	100	%	100	%

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

Three of our mortgage insurer counterparties that are currently not approved to write new business—PMI Mortgage Insurance Co. (“PMI”), Triad Guaranty Insurance Corporation (“Triad”) and Republic Mortgage Insurance Company (“RMIC”)—are currently in run-off. A mortgage insurer that is in run-off continues to collect renewal premiums and process claims on its existing insurance business, but no longer writes new insurance, which increases the risk that the mortgage insurer will fail to pay claims fully. Entering run-off may limit sources of profits and liquidity for the mortgage insurer and could also cause the quality and speed of its claims processing to deteriorate. These three mortgage insurers provided a combined $1.8 billion, or 1%, of the risk-in-force mortgage insurance coverage of our single-family conventional guaranty book of business as of September 30, 2021.

PMI and Triad have been paying only a portion of policyholder claims and deferring the remaining portion. PMI is currently paying 77.5% of claims under its mortgage insurance policies in cash and is deferring the remaining 22.5%, 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 their deferred policyholder claims or increase or decrease the amount of cash they pay on claims. RMIC is no longer deferring payments on policyholder claims, but remains in run-off.

We have counterparty credit risk relating to the potential insolvency of, or non-performance by, monoline 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 expected credit 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 September 30, 2021 and December 31, 2020, our estimated benefit from mortgage insurance, which is based on estimated credit losses as of period end, reduced our loss reserves by $528 million and $1.4 billion, respectively.

As of September 30, 2021 and December 31, 2020, we had outstanding receivables of $535 million and $560 million, respectively, recorded in “Other assets” in our condensed consolidated balance sheets related to amounts claimed on insured, defaulted loans excluding government-insured loans. As of September 30, 2021 and December 31, 2020, we assessed these outstanding receivables for collectability, and established a valuation allowance of $479 million and $497 million, respectively, 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, including loss mitigation, 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 (i.e., servicers that are not insured depository institutions), and identifies one depository 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
	September 30, 2021		December 31, 2020
Wells Fargo Bank, N.A. (together with its affiliates)	11	%	13	%
Remaining top five depository servicers	11		11
Top five non-depository servicers	23		24
Total	45	%	48	%

Compared with depository financial institutions, our non-depository servicers 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 depository financial 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
	September 30, 2021		December 31, 2020
Walker & Dunlop, Inc.	13	%	12	%
Wells Fargo Bank, N.A. (together with its affiliates)	11		12
Remaining top five servicers	24		24
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 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 with underperforming major servicers to improve operational processes; and

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

Derivatives Counterparties. For information on credit risk associated with our derivative transactions and repurchase agreements see “Note 8, Derivative Instruments” and “Note 11, Netting Arrangements.”

Netting Arrangements

9 Months Ended

Sep. 30, 2021

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 condensed consolidated balance sheets.


	As of September 30, 2021
			Gross Amount Offset(1)		Net Amount Presented in our Condensed Consolidated Balance Sheets				Amounts Not Offset in our Condensed Consolidated Balance Sheets
	Gross Amount								Financial Instruments(2)			Collateral(3)			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	336	$	(331)		$	5			$	—		$	—	$	5
Cleared risk management derivatives	—		41			41				—			—		41
Mortgage commitment derivatives	763		—			763				(323)			(2)		438
Total derivative assets	1,099		(290)			809		(4)		(323)			(2)		484
Securities purchased under agreements to resell or similar arrangements(5)	87,010		—			87,010				—			(87,010)		—
Total assets	$	88,109	$	(290)		$	87,819			$	(323)		$	(87,012)	$	484
Liabilities:
OTC risk management derivatives	$	(841)	$	838		$	(3)			$	—		$	—	$	(3)
Cleared risk management derivatives	—		—			—				—			—		—
Mortgage commitment derivatives	(599)		—			(599)				323			11		(265)
Total derivative liabilities	(1,440)		838			(602)		(4)		323			11		(268)
Securities sold under agreements to repurchase or similar arrangements(6)	(363)		—			(363)				—			363		—
Total liabilities	$	(1,803)	$	838		$	(965)			$	323		$	374	$	(268)


	As of December 31, 2020
			Gross Amount Offset(1)		Net Amount Presented in our Condensed Consolidated Balance Sheets					Amounts Not Offset in our Condensed Consolidated Balance Sheets
	Gross Amount								Financial Instruments(2)				Collateral(3)			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	962	$	(952)		$	10				$	—		$	—		$	10
Cleared risk management derivatives	—		47			47					—			—			47
Mortgage commitment derivatives	989		—			989					(406)			(53)			530
Total derivative assets	1,951		(905)			1,046		(4)			(406)			(53)			587
Securities purchased under agreements to resell or similar arrangements(5)	46,644		—			46,644					—			(46,644)			—
Total assets	$	48,595	$	(905)		$	47,690				$	(406)		$	(46,697)		$	587
Liabilities:
OTC risk management derivatives	$	(1,015)	$	999		$	(16)				$	—		$	—		$	(16)
Cleared risk management derivatives	—		(4)			(4)					—			2			(2)
Mortgage commitment derivatives	(1,426)		—			(1,426)					406			1,017			(3)
Total derivative liabilities	(2,441)		995			(1,446)		(4)			406			1,019			(21)
Securities sold under agreements to repurchase or similar arrangements (6)	—		—			—					—			—			—
Total liabilities	$	(2,441)	$	995		$	(1,446)				$	406		$	1,019		$	(21)

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

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

(3)Represents collateral received that has not been recognized and not offset in our condensed consolidated balance sheets, as well as collateral posted which has been recognized but not offset in our condensed 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 $3.8 billion and $4.7 billion as of September 30, 2021 and December 31, 2020, respectively. The fair value of non-cash collateral received was $87.0 billion and $46.6 billion, of which $33.5 billion and $46.6 billion could be sold or repledged as of September 30, 2021 and December 31, 2020, respectively. None of the underlying collateral was sold or repledged as of September 30, 2021 or December 31, 2020.

(4)Excludes derivative assets of less than $1 million and $179 million as of September 30, 2021 and December 31, 2020, respectively, and derivative liabilities of $20 million and $49 million recognized in our condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively, that are not subject to enforceable master netting arrangements.

(5)Includes $53.1 billion and $18.4 billion in securities purchased under agreements to resell classified as “Cash and cash equivalents” in our condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively. Includes $6.3 billion in securities purchased under agreements to resell classified as “Restricted cash and cash equivalents” in our condensed consolidated balance sheets as of September 30, 2021. There were no securities purchased under agreements to resell classified as “Restricted cash and cash equivalents” as of December 31, 2020.

(6)Represents agreements to repurchase securities for a specified price, with repayment generally occurring on the following day, reported as “Other liabilities” in our condensed consolidated balance sheets.

Derivative instruments are recorded at fair value and securities purchased under agreements to resell or similar arrangements are recorded at amortized cost in our condensed consolidated balance sheets. For how we determine our rights to offset the assets and liabilities presented above with the same counterparty, including collateral posted or received, see “Note 14, Netting Arrangements” in our 2020 Form 10-K.

Fair Value

9 Months Ended

Sep. 30, 2021

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 hierarchy gives the highest priority, Level 1, to measurements based on unadjusted quoted prices in active markets for identical assets or liabilities. The next highest priority, Level 2, is given to measurements of assets and liabilities based on limited observable inputs or observable inputs for similar assets and liabilities. The lowest priority, Level 3, is given to measurements based on unobservable inputs.

Recurring Changes in Fair Value

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


	Fair Value Measurements as of September 30, 2021
	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:
Cash equivalents(2)		$	875		$	—		$	—		$	—		$	875
Trading securities:
Mortgage-related securities:
Fannie Mae		—			1,586			129			—			1,715
Other agency		—			3,139			—			—			3,139
Private-label and other mortgage securities		—			143			—			—			143
Non-mortgage-related securities:
U.S. Treasury securities		92,192			—			—			—			92,192
Other securities		—			20			—			—			20
Total trading securities		92,192			4,888			129			—			97,209
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			68			450			—			518
Other agency		—			15			—			—			15
Alt-A and subprime private-label securities		—			3			—			—			3
Mortgage revenue bonds		—			—			164			—			164
Other		—			4			182			—			186
Total available-for-sale securities		—			90			796			—			886
Mortgage loans		—			4,516			785			—			5,301
Other assets:
Risk management derivatives:
Swaps		—			102			159			—			261
Swaptions		—			75			—			—			75
Netting adjustment		—			—			—			(290)			(290)
Mortgage commitment derivatives		—			763			—			—			763
Credit enhancement derivatives		—			—			—			—			—
Total other assets		—			940			159			(290)			809
Total assets at fair value		$	93,067		$	10,434		$	1,869		$	(290)		$	105,080

Liabilities:
Long-term debt:
Of Fannie Mae:

Senior floating		$	—		$	2,245		$	388		$	—		$	2,633
Total of Fannie Mae		—			2,245			388			—			2,633
Of consolidated trusts		—			22,919			101			—			23,020
Total long-term debt		—			25,164			489			—			25,653
Other liabilities:
Risk management derivatives:
Swaps		—			816			—			—			816
Swaptions		—			25			—			—			25
Netting adjustment		—			—			—			(838)			(838)
Mortgage commitment derivatives		—			599			—			—			599
Credit enhancement derivatives		—			—			20			—			20
Total other liabilities		—			1,440			20			(838)			622
Total liabilities at fair value		$	—		$	26,604		$	509		$	(838)		$	26,275


	Fair Value Measurements as of December 31, 2020
	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:
Cash equivalents(2)		$	1,120		$	—		$	—		$	—		$	1,120
Trading securities:
Mortgage-related securities:
Fannie Mae		—			2,310			94			—			2,404
Other agency		—			3,450			1			—			3,451
Private-label and other mortgage securities		—			158			—			—			158
Non-mortgage-related securities:
U.S. Treasury securities		130,456			—			—			—			130,456
Other securities		—			73			—			—			73
Total trading securities		130,456			5,991			95			—			136,542
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			973			195			—			1,168
Other agency		—			65			—			—			65
Alt-A and subprime private-label securities		—			4			2			—			6
Mortgage revenue bonds		—			—			216			—			216
Other		—			7			235			—			242
Total available-for-sale securities		—			1,049			648			—			1,697
Mortgage loans		—			5,629			861			—			6,490
Other assets:
Risk management derivatives:
Swaps		—			376			203			—			579
Swaptions		—			383			—			—			383
Netting adjustment		—			—			—			(905)			(905)
Mortgage commitment derivatives		—			989			—			—			989
Credit enhancement derivatives		—			—			179			—			179
Total other assets		—			1,748			382			(905)			1,225
Total assets at fair value		$	131,576		$	14,417		$	1,986		$	(905)		$	147,074

Liabilities:
Long-term debt:
Of Fannie Mae:

Senior floating		$	—		$	3,312		$	416		$	—		$	3,728
Total of Fannie Mae		—			3,312			416			—			3,728
Of consolidated trusts		—			24,503			83			—			24,586
Total long-term debt		—			27,815			499			—			28,314
Other liabilities:
Risk management derivatives:
Swaps		—			881			—			—			881
Swaptions		—			134			—			—			134
Netting adjustment		—			—			—			(995)			(995)
Mortgage commitment derivatives		—			1,426			—			—			1,426
Credit enhancement derivatives		—			—			49			—			49
Total other liabilities		—			2,441			49			(995)			1,495
Total liabilities at fair value		$	—		$	30,256		$	548		$	(995)		$	29,809

(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 realized and unrealized gains and losses, recognized in our condensed consolidated statements of operations and comprehensive income for Level 3 assets and liabilities.


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended September 30, 2021
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2021(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2021(1)
	Balance, June 30, 2021		Included in Net Income			Included in Total OCI Gain/(Loss)(1)		Purchases(2)		Sales(2)		Issues(3)		Settlements(3)		Transfers out of Level 3		Transfers into Level 3		Balance, September 30, 2021
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	141	$	(13)		$	—	$	15	$	—	$	—	$	—	$	(51)	$	37	$	129	$	—	$	—


Total trading securities	$	141	$	(13)	(5)(6)	$	—	$	15	$	—	$	—	$	—	$	(51)	$	37	$	129	$	—	$	—

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	84	$	—		$	2	$	—	$	—	$	—	$	(12)	$	—	$	376	$	450	$	—	$	—
Alt-A and subprime private-label securities	2		—			(2)		—		—		—		—		—		—		—		—		—
Mortgage revenue bonds	172		2			(2)		—		—		—		(8)		—		—		164		—		(2)
Other	194		1			(4)		—		—		—		(9)		—		—		182		—		(2)
Total available-for-sale securities	$	452	$	3	(6)(7)	$	(6)	$	—	$	—	$	—	$	(29)	$	—	$	376	$	796	$	—	$	(4)

Mortgage loans	$	832	$	1	(5)(6)	$	—	$	4	$	(4)	$	—	$	(47)	$	(20)	$	19	$	785	$	3	$	—
Net derivatives	194		(62)		(5)	—		—		—		—		7		—		—		139		(55)		—

Long-term debt:
Of Fannie Mae:
Senior floating	$	(397)	$	9	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(388)	$	9	$	—
Of consolidated trusts	(55)		(3)		(5)(6)	—		—		—		—		2		—		(45)		(101)		(2)		—
Total long-term debt	$	(452)	$	6		$	—	$	—	$	—	$	—	$	2	$	—	$	(45)	$	(489)	$	7	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Nine Months Ended September 30, 2021
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2021(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2021(1)
	Balance, December 31, 2020		Included in Net Income			Included in Total OCI Gain/(Loss)(1)		Purchases(2)		Sales(2)		Issues(3)		Settlements(3)		Transfers out of Level 3		Transfers into Level 3		Balance, September 30, 2021
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	94	$	(18)		$	—	$	18	$	—	$	—	$	—	$	(90)	$	125	$	129	$	1	$	—
Other agency	1		—			—		—		—		—		—		(1)		—		—		—		—

Total trading securities	$	95	$	(18)	(5)(6)	$	—	$	18	$	—	$	—	$	—	$	(91)	$	125	$	129	$	1	$	—

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	195	$	1		$	4	$	—	$	—	$	—	$	(19)	$	(107)	$	376	$	450	$	—	$	1

Alt-A and subprime private-label securities	2		—			(2)		—		—		—		—		—		—		—		—		—
Mortgage revenue bonds	216		2			(4)		—		—		—		(50)		—		—		164		—		(2)
Other	235		8			(2)		—		—		—		(59)		—		—		182		—		—
Total available-for-sale securities	$	648	$	11	(6)(7)	$	(4)	$	—	$	—	$	—	$	(128)	$	(107)	$	376	$	796	$	—	$	(1)


Mortgage loans	$	861	$	30	(5)(6)	$	—	$	89	$	(48)	$	—	$	(147)	$	(72)	$	72	$	785	$	28	$	—
Net derivatives	333		(187)		(5)	—		—		—		—		(7)		—		—		139		(194)		—

Long-term debt:
Of Fannie Mae:
Senior floating	$	(416)	$	28	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(388)	$	28	$	—
Of consolidated trusts	(83)		(2)		(5)(6)	—		—		—		—		10		20		(46)		(101)		(3)		—
Total long-term debt	$	(499)	$	26		$	—	$	—	$	—	$	—	$	10	$	20	$	(46)	$	(489)	$	25	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended September 30, 2020
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2020(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2020(1)
	Balance, June 30, 2020		Included in Net Income			Included in Total OCI Gain/(Loss)(1)		Purchases(2)		Sales(2)		Issues(3)		Settlements(3)		Transfers out of Level 3		Transfers into Level 3		Balance, September 30, 2020
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	38	$	—		$	—	$	—	$	(1)	$	—	$	—	$	(3)	$	26	$	60	$	—	$	—
Other agency	—		—			—		—		—		—		—		—		1		1		—		—
Private-label and other mortgage securities	98		(4)			—		—		(94)		—		—		—		—		—		—		—
Total trading securities	$	136	$	(4)	(5)(6)	$	—	$	—	$	(95)	$	—	$	—	$	(3)	$	27	$	61	$	—	$	—

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	446	$	1		$	2	$	—	$	—	$	—	$	(9)	$	(218)	$	—	$	222	$	—	$	—
Alt-A and subprime private-label securities	2		—			—		—		—		—		—		—		—		2		—		—
Mortgage revenue bonds	278		—			—		—		—		—		(23)		—		—		255		—		—
Other	254		5			5		—		—		—		(16)		—		—		248		—		4
Total available-for-sale securities	$	980	$	6	(6)(7)	$	7	$	—	$	—	$	—	$	(48)	$	(218)	$	—	$	727	$	—	$	4

Mortgage loans	$	797	$	41	(5)(6)	$	—	$	—	$	(11)	$	—	$	(39)	$	(31)	$	121	$	878	$	36	$	—
Net derivatives	269		380		(5)	—		—		—		—		(7)		—		—		642		372		—

Long-term debt:
Of Fannie Mae:
Senior floating	$	(433)	$	(3)	(5)	$	—	$	—	$	—	$	—	$	1	$	—	$	—	$	(435)	$	(3)	$	—
Of consolidated trusts	(89)		(1)		(5)(6)	—		—		—		—		5		1		(1)		(85)		(1)		—
Total long-term debt	$	(522)	$	(4)		$	—	$	—	$	—	$	—	$	6	$	1	$	(1)	$	(520)	$	(4)	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Nine Months Ended September 30, 2020
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2020(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2020(1)
	Balance, December 31, 2019		Included in Net Income			Included in Total OCI Gain/(Loss)(1)		Purchases(2)		Sales(2)		Issues(3)		Settlements(3)		Transfers out of Level 3		Transfers into Level 3		Balance, September 30, 2020
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	45	$	(9)		$	—	$	—	$	(1)	$	—	$	—	$	(48)	$	73	$	60	$	(8)	$	—
Other agency	1		—			—		—		—		—		—		(1)		1		1		—		—
Private-label and other mortgage securities	—		3			—		—		(94)		—		(3)		—		94		—		—		—
Total trading securities	$	46	$	(6)	(5)(6)	$	—	$	—	$	(95)	$	—	$	(3)	$	(49)	$	168	$	61	$	(8)	$	—

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	171	$	1		$	2	$	—	$	—	$	—	$	(12)	$	(218)	$	278	$	222	$	—	$	—
Alt-A and subprime private-label securities	—		—			—		—		—		—		—		—		2		2		—		—
Mortgage revenue bonds	315		(3)			3		74		(74)		—		(60)		—		—		255		—		5
Other	306		(9)			4		268		(268)		—		(53)		—		—		248		—		3
Total available-for-sale securities	$	792	$	(11)	(6)(7)	$	9	$	342	$	(342)	$	—	$	(125)	$	(218)	$	280	$	727	$	—	$	8


Mortgage loans	$	688	$	32	(5)(6)	$	—	$	—	$	(11)	$	—	$	(93)	$	(75)	$	337	$	878	$	5	$	—
Net derivatives	162		470		(5)	—		—		—		—		(8)		18		—		642		468		—

Long-term debt:
Of Fannie Mae:
Senior floating	$	(398)	$	(61)	(5)	$	—	$	—	$	—	$	—	$	24	$	—	$	—	$	(435)	$	(61)	$	—
Of consolidated trusts	(75)		—		(5)(6)	—		—		—		—		12		2		(24)		(85)		1		—
Total long-term debt	$	(473)	$	(61)		$	—	$	—	$	—	$	—	$	36	$	2	$	(24)	$	(520)	$	(60)	$	—

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

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

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

(4)Amount represents temporary changes in fair value. Amortization, accretion and the impairment of credit losses are not considered unrealized and are not included in this amount.

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

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

(7)Gains (losses) are included in “Investment gains, net” in our condensed 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 September 30, 2021
	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)	$	129	Various



Available-for-sale securities:
Mortgage-related securities:
Agency(3)	410		Consensus
	40		Various

Total agency	450



Mortgage revenue bonds	98		Single Vendor	Spreads (bps)	4.1	-	37.3	18.1
	66		Various
Total mortgage revenue bonds	164

Other	181		Discounted Cash Flow	Spreads (bps)	364.0	-	372.0	368.1



	1		Various
Total other	182
Total available-for-sale securities	$	796

Net derivatives	$	159	Dealer Mark
	(20)		Discounted Cash Flow
Total net derivatives	$	139


	Fair Value Measurements as of December 31, 2020
	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)	$	95	Various

Available-for-sale securities:
Mortgage-related securities:
Agency(3)	97		Consensus
	98		Various
Total agency	195





Alt-A and subprime private-label securities	2		Various

Mortgage revenue bonds	144		Single Vendor	Spreads (bps)	32.0	-	315.3	93.4
	72		Various
Total mortgage revenue bonds	216

Other	206		Discounted Cash Flow	Spreads (bps)	425.0	-	443.0	434.2



	29		Various
Total other	235
Total available-for-sale securities	$	648

Net derivatives	$	203	Dealer Mark
	130		Discounted Cash Flow
Total net derivatives	$	333

(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 condensed 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 had no Level 1 assets or liabilities held as of September 30, 2021 or December 31, 2020 that were measured at fair value on a nonrecurring basis. We held $97 million and $25 million in Level 2 assets as of September 30, 2021 and December 31, 2020, respectively, comprised of mortgage loans held for sale that were impaired. We had no Level 2 liabilities that were measured at fair value on a nonrecurring basis as of September 30, 2021 or December 31, 2020.

The following table displays valuation techniques for our Level 3 assets measured at fair value on a nonrecurring basis.


		Fair Value Measurements as of
	Valuation Techniques	September 30, 2021		December 31, 2020
	(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	511	$	754
	Single Vendor	316		333
	Various	2		—
Total mortgage loans held for sale, at lower of cost or fair value		829		1,087

Single-family mortgage loans held for investment, at amortized cost	Internal Model	592		979


Multifamily mortgage loans held for investment, at amortized cost	Appraisals	47		225

	Internal Model	113		125
	Broker Price Opinion	117		40
Total multifamily mortgage loans held for investment, at amortized cost		277		390

Acquired property, net:
Single-family	Accepted Offers	9		35
	Appraisals	54		89
	Internal Model	67		41
	Walk Forwards	25		85
	Various	9		11
Total single-family		164		261

Multifamily	Various	34		25

Total nonrecurring assets at fair value		$	1,896	$	2,742

We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. See “Note 15, Fair Value” in our 2020 Form 10-K for information on the valuation control processes and 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. We made no material changes to the valuation control processes or the valuation techniques for the nine months ended September 30, 2021.

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 condensed consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.” The disclosure excludes 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 September 30, 2021
	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, including restricted cash and cash equivalents	$	133,464	$	74,064		$	59,400		$	—		$	—		$	133,464
Federal funds sold and securities purchased under agreements to resell or similar arrangements	27,610		—			27,610			—			—			27,610
Trading securities	97,209		92,192			4,888			129			—			97,209
Available-for-sale securities	886		—			90			796			—			886
Mortgage loans held for sale	7,489		—			2,250			6,129			—			8,379
Mortgage loans held for investment, net of allowance for loan losses	3,896,180		—			3,745,286			220,358			—			3,965,644
Advances to lenders	9,924		—			9,923			1			—			9,924
Derivative assets at fair value	809		—			940			159			(290)			809
Guaranty assets and buy-ups	97		—			—			234			—			234
Total financial assets	$	4,173,668	$	166,256		$	3,850,387		$	227,806		$	(290)		$	4,244,159

Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	363	$	—		$	363		$	—		$	—		$	363
Short-term debt:
Of Fannie Mae	8,045		—			8,045			—			—			8,045

Long-term debt:
Of Fannie Mae	226,798		—			235,120			814			—			235,934
Of consolidated trusts	3,907,626		—			3,937,618			30,914			—			3,968,532
Derivative liabilities at fair value	622		—			1,440			20			(838)			622
Guaranty obligations	108		—			—			86			—			86
Total financial liabilities	$	4,143,562	$	—		$	4,182,586		$	31,834		$	(838)		$	4,213,582


	As of December 31, 2020
	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	$	115,623	$	97,179		$	18,444		$	—			$	—	$	115,623
Federal funds sold and securities purchased under agreements to resell or similar arrangements	28,200		—			28,200			—				—		28,200
Trading securities	136,542		130,456			5,991			95				—		136,542
Available-for-sale securities	1,697		—			1,049			648				—		1,697
Mortgage loans held for sale	5,197		—			116			5,502				—		5,618
Mortgage loans held for investment, net of allowance for loan losses	3,648,695		—			3,512,672			255,556				—		3,768,228
Advances to lenders	10,449		—			10,448			1				—		10,449
Derivative assets at fair value	1,225		—			1,748			382				(905)		1,225
Guaranty assets and buy-ups	115		—			—			258				—		258
Total financial assets	$	3,947,743	$	227,635		$	3,578,668		$	262,442			$	(905)	$	4,067,840

Financial liabilities:

Short-term debt:
Of Fannie Mae	$	12,173	$	—		$	12,177		$	—			$	—	$	12,177

Long-term debt:
Of Fannie Mae	277,399		—			288,414			878				—		289,292
Of consolidated trusts	3,646,164		—			3,756,673			31,584				—		3,788,257
Derivative liabilities at fair value	1,495		—			2,441			49				(995)		1,495
Guaranty obligations	127		—			—			82				—		82
Total financial liabilities	$	3,937,358	$	—		$	4,059,705		$	32,593			$	(995)	$	4,091,303

For a detailed description and classification of our financial instruments, see “Note 15, Fair Value” in our 2020 Form 10-K.

Fair Value Option

We elected the fair value option for loans and debt that 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 condensed consolidated statements of operations and comprehensive income.

The following table displays the fair value and unpaid principal balance of the financial instruments for which we have made fair value elections.


	As of
	September 30, 2021									December 31, 2020
	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		$	5,301		$	2,633		$	23,020		$	6,490		$	3,728		$	24,586
Unpaid principal balance		4,902			2,427			20,239			6,046			3,518			21,408

(1)Includes nonaccrual loans with a fair value of $105 million and $139 million as of September 30, 2021 and December 31, 2020, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of September 30, 2021 and December 31, 2020 was $1 million and $8 million, respectively. Includes loans that are 90 days or more past due with a fair value of $153 million and $257 million as of September 30, 2021 and December 31, 2020, respectively. The difference between unpaid principal balance and the fair value of these 90 or more days past due loans as of September 30, 2021 and December 31, 2020 was $4 million and $14 million, respectively.

Changes in Fair Value under the Fair Value Option Election

We recorded gains of $28 million and $48 million for the three and nine months ended September 30, 2021, respectively, and gains of $107 million and $248 million for the three and nine months ended September 30, 2020, respectively, from changes in the fair value of loans recorded at fair value in “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.

We recorded gains of $62 million and $346 million for the three and nine months ended September 30, 2021, respectively, and losses of $32 million and $344 million for the three and nine months ended September 30, 2020, respectively, from changes in the fair value of long-term debt recorded at fair value in “Fair value gains (losses), net” in our condensed 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	9 Months Ended
Commitments and Contingencies	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are party to various types of legal actions and proceedings, including actions brought on behalf of various classes of claimants. We also are subject to regulatory examinations, inquiries and investigations, and other information gathering requests. In some of the matters, indeterminate amounts are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. This variability in pleadings, together with our and our counsel’s actual experience in litigating or settling claims, leads us to conclude that the monetary relief that may be sought by plaintiffs bears little relevance to the merits or disposition value of claims. 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 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. 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.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the SEC’s instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. The accompanying condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany accounts and transactions have been eliminated. Results for the three and nine months ended September 30, 2021 may not necessarily be indicative of the results for the year ending December 31, 2021. Presentation of Restricted Cash and Cash Equivalents Restricted cash and cash equivalents includes funds held by consolidated MBS trusts that have not yet been remitted to MBS certificateholders under the terms of our servicing guide and the related trust agreements. In 2021, Fannie Mae, in its role as trustee, began to invest funds held by consolidated trusts directly in eligible short-term third-party investments, which may include investments in cash equivalents that are composed of overnight repurchase agreements and U.S. Treasuries that have a maturity at the date of acquisition of three months or less. The funds underlying these short-term investments are restricted per the trust agreements. Accordingly, any investment in cash equivalents should be classified as restricted and is presented as “Restricted cash and cash equivalents” in our condensed consolidated balance sheets to reflect the investment of funds related to MBS trusts.
Use of Estimates	Use of Estimates Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, the allowance for loan losses. Actual results could be different from these estimates.
Conservatorship	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, with FHFA acting as our conservator, 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 Housing and Economic Recovery 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. 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 the Director’s 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 could 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, 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.
Statutory Capital	Statutory CapitalWe submit capital reports to FHFA, which monitors our capital levels.
Related Parties	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 September 30, 2021, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $158.8 billion. See “Senior Preferred Stock Purchase Agreement and Senior Preferred Stock” above for additional information on transactions under this agreement and the modifications made in the January 2021 and September 2021 letter agreements. 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 a result, 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. 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. Some of the structured securities we issue are backed in whole or in part by Freddie Mac securities. 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. Additionally, we make regular income tax payments to and receive tax refunds from the Internal Revenue Service (“IRS”), a bureau of Treasury.
Single-Family Guaranty Fees 10 Basis Points Increase due to a provision stated in the Temporary Payroll Tax Cut Continuation Act of 2011	Effective April 1, 2012, we increased the guaranty fee on all single-family residential mortgages delivered to us by 10 basis points. In 2012, 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 “Interest income: Mortgage loans” and “TCCA fees,” respectively, in our condensed consolidated statements of operations and comprehensive income. In 2020, FHFA provided guidance that we are not required to accrue or remit TCCA fees to Treasury with respect to loans backing MBS trusts that have been delinquent for four months or longer. Once payments on such loans resume, we will resume accrual and remittance to Treasury of the associated TCCA fees on the loans.
Derivatives	DerivativesWe recognize our derivatives as either assets or liabilities in our condensed consolidated balance sheets at their fair value on a trade date basis. Changes in fair value and interest accruals on derivatives not in qualifying fair value hedging relationships are recorded as “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.We recognize all derivatives as either assets or liabilities in our condensed consolidated balance sheets at their fair value on a trade date basis. Fair value amounts, which are (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 condensed consolidated balance sheets.We present cash flows from derivatives as operating activities in our condensed consolidated statements of cash flows.We record all gains and losses, including accrued interest, on derivatives while they are not in a qualifying designated hedging relationship in “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.
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 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 condensed consolidated balance sheets.Derivative instruments are recorded at fair value and securities purchased under agreements to resell or similar arrangements are recorded at amortized cost in our condensed consolidated balance sheets.
Derivatives, Embedded Derivatives	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 whether: (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.
Derivatives, Methods of Accounting, Hedging Derivatives	Fair Value Hedge Accounting In January 2021, to reduce earnings volatility related to changes in benchmark interest rates, we began applying fair value hedge accounting to certain pools of single-family mortgage loans and certain issuances of our funding debt by designating such instruments as the hedged item in hedging relationships with interest-rate swaps. In these relationships, we have designated the change in the benchmark interest rate, either the London Inter-bank Offered Rate (“LIBOR”) or Secured Overnight Financing Rate (“SOFR”), as the risk being hedged. We have elected to use the last-of-layer method to hedge certain pools of single-family mortgage loans. This election involves establishing fair value hedging relationships on the portion of each loan pool that is not expected to be affected by prepayments, defaults and other events that affect the timing and amount of cash flows. The term of each hedging relationship is generally one business day and we establish hedging relationships daily to align our hedge accounting with our risk management practices. If a hedging relationship qualifies for hedge accounting, the change in the fair value of the interest-rate swaps and the change in the fair value of the hedged item for the risk being hedged are recorded through net interest income. A corresponding basis adjustment is recorded against the hedged item, either the pool of mortgage loans or the debt, for the changes in the fair value attributable to the risk being hedged. For hedging relationships that hedge pools of single-family mortgage loans, basis adjustments are allocated to individual single-family loans based on the relative unpaid principal balance of each loan at the termination of the hedging relationship. The cumulative basis adjustments on the hedged item are amortized into earnings using the effective interest method over the contractual life of the hedged item, with amortization beginning upon termination of the hedging relationship. All changes in fair value of the designated portion of the derivative hedging instrument (i.e., interest-rate swap), including interest accruals, are recorded in the same line item in the condensed consolidated statements of operations and comprehensive income used to record the earnings effect of the hedged item. Therefore, changes in the fair value of the hedged mortgage loans and debt attributable to the risk being hedged are recognized in “Interest income” or “Interest expense,” along with the changes in the fair value of the respective derivative hedging instruments. The recognition of basis adjustments on the hedged item and the subsequent amortization are noncash activities and are removed from net income to derive the “Net cash provided by (used in) operating activities” in our condensed consolidated statement of cash flows. Cash on derivative instruments paid or received while the derivative is designated in a hedging relationship is reported as “Net cash provided by (used in) operating activities” in the condensed consolidated statement of cash flows.Pursuant to this program, we may designate certain interest-rate swaps as hedging instruments in hedges of the change in fair value attributable to the designated benchmark interest rate for certain closed pools of fixed-rate, single-family mortgage loans or our funding debt. For hedged items in qualifying fair value hedging relationships, changes in fair value attributable to the designated risk are recognized as a basis adjustment to the hedged item. We also report changes in the fair value of the derivative hedging instrument in the same condensed consolidated statements of operations and comprehensive income line item used to recognize the earnings effect of the hedged item’s basis adjustment.
Derivatives, Methods of Accounting, Hedge Effectiveness	We apply hedge accounting to qualifying hedging relationships. A qualifying hedging relationship exists when changes in the fair value of a derivative hedging instrument are expected to be highly effective in offsetting changes in the fair value of the hedged item attributable to the risk being hedged during the term of the hedging relationship. We assess hedge effectiveness using statistical regression analysis. A hedging relationship is considered highly effective if the total change in fair value of the hedging instrument and the change in the fair value of the hedged item due to changes in the benchmark interest rate offset each other within a range of 80% to 125% and certain other statistical tests are met.
Earnings Per Share	Earnings per Share Earnings per share (“EPS”) is presented for basic and diluted EPS. We compute basic EPS by dividing net income 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).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.
Consolidations	We have interests in various entities that are considered to be variable interest entities (“VIEs”). The primary types of entities are securitization and resecuritization trusts, limited partnerships and special purpose vehicles (“SPVs”). These interests include investments in securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization transactions and our guaranty to the entity. We consolidate the substantial majority of our single-class securitization trusts because our role as guarantor and master servicer provides us with the power to direct matters (primarily the servicing of mortgage loans) that impact the credit risk to which we are exposed. In contrast, we do not consolidate single-class securitization trusts when other organizations have the power to direct these activities 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 uniform mortgage-backed securities (“UMBS®”), 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.Unconsolidated VIEsWe 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.
Transfers of Financial Assets	Transfers of Financial AssetsWe 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.We retain interests from the transfer and sale of mortgage-related securities to unconsolidated single-class and multi-class portfolio securitization trusts.
Mortgage Loans Held-for-investment	We report the amortized cost of HFI loans for which we have not elected the fair value option at the unpaid principal balance, net of unamortized premiums and discounts, hedge-related basis adjustments, other cost basis adjustments, and accrued interest receivable. For purposes of our condensed consolidated balance sheets, we present accrued interest receivable, net separately from the amortized cost of our loans held for investment.
Mortgage Loans Held-for-sale	We report the carrying value of HFS loans at the lower of cost or fair value and record valuation changes in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive income.
New Accounting Pronouncements	Pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), for purposes of reporting to the credit bureaus, servicers must report a borrower receiving a COVID-19-related payment accommodation during the covered period, such as a forbearance plan or loan modification, as current if the borrower was current prior to receiving the accommodation and the borrower makes all required payments in accordance with the accommodation. For purposes of our disclosures regarding delinquency status, we report loans receiving COVID-19-related payment forbearance as delinquent according to the contractual terms of the loan.
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 troubled debt restructuring (“TDR”). In addition to formal loan modifications, we also engage in other loss mitigation activities with troubled borrowers, which include repayment plans and forbearance arrangements, both of which represent informal agreements with the borrower that do not result in the legal modification of the loan’s contractual terms. We account for these informal restructurings as a TDR if we defer more than three missed payments. We also classify loans to certain borrowers who have received bankruptcy relief as TDRs. However, our current TDR accounting described herein is temporarily impacted by our election to account for certain eligible loss mitigation activities under the COVID-19 relief granted pursuant to the CARES Act and the Consolidated Appropriations Act of 2021.
Nonaccrual Loans	For loans not subject to the COVID-19-related nonaccrual policy described below, we discontinue accruing interest when we believe collectability of principal and 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 on such loans is reversed through interest income at the date the loan is placed on nonaccrual status. For single-family 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 when the borrower brings the loan current. We return a modified single-family loan to accrual status at the point when the borrower has successfully made 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 two months or more past due according to its contractual terms unless the loan is well secured such that collectability of principal and accrued interest is reasonably assured. For multifamily loans on nonaccrual status, we apply any payment received on a cost recovery basis to reduce principal on the mortgage loan. We return a multifamily loan to accrual status when the borrower cures the delinquency of the loan. Single-family and multifamily loans are reported past due if a full payment of principal and interest is not received within one month of its due date.For loans negatively impacted by the COVID-19 pandemic, we continue to recognize interest income for up to six months of delinquency provided that the loan was either current at March 1, 2020 or originated after March 1, 2020. For single-family loans, we continue to accrue interest income beyond six months of delinquency provided that the collection of principal and interest continues to be reasonably assured. Multifamily loans that are in a forbearance arrangement are placed on nonaccrual status when the borrower is six months past due unless the loan is both well secured and in the process of collection. Loans on nonaccrual status that have been placed in a repayment plan or that have been brought current through a modification or a payment deferral are returned to accrual status once the borrower has made six consecutive contractual payments under the terms of the repayment plan or the modified loan. For loans in a forbearance arrangement that are placed on nonaccrual status, cash payments for interest are applied as a reduction of accrued interest receivable until the receivable has been reduced to zero, and then recognized as interest income. If interest is capitalized pursuant to a loan modification, any capitalized interest that had not been previously recognized as interest income is recorded as a discount to the loan and amortized over the life of the loan.
Allowance for Loan Losses	The estimated mark-to-market loan-to-value (“LTV”) ratio is a primary factor we consider when estimating our allowance for loan losses for single-family loans. As LTV ratios increase, the borrower's equity in the home decreases, which may negatively affect the borrower's ability to refinance or to sell the property for an amount at or above the outstanding balance of the loan.Property rental income and property valuations are key inputs to our internally assigned credit risk ratings.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. We record write-offs as a reduction to our allowance for loan losses at the point of foreclosure, completion of a short sale, upon the redesignation of nonperforming and reperforming loans from HFI to HFS or when a loan is determined to be uncollectible.Our benefit or provision for loan losses 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 type, volume and effectiveness of our loss mitigation activities, including forbearances and loan modifications, the volume of foreclosures completed, and the redesignation of loans from HFI to HFS. Our benefit or provision can also be impacted by updates to the models, assumptions, and data used in determining our allowance for loan losses. As described below, our benefit or provision for loan losses and our loss reserves have been significantly affected by our estimates of the impact of the COVID-19 pandemic and the pace and strength of the economy’s subsequent recovery, which require significant management judgment.
Trading and Available-for-sale Securities	Trading SecuritiesTrading securities are recorded at fair value with subsequent changes in fair value recorded as “Fair value gains (losses), net” in our condensed 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 income (loss)” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains, net” in our condensed consolidated statements of operations and comprehensive income. We define the amortized cost basis of our AFS securities as unpaid principal balance, net of unamortized premiums and discounts, and other cost basis adjustments. We record an allowance for credit losses for AFS securities that reflects the impairment for credit losses, which are limited to the amount that fair value is less than the amortized cost. Impairment due to non-credit losses are recorded as unrealized losses within other comprehensive income.
Financial Guarantees	We recognize a guaranty obligation for our obligation to stand ready to perform on our guarantees to unconsolidated trusts and other guaranty arrangements. These 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.We measure our guaranty reserve for estimated credit losses for off-balance sheet exposures over the contractual period for which they are exposed to the credit risk, unless that obligation is unconditionally cancellable by the issuer.
Segment Reporting	We have two reportable business segments, which are based on the type of business activities each perform: Single-Family and Multifamily. 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 condensed consolidated results of operations.
Concentrations of Credit Risk	One of the measures by which we gauge our credit 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 other economic data, 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.
Fair Value Measurement	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 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. 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 condensed consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.” The disclosure excludes 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. Fair Value Option We elected the fair value option for loans and debt that 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 condensed consolidated statements of operations and comprehensive income.
Fair Value of Financial Instruments	In our condensed 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).
Commitments and Contingencies	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.

Consolidations and Transfers of Financial Assets (Tables)

9 Months Ended

Sep. 30, 2021

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
	September 30, 2021		December 31, 2020
	(Dollars in millions)
Assets and liabilities recorded in our condensed consolidated balance sheets related to unconsolidated mortgage-backed trusts:
Assets:
Trading securities:
Fannie Mae	$	1,073	$	1,611
Non-Fannie Mae	3,282		3,608
Total trading securities	4,355		5,219
Available-for-sale securities:
Fannie Mae	518		1,168
Non-Fannie Mae	207		318
Total available-for-sale securities	725		1,486
Other assets	37		41
Other liabilities	(63)		(67)
Net carrying amount	$	5,054	$	6,679

- 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)

9 Months Ended

Sep. 30, 2021

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 and allowance for loan losses.


	As of
	September 30, 2021		December 31, 2020
	(Dollars in millions)
Single-family	$	3,435,023	$	3,216,146
Multifamily	398,168		373,722
Total unpaid principal balance of mortgage loans	3,833,191		3,589,868
Cost basis and fair value adjustments, net	76,812		74,576
Allowance for loan losses for HFI loans	(6,334)		(10,552)
Total mortgage loans(1)	$	3,903,669	$	3,653,892

(1)Excludes $9.8 billion of accrued interest receivable, net of allowance as of September 30, 2021 and December 31, 2020.

The following table displays information about our redesignation of loans from HFI to HFS and the sales of mortgage loans during the period.


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,

		2021		2020		2021		2020
	(Dollars in millions)
Single-family loans redesignated from HFI to HFS:
Amortized cost		$	3,427	$	5,305	$	12,844	$	6,942
Lower of cost or fair value adjustment at time of redesignation(1)		(47)		(227)		(247)		(236)
Allowance reversed at time of redesignation		165		737		1,350		921

Single-family loans sold:
Unpaid principal balance		$	3,063	$	4,593	$	10,588	$	5,088
Realized gains, net		300		424		955		464

(1)Consists of the write-off against the allowance at the time of redesignation.

Financing Receivable, Past Due

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


	As of September 30, 2021
	30 - 59 Days Delinquent		60 - 89 Days Delinquent		Seriously Delinquent(1)		Total Delinquent		Current		Total		Loans 90 Days or More Delinquent and Accruing Interest		Nonaccrual Loans with No Allowance
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	19,980	$	5,013	$	48,802	$	73,795	$	2,838,393	$	2,912,188	$	33,274	$	5,608
15-year or less, amortizing fixed-rate	1,960		337		2,477		4,774		519,238		524,012		2,083		185
Adjustable-rate	165		32		537		734		26,235		26,969		434		72
Other(2)	715		212		2,425		3,352		39,285		42,637		1,360		541
Total single-family	22,820		5,594		54,241		82,655		3,423,151		3,505,806		37,151		6,406
Multifamily(3)	368		N/A		1,656		2,024		399,217		401,241		122		126
Total	$	23,188	$	5,594	$	55,897	$	84,679	$	3,822,368	$	3,907,047	$	37,273	$	6,532


	As of December 31, 2020
	30 - 59 Days Delinquent		60 - 89 Days Delinquent		Seriously Delinquent(1)		Total Delinquent		Current		Total		Loans 90 Days or More Delinquent and Accruing Interest		Nonaccrual Loans with No Allowance
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	24,928	$	9,414	$	88,276	$	122,618	$	2,619,585	$	2,742,203	$	68,526	$	6,028
15-year or less, amortizing fixed-rate	1,987		601		5,028		7,616		449,443		457,059		4,292		240
Adjustable-rate	268		97		1,143		1,508		29,933		31,441		907		114
Other(2)	1,150		458		5,037		6,645		47,937		54,582		2,861		771
Total single-family	28,333		10,570		99,484		138,387		3,146,898		3,285,285		76,586		7,153
Multifamily(3)	1,140		N/A		3,688		4,828		372,598		377,426		610		302
Total	$	29,473	$	10,570	$	103,172	$	143,215	$	3,519,496	$	3,662,711	$	77,196	$	7,455

(2)Reverse mortgage loans included in “Other” are not aged due to their nature and are included in the current column.

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

Troubled Debt Restructurings Activity

The following tables display the number of loans and amortized cost of loans classified as a TDR during the period.


		For the Three Months Ended September 30,
		2021			2020
		Number of Loans	Amortized Cost		Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		2,126	$	345	5,993	$	1,006
15-year or less, amortizing fixed-rate		209	16		579	50
Adjustable-rate		18	2		109	16
Other		88	8		371	47
Total single-family		2,441	371		7,052	1,119
Multifamily		—	—		—	—
Total TDRs		2,441	$	371	7,052	$	1,119


		For the Nine Months Ended September 30,
		2021			2020
		Number of Loans	Amortized Cost		Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		8,022	$	1,274	25,360	$	4,412
15-year or less, amortizing fixed-rate		886	70		2,448	216
Adjustable-rate		96	14		395	62
Other		416	43		1,464	185
Total single-family		9,420	1,401		29,667	4,875
Multifamily		—	—		—	—
Total TDRs		9,420	$	1,401	29,667	$	4,875


		For the Three Months Ended September 30,
		2021			2020
		Number of Loans	Amortized Cost		Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		1,782	$	294	2,956	$	532
15-year or less, amortizing fixed-rate		133	10		21	1
Adjustable-rate		11	1		3	—
Other		200	37		219	35
Total single-family		2,126	342		3,199	568
Multifamily		—	—		—	—
Total TDRs that subsequently defaulted		2,126	$	342	3,199	$	568


		For the Nine Months Ended September 30,
		2021			2020
		Number of Loans	Amortized Cost		Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		5,754	$	969	11,529	$	2,119
15-year or less, amortizing fixed-rate		330	24		106	7
Adjustable-rate		26	4		15	2
Other		693	128		1,094	180
Total single-family		6,803	1,125		12,744	2,308
Multifamily		—	—		4	16
Total TDRs that subsequently defaulted		6,803	$	1,125	12,748	$	2,324

Financing Receivable, Nonaccrual

The tables below display the forgone interest and the accrued interest receivable written off through the reversal of interest income for HFI single-family and multifamily nonaccrual loans.


		For the Three Months Ended September 30,
		2021		2020
	(Dollars in millions)
Single-family:
Interest income forgone(1)		$	133	$	219
Accrued interest receivable written off through the reversal of interest income		15		33

Multifamily:
Interest income forgone(1)		$	13	$	8
Accrued interest receivable written off through the reversal of interest income		—		5


		For the Nine Months Ended September 30,
		2021		2020
	(Dollars in millions)
Single-family:
Interest income forgone(1)		$	450	$	573
Accrued interest receivable written off through the reversal of interest income		144		165

Multifamily:
Interest income forgone(1)		$	33	$	9
Accrued interest receivable written off through the reversal of interest income		1		7


		As of
		September 30, 2021		June 30, 2021		December 31, 2020
		Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	20,083	$	24,728	$	22,907
15-year or less, amortizing fixed-rate		491		596		853
Adjustable-rate		126		179		270
Other		1,277		1,761		2,475
Total single-family		21,977		27,264		26,505
Multifamily		2,253		2,220		2,069
Total nonaccrual loans		$	24,230	$	29,484	$	28,574


	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2021		2020		2021			2020
	Total Interest Income Recognized(1)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	67	$	68		$	241		$	309
15-year or less, amortizing fixed-rate	1		2			4			9
Adjustable-rate	—		1			1			3
Other	3		5			14			31
Total single-family	71		76			260			352
Multifamily	9		—			24			3
Total nonaccrual loans	$	80	$	76		$	284		$	355

Single-family

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

Credit Quality Indicators


	As of September 30, 2021, by Year of Origination(1)
	2021		2020		2019		2018		2017		Prior		Total
	(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%	$	613,085	$	912,984	$	199,883	$	99,052	$	123,581	$	724,677	$	2,673,262
Greater than 80% and less than or equal to 90%	107,349		63,299		3,821		1,250		731		2,226		178,676
Greater than 90% and less than or equal to 100%	55,381		2,642		626		302		60		585		59,596
Greater than 100%	3		6		7		12		27		599		654
Total 20- and 30-year or more, amortizing fixed-rate	775,818		978,931		204,337		100,616		124,399		728,087		2,912,188
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	157,618		167,706		28,311		10,712		22,806		133,000		520,153
Greater than 80% and less than or equal to 90%	2,642		564		23		5		3		9		3,246
Greater than 90% and less than or equal to 100%	589		9		—		1		1		4		604
Greater than 100%	—		—		—		1		1		7		9
Total 15-year or less, amortizing fixed-rate	160,849		168,279		28,334		10,719		22,811		133,020		524,012
Adjustable-rate:
Less than or equal to 80%	4,791		2,424		1,239		1,424		2,880		13,636		26,394
Greater than 80% and less than or equal to 90%	377		39		7		5		2		3		433
Greater than 90% and less than or equal to 100%	141		1		—		—		—		—		142
Greater than 100%	—		—		—		—		—		—		—
Total adjustable-rate	5,309		2,464		1,246		1,429		2,882		13,639		26,969
Other:
Less than or equal to 80%	—		—		35		287		697		29,199		30,218
Greater than 80% and less than or equal to 90%	—		—		—		5		9		387		401
Greater than 90% and less than or equal to 100%	—		—		1		1		2		185		189
Greater than 100%	—		—		—		2		2		189		193
Total other	—		—		36		295		710		29,960		31,001
Total	$	941,976	$	1,149,674	$	233,953	$	113,059	$	150,802	$	904,706	$	3,494,170

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	775,494	$	1,083,114	$	229,468	$	111,475	$	149,964	$	900,512	$	3,250,027
Greater than 80% and less than or equal to 90%	110,368		63,902		3,851		1,265		745		2,625		182,756
Greater than 90% and less than or equal to 100%	56,111		2,652		627		304		63		774		60,531
Greater than 100%	3		6		7		15		30		795		856
Total	$	941,976	$	1,149,674	$	233,953	$	113,059	$	150,802	$	904,706	$	3,494,170


	As of December 31, 2020, by Year of Origination(1)
	2020		2019		2018		2017		2016		Prior		Total
	(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%	$	794,156	$	233,994	$	135,849	$	183,315	$	221,172	$	775,636	$	2,344,122
Greater than 80% and less than or equal to 90%	157,500		85,227		23,440		5,270		1,592		5,958		278,987
Greater than 90% and less than or equal to 100%	109,743		4,186		820		250		124		1,994		117,117
Greater than 100%	28		7		28		77		81		1,756		1,977
Total 20- and 30-year or more, amortizing fixed-rate	1,061,427		323,414		160,137		188,912		222,969		785,344		2,742,203
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	181,418		41,374		15,768		31,497		46,088		132,596		448,741
Greater than 80% and less than or equal to 90%	6,105		811		35		14		8		20		6,993
Greater than 90% and less than or equal to 100%	1,274		9		3		4		3		10		1,303
Greater than 100%	—		—		3		3		3		13		22
Total 15-year or less, amortizing fixed-rate	188,797		42,194		15,809		31,518		46,102		132,639		457,059
Adjustable-rate:
Less than or equal to 80%	2,935		1,839		2,412		4,765		2,678		16,248		30,877
Greater than 80% and less than or equal to 90%	234		152		79		19		5		12		501
Greater than 90% and less than or equal to 100%	56		3		1		—		—		2		62
Greater than 100%	—		—		—		—		—		1		1
Total adjustable-rate	3,225		1,994		2,492		4,784		2,683		16,263		31,441
Other:
Less than or equal to 80%	—		41		328		811		1,028		36,216		38,424
Greater than 80% and less than or equal to 90%	—		2		20		43		30		1,298		1,393
Greater than 90% and less than or equal to 100%	—		2		8		16		10		602		638
Greater than 100%	—		—		4		8		9		631		652
Total other	—		45		360		878		1,077		38,747		41,107
Total	$	1,253,449	$	367,647	$	178,798	$	226,092	$	272,831	$	972,993	$	3,271,810

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	978,509	$	277,248	$	154,357	$	220,388	$	270,966	$	960,696	$	2,862,164
Greater than 80% and less than or equal to 90%	163,839		86,192		23,574		5,346		1,635		7,288		287,874
Greater than 90% and less than or equal to 100%	111,073		4,200		832		270		137		2,608		119,120
Greater than 100%	28		7		35		88		93		2,401		2,652
Total	$	1,253,449	$	367,647	$	178,798	$	226,092	$	272,831	$	972,993	$	3,271,810

Multifamily

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

Credit Quality Indicators


	As of September 30, 2021, by Year of Origination
	2021		2020		2019		2018		2017		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Non-classified(1)	$	38,547	$	81,070	$	66,157	$	59,144	$	47,164	$	95,395	$	387,477
Classified(2)	56		264		1,679		1,871		3,353		6,541		13,764
Total	$	38,603	$	81,334	$	67,836	$	61,015	$	50,517	$	101,936	$	401,241


	As of December 31, 2020, by Year of Origination
	2020		2019		2018		2017		2016		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Non-classified(1)	$	71,977	$	68,296	$	62,087	$	50,907	$	43,174	$	70,933	$	367,374
Classified(2)	37		1,041		1,529		2,616		1,579		3,250		10,052
Total	$	72,014	$	69,337	$	63,616	$	53,523	$	44,753	$	74,183	$	377,426

(1)A loan categorized as “Non-classified” is current or adequately protected by the current financial strength and debt service capability of the borrower.

Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Financing Receivable, Allowance for Credit Loss


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance	$	(6,064)	$	(11,598)	$	(9,344)	$	(8,759)
Transition impact of the adoption of the CECL standard	—		—		—		(1,229)
Benefit (provision) for loan losses	839		931		4,003		(857)
Write-offs	51		261		271		377
Recoveries	(133)		(4)		(212)		(10)
Other	(8)		23		(33)		91
Ending Balance	$	(5,315)	$	(10,387)	$	(5,315)	$	(10,387)
Multifamily allowance for loan losses:
Beginning balance	$	(1,050)	$	(1,368)	$	(1,208)	$	(257)
Transition impact of the adoption of the CECL standard	—		—		—		(493)
Benefit (provision) for loan losses	45		(34)		175		(669)
Write-offs	7		86		54		104
Recoveries	(21)		—		(40)		(1)

Ending Balance	$	(1,019)	$	(1,316)	$	(1,019)	$	(1,316)
Total allowance for loan losses:
Beginning balance	$	(7,114)	$	(12,966)	$	(10,552)	$	(9,016)
Transition impact of the adoption of the CECL standard	—		—		—		(1,722)
Benefit (provision) for loan losses	884		897		4,178		(1,526)
Write-offs	58		347		325		481
Recoveries	(154)		(4)		(252)		(11)
Other	(8)		23		(33)		91
Ending Balance	$	(6,334)	$	(11,703)	$	(6,334)	$	(11,703)

Investments in Securities (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investments In Trading Securities

The following table displays our investments in trading securities.


	As of
	September 30, 2021			December 31, 2020
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae		$	1,715		$	2,404
Other agency(1)		3,139			3,451
Private-label and other mortgage securities		143			158
Total mortgage-related securities (includes $642 million and $793 million, respectively, related to consolidated trusts)		4,997			6,013
Non-mortgage-related securities:
U.S. Treasury securities		92,192			130,456
Other securities		20			73
Total non-mortgage-related securities		92,212			130,529
Total trading securities		$	97,209		$	136,542

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

Schedule of Trading Securities Gains (Losses), Net

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,

	2021		2020			2021		2020
	(Dollars in millions)
Net trading gains (losses)	$	(129)	$	(91)		$	(726)	$	691
Net trading gains (losses) recognized in the period related to securities still held at period end	(124)		(71)			(702)		448

Schedule of Available-for-sale Securities Reconciliation


	As of September 30, 2021
	Total Amortized Cost(1)			Allowance for Credit Losses(3)		Gross Unrealized Gains in AOCI		Gross Unrealized Losses in AOCI			Total Fair Value(1)
	(Dollars in millions)
Fannie Mae		$	510	$	—	$	16		$	(8)	$	518
Other agency(2)		14		—		1			—		15
Alt-A and subprime private-label securities		3		—		—			—		3

Mortgage revenue bonds		161		—		5			(2)		164
Other mortgage-related securities		185		—		1			—		186
Total		$	873	$	—	$	23		$	(10)	$	886


	As of December 31, 2020
	Total Amortized Cost(1)			Allowance for Credit Losses			Gross Unrealized Gains in AOCI			Gross Unrealized Losses in AOCI			Total Fair Value(1)
	(Dollars in millions)
Fannie Mae		$	1,094		$	—		$	86		$	(12)	$	1,168
Other agency(2)		59			—			6			—		65
Alt-A and subprime private-label securities		4			—			2			—		6
Mortgage revenue bonds		211			(3)			8			—		216
Other mortgage-related securities		238			—			4			—		242
Total		$	1,606		$	(3)		$	106		$	(12)	$	1,697

(2)Other agency securities consist of securities issued by Freddie Mac and Ginnie Mae.

(3)Total allowance for credit losses is less than $1 million as of September 30, 2021.

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


	As of
	September 30, 2021										December 31, 2020
	Less Than 12 Consecutive Months					12 Consecutive Months or Longer					Less Than 12 Consecutive Months					12 Consecutive Months or Longer
	Gross Unrealized Losses in AOCI			Fair Value		Gross Unrealized Losses in AOCI			Fair Value		Gross Unrealized Losses in AOCI			Fair Value		Gross Unrealized Losses in AOCI			Fair Value
	(Dollars in millions)
Fannie Mae		$	(2)	$	231		$	(6)	$	105		$	(1)	$	40		$	(11)	$	94
Mortgage revenue bonds		(2)		2			—		—			—		—			—		—

Total		$	(4)	$	233		$	(6)	$	105		$	(1)	$	40		$	(11)	$	94

Schedule of Realized Gain (Loss)

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,

	2021		2020		2021		2020
	(Dollars in millions)
Gross realized gains	$	—	$	15	$	59	$	45

Total proceeds (excludes initial sale of securities from new portfolio securitizations)	—		137		582		258

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table displays net unrealized gains and losses on AFS securities and other amounts accumulated within our accumulated other comprehensive income, net of tax.


	As of
	September 30, 2021		December 31, 2020
	(Dollars in millions)
Net unrealized gains on AFS securities for which we have not recorded an allowance for credit losses	$	12	$	74
Net unrealized gains (losses) on AFS securities for which we have recorded an allowance for credit losses	(2)		—
Other	33		42
Accumulated other comprehensive income	$	43	$	116

Investments Classified by Contractual Maturity Date


	As of September 30, 2021
	Total Carrying Amount(1)			Total Fair Value		One Year or Less					After One Year Through Five Years					After Five Years Through Ten Years					After Ten Years
						Net Carrying Amount(1)			Fair Value		Net Carrying Amount(1)			Fair Value		Net Carrying Amount(1)			Fair Value		Net Carrying Amount(1)			Fair Value
	(Dollars in millions)
Fannie Mae		$	510	$	518		$	—	$	—		$	2	$	2		$	12	$	13		$	496	$	503
Other agency		14		15			—		—			—		—			1		1			13		14
Alt-A and subprime private-label securities		3		3			—		—			—		—			2		2			1		1

Mortgage revenue bonds		161		164			1		1			29		30			10		9			121		124
Other mortgage-related securities		185		186			—		—			—		—			3		4			182		182
Total		$	873	$	886		$	1	$	1		$	31	$	32		$	28	$	29		$	813	$	824

(1) Net carrying amount consists of amortized cost, net of allowance for credit losses on AFS debt securities but does not include any unrealized fair value gains or losses.

Financial Guarantees (Tables)

9 Months Ended

Sep. 30, 2021

Guarantees [Abstract]

Schedule of Guarantor Obligations


	As of
	September 30, 2021						December 31, 2020
	Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)		Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	3,964	$	17	$	3,847	$	4,424	$	18	$	4,226
Other guaranty arrangements(2)	10,772		91		2,180		11,828		109		2,438
Total	$	14,736	$	108	$	6,027	$	16,252	$	127	$	6,664

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

Short-Term and Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2021

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
	September 30, 2021				December 31, 2020
	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)	$	363	(0.04)	%	$	—	—	%
Short-term debt of Fannie Mae	8,045		0.03		12,173		0.18

(1)Includes the effects of discounts, premiums and other cost basis adjustments. Includes interest generated from negative interest rates on certain repurchase agreements.

Long-Term Debt

The following table displays our outstanding long-term debt.


	As of
	September 30, 2021					December 31, 2020
	Maturities	Outstanding(1)		Weighted- Average Interest Rate(2)		Maturities	Outstanding(1)		Weighted- Average Interest Rate(2)
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2021 - 2030	$	93,233	2.16	%	2021 - 2030	$	106,691	2.03	%
Medium-term notes(3)	2021 - 2031	38,385		0.62		2021 - 2030	48,524		0.63
Other(4)	2023 - 2038	7,048		3.80		2021 - 2038	6,701		3.90
Total senior fixed		138,666		1.82			161,916		1.69
Senior floating:
Medium-term notes(3)	2021 - 2022	74,078		0.33		2021 - 2022	100,089		0.35
Connecticut Avenue Securities(5)	2023 - 2031	13,666		4.11		2023 - 2031	14,978		4.16
Other(6)	2037	388		8.16		2037	416		7.75
Total senior floating		88,132		0.94			115,483		0.86


Total long-term debt of Fannie Mae(7)		226,798		1.48			277,399		1.34
Debt of consolidated trusts	2021 - 2061	3,907,626		1.75		2021 - 2060	3,646,164		1.88
Total long-term debt		$	4,134,424	1.74	%		$	3,923,563	1.85	%

(1)Outstanding debt balance consists of the unpaid principal balance, premiums and discounts, fair value adjustments, hedge-related basis adjustments, and other cost basis adjustments.

(2)Excludes the effects of fair value adjustments and hedge-related basis adjustments.

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

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

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

- Definition

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

+ References

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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Section S99
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-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 835
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-Section 45
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: 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=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 835
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2021

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, including derivative instruments designated as hedges.


	As of September 30, 2021								As of December 31, 2020
	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 designated as fair value hedges:
Swaps:(1)
Pay-fixed	$	2,575	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Receive-fixed	40,833		—		205		(2)		—		—		—		—

Total risk management derivatives designated as hedges	43,408		—		205		(2)		—		—		—		—
Risk management derivatives not designated as fair value hedges:
Swaps:(1)
Pay-fixed	71,189		—		300		—		88,361		—		11,461		(595)
Receive-fixed	26,348		1		44,273		(765)		92,315		233		33,919		(123)
Basis	250		154		—		—		250		192		—		—
Foreign currency	233		28		101		(35)		237		57		239		(58)
Swaptions:(1)
Pay-fixed	4,430		68		160		(1)		5,530		37		2,025		(118)
Receive-fixed	390		7		700		(24)		3,355		346		700		(16)
Futures(1)	30		—		—		—		64,398		—		—		—
Total gross risk management derivatives	102,870		258		45,534		(825)		254,446		865		48,344		(910)
Accrued interest receivable (payable)	—		78		—		(14)		—		97		—		(105)
Total risk management derivatives not designated as hedges	102,870		336		45,534		(839)		254,446		962		48,344		(1,015)
Netting adjustment(2)	—		(290)		—		838		—		(905)		—		995
Total risk management derivatives portfolio	146,278		46		45,739		(3)		254,446		57		48,344		(20)
Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	6,649		6		11,794		(71)		35,292		145		51		—
Forward contracts to purchase mortgage-related securities	11,360		22		73,742		(498)		144,215		844		607		—
Forward contracts to sell mortgage-related securities	115,159		735		20,606		(30)		199		—		227,828		(1,426)
Total mortgage commitment derivatives	133,168		763		106,142		(599)		179,706		989		228,486		(1,426)
Credit enhancement derivatives	10,093		—		8,167		(20)		16,829		179		11,368		(49)
Derivatives at fair value	$	289,539	$	809	$	160,048	$	(622)	$	450,981	$	1,225	$	288,198	$	(1,495)

(1)Centrally cleared derivatives have no ascribable fair value because the positions are settled daily.

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 Three Months Ended September 30,				For the Nine Months Ended September 30,

	2021		2020		2021		2020
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	343	$	634	$	1,855	$	(3,489)
Receive-fixed	(209)		(550)		(1,307)		2,984
Basis	(12)		(5)		(39)		68
Foreign currency	(19)		23		(23)		(11)
Swaptions:
Pay-fixed	6		2		55		(159)
Receive-fixed	(14)		(60)		(223)		597
Futures	—		—		1		(75)
Net contractual interest income (expense) on interest-rate swaps	(2)		(46)		(6)		(216)
Total risk management derivatives fair value gains (losses), net	93		(2)		313		(301)
Mortgage commitment derivatives fair value gains (losses), net	(25)		(672)		504		(2,327)
Credit enhancement derivatives fair value gains (losses), net	(55)		380		(163)		400
Total derivatives fair value gains (losses), net	$	13	$	(294)	$	654	$	(2,228)

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,

	2021					2021
	Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt				Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt
	(Dollars in millions)
Total amounts presented in our condensed consolidated statements of operations and comprehensive income	$	24,798	$	(18,009)			$	73,083	$	(51,646)




Gains (losses) from fair value hedging relationships:
Mortgage loans HFI and related interest-rate contracts:
Hedged items	$	(1)	$	—			$	69	$	—
Discontinued hedge related basis adjustment amortization	(3)		—				(3)		—


Derivatives designated as hedging instruments	(1)		—				(71)		—
Interest accruals on hedging instruments	(4)		—				(9)		—
Debt of Fannie Mae and related interest-rate contracts:
Hedged items	—		195				—		1,000
Discontinued hedge-related basis adjustment amortization	—		(20)				—		(54)
Derivatives designated as hedging instruments	—		(191)				—		(982)
Interest accruals on derivative hedging instruments	—		65				—		178
Total effect of fair value hedges	$	(9)	$	49			$	(14)	$	142


	As of September 30, 2021
	Carrying Amount Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount				Closed Portfolio of Mortgage Loans Under Last-of-Layer Method
			Total Basis Adjustments(1)(2)		Remaining Adjustments - Discontinued Hedge		Total Amortized Cost		Designated UPB
	(Dollars in millions)
Mortgage loans HFI	$	150,829	$	66	$	66	$	36,424	$	2,548

Debt of Fannie Mae	(72,497)		946		946		N/A		N/A

(1) No basis adjustment associated with open hedges, as all hedges are designated at the close of business, with a one-day term.

(2) Based on the unamortized balance of the hedge-related cost basis.

- 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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&loc=SL5624171-113959

Reference 9: 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=125515794&loc=SL5579240-113959

+ Details

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment results

The following tables display our segment results.


	For the Three Months Ended September 30,
	2021						2020
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	5,870	$	1,102	$	6,972	$	5,870	$	786	$	6,656
Fee and other income(2)	86		25		111		73		20		93
Net revenues	5,956		1,127		7,083		5,943		806		6,749
Investment gains, net(3)	222		21		243		583		70		653
Fair value gains (losses), net(4)	(31)		14		(17)		(244)		(83)		(327)
Administrative expenses	(620)		(125)		(745)		(634)		(128)		(762)
Credit-related income (expense)(5)
Benefit (provision) for credit losses	887		50		937		542		(41)		501
Foreclosed property income (expense)	(80)		11		(69)		(64)		(7)		(71)
Total credit-related income (expense)	807		61		868		478		(48)		430
TCCA fees(6)	(781)		—		(781)		(679)		—		(679)
Credit enhancement expense(7)	(174)		(59)		(233)		(274)		(51)		(325)
Change in expected credit enhancement recoveries(8)	(28)		(14)		(42)		(48)		—		(48)
Other expenses, net	(261)		(7)		(268)		(307)		(6)		(313)
Income before federal income taxes	5,090		1,018		6,108		4,818		560		5,378
Provision for federal income taxes	(1,065)		(201)		(1,266)		(1,049)		(100)		(1,149)
Net income	$	4,025	$	817	$	4,842	$	3,769	$	460	$	4,229


	For the Nine Months Ended September 30,
	2021						2020
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	19,087	$	2,913	$	22,000	$	15,350	$	2,430	$	17,780
Fee and other income(2)	228		73		301		238		65		303
Net revenues	19,315		2,986		22,301		15,588		2,495		18,083
Investment gains (losses), net(3)	944		(10)		934		527		117		644
Fair value gains (losses), net(4)	323		(2)		321		(1,734)		113		(1,621)
Administrative expenses	(1,862)		(377)		(2,239)		(1,888)		(377)		(2,265)
Credit-related income (expense)(5)
Benefit (provision) for credit losses	4,102		188		4,290		(1,411)		(683)		(2,094)
Foreclosed property expense	(91)		(14)		(105)		(145)		(16)		(161)
Total credit-related income (expense)	4,011		174		4,185		(1,556)		(699)		(2,255)
TCCA fees(6)	(2,270)		—		(2,270)		(1,976)		—		(1,976)
Credit enhancement expense(7)	(619)		(172)		(791)		(897)		(164)		(1,061)
Change in expected credit enhancement recoveries(8)	(101)		(16)		(117)		218		195		413
Other expenses, net	(863)		(4)		(867)		(722)		(70)		(792)
Income before federal income taxes	18,878		2,579		21,457		7,560		1,610		9,170
Provision for federal income taxes	(3,952)		(518)		(4,470)		(1,623)		(312)		(1,935)
Net income	$	14,926	$	2,061	$	16,987	$	5,937	$	1,298	$	7,235

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

Concentrations of Credit Risk (Tables)

9 Months Ended

Sep. 30, 2021

Single-family

Concentration Risk [Line Items]

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
	September 30, 2021						December 31, 2020
	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	0.66	%	0.16	%	1.61	%	0.88	%	0.33	%	3.10	%
Percentage of single-family conventional loans based on loan count	0.78		0.20		1.62		1.02		0.36		2.87

Based on loan count, consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of September 30, 2021 or December 31, 2020

Schedule of Risk Characteristics Guaranty Book of Business


	As of
	September 30, 2021				December 31, 2020
	Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB		Serious Delinquency Rate(1)		Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB		Serious Delinquency Rate(1)
Estimated mark-to-market LTV ratio:
Greater than 100%	*		16.04	%	*		22.43	%
Geographical distribution:
California	20	%	1.38		19	%	2.62
Florida	6		2.11		6		4.17
Illinois	3		2.00		3		3.10
New Jersey	3		2.58		3		4.57
New York	5		2.92		5		4.79
All other states	63		1.48		64		2.59
Product distribution:
Alt-A	1		6.27		1		9.32
Vintages:
2004 and prior	1		4.25		2		5.88
2005-2008	2		7.21		2		9.98
2009-2021	97		1.31		96		2.39

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

(1)Based on loan count, consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of September 30, 2021 or December 31, 2020.

Schedule of Risk in Force Mortgage Insurance Coverage


	As of
	September 30, 2021			December 31, 2020
	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	$	174,973		$	170,890
Pool mortgage insurance	269			291
Total mortgage insurance risk in force	$	175,242	5%	$	171,181	5%

Schedule of Risk in Force Mortgage Insurance Coverage, by Counterparty


	Percentage of Risk-in-Force Coverage by Mortgage Insurer
	As of
	September 30, 2021		December 31, 2020

Counterparty:(1)
Arch Capital Group Ltd.	19	%	21	%
Mortgage Guaranty Insurance Corp.	19		18
Radian Guaranty, Inc.	17		19
Genworth Mortgage Insurance Corp.	17		16
Essent Guaranty, Inc.	16		16
National Mortgage Insurance Corp.	11		9
Others	1		1
Total	100	%	100	%

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

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 (i.e., servicers that are not insured depository institutions), and identifies one depository 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
	September 30, 2021		December 31, 2020
Wells Fargo Bank, N.A. (together with its affiliates)	11	%	13	%
Remaining top five depository servicers	11		11
Top five non-depository servicers	23		24
Total	45	%	48	%

Multifamily

Concentration Risk [Line Items]

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 multifamily guaranty book of business.


	As of
	September 30, 2021(1)				December 31, 2020(1)
	30 Days Delinquent		Seriously Delinquent(2)		30 Days Delinquent		Seriously Delinquent(2)
Percentage of multifamily guaranty book of business	0.09	%	0.42	%	0.29	%	0.98	%

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.

Schedule of Risk Characteristics Guaranty Book of Business


	As of
	September 30, 2021				December 31, 2020
	Percentage of Multifamily Guaranty Book of Business(1)		Serious Delinquency Rate(2)(3)		Percentage of Multifamily Guaranty Book of Business(1)		Serious Delinquency Rate(2)(3)
Original LTV ratio:
Greater than 80%	1	%	0.13	%	1	%	1.04	%
Less than or equal to 80%	99		0.42		99		0.98
Current DSCR below 1.0(4)	2		14.21		2		21.19

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

Schedules of Concentration of Risk, by Risk Factor


	Percentage of Multifamily Guaranty Book of Business
	As of
	September 30, 2021		December 31, 2020
Walker & Dunlop, Inc.	13	%	12	%
Wells Fargo Bank, N.A. (together with its affiliates)	11		12
Remaining top five servicers	24		24
Total	48	%	48	%

Netting Arrangements (Tables)

9 Months Ended

Sep. 30, 2021

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 condensed consolidated balance sheets.


	As of September 30, 2021
			Gross Amount Offset(1)		Net Amount Presented in our Condensed Consolidated Balance Sheets				Amounts Not Offset in our Condensed Consolidated Balance Sheets
	Gross Amount								Financial Instruments(2)			Collateral(3)			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	336	$	(331)		$	5			$	—		$	—	$	5
Cleared risk management derivatives	—		41			41				—			—		41
Mortgage commitment derivatives	763		—			763				(323)			(2)		438
Total derivative assets	1,099		(290)			809		(4)		(323)			(2)		484
Securities purchased under agreements to resell or similar arrangements(5)	87,010		—			87,010				—			(87,010)		—
Total assets	$	88,109	$	(290)		$	87,819			$	(323)		$	(87,012)	$	484
Liabilities:
OTC risk management derivatives	$	(841)	$	838		$	(3)			$	—		$	—	$	(3)
Cleared risk management derivatives	—		—			—				—			—		—
Mortgage commitment derivatives	(599)		—			(599)				323			11		(265)
Total derivative liabilities	(1,440)		838			(602)		(4)		323			11		(268)
Securities sold under agreements to repurchase or similar arrangements(6)	(363)		—			(363)				—			363		—
Total liabilities	$	(1,803)	$	838		$	(965)			$	323		$	374	$	(268)


	As of December 31, 2020
			Gross Amount Offset(1)		Net Amount Presented in our Condensed Consolidated Balance Sheets					Amounts Not Offset in our Condensed Consolidated Balance Sheets
	Gross Amount								Financial Instruments(2)				Collateral(3)			Net Amount
	(Dollars in millions)
Assets:
OTC risk management derivatives	$	962	$	(952)		$	10				$	—		$	—		$	10
Cleared risk management derivatives	—		47			47					—			—			47
Mortgage commitment derivatives	989		—			989					(406)			(53)			530
Total derivative assets	1,951		(905)			1,046		(4)			(406)			(53)			587
Securities purchased under agreements to resell or similar arrangements(5)	46,644		—			46,644					—			(46,644)			—
Total assets	$	48,595	$	(905)		$	47,690				$	(406)		$	(46,697)		$	587
Liabilities:
OTC risk management derivatives	$	(1,015)	$	999		$	(16)				$	—		$	—		$	(16)
Cleared risk management derivatives	—		(4)			(4)					—			2			(2)
Mortgage commitment derivatives	(1,426)		—			(1,426)					406			1,017			(3)
Total derivative liabilities	(2,441)		995			(1,446)		(4)			406			1,019			(21)
Securities sold under agreements to repurchase or similar arrangements (6)	—		—			—					—			—			—
Total liabilities	$	(2,441)	$	995		$	(1,446)				$	406		$	1,019		$	(21)

Fair Value (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Recurring Changes in Fair Value


	Fair Value Measurements as of September 30, 2021
	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:
Cash equivalents(2)		$	875		$	—		$	—		$	—		$	875
Trading securities:
Mortgage-related securities:
Fannie Mae		—			1,586			129			—			1,715
Other agency		—			3,139			—			—			3,139
Private-label and other mortgage securities		—			143			—			—			143
Non-mortgage-related securities:
U.S. Treasury securities		92,192			—			—			—			92,192
Other securities		—			20			—			—			20
Total trading securities		92,192			4,888			129			—			97,209
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			68			450			—			518
Other agency		—			15			—			—			15
Alt-A and subprime private-label securities		—			3			—			—			3
Mortgage revenue bonds		—			—			164			—			164
Other		—			4			182			—			186
Total available-for-sale securities		—			90			796			—			886
Mortgage loans		—			4,516			785			—			5,301
Other assets:
Risk management derivatives:
Swaps		—			102			159			—			261
Swaptions		—			75			—			—			75
Netting adjustment		—			—			—			(290)			(290)
Mortgage commitment derivatives		—			763			—			—			763
Credit enhancement derivatives		—			—			—			—			—
Total other assets		—			940			159			(290)			809
Total assets at fair value		$	93,067		$	10,434		$	1,869		$	(290)		$	105,080

Liabilities:
Long-term debt:
Of Fannie Mae:

Senior floating		$	—		$	2,245		$	388		$	—		$	2,633
Total of Fannie Mae		—			2,245			388			—			2,633
Of consolidated trusts		—			22,919			101			—			23,020
Total long-term debt		—			25,164			489			—			25,653
Other liabilities:
Risk management derivatives:
Swaps		—			816			—			—			816
Swaptions		—			25			—			—			25
Netting adjustment		—			—			—			(838)			(838)
Mortgage commitment derivatives		—			599			—			—			599
Credit enhancement derivatives		—			—			20			—			20
Total other liabilities		—			1,440			20			(838)			622
Total liabilities at fair value		$	—		$	26,604		$	509		$	(838)		$	26,275


	Fair Value Measurements as of December 31, 2020
	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:
Cash equivalents(2)		$	1,120		$	—		$	—		$	—		$	1,120
Trading securities:
Mortgage-related securities:
Fannie Mae		—			2,310			94			—			2,404
Other agency		—			3,450			1			—			3,451
Private-label and other mortgage securities		—			158			—			—			158
Non-mortgage-related securities:
U.S. Treasury securities		130,456			—			—			—			130,456
Other securities		—			73			—			—			73
Total trading securities		130,456			5,991			95			—			136,542
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			973			195			—			1,168
Other agency		—			65			—			—			65
Alt-A and subprime private-label securities		—			4			2			—			6
Mortgage revenue bonds		—			—			216			—			216
Other		—			7			235			—			242
Total available-for-sale securities		—			1,049			648			—			1,697
Mortgage loans		—			5,629			861			—			6,490
Other assets:
Risk management derivatives:
Swaps		—			376			203			—			579
Swaptions		—			383			—			—			383
Netting adjustment		—			—			—			(905)			(905)
Mortgage commitment derivatives		—			989			—			—			989
Credit enhancement derivatives		—			—			179			—			179
Total other assets		—			1,748			382			(905)			1,225
Total assets at fair value		$	131,576		$	14,417		$	1,986		$	(905)		$	147,074

Liabilities:
Long-term debt:
Of Fannie Mae:

Senior floating		$	—		$	3,312		$	416		$	—		$	3,728
Total of Fannie Mae		—			3,312			416			—			3,728
Of consolidated trusts		—			24,503			83			—			24,586
Total long-term debt		—			27,815			499			—			28,314
Other liabilities:
Risk management derivatives:
Swaps		—			881			—			—			881
Swaptions		—			134			—			—			134
Netting adjustment		—			—			—			(995)			(995)
Mortgage commitment derivatives		—			1,426			—			—			1,426
Credit enhancement derivatives		—			—			49			—			49
Total other liabilities		—			2,441			49			(995)			1,495
Total liabilities at fair value		$	—		$	30,256		$	548		$	(995)		$	29,809

(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 Three Months Ended September 30, 2021
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2021(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2021(1)
	Balance, June 30, 2021		Included in Net Income			Included in Total OCI Gain/(Loss)(1)		Purchases(2)		Sales(2)		Issues(3)		Settlements(3)		Transfers out of Level 3		Transfers into Level 3		Balance, September 30, 2021
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	141	$	(13)		$	—	$	15	$	—	$	—	$	—	$	(51)	$	37	$	129	$	—	$	—


Total trading securities	$	141	$	(13)	(5)(6)	$	—	$	15	$	—	$	—	$	—	$	(51)	$	37	$	129	$	—	$	—

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	84	$	—		$	2	$	—	$	—	$	—	$	(12)	$	—	$	376	$	450	$	—	$	—
Alt-A and subprime private-label securities	2		—			(2)		—		—		—		—		—		—		—		—		—
Mortgage revenue bonds	172		2			(2)		—		—		—		(8)		—		—		164		—		(2)
Other	194		1			(4)		—		—		—		(9)		—		—		182		—		(2)
Total available-for-sale securities	$	452	$	3	(6)(7)	$	(6)	$	—	$	—	$	—	$	(29)	$	—	$	376	$	796	$	—	$	(4)

Mortgage loans	$	832	$	1	(5)(6)	$	—	$	4	$	(4)	$	—	$	(47)	$	(20)	$	19	$	785	$	3	$	—
Net derivatives	194		(62)		(5)	—		—		—		—		7		—		—		139		(55)		—

Long-term debt:
Of Fannie Mae:
Senior floating	$	(397)	$	9	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(388)	$	9	$	—
Of consolidated trusts	(55)		(3)		(5)(6)	—		—		—		—		2		—		(45)		(101)		(2)		—
Total long-term debt	$	(452)	$	6		$	—	$	—	$	—	$	—	$	2	$	—	$	(45)	$	(489)	$	7	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Nine Months Ended September 30, 2021
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2021(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2021(1)
	Balance, December 31, 2020		Included in Net Income			Included in Total OCI Gain/(Loss)(1)		Purchases(2)		Sales(2)		Issues(3)		Settlements(3)		Transfers out of Level 3		Transfers into Level 3		Balance, September 30, 2021
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	94	$	(18)		$	—	$	18	$	—	$	—	$	—	$	(90)	$	125	$	129	$	1	$	—
Other agency	1		—			—		—		—		—		—		(1)		—		—		—		—

Total trading securities	$	95	$	(18)	(5)(6)	$	—	$	18	$	—	$	—	$	—	$	(91)	$	125	$	129	$	1	$	—

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	195	$	1		$	4	$	—	$	—	$	—	$	(19)	$	(107)	$	376	$	450	$	—	$	1

Alt-A and subprime private-label securities	2		—			(2)		—		—		—		—		—		—		—		—		—
Mortgage revenue bonds	216		2			(4)		—		—		—		(50)		—		—		164		—		(2)
Other	235		8			(2)		—		—		—		(59)		—		—		182		—		—
Total available-for-sale securities	$	648	$	11	(6)(7)	$	(4)	$	—	$	—	$	—	$	(128)	$	(107)	$	376	$	796	$	—	$	(1)


Mortgage loans	$	861	$	30	(5)(6)	$	—	$	89	$	(48)	$	—	$	(147)	$	(72)	$	72	$	785	$	28	$	—
Net derivatives	333		(187)		(5)	—		—		—		—		(7)		—		—		139		(194)		—

Long-term debt:
Of Fannie Mae:
Senior floating	$	(416)	$	28	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(388)	$	28	$	—
Of consolidated trusts	(83)		(2)		(5)(6)	—		—		—		—		10		20		(46)		(101)		(3)		—
Total long-term debt	$	(499)	$	26		$	—	$	—	$	—	$	—	$	10	$	20	$	(46)	$	(489)	$	25	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended September 30, 2020
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2020(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2020(1)
	Balance, June 30, 2020		Included in Net Income			Included in Total OCI Gain/(Loss)(1)		Purchases(2)		Sales(2)		Issues(3)		Settlements(3)		Transfers out of Level 3		Transfers into Level 3		Balance, September 30, 2020
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	38	$	—		$	—	$	—	$	(1)	$	—	$	—	$	(3)	$	26	$	60	$	—	$	—
Other agency	—		—			—		—		—		—		—		—		1		1		—		—
Private-label and other mortgage securities	98		(4)			—		—		(94)		—		—		—		—		—		—		—
Total trading securities	$	136	$	(4)	(5)(6)	$	—	$	—	$	(95)	$	—	$	—	$	(3)	$	27	$	61	$	—	$	—

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	446	$	1		$	2	$	—	$	—	$	—	$	(9)	$	(218)	$	—	$	222	$	—	$	—
Alt-A and subprime private-label securities	2		—			—		—		—		—		—		—		—		2		—		—
Mortgage revenue bonds	278		—			—		—		—		—		(23)		—		—		255		—		—
Other	254		5			5		—		—		—		(16)		—		—		248		—		4
Total available-for-sale securities	$	980	$	6	(6)(7)	$	7	$	—	$	—	$	—	$	(48)	$	(218)	$	—	$	727	$	—	$	4

Mortgage loans	$	797	$	41	(5)(6)	$	—	$	—	$	(11)	$	—	$	(39)	$	(31)	$	121	$	878	$	36	$	—
Net derivatives	269		380		(5)	—		—		—		—		(7)		—		—		642		372		—

Long-term debt:
Of Fannie Mae:
Senior floating	$	(433)	$	(3)	(5)	$	—	$	—	$	—	$	—	$	1	$	—	$	—	$	(435)	$	(3)	$	—
Of consolidated trusts	(89)		(1)		(5)(6)	—		—		—		—		5		1		(1)		(85)		(1)		—
Total long-term debt	$	(522)	$	(4)		$	—	$	—	$	—	$	—	$	6	$	1	$	(1)	$	(520)	$	(4)	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Nine Months Ended September 30, 2020
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2020(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2020(1)
	Balance, December 31, 2019		Included in Net Income			Included in Total OCI Gain/(Loss)(1)		Purchases(2)		Sales(2)		Issues(3)		Settlements(3)		Transfers out of Level 3		Transfers into Level 3		Balance, September 30, 2020
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	45	$	(9)		$	—	$	—	$	(1)	$	—	$	—	$	(48)	$	73	$	60	$	(8)	$	—
Other agency	1		—			—		—		—		—		—		(1)		1		1		—		—
Private-label and other mortgage securities	—		3			—		—		(94)		—		(3)		—		94		—		—		—
Total trading securities	$	46	$	(6)	(5)(6)	$	—	$	—	$	(95)	$	—	$	(3)	$	(49)	$	168	$	61	$	(8)	$	—

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	171	$	1		$	2	$	—	$	—	$	—	$	(12)	$	(218)	$	278	$	222	$	—	$	—
Alt-A and subprime private-label securities	—		—			—		—		—		—		—		—		2		2		—		—
Mortgage revenue bonds	315		(3)			3		74		(74)		—		(60)		—		—		255		—		5
Other	306		(9)			4		268		(268)		—		(53)		—		—		248		—		3
Total available-for-sale securities	$	792	$	(11)	(6)(7)	$	9	$	342	$	(342)	$	—	$	(125)	$	(218)	$	280	$	727	$	—	$	8


Mortgage loans	$	688	$	32	(5)(6)	$	—	$	—	$	(11)	$	—	$	(93)	$	(75)	$	337	$	878	$	5	$	—
Net derivatives	162		470		(5)	—		—		—		—		(8)		18		—		642		468		—

Long-term debt:
Of Fannie Mae:
Senior floating	$	(398)	$	(61)	(5)	$	—	$	—	$	—	$	—	$	24	$	—	$	—	$	(435)	$	(61)	$	—
Of consolidated trusts	(75)		—		(5)(6)	—		—		—		—		12		2		(24)		(85)		1		—
Total long-term debt	$	(473)	$	(61)		$	—	$	—	$	—	$	—	$	36	$	2	$	(24)	$	(520)	$	(60)	$	—

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

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

(4)Amount represents temporary changes in fair value. Amortization, accretion and the impairment of credit losses are not considered unrealized and are not included in this amount.

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

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

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

Level 3 Assets Measured on Nonrecurring Basis


	Fair Value Measurements as of September 30, 2021
	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)	$	129	Various



Available-for-sale securities:
Mortgage-related securities:
Agency(3)	410		Consensus
	40		Various

Total agency	450



Mortgage revenue bonds	98		Single Vendor	Spreads (bps)	4.1	-	37.3	18.1
	66		Various
Total mortgage revenue bonds	164

Other	181		Discounted Cash Flow	Spreads (bps)	364.0	-	372.0	368.1



	1		Various
Total other	182
Total available-for-sale securities	$	796

Net derivatives	$	159	Dealer Mark
	(20)		Discounted Cash Flow
Total net derivatives	$	139


	Fair Value Measurements as of December 31, 2020
	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)	$	95	Various

Available-for-sale securities:
Mortgage-related securities:
Agency(3)	97		Consensus
	98		Various
Total agency	195





Alt-A and subprime private-label securities	2		Various

Mortgage revenue bonds	144		Single Vendor	Spreads (bps)	32.0	-	315.3	93.4
	72		Various
Total mortgage revenue bonds	216

Other	206		Discounted Cash Flow	Spreads (bps)	425.0	-	443.0	434.2



	29		Various
Total other	235
Total available-for-sale securities	$	648

Net derivatives	$	203	Dealer Mark
	130		Discounted Cash Flow
Total net derivatives	$	333

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

(3)Includes Fannie Mae and Freddie Mac securities.

The following table displays valuation techniques for our Level 3 assets measured at fair value on a nonrecurring basis.


		Fair Value Measurements as of
	Valuation Techniques	September 30, 2021		December 31, 2020
	(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	511	$	754
	Single Vendor	316		333
	Various	2		—
Total mortgage loans held for sale, at lower of cost or fair value		829		1,087

Single-family mortgage loans held for investment, at amortized cost	Internal Model	592		979


Multifamily mortgage loans held for investment, at amortized cost	Appraisals	47		225

	Internal Model	113		125
	Broker Price Opinion	117		40
Total multifamily mortgage loans held for investment, at amortized cost		277		390

Acquired property, net:
Single-family	Accepted Offers	9		35
	Appraisals	54		89
	Internal Model	67		41
	Walk Forwards	25		85
	Various	9		11
Total single-family		164		261

Multifamily	Various	34		25

Total nonrecurring assets at fair value		$	1,896	$	2,742

Fair Value of Financial Instruments


	As of September 30, 2021
	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, including restricted cash and cash equivalents	$	133,464	$	74,064		$	59,400		$	—		$	—		$	133,464
Federal funds sold and securities purchased under agreements to resell or similar arrangements	27,610		—			27,610			—			—			27,610
Trading securities	97,209		92,192			4,888			129			—			97,209
Available-for-sale securities	886		—			90			796			—			886
Mortgage loans held for sale	7,489		—			2,250			6,129			—			8,379
Mortgage loans held for investment, net of allowance for loan losses	3,896,180		—			3,745,286			220,358			—			3,965,644
Advances to lenders	9,924		—			9,923			1			—			9,924
Derivative assets at fair value	809		—			940			159			(290)			809
Guaranty assets and buy-ups	97		—			—			234			—			234
Total financial assets	$	4,173,668	$	166,256		$	3,850,387		$	227,806		$	(290)		$	4,244,159

Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	363	$	—		$	363		$	—		$	—		$	363
Short-term debt:
Of Fannie Mae	8,045		—			8,045			—			—			8,045

Long-term debt:
Of Fannie Mae	226,798		—			235,120			814			—			235,934
Of consolidated trusts	3,907,626		—			3,937,618			30,914			—			3,968,532
Derivative liabilities at fair value	622		—			1,440			20			(838)			622
Guaranty obligations	108		—			—			86			—			86
Total financial liabilities	$	4,143,562	$	—		$	4,182,586		$	31,834		$	(838)		$	4,213,582


	As of December 31, 2020
	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	$	115,623	$	97,179		$	18,444		$	—			$	—	$	115,623
Federal funds sold and securities purchased under agreements to resell or similar arrangements	28,200		—			28,200			—				—		28,200
Trading securities	136,542		130,456			5,991			95				—		136,542
Available-for-sale securities	1,697		—			1,049			648				—		1,697
Mortgage loans held for sale	5,197		—			116			5,502				—		5,618
Mortgage loans held for investment, net of allowance for loan losses	3,648,695		—			3,512,672			255,556				—		3,768,228
Advances to lenders	10,449		—			10,448			1				—		10,449
Derivative assets at fair value	1,225		—			1,748			382				(905)		1,225
Guaranty assets and buy-ups	115		—			—			258				—		258
Total financial assets	$	3,947,743	$	227,635		$	3,578,668		$	262,442			$	(905)	$	4,067,840

Financial liabilities:

Short-term debt:
Of Fannie Mae	$	12,173	$	—		$	12,177		$	—			$	—	$	12,177

Long-term debt:
Of Fannie Mae	277,399		—			288,414			878				—		289,292
Of consolidated trusts	3,646,164		—			3,756,673			31,584				—		3,788,257
Derivative liabilities at fair value	1,495		—			2,441			49				(995)		1,495
Guaranty obligations	127		—			—			82				—		82
Total financial liabilities	$	3,937,358	$	—		$	4,059,705		$	32,593			$	(995)	$	4,091,303

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
	September 30, 2021									December 31, 2020
	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		$	5,301		$	2,633		$	23,020		$	6,490		$	3,728		$	24,586
Unpaid principal balance		4,902			2,427			20,239			6,046			3,518			21,408

Summary of Significant Accounting Policies (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2008	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Related Parties [Line Items]
Senior preferred stock liquidation preference		$ 158,844		$ 158,844			$ 142,192
Increase in net worth		$ 4,800
Weighted average number of contingently issuable shares (shares)		4,700	4,700	4,700	4,700
Convertible Preferred Stock, Shares Issued upon Conversion		26	26	26	26
Preferred Stock \| US Treasury
Related Parties [Line Items]
Shares issued (shares)	1
Common Stock \| US Treasury
Related Parties [Line Items]
Authorized proceeds from issuance of stock not requiring prior consent	$ 70,000
US Treasury
Related Parties [Line Items]
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement		$ 119,800		$ 119,800
Total available funding from US Treasury pursuant to the senior preferred stock agreement		$ 113,900		$ 113,900
US Treasury \| Forecast
Related Parties [Line Items]
Aggregate liquidation preference of senior preferred stock						$ 163,700

Summary of Significant Accounting Policies - Regulatory Capital (Details) - USD ($) $ in Billions	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Deficit of core capital over statutory minimum capital requirement	$ 106.5	$ 124.3

Summary of Significant Accounting Policies - Related Parties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Parties [Line Items]
Senior preferred stock liquidation preference	$ 158,844		$ 158,844		$ 142,192
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees	$ 781	$ 679	$ 2,270	$ 1,976
Basis Points of Each Dollar of Unpaid Principal Balance	0.042%		0.042%
Affordable Housing Program obligation payable to Treasury's Capital Magnet Fund (percent)	35.00%		35.00%
US Treasury
Related Parties [Line Items]
Percentage of common shares attributable to warrants issued to US Treasury as percentage to total diluted common shares	79.90%		79.90%
Home Affordable Modification Program administrative expense reimbursements from Treasury and Freddie Mac	$ 4	5	$ 13	14
Increase in Single-family guarantee fees	0.10%		0.10%
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees	$ 781	679	$ 2,270	1,976
US Treasury \| Single-Family
Related Parties [Line Items]
Recognized TCCA fees that had not been remitted to Treasury as of period end	781		781
Federal Housing Finance Agency
Related Parties [Line Items]
FHFA assessment fees	35	35	107	102
Common Securitization Solutions
Related Parties [Line Items]
Capital contributed	15	19	60	67
Other Expense \| US Treasury
Related Parties [Line Items]
Affordable Housing Program assessments recognized	$ 46	$ 59	165	$ 144
Affordable housing program assessments not remitted			$ 165

Consolidations and Transfers of Financial Assets - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entities [Line Items]
Trading, at fair value	$ 97,209	$ 136,542
Available-for-sale, at fair value	886	1,697
Other assets	12,163	15,201
Other liabilities	(15,268)	(15,035)
Assets	4,209,209	3,985,749
Total unpaid principal balance of mortgage loans	3,833,191	3,589,868
Multifamily
Variable Interest Entities [Line Items]
Total unpaid principal balance of mortgage loans	398,168	373,722
Multifamily \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Total unpaid principal balance of mortgage loans	398,200
Single-family
Variable Interest Entities [Line Items]
Total unpaid principal balance of mortgage loans	3,435,023	3,216,146
Mortgage-related securities \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Trading, at fair value	4,355	5,219
Available-for-sale, at fair value	725	1,486
Other assets	37	41
Other liabilities	(63)	(67)
Net carrying amount	5,054	6,679
Maximum exposure to loss	198,000	146,000
Assets	240,000	180,000
Partnership interest LIHTC \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Net carrying amount	219	121
Maximum exposure to loss	225	126
Assets	3,300	2,600
Debt securities \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Maximum exposure to loss	8,200	11,400
Assets	8,200	11,400
Fannie Mae securities \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Trading, at fair value	1,073	1,611
Available-for-sale, at fair value	518	1,168
Non-Fannie Mae securities \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Trading, at fair value	3,282	3,608
Available-for-sale, at fair value	$ 207	$ 318

Consolidations and Transfers of Financial Assets - Transfers of Financial Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Transfers of Financial Assets [Line Items]
Portfolio securitizations: unpaid principal balance	$ 140,100	$ 213,000	$ 554,000	$ 504,900
Unconsolidated VIEs
Transfers of Financial Assets [Line Items]
Retained interests: principal and interest received	139	$ 166	426	$ 517
Unconsolidated VIEs \| Single Class MBS, REMIC & Megas
Transfers of Financial Assets [Line Items]
Retained interests: unpaid principal balance	1,100		1,100		$ 1,700
Retained interests: fair value	$ 2,100		$ 2,100		$ 2,900

Mortgage Loans - Loans in Mortgage Portfolio (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	$ 3,833,191		$ 3,833,191		$ 3,589,868
Cost basis and fair value adjustments, net	76,812		76,812		74,576
Allowance for loan losses for HFI loans	(6,334)		(6,334)		(10,552)
Total mortgage loans	3,903,669		3,903,669		3,653,892
Lower of cost or fair value adjustment at time of redesignation	(8)	$ 23	(33)	$ 91
Single-family
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	3,435,023		3,435,023		3,216,146
Amortized cost	3,427	5,305	12,844	6,942
Unpaid principal balance	3,063	4,593	10,588	5,088
Realized gains, net	300	424	955	464
Mortgage loans in process of foreclosure	5,000		5,000		5,000
Single-family \| allowance for the redesignated from HFI to HFS
Loans in Mortgage Portfolio [Line Items]
Lower of cost or fair value adjustment at time of redesignation	(47)	(227)	(247)	(236)
Allowance reversed at time of redesignation	165	$ 737	1,350	$ 921
Multifamily
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	398,168		398,168		373,722
Mortgage loans
Loans in Mortgage Portfolio [Line Items]
Accrued interest receivable	$ 9,800		$ 9,800		$ 9,800

Mortgage Loans - Aging (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
Mortgage Loans - Aging (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Recorded investment	$ 3,907,047	$ 3,662,711
Loans 90 Days or More Delinquent and Accruing Interest	37,273	77,196
Nonaccrual Loans with No Allowance	6,532	7,455
30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	23,188	29,473
60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	5,594	10,570
Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	55,897	103,172
Total Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	84,679	143,215
Current
Financing Receivable, Past Due [Line Items]
Recorded investment	3,822,368	3,519,496
Single-family
Financing Receivable, Past Due [Line Items]
Recorded investment	3,505,806	3,285,285
Loans 90 Days or More Delinquent and Accruing Interest	37,151	76,586
Nonaccrual Loans with No Allowance	$ 6,406	$ 7,153
Single-family \| Minimum
Table Footnote [Abstract]
Serious delinquency, days past due	90 days	90 days
Single-family \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	$ 22,820	$ 28,333
Single-family \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	5,594	10,570
Single-family \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	54,241	99,484
Single-family \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	82,655	138,387
Single-family \| Current
Financing Receivable, Past Due [Line Items]
Recorded investment	3,423,151	3,146,898
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Recorded investment	2,912,188	2,742,203
Loans 90 Days or More Delinquent and Accruing Interest	33,274	68,526
Nonaccrual Loans with No Allowance	5,608	6,028
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	19,980	24,928
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	5,013	9,414
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	48,802	88,276
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	73,795	122,618
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Current
Financing Receivable, Past Due [Line Items]
Recorded investment	2,838,393	2,619,585
Single-family \| 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Recorded investment	524,012	457,059
Loans 90 Days or More Delinquent and Accruing Interest	2,083	4,292
Nonaccrual Loans with No Allowance	185	240
Single-family \| 15-year or less, amortizing fixed-rate \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	1,960	1,987
Single-family \| 15-year or less, amortizing fixed-rate \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	337	601
Single-family \| 15-year or less, amortizing fixed-rate \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	2,477	5,028
Single-family \| 15-year or less, amortizing fixed-rate \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	4,774	7,616
Single-family \| 15-year or less, amortizing fixed-rate \| Current
Financing Receivable, Past Due [Line Items]
Recorded investment	519,238	449,443
Single-family \| Adjustable-rate
Financing Receivable, Past Due [Line Items]
Recorded investment	26,969	31,441
Loans 90 Days or More Delinquent and Accruing Interest	434	907
Nonaccrual Loans with No Allowance	72	114
Single-family \| Adjustable-rate \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	165	268
Single-family \| Adjustable-rate \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	32	97
Single-family \| Adjustable-rate \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	537	1,143
Single-family \| Adjustable-rate \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	734	1,508
Single-family \| Adjustable-rate \| Current
Financing Receivable, Past Due [Line Items]
Recorded investment	26,235	29,933
Single-family \| Other
Financing Receivable, Past Due [Line Items]
Recorded investment	42,637	54,582
Loans 90 Days or More Delinquent and Accruing Interest	1,360	2,861
Nonaccrual Loans with No Allowance	541	771
Single-family \| Other \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	715	1,150
Single-family \| Other \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	212	458
Single-family \| Other \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	2,425	5,037
Single-family \| Other \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	3,352	6,645
Single-family \| Other \| Current
Financing Receivable, Past Due [Line Items]
Recorded investment	39,285	47,937
Multifamily
Financing Receivable, Past Due [Line Items]
Recorded investment	401,241	377,426
Loans 90 Days or More Delinquent and Accruing Interest	122	610
Nonaccrual Loans with No Allowance	$ 126	302
Multifamily \| Minimum
Table Footnote [Abstract]
Serious delinquency, days past due	60 days
Multifamily \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	$ 368	1,140
Multifamily \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	1,656	3,688
Multifamily \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	2,024	4,828
Multifamily \| Current
Financing Receivable, Past Due [Line Items]
Recorded investment	$ 399,217	$ 372,598

Mortgage Loans - Credit Quality Indicators - SF (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total mortgage loans	$ 3,902,514	$ 3,659,247
Single-family
Financing Receivable, Credit Quality Indicator [Line Items]
2021	941,976	1,253,449
2020	1,149,674	367,647
2019	233,953	178,798
2018	113,059	226,092
2017	150,802	272,831
Prior	904,706	972,993
Total mortgage loans	3,494,170	3,271,810
Single-family \| Estimated mark-to-market loan-to-value ratio less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	775,494	978,509
2020	1,083,114	277,248
2019	229,468	154,357
2018	111,475	220,388
2017	149,964	270,966
Prior	900,512	960,696
Total mortgage loans	3,250,027	2,862,164
Single-family \| Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	110,368	163,839
2020	63,902	86,192
2019	3,851	23,574
2018	1,265	5,346
2017	745	1,635
Prior	2,625	7,288
Total mortgage loans	182,756	287,874
Single-family \| Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	56,111	111,073
2020	2,652	4,200
2019	627	832
2018	304	270
2017	63	137
Prior	774	2,608
Total mortgage loans	60,531	119,120
Single-family \| Estimated mark-to-market loan-to-value ratio greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	3	28
2020	6	7
2019	7	35
2018	15	88
2017	30	93
Prior	795	2,401
Total mortgage loans	856	2,652
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
2021	775,818	1,061,427
2020	978,931	323,414
2019	204,337	160,137
2018	100,616	188,912
2017	124,399	222,969
Prior	728,087	785,344
Total mortgage loans	2,912,188	2,742,203
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Estimated mark-to-market loan-to-value ratio less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	613,085	794,156
2020	912,984	233,994
2019	199,883	135,849
2018	99,052	183,315
2017	123,581	221,172
Prior	724,677	775,636
Total mortgage loans	2,673,262	2,344,122
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	107,349	157,500
2020	63,299	85,227
2019	3,821	23,440
2018	1,250	5,270
2017	731	1,592
Prior	2,226	5,958
Total mortgage loans	178,676	278,987
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	55,381	109,743
2020	2,642	4,186
2019	626	820
2018	302	250
2017	60	124
Prior	585	1,994
Total mortgage loans	59,596	117,117
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Estimated mark-to-market loan-to-value ratio greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	3	28
2020	6	7
2019	7	28
2018	12	77
2017	27	81
Prior	599	1,756
Total mortgage loans	654	1,977
Single-family \| 15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
2021	160,849	188,797
2020	168,279	42,194
2019	28,334	15,809
2018	10,719	31,518
2017	22,811	46,102
Prior	133,020	132,639
Total mortgage loans	524,012	457,059
Single-family \| 15-year or less, amortizing fixed-rate \| Estimated mark-to-market loan-to-value ratio less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	157,618	181,418
2020	167,706	41,374
2019	28,311	15,768
2018	10,712	31,497
2017	22,806	46,088
Prior	133,000	132,596
Total mortgage loans	520,153	448,741
Single-family \| 15-year or less, amortizing fixed-rate \| Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2,642	6,105
2020	564	811
2019	23	35
2018	5	14
2017	3	8
Prior	9	20
Total mortgage loans	3,246	6,993
Single-family \| 15-year or less, amortizing fixed-rate \| Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	589	1,274
2020	9	9
2019	0	3
2018	1	4
2017	1	3
Prior	4	10
Total mortgage loans	604	1,303
Single-family \| 15-year or less, amortizing fixed-rate \| Estimated mark-to-market loan-to-value ratio greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	3
2018	1	3
2017	1	3
Prior	7	13
Total mortgage loans	9	22
Single-family \| Adjustable-rate
Financing Receivable, Credit Quality Indicator [Line Items]
2021	5,309	3,225
2020	2,464	1,994
2019	1,246	2,492
2018	1,429	4,784
2017	2,882	2,683
Prior	13,639	16,263
Total mortgage loans	26,969	31,441
Single-family \| Adjustable-rate \| Estimated mark-to-market loan-to-value ratio less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	4,791	2,935
2020	2,424	1,839
2019	1,239	2,412
2018	1,424	4,765
2017	2,880	2,678
Prior	13,636	16,248
Total mortgage loans	26,394	30,877
Single-family \| Adjustable-rate \| Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	377	234
2020	39	152
2019	7	79
2018	5	19
2017	2	5
Prior	3	12
Total mortgage loans	433	501
Single-family \| Adjustable-rate \| Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	141	56
2020	1	3
2019	0	1
2018	0	0
2017	0	0
Prior	0	2
Total mortgage loans	142	62
Single-family \| Adjustable-rate \| Estimated mark-to-market loan-to-value ratio greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	1
Total mortgage loans	0	1
Single-family \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	45
2019	36	360
2018	295	878
2017	710	1,077
Prior	29,960	38,747
Total mortgage loans	31,001	41,107
Single-family \| Other \| Estimated mark-to-market loan-to-value ratio less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	41
2019	35	328
2018	287	811
2017	697	1,028
Prior	29,199	36,216
Total mortgage loans	30,218	38,424
Single-family \| Other \| Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	2
2019	0	20
2018	5	43
2017	9	30
Prior	387	1,298
Total mortgage loans	401	1,393
Single-family \| Other \| Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	2
2019	1	8
2018	1	16
2017	2	10
Prior	185	602
Total mortgage loans	189	638
Single-family \| Other \| Estimated mark-to-market loan-to-value ratio greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	4
2018	2	8
2017	2	9
Prior	189	631
Total mortgage loans	193	652
Single-family \| U.S Government
Financing Receivable, Credit Quality Indicator [Line Items]
Total mortgage loans	$ 11,600	$ 13,500

Mortgage Loans - Credit Quality Indicators - MF (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total mortgage loans	$ 3,902,514,000,000	$ 3,659,247,000,000
Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2021	38,603,000,000	72,014,000,000
2020	81,334,000,000	69,337,000,000
2019	67,836,000,000	63,616,000,000
2018	61,015,000,000	53,523,000,000
2017	50,517,000,000	44,753,000,000
Prior	101,936,000,000	74,183,000,000
Total mortgage loans	401,241,000,000	377,426,000,000
Non-classified \| Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2021	38,547,000,000	71,977,000,000
2020	81,070,000,000	68,296,000,000
2019	66,157,000,000	62,087,000,000
2018	59,144,000,000	50,907,000,000
2017	47,164,000,000	43,174,000,000
Prior	95,395,000,000	70,933,000,000
Total mortgage loans	387,477,000,000	367,374,000,000
Classified \| Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2021	56,000,000	37,000,000
2020	264,000,000	1,041,000,000
2019	1,679,000,000	1,529,000,000
2018	1,871,000,000	2,616,000,000
2017	3,353,000,000	1,579,000,000
Prior	6,541,000,000	3,250,000,000
Total mortgage loans	13,764,000,000	10,052,000,000
Substandard or doubtful \| Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Total mortgage loans	$ 0	$ 1,000,000

Mortgage Loans - TDRs (Details) $ in Millions	3 Months Ended		9 Months Ended
Mortgage Loans - TDRs (Details) $ in Millions	Sep. 30, 2021 USD ($) contract	Sep. 30, 2020 USD ($) contract	Sep. 30, 2021 USD ($) contract	Sep. 30, 2020 USD ($) contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Average term extension of a single-family modified loan	151 months	159 months	146 months	166 months
Average interest rate reduction of a single-family modified loan	0.56%	0.42%	0.57%	0.35%
Number of loans, troubled debt restructurings activity \| contract	2,441	7,052	9,420	29,667
Amortized cost, troubled debt restructurings activity \| $	$ 371	$ 1,119	$ 1,401	$ 4,875
Number of loans, troubled debt restructurings subsequent default \| contract	2,126	3,199	6,803	12,748
Amortized cost, troubled debt restructurings subsequent default \| $	$ 342	$ 568	$ 1,125	$ 2,324
Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans, troubled debt restructurings activity \| contract	2,441	7,052	9,420	29,667
Amortized cost, troubled debt restructurings activity \| $	$ 371	$ 1,119	$ 1,401	$ 4,875
Number of loans, troubled debt restructurings subsequent default \| contract	2,126	3,199	6,803	12,744
Amortized cost, troubled debt restructurings subsequent default \| $	$ 342	$ 568	$ 1,125	$ 2,308
Multifamily
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans, troubled debt restructurings activity \| contract	0	0	0	0
Amortized cost, troubled debt restructurings activity \| $	$ 0	$ 0	$ 0	$ 0
Number of loans, troubled debt restructurings subsequent default \| contract	0	0	0	4
Amortized cost, troubled debt restructurings subsequent default \| $	$ 0	$ 0	$ 0	$ 16
20- and 30-year or more, amortizing fixed-rate \| Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans, troubled debt restructurings activity \| contract	2,126	5,993	8,022	25,360
Amortized cost, troubled debt restructurings activity \| $	$ 345	$ 1,006	$ 1,274	$ 4,412
Number of loans, troubled debt restructurings subsequent default \| contract	1,782	2,956	5,754	11,529
Amortized cost, troubled debt restructurings subsequent default \| $	$ 294	$ 532	$ 969	$ 2,119
15-year or less, amortizing fixed-rate \| Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans, troubled debt restructurings activity \| contract	209	579	886	2,448
Amortized cost, troubled debt restructurings activity \| $	$ 16	$ 50	$ 70	$ 216
Number of loans, troubled debt restructurings subsequent default \| contract	133	21	330	106
Amortized cost, troubled debt restructurings subsequent default \| $	$ 10	$ 1	$ 24	$ 7
Adjustable-rate \| Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans, troubled debt restructurings activity \| contract	18	109	96	395
Amortized cost, troubled debt restructurings activity \| $	$ 2	$ 16	$ 14	$ 62
Number of loans, troubled debt restructurings subsequent default \| contract	11	3	26	15
Amortized cost, troubled debt restructurings subsequent default \| $	$ 1	$ 0	$ 4	$ 2
Other \| Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans, troubled debt restructurings activity \| contract	88	371	416	1,464
Amortized cost, troubled debt restructurings activity \| $	$ 8	$ 47	$ 43	$ 185
Number of loans, troubled debt restructurings subsequent default \| contract	200	219	693	1,094
Amortized cost, troubled debt restructurings subsequent default \| $	$ 37	$ 35	$ 128	$ 180

Mortgage Loans - Non-accrual Loans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	$ 24,230		$ 24,230		$ 29,484	$ 28,574
Total interest income recognized	80	$ 76	284	$ 355
Single-family
Financing Receivable, Nonaccrual [Line Items]
Interest income forgone	133	219	450	573
Accrued interest receivable written off through the reversal of interest income	15	33	144	165
Recorded investment in nonaccrual loans	21,977		21,977		27,264	26,505
Total interest income recognized	71	76	260	352
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	20,083		20,083		24,728	22,907
Total interest income recognized	67	68	241	309
Single-family \| 15-year or less, amortizing fixed-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	491		491		596	853
Total interest income recognized	1	2	4	9
Single-family \| Adjustable-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	126		126		179	270
Total interest income recognized	0	1	1	3
Single-family \| Other
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	1,277		1,277		1,761	2,475
Total interest income recognized	3	5	14	31
Multifamily
Financing Receivable, Nonaccrual [Line Items]
Interest income forgone	13	8	33	9
Accrued interest receivable written off through the reversal of interest income	0	5	1	7
Recorded investment in nonaccrual loans	2,253		2,253		$ 2,220	$ 2,069
Total interest income recognized	$ 9	$ 0	$ 24	$ 3

Allowance for Loan Losses - Rollforward by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jan. 01, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	$ (7,114)	$ (12,966)	$ (10,552)	$ (9,016)
Allowance for loan losses for HFI loans	(6,334)		(6,334)		$ (10,552)
Benefit (provision) for loan losses	884	897	4,178	(1,526)
Write-offs	58	347	325	481
Recoveries	(154)	(4)	(252)	(11)
Other	(8)	23	(33)	91
Ending Balance	(6,334)	(11,703)	(6,334)	(11,703)
Single-family
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	(6,064)	(11,598)	(9,344)	(8,759)
Benefit (provision) for loan losses	839	931	4,003	(857)
Write-offs	51	261	271	377
Recoveries	(133)	(4)	(212)	(10)
Other	(8)	23	(33)	91
Ending Balance	(5,315)	(10,387)	(5,315)	(10,387)
Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	(1,050)	(1,368)	(1,208)	(257)
Benefit (provision) for loan losses	45	(34)	175	(669)
Write-offs	7	86	54	104
Recoveries	(21)	0	(40)	(1)
Ending Balance	$ (1,019)	$ (1,316)	$ (1,019)	$ (1,316)
Transition impact of the adoption of the CECL standard
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses for HFI loans						$ (1,722)
Transition impact of the adoption of the CECL standard \| Single-family
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses for HFI loans						(1,229)
Transition impact of the adoption of the CECL standard \| Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses for HFI loans						$ (493)

Investments in Securities - Trading 1 (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 97,209	$ 136,542
Mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	4,997	6,013
Fannie Mae
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	1,715	2,404
Other agency
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	3,139	3,451
Private-label and other mortgage securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	143	158
Total non-mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	92,212	130,529
U.S. Treasury securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	92,192	130,456
Other securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	20	73
Consolidated trusts
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 642	$ 793

Investments in Securities - Trading 2 (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Net trading gains (losses)	$ (129)	$ (91)	$ (726)	$ 691
Net trading gains (losses) recognized in the period related to securities still held at period end	$ (124)	$ (71)	$ (702)	$ 448

Investments in Securities - Available-for-sale Securities 1 (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	$ 873	$ 1,606
Allowance for Credit Losses	0	(3)
Gross Unrealized Gains in AOCI	23	106
Gross Unrealized Losses in AOCI	(10)	(12)
Available-for-sale, at fair value	886	1,697
Interest excluded from amortized cost and fair value	3	6
Maximum
Debt Securities, Available-for-sale [Line Items]
Allowance for Credit Losses	(1)
Fannie Mae
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	510	1,094
Allowance for Credit Losses	0	0
Gross Unrealized Gains in AOCI	16	86
Gross Unrealized Losses in AOCI	(8)	(12)
Available-for-sale, at fair value	518	1,168
Other agency
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	14	59
Allowance for Credit Losses	0	0
Gross Unrealized Gains in AOCI	1	6
Gross Unrealized Losses in AOCI	0	0
Available-for-sale, at fair value	15	65
Alt-A and subprime private-label securities
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	3	4
Allowance for Credit Losses	0	0
Gross Unrealized Gains in AOCI	0	2
Gross Unrealized Losses in AOCI	0	0
Available-for-sale, at fair value	3	6
Mortgage revenue bonds
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	161	211
Allowance for Credit Losses	0	(3)
Gross Unrealized Gains in AOCI	5	8
Gross Unrealized Losses in AOCI	(2)	0
Available-for-sale, at fair value	164	216
Other mortgage-related securities
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	185	238
Allowance for Credit Losses	0	0
Gross Unrealized Gains in AOCI	1	4
Gross Unrealized Losses in AOCI	0	0
Available-for-sale, at fair value	$ 186	$ 242

Investments in Securities - Available-for-sale Securities 2 (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses in AOCI	$ (4)	$ (1)
Less than 12 Consecutive Months, Fair Value	233	40
12 Consecutive Months or Longer, Gross Unrealized Losses	(6)	(11)
12 Consecutive Months or Longer, Fair Value	105	94
Fannie Mae
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses in AOCI	(2)	(1)
Less than 12 Consecutive Months, Fair Value	231	40
12 Consecutive Months or Longer, Gross Unrealized Losses	(6)	(11)
12 Consecutive Months or Longer, Fair Value	105	94
Mortgage revenue bonds
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses in AOCI	(2)	0
Less than 12 Consecutive Months, Fair Value	2	0
12 Consecutive Months or Longer, Gross Unrealized Losses	0	0
12 Consecutive Months or Longer, Fair Value	$ 0	$ 0

Investments in Securities - Available-for-sale Securities 3 (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 0	$ 15	$ 59	$ 45
Total proceeds (excludes initial sale of securities from new portfolio securitizations)	$ 0	$ 137	$ 582	$ 258

Investments in Securities - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Schedule of Accumulated Other Comprehensive Income (Loss) [Abstract]
Net unrealized gains on AFS securities for which we have not recorded an allowance for credit losses	$ 12		$ 12		$ 74
Net unrealized gains (losses) on AFS securities for which we have recorded an allowance for credit losses	(2)		(2)		0
Total proceeds (excludes initial sale of securities from new portfolio securitizations)	0	$ 137	582	$ 258
Other	33		33		42
Accumulated other comprehensive income	$ 43		$ 43		$ 116

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Investments in Securities - Maturity Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Total Carrying Amount
Total Carrying Amount, Net	$ 873
One Year or Less	1
After One Year Through Five Years	31
After Five Years Through Ten Years	28
After Ten Years	813
Total Fair Value
Total Fair Value	886	$ 1,697
One Year or Less	1
After One Year Through Five Years	32
After Five Years Through Ten Years	29
After Ten Years	824
Fannie Mae
Total Carrying Amount
Total Carrying Amount, Net	510
One Year or Less	0
After One Year Through Five Years	2
After Five Years Through Ten Years	12
After Ten Years	496
Total Fair Value
Total Fair Value	518	1,168
One Year or Less	0
After One Year Through Five Years	2
After Five Years Through Ten Years	13
After Ten Years	503
Other agency
Total Carrying Amount
Total Carrying Amount, Net	14
One Year or Less	0
After One Year Through Five Years	0
After Five Years Through Ten Years	1
After Ten Years	13
Total Fair Value
Total Fair Value	15	65
One Year or Less	0
After One Year Through Five Years	0
After Five Years Through Ten Years	1
After Ten Years	14
Alt-A and subprime private-label securities
Total Carrying Amount
Total Carrying Amount, Net	3
One Year or Less	0
After One Year Through Five Years	0
After Five Years Through Ten Years	2
After Ten Years	1
Total Fair Value
Total Fair Value	3	6
One Year or Less	0
After One Year Through Five Years	0
After Five Years Through Ten Years	2
After Ten Years	1
Mortgage revenue bonds
Total Carrying Amount
Total Carrying Amount, Net	161
One Year or Less	1
After One Year Through Five Years	29
After Five Years Through Ten Years	10
After Ten Years	121
Total Fair Value
Total Fair Value	164	216
One Year or Less	1
After One Year Through Five Years	30
After Five Years Through Ten Years	9
After Ten Years	124
Other mortgage-related securities
Total Carrying Amount
Total Carrying Amount, Net	185
One Year or Less	0
After One Year Through Five Years	0
After Five Years Through Ten Years	3
After Ten Years	182
Total Fair Value
Total Fair Value	186	$ 242
One Year or Less	0
After One Year Through Five Years	0
After Five Years Through Ten Years	4
After Ten Years	$ 182

Financial Guarantees - Financial Guarantees and Maximum Recovery (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Financial Guarantees and Maximum Recovery [Line Items]
Contractual terms of our guarantees	31 years
Maximum Exposure	$ 14,736	$ 16,252
Guaranty Obligation	108	127
Maximum Recovery	6,027	6,664
Unconsolidated Fannie Mae MBS \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	3,964	4,424
Guaranty Obligation	17	18
Maximum Recovery	3,847	4,226
Other guaranty arrangements \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	10,772	11,828
Guaranty Obligation	91	109
Maximum Recovery	2,180	2,438
Other agency \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Single security, Freddie Mac issued securities backing unconsolidated Fannie Mae securities	$ 190,200	$ 137,300

Short-Term and Long-Term Debt - Short-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Short-Term Debt [Line Items]
Federal funds purchased and securities sold under agreements to repurchase	$ 363	$ 0
Federal funds purchased and securities sold under agreements to repurchase
Short-Term Debt [Line Items]
Short-term debt, weighted-average interest rate (percent)	(0.04%)	0.00%
Fannie Mae
Short-Term Debt [Line Items]
Short-term debt, outstanding	$ 8,045	$ 12,173
Short-term debt, weighted-average interest rate (percent)	0.03%	0.18%

Short-Term and Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 4,134,424	$ 3,923,563
Long-term debt, weighted-average interest rate (percent)	1.74%	1.85%
Fannie Mae
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 226,798	$ 277,399
Long-term debt, weighted-average interest rate (percent)	1.48%	1.34%
Unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments	$ 1,300	$ 392
Fannie Mae \| Total senior fixed
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 138,666	$ 161,916
Long-term debt, weighted-average interest rate (percent)	1.82%	1.69%
Fannie Mae \| Senior fixed benchmark notes and bonds
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 93,233	$ 106,691
Long-term debt, weighted-average interest rate (percent)	2.16%	2.03%
Fannie Mae \| Senior fixed medium-term notes
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 38,385	$ 48,524
Long-term debt, weighted-average interest rate (percent)	0.62%	0.63%
Fannie Mae \| Senior fixed other debt
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 7,048	$ 6,701
Long-term debt, weighted-average interest rate (percent)	3.80%	3.90%
Fannie Mae \| Total senior floating
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 88,132	$ 115,483
Long-term debt, weighted-average interest rate (percent)	0.94%	0.86%
Fannie Mae \| Senior floating medium-term notes
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 74,078	$ 100,089
Long-term debt, weighted-average interest rate (percent)	0.33%	0.35%
Fannie Mae \| Senior floating Connecticut Avenue Securities
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 13,666	$ 14,978
Long-term debt, weighted-average interest rate (percent)	4.11%	4.16%
Fannie Mae \| Senior floating other debt
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 388	$ 416
Long-term debt, weighted-average interest rate (percent)	8.16%	7.75%
Consolidated Trusts
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 3,907,626	$ 3,646,164
Long-term debt, weighted-average interest rate (percent)	1.75%	1.88%

Derivative Instruments - Notional and FV Position (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Asset Derivatives
Notional Amount	$ 289,539	$ 450,981
Estimated Fair Value	809	1,225
Netting adjustment	(290)	(905)
Liability Derivatives
Notional Amount	160,048	288,198
Estimated Fair Value	(622)	(1,495)
Netting adjustment	838	995
Table Footnote [Abstract]
Cash collateral posted for derivative instruments	570	658
Cash collateral received for derivative instruments	22	568
Fair Value Hedging \| Designated as Hedging Instrument
Asset Derivatives
Notional Amount	43,408	0
Estimated Fair Value	0	0
Liability Derivatives
Notional Amount	205	0
Estimated Fair Value	(2)	0
Pay-fixed Swap
Asset Derivatives
Notional Amount	71,189	88,361
Estimated Fair Value	0	0
Liability Derivatives
Notional Amount	300	11,461
Estimated Fair Value	0	(595)
Pay-fixed Swap \| Fair Value Hedging \| Designated as Hedging Instrument
Asset Derivatives
Notional Amount	2,575	0
Estimated Fair Value	0	0
Liability Derivatives
Notional Amount	0	0
Estimated Fair Value	0	0
Receive-fixed Swap
Asset Derivatives
Notional Amount	26,348	92,315
Estimated Fair Value	1	233
Liability Derivatives
Notional Amount	44,273	33,919
Estimated Fair Value	(765)	(123)
Receive-fixed Swap \| Fair Value Hedging \| Designated as Hedging Instrument
Asset Derivatives
Notional Amount	40,833	0
Estimated Fair Value	0	0
Liability Derivatives
Notional Amount	205	0
Estimated Fair Value	(2)	0
Basis Swap
Asset Derivatives
Notional Amount	250	250
Estimated Fair Value	154	192
Liability Derivatives
Notional Amount	0	0
Estimated Fair Value	0	0
Foreign Currency Swap
Asset Derivatives
Notional Amount	233	237
Estimated Fair Value	28	57
Liability Derivatives
Notional Amount	101	239
Estimated Fair Value	(35)	(58)
Pay-fixed Swaption
Asset Derivatives
Notional Amount	4,430	5,530
Estimated Fair Value	68	37
Liability Derivatives
Notional Amount	160	2,025
Estimated Fair Value	(1)	(118)
Receive-fixed Swaption
Asset Derivatives
Notional Amount	390	3,355
Estimated Fair Value	7	346
Liability Derivatives
Notional Amount	700	700
Estimated Fair Value	(24)	(16)
Futures
Asset Derivatives
Notional Amount	30	64,398
Estimated Fair Value	0	0
Liability Derivatives
Notional Amount	0	0
Estimated Fair Value	0	0
Risk Management Derivatives
Asset Derivatives
Notional Amount	102,870	254,446
Estimated Fair Value	258	865
Accrued interest receivable (payable)	78	97
Netting adjustment	(290)	(905)
Liability Derivatives
Notional Amount	45,534	48,344
Estimated Fair Value	(825)	(910)
Accrued interest receivable (payable)	(14)	(105)
Netting adjustment	838	995
Risk Management Derivatives \| Not Designated as Hedging Instrument, Economic Hedge
Asset Derivatives
Notional Amount	102,870	254,446
Total net risk management derivatives	336	962
Liability Derivatives
Notional Amount	45,534	48,344
Total net risk management derivatives	(839)	(1,015)
Total risk management derivatives portfolio
Asset Derivatives
Notional Amount	146,278	254,446
Total net risk management derivatives	46	57
Liability Derivatives
Notional Amount	45,739	48,344
Total net risk management derivatives	(3)	(20)
Mortgage commitments to purchase whole loans
Asset Derivatives
Notional Amount	6,649	35,292
Estimated Fair Value	6	145
Liability Derivatives
Notional Amount	11,794	51
Estimated Fair Value	(71)	0
Forward contracts to purchase mortgage-related securities
Asset Derivatives
Notional Amount	11,360	144,215
Estimated Fair Value	22	844
Liability Derivatives
Notional Amount	73,742	607
Estimated Fair Value	(498)	0
Forward contracts to sell mortgage-related securities
Asset Derivatives
Notional Amount	115,159	199
Estimated Fair Value	735	0
Liability Derivatives
Notional Amount	20,606	227,828
Estimated Fair Value	(30)	(1,426)
Mortgage commitment derivatives
Asset Derivatives
Notional Amount	133,168	179,706
Estimated Fair Value	763	989
Netting adjustment	0	0
Liability Derivatives
Notional Amount	106,142	228,486
Estimated Fair Value	(599)	(1,426)
Netting adjustment	0	0
Credit enhancement derivatives
Asset Derivatives
Notional Amount	10,093	16,829
Estimated Fair Value	0	179
Liability Derivatives
Notional Amount	8,167	11,368
Estimated Fair Value	$ (20)	$ (49)

Derivative Instruments - FV Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	$ 13	$ (294)	$ 654	$ (2,228)
Net contractual interest income (expense) on interest-rate swaps	6,972	6,656	22,000	17,780
Interest income on mortgage loans	24,798	25,810	73,083	81,755
Long-term debt	(18,009)	(19,378)	(51,646)	(64,815)
Hedged Asset, Fair Value Hedge	150,829		150,829
Hedged Liability, Fair Value Hedge	(72,497)		(72,497)
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	66		66
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	946		946
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	66		66
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	946		946
Hedged Asset, Fair Value Hedge, Last-of-Layer, Cumulative Increase (Decrease)	36,424		36,424
Hedged Asset, Fair Value Hedge, Last-of-Layer, Amount	2,548		2,548
Pay-fixed Swap
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	343	634	1,855	(3,489)
Receive-fixed Swap
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(209)	(550)	(1,307)	2,984
Basis Swap
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(12)	(5)	(39)	68
Foreign Currency Swap
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(19)	23	(23)	(11)
Pay-fixed Swaption
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	6	2	55	(159)
Receive-fixed Swaption
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(14)	(60)	(223)	597
Futures
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	0	0	1	(75)
Risk Management Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	93	(2)	313	(301)
Net contractual interest income (expense) on interest-rate swaps	(2)	(46)	(6)	(216)
Mortgage commitment derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(25)	(672)	504	(2,327)
Credit enhancement derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(55)	$ 380	(163)	$ 400
Interest rate risk on held-for-investment mortgage loan \| Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) in hedged item	(1)		69
Discontinued hedge related basis adjustment amortization	(3)		(3)
Change in unrealized gain (loss) in derivatives designated as hedging instruments	(1)		(71)
Interest accruals on hedging instruments	(4)		(9)
Total effect of fair value hedges	(9)		(14)
Interest rate risk on debt \| Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) in hedged item	195		1,000
Discontinued hedge related basis adjustment amortization	(20)		(54)
Change in unrealized gain (loss) in derivatives designated as hedging instruments	(191)		(982)
Interest accruals on hedging instruments	65		178
Total effect of fair value hedges	$ 49		$ 142

Segment Reporting (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment Reporting (Details) $ in Millions	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) segments	Sep. 30, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments \| segments			2
Net interest income	$ 6,972	$ 6,656	$ 22,000	$ 17,780
Fee and other income	111	93	301	303
Net revenues	7,083	6,749	22,301	18,083
Investment gains (losses), net	243	653	934	644
Fair value gains (losses), net	(17)	(327)	321	(1,621)
Administrative expenses	(745)	(762)	(2,239)	(2,265)
Benefit (provision) for credit losses	937	501	4,290	(2,094)
Foreclosed property income (expense)	(69)	(71)	(105)	(161)
Total credit-related income (expense)	868	430	4,185	(2,255)
TCCA fees	(781)	(679)	(2,270)	(1,976)
Credit enhancement expense	(233)	(325)	(791)	(1,061)
Change in expected credit enhancement recoveries	(42)	(48)	(117)	413
Other expenses, net	(268)	(313)	(867)	(792)
Income before federal income taxes	6,108	5,378	21,457	9,170
Provision for federal income taxes	(1,266)	(1,149)	(4,470)	(1,935)
Net income	4,842	4,229	16,987	7,235
US Treasury
Segment Reporting Information [Line Items]
TCCA fees	(781)	(679)	(2,270)	(1,976)
Business segments \| Single-Family
Segment Reporting Information [Line Items]
Net interest income	5,870	5,870	19,087	15,350
Fee and other income	86	73	228	238
Net revenues	5,956	5,943	19,315	15,588
Investment gains (losses), net	222	583	944	527
Fair value gains (losses), net	(31)	(244)	323	(1,734)
Administrative expenses	(620)	(634)	(1,862)	(1,888)
Benefit (provision) for credit losses	887	542	4,102	(1,411)
Foreclosed property income (expense)	(80)	(64)	(91)	(145)
Total credit-related income (expense)	807	478	4,011	(1,556)
Credit enhancement expense	(174)	(274)	(619)	(897)
Change in expected credit enhancement recoveries	(28)	(48)	(101)	218
Other expenses, net	(261)	(307)	(863)	(722)
Income before federal income taxes	5,090	4,818	18,878	7,560
Provision for federal income taxes	(1,065)	(1,049)	(3,952)	(1,623)
Net income	4,025	3,769	14,926	5,937
Business segments \| Single-Family \| US Treasury
Segment Reporting Information [Line Items]
TCCA fees	(781)	(679)	(2,270)	(1,976)
Business segments \| Multifamily
Segment Reporting Information [Line Items]
Net interest income	1,102	786	2,913	2,430
Fee and other income	25	20	73	65
Net revenues	1,127	806	2,986	2,495
Investment gains (losses), net	21	70	(10)	117
Fair value gains (losses), net	14	(83)	(2)	113
Administrative expenses	(125)	(128)	(377)	(377)
Benefit (provision) for credit losses	50	(41)	188	(683)
Foreclosed property income (expense)	11	(7)	(14)	(16)
Total credit-related income (expense)	61	(48)	174	(699)
Credit enhancement expense	(59)	(51)	(172)	(164)
Change in expected credit enhancement recoveries	(14)	0	(16)	195
Other expenses, net	(7)	(6)	(4)	(70)
Income before federal income taxes	1,018	560	2,579	1,610
Provision for federal income taxes	(201)	(100)	(518)	(312)
Net income	817	460	2,061	1,298
Business segments \| Multifamily \| US Treasury
Segment Reporting Information [Line Items]
TCCA fees	$ 0	$ 0	$ 0	$ 0

Concentrations of Credit Risk - SF Risk Characteristics (Details) - Single-family	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Guaranty Book of Business \| Conventional Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)	0.66%	0.88%
60 days delinquent (percentage of book of business)	0.16%	0.33%
Seriously delinquent (percentage of book of business)	1.61%	3.10%
30 days delinquent (percentage of conventional loans)	0.78%	1.02%
60 days delinquent (percentage of conventional loans)	0.20%	0.36%
Seriously delinquent (percentage of conventional loans)	1.62%	2.87%
Guaranty Book of Business \| Conventional Loan \| Estimated mark-to-market loan-to-value ratio greater than 100%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	16.04%	22.43%
Guaranty Book of Business \| Conventional Loan \| Alt-A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	6.27%	9.32%
Percentage of Unpaid Principal Balance of Loans	1.00%	1.00%
Guaranty Book of Business \| Conventional Loan \| 2004 and prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	4.25%	5.88%
Percentage of Unpaid Principal Balance of Loans	1.00%	2.00%
Guaranty Book of Business \| Conventional Loan \| 2005-2008
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	7.21%	9.98%
Percentage of Unpaid Principal Balance of Loans	2.00%	2.00%
Guaranty Book of Business \| Conventional Loan \| 2009-2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	1.31%	2.39%
Percentage of Unpaid Principal Balance of Loans	97.00%	96.00%
Guaranty Book of Business \| Conventional Loan \| California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	1.38%	2.62%
Percentage of Unpaid Principal Balance of Loans	20.00%	19.00%
Guaranty Book of Business \| Conventional Loan \| Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	2.11%	4.17%
Percentage of Unpaid Principal Balance of Loans	6.00%	6.00%
Guaranty Book of Business \| Conventional Loan \| Illinois
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	2.00%	3.10%
Percentage of Unpaid Principal Balance of Loans	3.00%	3.00%
Guaranty Book of Business \| Conventional Loan \| New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	2.58%	4.57%
Percentage of Unpaid Principal Balance of Loans	3.00%	3.00%
Guaranty Book of Business \| Conventional Loan \| New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	2.92%	4.79%
Percentage of Unpaid Principal Balance of Loans	5.00%	5.00%
Guaranty Book of Business \| Conventional Loan \| All other states
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	1.48%	2.59%
Percentage of Unpaid Principal Balance of Loans	63.00%	64.00%
Minimum
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	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	60 days
Current debt service coverage ratio reporting lag	3 months
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	89 days
Current debt service coverage ratio (higher risk loans)	1.0
Current debt service coverage ratio reporting lag	6 months
Guaranty Book of Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)	0.09%	0.29%
Seriously delinquent (percentage of book of business)	0.42%	0.98%
Guaranty Book of Business \| Original LTV ratio greater than 80%
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	0.13%	1.04%
Guaranty Book of Business \| Original LTV ratio less than or equal to 80%
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	0.42%	0.98%
Guaranty Book of Business \| Current DSCR below 1.0
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	14.21%	21.19%

Concentrations of Credit Risk - Other Concentrations (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) contract	Dec. 31, 2020 USD ($)
Concentration Risk [Line Items]
Number of mortgage insurers \| contract	3
Estimated benefit included in loss reserves	$ 528	$ 1,400
Receivable from claims on insured, defaulted loans excluding government insured loans	535	560
Allowance for mortgage insurance receivable	$ 479	497
PMI Mortgage Insurance Company
Concentration Risk [Line Items]
Mortgage insurance coverage risk in force percentage to be paid in cash	77.50%
Mortgage insurance coverage risk in force percentage to be deferred	22.50%
Triad Guaranty Insurance Corporation 1
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 \| Guaranty Book of Business
Concentration Risk [Line Items]
Primary mortgage insurance	$ 174,973	170,890
Pool mortgage insurance	269	291
Total mortgage insurance risk in force	$ 175,242	$ 171,181
Total mortgage insurance coverage risk in force (as percentage)	5.00%	5.00%
Single-family \| Guaranty Book of Business \| Credit Concentration Risk \| Wells Fargo Bank N.A. \| Depository servicer
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	11.00%	13.00%
Single-family \| Guaranty Book of Business \| Credit Concentration Risk \| Other Servicers \| Depository servicer
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	11.00%	11.00%
Single-family \| Guaranty Book of Business \| Credit Concentration Risk \| Group of Largest Mortgage Servicers including Affiliates
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	45.00%	48.00%
Single-family \| Guaranty Book of Business \| Credit Concentration Risk \| Group of Largest Mortgage Servicers including Affiliates \| Top five non-depository servicers
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	23.00%	24.00%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	100.00%	100.00%
Mortgage insurance coverage risk in force for insurers with credit quality deterioration	$ 1,800
Percentage of concentration (percent)	1.00%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| Arch Capital Group Ltd.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	19.00%	21.00%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| Mortgage Guaranty Insurance Corp.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	19.00%	18.00%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| Radian Guaranty, Inc.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	17.00%	19.00%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| Genworth Mortgage Insurance Corp.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	17.00%	16.00%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| Essent Guaranty, Inc.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	16.00%	16.00%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| National Mortgage Insurance Corp.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	11.00%	9.00%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| Others
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	1.00%	1.00%
Multifamily \| Guaranty Book of Business \| Credit Concentration Risk \| Wells Fargo Bank N.A.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	13.00%	12.00%
Multifamily \| Guaranty Book of Business \| Credit Concentration Risk \| Walker & Dunlop, LLC
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	11.00%	12.00%
Multifamily \| Guaranty Book of Business \| Credit Concentration Risk \| Other Servicers
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	24.00%	24.00%
Multifamily \| Guaranty Book of Business \| Credit Concentration Risk \| Group of Largest Mortgage Servicers including Affiliates
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	48.00%	48.00%

Netting Arrangements (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets:
Derivative assets, gross amount	$ 1,099	$ 1,951
Derivative assets, gross amount offset	(290)	(905)
Derivative assets, net amount presented in our condensed consolidated balance sheets	809	1,046
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	(323)	(406)
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(2)	(53)
Derivative assets, net amount	484	587
Securities purchased under agreements to resell or similar arrangements, gross amount	87,010	46,644
Securities purchased under agreements to resell or similar arrangements, gross amount offset	0	0
Securities purchased under agreements to resell or similar arrangements, under master netting arrangements,	87,010	46,644
Securities purchased under agreements to resell or similar arrangements, under master netting arrangements, amounts not offset in our condensed 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 condensed consolidated balance sheets, collateral	(87,010)	(46,644)
Securities purchased under agreements to resell or similar arrangements, net amount	0	0
Total assets, gross amount	88,109	48,595
Total assets, gross amount offset	(290)	(905)
Total assets, net amount presented in our condensed consolidated balance sheets	87,819	47,690
Total assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	(323)	(406)
Total assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(87,012)	(46,697)
Total assets, net amount	484	587
Liabilities:
Derivative liabilities, gross amount	(1,440)	(2,441)
Derivative liabilities, gross amount offset	838	995
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(602)	(1,446)
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	323	406
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	11	1,019
Derivative liabilities, net amount	(268)	(21)
Securities sold under agreements to repurchase or similar arrangements, gross	(363)	0
Total liabilities, gross amount	(1,803)	(2,441)
Total liabilities, gross amount offset	838	995
Securities sold under agreements to repurchase or similar arrangements, net amount presented in our condensed consolidated balance sheets	(363)	0
Total liabilities, net amount presented in our condensed consolidated balance sheets	(965)	(1,446)
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	323	406
Securities sold under agreements to repurchase or similar arrangements, collateral	363	0
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	374	1,019
Securities sold under agreements to repurchase or similar arrangements, net amount	0	0
Total liabilities, net amount	(268)	(21)
Risk Management Derivatives
Assets:
Derivative assets, gross amount offset	(290)	(905)
Liabilities:
Derivative liabilities, gross amount offset	838	995
Mortgage commitment derivatives
Assets:
Derivative assets, gross amount	763	989
Derivative assets, gross amount offset	0	0
Derivative assets, net amount presented in our condensed consolidated balance sheets	763	989
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	(323)	(406)
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(2)	(53)
Derivative assets, net amount	438	530
Liabilities:
Derivative liabilities, gross amount	(599)	(1,426)
Derivative liabilities, gross amount offset	0	0
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(599)	(1,426)
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	323	406
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	11	1,017
Derivative liabilities, net amount	(265)	(3)
Over the Counter \| Risk Management Derivatives
Assets:
Derivative assets, gross amount	336	962
Derivative assets, gross amount offset	(331)	(952)
Derivative assets, net amount presented in our condensed consolidated balance sheets	5	10
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	0	0
Derivative assets, net amount	5	10
Liabilities:
Derivative liabilities, gross amount	(841)	(1,015)
Derivative liabilities, gross amount offset	838	999
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(3)	(16)
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	0	0
Derivative liabilities, net amount	(3)	(16)
Exchange Cleared \| Risk Management Derivatives
Assets:
Derivative assets, gross amount	0	0
Derivative assets, gross amount offset	41	47
Derivative assets, net amount presented in our condensed consolidated balance sheets	41	47
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	0	0
Derivative assets, net amount	41	47
Liabilities:
Derivative liabilities, gross amount	0	0
Derivative liabilities, gross amount offset	0	(4)
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	0	(4)
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	0	2
Derivative liabilities, net amount	$ 0	$ (2)

Netting Arrangements - Narratives (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Fair value of non-cash collateral we pledged	$ 3,800,000,000	$ 4,700,000,000
Fair value of non-cash collateral received	87,000,000,000	46,600,000,000
Fair value of non-cash collateral received that can be resold or repledged	33,500,000,000	46,600,000,000
Fair value of securities received as collateral that have been resold or re-pledged	0	0
Derivative assets not subject to enforceable master netting arrangements	1,000,000	179,000,000
Derivative liabilities not subject to enforceable master netting arrangements	20,000,000	49,000,000
Cash and Cash Equivalents
Derivative [Line Items]
Securities purchased under agreements to resell	53,100,000,000	18,400,000,000
Restricted Cash and Cash Equivalent
Derivative [Line Items]
Securities purchased under agreements to resell	$ 6,300,000,000	$ 0

Fair Value - Levels Hierarchy (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets [Abstract]
Available-for-sale, at fair value	$ 886	$ 1,697
Mortgage loans held for investment, net of allowance for loan losses	5,301	6,490
Other assets [Abstract]
Derivative assets, gross amount offset	(290)	(905)
Other liabilities [Abstract]
Derivative liabilities, gross amount offset	(838)	(995)
Mortgage commitment derivatives
Other assets [Abstract]
Derivative assets, gross amount offset	0	0
Other liabilities [Abstract]
Derivative liabilities, gross amount offset	0	0
Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	2,633	3,728
Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	23,020	24,586
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets [Abstract]
Trading securities	92,192	130,456
Available-for-sale, at fair value	0	0
Mortgage loans held for investment, net of allowance for loan losses	0	0
Other assets [Abstract]
Derivative assets at fair value	0	0
Total nonrecurring assets at fair value	166,256	227,635
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Total financial liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	0	0
Significant Other Observable Inputs (Level 2)
Assets [Abstract]
Trading securities	4,888	5,991
Available-for-sale, at fair value	90	1,049
Mortgage loans held for investment, net of allowance for loan losses	3,745,286	3,512,672
Other assets [Abstract]
Derivative assets at fair value	940	1,748
Total nonrecurring assets at fair value	3,850,387	3,578,668
Other liabilities [Abstract]
Derivative liabilities at fair value	1,440	2,441
Total financial liabilities	4,182,586	4,059,705
Significant Other Observable Inputs (Level 2) \| Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	235,120	288,414
Significant Other Observable Inputs (Level 2) \| Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	3,937,618	3,756,673
Significant Unobservable Inputs (Level 3)
Assets [Abstract]
Trading securities	129	95
Available-for-sale, at fair value	796	648
Mortgage loans held for investment, net of allowance for loan losses	220,358	255,556
Other assets [Abstract]
Derivative assets at fair value	159	382
Total nonrecurring assets at fair value	227,806	262,442
Other liabilities [Abstract]
Derivative liabilities at fair value	20	49
Total financial liabilities	31,834	32,593
Significant Unobservable Inputs (Level 3) \| Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	814	878
Significant Unobservable Inputs (Level 3) \| Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	30,914	31,584
Recurring
Assets [Abstract]
Cash equivalents	875	1,120
Trading securities	97,209	136,542
Available-for-sale, at fair value	886	1,697
Mortgage loans held for investment, net of allowance for loan losses	5,301	6,490
Other assets [Abstract]
Derivative assets at fair value	809	1,225
Derivative assets, gross amount offset	(290)	(905)
Total nonrecurring assets at fair value	105,080	147,074
Liabilities [Abstract]
Long-term debt at fair value	25,653	28,314
Other liabilities [Abstract]
Derivative liabilities at fair value	622	1,495
Derivative liabilities, gross amount offset	(838)	(995)
Total financial liabilities	26,275	29,809
Recurring \| Swaps
Other assets [Abstract]
Derivative assets at fair value	261	579
Other liabilities [Abstract]
Derivative liabilities at fair value	816	881
Recurring \| Swaptions
Other assets [Abstract]
Derivative assets at fair value	75	383
Other liabilities [Abstract]
Derivative liabilities at fair value	25	134
Recurring \| Mortgage commitment derivatives
Other assets [Abstract]
Derivative assets at fair value	763	989
Other liabilities [Abstract]
Derivative liabilities at fair value	599	1,426
Recurring \| Other
Other assets [Abstract]
Derivative assets at fair value	0	179
Other liabilities [Abstract]
Derivative liabilities at fair value	20	49
Recurring \| Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	2,633	3,728
Recurring \| Fannie Mae \| Total senior floating
Liabilities [Abstract]
Long-term debt at fair value	2,633	3,728
Recurring \| Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	23,020	24,586
Recurring \| Fannie Mae
Assets [Abstract]
Trading securities	1,715	2,404
Available-for-sale, at fair value	518	1,168
Recurring \| Other agency
Assets [Abstract]
Trading securities	3,139	3,451
Available-for-sale, at fair value	15	65
Recurring \| Private-label and other mortgage securities
Assets [Abstract]
Trading securities	143	158
Available-for-sale, at fair value	3	6
Recurring \| Mortgage revenue bonds
Assets [Abstract]
Available-for-sale, at fair value	164	216
Recurring \| Other
Assets [Abstract]
Available-for-sale, at fair value	186	242
Recurring \| U.S. Treasury securities
Assets [Abstract]
Trading securities	92,192	130,456
Recurring \| Other securities
Assets [Abstract]
Trading securities	20	73
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets [Abstract]
Cash equivalents	875	1,120
Trading securities	92,192	130,456
Available-for-sale, at fair value	0	0
Mortgage loans held for investment, net of allowance for loan losses	0	0
Other assets [Abstract]
Derivative assets at fair value	0	0
Total nonrecurring assets at fair value	93,067	131,576
Liabilities [Abstract]
Long-term debt at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Total financial liabilities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Swaps
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Swaptions
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mortgage commitment derivatives
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fannie Mae \| Total senior floating
Liabilities [Abstract]
Long-term debt at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fannie Mae
Assets [Abstract]
Trading securities	0	0
Available-for-sale, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other agency
Assets [Abstract]
Trading securities	0	0
Available-for-sale, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Private-label and other mortgage securities
Assets [Abstract]
Trading securities	0	0
Available-for-sale, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mortgage revenue bonds
Assets [Abstract]
Available-for-sale, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other
Assets [Abstract]
Available-for-sale, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasury securities
Assets [Abstract]
Trading securities	92,192	130,456
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other securities
Assets [Abstract]
Trading securities	0	0
Recurring \| Significant Other Observable Inputs (Level 2)
Assets [Abstract]
Trading securities	4,888	5,991
Available-for-sale, at fair value	90	1,049
Mortgage loans held for investment, net of allowance for loan losses	4,516	5,629
Other assets [Abstract]
Derivative assets at fair value	940	1,748
Total nonrecurring assets at fair value	10,434	14,417
Liabilities [Abstract]
Long-term debt at fair value	25,164	27,815
Other liabilities [Abstract]
Derivative liabilities at fair value	1,440	2,441
Total financial liabilities	26,604	30,256
Recurring \| Significant Other Observable Inputs (Level 2) \| Swaps
Other assets [Abstract]
Derivative assets at fair value	102	376
Other liabilities [Abstract]
Derivative liabilities at fair value	816	881
Recurring \| Significant Other Observable Inputs (Level 2) \| Swaptions
Other assets [Abstract]
Derivative assets at fair value	75	383
Other liabilities [Abstract]
Derivative liabilities at fair value	25	134
Recurring \| Significant Other Observable Inputs (Level 2) \| Mortgage commitment derivatives
Other assets [Abstract]
Derivative assets at fair value	763	989
Other liabilities [Abstract]
Derivative liabilities at fair value	599	1,426
Recurring \| Significant Other Observable Inputs (Level 2) \| Other
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	2,245	3,312
Recurring \| Significant Other Observable Inputs (Level 2) \| Fannie Mae \| Total senior floating
Liabilities [Abstract]
Long-term debt at fair value	2,245	3,312
Recurring \| Significant Other Observable Inputs (Level 2) \| Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	22,919	24,503
Recurring \| Significant Other Observable Inputs (Level 2) \| Fannie Mae
Assets [Abstract]
Trading securities	1,586	2,310
Available-for-sale, at fair value	68	973
Recurring \| Significant Other Observable Inputs (Level 2) \| Other agency
Assets [Abstract]
Trading securities	3,139	3,450
Available-for-sale, at fair value	15	65
Recurring \| Significant Other Observable Inputs (Level 2) \| Private-label and other mortgage securities
Assets [Abstract]
Trading securities	143	158
Available-for-sale, at fair value	3	4
Recurring \| Significant Other Observable Inputs (Level 2) \| Mortgage revenue bonds
Assets [Abstract]
Available-for-sale, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Other
Assets [Abstract]
Available-for-sale, at fair value	4	7
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Treasury securities
Assets [Abstract]
Trading securities	0	0
Recurring \| Significant Other Observable Inputs (Level 2) \| Other securities
Assets [Abstract]
Trading securities	20	73
Recurring \| Significant Unobservable Inputs (Level 3)
Assets [Abstract]
Trading securities	129	95
Available-for-sale, at fair value	796	648
Mortgage loans held for investment, net of allowance for loan losses	785	861
Other assets [Abstract]
Derivative assets at fair value	159	382
Total nonrecurring assets at fair value	1,869	1,986
Liabilities [Abstract]
Long-term debt at fair value	489	499
Other liabilities [Abstract]
Derivative liabilities at fair value	20	49
Total financial liabilities	509	548
Recurring \| Significant Unobservable Inputs (Level 3) \| Swaps
Other assets [Abstract]
Derivative assets at fair value	159	203
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Swaptions
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Mortgage commitment derivatives
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Other
Other assets [Abstract]
Derivative assets at fair value	0	179
Other liabilities [Abstract]
Derivative liabilities at fair value	20	49
Recurring \| Significant Unobservable Inputs (Level 3) \| Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	388	416
Recurring \| Significant Unobservable Inputs (Level 3) \| Fannie Mae \| Total senior floating
Liabilities [Abstract]
Long-term debt at fair value	388	416
Recurring \| Significant Unobservable Inputs (Level 3) \| Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	101	83
Recurring \| Significant Unobservable Inputs (Level 3) \| Fannie Mae
Assets [Abstract]
Trading securities	129	94
Available-for-sale, at fair value	450	195
Recurring \| Significant Unobservable Inputs (Level 3) \| Other agency
Assets [Abstract]
Trading securities	0	1
Available-for-sale, at fair value	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Private-label and other mortgage securities
Assets [Abstract]
Trading securities	0	0
Available-for-sale, at fair value	0	2
Recurring \| Significant Unobservable Inputs (Level 3) \| Mortgage revenue bonds
Assets [Abstract]
Available-for-sale, at fair value	164	216
Recurring \| Significant Unobservable Inputs (Level 3) \| Other
Assets [Abstract]
Available-for-sale, at fair value	182	235
Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Treasury securities
Assets [Abstract]
Trading securities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Other securities
Assets [Abstract]
Trading securities	$ 0	$ 0

Fair Value - Level 3 Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Total trading securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 141	$ 136	$ 95	$ 46
Total gains (losses) (realized/unrealized) Included in Net Income	(13)	(4)	(18)	(6)
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	15	0	18	0
Sales	0	(95)	0	(95)
Issues	0	0	0	0
Settlements	0	0	0	(3)
Transfers out of Level 3	(51)	(3)	(91)	(49)
Transfers into Level 3	37	27	125	168
Ending Balance	129	61	129	61
Net unrealized gain (losses) related to assets	0	0	1	(8)
Total trading securities \| Fannie Mae
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	141	38	94	45
Total gains (losses) (realized/unrealized) Included in Net Income	(13)	0	(18)	(9)
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	15	0	18	0
Sales	0	(1)	0	(1)
Issues	0	0	0	0
Settlements	0	0	0	0
Transfers out of Level 3	(51)	(3)	(90)	(48)
Transfers into Level 3	37	26	125	73
Ending Balance	129	60	129	60
Net unrealized gain (losses) related to assets	0	0	1	(8)
Total trading securities \| Other agency
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		0	1	1
Total gains (losses) (realized/unrealized) Included in Net Income		0	0	0
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)		0	0	0
Purchases		0	0	0
Sales		0	0	0
Issues		0	0	0
Settlements		0	0	0
Transfers out of Level 3		0	(1)	(1)
Transfers into Level 3		1	0	1
Ending Balance	0	1	0	1
Net unrealized gain (losses) related to assets		0	0	0
Total trading securities \| Private-label and other mortgage securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		98		0
Total gains (losses) (realized/unrealized) Included in Net Income		(4)		3
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)		0		0
Purchases		0		0
Sales		(94)		(94)
Issues		0		0
Settlements		0		(3)
Transfers out of Level 3		0		0
Transfers into Level 3		0		94
Ending Balance		0		0
Net unrealized gain (losses) related to assets		0		0
Total available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	452	980	648	792
Total gains (losses) (realized/unrealized) Included in Net Income	3	6	11	(11)
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(6)	7	(4)	9
Purchases	0	0	0	342
Sales	0	0	0	(342)
Issues	0	0	0	0
Settlements	(29)	(48)	(128)	(125)
Transfers out of Level 3	0	(218)	(107)	(218)
Transfers into Level 3	376	0	376	280
Ending Balance	796	727	796	727
Net unrealized gain (losses) related to assets	0	0	0	0
Total available-for-sale securities \| Fannie Mae
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	84	446	195	171
Total gains (losses) (realized/unrealized) Included in Net Income	0	1	1	1
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	2	2	4	2
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	(12)	(9)	(19)	(12)
Transfers out of Level 3	0	(218)	(107)	(218)
Transfers into Level 3	376	0	376	278
Ending Balance	450	222	450	222
Net unrealized gain (losses) related to assets	0	0	0	0
Total available-for-sale securities \| Private-label and other mortgage securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	2	2	2	0
Total gains (losses) (realized/unrealized) Included in Net Income	0	0	0	0
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(2)	0	(2)	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	0	0	0	0
Transfers out of Level 3	0	0	0	0
Transfers into Level 3	0	0	0	2
Ending Balance	0	2	0	2
Net unrealized gain (losses) related to assets	0	0	0	0
Total available-for-sale securities \| Mortgage revenue bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	172	278	216	315
Total gains (losses) (realized/unrealized) Included in Net Income	2	0	2	(3)
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(2)	0	(4)	3
Purchases	0	0	0	74
Sales	0	0	0	(74)
Issues	0	0	0	0
Settlements	(8)	(23)	(50)	(60)
Transfers out of Level 3	0	0	0	0
Transfers into Level 3	0	0	0	0
Ending Balance	164	255	164	255
Net unrealized gain (losses) related to assets	0	0	0	0
Total available-for-sale securities \| Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	194	254	235	306
Total gains (losses) (realized/unrealized) Included in Net Income	1	5	8	(9)
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(4)	5	(2)	4
Purchases	0	0	0	268
Sales	0	0	0	(268)
Issues	0	0	0	0
Settlements	(9)	(16)	(59)	(53)
Transfers out of Level 3	0	0	0	0
Transfers into Level 3	0	0	0	0
Ending Balance	182	248	182	248
Net unrealized gain (losses) related to assets	0	0	0	0
Mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	832	797	861	688
Total gains (losses) (realized/unrealized) Included in Net Income	1	41	30	32
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	4	0	89	0
Sales	(4)	(11)	(48)	(11)
Issues	0	0	0	0
Settlements	(47)	(39)	(147)	(93)
Transfers out of Level 3	(20)	(31)	(72)	(75)
Transfers into Level 3	19	121	72	337
Ending Balance	785	878	785	878
Net unrealized gain (losses) related to assets	3	36	28	5
Net derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	194	269	333	162
Total gains (losses) (realized/unrealized) Included in Net Income	(62)	380	(187)	470
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	7	(7)	(7)	(8)
Transfers out of Level 3	0	0	0	18
Transfers into Level 3	0	0	0	0
Ending Balance	139	642	139	642
Net unrealized gain (losses) related to assets	(55)	372	(194)	468
Long-term debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(452)	(522)	(499)	(473)
Total gains (losses) (realized/unrealized) Included in Net Income	6	(4)	(26)	61
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	2	6	10	36
Transfers out of Level 3	0	1	20	2
Transfers into Level 3	(45)	(1)	(46)	(24)
Ending Balance	(489)	(520)	(489)	(520)
Net unrealized gain (losses) related to liabilities	7	(4)	25	(60)
Long-term debt \| Consolidated Trusts
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(55)	(89)	(83)	(75)
Total gains (losses) (realized/unrealized) Included in Net Income	3	(1)	2	0
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	2	5	10	12
Transfers out of Level 3	0	1	20	2
Transfers into Level 3	(45)	(1)	(46)	(24)
Ending Balance	(101)	(85)	(101)	(85)
Net unrealized gain (losses) related to liabilities	(2)	(1)	(3)	1
Long-term debt \| Total senior floating \| Fannie Mae
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(397)	(433)	(416)	(398)
Total gains (losses) (realized/unrealized) Included in Net Income	(9)	(3)	28	(61)
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	0	1	0	24
Transfers out of Level 3	0	0	0	0
Transfers into Level 3	0	0	0	0
Ending Balance	(388)	(435)	(388)	(435)
Net unrealized gain (losses) related to liabilities	9	(3)	28	(61)
Other Comprehensive Income (Loss) \| Total trading securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain (losses) related to assets	0	0	0	0
Other Comprehensive Income (Loss) \| Total trading securities \| Fannie Mae
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain (losses) related to assets	0	0	0	0
Other Comprehensive Income (Loss) \| Total trading securities \| Other agency
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain (losses) related to assets		0	0	0
Other Comprehensive Income (Loss) \| Total trading securities \| Private-label and other mortgage securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain (losses) related to assets		0		0
Other Comprehensive Income (Loss) \| Total available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain (losses) related to assets	(4)	4	(1)	8
Other Comprehensive Income (Loss) \| Total available-for-sale securities \| Fannie Mae
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain (losses) related to assets	0	0	1	0
Other Comprehensive Income (Loss) \| Total available-for-sale securities \| Private-label and other mortgage securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain (losses) related to assets	0	0	0	0
Other Comprehensive Income (Loss) \| Total available-for-sale securities \| Mortgage revenue bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain (losses) related to assets	(2)	0	(2)	5
Other Comprehensive Income (Loss) \| Total available-for-sale securities \| Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain (losses) related to assets	(2)	4	0	3
Other Comprehensive Income (Loss) \| Mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain (losses) related to assets	0	0	0	0
Other Comprehensive Income (Loss) \| Net derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain (losses) related to assets	0	0	0	0
Other Comprehensive Income (Loss) \| Long-term debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain (losses) related to liabilities	0	0	0	0
Other Comprehensive Income (Loss) \| Long-term debt \| Consolidated Trusts
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain (losses) related to liabilities	0	0	0	0
Other Comprehensive Income (Loss) \| Long-term debt \| Total senior floating \| Fannie Mae
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gain (losses) related to liabilities	$ 0	$ 0	$ 0	$ 0

Fair Value - Level 3 Valuation Inputs (Details) $ in Millions	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	$ 886	$ 1,697
Derivatives	809	1,046
Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	97,209	136,542
Available-for-sale, at fair value	886	1,697
Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	129	95
Available-for-sale, at fair value	796	648
Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	129	95
Available-for-sale, at fair value	796	648
Derivatives	139	333
Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Derivatives	(20)	130
Significant Unobservable Inputs (Level 3) \| Recurring \| Dealer Mark
Fair Value Inputs, Quantitative Information [Line Items]
Derivatives	159	203
Agency \| Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	450	195
Agency \| Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	129	95
Available-for-sale, at fair value	40	98
Agency \| Significant Unobservable Inputs (Level 3) \| Recurring \| Consensus
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	410	97
Private-label and other mortgage securities \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	143	158
Available-for-sale, at fair value	3	6
Private-label and other mortgage securities \| Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	0	0
Available-for-sale, at fair value	0	2
Private-label and other mortgage securities \| Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value		2
Mortgage revenue bonds \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	164	216
Mortgage revenue bonds \| Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	164	216
Mortgage revenue bonds \| Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	66	72
Mortgage revenue bonds \| Significant Unobservable Inputs (Level 3) \| Recurring \| Single Vendor
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	98	144
Other \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	186	242
Other \| Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	182	235
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	$ 1	$ 29
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Single Vendor \| Total available-for-sale securities \| Minimum
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.00041	0.00320
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Single Vendor \| Total available-for-sale securities \| Maximum
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.00373	0.03153
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Single Vendor \| Total available-for-sale securities \| Weighted Average
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.00181	0.00934
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	$ 181	$ 206
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow \| Total available-for-sale securities \| Minimum \| Default Rate
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.03640	0.04250
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow \| Total available-for-sale securities \| Maximum \| Default Rate
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.03720	0.04430
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow \| Total available-for-sale securities \| Weighted Average \| Default Rate
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.03681	0.04342

Fair Value - Level 3 Valuation - Nonrecurring (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	$ 5,301,000,000	$ 6,490,000,000
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	166,256,000,000	227,635,000,000
Mortgage loans held-for-sale, at lower of cost or fair value	0	0
Mortgage loans held for investment, net of allowance for loan losses	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	3,850,387,000,000	3,578,668,000,000
Mortgage loans held-for-sale, at lower of cost or fair value	2,250,000,000	116,000,000
Mortgage loans held for investment, net of allowance for loan losses	3,745,286,000,000	3,512,672,000,000
Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	227,806,000,000	262,442,000,000
Mortgage loans held-for-sale, at lower of cost or fair value	6,129,000,000	5,502,000,000
Mortgage loans held for investment, net of allowance for loan losses	220,358,000,000	255,556,000,000
Nonrecurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	0	0
Nonrecurring \| Significant Other Observable Inputs (Level 2)
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held-for-sale, at lower of cost or fair value	97,000,000	25,000,000
Total nonrecurring liabilities at fair value	0	0
Nonrecurring \| Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	1,896,000,000	2,742,000,000
Mortgage loans held-for-sale, at lower of cost or fair value	829,000,000	1,087,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Consensus
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held-for-sale, at lower of cost or fair value	511,000,000	754,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single Vendor
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held-for-sale, at lower of cost or fair value	316,000,000	333,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held-for-sale, at lower of cost or fair value	2,000,000	0
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single-Family
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	164,000,000	261,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single-Family \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	9,000,000	11,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single-Family \| Accepted Offers
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	9,000,000	35,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single-Family \| Appraisals
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	54,000,000	89,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single-Family \| Internal Model
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	592,000,000	979,000,000
Acquired property, net	67,000,000	41,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single-Family \| Walk Forwards
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	25,000,000	85,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Multifamily
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	277,000,000	390,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Multifamily \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	34,000,000	25,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Multifamily \| Appraisals
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	47,000,000	225,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Multifamily \| Internal Model
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	113,000,000	125,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Multifamily \| Broker Price Opinion
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	$ 117,000,000	$ 40,000,000

Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Fair Value Measurement [Domain]
Financial assets [Abstract]
Derivative assets, gross amount offset	$ (290)	$ (905)
Financial liabilities [Abstract]
Derivative liabilities, gross amount offset	(838)	(995)
Available-for-sale, at fair value	886	1,697
Mortgage loans held for investment, net of allowance for loan losses	5,301	6,490
Derivative assets, gross amount offset	(290)	(905)
Derivative liabilities, gross amount offset	(838)	(995)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets [Abstract]
Cash and cash equivalents, including restricted cash and cash equivalents	74,064	97,179
Federal funds sold and securities purchased under agreements to resell or similar arrangements	0	0
Trading securities	92,192	130,456
Available-for-sale, at fair value	0	0
Mortgage loans held for sale	0	0
Mortgage loans held for investment, net of allowance for loan losses	0	0
Advances to lenders	0	0
Derivative assets at fair value	0	0
Guaranty assets and buy-ups	0	0
Total financial assets	166,256	227,635
Financial liabilities [Abstract]
Derivative liabilities at fair value	0	0
Guaranty obligations	0	0
Total financial liabilities	0	0
Significant Other Observable Inputs (Level 2)
Financial assets [Abstract]
Cash and cash equivalents, including restricted cash and cash equivalents	59,400	18,444
Federal funds sold and securities purchased under agreements to resell or similar arrangements	27,610	28,200
Trading securities	4,888	5,991
Available-for-sale, at fair value	90	1,049
Mortgage loans held for sale	2,250	116
Mortgage loans held for investment, net of allowance for loan losses	3,745,286	3,512,672
Advances to lenders	9,923	10,448
Derivative assets at fair value	940	1,748
Guaranty assets and buy-ups	0	0
Total financial assets	3,850,387	3,578,668
Financial liabilities [Abstract]
Derivative liabilities at fair value	1,440	2,441
Guaranty obligations	0	0
Total financial liabilities	4,182,586	4,059,705
Significant Unobservable Inputs (Level 3)
Financial assets [Abstract]
Cash and cash equivalents, including restricted cash and cash equivalents	0	0
Federal funds sold and securities purchased under agreements to resell or similar arrangements	0	0
Trading securities	129	95
Available-for-sale, at fair value	796	648
Mortgage loans held for sale	6,129	5,502
Mortgage loans held for investment, net of allowance for loan losses	220,358	255,556
Advances to lenders	1	1
Derivative assets at fair value	159	382
Guaranty assets and buy-ups	234	258
Total financial assets	227,806	262,442
Financial liabilities [Abstract]
Derivative liabilities at fair value	20	49
Guaranty obligations	86	82
Total financial liabilities	31,834	32,593
Fannie Mae
Financial liabilities [Abstract]
Long-term debt	2,633	3,728
Fannie Mae \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial liabilities [Abstract]
Federal funds purchased and securities sold under agreements to repurchase	0
Short-term debt:	0	0
Long-term debt	0	0
Fannie Mae \| Significant Other Observable Inputs (Level 2)
Financial liabilities [Abstract]
Federal funds purchased and securities sold under agreements to repurchase	363
Short-term debt:	8,045	12,177
Long-term debt	235,120	288,414
Fannie Mae \| Significant Unobservable Inputs (Level 3)
Financial liabilities [Abstract]
Federal funds purchased and securities sold under agreements to repurchase	0
Short-term debt:	0	0
Long-term debt	814	878
Consolidated Trusts
Financial liabilities [Abstract]
Long-term debt	23,020	24,586
Consolidated Trusts \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial liabilities [Abstract]
Long-term debt	0	0
Consolidated Trusts \| Significant Other Observable Inputs (Level 2)
Financial liabilities [Abstract]
Long-term debt	3,937,618	3,756,673
Consolidated Trusts \| Significant Unobservable Inputs (Level 3)
Financial liabilities [Abstract]
Long-term debt	30,914	31,584
Carrying Amount
Financial assets [Abstract]
Cash and cash equivalents, including restricted cash and cash equivalents	133,464	115,623
Federal funds sold and securities purchased under agreements to resell or similar arrangements	27,610	28,200
Trading securities	97,209	136,542
Available-for-sale, at fair value	886	1,697
Mortgage loans held for sale	7,489	5,197
Mortgage loans held for investment, net of allowance for loan losses	3,896,180	3,648,695
Advances to lenders	9,924	10,449
Derivative assets at fair value	809	1,225
Guaranty assets and buy-ups	97	115
Total financial assets	4,173,668	3,947,743
Financial liabilities [Abstract]
Federal funds purchased and securities sold under agreements to repurchase	363
Derivative liabilities at fair value	622	1,495
Guaranty obligations	108	127
Total financial liabilities	4,143,562	3,937,358
Carrying Amount \| Fannie Mae
Financial liabilities [Abstract]
Short-term debt:	8,045	12,173
Long-term debt	226,798	277,399
Carrying Amount \| Consolidated Trusts
Financial liabilities [Abstract]
Long-term debt	3,907,626	3,646,164
Fair Value
Financial assets [Abstract]
Cash and cash equivalents, including restricted cash and cash equivalents	133,464	115,623
Federal funds sold and securities purchased under agreements to resell or similar arrangements	27,610	28,200
Trading securities	97,209	136,542
Available-for-sale, at fair value	886	1,697
Mortgage loans held for sale	8,379	5,618
Mortgage loans held for investment, net of allowance for loan losses	3,965,644	3,768,228
Advances to lenders	9,924	10,449
Derivative assets at fair value	809	1,225
Guaranty assets and buy-ups	234	258
Total financial assets	4,244,159	4,067,840
Financial liabilities [Abstract]
Derivative liabilities at fair value	622	1,495
Guaranty obligations	86	82
Total financial liabilities	4,213,582	4,091,303
Fair Value \| Fannie Mae
Financial liabilities [Abstract]
Federal funds purchased and securities sold under agreements to repurchase	363
Short-term debt:	8,045	12,177
Long-term debt	235,934	289,292
Fair Value \| Consolidated Trusts
Financial liabilities [Abstract]
Long-term debt	$ 3,968,532	$ 3,788,257

Fair Value - Fair Value Option (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	$ 5,301	$ 6,490
Fair value of nonaccrual loans	105	139
Difference between unpaid principal balance and the fair value of nonaccrual loans	1	8
Fair value of loans that are 90 days or more past due	153	257
Difference between unpaid principal balance and the fair value of these 90 days or more past due loans	$ 4	$ 14
Single-Family \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Serious delinquency, days past due	90 days	90 days
Fannie Mae
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt at fair value	$ 2,633	$ 3,728
Consolidated Trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt at fair value	23,020	24,586
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	5,301	6,490
Loans, unpaid principal balance	4,902	6,046
Long-term debt \| Fannie Mae
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt at fair value	2,633	3,728
Long-term debt, unpaid principal balance	2,427	3,518
Long-term debt \| Consolidated Trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt at fair value	23,020	24,586
Long-term debt, unpaid principal balance	$ 20,239	$ 21,408

Fair Value - Changes in FV under the FV Option (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses), net	$ (17)	$ (327)	$ 321	$ (1,621)
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses), net	28	107	48	248
Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses), net	$ 62	$ (32)	$ 346	$ (344)

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details