0000310522-22-000578 | 10-Q | XBRL Viewer | Federal National Mortgage Association Fannie MAE

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 15, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 35,640	$ 42,448
Restricted cash and cash equivalents (includes $21,863 and $59,203, respectively, related to consolidated trusts)	27,921	66,183
Securities purchased under agreements to resell (includes $13,150 and $13,533, respectively, related to consolidated trusts)	23,950	20,743
Investments in securities:
Trading, at fair value	58,253	88,206
Available-for-sale, at fair value	741	837
Total investments in securities	58,994	89,043
Mortgage loans:
Loans held for sale, at lower of cost or fair value	4,177	5,134
Total loans held for investment	4,108,853	3,968,737
Allowance for loan losses	(8,302)	(5,629)
Total loans held for investment, net of allowance	4,100,551	3,963,108
Total mortgage loans	4,104,728	3,968,242
Advances to lenders	3,443	8,414
Deferred tax assets, net	12,729	12,715
Accrued interest receivable, net (includes $8,902 and $8,878 related to consolidated trusts and net of allowance of $112 and $140, respectively)	9,478	9,264
Acquired property, net	1,539	1,259
Other assets	11,031	10,855
Total assets	4,289,453	4,229,166
Liabilities:
Accrued interest payable (includes $9,040 and $8,517, respectively, related to consolidated trusts)	9,650	9,186
Other liabilities	13,149	14,432
Total liabilities	4,230,613	4,181,809
Commitments and contingencies (Note 13)	0	0
Fannie Mae stockholders’ equity:
Senior preferred stock (liquidation preference of $177,906 and $163,672, 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	(74,437)	(85,934)
Accumulated other comprehensive income	24	38
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)	58,840	47,357
Total liabilities and equity	4,289,453	4,229,166
Fannie Mae
Mortgage loans:
Total loans held for investment	49,952	61,025
Liabilities:
Debt	129,776	200,892
Consolidated Trusts
Assets:
Restricted cash and cash equivalents (includes $21,863 and $59,203, respectively, related to consolidated trusts)	21,863	59,203
Securities purchased under agreements to resell (includes $13,150 and $13,533, respectively, related to consolidated trusts)	13,150	13,533
Mortgage loans:
Total loans held for investment	4,058,901	3,907,712
Accrued interest receivable, net (includes $8,902 and $8,878 related to consolidated trusts and net of allowance of $112 and $140, respectively)	8,902	8,878
Liabilities:
Accrued interest payable (includes $9,040 and $8,517, respectively, related to consolidated trusts)	9,040	8,517
Debt	4,078,038	3,957,299
Other liabilities	$ 1,812	$ 1,245

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Restricted cash and cash equivalents related to consolidated trusts	$ 27,921	$ 66,183
Securities purchased under agreements to resell	23,950	20,743
Investment in securities, trading, at fair value	58,253	88,206
Amortized cost	744	827
Total loans held for investment, at fair value	3,691	4,964
Accrued interest receivable, net, related to consolidated trusts	9,478	9,264
Interest receivable, allowance for credit loss	112	140
Accrued interest payable related to consolidated trusts	9,650	9,186
Other liabilities	13,149	14,432
Senior preferred stock liquidation preference	$ 177,906	$ 163,672
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
Pledged as collateral
Investment in securities, trading, at fair value	$ 3,275	$ 4,224
Consolidated Trusts
Restricted cash and cash equivalents related to consolidated trusts	21,863	59,203
Securities purchased under agreements to resell	13,150	13,533
Accrued interest receivable, net, related to consolidated trusts	8,902	8,878
Accrued interest payable related to consolidated trusts	9,040	8,517
Long-term debt at fair value	16,758	21,735
Other liabilities	1,812	1,245
Fannie Mae
Long-term debt at fair value	$ 1,766	$ 2,381

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest income:
Trading securities	$ 515	$ 134	$ 980	$ 396
Available-for-sale securities	10	11	29	48
Mortgage loans	30,114	24,798	86,338	73,083
Securities purchased under agreements to resell	171	5	205	17
Other	40	33	93	106
Total interest income	30,850	24,981	87,645	73,650
Interest expense:
Short-term debt	(17)	0	(23)	(4)
Long-term debt	(23,709)	(18,009)	(65,291)	(51,646)
Total interest expense	(23,726)	(18,009)	(65,314)	(51,650)
Net interest income	7,124	6,972	22,331	22,000
Benefit (provision) for credit losses	(2,536)	937	(2,994)	4,290
Net interest income after benefit (provision) for credit losses	4,588	7,909	19,337	26,290
Investment gains (losses), net	(172)	243	(323)	934
Fair value gains (losses), net	292	(17)	1,301	321
Fee and other income	105	111	269	301
Non-interest income	225	337	1,247	1,556
Administrative expenses:
Salaries and employee benefits	(439)	(376)	(1,244)	(1,128)
Professional services	(229)	(184)	(636)	(582)
Other administrative expenses	(202)	(185)	(593)	(529)
Total administrative expenses	(870)	(745)	(2,473)	(2,239)
Foreclosed property income (expense)	15	(69)	21	(105)
TCCA fees	(850)	(781)	(2,515)	(2,270)
Credit enhancement expense	(364)	(233)	(974)	(791)
Change in expected credit enhancement recoveries	290	(42)	303	(117)
Other expenses, net	(169)	(268)	(633)	(867)
Total expenses	(1,948)	(2,138)	(6,271)	(6,389)
Income before federal income taxes	2,865	6,108	14,313	21,457
Provision for federal income taxes	(429)	(1,266)	(2,816)	(4,470)
Net income	2,436	4,842	11,497	16,987
Other comprehensive loss:
Changes in unrealized losses on available-for-sale securities, net of reclassification adjustments and taxes	(1)	(10)	(8)	(64)
Other, net of taxes	(2)	(4)	(6)	(9)
Total other comprehensive loss	(3)	(14)	(14)	(73)
Total comprehensive income	2,433	4,828	11,483	16,914
Dividends distributed or amounts attributable to senior preferred stock	(2,433)	(4,828)	(11,483)	(16,914)
Net income attributable to common stockholders	3	14	14	73
Net income attributable to common stockholders	$ 3	$ 14	$ 14	$ 73
Earnings per share, Basic (in usd per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.01
Earnings per share, Diluted (in usd per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.01
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, 2022	Sep. 30, 2021
Net cash provided by operating activities
Net cash provided by operating activities	$ 33,411	$ 37,055
Cash flows provided by (used in) investing activities:
Purchases of loans held for investment	(213,203)	(528,555)
Advances to lenders	(152,947)	(306,079)
Proceeds from disposition of acquired property and preforeclosure sales	2,097	2,816
Net change in federal funds sold and securities purchased under agreements to resell	(3,207)	590
Other, net	(1,267)	933
Net cash provided by investing activities	52,463	50,291
Cash flows provided by (used in) financing activities:
Other, net	0	433
Net cash used in financing activities	(130,944)	(69,505)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	(45,070)	17,841
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	108,631	115,623
Cash, cash equivalents and restricted cash and cash equivalents at end of period	63,561	133,464
Cash paid during the period for:
Interest	74,956	80,048
Income taxes	2,700	4,650
Fannie Mae
Cash flows provided by (used in) investing activities:
Proceeds from repayments of loans acquired as held for investment	6,234	8,595
Proceeds from sales of loans acquired held-for-investment of Fannie Mae	5,860	10,475
Cash flows provided by (used in) financing activities:
Proceeds from issuance of debt	260,669	199,222
Payments to redeem debt	(328,132)	(253,093)
Consolidated Trusts
Cash flows provided by (used in) investing activities:
Proceeds from repayments and sales of loans acquired as held for investment	408,896	861,516
Cash flows provided by (used in) financing activities:
Proceeds from issuance of debt	402,949	887,383
Payments to redeem debt	$ (466,430)	$ (903,450)

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
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 (shares) at Sep. 30, 2021		1	556	1,158
Balance at Sep. 30, 2021	42,173	$ 120,836	$ 19,130	$ 687	(91,123)	43	(7,400)
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 (shares) at Sep. 30, 2021		1	556	1,158
Balance at Sep. 30, 2021	42,173	$ 120,836	$ 19,130	$ 687	(91,123)	43	(7,400)
Balance (shares) at Dec. 31, 2021		1	556	1,158
Balance at Dec. 31, 2021	47,357	$ 120,836	$ 19,130	$ 687	(85,934)	38	(7,400)
Comprehensive income:
Net income	11,497				11,497
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of tax	(19)					(19)
Reclassification adjustment for gains included in net income, net of tax	11					11
Prior service cost and actuarial gains, net of amortization for defined benefit plans, net of tax	(6)					(6)
Total comprehensive income	11,483
Balance (shares) at Sep. 30, 2022		1	556	1,158
Balance at Sep. 30, 2022	58,840	$ 120,836	$ 19,130	$ 687	(74,437)	24	(7,400)
Balance (shares) at Jun. 30, 2022		1	556	1,158
Balance at Jun. 30, 2022	56,407	$ 120,836	$ 19,130	$ 687	(76,873)	27	(7,400)
Comprehensive income:
Net income	2,436				2,436
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of tax	(4)					(4)
Reclassification adjustment for gains included in net income, net of tax	3					3
Prior service cost and actuarial gains, net of amortization for defined benefit plans, net of tax	(2)					(2)
Total comprehensive income	2,433
Balance (shares) at Sep. 30, 2022		1	556	1,158
Balance at Sep. 30, 2022	$ 58,840	$ 120,836	$ 19,130	$ 687	$ (74,437)	$ 24	$ (7,400)

- 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

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Changes in net unrealized gains on available-for-sale securities, tax expense	$ 1	$ 3	$ 5	$ 4
Reclassification adjustment for gains included in net income, tax expense	1	0	3	13
Other, tax expense	$ 1	$ 1	$ 2	$ 2

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2022
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 purpose under that charter to provide liquidity and stability to the residential mortgage market and to promote access to mortgage credit. 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, 2021 (“2021 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, 2022 and related notes should be read in conjunction with our audited consolidated financial statements and related notes included in our 2021 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, 2022 may not necessarily be indicative of the results for the year ending December 31, 2022. 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 functions and 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 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, the Director of FHFA must place us into receivership if they make 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 would be required to determine the carrying value of our assets, which would 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 equity structure, which includes the senior preferred stock purchase agreement. Senior Preferred Stock Purchase Agreement and Senior Preferred Stock We discuss more fully our senior preferred stock and the terms of the senior preferred stock purchase agreement, as amended, including Treasury’s funding commitment, in “Note 11, Equity” in our 2021 Form 10-K. 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, 2022, 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. We had positive net worth of $58.8 billion as of September 30, 2022. The 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. The aggregate liquidation preference of the senior preferred stock increased to $177.9 billion as of September 30, 2022 due to the $4.6 billion increase in our net worth in the second quarter of 2022. The aggregate liquidation preference of the senior preferred stock will further increase to $180.3 billion as of December 31, 2022, due to the $2.4 billion increase in our net worth in the third quarter of 2022. 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. 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 for the three months ended September 30, 2022 and 2021, and $11 million and $13 million for the nine months ended September 30, 2022 and 2021, 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. To meet our obligations under the TCCA and at the direction of FHFA, we increased the guaranty fee on all single-family residential mortgages delivered to us by 10 basis points effective April 1, 2012. 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 November 2021, the Infrastructure Investment and Jobs Act was enacted, which extended to October 1, 2032 our obligation under the TCCA to collect 10 basis points in guaranty fees on single-family residential mortgages delivered to us and pay the associated revenue to Treasury. In January 2022, FHFA advised us to continue to pay these TCCA fees to Treasury with respect to all single-family loans acquired by us before October 1, 2032, and to continue to remit these amounts to Treasury on and after October 1, 2032 with respect to loans we acquired before this date until those loans are paid off or otherwise liquidated. We recognized TCCA fees of $850 million and $781 million for the three months ended September 30, 2022 and 2021, respectively, and $2.5 billion and $2.3 billion during the nine months ended September 30, 2022 and 2021, respectively, of which $850 million had not been remitted to Treasury as of September 30, 2022. 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 are measured as the product of 4.2 basis points and the unpaid principal balance of our total new business purchases for the respective period, with 35% of this amount payable to Treasury’s Capital Magnet Fund. We recognized a total of $19 million and $46 million in “Other expenses, net” for the three months ended September 30, 2022 and 2021, respectively, and $85 million and $165 million for the nine months ended September 30, 2022 and 2021, respectively, in connection with Treasury’s Capital Magnet Fund, of which $85 million has not been remitted as of September 30, 2022. 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 $30 million and $35 million for the three months ended September 30, 2022 and 2021, respectively, and $93 million and $107 million for the nine months ended September 30, 2022 and 2021, respectively. Transactions with CSS and Freddie Mac We contributed capital to CSS, the company we jointly own with Freddie Mac, of $13 million and $15 million for the three months ended September 30, 2022 and 2021, respectively, and $51 million and $60 million for the nine months ended September 30, 2022 and 2021, respectively. 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, 2022 and 2021 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, 2022 and 2021. 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, 2022 and 2021, our diluted EPS weighted-average shares outstanding includes 26 million shares issuable upon the conversion of convertible preferred stock. New Accounting Guidance Adoption of ASU 2022-02 The Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments – Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) in March 2022. The amendments in ASU 2022-02 eliminate the accounting guidance for troubled debt restructurings (“TDRs”) by creditors while enhancing disclosure requirements for certain loan restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity would apply the loan refinancing and restructuring guidance to determine whether a modification or other form of restructuring results in a new loan or a continuation of an existing loan. Additionally, the amendments in this ASU require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases in the existing vintage disclosures. The ASU is effective for fiscal years beginning after December 15, 2022, for creditors that have adopted the amendments in Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Early adoption is permitted in any interim period and such election may be made individually to adopt the guidance related to TDRs, including related disclosures, and the presentation of gross write-offs in the vintage disclosures. ASU 2022-02 requires prospective transition for the disclosures related to loan restructurings for borrowers experiencing financial difficulty and the presentation of gross write-offs in the vintage disclosures. The guidance related to the recognition and measurement of TDRs may be adopted on a prospective or modified retrospective transition method. We elected to early adopt the guidance related to the elimination of the recognition and measurement of TDRs and the enhancement of disclosures for loan restructurings for borrowers experiencing financial difficulty as of January 1, 2022, using the prospective transition method. As of our adoption date, all restructurings, including restructurings for borrowers experiencing financial difficulty, are evaluated to determine whether they result in a new loan or a continuation of an existing loan. Loan restructurings for borrowers experiencing financial difficulty are generally accounted for as a continuation of the existing loan as the terms of the restructured loans are typically not at market rates. At adoption of this guidance on January 1, 2022, there was no material impact on our financial statements. When a single-family loan is restructured under ASU 2022-02, we continue to measure impairment on the loan using a discounted cash flow approach that utilizes a prepayment-adjusted discount rate that is based on the loan’s restructured terms. Under the TDR accounting model, we used the discount rate that was in effect prior to the restructuring to measure impairment. Using the interest rate that was in effect prior to the restructuring resulted in the recognition, in the allowance for loan losses, of the economic concession that we granted to borrowers as part of the loan restructuring. Using a post-restructuring interest rate does not result in the recognition of an economic concession in the allowance for loan losses. As we have elected a prospective transition, the economic concession on a loan that was previously restructured and accounted for as a TDR will continue to be measured in our allowance for loan losses using the discount rate that was in effect prior to the restructuring and the economic concession may increase or decrease as we update our cash flow assumptions related to the loan’s expected life. Further, the component of the allowance for loan losses representing economic concessions will decrease as the borrower makes payments in accordance with the restructured terms of the mortgage loan and as the loan is sold, liquidated, or subsequently restructured. In general, the accounting for restructurings made to borrowers experiencing financial difficulty upon adoption of the ASU is consistent with the accounting that we applied to troubled debt restructurings under section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), and the Consolidated Appropriations Act of 2021, which provided temporary relief from the accounting and reporting requirements for certain troubled debt restructurings related to COVID-19 beginning March 2020 through January 1, 2022. We plan to adopt the disclosure guidance related to the presentation of gross write-offs by year of origination in our vintage disclosures upon the effective date of ASU 2022-02, January 1, 2023. We do not expect the adoption of the guidance requiring gross write-offs by year of origination in our vintage disclosures to have a material impact on our financial statements. Fair Value Hedging - Portfolio Layer Method On March 28, 2022, the FASB issued ASU 2022-01, Fair Value Hedging - Portfolio Layer Method, which clarifies the guidance on fair value hedge accounting of interest rate risk portfolios of financial assets. The ASU expands the scope of the current last-of-layer method to allow entities to apply this method, renamed the portfolio layer method, to non-prepayable financial assets and to designate multiple hedge relationships within a single closed portfolio of financial assets. Additionally, the ASU clarifies that basis adjustments related to existing portfolio layer hedge relationships should not be considered when measuring credit losses on the financial assets included in the closed portfolio. Further, the ASU clarifies that any reversal of fair value hedge basis adjustments associated with an actual breach should be recognized in interest income immediately. The ASU is effective for public business entities for fiscal years beginning after December 15, 2022, and interim periods within those years. We plan to adopt this guidance effective January 1, 2023. The adoption of this guidance is not expected to have a material impact on our financial statements.

Consolidations and Transfers of Financial Assets

9 Months Ended

Sep. 30, 2022

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. The underlying assets of our resecuritization trusts include both Fannie Mae securities collateralized solely by mortgage loans held in consolidated trusts as well as uniform mortgage-backed securities (“UMBS®”) collateralized with securities issued by Fannie Mae or Freddie Mac. 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, 2022		December 31, 2021

	(Dollars in millions)
Assets and liabilities recorded in our condensed consolidated balance sheets related to unconsolidated mortgage-backed trusts:









Investments in securities	$	3,713	$	4,709
Other assets	41		35
Other liabilities	(48)		(41)
Net carrying amount	$	3,706	$	4,703

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 $246 billion and $220 billion as of September 30, 2022 and December 31, 2021, respectively. The total assets of our unconsolidated securitization and resecuritization trusts were approximately $250 billion as of September 30, 2022 and December 31, 2021.

The maximum exposure to loss for our unconsolidated limited partnerships and similar legal entities, which consist of low-income housing tax credit (“LIHTC”) investments, community investments and other entities, was $399 million and the related net carrying value was $395 million as of September 30, 2022. As of December 31, 2021, the maximum exposure to loss was $292 million and the related net carrying value was $288 million. The total assets of these limited partnership investments were $4.1 billion and $3.7 billion as of September 30, 2022 and December 31, 2021, respectively.

The maximum exposure to loss related to our involvement with unconsolidated SPVs that transfer credit risk represents the unpaid principal balance and accrued interest payable of obligations issued by the Connecticut Avenue Securities® (“CAS”) and Multifamily Connecticut Avenue SecuritiesTM (“MCASTM”) SPVs. The maximum exposure to loss related to these unconsolidated SPVs was $17.4 billion and $10.4 billion as of September 30, 2022 and December 31, 2021, respectively. The total assets related to these unconsolidated SPVs were $17.5 billion and $10.4 billion as of September 30, 2022 and December 31, 2021, respectively.

The unpaid principal balance of our multifamily loan portfolio was $420.3 billion as of September 30, 2022. As our lending relationship does not provide us with a controlling financial interest in the borrower entity, we do not consolidate these borrowers regardless of their status as either a VIE or a voting interest entity. We have excluded these entities from our VIE disclosures. However, the disclosures we have provided in “Note 3, Mortgage Loans,” “Note 4, Allowance for Loan Losses” and “Note 6, Financial Guarantees” with respect to this population are consistent with the FASB’s stated objectives for the disclosures related to unconsolidated VIEs

Transfers of Financial Assets

We issue Fannie Mae MBS through portfolio securitization transactions by transferring pools of mortgage loans or mortgage-related securities to one or more trusts or special purpose entities. We are considered to be the transferor when we transfer assets from our own retained mortgage portfolio in a portfolio securitization transaction. For the three months ended September 30, 2022 and 2021, the unpaid principal balance of portfolio securitizations was $56.1 billion and $140.1 billion, respectively. For the nine months ended September 30, 2022 and 2021, the unpaid principal balance of portfolio securitizations was $235.9 billion and $554.0 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, 2022, the unpaid principal balance of retained interests was $1.0 billion and its related fair value was $1.5 billion. As of December 31, 2021, the unpaid principal balance of retained interests was $1.1 billion and its related fair value was $2.0 billion. For the three months ended September 30, 2022 and 2021, the principal, interest and other fees received on retained interests was $86 million and $139 million, respectively. For the nine months ended September 30, 2022 and 2021, the principal, interest and other fees received on retained interests was $308 million and $426 million, respectively.

Mortgage Loans

9 Months Ended

Sep. 30, 2022

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”). For purposes of our notes to the condensed consolidated financial statements, 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 in these “Note 3, Mortgage Loans” disclosures. 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 (losses), net” in our condensed consolidated statements of operations and comprehensive income.

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, 2022		December 31, 2021
	(Dollars in millions)
Single-family	$	3,638,342	$	3,495,573
Multifamily	420,312		403,452
Total unpaid principal balance of mortgage loans	4,058,654		3,899,025
Cost basis and fair value adjustments, net	54,376		74,846
Allowance for loan losses for HFI loans	(8,302)		(5,629)
Total mortgage loans(1)	$	4,104,728	$	3,968,242

(1)Excludes $9.2 billion and $9.1 billion of accrued interest receivable, net of allowance as of September 30, 2022 and December 31, 2021.

The following table displays information about our purchase of HFI loans, 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,

		2022		2021		2022		2021
	(Dollars in millions)
Purchase of HFI loans:
Single-family unpaid principal balance		$	117,686	$	296,410	$	529,453	$	1,070,136
Multifamily unpaid principal balance		15,943		16,282		50,627		48,580

Single-family loans redesignated from HFI to HFS:
Amortized cost		$	1,726	$	3,427	$	6,099	$	12,844
Lower of cost or fair value adjustment at time of redesignation(1)		(196)		(47)		(418)		(247)
Allowance reversed at time of redesignation		80		165		298		1,350

Single-family loans sold:
Unpaid principal balance		$	1,919	$	3,063	$	6,229	$	10,588
Realized gains, net		20		300		91		955

(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 $4.6 billion as of September 30, 2022 and $4.4 billion as of December 31, 2021. As a result of our various loss mitigation and foreclosure prevention efforts, we expect that a portion of the loans in the process of formal foreclosure proceedings will not ultimately foreclose.

Aging Analysis

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


	As of September 30, 2022
	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	$	22,792	$	5,603	$	19,511	$	47,906	$	3,079,227	$	3,127,133	$	12,525	$	3,563
15-year or less, amortizing fixed-rate	1,530		264		808		2,602		504,620		507,222		654		95
Adjustable-rate	147		29		135		311		26,161		26,472		99		28
Other(2)	604		165		876		1,645		30,412		32,057		444		282
Total single-family	25,073		6,061		21,330		52,464		3,640,420		3,692,884		13,722		3,968
Multifamily(3)	282		N/A		1,046		1,328		420,253		421,581		6		14
Total	$	25,355	$	6,061	$	22,376	$	53,792	$	4,060,673	$	4,114,465	$	13,728	$	3,982


	As of December 31, 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	$	22,862	$	5,192	$	38,288	$	66,342	$	2,902,763	$	2,969,105	$	24,236	$	6,271
15-year or less, amortizing fixed-rate	2,024		326		1,799		4,149		529,278		533,427		1,454		193
Adjustable-rate	161		36		374		571		25,771		26,342		287		63
Other(2)	786		204		1,942		2,932		35,013		37,945		1,008		545
Total single-family	25,833		5,758		42,403		73,994		3,492,825		3,566,819		26,985		7,072
Multifamily(3)	114		N/A		1,693		1,807		404,398		406,205		317		107
Total	$	25,947	$	5,758	$	44,096	$	75,801	$	3,897,223	$	3,973,024	$	27,302	$	7,179

(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 of financing receivable, 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, 2022, by Year of Origination(1)
	2022		2021		2020		2019		2018		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%	$	253,757	$	926,196	$	836,382	$	152,731	$	72,366	$	669,943	$	2,911,375
Greater than 80% and less than or equal to 90%	68,200		75,617		4,698		991		583		1,100		151,189
Greater than 90% and less than or equal to 100%	56,826		5,369		1,351		280		79		227		64,132
Greater than 100%	41		94		28		13		13		248		437
Total 20- and 30-year or more, amortizing fixed-rate	378,824		1,007,276		842,459		154,015		73,041		671,518		3,127,133
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	36,062		190,699		138,640		21,091		7,698		111,042		505,232
Greater than 80% and less than or equal to 90%	1,054		436		34		3		1		2		1,530
Greater than 90% and less than or equal to 100%	440		14		1		—		—		2		457
Greater than 100%	—		—		—		—		—		3		3
Total 15-year or less, amortizing fixed-rate	37,556		191,149		138,675		21,094		7,699		111,049		507,222
Adjustable-rate:
Less than or equal to 80%	3,151		6,565		1,925		848		944		11,830		25,263
Greater than 80% and less than or equal to 90%	644		196		9		2		1		2		854
Greater than 90% and less than or equal to 100%	338		15		1		—		1		—		355
Greater than 100%	—		—		—		—		—		—		—
Total adjustable-rate	4,133		6,776		1,935		850		946		11,832		26,472
Other:
Less than or equal to 80%	—		—		—		30		229		23,078		23,337
Greater than 80% and less than or equal to 90%	—		—		—		—		1		127		128
Greater than 90% and less than or equal to 100%	—		—		—		—		1		60		61
Greater than 100%	—		—		—		—		—		55		55
Total other	—		—		—		30		231		23,320		23,581
Total	$	420,513	$	1,205,201	$	983,069	$	175,989	$	81,917	$	817,719	$	3,684,408

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	292,970	$	1,123,460	$	976,947	$	174,700	$	81,237	$	815,893	$	3,465,207
Greater than 80% and less than or equal to 90%	69,898		76,249		4,741		996		586		1,231		153,701
Greater than 90% and less than or equal to 100%	57,604		5,398		1,353		280		81		289		65,005
Greater than 100%	41		94		28		13		13		306		495
Total	$	420,513	$	1,205,201	$	983,069	$	175,989	$	81,917	$	817,719	$	3,684,408


	As of December 31, 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%	$	798,830	$	881,290	$	177,909	$	87,825	$	111,059	$	666,327	$	2,723,240
Greater than 80% and less than or equal to 90%	129,340		39,689		2,689		1,056		622		1,687		175,083
Greater than 90% and less than or equal to 100%	66,667		2,278		544		229		57		460		70,235
Greater than 100%	21		12		9		16		22		467		547
Total 20- and 30-year or more, amortizing fixed-rate	994,858		923,269		181,151		89,126		111,760		668,941		2,969,105
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	196,163		157,076		25,390		9,595		20,715		121,027		529,966
Greater than 80% and less than or equal to 90%	2,576		259		16		4		2		7		2,864
Greater than 90% and less than or equal to 100%	579		5		—		1		1		4		590
Greater than 100%	—		—		—		—		2		5		7
Total 15-year or less, amortizing fixed-rate	199,318		157,340		25,406		9,600		20,720		121,043		533,427
Adjustable-rate:
Less than or equal to 80%	6,166		2,235		1,065		1,236		2,524		12,501		25,727
Greater than 80% and less than or equal to 90%	438		25		7		4		2		3		479
Greater than 90% and less than or equal to 100%	135		1		—		—		—		—		136
Greater than 100%	—		—		—		—		—		—		—
Total adjustable-rate	6,739		2,261		1,072		1,240		2,526		12,504		26,342
Other:
Less than or equal to 80%	—		—		34		268		655		26,930		27,887
Greater than 80% and less than or equal to 90%	—		—		—		3		6		275		284
Greater than 90% and less than or equal to 100%	—		—		—		1		2		133		136
Greater than 100%	—		—		—		1		1		141		143
Total other	—		—		34		273		664		27,479		28,450
Total	$	1,200,915	$	1,082,870	$	207,663	$	100,239	$	135,670	$	829,967	$	3,557,324

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	1,001,159	$	1,040,601	$	204,398	$	98,924	$	134,953	$	826,785	$	3,306,820
Greater than 80% and less than or equal to 90%	132,354		39,973		2,712		1,067		632		1,972		178,710
Greater than 90% and less than or equal to 100%	67,381		2,284		544		231		60		597		71,097
Greater than 100%	21		12		9		17		25		613		697
Total	$	1,200,915	$	1,082,870	$	207,663	$	100,239	$	135,670	$	829,967	$	3,557,324

(1)Excludes $8.5 billion and $9.5 billion as of September 30, 2022 and December 31, 2021, 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 of 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, 2022, by Year of Origination
	2022		2021		2020		2019		2018		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Non-classified(1)	$	41,215	$	65,917	$	76,340	$	60,824	$	50,069	$	109,463	$	403,828
Classified(2)	66		172		1,061		2,383		2,181		11,890		17,753
Total	$	41,281	$	66,089	$	77,401	$	63,207	$	52,250	$	121,353	$	421,581


	As of December 31, 2021, by Year of Origination
	2021		2020		2019		2018		2017		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Non-classified(1)	$	58,986	$	79,602	$	64,278	$	55,552	$	44,037	$	87,549	$	390,004
Classified(2)	21		595		2,288		2,114		4,091		7,092		16,201
Total	$	59,007	$	80,197	$	66,566	$	57,666	$	48,128	$	94,641	$	406,205

(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 loans with an amortized cost of $15 million classified as doubtful as of September 30, 2022 and loans with an amortized cost of less than $1 million classified as doubtful as of December 31, 2021.

Loss Mitigation Options for Borrowers Experiencing Financial Difficulty

As part of our loss mitigation activities, we may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty. In addition to loan modifications, we also provide other loss mitigation options to assist borrowers who experience financial difficulties.

Below we provide disclosures relating to loan restructurings where borrowers were experiencing financial difficulty, including restructurings that resulted in an insignificant payment delay. The disclosures exclude loans classified as held for sale and those for which we have elected the fair value option.

Single-Family Loan Restructurings

We offer several types of restructurings to single-family borrowers that may result in a payment delay, interest rate reduction, term extension, or combination thereof. We do not typically offer principal forgiveness.

We offer the following types of restructurings to single-family borrowers that only result in a payment delay:

•a forbearance plan is a short-term loss mitigation option which grants a period of time (typically 3-month increments) during which the borrower’s monthly payment obligations are reduced or suspended. A forbearance plan does not impact our reporting of when a loan is considered past due, which remains based on the contractual terms of the loan. Borrowers may exit a forbearance plan by repaying all past due amounts to fully reinstate the loan, paying off the loan in full, or entering into another loss mitigation option, such as a repayment plan, a payment deferral, or a loan modification. The vast majority of forbearance plans offered since 2020 relate to a COVID-19-related financial hardship where we have authorized our servicers to offer a forbearance plan for up to 18 months for eligible borrowers;

•a repayment plan is a short-term loss mitigation option that allows borrowers a specific period of time to return the loan to current status by paying the regular monthly payment plus additional agreed-upon delinquent amounts (generally for a period up to 12 months and the monthly repayment plan amount must not exceed 150% of the contractual mortgage payment). A repayment plan does not impact our reporting of when a loan is considered past due, which remains based on the contractual terms of the loan. At the end of the repayment plan, the borrower resumes making the regular monthly payment; and

•a payment deferral is a loss mitigation option which defers the repayment of the delinquent principal and interest payments and other eligible default-related amounts that were advanced on behalf of the borrower by converting them into a non-interest-bearing balance due at the earlier of the payoff date, the maturity date, or sale or transfer of the property. The remaining mortgage terms, interest rate, payment schedule, and maturity date remain unchanged, and no trial period is required. The number of months of payments deferred varies based on the types of hardships the borrower is facing.

We also offer single-family borrowers loan modifications, which contractually change the terms of the loan. Our loan modification programs generally require completion of a trial period of three to four months where the borrower makes reduced monthly payments prior to receiving the modification. During the trial period, the mortgage loan is not contractually modified and continues to be reported as past due according to its contractual terms. The reduced payments that are made by the borrower during the trial period will result in a payment delay with respect to the original contractual terms of the loan. After successful completion of the trial period, and the borrower’s execution of a modification agreement, the mortgage loan is contractually modified.

Our loan modifications include the following concessions:

•capitalization of past due amounts, a form of payment delay, which capitalizes interest and other eligible default related amounts that were advanced on behalf of the borrower that are past due into the unpaid principal balance; and

•a term extension, which typically extends the contractual maturity date of the loan to 40 years from the effective date of the modification.

In addition to these concessions, loan modifications may also include an interest rate reduction, which reduces the contractual interest rate of the loan, or a principal forbearance, which is another form of payment delay that includes forbearing repayment of a portion of the principal balance as a non-interest bearing amount that is due at the earlier of the payoff date, the maturity date, or sale or transfer of the property.

Multifamily Loan Restructurings

For multifamily borrowers, loan restructurings include short-term forbearance plans and loan modification programs, which primarily result in term extensions of up to one year with no change to the loan’s interest rate. In certain cases, we may make more significant modifications of terms for borrowers experiencing financial difficulty, such as reducing the interest rate, converting to interest-only payments, extending the maturity for longer than one year, providing principal forbearance, or some combination of these terms.

Restructurings for Borrowers Experiencing Financial Difficulty

The following table displays the amortized cost of HFI mortgage loans that were restructured during the three and nine months ended September 30, 2022, presented by portfolio segment and class of financing receivable.



	For the Three Months Ended September 30, 2022
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial Modification and Repayment Plans		Payment Delay and Term Extension(1)		Payment Delay, Term Extension and Interest Rate Reduction(1)			Total	Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	9,811	$	3,827	$	2,869	$	1,144		$	2,321		$	19,972	1	%
15-year or less, amortizing fixed-rate	478		196		129		1			1			805		*
Adjustable-rate	49		22		15		—			3			89		*
Other	173		77		86		25			91			452		1
Total single-family	10,511		4,122		3,099		1,170			2,416			21,318		1
Multifamily	6		—		—		—			18			24		*
Total(3)	$	10,517	$	4,122	$	3,099	$	1,170		$	2,434		$	21,342	1

	For the Nine Months Ended September 30, 2022
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial Modification and Repayment Plans		Payment Delay and Term Extension(1)		Payment Delay, Term Extension and Interest Rate Reduction(1)			Total	Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	13,905	$	14,705	$	5,417	$	2,832		$	11,247		$	48,106	2	%
15-year or less, amortizing fixed-rate	697		794		245		2			1			1,739		*
Adjustable-rate	76		83		39		—			26			224		1
Other	289		353		182		109			497			1,430		4
Total single-family	14,967		15,935		5,883		2,943			11,771			51,499		1
Multifamily	187		—		—		—			18			205		*
Total(3)	$	15,154	$	15,935	$	5,883	$	2,943		$	11,789		$	51,704	1

* Represents less than 0.5% of total by financing class.

(1) Represents loans that received a contractual modification.

(2) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable.

(3) Excludes $205 million and $3.0 billion for the three and nine months ended September 30, 2022, respectively, for loans that received a loss mitigation activity during the period that paid off, repurchased or sold prior to period end. Also excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale. Loans may move from one category to another, as a result of the restructuring(s) they received during the period.

Our estimate of future credit losses uses a lifetime methodology, derived from modeled loan performance based on the historical experience of loans with similar risk characteristics, adjusted to reflect current conditions, our current loss mitigation activities and reasonable and supportable forecasts. The credit loss model considers extensive historical loss experience, which would include the impact of the loss mitigation programs that we offer to borrowers experiencing financial difficulty, and also includes the impact of projected loss severities as a result of a loan default. The manner in which these loss mitigation programs are factored into our loss estimates do not vary by portfolio segment.

The following tables summarize the financial impacts of loan modifications and payment deferrals made to single-family HFI loans during the three and nine months ended September 30, 2022, presented by class of financing receivable. We discuss the qualitative impacts of forbearance plans, repayment plans, and trial modifications earlier in this footnote. As a result, those loss mitigation options are excluded from the table below.


	For the Three Months Ended September 30, 2022
	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)
Loan by class of financing receivable(2):
20- and 30-year or more, amortizing fixed-rate	1.18	%	179	$	20,896
15-year or less, amortizing fixed-rate	1.88		45	16,950
Adjustable-rate	1.47		—	22,079
Other	1.66		192	21,042

	For the Nine Months Ended September 30, 2022
	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)
Loan by class of financing receivable(2):
20- and 30-year or more, amortizing fixed-rate	1.45	%	179	$	22,862
15-year or less, amortizing fixed-rate	2.31		52	19,872
Adjustable-rate	0.82		—	23,065
Other	1.82		184	23,776

(1) Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole dollars.

(2) Excludes the financial effects of modifications for loans that were paid off or otherwise liquidated as of period end.

The following tables display the amortized cost of HFI loans that received a completed modification or payment deferral on or after January 1, 2022, the date we adopted ASU 2022-02, through September 30, 2022 and that defaulted in the period presented. The substantial majority of loans that received a completed modification or a payment deferral during the third quarter of 2022 did not default during the period. For purposes of this disclosure, we define loans that had a payment default as 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 loans that receive a forbearance plan, repayment plan or trial modification, these loss mitigation options generally remain in default until the loan is no longer delinquent as a result of the payment of all past-due amounts or as a result of a loan modification or payment deferral. Therefore, forbearance plans, repayment plans and trial modifications are not included in default tables below.


	For the Three Months Ended September 30, 2022
		Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension			Payment Delay, Term Extension and Interest Rate Reduction			Total
	(Dollars in Millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	766		$	97		$	276		$	1,139
15-year or less, amortizing fixed-rate		26			—			—			26
Adjustable-rate		4			—			2			6
Other		19			4			18			41
Total single-family		815			101			296			1,212
Multifamily		—			—			—			—
Total loans that subsequently defaulted(1)		$	815		$	101		$	296		$	1,212


	For the Nine Months Ended September 30, 2022
		Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension			Payment Delay, Term Extension and Interest Rate Reduction			Total
	(Dollars in Millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	1,083		$	136		$	343		$	1,562
15-year or less, amortizing fixed-rate		39			—			—			39
Adjustable-rate		5			—			3			8
Other		29			7			26			62
Total single-family		1,156			143			372			1,671
Multifamily		—			—			—			—
Total loans that subsequently defaulted(1)		$	1,156		$	143		$	372		$	1,671

(1) Represents amortized cost as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale.

The following table displays an aging analysis of HFI mortgage loans that were restructured on or after January 1, 2022, the date we adopted ASU 2022-02, through September 30, 2022, presented by portfolio segment and class of financing receivable. The substantial majority of loans that received a completed modification or a payment deferral during the third quarter of 2022 were not delinquent.


	As of September 30, 2022
	30-59 Days Delinquent		60-89 Days Delinquent(1)		Seriously Delinquent		Total Delinquent		Current		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	3,051	$	2,202	$	13,299	$	18,552	$	22,262	$	40,814
15-year or less, amortizing fixed-rate	132		90		553		775		766		1,541
Adjustable-rate	11		9		80		100		99		199
Other	92		51		361		504		732		1,236
Total single-family loans modified	3,286		2,352		14,293		19,931		23,859		43,790
Multifamily	—		—		187		187		18		205
Total loans restructured(2)	$	3,286	$	2,352	$	14,480	$	20,118	$	23,877	$	43,995

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

(2) Represents the amortized cost basis as of period end.

Troubled Debt Restructuring Disclosures Prior to Our Adoption of ASU 2022-02

Prior to our adoption of ASU 2022-02, we accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR. In addition to formal loan modifications, we accounted for informal restructurings as a TDR if we deferred more than three missed payments to a borrower experiencing financial difficulty. We also classified bankruptcy relief provided to certain borrowers as TDRs. However, our TDR accounting described herein was suspended for most of our loss mitigation activities through our election to account for certain eligible loss mitigation activities occurring between March 2020 and January 1, 2022 under the COVID-19 relief granted pursuant to the CARES Act and the Consolidated Appropriations Act of 2021. On January 1, 2022, we adopted ASU 2022-02, which eliminated TDR accounting prospectively for all restructurings occurring on or after January 1, 2022. Loans that were restructured in a TDR prior to the adoption of ASU 2022-02 will continue to be accounted for under the historical TDR accounting until the loan is paid off, liquidated or subsequently modified. See “Note 1, Summary of Significant Accounting Policies” in our 2021 Form 10-K for more information on the COVID-19 relief from TDR accounting and disclosure requirements, and “Note 1, Summary of Significant Accounting Policies” in this report for more information on our adoption of ASU 2022-02.

The substantial majority of the loan modifications accounted for as TDRs resulted from a payment delay, term extension, interest rate reduction or a combination thereof. The average term extension of a single-family modified loan was 151 months and the average interest rate reduction was 0.56 percentage points for the three months ended September 30, 2021. During the nine months ended September 30, 2021, the average term extension of a single-family modified loan was 146 months and the average interest rate reduction was 0.57 percentage points.

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


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


	For the Nine Months Ended September 30, 2021
	Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	8,022	$	1,274
15-year or less, amortizing fixed-rate	886	70
Adjustable-rate	96	14
Other	416	43
Total single-family	9,420	1,401
Multifamily	—	—
Total TDRs	9,420	$	1,401

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 table displays the number of loans and the amortized cost of these loans at the time of payment default. For purposes of this disclosure, we defined loans that had a payment default as: single-family and multifamily loans with completed modifications 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
	Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	1,782	$	294
15-year or less, amortizing fixed-rate	133	10
Adjustable-rate	11	1
Other	200	37
Total single-family	2,126	342
Multifamily	—	—
Total TDRs that subsequently defaulted	2,126	$	342


	For the Nine Months Ended September 30, 2021
	Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	5,754	$	969
15-year or less, amortizing fixed-rate	330	24
Adjustable-rate	26	4
Other	693	128
Total single-family	6,803	1,125
Multifamily	—	—
Total TDRs that subsequently defaulted	6,803	$	1,125

Nonaccrual Loans

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 as of 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. For single-family and multifamily 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. For loans that have been negatively impacted by COVID-19, we establish a valuation allowance for expected credit losses on the accrued interest receivable balance applying the process that we have established for both single-family and multifamily loans. The credit expense related to this valuation allowance is classified as a component of the provision for credit losses. Accrued interest receivable is written off when the amount is deemed to be uncollectible. Loans that are in active forbearance plans are not evaluated for write-off. For loans not subject to the COVID-19-related guidance, we have elected not to measure an allowance for credit losses on accrued interest receivable balances as we have a nonaccrual policy to ensure the timely reversal of unpaid accrued interest. See “Note 4, Allowance for Loan Losses” for additional information about our current-period provision for loan losses.

For loans not subject to the COVID-19-related nonaccrual policy 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. 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.

Interest income previously accrued but not collected 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.

As a part of our single-family loss mitigation activities, we restructure loans where the borrower is experiencing financial difficulty. For the purpose of income recognition, we require the borrower to complete a performance period for those loss mitigation arrangements that bring the loan current via the capitalization of the past due principal and interest (i.e., contractual modifications and payment deferrals). In that regard, our contractual modifications generally include a trial period (a performance period of generally 3 to 4 months) that the borrower has to complete before the loan is permanently modified. The loans that receive these contractual modifications are not returned to accrual status until the borrower has successfully made all required payments during the trial period and the modification is made permanent. As payment deferrals do not include a trial period, these restructurings are not returned to accrual status until the borrower has made three consecutive contractual payments. If interest is capitalized pursuant to either a loan modification or a payment deferral, 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.

For loans that have not been negatively impacted by COVID-19, 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.

The table below displays the accrued interest receivable written off through the reversal of interest income for nonaccrual loans.


		For the Three Months Ended September 30,
		2022		2021
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$	14	$	15
Multifamily		1		—


		For the Nine Months Ended September 30,
		2022		2021
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$	46	$	144
Multifamily		1		1

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				For the Three Months Ended September 30, 2022	For the Nine Months Ended September 30, 2022
	September 30, 2022		June 30, 2022					December 31, 2021
	Amortized Cost				Total Interest Income Recognized(1)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	10,121	$	10,241		$	17,599	$	48	$	175
15-year or less, amortizing fixed-rate	235		245			430		1		3
Adjustable-rate	55		59			107		—		1
Other	591		698			1,101		3		9
Total single-family	11,002		11,243			19,237		52		188
Multifamily	1,231		1,317			1,259		12		25
Total nonaccrual loans	$	12,233	$	12,560		$	20,496	$	64	$	213


	As of				For the Three Months Ended September 30, 2021			For the Nine Months Ended September 30, 2021
	September 30, 2021		June 30, 2021				December 31, 2020
	Amortized Cost				Total Interest Income Recognized(1)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	20,083	$	24,728	$	22,907		$	67	$	241
15-year or less, amortizing fixed-rate	491		596		853			1		4
Adjustable-rate	126		179		270			—		1
Other	1,277		1,761		2,475			3		14
Total single-family	21,977		27,264		26,505			71		260
Multifamily	2,253		2,220		2,069			9		24
Total nonaccrual loans	$	24,230	$	29,484	$	28,574		$	80	$	284

(1)Interest income recognized includes amortization of any deferred cost basis adjustments while the loan is performing and that is not reversed when the loan is placed on nonaccrual status. For loans negatively impacted by the COVID-19 pandemic, also includes amounts accrued but not collected prior to the loan being placed on nonaccrual status. For single-family, interest income recognized includes payments received on nonaccrual loans held as of period end.

Allowance for Loan Losses

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Allowance for Loan Losses

Allowance for Loan LossesWe 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. 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,
	2022		2021		2022		2021
	(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance	$	(5,389)	$	(6,064)	$	(4,950)	$	(9,344)
Benefit (provision) for loan losses	(2,339)		839		(2,869)		4,003
Write-offs	289		51		564		271
Recoveries	(65)		(133)		(182)		(212)
Other	16		(8)		(51)		(33)
Ending Balance	$	(7,488)	$	(5,315)	$	(7,488)	$	(5,315)
Multifamily allowance for loan losses:
Beginning balance	$	(680)	$	(1,050)	$	(679)	$	(1,208)
Benefit (provision) for loan losses	(169)		45		(153)		175
Write-offs	39		7		39		54
Recoveries	(4)		(21)		(21)		(40)

Ending Balance	$	(814)	$	(1,019)	$	(814)	$	(1,019)
Total allowance for loan losses:
Beginning balance	$	(6,069)	$	(7,114)	$	(5,629)	$	(10,552)
Benefit (provision) for loan losses	(2,508)		884		(3,022)		4,178
Write-offs	328		58		603		325
Recoveries	(69)		(154)		(203)		(252)
Other	16		(8)		(51)		(33)
Ending Balance	$	(8,302)	$	(6,334)	$	(8,302)	$	(6,334)

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 volume and pricing of loans redesignated 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.

In recent periods, changes in actual and projected interest rates have been a meaningful driver of our benefit or provision for loan losses as these changes drive prepayment speeds and impact the measurement of the economic concessions granted to borrowers on modified loans. Pursuant to our adoption of ASU 2022-02 on January 1, 2022, we prospectively discontinued TDR accounting and no longer measure the economic concession for restructurings occurring on or after the adoption date. This accounting also results in the elimination of any existing economic concession related to a loan that was previously designated as a TDR if such loan is restructured on or after January 1, 2022. See “Note 1, Summary of Significant Accounting Policies—New Accounting Guidance” for more information about our adoption of ASU 2022-02.

Our single-family provision for loan losses for the three months ended September 30, 2022 was primarily driven by a provision from actual and forecasted home prices. Actual home prices declined slightly on a national basis in the third quarter of 2022. In addition, our home price forecast worsened compared with the second quarter of 2022. While our second quarter 2022 home price forecast estimated home price growth in the second half of 2022 and in 2023, our current home price forecast estimates additional home price declines in the fourth quarter of 2022 and throughout 2023. Lower home prices increase the likelihood that loans will default and increase the amount of credit loss on loans that do default, which increases our estimate of losses and ultimately increases our loss reserves and provision for loan losses.

The largest drivers of our single-family provision for loan losses for the nine months ended September 30, 2022 were:

•Provision from actual and forecasted home prices in the third quarter of 2022 discussed above was the largest driver of our single-family provision for loan losses for the first nine months of 2022. The impact of this home-price related provision in the third quarter of 2022 was partially offset by a benefit from actual and expected home price growth in each of the first and second quarters of 2022. During the first half of the year, our forecasted home prices were positive for the second half of 2022 through 2023. In addition, we observed strong actual home price growth through the second quarter of 2022.

•Provision from higher actual and projected interest rates as of September 30, 2022 compared with December 31, 2021. As mortgage rates increase, we expect a decrease in future prepayments on single-family loans, including modified loans accounted for as TDRs. Lower expected prepayments extend the expected lives of these TDR loans, which increases the expected impairment relating to economic concessions provided on them, resulting in a provision for loan losses.

•Provision from changes in loan activity, which includes provision on newly acquired loans. Throughout the first nine months of 2022, refinance loan volumes have continued to decline and purchase loans have increased as a percentage of acquisitions compared to the first nine months of 2021. As we shift to more purchase loans, the credit profile of our acquisitions weakens as purchase loans generally have higher origination LTV ratios than refinance loans. This drove a higher estimated risk of default and loss severity in the allowance and therefore a higher loan loss provision for those loans at the time of acquisition. In addition, for the third quarter of 2022, our loan loss provision also increased as our more negative home price forecast impacted our estimate of losses on newly acquired loans.

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.

•Benefit from changes in assumptions regarding COVID-19 forbearance and loan delinquencies. For the three months ended September 30, 2021, the benefit was 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 was 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 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, 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 became 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 was also a steady decline in the number of borrowers in a COVID-19-

related forbearance, lessening expectations of loan losses. Additionally, we believed the array of possible future economic environments included in our credit model, which captured scenarios that may be remote, combined with data consumed over the course of the COVID-19 pandemic removed the need to continue to supplement modeled results.

The impact of these factors was partially offset by a provision for higher actual and projected interest rates, which reduced our single-family benefit for loan losses recognized for the nine months ended September 30, 2021. Actual and projected interest rates were higher as of September 30, 2021 compared with December 31, 2020.

The increase in single-family write-offs for the three and nine months ended September 30, 2022 compared with the three and nine months ended September 30, 2021 was primarily driven by higher lower-of-cost-or-market adjustments at the time of loan redesignation due to price declines on our HFS loans as interest rates rose. In addition, we had higher write-offs on single-family loans that went to foreclosure for the three and nine months ended September 30, 2022 due to increased foreclosure activity as well as a decrease in the estimated proceeds from sales of REO as a result of the recent decline in home prices.

The largest driver of our multifamily provision for loan losses for the three and nine months ended September 30, 2022, was a provision for higher actual and projected interest rates. Rising interest rates may reduce the ability of multifamily borrowers to refinance their loans, which often have balloon balances at maturity, increasing our provision for loan losses. Additionally, rising interest rates also increase the chance that multifamily borrowers with adjustable-rate mortgages may default due to higher payments if the property net operating income is not increasing at a similar rate.

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 were less uncertain.

Investments in Securities

9 Months Ended

Sep. 30, 2022

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 in “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, 2022		December 31, 2021

	(Dollars in millions)




Mortgage-related securities (includes $446 million and $593 million, respectively, related to consolidated trusts)		$	3,551	$	4,606



Non-mortgage-related securities(1)		54,702		83,600
Total trading securities		$	58,253	$	88,206

(1)Primarily includes U.S. Treasury 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,

			2022		2021		2022		2021

		(Dollars in millions)
Net trading gains (losses)			$	(1,319)	$	(129)	$	(3,754)	$	(726)
Net trading gains (losses) recognized in the period related to securities still held at period end			(1,064)		(124)		(3,157)		(702)

Available-for-Sale Securities

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

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, 2022
	Total Amortized Cost			Allowance for Credit Losses		Gross Unrealized Gains in AOCI		Gross Unrealized Losses in AOCI		Total Fair Value

	(Dollars in millions)
Agency securities(1)		$	459	$	—	$	10	$	(16)	$	453





Other mortgage-related securities(2)		285		(3)		7		(1)		288
Total		$	744	$	(3)	$	17	$	(17)	$	741


	As of December 31, 2021
	Total Amortized Cost			Allowance for Credit Losses(3)		Gross Unrealized Gains in AOCI		Gross Unrealized Losses in AOCI		Total Fair Value

	(Dollars in millions)
Agency securities(1)		$	504	$	—	$	14	$	(11)	$	507




Other mortgage-related securities		323		—		10		(3)		330
Total		$	827	$	—	$	24	$	(14)	$	837

(1)Agency securities consist of securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae.

(2)As of September 30, 2022, substantially all of our non-agency mortgage-related securities were in an unrealized gain position.

(3)Total allowance for credit losses was less than $0.5 million as of December 31, 2021.

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.

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, 2022										December 31, 2021
	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)
Agency securities		$	—	$	—		$	(16)	$	161		$	(5)	$	225		$	(6)	$	102
Other mortgage-related securities		(1)		11			—		—			(3)		3			—		—

Total		$	(1)	$	11		$	(16)	$	161		$	(8)	$	228		$	(6)	$	102

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


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

	2022		2021		2022		2021

	(Dollars in millions)
Gross realized gains	$	—	$	—	$	—	$	59
Total proceeds (excludes initial sale of securities from new portfolio securitizations)	—		—		—		582

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


	As of
	September 30, 2022		December 31, 2021

	(Dollars in millions)
Net unrealized gains (losses) on AFS securities for which we have not recorded an allowance for credit losses	$	(1)	$	9
Net unrealized losses on AFS securities for which we have recorded an allowance for credit losses	—		(2)
Other	25		31
Accumulated other comprehensive income	$	24	$	38

Maturity Information

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


	As of September 30, 2022
	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)
Agency securities		$	459	$	453		$	—	$	—		$	4	$	4		$	13	$	13		$	442	$	436





Other mortgage-related securities		282		288			3		3			18		18			14		15			247		252
Total		$	741	$	741		$	3	$	3		$	22	$	22		$	27	$	28		$	689	$	688

(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, 2022

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 30 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. 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 $239.9 billion and $212.3 billion as of September 30, 2022 and December 31, 2021, 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, 2022						December 31, 2021
	Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)		Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	3,262	$	16	$	3,176	$	3,733	$	16	$	3,626
Other guaranty arrangements(2)	9,734		85		2,051		10,423		85		2,117
Total	$	12,996	$	101	$	5,227	$	14,156	$	101	$	5,743

(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, 2022

Debt Disclosure [Abstract]

Short-Term and Long-Term Debt

Short-Term Debt

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


	As of
	September 30, 2022				December 31, 2021
	Outstanding		Weighted- Average Interest Rate(1)		Outstanding		Weighted- Average Interest Rate(1)
	(Dollars in millions)

Short-term debt of Fannie Mae	$	2,989	2.63	%	$	2,795	0.03	%

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

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, 2022					December 31, 2021
	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	2022 - 2030	$	74,191	2.40	%	2022 - 2030	$	89,618	2.13	%
Medium-term notes(3)	2022 - 2031	38,638		0.70		2022 - 2031	38,312		0.60
Other(4)	2023 - 2038	6,749		4.06		2023 - 2038	7,045		3.73
Total senior fixed		119,578		1.96			134,975		1.78
Senior floating:
Medium-term notes(3)	N/A	—		—		2022	51,583		0.32
Connecticut Avenue Securities(5)	2023 - 2031	6,955		7.22		2023 - 2031	11,166		4.30
Other(6)	2037	254		9.26		2037	373		7.17
Total senior floating		7,209		7.29			63,122		1.05


Total long-term debt of Fannie Mae(7)		126,787		2.25			198,097		1.55
Debt of consolidated trusts	2022 - 2061	4,078,038		2.29		2022 - 2061	3,957,299		1.89
Total long-term debt		$	4,204,825	2.29	%		$	4,155,396	1.88	%

(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 2021 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 $5.1 billion and $1.6 billion as of September 30, 2022 and December 31, 2021, 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
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1C
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://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
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://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
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivative Instruments

9 Months Ended

Sep. 30, 2022

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 2021 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” in our 2021 Form 10-K, 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, 2022						As of December 31, 2021
	Notional Amount		Estimated Fair Value				Notional Amount			Estimated Fair Value
			Asset Derivatives		Liability Derivatives						Asset Derivatives		Liability Derivatives
	(Dollars in millions)
Risk management derivatives designated as hedging instruments:
Swaps:(1)
Pay-fixed	$	6,221	$	—	$	—		$	4,347		$	—	$	—
Receive-fixed	35,926		—		—			40,686			—		—

Total risk management derivatives designated as hedging instruments	42,147		—		—			45,033			—		—
Risk management derivatives not designated as hedging instruments:
Swaps:(1)
Pay-fixed	89,832		—		—			56,817			—		—
Receive-fixed	93,469		—		(4,683)			56,874			—		(1,131)
Basis	41,250		31		—			250			152		—
Foreign currency	277		—		(130)			336			25		(34)
Swaptions:(1)
Pay-fixed	5,286		203		(20)			4,341			52		(2)
Receive-fixed	2,136		5		(44)			1,091			10		(21)

Total risk management derivatives not designated as hedging instruments	232,250		239		(4,877)			119,709			239		(1,188)


Netting adjustment(2)	—		(163)		4,833			—			(237)		1,173
Total risk management derivatives portfolio	274,397		76		(44)			164,742			2		(15)
Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	5,774		4		(78)			13,192			17		(5)
Forward contracts to purchase mortgage-related securities	43,304		5		(732)			58,021			83		(34)
Forward contracts to sell mortgage-related securities	61,444		411		(4)			111,173			69		(158)
Total mortgage commitment derivatives	110,522		420		(814)			182,386			169		(197)
Credit enhancement derivatives	24,456		2		(65)			19,256			—		(21)
Derivatives at fair value	$	409,375	$	498	$	(923)		$	366,384		$	171	$	(233)

(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 $4.7 billion and $966 million as of September 30, 2022 and December 31, 2021, respectively. Cash collateral received was $8 million and $30 million as of September 30, 2022 and December 31, 2021, 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,

	2022		2021		2022		2021
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	2,510	$	343	$	5,809	$	1,855
Receive-fixed	(1,903)		(209)		(5,269)		(1,307)
Basis	5		(12)		(126)		(39)
Foreign currency	(62)		(19)		(122)		(23)
Swaptions:
Pay-fixed	43		6		141		55
Receive-fixed	(6)		(14)		(19)		(223)
Futures	—		—		(1)		1
Net contractual interest expense on interest-rate swaps	(63)		(2)		(102)		(6)
Total risk management derivatives fair value gains, net	524		93		311		313
Mortgage commitment derivatives fair value gains (losses), net	517		(25)		2,933		504
Credit enhancement derivatives fair value losses, net	(32)		(55)		(83)		(163)
Total derivatives fair value gains, net	$	1,009	$	13	$	3,161	$	654

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,
	2022				2021				2022				2021
	Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt		Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt		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	$	30,114	$	(23,709)	$	24,798	$	(18,009)	$	86,338	$	(65,291)	$	73,083	$	(51,646)

Gains (losses) from fair value hedging relationships:
Mortgage loans HFI and related interest-rate contracts:
Hedged items	$	(285)	$	—	$	(1)	$	—	$	(867)	$	—	$	69	$	—
Discontinued hedge related basis adjustment amortization	9		—		(3)		—		14		—		(3)		—


Derivatives designated as hedging instruments	269		—		(1)		—		833		—		(71)		—
Interest accruals on hedging instruments	7		—		(4)		—		(10)		—		(9)		—
Debt of Fannie Mae and related interest-rate contracts:
Hedged items	—		1,477		—		195		—		3,848		—		1,000
Discontinued hedge-related basis adjustment amortization	—		(145)		—		(20)		—		(329)		—		(54)
Derivatives designated as hedging instruments	—		(1,289)		—		(191)		—		(3,381)		—		(982)
Interest accruals on derivative hedging instruments	—		(108)		—		65		—		(54)		—		178
Total effect of fair value hedges	$	—	$	(65)	$	(9)	$	49	$	(30)	$	84	$	(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, 2022 and December 31, 2021.


	As of September 30, 2022
	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	$	253,002	$	(719)	$	(719)	$	59,031	$	5,595

Debt of Fannie Mae	(73,711)		4,777		4,777		N/A		N/A


	As of December 31, 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	$	174,080	$	134	$	134	$	56,786	$	4,389

Debt of Fannie Mae	(72,174)		1,281		1,281		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, 2022 and December 31, 2021

Segment Reporting

9 Months Ended

Sep. 30, 2022

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 2021 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 table displays our segment results.


	For the Three Months Ended September 30,
	2022						2021
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	5,918	$	1,206	$	7,124	$	5,870	$	1,102	$	6,972
Fee and other income(2)	83		22		105		86		25		111
Net revenues	6,001		1,228		7,229		5,956		1,127		7,083
Investment gains (losses), net(3)	(178)		6		(172)		222		21		243
Fair value gains (losses), net(4)	309		(17)		292		(31)		14		(17)
Administrative expenses	(730)		(140)		(870)		(620)		(125)		(745)
Credit-related income (expense):(5)
Benefit (provision) for credit losses	(2,361)		(175)		(2,536)		887		50		937
Foreclosed property income (expense)	(6)		21		15		(80)		11		(69)
Total credit-related income (expense)	(2,367)		(154)		(2,521)		807		61		868
TCCA fees(6)	(850)		—		(850)		(781)		—		(781)
Credit enhancement expense(7)	(298)		(66)		(364)		(174)		(59)		(233)
Change in expected credit enhancement recoveries(8)	245		45		290		(28)		(14)		(42)
Other expenses, net	(159)		(10)		(169)		(261)		(7)		(268)
Income before federal income taxes	1,973		892		2,865		5,090		1,018		6,108
Provision for federal income taxes	(276)		(153)		(429)		(1,065)		(201)		(1,266)
Net income	$	1,697	$	739	$	2,436	$	4,025	$	817	$	4,842


	For the Nine Months Ended September 30,
	2022						2021
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	18,746	$	3,585	$	22,331	$	19,087	$	2,913	$	22,000
Fee and other income(2)	204		65		269		228		73		301
Net revenues	18,950		3,650		22,600		19,315		2,986		22,301
Investment gains (losses), net(3)	(271)		(52)		(323)		944		(10)		934
Fair value gains (losses), net(4)	1,379		(78)		1,301		323		(2)		321
Administrative expenses	(2,084)		(389)		(2,473)		(1,862)		(377)		(2,239)
Credit-related income (expense):(5)
Benefit (provision) for credit losses	(2,837)		(157)		(2,994)		4,102		188		4,290
Foreclosed property income (expense)	3		18		21		(91)		(14)		(105)
Total credit-related income (expense)	(2,834)		(139)		(2,973)		4,011		174		4,185
TCCA fees(6)	(2,515)		—		(2,515)		(2,270)		—		(2,270)
Credit enhancement expense(7)	(778)		(196)		(974)		(619)		(172)		(791)
Change in expected credit enhancement recoveries(8)	271		32		303		(101)		(16)		(117)
Other expenses, net	(556)		(77)		(633)		(863)		(4)		(867)
Income before federal income taxes	11,562		2,751		14,313		18,878		2,579		21,457
Provision for federal income taxes	(2,270)		(546)		(2,816)		(3,952)		(518)		(4,470)
Net income	$	9,292	$	2,205	$	11,497	$	14,926	$	2,061	$	16,987

(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 revenue we recognized on the prepayment of multifamily loans.

(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, including credit enhancements for tax-exempt multifamily housing revenue bonds.

(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 consist 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.

(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 include primarily 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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

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

+ Details

Concentrations of Credit Risk

9 Months Ended

Sep. 30, 2022

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 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, 2022						December 31, 2021
	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	0.69	%	0.17	%	0.62	%	0.73	%	0.16	%	1.20	%
Percentage of single-family conventional loans based on loan count	0.80		0.20		0.69		0.86		0.20		1.25


	As of
	September 30, 2022				December 31, 2021
	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:
80.01% to 90%	4	%	0.54	%	5	%	0.88	%
90.01% to 100%	2		0.34		2		0.51
Greater than 100%	*		7.42		*		12.41
Geographical distribution:
California	19		0.48		19		1.01
Florida	6		0.77		6		1.59
Illinois	3		0.95		3		1.55
New Jersey	3		0.98		3		1.90
New York	5		1.28		5		2.24
All other states	64		0.66		64		1.16
Vintages:
2004 and prior	1		2.41		1		3.48
2005-2008	1		3.83		2		5.87
2009-2022	98		0.55		97		1.01

* 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, 2022 or December 31, 2021.

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, 2022(1)				December 31, 2021(1)
	30 Days Delinquent		Seriously Delinquent(2)		30 Days Delinquent		Seriously Delinquent(2)
Percentage of multifamily guaranty book of business	0.07	%	0.26	%	0.03	%	0.42	%


	As of
	September 30, 2022				December 31, 2021
	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	%	0.14	%	1	%	0.13	%
Less than or equal to 80%	99		0.26		99		0.42
Current DSCR below 1.0(4)	3		5.53		2		13.90

(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 from annual statements for these properties.

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, 2022			December 31, 2021
	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	$	189,544		$	176,587
Pool mortgage insurance	229			261
Total mortgage insurance risk in force	$	189,773	5%	$	176,848	5%

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, 2022		December 31, 2021

Counterparty:(1)
Mortgage Guaranty Insurance Corp.	19	%	19	%
Arch Capital Group Ltd.	19		19
Radian Guaranty, Inc.	17		17
Enact Mortgage Insurance Corp.(2)	16		17
Essent Guaranty, Inc.	16		16
National Mortgage Insurance Corp.	12		11
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.

(2)Genworth Mortgage Insurance Corp. was renamed Enact Mortgage Insurance Corp. effective February 7, 2022.

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 expect to receive from primary mortgage insurance, as mortgage insurance recoveries reduce the severity of the loss associated with defaulted loans if the borrower defaults and title to the property is subsequently transferred. Mortgage insurance does not cover credit losses that result from a reduction in mortgage interest paid by the borrower in connection with a loan modification, forbearance of principal, or forbearance of scheduled loan payments. 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, 2022 and December 31, 2021, our estimated benefit from mortgage insurance, which is based on estimated credit losses as of period end, reduced our loss reserves by $1.5 billion and $559 million, respectively.

As of September 30, 2022 and December 31, 2021, we had outstanding receivables of $517 million and $533 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, 2022 and December 31, 2021, we assessed these outstanding receivables for collectability, and established a valuation allowance of $463 million and $479 million, respectively.

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 real estate owned (“REO”) 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 servicer that serviced 10% or more of our single-family guaranty book of business as of December 31, 2021, based on unpaid principal balance.


	Percentage of Single-Family Guaranty Book of Business
	As of
	September 30, 2022		December 31, 2021
Wells Fargo Bank, N.A. (together with its affiliates)	9	%	10	%
Remaining top five depository servicers	12		11
Top five non-depository servicers	23		23
Total	44	%	44	%

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, 2022		December 31, 2021
Walker & Dunlop, LLC	13	%	12	%
Wells Fargo Bank, N.A. (together with its affiliates)	11		11
Remaining top five servicers	24		24
Total	48	%	47	%

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 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, 2022

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, and securities sold under agreements to repurchase, 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, 2022
			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	$	239	$	(233)		$	6			$	—		$	—	$	6
Cleared risk management derivatives	—		70			70				—			—		70
Mortgage commitment derivatives	420		—			420				(307)			(1)		112
Total derivative assets	659		(163)			496		(4)		(307)			(1)		188
Securities purchased under agreements to resell(5)	47,050		—			47,050				—			(47,050)		—
Total assets	$	47,709	$	(163)		$	47,546			$	(307)		$	(47,051)	$	188
Liabilities:
OTC risk management derivatives	$	(4,877)	$	4,834		$	(43)			$	—		$	—	$	(43)
Cleared risk management derivatives	—		(1)			(1)				—			1		—
Mortgage commitment derivatives	(814)		—			(814)				307			2		(505)


Total liabilities	$	(5,691)	$	4,833		$	(858)	(4)		$	307		$	3	$	(548)


	As of December 31, 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	$	239	$	(237)		$	2				$	—		$	—		$	2
Cleared risk management derivatives	—		—			—					—			—			—
Mortgage commitment derivatives	169		—			169					(133)			—			36
Total derivative assets	408		(237)			171		(4)			(133)			—			38
Securities purchased under agreements to resell(5)	64,843		—			64,843					—			(64,843)			—
Total assets	$	65,251	$	(237)		$	65,014				$	(133)		$	(64,843)		$	38
Liabilities:
OTC risk management derivatives	$	(1,188)	$	1,183		$	(5)				$	—		$	—		$	(5)
Cleared risk management derivatives	—		(10)			(10)					—			10			—
Mortgage commitment derivatives	(197)		—			(197)					133			56			(8)


Total liabilities	$	(1,385)	$	1,173		$	(212)	(4)			$	133		$	66		$	(13)

(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 $1.8 billion and $2.5 billion as of September 30, 2022 and December 31, 2021, respectively. The fair value of non-cash collateral received was $47.1 billion and $64.9 billion, of which $28.4 billion and $25.6 billion could be sold or repledged as of September 30, 2022 and December 31, 2021, respectively. None of the underlying collateral was sold or repledged as of September 30, 2022 or December 31, 2021.

(4)Excludes derivative assets of $2 million as of September 30, 2022 and derivative liabilities of $65 million and $21 million recognized in our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively, that were not subject to enforceable master netting arrangements. We had no derivative assets recognized in our condensed consolidated balance sheets as of December 31, 2021 that were not subject to enforceable master netting arrangements.

(5)Includes $20.6 billion and $29.1 billion in securities purchased under agreements to resell classified as “Cash and cash equivalents” in our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, respectively. Includes $2.5 billion and $15.0 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, 2022 and December 31, 2021, respectively.

Derivative instruments are recorded at fair value and securities purchased under agreements to resell are recorded at amortized cost in our condensed consolidated balance sheets. For a discussion of 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 2021 Form 10-K.

Fair Value

9 Months Ended

Sep. 30, 2022

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.

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 2021 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. If the inputs used to measure assets or liabilities at fair value change, it may also result in a change in classification between levels 1, 2, and 3. We made no material changes to the valuation control processes or the valuation techniques for the nine months ended September 30, 2022.

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, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment(1)			Estimated Fair Value
	(Dollars in millions)
Recurring fair value measurements:
Assets:

Trading securities:




Mortgage-related		$	—		$	3,511		$	40		$	—		$	3,551



Non-mortgage-related(3)		54,687			15			—			—			54,702
Total trading securities		54,687			3,526			40			—			58,253
Available-for-sale securities:



Agency(4)		—			60			393			—			453



Other mortgage-related		—			7			281			—			288
Total available-for-sale securities		—			67			674			—			741
Mortgage loans		—			3,146			545			—			3,691
Derivative assets		—			628			33			(163)			498








Total assets at fair value		$	54,687		$	7,367		$	1,292		$	(163)		$	63,183

Liabilities:
Long-term debt:


Of Fannie Mae		$	—		$	1,512		$	254		$	—		$	1,766

Of consolidated trusts		—			16,617			141			—			16,758
Total long-term debt		—			18,129			395			—			18,524
Derivative liabilities		—			5,691			65			(4,833)			923








Total liabilities at fair value		$	—		$	23,820		$	460		$	(4,833)		$	19,447


	Fair Value Measurements as of December 31, 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, including restricted cash equivalents(2)		$	250		$	—		$	—		$	—		$	250
Trading securities:




Mortgage-related		—			4,549			57			—			4,606



Non-mortgage-related(3)		83,581			19			—			—			83,600
Total trading securities		83,581			4,568			57			—			88,206
Available-for-sale securities:



Agency(4)		—			76			431			—			507



Other mortgage-related		—			8			322			—			330
Total available-for-sale securities		—			84			753			—			837
Mortgage loans		—			4,209			755			—			4,964
Derivative assets		—			256			152			(237)			171








Total assets at fair value		$	83,831		$	9,117		$	1,717		$	(237)		$	94,428

Liabilities:
Long-term debt:


Of Fannie Mae		$	—		$	2,008		$	373		$	—		$	2,381

Of consolidated trusts		—			21,640			95			—			21,735
Total long-term debt		—			23,648			468			—			24,116
Derivative liabilities		—			1,385			21			(1,173)			233








Total liabilities at fair value		$	—		$	25,033		$	489		$	(1,173)		$	24,349

(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 and restricted cash equivalents are composed of U.S. Treasuries that have a maturity at the date of acquisition of three months or less.

(3)Primarily includes U.S. Treasury securities.

(4)Agency securities consist of securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae.

The following tables display a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). The tables also display gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized in our 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, 2022
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2022(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2022(1)
	Balance, June 30, 2022		Included in Net Income			Included in Total OCI (Loss)(1)		Purchases(2)		Sales(2)		Issues(3)		Settlements(3)		Transfers out of Level 3		Transfers into Level 3		Balance, September 30, 2022
	(Dollars in millions)
Trading securities:




Mortgage-related	$	76	$	(3)		$	—	$	—	$	—	$	—	$	—	$	(33)	$	—	$	40	$	2	$	—


Available-for-sale securities:


Agency	$	404	$	1		$	(1)	$	—	$	—	$	—	$	(11)	$	—	$	—	$	393	$	—	$	(1)



Other mortgage-related	289		(2)			1		—		—		—		(7)		—		—		281		—		2
Total available-for-sale securities	$	693	$	(1)	(6)(7)	$	—	$	—	$	—	$	—	$	(18)	$	—	$	—	$	674	$	—	$	1

Mortgage loans	$	599	$	(20)	(5)(6)	$	—	$	—	$	—	$	—	$	(33)	$	(13)	$	12	$	545	$	(21)	$	—

Net derivatives	(7)		(26)		(5)	—		—		—		—		1		—		—		(32)		(25)		—

Long-term debt:
Of Fannie Mae	$	(253)	$	(1)	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(254)	$	(1)	$	—
Of consolidated trusts	(152)		4		(5)(6)	—		—		—		—		7		—		—		(141)		3		—
Total long-term debt	$	(405)	$	3		$	—	$	—	$	—	$	—	$	7	$	—	$	—	$	(395)	$	2	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Nine Months Ended September 30, 2022
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2022(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2022(1)
	Balance, December 31, 2021		Included in Net Income			Included in Total OCI (Loss)(1)		Purchases(2)		Sales(2)		Issues(3)		Settlements(3)		Transfers out of Level 3		Transfers into Level 3		Balance, September 30, 2022
	(Dollars in millions)
Trading securities:




Mortgage-related	$	57	$	(11)		$	—	$	—	$	—	$	—	$	(1)	$	(47)	$	42	$	40	$	(2)	$	—


Available-for-sale securities:


Agency	$	431	$	2		$	(5)	$	—	$	—	$	—	$	(35)	$	—	$	—	$	393	$	—	$	(4)



Other mortgage-related	322		(10)			(1)		—		—		—		(29)		(2)		1		281		—		—
Total available-for-sale securities	$	753	$	(8)	(6)(7)	$	(6)	$	—	$	—	$	—	$	(64)	$	(2)	$	1	$	674	$	—	$	(4)

Mortgage loans	$	755	$	(68)	(5)(6)	$	—	$	—	$	(2)	$	—	$	(115)	$	(73)	$	48	$	545	$	(59)	$	—

Net derivatives	131		(183)		(5)	—		—		—		—		20		—		—		(32)		(163)		—

Long-term debt:
Of Fannie Mae	$	(373)	$	119	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(254)	$	119	$	—
Of consolidated trusts	(95)		6		(5)(6)	—		—		—		(86)		34		1		(1)		(141)		6		—
Total long-term debt	$	(468)	$	125		$	—	$	—	$	—	$	(86)	$	34	$	1	$	(1)	$	(395)	$	125	$	—


	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 (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	$	141	$	(13)		$	—	$	15	$	—	$	—	$	—	$	(51)	$	37	$	129	$	—	$	—


Available-for-sale securities:


Agency	$	84	$	—		$	2	$	—	$	—	$	—	$	(12)	$	—	$	376	$	450	$	—	$	—



Other mortgage-related	368		3			(8)		—		—		—		(17)		—		—		346		—		(4)
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	$	(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 (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	$	95	$	(18)		$	—	$	18	$	—	$	—	$	—	$	(91)	$	125	$	129	$	1	$	—


Available-for-sale securities:


Agency	$	195	$	1		$	4	$	—	$	—	$	—	$	(19)	$	(107)	$	376	$	450	$	—	$	1



Other mortgage-related	453		10			(8)		—		—		—		(109)		—		—		346		—		(2)
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	$	(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	$	—

(1)Gains (losses) included in “Other comprehensive loss” are included in “Changes in unrealized 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) included in “Net interest income” in our condensed consolidated statements of operations and comprehensive income includes amortization of cost basis adjustments.

(7)Gains (losses) are included in “Investment gains (losses), 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, 2022
	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(3)	$	40	Various


Available-for-sale securities:

Agency(3)	237		Consensus
	156		Various

Total agency	393






Other mortgage-related	151		Discounted Cash Flow	Spreads (bps)	216.0	-	526.0	507.3
	85		Single Vendor
	45		Various
Total other mortgage-related	281
Total available-for-sale securities	$	674

Net derivatives	$	31	Dealer Mark
	(63)		Discounted Cash Flow
Total net derivatives	$	(32)


	Fair Value Measurements as of December 31, 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(3)	$	57	Various

Available-for-sale securities:

Agency(3)	379		Consensus
	52		Various
Total agency	431











Other mortgage-related	175		Discounted Cash Flow	Spreads (bps)	409.0	-	443.0	422.0
	94		Single Vendor	Spreads (bps)	9.3	-	49.4	27.2
	53		Various
Total other mortgage-related	322
Total available-for-sale securities	$	753

Net derivatives	$	152	Dealer Mark
	(21)		Discounted Cash Flow
Total net derivatives	$	131

(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 that were measured at fair value on a nonrecurring basis as of September 30, 2022 or December 31, 2021. We held $282 million and $38 million in Level 2 assets as of September 30, 2022 and December 31, 2021, respectively, composed of mortgage loans held for sale that were impaired. We had no Level 2 or Level 3 liabilities that were measured at fair value on a nonrecurring basis as of September 30, 2022 or December 31, 2021.

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, 2022		December 31, 2021
		(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans:(1)
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	1,822	$	201
	Single Vendor	1,169		1,383

Total mortgage loans held for sale, at lower of cost or fair value		2,991		1,584

Single-family mortgage loans held for investment, at amortized cost	Internal Model	1,216		867


Multifamily mortgage loans held for investment, at amortized cost	Appraisal	8		37

	Broker Price Opinion	69		118
	Internal Model	53		23
Total multifamily mortgage loans held for investment, at amortized cost		130		178

Acquired property, net:
Single-family	Accepted Offer	14		13
	Appraisal	89		73
	Internal Model	117		75
	Walk Forward	48		37
	Various	13		11
Total single-family		281		209

Multifamily	Various	6		34

Total nonrecurring assets at fair value		$	4,624	$	2,872

(1)When we measure impairment, including recoveries, based on the fair value of the loan or the underlying collateral and impairment is recorded on any component of the mortgage loan, including accrued interest receivable and amounts due from the borrower for advances of taxes and insurance, we present the entire fair value measurement amount with the corresponding mortgage loan.

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, 2022
	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	$	63,561	$	40,461		$	23,100		$	—		$	—		$	63,561
Securities purchased under agreements to resell	23,950		—			23,950			—			—			23,950
Trading securities	58,253		54,687			3,526			40			—			58,253
Available-for-sale securities	741		—			67			674			—			741
Mortgage loans held for sale	4,177		—			877			3,513			—			4,390
Mortgage loans held for investment, net of allowance for loan losses	4,100,551		—			3,371,881			169,412			—			3,541,293
Advances to lenders	3,443		—			3,443			—			—			3,443
Derivative assets at fair value	498		—			628			33			(163)			498
Guaranty assets and buy-ups	92		—			—			176			—			176
Total financial assets	$	4,255,266	$	95,148		$	3,427,472		$	173,848		$	(163)		$	3,696,305

Financial liabilities:

Short-term debt:
Of Fannie Mae	$	2,989	$	—		$	2,989		$	—		$	—		$	2,989

Long-term debt:
Of Fannie Mae	126,787		—			124,513			538			—			125,051
Of consolidated trusts	4,078,038		—			3,458,942			38,421			—			3,497,363
Derivative liabilities at fair value	923		—			5,691			65			(4,833)			923
Guaranty obligations	101		—			—			80			—			80
Total financial liabilities	$	4,208,838	$	—		$	3,592,135		$	39,104		$	(4,833)		$	3,626,406


	As of December 31, 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	$	108,631	$	64,531		$	44,100		$	—			$	—	$	108,631
Securities purchased under agreements to resell	20,743		—			20,743			—				—		20,743
Trading securities	88,206		83,581			4,568			57				—		88,206
Available-for-sale securities	837		—			84			753				—		837
Mortgage loans held for sale	5,134		—			178			5,307				—		5,485
Mortgage loans held for investment, net of allowance for loan losses	3,963,108		—			3,796,917			209,090				—		4,006,007
Advances to lenders	8,414		—			8,413			1				—		8,414
Derivative assets at fair value	171		—			256			152				(237)		171
Guaranty assets and buy-ups	92		—			—			207				—		207
Total financial assets	$	4,195,336	$	148,112		$	3,875,259		$	215,567			$	(237)	$	4,238,701

Financial liabilities:

Short-term debt:
Of Fannie Mae	$	2,795	$	—		$	2,795		$	—			$	—	$	2,795

Long-term debt:
Of Fannie Mae	198,097		—			205,142			799				—		205,941
Of consolidated trusts	3,957,299		—			3,951,537			32,644				—		3,984,181
Derivative liabilities at fair value	233		—			1,385			21				(1,173)		233
Guaranty obligations	101		—			—			101				—		101
Total financial liabilities	$	4,158,525	$	—		$	4,160,859		$	33,565			$	(1,173)	$	4,193,251

For a detailed description and classification of our financial instruments, see “Note 15, Fair Value” in our 2021 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. 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, 2022									December 31, 2021
	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		$	3,691		$	1,766		$	16,758		$	4,964		$	2,381		$	21,735
Unpaid principal balance		3,956			1,732			16,906			4,601			2,197			19,314

(1)Includes nonaccrual loans with a fair value of $44 million and $86 million as of September 30, 2022 and December 31, 2021, respectively. Includes loans that are 90 days or more past due with a fair value of $53 million and $125 million as of September 30, 2022 and December 31, 2021, respectively.

Changes in Fair Value under the Fair Value Option Election

We recorded losses of $209 million and $587 million for the three and nine months ended September 30, 2022 and gains of $28 million and $48 million for the three and nine months ended September 30, 2021 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 $787 million and $2.4 billion for the three and nine months ended September 30, 2022 and gains of $62 million and $346 million for the three and nine months ended September 30, 2021, 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, 2022
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 the court 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 the likelihood of 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. 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 a non-class action lawsuit, 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 in these lawsuits allege 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 and caused them harm. Plaintiffs in the class action represent a class of Fannie Mae preferred shareholders and classes of Freddie Mac common and preferred shareholders. On September 23, 2022, the court issued a summary judgment ruling that permitted the plaintiffs in these lawsuits to present to a jury their claims for breach of the implied covenant of good faith and fair dealing. The cases were consolidated for trial and the trial was conducted from October 17, 2022 to November 1, 2022. Jury deliberations began on November 1, 2022. The jury in this trial was not able to reach a verdict and the judge declared a mistrial on November 7, 2022. We expect the court to set a new trial date. In the trial, plaintiffs requested $779 million in damages from Fannie Mae and prejudgment interest on the amount of any damages. We estimate that prejudgment interest, if awarded, would be calculated at a rate of 5.75% and expect plaintiffs to seek such interest from August 17, 2012. Prejudgment interest calculated from August 17, 2012 through September 30, 2022 based on the amount of damages plaintiffs requested would be approximately $450 million. The ultimate amount of prejudgment interest awarded, if any, would be impacted by the amount of damages awarded, the date from and through which interest is calculated, and other determinations by the court. At this time, we do not believe the likelihood of loss is probable; therefore, we have not established an accrual in connection with these lawsuits. However, it is reasonably possible that the plaintiffs could ultimately prevail in this matter and, if so, we may incur a loss up to the amount of damages discussed above and any related interest.

Regulatory Capital Requirements

9 Months Ended

Sep. 30, 2022

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

Regulatory Capital Requirements

FHFA published a final rule establishing a new enterprise regulatory capital framework for the GSEs in December 2020. FHFA published a final rule amending the enterprise regulatory capital framework in March 2022. We refer to the rule’s requirements, as amended, as the “enterprise regulatory capital framework.” The enterprise regulatory capital framework establishes new supplemental leverage and risk-based capital requirements for the GSEs. Under the leverage capital requirements, we must maintain a tier 1 capital ratio of 2.5% of adjusted total assets. Under the risk-based capital requirements, we must maintain minimum common equity tier 1 capital, tier 1 capital, and adjusted total capital ratios of 4.5%, 6%, and 8%, respectively, of risk-weighted assets. The enterprise regulatory capital framework requires substantially higher levels of capital than the previously applicable statutory minimum capital requirement.

Although the enterprise regulatory capital framework went into effect in February 2021, we are not required to hold capital according to the framework’s requirements until the date of termination of our conservatorship, or such later date as may be ordered by FHFA.

The enterprise regulatory capital framework provides a granular assessment of credit risk specific to different mortgage loan categories, as well as components for market risk and operational risk. The enterprise regulatory capital framework includes the following requirements:

•Supplemental capital requirements relating to the amount and form of the capital we hold, based largely on definitions of capital used in U.S. banking regulators’ regulatory capital framework. The enterprise regulatory capital framework specifies complementary leverage and risk-based requirements, which together determine the requirements for each tier of capital;

•A requirement that we hold prescribed capital buffers that can be drawn down in periods of financial stress and then rebuilt over time as economic conditions improve. If we fall below the prescribed buffer amounts, we must restrict capital distributions such as stock repurchases and dividends, as well as discretionary bonus payments to executives, until the buffer amounts are restored. The prescribed capital buffers represent the amount of capital we are required to hold above the minimum leverage and risk-based capital requirements.

◦The prescribed leverage buffer amount (“PLBA”) represents the amount of tier 1 capital we are required to hold above the minimum tier 1 leverage capital requirement;

◦The risk-based capital buffers consist of three separate components: a stability capital buffer, a stress capital buffer, and a countercyclical capital buffer. Taken together, these risk-based buffers comprise the prescribed capital conservation buffer amount (“PCCBA”). The PCCBA must be comprised entirely of common equity tier 1 capital; and

•Specific minimum percentages, or “floors,” on the risk-weights applicable to single-family and multifamily exposures, as well as retained portions of credit risk transfer transactions.

The table below sets forth information about our capital requirements under the standardized approach of the enterprise regulatory capital framework. Available capital for purposes of the enterprise regulatory capital framework excludes the stated value of the senior preferred stock ($120.8 billion) and other amounts specified in footnote 2 to the table. Because of these exclusions, we had a deficit in available capital as of September 30, 2022, even though we had positive net worth under GAAP of $58.8 billion as of September 30, 2022.

As of September 30, 2022, we had a $258 billion shortfall of our available capital (deficit) to the adjusted total capital requirement (including buffers) of $183 billion under the standardized approach of the rule as shown in the table below. As of September 30, 2022, our risk-based adjusted total capital requirement (including buffers) represented the amount of capital needed to be fully capitalized under the standardized approach to the rule.


Capital Metrics under the Enterprise Regulatory Capital Framework as of September 30, 2022(1)
(Dollars in billions)
Adjusted total assets		$	4,540
Risk-weighted assets		1,298

		Amounts						Ratios
		Available Capital (Deficit)(2)		Minimum Capital Requirement		Total Capital Requirement (including Buffers)(4)		Available Capital (Deficit) Ratio(3)		Minimum Capital Ratio Requirement		Total Capital Requirement Ratio (including Buffers)
Risk-based capital:
	Total capital(5)	$	(53)	$	104	$	104	(4.1)	%	8.0	%	8.0	%
	Common equity tier 1 capital	(94)		58		137		(7.2)		4.5		10.6
	Tier 1 capital	(75)		78		157		(5.8)		6.0		12.1
	Adjusted total capital	(75)		104		183		(5.8)		8.0		14.1
Leverage capital:
	Core capital(6)	(62)		113		113		(1.4)		2.5		2.5
	Tier 1 capital	(75)		113		136		(1.7)		2.5		3.0

(1)Ratios are calculated as a percentage of risk-weighted assets for risk-based capital metrics and as a percentage of adjusted total assets for leverage capital metrics.

(2)Available capital (deficit) for all line items excludes the stated value of the senior preferred stock ($120.8 billion). Available capital (deficit) for all line items except total capital and core capital also deducts a portion of deferred tax assets. Deferred tax assets arising from temporary differences between GAAP and tax requirements are deducted from capital to the extent they exceed 10% of common equity. As of September 30, 2022, this resulted in the full deduction of deferred tax assets ($12.7 billion) from our available capital (deficit). Available capital (deficit) for common equity tier 1 capital also excludes the value of the non-cumulative perpetual preferred stock ($19.1 billion).

(3)Ratios are negative because we had a deficit in available capital for each tier of capital.

(4)The applicable buffer for common equity tier 1 capital, tier 1 capital, and adjusted total capital is the PCCBA, comprised of a stress capital buffer, a stability capital buffer, and a countercyclical capital buffer. The applicable buffer for tier 1 capital (leverage based) is the PLBA. The stress capital buffer and countercyclical capital buffer are each calculated by multiplying prescribed factors by adjusted total assets as of the last day of the previous calendar quarter. The 2022 stability capital buffer is calculated by multiplying a factor determined based on our share of mortgage debt outstanding by adjusted total assets as of December 31, 2020. The prescribed leverage buffer for 2022 is set at 50% of the 2022 stability buffer. Going forward the stability buffer and the prescribed leverage buffer will be updated with an effective date that depends on whether the stability capital buffer increases or decreases relative to the previously calculated value.

(5)The sum of (a) core capital (see definition in footnote 6 below); and (b) a general allowance for foreclosure losses, which (i) shall include an allowance for portfolio mortgage losses, an allowance for non-reimbursable foreclosure costs on government claims, and an allowance for liabilities reflected on the balance sheet for estimated foreclosure losses on mortgage-backed securities; and (ii) shall not include any reserves made or held against specific assets; and (c) any other amounts from sources of funds available to absorb losses that the Director of FHFA by regulation determines are appropriate to include in determining total capital.

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

As a result of our capital shortfall, our maximum payout ratio under the enterprise regulatory capital framework as of September 30, 2022 was 0%. While it is not applicable until the date of termination of our conservatorship, our maximum payout ratio represents the percentage of eligible retained income that we are permitted to pay out in the form of distributions or discretionary bonus payments under the enterprise regulatory capital framework. The maximum payout ratio for a given quarter is the lowest of the payout ratios determined by our capital conservation buffer and our leverage buffer.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
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.
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 functions and 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 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, the Director of FHFA must place us into receivership if they make 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 would be required to determine the carrying value of our assets, which would 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 equity structure, which includes the senior preferred stock purchase agreement.
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. 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	To meet our obligations under the TCCA and at the direction of FHFA, we increased the guaranty fee on all single-family residential mortgages delivered to us by 10 basis points effective April 1, 2012. 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 November 2021, the Infrastructure Investment and Jobs Act was enacted, which extended to October 1, 2032 our obligation under the TCCA to collect 10 basis points in guaranty fees on single-family residential mortgages delivered to us and pay the associated revenue to Treasury. In January 2022, FHFA advised us to continue to pay these TCCA fees to Treasury with respect to all single-family loans acquired by us before October 1, 2032, and to continue to remit these amounts to Treasury on and after October 1, 2032 with respect to loans we acquired before this date until those loans are paid off or otherwise liquidated.
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). Net income attributable to common stockholders excludes amounts attributable to the senior preferred stock.
New Accounting Pronouncements	New Accounting Guidance Adoption of ASU 2022-02 The Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments – Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) in March 2022. The amendments in ASU 2022-02 eliminate the accounting guidance for troubled debt restructurings (“TDRs”) by creditors while enhancing disclosure requirements for certain loan restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity would apply the loan refinancing and restructuring guidance to determine whether a modification or other form of restructuring results in a new loan or a continuation of an existing loan. Additionally, the amendments in this ASU require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases in the existing vintage disclosures. The ASU is effective for fiscal years beginning after December 15, 2022, for creditors that have adopted the amendments in Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Early adoption is permitted in any interim period and such election may be made individually to adopt the guidance related to TDRs, including related disclosures, and the presentation of gross write-offs in the vintage disclosures. ASU 2022-02 requires prospective transition for the disclosures related to loan restructurings for borrowers experiencing financial difficulty and the presentation of gross write-offs in the vintage disclosures. The guidance related to the recognition and measurement of TDRs may be adopted on a prospective or modified retrospective transition method. We elected to early adopt the guidance related to the elimination of the recognition and measurement of TDRs and the enhancement of disclosures for loan restructurings for borrowers experiencing financial difficulty as of January 1, 2022, using the prospective transition method. As of our adoption date, all restructurings, including restructurings for borrowers experiencing financial difficulty, are evaluated to determine whether they result in a new loan or a continuation of an existing loan. Loan restructurings for borrowers experiencing financial difficulty are generally accounted for as a continuation of the existing loan as the terms of the restructured loans are typically not at market rates. At adoption of this guidance on January 1, 2022, there was no material impact on our financial statements. When a single-family loan is restructured under ASU 2022-02, we continue to measure impairment on the loan using a discounted cash flow approach that utilizes a prepayment-adjusted discount rate that is based on the loan’s restructured terms. Under the TDR accounting model, we used the discount rate that was in effect prior to the restructuring to measure impairment. Using the interest rate that was in effect prior to the restructuring resulted in the recognition, in the allowance for loan losses, of the economic concession that we granted to borrowers as part of the loan restructuring. Using a post-restructuring interest rate does not result in the recognition of an economic concession in the allowance for loan losses. As we have elected a prospective transition, the economic concession on a loan that was previously restructured and accounted for as a TDR will continue to be measured in our allowance for loan losses using the discount rate that was in effect prior to the restructuring and the economic concession may increase or decrease as we update our cash flow assumptions related to the loan’s expected life. Further, the component of the allowance for loan losses representing economic concessions will decrease as the borrower makes payments in accordance with the restructured terms of the mortgage loan and as the loan is sold, liquidated, or subsequently restructured. In general, the accounting for restructurings made to borrowers experiencing financial difficulty upon adoption of the ASU is consistent with the accounting that we applied to troubled debt restructurings under section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), and the Consolidated Appropriations Act of 2021, which provided temporary relief from the accounting and reporting requirements for certain troubled debt restructurings related to COVID-19 beginning March 2020 through January 1, 2022. We plan to adopt the disclosure guidance related to the presentation of gross write-offs by year of origination in our vintage disclosures upon the effective date of ASU 2022-02, January 1, 2023. We do not expect the adoption of the guidance requiring gross write-offs by year of origination in our vintage disclosures to have a material impact on our financial statements. Fair Value Hedging - Portfolio Layer Method On March 28, 2022, the FASB issued ASU 2022-01, Fair Value Hedging - Portfolio Layer Method, which clarifies the guidance on fair value hedge accounting of interest rate risk portfolios of financial assets. The ASU expands the scope of the current last-of-layer method to allow entities to apply this method, renamed the portfolio layer method, to non-prepayable financial assets and to designate multiple hedge relationships within a single closed portfolio of financial assets. Additionally, the ASU clarifies that basis adjustments related to existing portfolio layer hedge relationships should not be considered when measuring credit losses on the financial assets included in the closed portfolio. Further, the ASU clarifies that any reversal of fair value hedge basis adjustments associated with an actual breach should be recognized in interest income immediately. The ASU is effective for public business entities for fiscal years beginning after December 15, 2022, and interim periods within those years. We plan to adopt this guidance effective January 1, 2023. The adoption of this guidance is not expected to have a material impact on our financial statements.
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. The underlying assets of our resecuritization trusts include both Fannie Mae securities collateralized solely by mortgage loans held in consolidated trusts as well as uniform mortgage-backed securities (“UMBS®”) collateralized with securities issued by Fannie Mae or Freddie Mac. 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 in these “Note 3, Mortgage Loans” disclosures. 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 (losses), net” in our condensed consolidated statements of operations and comprehensive income.
Nonaccrual Loans and 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. Nonaccrual Loans 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 as of 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. For single-family and multifamily 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. For loans that have been negatively impacted by COVID-19, we establish a valuation allowance for expected credit losses on the accrued interest receivable balance applying the process that we have established for both single-family and multifamily loans. The credit expense related to this valuation allowance is classified as a component of the provision for credit losses. Accrued interest receivable is written off when the amount is deemed to be uncollectible. Loans that are in active forbearance plans are not evaluated for write-off. For loans not subject to the COVID-19-related guidance, we have elected not to measure an allowance for credit losses on accrued interest receivable balances as we have a nonaccrual policy to ensure the timely reversal of unpaid accrued interest. See “Note 4, Allowance for Loan Losses” for additional information about our current-period provision for loan losses. For loans not subject to the COVID-19-related nonaccrual policy 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. 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. Interest income previously accrued but not collected 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. As a part of our single-family loss mitigation activities, we restructure loans where the borrower is experiencing financial difficulty. For the purpose of income recognition, we require the borrower to complete a performance period for those loss mitigation arrangements that bring the loan current via the capitalization of the past due principal and interest (i.e., contractual modifications and payment deferrals). In that regard, our contractual modifications generally include a trial period (a performance period of generally 3 to 4 months) that the borrower has to complete before the loan is permanently modified. The loans that receive these contractual modifications are not returned to accrual status until the borrower has successfully made all required payments during the trial period and the modification is made permanent. As payment deferrals do not include a trial period, these restructurings are not returned to accrual status until the borrower has made three consecutive contractual payments. If interest is capitalized pursuant to either a loan modification or a payment deferral, 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. For loans that have not been negatively impacted by COVID-19, 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. 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 volume and pricing of loans redesignated 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. In recent periods, changes in actual and projected interest rates have been a meaningful driver of our benefit or provision for loan losses as these changes drive prepayment speeds and impact the measurement of the economic concessions granted to borrowers on modified loans. Pursuant to our adoption of ASU 2022-02 on January 1, 2022, we prospectively discontinued TDR accounting and no longer measure the economic concession for restructurings occurring on or after the adoption date. This accounting also results in the elimination of any existing economic concession related to a loan that was previously designated as a TDR if such loan is restructured on or after January 1, 2022. See “Note 1, Summary of Significant Accounting Policies—New Accounting Guidance” for more information about our adoption of ASU 2022-02.
Trading and Available-for-sale Securities	Trading SecuritiesTrading securities are recorded at fair value with subsequent changes in fair value recorded in “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 loss” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains (losses), 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 loss.”
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.
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.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, Methods of Accounting, Hedging Derivatives	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, Offsetting	Derivative instruments are recorded at fair value and securities purchased under agreements to resell are recorded at amortized cost in our condensed consolidated balance sheets.
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. 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). Fair Value Option We elected the fair value option for loans and debt that contain embedded derivatives that would otherwise require bifurcation. Under the fair value option, we elected to carry these instruments at fair value instead of bifurcating the embedded derivative from 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	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.”
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 the likelihood of 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, 2022

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, 2022		December 31, 2021

	(Dollars in millions)
Assets and liabilities recorded in our condensed consolidated balance sheets related to unconsolidated mortgage-backed trusts:









Investments in securities	$	3,713	$	4,709
Other assets	41		35
Other liabilities	(48)		(41)
Net carrying amount	$	3,706	$	4,703

- 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, 2022

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, 2022		December 31, 2021
	(Dollars in millions)
Single-family	$	3,638,342	$	3,495,573
Multifamily	420,312		403,452
Total unpaid principal balance of mortgage loans	4,058,654		3,899,025
Cost basis and fair value adjustments, net	54,376		74,846
Allowance for loan losses for HFI loans	(8,302)		(5,629)
Total mortgage loans(1)	$	4,104,728	$	3,968,242

(1)Excludes $9.2 billion and $9.1 billion of accrued interest receivable, net of allowance as of September 30, 2022 and December 31, 2021.

The following table displays information about our purchase of HFI loans, 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,

		2022		2021		2022		2021
	(Dollars in millions)
Purchase of HFI loans:
Single-family unpaid principal balance		$	117,686	$	296,410	$	529,453	$	1,070,136
Multifamily unpaid principal balance		15,943		16,282		50,627		48,580

Single-family loans redesignated from HFI to HFS:
Amortized cost		$	1,726	$	3,427	$	6,099	$	12,844
Lower of cost or fair value adjustment at time of redesignation(1)		(196)		(47)		(418)		(247)
Allowance reversed at time of redesignation		80		165		298		1,350

Single-family loans sold:
Unpaid principal balance		$	1,919	$	3,063	$	6,229	$	10,588
Realized gains, net		20		300		91		955

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

Financing Receivable, Past Due


	As of September 30, 2022
	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	$	22,792	$	5,603	$	19,511	$	47,906	$	3,079,227	$	3,127,133	$	12,525	$	3,563
15-year or less, amortizing fixed-rate	1,530		264		808		2,602		504,620		507,222		654		95
Adjustable-rate	147		29		135		311		26,161		26,472		99		28
Other(2)	604		165		876		1,645		30,412		32,057		444		282
Total single-family	25,073		6,061		21,330		52,464		3,640,420		3,692,884		13,722		3,968
Multifamily(3)	282		N/A		1,046		1,328		420,253		421,581		6		14
Total	$	25,355	$	6,061	$	22,376	$	53,792	$	4,060,673	$	4,114,465	$	13,728	$	3,982


	As of December 31, 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	$	22,862	$	5,192	$	38,288	$	66,342	$	2,902,763	$	2,969,105	$	24,236	$	6,271
15-year or less, amortizing fixed-rate	2,024		326		1,799		4,149		529,278		533,427		1,454		193
Adjustable-rate	161		36		374		571		25,771		26,342		287		63
Other(2)	786		204		1,942		2,932		35,013		37,945		1,008		545
Total single-family	25,833		5,758		42,403		73,994		3,492,825		3,566,819		26,985		7,072
Multifamily(3)	114		N/A		1,693		1,807		404,398		406,205		317		107
Total	$	25,947	$	5,758	$	44,096	$	75,801	$	3,897,223	$	3,973,024	$	27,302	$	7,179

(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.

Financing Receivable, Loan Modification



	For the Three Months Ended September 30, 2022
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial Modification and Repayment Plans		Payment Delay and Term Extension(1)		Payment Delay, Term Extension and Interest Rate Reduction(1)			Total	Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	9,811	$	3,827	$	2,869	$	1,144		$	2,321		$	19,972	1	%
15-year or less, amortizing fixed-rate	478		196		129		1			1			805		*
Adjustable-rate	49		22		15		—			3			89		*
Other	173		77		86		25			91			452		1
Total single-family	10,511		4,122		3,099		1,170			2,416			21,318		1
Multifamily	6		—		—		—			18			24		*
Total(3)	$	10,517	$	4,122	$	3,099	$	1,170		$	2,434		$	21,342	1

	For the Nine Months Ended September 30, 2022
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial Modification and Repayment Plans		Payment Delay and Term Extension(1)		Payment Delay, Term Extension and Interest Rate Reduction(1)			Total	Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	13,905	$	14,705	$	5,417	$	2,832		$	11,247		$	48,106	2	%
15-year or less, amortizing fixed-rate	697		794		245		2			1			1,739		*
Adjustable-rate	76		83		39		—			26			224		1
Other	289		353		182		109			497			1,430		4
Total single-family	14,967		15,935		5,883		2,943			11,771			51,499		1
Multifamily	187		—		—		—			18			205		*
Total(3)	$	15,154	$	15,935	$	5,883	$	2,943		$	11,789		$	51,704	1

* Represents less than 0.5% of total by financing class.

(1) Represents loans that received a contractual modification.

(2) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable.


	For the Three Months Ended September 30, 2022
	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)
Loan by class of financing receivable(2):
20- and 30-year or more, amortizing fixed-rate	1.18	%	179	$	20,896
15-year or less, amortizing fixed-rate	1.88		45	16,950
Adjustable-rate	1.47		—	22,079
Other	1.66		192	21,042

	For the Nine Months Ended September 30, 2022
	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)
Loan by class of financing receivable(2):
20- and 30-year or more, amortizing fixed-rate	1.45	%	179	$	22,862
15-year or less, amortizing fixed-rate	2.31		52	19,872
Adjustable-rate	0.82		—	23,065
Other	1.82		184	23,776

(1) Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole dollars.

(2) Excludes the financial effects of modifications for loans that were paid off or otherwise liquidated as of period end.


	For the Three Months Ended September 30, 2022
		Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension			Payment Delay, Term Extension and Interest Rate Reduction			Total
	(Dollars in Millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	766		$	97		$	276		$	1,139
15-year or less, amortizing fixed-rate		26			—			—			26
Adjustable-rate		4			—			2			6
Other		19			4			18			41
Total single-family		815			101			296			1,212
Multifamily		—			—			—			—
Total loans that subsequently defaulted(1)		$	815		$	101		$	296		$	1,212


	For the Nine Months Ended September 30, 2022
		Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension			Payment Delay, Term Extension and Interest Rate Reduction			Total
	(Dollars in Millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	1,083		$	136		$	343		$	1,562
15-year or less, amortizing fixed-rate		39			—			—			39
Adjustable-rate		5			—			3			8
Other		29			7			26			62
Total single-family		1,156			143			372			1,671
Multifamily		—			—			—			—
Total loans that subsequently defaulted(1)		$	1,156		$	143		$	372		$	1,671

(1) Represents amortized cost as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale.


	As of September 30, 2022
	30-59 Days Delinquent		60-89 Days Delinquent(1)		Seriously Delinquent		Total Delinquent		Current		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	3,051	$	2,202	$	13,299	$	18,552	$	22,262	$	40,814
15-year or less, amortizing fixed-rate	132		90		553		775		766		1,541
Adjustable-rate	11		9		80		100		99		199
Other	92		51		361		504		732		1,236
Total single-family loans modified	3,286		2,352		14,293		19,931		23,859		43,790
Multifamily	—		—		187		187		18		205
Total loans restructured(2)	$	3,286	$	2,352	$	14,480	$	20,118	$	23,877	$	43,995

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

(2) Represents the amortized cost basis as of period end.

Troubled Debt Restructurings Activity

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


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


	For the Nine Months Ended September 30, 2021
	Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	8,022	$	1,274
15-year or less, amortizing fixed-rate	886	70
Adjustable-rate	96	14
Other	416	43
Total single-family	9,420	1,401
Multifamily	—	—
Total TDRs	9,420	$	1,401


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


	For the Nine Months Ended September 30, 2021
	Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	5,754	$	969
15-year or less, amortizing fixed-rate	330	24
Adjustable-rate	26	4
Other	693	128
Total single-family	6,803	1,125
Multifamily	—	—
Total TDRs that subsequently defaulted	6,803	$	1,125

Financing Receivable, Nonaccrual

The table below displays the accrued interest receivable written off through the reversal of interest income for nonaccrual loans.


		For the Three Months Ended September 30,
		2022		2021
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$	14	$	15
Multifamily		1		—


		For the Nine Months Ended September 30,
		2022		2021
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$	46	$	144
Multifamily		1		1


	As of				For the Three Months Ended September 30, 2022	For the Nine Months Ended September 30, 2022
	September 30, 2022		June 30, 2022					December 31, 2021
	Amortized Cost				Total Interest Income Recognized(1)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	10,121	$	10,241		$	17,599	$	48	$	175
15-year or less, amortizing fixed-rate	235		245			430		1		3
Adjustable-rate	55		59			107		—		1
Other	591		698			1,101		3		9
Total single-family	11,002		11,243			19,237		52		188
Multifamily	1,231		1,317			1,259		12		25
Total nonaccrual loans	$	12,233	$	12,560		$	20,496	$	64	$	213


	As of				For the Three Months Ended September 30, 2021			For the Nine Months Ended September 30, 2021
	September 30, 2021		June 30, 2021				December 31, 2020
	Amortized Cost				Total Interest Income Recognized(1)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	20,083	$	24,728	$	22,907		$	67	$	241
15-year or less, amortizing fixed-rate	491		596		853			1		4
Adjustable-rate	126		179		270			—		1
Other	1,277		1,761		2,475			3		14
Total single-family	21,977		27,264		26,505			71		260
Multifamily	2,253		2,220		2,069			9		24
Total nonaccrual loans	$	24,230	$	29,484	$	28,574		$	80	$	284

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, 2022, by Year of Origination(1)
	2022		2021		2020		2019		2018		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%	$	253,757	$	926,196	$	836,382	$	152,731	$	72,366	$	669,943	$	2,911,375
Greater than 80% and less than or equal to 90%	68,200		75,617		4,698		991		583		1,100		151,189
Greater than 90% and less than or equal to 100%	56,826		5,369		1,351		280		79		227		64,132
Greater than 100%	41		94		28		13		13		248		437
Total 20- and 30-year or more, amortizing fixed-rate	378,824		1,007,276		842,459		154,015		73,041		671,518		3,127,133
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	36,062		190,699		138,640		21,091		7,698		111,042		505,232
Greater than 80% and less than or equal to 90%	1,054		436		34		3		1		2		1,530
Greater than 90% and less than or equal to 100%	440		14		1		—		—		2		457
Greater than 100%	—		—		—		—		—		3		3
Total 15-year or less, amortizing fixed-rate	37,556		191,149		138,675		21,094		7,699		111,049		507,222
Adjustable-rate:
Less than or equal to 80%	3,151		6,565		1,925		848		944		11,830		25,263
Greater than 80% and less than or equal to 90%	644		196		9		2		1		2		854
Greater than 90% and less than or equal to 100%	338		15		1		—		1		—		355
Greater than 100%	—		—		—		—		—		—		—
Total adjustable-rate	4,133		6,776		1,935		850		946		11,832		26,472
Other:
Less than or equal to 80%	—		—		—		30		229		23,078		23,337
Greater than 80% and less than or equal to 90%	—		—		—		—		1		127		128
Greater than 90% and less than or equal to 100%	—		—		—		—		1		60		61
Greater than 100%	—		—		—		—		—		55		55
Total other	—		—		—		30		231		23,320		23,581
Total	$	420,513	$	1,205,201	$	983,069	$	175,989	$	81,917	$	817,719	$	3,684,408

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	292,970	$	1,123,460	$	976,947	$	174,700	$	81,237	$	815,893	$	3,465,207
Greater than 80% and less than or equal to 90%	69,898		76,249		4,741		996		586		1,231		153,701
Greater than 90% and less than or equal to 100%	57,604		5,398		1,353		280		81		289		65,005
Greater than 100%	41		94		28		13		13		306		495
Total	$	420,513	$	1,205,201	$	983,069	$	175,989	$	81,917	$	817,719	$	3,684,408


	As of December 31, 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%	$	798,830	$	881,290	$	177,909	$	87,825	$	111,059	$	666,327	$	2,723,240
Greater than 80% and less than or equal to 90%	129,340		39,689		2,689		1,056		622		1,687		175,083
Greater than 90% and less than or equal to 100%	66,667		2,278		544		229		57		460		70,235
Greater than 100%	21		12		9		16		22		467		547
Total 20- and 30-year or more, amortizing fixed-rate	994,858		923,269		181,151		89,126		111,760		668,941		2,969,105
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	196,163		157,076		25,390		9,595		20,715		121,027		529,966
Greater than 80% and less than or equal to 90%	2,576		259		16		4		2		7		2,864
Greater than 90% and less than or equal to 100%	579		5		—		1		1		4		590
Greater than 100%	—		—		—		—		2		5		7
Total 15-year or less, amortizing fixed-rate	199,318		157,340		25,406		9,600		20,720		121,043		533,427
Adjustable-rate:
Less than or equal to 80%	6,166		2,235		1,065		1,236		2,524		12,501		25,727
Greater than 80% and less than or equal to 90%	438		25		7		4		2		3		479
Greater than 90% and less than or equal to 100%	135		1		—		—		—		—		136
Greater than 100%	—		—		—		—		—		—		—
Total adjustable-rate	6,739		2,261		1,072		1,240		2,526		12,504		26,342
Other:
Less than or equal to 80%	—		—		34		268		655		26,930		27,887
Greater than 80% and less than or equal to 90%	—		—		—		3		6		275		284
Greater than 90% and less than or equal to 100%	—		—		—		1		2		133		136
Greater than 100%	—		—		—		1		1		141		143
Total other	—		—		34		273		664		27,479		28,450
Total	$	1,200,915	$	1,082,870	$	207,663	$	100,239	$	135,670	$	829,967	$	3,557,324

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	1,001,159	$	1,040,601	$	204,398	$	98,924	$	134,953	$	826,785	$	3,306,820
Greater than 80% and less than or equal to 90%	132,354		39,973		2,712		1,067		632		1,972		178,710
Greater than 90% and less than or equal to 100%	67,381		2,284		544		231		60		597		71,097
Greater than 100%	21		12		9		17		25		613		697
Total	$	1,200,915	$	1,082,870	$	207,663	$	100,239	$	135,670	$	829,967	$	3,557,324

Multifamily

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

Credit Quality Indicators


	As of September 30, 2022, by Year of Origination
	2022		2021		2020		2019		2018		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Non-classified(1)	$	41,215	$	65,917	$	76,340	$	60,824	$	50,069	$	109,463	$	403,828
Classified(2)	66		172		1,061		2,383		2,181		11,890		17,753
Total	$	41,281	$	66,089	$	77,401	$	63,207	$	52,250	$	121,353	$	421,581


	As of December 31, 2021, by Year of Origination
	2021		2020		2019		2018		2017		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Non-classified(1)	$	58,986	$	79,602	$	64,278	$	55,552	$	44,037	$	87,549	$	390,004
Classified(2)	21		595		2,288		2,114		4,091		7,092		16,201
Total	$	59,007	$	80,197	$	66,566	$	57,666	$	48,128	$	94,641	$	406,205

(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, 2022

Receivables [Abstract]

Financing Receivable, Allowance for Credit Loss


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
	(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance	$	(5,389)	$	(6,064)	$	(4,950)	$	(9,344)
Benefit (provision) for loan losses	(2,339)		839		(2,869)		4,003
Write-offs	289		51		564		271
Recoveries	(65)		(133)		(182)		(212)
Other	16		(8)		(51)		(33)
Ending Balance	$	(7,488)	$	(5,315)	$	(7,488)	$	(5,315)
Multifamily allowance for loan losses:
Beginning balance	$	(680)	$	(1,050)	$	(679)	$	(1,208)
Benefit (provision) for loan losses	(169)		45		(153)		175
Write-offs	39		7		39		54
Recoveries	(4)		(21)		(21)		(40)

Ending Balance	$	(814)	$	(1,019)	$	(814)	$	(1,019)
Total allowance for loan losses:
Beginning balance	$	(6,069)	$	(7,114)	$	(5,629)	$	(10,552)
Benefit (provision) for loan losses	(2,508)		884		(3,022)		4,178
Write-offs	328		58		603		325
Recoveries	(69)		(154)		(203)		(252)
Other	16		(8)		(51)		(33)
Ending Balance	$	(8,302)	$	(6,334)	$	(8,302)	$	(6,334)

Investments in Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments In Trading Securities

The following table displays our investments in trading securities.


		As of
		September 30, 2022		December 31, 2021

	(Dollars in millions)




Mortgage-related securities (includes $446 million and $593 million, respectively, related to consolidated trusts)		$	3,551	$	4,606



Non-mortgage-related securities(1)		54,702		83,600
Total trading securities		$	58,253	$	88,206

(1)Primarily includes U.S. Treasury 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,

			2022		2021		2022		2021

		(Dollars in millions)
Net trading gains (losses)			$	(1,319)	$	(129)	$	(3,754)	$	(726)
Net trading gains (losses) recognized in the period related to securities still held at period end			(1,064)		(124)		(3,157)		(702)

Schedule of Available-for-sale Securities Reconciliation


	As of September 30, 2022
	Total Amortized Cost			Allowance for Credit Losses		Gross Unrealized Gains in AOCI		Gross Unrealized Losses in AOCI		Total Fair Value

	(Dollars in millions)
Agency securities(1)		$	459	$	—	$	10	$	(16)	$	453





Other mortgage-related securities(2)		285		(3)		7		(1)		288
Total		$	744	$	(3)	$	17	$	(17)	$	741


	As of December 31, 2021
	Total Amortized Cost			Allowance for Credit Losses(3)		Gross Unrealized Gains in AOCI		Gross Unrealized Losses in AOCI		Total Fair Value

	(Dollars in millions)
Agency securities(1)		$	504	$	—	$	14	$	(11)	$	507




Other mortgage-related securities		323		—		10		(3)		330
Total		$	827	$	—	$	24	$	(14)	$	837

(1)Agency securities consist of securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae.

(2)As of September 30, 2022, substantially all of our non-agency mortgage-related securities were in an unrealized gain position.

(3)Total allowance for credit losses was less than $0.5 million as of December 31, 2021.

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


	As of
	September 30, 2022										December 31, 2021
	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)
Agency securities		$	—	$	—		$	(16)	$	161		$	(5)	$	225		$	(6)	$	102
Other mortgage-related securities		(1)		11			—		—			(3)		3			—		—

Total		$	(1)	$	11		$	(16)	$	161		$	(8)	$	228		$	(6)	$	102

Schedule of Realized Gain (Loss)

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


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

	2022		2021		2022		2021

	(Dollars in millions)
Gross realized gains	$	—	$	—	$	—	$	59
Total proceeds (excludes initial sale of securities from new portfolio securitizations)	—		—		—		582

Schedule of Accumulated Other Comprehensive Income (Loss)

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


	As of
	September 30, 2022		December 31, 2021

	(Dollars in millions)
Net unrealized gains (losses) on AFS securities for which we have not recorded an allowance for credit losses	$	(1)	$	9
Net unrealized losses on AFS securities for which we have recorded an allowance for credit losses	—		(2)
Other	25		31
Accumulated other comprehensive income	$	24	$	38

Investments Classified by Contractual Maturity Date


	As of September 30, 2022
	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)
Agency securities		$	459	$	453		$	—	$	—		$	4	$	4		$	13	$	13		$	442	$	436





Other mortgage-related securities		282		288			3		3			18		18			14		15			247		252
Total		$	741	$	741		$	3	$	3		$	22	$	22		$	27	$	28		$	689	$	688

(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, 2022

Guarantees [Abstract]

Schedule of Guarantor Obligations


	As of
	September 30, 2022						December 31, 2021
	Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)		Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	3,262	$	16	$	3,176	$	3,733	$	16	$	3,626
Other guaranty arrangements(2)	9,734		85		2,051		10,423		85		2,117
Total	$	12,996	$	101	$	5,227	$	14,156	$	101	$	5,743

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

Short-Term and Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022				December 31, 2021
	Outstanding		Weighted- Average Interest Rate(1)		Outstanding		Weighted- Average Interest Rate(1)
	(Dollars in millions)

Short-term debt of Fannie Mae	$	2,989	2.63	%	$	2,795	0.03	%

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

Long-Term Debt

The following table displays our outstanding long-term debt.


	As of
	September 30, 2022					December 31, 2021
	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	2022 - 2030	$	74,191	2.40	%	2022 - 2030	$	89,618	2.13	%
Medium-term notes(3)	2022 - 2031	38,638		0.70		2022 - 2031	38,312		0.60
Other(4)	2023 - 2038	6,749		4.06		2023 - 2038	7,045		3.73
Total senior fixed		119,578		1.96			134,975		1.78
Senior floating:
Medium-term notes(3)	N/A	—		—		2022	51,583		0.32
Connecticut Avenue Securities(5)	2023 - 2031	6,955		7.22		2023 - 2031	11,166		4.30
Other(6)	2037	254		9.26		2037	373		7.17
Total senior floating		7,209		7.29			63,122		1.05


Total long-term debt of Fannie Mae(7)		126,787		2.25			198,097		1.55
Debt of consolidated trusts	2022 - 2061	4,078,038		2.29		2022 - 2061	3,957,299		1.89
Total long-term debt		$	4,204,825	2.29	%		$	4,155,396	1.88	%

(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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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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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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

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 https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022						As of December 31, 2021
	Notional Amount		Estimated Fair Value				Notional Amount			Estimated Fair Value
			Asset Derivatives		Liability Derivatives						Asset Derivatives		Liability Derivatives
	(Dollars in millions)
Risk management derivatives designated as hedging instruments:
Swaps:(1)
Pay-fixed	$	6,221	$	—	$	—		$	4,347		$	—	$	—
Receive-fixed	35,926		—		—			40,686			—		—

Total risk management derivatives designated as hedging instruments	42,147		—		—			45,033			—		—
Risk management derivatives not designated as hedging instruments:
Swaps:(1)
Pay-fixed	89,832		—		—			56,817			—		—
Receive-fixed	93,469		—		(4,683)			56,874			—		(1,131)
Basis	41,250		31		—			250			152		—
Foreign currency	277		—		(130)			336			25		(34)
Swaptions:(1)
Pay-fixed	5,286		203		(20)			4,341			52		(2)
Receive-fixed	2,136		5		(44)			1,091			10		(21)

Total risk management derivatives not designated as hedging instruments	232,250		239		(4,877)			119,709			239		(1,188)


Netting adjustment(2)	—		(163)		4,833			—			(237)		1,173
Total risk management derivatives portfolio	274,397		76		(44)			164,742			2		(15)
Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	5,774		4		(78)			13,192			17		(5)
Forward contracts to purchase mortgage-related securities	43,304		5		(732)			58,021			83		(34)
Forward contracts to sell mortgage-related securities	61,444		411		(4)			111,173			69		(158)
Total mortgage commitment derivatives	110,522		420		(814)			182,386			169		(197)
Credit enhancement derivatives	24,456		2		(65)			19,256			—		(21)
Derivatives at fair value	$	409,375	$	498	$	(923)		$	366,384		$	171	$	(233)

(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,

	2022		2021		2022		2021
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	2,510	$	343	$	5,809	$	1,855
Receive-fixed	(1,903)		(209)		(5,269)		(1,307)
Basis	5		(12)		(126)		(39)
Foreign currency	(62)		(19)		(122)		(23)
Swaptions:
Pay-fixed	43		6		141		55
Receive-fixed	(6)		(14)		(19)		(223)
Futures	—		—		(1)		1
Net contractual interest expense on interest-rate swaps	(63)		(2)		(102)		(6)
Total risk management derivatives fair value gains, net	524		93		311		313
Mortgage commitment derivatives fair value gains (losses), net	517		(25)		2,933		504
Credit enhancement derivatives fair value losses, net	(32)		(55)		(83)		(163)
Total derivatives fair value gains, net	$	1,009	$	13	$	3,161	$	654

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,
	2022				2021				2022				2021
	Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt		Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt		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	$	30,114	$	(23,709)	$	24,798	$	(18,009)	$	86,338	$	(65,291)	$	73,083	$	(51,646)

Gains (losses) from fair value hedging relationships:
Mortgage loans HFI and related interest-rate contracts:
Hedged items	$	(285)	$	—	$	(1)	$	—	$	(867)	$	—	$	69	$	—
Discontinued hedge related basis adjustment amortization	9		—		(3)		—		14		—		(3)		—


Derivatives designated as hedging instruments	269		—		(1)		—		833		—		(71)		—
Interest accruals on hedging instruments	7		—		(4)		—		(10)		—		(9)		—
Debt of Fannie Mae and related interest-rate contracts:
Hedged items	—		1,477		—		195		—		3,848		—		1,000
Discontinued hedge-related basis adjustment amortization	—		(145)		—		(20)		—		(329)		—		(54)
Derivatives designated as hedging instruments	—		(1,289)		—		(191)		—		(3,381)		—		(982)
Interest accruals on derivative hedging instruments	—		(108)		—		65		—		(54)		—		178
Total effect of fair value hedges	$	—	$	(65)	$	(9)	$	49	$	(30)	$	84	$	(14)	$	142


	As of September 30, 2022
	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	$	253,002	$	(719)	$	(719)	$	59,031	$	5,595

Debt of Fannie Mae	(73,711)		4,777		4,777		N/A		N/A


	As of December 31, 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	$	174,080	$	134	$	134	$	56,786	$	4,389

Debt of Fannie Mae	(72,174)		1,281		1,281		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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment results

The following table displays our segment results.


	For the Three Months Ended September 30,
	2022						2021
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	5,918	$	1,206	$	7,124	$	5,870	$	1,102	$	6,972
Fee and other income(2)	83		22		105		86		25		111
Net revenues	6,001		1,228		7,229		5,956		1,127		7,083
Investment gains (losses), net(3)	(178)		6		(172)		222		21		243
Fair value gains (losses), net(4)	309		(17)		292		(31)		14		(17)
Administrative expenses	(730)		(140)		(870)		(620)		(125)		(745)
Credit-related income (expense):(5)
Benefit (provision) for credit losses	(2,361)		(175)		(2,536)		887		50		937
Foreclosed property income (expense)	(6)		21		15		(80)		11		(69)
Total credit-related income (expense)	(2,367)		(154)		(2,521)		807		61		868
TCCA fees(6)	(850)		—		(850)		(781)		—		(781)
Credit enhancement expense(7)	(298)		(66)		(364)		(174)		(59)		(233)
Change in expected credit enhancement recoveries(8)	245		45		290		(28)		(14)		(42)
Other expenses, net	(159)		(10)		(169)		(261)		(7)		(268)
Income before federal income taxes	1,973		892		2,865		5,090		1,018		6,108
Provision for federal income taxes	(276)		(153)		(429)		(1,065)		(201)		(1,266)
Net income	$	1,697	$	739	$	2,436	$	4,025	$	817	$	4,842


	For the Nine Months Ended September 30,
	2022						2021
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	18,746	$	3,585	$	22,331	$	19,087	$	2,913	$	22,000
Fee and other income(2)	204		65		269		228		73		301
Net revenues	18,950		3,650		22,600		19,315		2,986		22,301
Investment gains (losses), net(3)	(271)		(52)		(323)		944		(10)		934
Fair value gains (losses), net(4)	1,379		(78)		1,301		323		(2)		321
Administrative expenses	(2,084)		(389)		(2,473)		(1,862)		(377)		(2,239)
Credit-related income (expense):(5)
Benefit (provision) for credit losses	(2,837)		(157)		(2,994)		4,102		188		4,290
Foreclosed property income (expense)	3		18		21		(91)		(14)		(105)
Total credit-related income (expense)	(2,834)		(139)		(2,973)		4,011		174		4,185
TCCA fees(6)	(2,515)		—		(2,515)		(2,270)		—		(2,270)
Credit enhancement expense(7)	(778)		(196)		(974)		(619)		(172)		(791)
Change in expected credit enhancement recoveries(8)	271		32		303		(101)		(16)		(117)
Other expenses, net	(556)		(77)		(633)		(863)		(4)		(867)
Income before federal income taxes	11,562		2,751		14,313		18,878		2,579		21,457
Provision for federal income taxes	(2,270)		(546)		(2,816)		(3,952)		(518)		(4,470)
Net income	$	9,292	$	2,205	$	11,497	$	14,926	$	2,061	$	16,987

(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, 2022

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, 2022						December 31, 2021
	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	0.69	%	0.17	%	0.62	%	0.73	%	0.16	%	1.20	%
Percentage of single-family conventional loans based on loan count	0.80		0.20		0.69		0.86		0.20		1.25

Schedule of Risk Characteristics Guaranty Book of Business


	As of
	September 30, 2022				December 31, 2021
	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:
80.01% to 90%	4	%	0.54	%	5	%	0.88	%
90.01% to 100%	2		0.34		2		0.51
Greater than 100%	*		7.42		*		12.41
Geographical distribution:
California	19		0.48		19		1.01
Florida	6		0.77		6		1.59
Illinois	3		0.95		3		1.55
New Jersey	3		0.98		3		1.90
New York	5		1.28		5		2.24
All other states	64		0.66		64		1.16
Vintages:
2004 and prior	1		2.41		1		3.48
2005-2008	1		3.83		2		5.87
2009-2022	98		0.55		97		1.01

* 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, 2022 or December 31, 2021.

Schedule of Risk in Force Mortgage Insurance Coverage


	As of
	September 30, 2022			December 31, 2021
	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	$	189,544		$	176,587
Pool mortgage insurance	229			261
Total mortgage insurance risk in force	$	189,773	5%	$	176,848	5%

Schedule of Risk in Force Mortgage Insurance Coverage, by Counterparty


	Percentage of Risk-in-Force Coverage by Mortgage Insurer
	As of
	September 30, 2022		December 31, 2021

Counterparty:(1)
Mortgage Guaranty Insurance Corp.	19	%	19	%
Arch Capital Group Ltd.	19		19
Radian Guaranty, Inc.	17		17
Enact Mortgage Insurance Corp.(2)	16		17
Essent Guaranty, Inc.	16		16
National Mortgage Insurance Corp.	12		11
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.

(2)Genworth Mortgage Insurance Corp. was renamed Enact Mortgage Insurance Corp. effective February 7, 2022.

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 servicer that serviced 10% or more of our single-family guaranty book of business as of December 31, 2021, based on unpaid principal balance.


	Percentage of Single-Family Guaranty Book of Business
	As of
	September 30, 2022		December 31, 2021
Wells Fargo Bank, N.A. (together with its affiliates)	9	%	10	%
Remaining top five depository servicers	12		11
Top five non-depository servicers	23		23
Total	44	%	44	%

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, 2022(1)				December 31, 2021(1)
	30 Days Delinquent		Seriously Delinquent(2)		30 Days Delinquent		Seriously Delinquent(2)
Percentage of multifamily guaranty book of business	0.07	%	0.26	%	0.03	%	0.42	%

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, 2022				December 31, 2021
	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	%	0.14	%	1	%	0.13	%
Less than or equal to 80%	99		0.26		99		0.42
Current DSCR below 1.0(4)	3		5.53		2		13.90

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

(4)Our estimates of current DSCRs are based on the latest available income information from annual statements for these properties.

Schedules of Concentration of Risk, by Risk Factor


	Percentage of Multifamily Guaranty Book of Business
	As of
	September 30, 2022		December 31, 2021
Walker & Dunlop, LLC	13	%	12	%
Wells Fargo Bank, N.A. (together with its affiliates)	11		11
Remaining top five servicers	24		24
Total	48	%	47	%

Netting Arrangements (Tables)

9 Months Ended

Sep. 30, 2022

Offsetting [Abstract]

Offsetting

The tables below display information related to derivatives, securities purchased under agreements to resell, and securities sold under agreements to repurchase, 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, 2022
			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	$	239	$	(233)		$	6			$	—		$	—	$	6
Cleared risk management derivatives	—		70			70				—			—		70
Mortgage commitment derivatives	420		—			420				(307)			(1)		112
Total derivative assets	659		(163)			496		(4)		(307)			(1)		188
Securities purchased under agreements to resell(5)	47,050		—			47,050				—			(47,050)		—
Total assets	$	47,709	$	(163)		$	47,546			$	(307)		$	(47,051)	$	188
Liabilities:
OTC risk management derivatives	$	(4,877)	$	4,834		$	(43)			$	—		$	—	$	(43)
Cleared risk management derivatives	—		(1)			(1)				—			1		—
Mortgage commitment derivatives	(814)		—			(814)				307			2		(505)


Total liabilities	$	(5,691)	$	4,833		$	(858)	(4)		$	307		$	3	$	(548)


	As of December 31, 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	$	239	$	(237)		$	2				$	—		$	—		$	2
Cleared risk management derivatives	—		—			—					—			—			—
Mortgage commitment derivatives	169		—			169					(133)			—			36
Total derivative assets	408		(237)			171		(4)			(133)			—			38
Securities purchased under agreements to resell(5)	64,843		—			64,843					—			(64,843)			—
Total assets	$	65,251	$	(237)		$	65,014				$	(133)		$	(64,843)		$	38
Liabilities:
OTC risk management derivatives	$	(1,188)	$	1,183		$	(5)				$	—		$	—		$	(5)
Cleared risk management derivatives	—		(10)			(10)					—			10			—
Mortgage commitment derivatives	(197)		—			(197)					133			56			(8)


Total liabilities	$	(1,385)	$	1,173		$	(212)	(4)			$	133		$	66		$	(13)

Fair Value (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Recurring Changes in Fair Value


	Fair Value Measurements as of September 30, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment(1)			Estimated Fair Value
	(Dollars in millions)
Recurring fair value measurements:
Assets:

Trading securities:




Mortgage-related		$	—		$	3,511		$	40		$	—		$	3,551



Non-mortgage-related(3)		54,687			15			—			—			54,702
Total trading securities		54,687			3,526			40			—			58,253
Available-for-sale securities:



Agency(4)		—			60			393			—			453



Other mortgage-related		—			7			281			—			288
Total available-for-sale securities		—			67			674			—			741
Mortgage loans		—			3,146			545			—			3,691
Derivative assets		—			628			33			(163)			498








Total assets at fair value		$	54,687		$	7,367		$	1,292		$	(163)		$	63,183

Liabilities:
Long-term debt:


Of Fannie Mae		$	—		$	1,512		$	254		$	—		$	1,766

Of consolidated trusts		—			16,617			141			—			16,758
Total long-term debt		—			18,129			395			—			18,524
Derivative liabilities		—			5,691			65			(4,833)			923








Total liabilities at fair value		$	—		$	23,820		$	460		$	(4,833)		$	19,447


	Fair Value Measurements as of December 31, 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, including restricted cash equivalents(2)		$	250		$	—		$	—		$	—		$	250
Trading securities:




Mortgage-related		—			4,549			57			—			4,606



Non-mortgage-related(3)		83,581			19			—			—			83,600
Total trading securities		83,581			4,568			57			—			88,206
Available-for-sale securities:



Agency(4)		—			76			431			—			507



Other mortgage-related		—			8			322			—			330
Total available-for-sale securities		—			84			753			—			837
Mortgage loans		—			4,209			755			—			4,964
Derivative assets		—			256			152			(237)			171








Total assets at fair value		$	83,831		$	9,117		$	1,717		$	(237)		$	94,428

Liabilities:
Long-term debt:


Of Fannie Mae		$	—		$	2,008		$	373		$	—		$	2,381

Of consolidated trusts		—			21,640			95			—			21,735
Total long-term debt		—			23,648			468			—			24,116
Derivative liabilities		—			1,385			21			(1,173)			233








Total liabilities at fair value		$	—		$	25,033		$	489		$	(1,173)		$	24,349

(2)Cash equivalents and restricted cash equivalents are composed of U.S. Treasuries that have a maturity at the date of acquisition of three months or less.

(3)Primarily includes U.S. Treasury securities.

(4)Agency securities consist of securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae.

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, 2022
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2022(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2022(1)
	Balance, June 30, 2022		Included in Net Income			Included in Total OCI (Loss)(1)		Purchases(2)		Sales(2)		Issues(3)		Settlements(3)		Transfers out of Level 3		Transfers into Level 3		Balance, September 30, 2022
	(Dollars in millions)
Trading securities:




Mortgage-related	$	76	$	(3)		$	—	$	—	$	—	$	—	$	—	$	(33)	$	—	$	40	$	2	$	—


Available-for-sale securities:


Agency	$	404	$	1		$	(1)	$	—	$	—	$	—	$	(11)	$	—	$	—	$	393	$	—	$	(1)



Other mortgage-related	289		(2)			1		—		—		—		(7)		—		—		281		—		2
Total available-for-sale securities	$	693	$	(1)	(6)(7)	$	—	$	—	$	—	$	—	$	(18)	$	—	$	—	$	674	$	—	$	1

Mortgage loans	$	599	$	(20)	(5)(6)	$	—	$	—	$	—	$	—	$	(33)	$	(13)	$	12	$	545	$	(21)	$	—

Net derivatives	(7)		(26)		(5)	—		—		—		—		1		—		—		(32)		(25)		—

Long-term debt:
Of Fannie Mae	$	(253)	$	(1)	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(254)	$	(1)	$	—
Of consolidated trusts	(152)		4		(5)(6)	—		—		—		—		7		—		—		(141)		3		—
Total long-term debt	$	(405)	$	3		$	—	$	—	$	—	$	—	$	7	$	—	$	—	$	(395)	$	2	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Nine Months Ended September 30, 2022
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2022(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2022(1)
	Balance, December 31, 2021		Included in Net Income			Included in Total OCI (Loss)(1)		Purchases(2)		Sales(2)		Issues(3)		Settlements(3)		Transfers out of Level 3		Transfers into Level 3		Balance, September 30, 2022
	(Dollars in millions)
Trading securities:




Mortgage-related	$	57	$	(11)		$	—	$	—	$	—	$	—	$	(1)	$	(47)	$	42	$	40	$	(2)	$	—


Available-for-sale securities:


Agency	$	431	$	2		$	(5)	$	—	$	—	$	—	$	(35)	$	—	$	—	$	393	$	—	$	(4)



Other mortgage-related	322		(10)			(1)		—		—		—		(29)		(2)		1		281		—		—
Total available-for-sale securities	$	753	$	(8)	(6)(7)	$	(6)	$	—	$	—	$	—	$	(64)	$	(2)	$	1	$	674	$	—	$	(4)

Mortgage loans	$	755	$	(68)	(5)(6)	$	—	$	—	$	(2)	$	—	$	(115)	$	(73)	$	48	$	545	$	(59)	$	—

Net derivatives	131		(183)		(5)	—		—		—		—		20		—		—		(32)		(163)		—

Long-term debt:
Of Fannie Mae	$	(373)	$	119	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(254)	$	119	$	—
Of consolidated trusts	(95)		6		(5)(6)	—		—		—		(86)		34		1		(1)		(141)		6		—
Total long-term debt	$	(468)	$	125		$	—	$	—	$	—	$	(86)	$	34	$	1	$	(1)	$	(395)	$	125	$	—


	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 (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	$	141	$	(13)		$	—	$	15	$	—	$	—	$	—	$	(51)	$	37	$	129	$	—	$	—


Available-for-sale securities:


Agency	$	84	$	—		$	2	$	—	$	—	$	—	$	(12)	$	—	$	376	$	450	$	—	$	—



Other mortgage-related	368		3			(8)		—		—		—		(17)		—		—		346		—		(4)
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	$	(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 (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	$	95	$	(18)		$	—	$	18	$	—	$	—	$	—	$	(91)	$	125	$	129	$	1	$	—


Available-for-sale securities:


Agency	$	195	$	1		$	4	$	—	$	—	$	—	$	(19)	$	(107)	$	376	$	450	$	—	$	1



Other mortgage-related	453		10			(8)		—		—		—		(109)		—		—		346		—		(2)
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	$	(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	$	—

(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) included in “Net interest income” in our condensed consolidated statements of operations and comprehensive income includes amortization of cost basis adjustments.

(7)Gains (losses) are included in “Investment gains (losses), 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, 2022
	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(3)	$	40	Various


Available-for-sale securities:

Agency(3)	237		Consensus
	156		Various

Total agency	393






Other mortgage-related	151		Discounted Cash Flow	Spreads (bps)	216.0	-	526.0	507.3
	85		Single Vendor
	45		Various
Total other mortgage-related	281
Total available-for-sale securities	$	674

Net derivatives	$	31	Dealer Mark
	(63)		Discounted Cash Flow
Total net derivatives	$	(32)


	Fair Value Measurements as of December 31, 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(3)	$	57	Various

Available-for-sale securities:

Agency(3)	379		Consensus
	52		Various
Total agency	431











Other mortgage-related	175		Discounted Cash Flow	Spreads (bps)	409.0	-	443.0	422.0
	94		Single Vendor	Spreads (bps)	9.3	-	49.4	27.2
	53		Various
Total other mortgage-related	322
Total available-for-sale securities	$	753

Net derivatives	$	152	Dealer Mark
	(21)		Discounted Cash Flow
Total net derivatives	$	131

(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, 2022		December 31, 2021
		(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans:(1)
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	1,822	$	201
	Single Vendor	1,169		1,383

Total mortgage loans held for sale, at lower of cost or fair value		2,991		1,584

Single-family mortgage loans held for investment, at amortized cost	Internal Model	1,216		867


Multifamily mortgage loans held for investment, at amortized cost	Appraisal	8		37

	Broker Price Opinion	69		118
	Internal Model	53		23
Total multifamily mortgage loans held for investment, at amortized cost		130		178

Acquired property, net:
Single-family	Accepted Offer	14		13
	Appraisal	89		73
	Internal Model	117		75
	Walk Forward	48		37
	Various	13		11
Total single-family		281		209

Multifamily	Various	6		34

Total nonrecurring assets at fair value		$	4,624	$	2,872

Fair Value of Financial Instruments


	As of September 30, 2022
	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	$	63,561	$	40,461		$	23,100		$	—		$	—		$	63,561
Securities purchased under agreements to resell	23,950		—			23,950			—			—			23,950
Trading securities	58,253		54,687			3,526			40			—			58,253
Available-for-sale securities	741		—			67			674			—			741
Mortgage loans held for sale	4,177		—			877			3,513			—			4,390
Mortgage loans held for investment, net of allowance for loan losses	4,100,551		—			3,371,881			169,412			—			3,541,293
Advances to lenders	3,443		—			3,443			—			—			3,443
Derivative assets at fair value	498		—			628			33			(163)			498
Guaranty assets and buy-ups	92		—			—			176			—			176
Total financial assets	$	4,255,266	$	95,148		$	3,427,472		$	173,848		$	(163)		$	3,696,305

Financial liabilities:

Short-term debt:
Of Fannie Mae	$	2,989	$	—		$	2,989		$	—		$	—		$	2,989

Long-term debt:
Of Fannie Mae	126,787		—			124,513			538			—			125,051
Of consolidated trusts	4,078,038		—			3,458,942			38,421			—			3,497,363
Derivative liabilities at fair value	923		—			5,691			65			(4,833)			923
Guaranty obligations	101		—			—			80			—			80
Total financial liabilities	$	4,208,838	$	—		$	3,592,135		$	39,104		$	(4,833)		$	3,626,406


	As of December 31, 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	$	108,631	$	64,531		$	44,100		$	—			$	—	$	108,631
Securities purchased under agreements to resell	20,743		—			20,743			—				—		20,743
Trading securities	88,206		83,581			4,568			57				—		88,206
Available-for-sale securities	837		—			84			753				—		837
Mortgage loans held for sale	5,134		—			178			5,307				—		5,485
Mortgage loans held for investment, net of allowance for loan losses	3,963,108		—			3,796,917			209,090				—		4,006,007
Advances to lenders	8,414		—			8,413			1				—		8,414
Derivative assets at fair value	171		—			256			152				(237)		171
Guaranty assets and buy-ups	92		—			—			207				—		207
Total financial assets	$	4,195,336	$	148,112		$	3,875,259		$	215,567			$	(237)	$	4,238,701

Financial liabilities:

Short-term debt:
Of Fannie Mae	$	2,795	$	—		$	2,795		$	—			$	—	$	2,795

Long-term debt:
Of Fannie Mae	198,097		—			205,142			799				—		205,941
Of consolidated trusts	3,957,299		—			3,951,537			32,644				—		3,984,181
Derivative liabilities at fair value	233		—			1,385			21				(1,173)		233
Guaranty obligations	101		—			—			101				—		101
Total financial liabilities	$	4,158,525	$	—		$	4,160,859		$	33,565			$	(1,173)	$	4,193,251

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, 2022									December 31, 2021
	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		$	3,691		$	1,766		$	16,758		$	4,964		$	2,381		$	21,735
Unpaid principal balance		3,956			1,732			16,906			4,601			2,197			19,314

Regulatory Capital Requirements (Tables)

9 Months Ended

Sep. 30, 2022

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

Regulatory Capital Classification Measures


Capital Metrics under the Enterprise Regulatory Capital Framework as of September 30, 2022(1)
(Dollars in billions)
Adjusted total assets		$	4,540
Risk-weighted assets		1,298

		Amounts						Ratios
		Available Capital (Deficit)(2)		Minimum Capital Requirement		Total Capital Requirement (including Buffers)(4)		Available Capital (Deficit) Ratio(3)		Minimum Capital Ratio Requirement		Total Capital Requirement Ratio (including Buffers)
Risk-based capital:
	Total capital(5)	$	(53)	$	104	$	104	(4.1)	%	8.0	%	8.0	%
	Common equity tier 1 capital	(94)		58		137		(7.2)		4.5		10.6
	Tier 1 capital	(75)		78		157		(5.8)		6.0		12.1
	Adjusted total capital	(75)		104		183		(5.8)		8.0		14.1
Leverage capital:
	Core capital(6)	(62)		113		113		(1.4)		2.5		2.5
	Tier 1 capital	(75)		113		136		(1.7)		2.5		3.0

(1)Ratios are calculated as a percentage of risk-weighted assets for risk-based capital metrics and as a percentage of adjusted total assets for leverage capital metrics.

(3)Ratios are negative because we had a deficit in available capital for each tier of capital.

Summary of Significant Accounting Policies (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022
Related Parties [Line Items]
Net worth	$ 58,800			$ 58,800
Increase in net worth	2,400	$ 4,600
TCCA fees	$ 850		$ 781	$ 2,515	$ 2,270
Basis points of each dollar of unpaid principal balance	0.042%			0.042%
Affordable Housing Program obligation	35.00%			35.00%
Weighted average number of contingently issuable shares (shares)	4,700		4,700	4,700	4,700
Incremental common shares attributable to dilutive effect of conversion of preferred stock (in shares)	26		26	26	26
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
Aggregate liquidation preference of senior preferred stock	$ 177,900			$ 177,900
Percentage of common shares attributable to warrants	79.90%			79.90%
Home Affordable Modification Program administrative expense reimbursements	$ 4		$ 4	$ 11	$ 13
TCCA, increase of guarantee fee rate	0.10%			0.10%
TCCA fees	$ 850		781	$ 2,515	2,270
US Treasury \| Other Expense
Related Parties [Line Items]
Affordable Housing Program assessments recognized	19		46	85	165
Affordable housing program assessments not remitted				85
US Treasury \| Single Family
Related Parties [Line Items]
Recognized TCCA fees that had not been remitted to Treasury as of period end	850			850
US Treasury \| Forecast
Related Parties [Line Items]
Aggregate liquidation preference of senior preferred stock						$ 180,300
Federal Housing Finance Agency
Related Parties [Line Items]
FHFA assessment fees	30		35	93	107
Common Securitization Solutions
Related Parties [Line Items]
Capital contributed	$ 13		$ 15	$ 51	$ 60

Consolidations and Transfers of Financial Assets - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entities [Line Items]
Other assets	$ 11,031	$ 10,855
Other liabilities	(13,149)	(14,432)
Assets	4,289,453	4,229,166
Total unpaid principal balance of mortgage loans	4,058,654	3,899,025
Multifamily
Variable Interest Entities [Line Items]
Total unpaid principal balance of mortgage loans	420,312	403,452
Multifamily \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Total unpaid principal balance of mortgage loans	420,300
Mortgage-related securities \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Investments in securities	3,713	4,709
Other assets	41	35
Other liabilities	(48)	(41)
Net carrying amount	3,706	4,703
Maximum exposure to loss	246,000	220,000
Assets	250,000	250,000
Partnership interest LIHTC \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Net carrying amount	395	288
Maximum exposure to loss	399	292
Assets	4,100	3,700
Total available-for-sale securities \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Maximum exposure to loss	17,400	10,400
Assets	$ 17,500	$ 10,400

Consolidations and Transfers of Financial Assets - Transfers of Financial Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Transfers of Financial Assets [Line Items]
Portfolio securitizations: unpaid principal balance	$ 56,100	$ 140,100	$ 235,900	$ 554,000
Unconsolidated VIEs
Transfers of Financial Assets [Line Items]
Retained interests: principal and interest received	86	$ 139	308	$ 426
Unconsolidated VIEs \| Single Class MBS, REMIC & Megas
Transfers of Financial Assets [Line Items]
Retained interests: unpaid principal balance	1,000		1,000		$ 1,100
Retained interests: fair value	$ 1,500		$ 1,500		$ 2,000

Mortgage Loans - Loans in Mortgage Portfolio (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	$ 4,058,654		$ 4,058,654			$ 3,899,025
Cost basis and fair value adjustments, net	54,376		54,376			74,846
Allowance for loan losses for HFI loans	(8,302)	$ (6,334)	(8,302)	$ (6,334)	$ (6,069)	(5,629)	$ (7,114)	$ (10,552)
Total mortgage loans	4,104,728		4,104,728			3,968,242
Single-family
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	3,638,342		3,638,342			3,495,573
Purchase of HFI loans	117,686	296,410	529,453	1,070,136
Amortized cost	1,726	3,427	6,099	12,844
Lower of cost or fair value adjustment at time of redesignation	(196)	(47)	(418)	(247)
Allowance reversed at time of redesignation	80	165	298	1,350
Unpaid principal balance	1,919	3,063	6,229	10,588
Realized gains, net	20	300	91	955
Mortgage loans in process of foreclosure	4,600		4,600			4,400
Multifamily
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	420,312		420,312			403,452
Purchase of HFI loans	15,943	$ 16,282	50,627	$ 48,580
Mortgage loans
Loans in Mortgage Portfolio [Line Items]
Accrued interest receivable	$ 9,200		$ 9,200			$ 9,100

Mortgage Loans - Credit Quality Indicators - SF (Details) - Single-family - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
2022	$ 420,513	$ 1,200,915
2021	1,205,201	1,082,870
2020	983,069	207,663
2019	175,989	100,239
2018	81,917	135,670
Prior	817,719	829,967
Total mortgage loans	3,684,408	3,557,324
Estimated mark-to-market loan-to-value ratio less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2022	292,970	1,001,159
2021	1,123,460	1,040,601
2020	976,947	204,398
2019	174,700	98,924
2018	81,237	134,953
Prior	815,893	826,785
Total mortgage loans	3,465,207	3,306,820
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]
2022	69,898	132,354
2021	76,249	39,973
2020	4,741	2,712
2019	996	1,067
2018	586	632
Prior	1,231	1,972
Total mortgage loans	153,701	178,710
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]
2022	57,604	67,381
2021	5,398	2,284
2020	1,353	544
2019	280	231
2018	81	60
Prior	289	597
Total mortgage loans	65,005	71,097
Estimated mark-to-market loan-to-value ratio greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2022	41	21
2021	94	12
2020	28	9
2019	13	17
2018	13	25
Prior	306	613
Total mortgage loans	495	697
20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
2022	378,824	994,858
2021	1,007,276	923,269
2020	842,459	181,151
2019	154,015	89,126
2018	73,041	111,760
Prior	671,518	668,941
Total mortgage loans	3,127,133	2,969,105
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]
2022	253,757	798,830
2021	926,196	881,290
2020	836,382	177,909
2019	152,731	87,825
2018	72,366	111,059
Prior	669,943	666,327
Total mortgage loans	2,911,375	2,723,240
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]
2022	68,200	129,340
2021	75,617	39,689
2020	4,698	2,689
2019	991	1,056
2018	583	622
Prior	1,100	1,687
Total mortgage loans	151,189	175,083
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]
2022	56,826	66,667
2021	5,369	2,278
2020	1,351	544
2019	280	229
2018	79	57
Prior	227	460
Total mortgage loans	64,132	70,235
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]
2022	41	21
2021	94	12
2020	28	9
2019	13	16
2018	13	22
Prior	248	467
Total mortgage loans	437	547
15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
2022	37,556	199,318
2021	191,149	157,340
2020	138,675	25,406
2019	21,094	9,600
2018	7,699	20,720
Prior	111,049	121,043
Total mortgage loans	507,222	533,427
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]
2022	36,062	196,163
2021	190,699	157,076
2020	138,640	25,390
2019	21,091	9,595
2018	7,698	20,715
Prior	111,042	121,027
Total mortgage loans	505,232	529,966
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]
2022	1,054	2,576
2021	436	259
2020	34	16
2019	3	4
2018	1	2
Prior	2	7
Total mortgage loans	1,530	2,864
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]
2022	440	579
2021	14	5
2020	1	0
2019	0	1
2018	0	1
Prior	2	4
Total mortgage loans	457	590
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]
2022	0	0
2021	0	0
2020	0	0
2019	0	0
2018	0	2
Prior	3	5
Total mortgage loans	3	7
Adjustable-rate
Financing Receivable, Credit Quality Indicator [Line Items]
2022	4,133	6,739
2021	6,776	2,261
2020	1,935	1,072
2019	850	1,240
2018	946	2,526
Prior	11,832	12,504
Total mortgage loans	26,472	26,342
Adjustable-rate \| Estimated mark-to-market loan-to-value ratio less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2022	3,151	6,166
2021	6,565	2,235
2020	1,925	1,065
2019	848	1,236
2018	944	2,524
Prior	11,830	12,501
Total mortgage loans	25,263	25,727
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]
2022	644	438
2021	196	25
2020	9	7
2019	2	4
2018	1	2
Prior	2	3
Total mortgage loans	854	479
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]
2022	338	135
2021	15	1
2020	1	0
2019	0	0
2018	1	0
Prior	0	0
Total mortgage loans	355	136
Adjustable-rate \| Estimated mark-to-market loan-to-value ratio greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	0
2019	0	0
2018	0	0
Prior	0	0
Total mortgage loans	0	0
Other
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	34
2019	30	273
2018	231	664
Prior	23,320	27,479
Total mortgage loans	23,581	28,450
Other \| Estimated mark-to-market loan-to-value ratio less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	34
2019	30	268
2018	229	655
Prior	23,078	26,930
Total mortgage loans	23,337	27,887
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]
2022	0	0
2021	0	0
2020	0	0
2019	0	3
2018	1	6
Prior	127	275
Total mortgage loans	128	284
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]
2022	0	0
2021	0	0
2020	0	0
2019	0	1
2018	1	2
Prior	60	133
Total mortgage loans	61	136
Other \| Estimated mark-to-market loan-to-value ratio greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	0
2019	0	1
2018	0	1
Prior	55	141
Total mortgage loans	55	143
U.S Government
Financing Receivable, Credit Quality Indicator [Line Items]
Total mortgage loans	$ 8,500	$ 9,500

Mortgage Loans - Credit Quality Indicators - MF (Details) - Multifamily - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
2022	$ 41,281	$ 59,007
2021	66,089	80,197
2020	77,401	66,566
2019	63,207	57,666
2018	52,250	48,128
Prior	121,353	94,641
Total mortgage loans	421,581	406,205
Total mortgage loans (Less than in 2021)	421,581	406,205
Non-classified
Financing Receivable, Credit Quality Indicator [Line Items]
2022	41,215	58,986
2021	65,917	79,602
2020	76,340	64,278
2019	60,824	55,552
2018	50,069	44,037
Prior	109,463	87,549
Total mortgage loans	403,828	390,004
Total mortgage loans (Less than in 2021)	403,828	390,004
Classified
Financing Receivable, Credit Quality Indicator [Line Items]
2022	66	21
2021	172	595
2020	1,061	2,288
2019	2,383	2,114
2018	2,181	4,091
Prior	11,890	7,092
Total mortgage loans	17,753	16,201
Total mortgage loans (Less than in 2021)	17,753	16,201
Substandard or doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total mortgage loans	15	1
Total mortgage loans (Less than in 2021)	$ 15	$ 1

Mortgage Loans - Loan Restructuring - Financial Impacts (Details) - Single-family	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) mo	Sep. 30, 2022 USD ($) mo
20- and 30-year or more, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	1.18%	1.45%
Weighted-Average Term Extension (in Months) \| mo	179	179
Average Amount Capitalized as a Result of a Payment Delay	$ 20,896	$ 22,862
15-year or less, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	1.88%	2.31%
Weighted-Average Term Extension (in Months) \| mo	45	52
Average Amount Capitalized as a Result of a Payment Delay	$ 16,950	$ 19,872
Adjustable-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	1.47%	0.82%
Average Amount Capitalized as a Result of a Payment Delay	$ 22,079	$ 23,065
Other
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	1.66%	1.82%
Weighted-Average Term Extension (in Months) \| mo	192	184
Average Amount Capitalized as a Result of a Payment Delay	$ 21,042	$ 23,776

Mortgage Loans - TDRs (Details) $ in Millions	3 Months Ended	9 Months Ended
Mortgage Loans - TDRs (Details) $ in Millions	Sep. 30, 2021 USD ($) contract	Sep. 30, 2021 USD ($) contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Average term extension of a single-family modified loan	151 months	146 months
Average interest rate reduction of a single-family modified loan	0.56%	0.57%
Number of loans, troubled debt restructurings activity \| contract	2,441	9,420
Amortized cost, troubled debt restructurings activity \| $	$ 371	$ 1,401
Number of loans, troubled debt restructurings subsequent default \| contract	2,126	6,803
Amortized cost, troubled debt restructurings subsequent default \| $	$ 342	$ 1,125
Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans, troubled debt restructurings activity \| contract	2,441	9,420
Amortized cost, troubled debt restructurings activity \| $	$ 371	$ 1,401
Number of loans, troubled debt restructurings subsequent default \| contract	2,126	6,803
Amortized cost, troubled debt restructurings subsequent default \| $	$ 342	$ 1,125
Multifamily
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans, troubled debt restructurings activity \| contract	0	0
Amortized cost, troubled debt restructurings activity \| $	$ 0	$ 0
Number of loans, troubled debt restructurings subsequent default \| contract	0	0
Amortized cost, troubled debt restructurings subsequent default \| $	$ 0	$ 0
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	8,022
Amortized cost, troubled debt restructurings activity \| $	$ 345	$ 1,274
Number of loans, troubled debt restructurings subsequent default \| contract	1,782	5,754
Amortized cost, troubled debt restructurings subsequent default \| $	$ 294	$ 969
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	886
Amortized cost, troubled debt restructurings activity \| $	$ 16	$ 70
Number of loans, troubled debt restructurings subsequent default \| contract	133	330
Amortized cost, troubled debt restructurings subsequent default \| $	$ 10	$ 24
Adjustable-rate \| Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans, troubled debt restructurings activity \| contract	18	96
Amortized cost, troubled debt restructurings activity \| $	$ 2	$ 14
Number of loans, troubled debt restructurings subsequent default \| contract	11	26
Amortized cost, troubled debt restructurings subsequent default \| $	$ 1	$ 4
Other \| Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans, troubled debt restructurings activity \| contract	88	416
Amortized cost, troubled debt restructurings activity \| $	$ 8	$ 43
Number of loans, troubled debt restructurings subsequent default \| contract	200	693
Amortized cost, troubled debt restructurings subsequent default \| $	$ 37	$ 128

Mortgage Loans - Non-accrual Loans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	$ 12,233	$ 24,230	$ 12,233	$ 24,230	$ 12,560	$ 20,496	$ 29,484	$ 28,574
Total interest income recognized	64	80	213	284
Single-family
Financing Receivable, Nonaccrual [Line Items]
Accrued interest receivable written off through the reversal of interest income:	14	15	46	144
Recorded investment in nonaccrual loans	11,002	21,977	11,002	21,977	11,243	19,237	27,264	26,505
Total interest income recognized	52	71	188	260
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	10,121	20,083	10,121	20,083	10,241	17,599	24,728	22,907
Total interest income recognized	48	67	175	241
Single-family \| 15-year or less, amortizing fixed-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	235	491	235	491	245	430	596	853
Total interest income recognized	1	1	3	4
Single-family \| Adjustable-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	55	126	55	126	59	107	179	270
Total interest income recognized	0	0	1	1
Single-family \| Other
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	591	1,277	591	1,277	698	1,101	1,761	2,475
Total interest income recognized	3	3	9	14
Multifamily
Financing Receivable, Nonaccrual [Line Items]
Accrued interest receivable written off through the reversal of interest income:	1	0	1	1
Recorded investment in nonaccrual loans	1,231	2,253	1,231	2,253	$ 1,317	$ 1,259	$ 2,220	$ 2,069
Total interest income recognized	$ 12	$ 9	$ 25	$ 24

Allowance for Loan Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Allowance for Loan Losses (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	$ (6,069)	$ (7,114)	$ (5,629)	$ (10,552)
Benefit (provision) for loan losses	(2,508)	884	(3,022)	4,178
Write-offs	328	58	603	325
Recoveries	(69)	(154)	(203)	(252)
Other	16	(8)	(51)	(33)
Ending Balance	(8,302)	(6,334)	(8,302)	(6,334)
Single-family
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	(5,389)	(6,064)	(4,950)	(9,344)
Benefit (provision) for loan losses	(2,339)	839	(2,869)	4,003
Write-offs	289	51	564	271
Recoveries	(65)	(133)	(182)	(212)
Other	16	(8)	(51)	(33)
Ending Balance	(7,488)	(5,315)	(7,488)	(5,315)
Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	(680)	(1,050)	(679)	(1,208)
Benefit (provision) for loan losses	(169)	45	(153)	175
Write-offs	39	7	39	54
Recoveries	(4)	(21)	(21)	(40)
Ending Balance	$ (814)	$ (1,019)	$ (814)	$ (1,019)

Investments in Securities - Trading 1 (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 58,253	$ 88,206
Mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	3,551	4,606
Non-mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	54,702	83,600
Consolidated trusts \| Mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 446	$ 593

Investments in Securities - Trading 2 (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Net trading gains (losses)	$ (1,319)	$ (129)	$ (3,754)	$ (726)
Net trading gains (losses) recognized in the period related to securities still held at period end	$ (1,064)	$ (124)	$ (3,157)	$ (702)

Investments in Securities - Available-for-sale Securities 1 (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 744.0	$ 827.0
Allowance for credit losses	(3.0)	0.0
Gross unrealized gains	17.0	24.0
Gross unrealized losses	(17.0)	(14.0)
Available-for-sale, at fair value	741.0	837.0
Maximum
Debt Securities, Available-for-sale [Line Items]
Allowance for credit losses		(0.5)
Agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	459.0	504.0
Allowance for credit losses	0.0	0.0
Gross unrealized gains	10.0	14.0
Gross unrealized losses	(16.0)	(11.0)
Available-for-sale, at fair value	453.0	507.0
Other mortgage-related securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	285.0	323.0
Allowance for credit losses	(3.0)	0.0
Gross unrealized gains	7.0	10.0
Gross unrealized losses	(1.0)	(3.0)
Available-for-sale, at fair value	$ 288.0	$ 330.0

Investments in Securities - Available-for-sale Securities 2 (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses in AOCI	$ (1)	$ (8)
Less than 12 Consecutive Months, Fair Value	11	228
12 Consecutive Months or Longer, Gross Unrealized Losses	(16)	(6)
12 Consecutive Months or Longer, Fair Value	161	102
Agency securities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses in AOCI	0	(5)
Less than 12 Consecutive Months, Fair Value	0	225
12 Consecutive Months or Longer, Gross Unrealized Losses	(16)	(6)
12 Consecutive Months or Longer, Fair Value	161	102
Other mortgage-related
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses in AOCI	(1)	(3)
Less than 12 Consecutive Months, Fair Value	11	3
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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 0	$ 0	$ 0	$ 59
Total proceeds (excludes initial sale of securities from new portfolio securitizations)	$ 0	$ 0	$ 0	$ 582

Investments in Securities - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Net unrealized gains (losses) on AFS securities for which we have not recorded an allowance for credit losses	$ (1)	$ 9
Net unrealized losses on AFS securities for which we have recorded an allowance for credit losses	0	(2)
Other	25	31
Accumulated other comprehensive income	$ 24	$ 38

- 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, 2022	Dec. 31, 2021
Total Carrying Amount
Total Carrying Amount, Net	$ 741
One Year or Less	3
After One Year Through Five Years	22
After Five Years Through Ten Years	27
After Ten Years	689
Total Fair Value
Total Fair Value	741	$ 837
One Year or Less	3
After One Year Through Five Years	22
After Five Years Through Ten Years	28
After Ten Years	688
Agency securities
Total Carrying Amount
Total Carrying Amount, Net	459
One Year or Less	0
After One Year Through Five Years	4
After Five Years Through Ten Years	13
After Ten Years	442
Total Fair Value
Total Fair Value	453	507
One Year or Less	0
After One Year Through Five Years	4
After Five Years Through Ten Years	13
After Ten Years	436
Other mortgage-related securities
Total Carrying Amount
Total Carrying Amount, Net	282
One Year or Less	3
After One Year Through Five Years	18
After Five Years Through Ten Years	14
After Ten Years	247
Total Fair Value
Total Fair Value	288	$ 330
One Year or Less	3
After One Year Through Five Years	18
After Five Years Through Ten Years	15
After Ten Years	$ 252

Financial Guarantees - Financial Guarantees and Maximum Recovery (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Financial Guarantees and Maximum Recovery [Line Items]
Contractual terms of our guarantees	30 years
Maximum Exposure	$ 12,996	$ 14,156
Guaranty Obligation	101	101
Maximum Recovery	5,227	5,743
Unconsolidated Fannie Mae MBS \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	3,262	3,733
Guaranty Obligation	16	16
Maximum Recovery	3,176	3,626
Other guaranty arrangements \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	9,734	10,423
Guaranty Obligation	85	85
Maximum Recovery	2,051	2,117
Agency securities \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Single security, Freddie Mac issued securities backing unconsolidated Fannie Mae securities	$ 239,900	$ 212,300

Short-Term and Long-Term Debt - Short-Term Debt (Details) - Fannie Mae - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Short-term debt, outstanding	$ 2,989	$ 2,795
Short-term debt, weighted-average interest rate (percent)	2.63%	0.03%

Short-Term and Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 4,204,825	$ 4,155,396
Long-term debt, weighted-average interest rate (percent)	2.29%	1.88%
Fannie Mae
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 126,787	$ 198,097
Long-term debt, weighted-average interest rate (percent)	2.25%	1.55%
Unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments	$ 5,100	$ 1,600
Fannie Mae \| Total senior fixed
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 119,578	$ 134,975
Long-term debt, weighted-average interest rate (percent)	1.96%	1.78%
Fannie Mae \| Senior fixed benchmark notes and bonds
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 74,191	$ 89,618
Long-term debt, weighted-average interest rate (percent)	2.40%	2.13%
Fannie Mae \| Senior fixed medium-term notes
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 38,638	$ 38,312
Long-term debt, weighted-average interest rate (percent)	0.70%	0.60%
Fannie Mae \| Senior fixed other debt
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 6,749	$ 7,045
Long-term debt, weighted-average interest rate (percent)	4.06%	3.73%
Fannie Mae \| Total senior floating
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 7,209	$ 63,122
Long-term debt, weighted-average interest rate (percent)	7.29%	1.05%
Fannie Mae \| Senior floating medium-term notes
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 0	$ 51,583
Long-term debt, weighted-average interest rate (percent)	0.00%	0.32%
Fannie Mae \| Senior floating Connecticut Avenue Securities
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 6,955	$ 11,166
Long-term debt, weighted-average interest rate (percent)	7.22%	4.30%
Fannie Mae \| Senior floating other debt
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 254	$ 373
Long-term debt, weighted-average interest rate (percent)	9.26%	7.17%
Consolidated Trusts
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 4,078,038	$ 3,957,299
Long-term debt, weighted-average interest rate (percent)	2.29%	1.89%

Derivative Instruments - Notional and Fair Value Position (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 409,375	$ 366,384
Asset Derivatives
Derivative assets, gross amount offset	(163)	(237)
Derivative assets	498	171
Liability Derivatives
Derivatives liabilities at fair value	(923)	(233)
Table Footnote [Abstract]
Cash collateral posted for derivative instruments	4,700	966
Cash collateral received for derivative instruments	8	30
Total risk management derivatives portfolio
Derivative [Line Items]
Notional amount	274,397	164,742
Asset Derivatives
Derivative assets, gross amount offset	(163)	(237)
Derivative assets	76	2
Liability Derivatives
Netting adjustment	4,833	1,173
Derivatives liabilities at fair value	(44)	(15)
Total risk management derivatives portfolio \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	42,147	45,033
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Total risk management derivatives portfolio \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	232,250	119,709
Asset Derivatives
Derivative assets, gross	239	239
Liability Derivatives
Derivative liabilities, gross	(4,877)	(1,188)
Pay-fixed Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	6,221	4,347
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Pay-fixed Swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	89,832	56,817
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Receive-fixed Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	35,926	40,686
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Receive-fixed Swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	93,469	56,874
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	(4,683)	(1,131)
Basis Swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	41,250	250
Asset Derivatives
Derivative assets, gross	31	152
Liability Derivatives
Derivative liabilities, gross	0	0
Foreign Currency Swap \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	277	336
Asset Derivatives
Derivative assets, gross	0	25
Liability Derivatives
Derivative liabilities, gross	(130)	(34)
Pay-fixed Swaption \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	5,286	4,341
Asset Derivatives
Derivative assets, gross	203	52
Liability Derivatives
Derivative liabilities, gross	(20)	(2)
Receive-fixed Swaption \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	2,136	1,091
Asset Derivatives
Derivative assets, gross	5	10
Liability Derivatives
Derivative liabilities, gross	(44)	(21)
Mortgage commitment derivatives
Derivative [Line Items]
Notional amount	110,522	182,386
Asset Derivatives
Derivative assets, gross amount offset	0	0
Derivative assets	420	169
Liability Derivatives
Netting adjustment	0	0
Derivatives liabilities at fair value	(814)	(197)
Mortgage commitments to purchase whole loans
Derivative [Line Items]
Notional amount	5,774	13,192
Asset Derivatives
Derivative assets	4	17
Liability Derivatives
Derivatives liabilities at fair value	(78)	(5)
Forward contracts to purchase mortgage-related securities
Derivative [Line Items]
Notional amount	43,304	58,021
Asset Derivatives
Derivative assets	5	83
Liability Derivatives
Derivatives liabilities at fair value	(732)	(34)
Forward contracts to sell mortgage-related securities
Derivative [Line Items]
Notional amount	61,444	111,173
Asset Derivatives
Derivative assets	411	69
Liability Derivatives
Derivatives liabilities at fair value	(4)	(158)
Other
Derivative [Line Items]
Notional amount	24,456	19,256
Asset Derivatives
Derivative assets	2	0
Liability Derivatives
Derivatives liabilities at fair value	$ (65)	$ (21)

Derivative Instruments - FV Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains, net	$ 1,009	$ 13	$ 3,161	$ 654
Net contractual interest expense on interest-rate swaps	7,124	6,972	22,331	22,000
Interest income on mortgage loans	30,114	24,798	86,338	73,083
Long-term debt	(23,709)	(18,009)	(65,291)	(51,646)
Hedged asset, carrying amount	253,002		253,002		$ 174,080
Hedged asset, total basis adjustments	(719)		(719)		134
Hedged asset, discontinued fair value, remaining adjustments	(719)		(719)		134
Closed portfolio, amortized cost	59,031		59,031		56,786
Closed portfolio, designated UPB	5,595		5,595		4,389
Hedged liability, carrying amount	(73,711)		(73,711)		(72,174)
Hedged liability, total basis adjustments	4,777		4,777		1,281
Hedged liability, discontinued fair value, remaining adjustments	4,777		4,777		$ 1,281
Pay-fixed Swap
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains, net	2,510	343	5,809	1,855
Receive-fixed Swap
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains, net	(1,903)	(209)	(5,269)	(1,307)
Basis Swap
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains, net	5	(12)	(126)	(39)
Foreign Currency Swap
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains, net	(62)	(19)	(122)	(23)
Pay-fixed Swaption
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains, net	43	6	141	55
Receive-fixed Swaption
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains, net	(6)	(14)	(19)	(223)
Futures
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains, net	0	0	(1)	1
Risk Management Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains, net	524	93	311	313
Net contractual interest expense on interest-rate swaps	(63)	(2)	(102)	(6)
Mortgage commitment derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains, net	517	(25)	2,933	504
Credit enhancement derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains, net	(32)	(55)	(83)	(163)
Interest rate risk on held-for-investment mortgage loan \| Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) in hedged item	(285)	(1)	(867)	69
Discontinued hedge related basis adjustment amortization	9	(3)	14	(3)
Change in unrealized gain (loss) in derivatives designated as hedging instruments	269	(1)	833	(71)
Interest accruals on hedging instruments	7	(4)	(10)	(9)
Total effect of fair value hedges	0	(9)	(30)	(14)
Interest rate risk on debt \| Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) in hedged item	1,477	195	3,848	1,000
Discontinued hedge related basis adjustment amortization	(145)	(20)	(329)	(54)
Change in unrealized gain (loss) in derivatives designated as hedging instruments	(1,289)	(191)	(3,381)	(982)
Interest accruals on hedging instruments	(108)	65	(54)	178
Total effect of fair value hedges	$ (65)	$ 49	$ 84	$ 142

Segment Reporting (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment Reporting (Details) $ in Millions	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments \| segment			2
Net interest income	$ 7,124	$ 6,972	$ 22,331	$ 22,000
Fee and other income	105	111	269	301
Net revenues	7,229	7,083	22,600	22,301
Investment gains (losses), net	(172)	243	(323)	934
Fair value gains (losses), net	292	(17)	1,301	321
Administrative expenses	(870)	(745)	(2,473)	(2,239)
Benefit (provision) for credit losses	(2,536)	937	(2,994)	4,290
Foreclosed property income (expense)	15	(69)	21	(105)
Total credit-related income (expense)	(2,521)	868	(2,973)	4,185
TCCA fees	(850)	(781)	(2,515)	(2,270)
Credit enhancement expense	(364)	(233)	(974)	(791)
Change in expected credit enhancement recoveries	290	(42)	303	(117)
Other expenses, net	(169)	(268)	(633)	(867)
Income before federal income taxes	2,865	6,108	14,313	21,457
Provision for federal income taxes	(429)	(1,266)	(2,816)	(4,470)
Net income	2,436	4,842	11,497	16,987
US Treasury
Segment Reporting Information [Line Items]
TCCA fees	(850)	(781)	(2,515)	(2,270)
Business segments \| Single Family
Segment Reporting Information [Line Items]
Net interest income	5,918	5,870	18,746	19,087
Fee and other income	83	86	204	228
Net revenues	6,001	5,956	18,950	19,315
Investment gains (losses), net	(178)	222	(271)	944
Fair value gains (losses), net	309	(31)	1,379	323
Administrative expenses	(730)	(620)	(2,084)	(1,862)
Benefit (provision) for credit losses	(2,361)	887	(2,837)	4,102
Foreclosed property income (expense)	(6)	(80)	3	(91)
Total credit-related income (expense)	(2,367)	807	(2,834)	4,011
Credit enhancement expense	(298)	(174)	(778)	(619)
Change in expected credit enhancement recoveries	245	(28)	271	(101)
Other expenses, net	(159)	(261)	(556)	(863)
Income before federal income taxes	1,973	5,090	11,562	18,878
Provision for federal income taxes	(276)	(1,065)	(2,270)	(3,952)
Net income	1,697	4,025	9,292	14,926
Business segments \| Single Family \| US Treasury
Segment Reporting Information [Line Items]
TCCA fees	(850)	(781)	(2,515)	(2,270)
Business segments \| Multifamily
Segment Reporting Information [Line Items]
Net interest income	1,206	1,102	3,585	2,913
Fee and other income	22	25	65	73
Net revenues	1,228	1,127	3,650	2,986
Investment gains (losses), net	6	21	(52)	(10)
Fair value gains (losses), net	(17)	14	(78)	(2)
Administrative expenses	(140)	(125)	(389)	(377)
Benefit (provision) for credit losses	(175)	50	(157)	188
Foreclosed property income (expense)	21	11	18	(14)
Total credit-related income (expense)	(154)	61	(139)	174
Credit enhancement expense	(66)	(59)	(196)	(172)
Change in expected credit enhancement recoveries	45	(14)	32	(16)
Other expenses, net	(10)	(7)	(77)	(4)
Income before federal income taxes	892	1,018	2,751	2,579
Provision for federal income taxes	(153)	(201)	(546)	(518)
Net income	739	817	2,205	2,061
Business segments \| Multifamily \| US Treasury
Segment Reporting Information [Line Items]
TCCA fees	$ 0	$ 0	$ 0	$ 0

Concentrations of Credit Risk - SF Risk Characteristics (Details)	6 Months Ended	9 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due		90 days
Single-family \| Guaranty Book of Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)		0.69%	0.73%
60 days delinquent (percentage of book of business)		0.17%	0.16%
Seriously delinquent (percentage of book of business)		0.62%	1.20%
30 days delinquent (percentage of conventional loans)		0.80%	0.86%
60 days delinquent (percentage of conventional loans)		0.20%	0.20%
Seriously delinquent (percentage of conventional loans)		0.69%	1.25%
Single-family \| Guaranty Book of Business \| 80.01% to 90%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)		0.54%	0.88%
Percentage of book of business		4.00%	5.00%
Single-family \| Guaranty Book of Business \| 90.01% to 100%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)		0.34%	0.51%
Percentage of book of business		2.00%	2.00%
Single-family \| Guaranty Book of Business \| Greater than 100%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)		7.42%	12.41%
Percentage of book of business
Single-family \| Guaranty Book of Business \| 2004 and prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)		2.41%	3.48%
Percentage of book of business		1.00%	1.00%
Single-family \| Guaranty Book of Business \| 2005-2008
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)		3.83%	5.87%
Percentage of book of business		1.00%	2.00%
Single-family \| Guaranty Book of Business \| 2009-2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)		0.55%	1.01%
Percentage of book of business		98.00%	97.00%
Single-family \| Guaranty Book of Business \| California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)		0.48%	1.01%
Percentage of book of business		19.00%	19.00%
Single-family \| Guaranty Book of Business \| Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)		0.77%	1.59%
Percentage of book of business		6.00%	6.00%
Single-family \| Guaranty Book of Business \| Illinois
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)		0.95%	1.55%
Percentage of book of business		3.00%	3.00%
Single-family \| Guaranty Book of Business \| New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)		0.98%	1.90%
Percentage of book of business		3.00%	3.00%
Single-family \| Guaranty Book of Business \| New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)		1.28%	2.24%
Percentage of book of business		5.00%	5.00%
Single-family \| Guaranty Book of Business \| All other states
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)		0.66%	1.16%
Percentage of book of business		64.00%	64.00%
Single-family \| 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)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	90 days
Multifamily \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	60 days
Multifamily \| 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
Multifamily \| Guaranty Book of Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)	0.07%	0.03%
Seriously delinquent (percentage of book of business)	0.26%	0.42%
Multifamily \| 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	0.14%	0.13%
Multifamily \| 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	0.26%	0.42%
Multifamily \| Guaranty Book of Business \| Current DSCR below 1.0
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	3.00%	2.00%
Loans seriously delinquent, percentage by unpaid principal balance	5.53%	13.90%

Concentrations of Credit Risk - Other Concentrations (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Estimated benefit included in loss reserves	$ 1,500	$ 559
Receivable from claims on insured, defaulted loans excluding government insured loans	517	533
Allowance for mortgage insurance receivable	463	479
Single-family \| Guaranty Book of Business
Concentration Risk [Line Items]
Primary mortgage insurance	189,544	176,587
Pool mortgage insurance	229	261
Total mortgage insurance risk in force	$ 189,773	$ 176,848
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	9.00%	10.00%
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	12.00%	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	44.00%	44.00%
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%	23.00%
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%
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%	19.00%
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%	19.00%
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%	17.00%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| Enact Mortgage Insurance Corp.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	16.00%	17.00%
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	12.00%	11.00%
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 \| Walker & Dunlop, LLC
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 \| Wells Fargo Bank N.A.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	11.00%	11.00%
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%	47.00%

Netting Arrangements (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets:
Derivative assets, gross amount	$ 659	$ 408
Derivative assets, gross amount offset	(163)	(237)
Derivative assets, net amount presented in our condensed consolidated balance sheets	496	171
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	(307)	(133)
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(1)	0
Derivative assets, net amount	188	38
Securities purchased under agreements to resell, gross amount	47,050	64,843
Securities purchased under agreements to resell, gross amount offset	0	0
Securities purchased under agreements to resell, under master netting arrangements,	47,050	64,843
Securities purchased under agreements to resell, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	0	0
Securities purchased under agreements to resell, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(47,050)	(64,843)
Securities purchased under agreements to resell, net amount	0	0
Total assets, gross amount	47,709	65,251
Total assets, gross amount offset	(163)	(237)
Total assets, net amount presented in our condensed consolidated balance sheets	47,546	65,014
Total assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	307	133
Total assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(47,051)	(64,843)
Total assets, net amount	188	38
Liabilities:
Total liabilities, gross amount	(5,691)	(1,385)
Total liabilities, gross amount offset	4,833	1,173
Total liabilities, net amount presented in our condensed consolidated balance sheets	(858)	(212)
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	307	133
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	3	66
Total liabilities, net amount	(548)	(13)
Mortgage commitment derivatives
Assets:
Derivative assets, gross amount	420	169
Derivative assets, gross amount offset	0	0
Derivative assets, net amount presented in our condensed consolidated balance sheets	420	169
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	(307)	(133)
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(1)	0
Derivative assets, net amount	112	36
Liabilities:
Derivative liabilities, gross amount	(814)	(197)
Derivative liabilities, gross amount offset	0	0
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(814)	(197)
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	307	133
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	2	56
Derivative liabilities, net amount	(505)	(8)
Over the Counter \| Risk Management Derivatives
Assets:
Derivative assets, gross amount	239	239
Derivative assets, gross amount offset	(233)	(237)
Derivative assets, net amount presented in our condensed consolidated balance sheets	6	2
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	6	2
Liabilities:
Derivative liabilities, gross amount	(4,877)	(1,188)
Derivative liabilities, gross amount offset	4,834	1,183
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(43)	(5)
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	(43)	(5)
Exchange Cleared \| Risk Management Derivatives
Assets:
Derivative assets, gross amount	0	0
Derivative assets, gross amount offset	70	0
Derivative assets, net amount presented in our condensed consolidated balance sheets	70	0
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	70	0
Liabilities:
Derivative liabilities, gross amount	0	0
Derivative liabilities, gross amount offset	(1)	(10)
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(1)	(10)
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	1	10
Derivative liabilities, net amount	$ 0	$ 0

Netting Arrangements - Narratives (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	$ 47,051,000,000	$ 64,843,000,000
Fair value of non-cash collateral received	47,100,000,000	64,900,000,000
Fair value of non-cash collateral received that can be resold or repledged	28,400,000,000	25,600,000,000
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	2,000,000
Derivative liabilities not subject to enforceable master netting arrangements	65,000,000	21,000,000
Securities purchased under agreements to resell	23,950,000,000	20,743,000,000
Asset pledged as collateral with right to sell or repledge
Derivative [Line Items]
Assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	1,800,000,000	2,500,000,000
Cash and Cash Equivalents
Derivative [Line Items]
Securities purchased under agreements to resell	20,600,000,000	29,100,000,000
Restricted Cash and Cash Equivalent
Derivative [Line Items]
Securities purchased under agreements to resell	$ 2,500,000,000	$ 15,000,000,000

Fair Value - Levels Hierarchy (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets [Abstract]
Available-for-sale, at fair value	$ 741	$ 837
Mortgage loans held for investment, net of allowance for loan losses	3,691	4,964
Derivative assets at fair value	498	171
Derivative assets, gross amount offset	(163)	(237)
Liabilities [Abstract]
Derivative liabilities at fair value	923	233
Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	1,766	2,381
Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	16,758	21,735
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets [Abstract]
Cash equivalents, including restricted cash equivalents	40,461	64,531
Trading securities	54,687	83,581
Available-for-sale, at fair value	0	0
Mortgage loans held for investment, net of allowance for loan losses	0	0
Derivative assets at fair value	0	0
Total financial assets	95,148	148,112
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]
Cash equivalents, including restricted cash equivalents	23,100	44,100
Trading securities	3,526	4,568
Available-for-sale, at fair value	67	84
Mortgage loans held for investment, net of allowance for loan losses	3,371,881	3,796,917
Derivative assets at fair value	628	256
Total financial assets	3,427,472	3,875,259
Liabilities [Abstract]
Derivative liabilities at fair value	5,691	1,385
Total financial liabilities	3,592,135	4,160,859
Significant Other Observable Inputs (Level 2) \| Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	124,513	205,142
Significant Other Observable Inputs (Level 2) \| Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	3,458,942	3,951,537
Significant Unobservable Inputs (Level 3)
Assets [Abstract]
Cash equivalents, including restricted cash equivalents	0	0
Trading securities	40	57
Available-for-sale, at fair value	674	753
Mortgage loans held for investment, net of allowance for loan losses	169,412	209,090
Derivative assets at fair value	33	152
Total financial assets	173,848	215,567
Liabilities [Abstract]
Derivative liabilities at fair value	65	21
Total financial liabilities	39,104	33,565
Significant Unobservable Inputs (Level 3) \| Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	538	799
Significant Unobservable Inputs (Level 3) \| Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	38,421	32,644
Recurring
Assets [Abstract]
Cash equivalents, including restricted cash equivalents		250
Trading securities	58,253	88,206
Available-for-sale, at fair value	741	837
Mortgage loans held for investment, net of allowance for loan losses	3,691	4,964
Derivative assets at fair value	498	171
Derivative assets, gross amount offset	(163)	(237)
Total financial assets	63,183	94,428
Liabilities [Abstract]
Long-term debt at fair value	18,524	24,116
Derivative liabilities at fair value	923	233
Derivative liabilities, gross amount offset	(4,833)	(1,173)
Total financial liabilities	19,447	24,349
Recurring \| Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	1,766	2,381
Recurring \| Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	16,758	21,735
Recurring \| Mortgage-related
Assets [Abstract]
Trading securities	3,551	4,606
Recurring \| Non-mortgage-related securities
Assets [Abstract]
Trading securities	54,702	83,600
Recurring \| Other agency
Assets [Abstract]
Available-for-sale, at fair value	453	507
Recurring \| Other mortgage-related
Assets [Abstract]
Available-for-sale, at fair value	288	330
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets [Abstract]
Cash equivalents, including restricted cash equivalents		250
Trading securities	54,687	83,581
Available-for-sale, at fair value	0	0
Mortgage loans held for investment, net of allowance for loan losses	0	0
Derivative assets at fair value	0	0
Total financial assets	54,687	83,831
Liabilities [Abstract]
Long-term debt at fair value	0	0
Derivative liabilities at fair value	0	0
Total financial liabilities	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) \| Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mortgage-related
Assets [Abstract]
Trading securities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-mortgage-related securities
Assets [Abstract]
Trading securities	54,687	83,581
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other agency
Assets [Abstract]
Available-for-sale, at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other mortgage-related
Assets [Abstract]
Available-for-sale, at fair value	0	0
Recurring \| Significant Other Observable Inputs (Level 2)
Assets [Abstract]
Cash equivalents, including restricted cash equivalents		0
Trading securities	3,526	4,568
Available-for-sale, at fair value	67	84
Mortgage loans held for investment, net of allowance for loan losses	3,146	4,209
Derivative assets at fair value	628	256
Total financial assets	7,367	9,117
Liabilities [Abstract]
Long-term debt at fair value	18,129	23,648
Derivative liabilities at fair value	5,691	1,385
Total financial liabilities	23,820	25,033
Recurring \| Significant Other Observable Inputs (Level 2) \| Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	1,512	2,008
Recurring \| Significant Other Observable Inputs (Level 2) \| Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	16,617	21,640
Recurring \| Significant Other Observable Inputs (Level 2) \| Mortgage-related
Assets [Abstract]
Trading securities	3,511	4,549
Recurring \| Significant Other Observable Inputs (Level 2) \| Non-mortgage-related securities
Assets [Abstract]
Trading securities	15	19
Recurring \| Significant Other Observable Inputs (Level 2) \| Other agency
Assets [Abstract]
Available-for-sale, at fair value	60	76
Recurring \| Significant Other Observable Inputs (Level 2) \| Other mortgage-related
Assets [Abstract]
Available-for-sale, at fair value	7	8
Recurring \| Significant Unobservable Inputs (Level 3)
Assets [Abstract]
Cash equivalents, including restricted cash equivalents		0
Trading securities	40	57
Available-for-sale, at fair value	674	753
Mortgage loans held for investment, net of allowance for loan losses	545	755
Derivative assets at fair value	33	152
Total financial assets	1,292	1,717
Liabilities [Abstract]
Long-term debt at fair value	395	468
Derivative liabilities at fair value	65	21
Total financial liabilities	460	489
Recurring \| Significant Unobservable Inputs (Level 3) \| Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	254	373
Recurring \| Significant Unobservable Inputs (Level 3) \| Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	141	95
Recurring \| Significant Unobservable Inputs (Level 3) \| Mortgage-related
Assets [Abstract]
Trading securities	40	57
Recurring \| Significant Unobservable Inputs (Level 3) \| Non-mortgage-related securities
Assets [Abstract]
Trading securities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Other agency
Assets [Abstract]
Available-for-sale, at fair value	393	431
Recurring \| Significant Unobservable Inputs (Level 3) \| Other mortgage-related
Assets [Abstract]
Available-for-sale, at fair value	$ 281	$ 322

Fair Value - Level 3 Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Total available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 693	$ 452	$ 753	$ 648
Total gains (losses) (realized/unrealized) included in net income	(1)	3	(8)	11
Total gains (losses) (realized/unrealized) Included in OCI (loss)	0	(6)	(6)	(4)
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	(18)	(29)	(64)	(128)
Transfers out of Level 3	0	0	(2)	(107)
Transfers into Level 3	0	376	1	376
Ending Balance	674	796	674	796
Net unrealized gain (losses) related to assets	1	(4)	(4)	(1)
Mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	599	832	755	861
Total gains (losses) (realized/unrealized) included in net income	(20)	1	(68)	30
Total gains (losses) (realized/unrealized) Included in OCI (loss)	0	0	0	0
Purchases	0	4	0	89
Sales	0	(4)	(2)	(48)
Issues	0	0	0	0
Settlements	(33)	(47)	(115)	(147)
Transfers out of Level 3	(13)	(20)	(73)	(72)
Transfers into Level 3	12	19	48	72
Ending Balance	545	785	545	785
Net unrealized gain (losses) related to assets	(21)	3	(59)	28
Net derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(7)	194	131	333
Total gains (losses) (realized/unrealized) included in net income	(26)	(62)	(183)	(187)
Total gains (losses) (realized/unrealized) Included in OCI (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	1	7	20	(7)
Transfers out of Level 3	0	0	0	0
Transfers into Level 3	0	0	0	0
Ending Balance	(32)	139	(32)	139
Net unrealized gain (losses) related to assets	(25)	(55)	(163)	(194)
Long-term debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(405)	(452)	(468)	(499)
Total gains (losses) (realized/unrealized) included in net income	3	6	125	26
Total gains (losses) (realized/unrealized) included in OCI (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	(86)	0
Settlements	7	2	34	10
Transfers out of Level 3	0	0	1	20
Transfers into Level 3	0	(45)	(1)	(46)
Ending Balance	(395)	(489)	(395)	(489)
Net unrealized gain (losses) related to liabilities	2	7	125	25
Fannie Mae \| Long-term debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(253)	(397)	(373)	(416)
Total gains (losses) (realized/unrealized) included in net income	(1)	9	119	28
Total gains (losses) (realized/unrealized) included in OCI (loss)	0	0	0	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	0
Ending Balance	(254)	(388)	(254)	(388)
Net unrealized gain (losses) related to liabilities	(1)	9	119	28
Consolidated Trusts \| Long-term debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(152)	(55)	(95)	(83)
Total gains (losses) (realized/unrealized) included in net income	4	(3)	6	(2)
Total gains (losses) (realized/unrealized) included in OCI (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	(86)	0
Settlements	7	2	34	10
Transfers out of Level 3	0	0	1	20
Transfers into Level 3	0	(45)	(1)	(46)
Ending Balance	(141)	(101)	(141)	(101)
Net unrealized gain (losses) related to liabilities	3	(2)	6	(3)
Mortgage-related securities \| Total trading securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	76	141	57	95
Total gains (losses) (realized/unrealized) included in net income	(3)	(13)	(11)	(18)
Total gains (losses) (realized/unrealized) Included in OCI (loss)	0	0	0	0
Purchases	0	15	0	18
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	0	0	(1)	0
Transfers out of Level 3	(33)	(51)	(47)	(91)
Transfers into Level 3	0	37	42	125
Ending Balance	40	129	40	129
Net unrealized gain (losses) related to assets	2	0	(2)	1
Agency securities \| Total available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	404	84	431	195
Total gains (losses) (realized/unrealized) included in net income	1	0	2	1
Total gains (losses) (realized/unrealized) Included in OCI (loss)	(1)	2	(5)	4
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	(11)	(12)	(35)	(19)
Transfers out of Level 3	0	0	0	(107)
Transfers into Level 3	0	376	0	376
Ending Balance	393	450	393	450
Net unrealized gain (losses) related to assets	(1)	0	(4)	1
Other mortgage-related \| Total available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	289	368	322	453
Total gains (losses) (realized/unrealized) included in net income	(2)	3	(10)	10
Total gains (losses) (realized/unrealized) Included in OCI (loss)	1	(8)	(1)	(8)
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	(7)	(17)	(29)	(109)
Transfers out of Level 3	0	0	(2)	0
Transfers into Level 3	0	0	1	0
Ending Balance	281	346	281	346
Net unrealized gain (losses) related to assets	$ 2	$ (4)	$ 0	$ (2)

Fair Value - Level 3 Valuation Inputs (Details) $ in Millions	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	$ 741	$ 837
Derivatives	496	171
Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	58,253	88,206
Available-for-sale, at fair value	741	837
Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	40	57
Available-for-sale, at fair value	674	753
Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	40	57
Available-for-sale, at fair value	674	753
Derivatives	(32)	131
Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow
Fair Value Inputs, Quantitative Information [Line Items]
Derivatives	(63)	(21)
Significant Unobservable Inputs (Level 3) \| Recurring \| Dealer Mark
Fair Value Inputs, Quantitative Information [Line Items]
Derivatives	31	152
Mortgage-related securities \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	3,551	4,606
Mortgage-related securities \| Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	40	57
Mortgage-related securities \| Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	40	57
Agency \| Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	393	431
Agency \| Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	156	52
Agency \| Significant Unobservable Inputs (Level 3) \| Recurring \| Consensus
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	237	379
Other mortgage-related \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	288	330
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	281	322
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	45	53
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	$ 151	$ 175
Other mortgage-related \| 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)	0.02160	0.04090
Other mortgage-related \| 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)	0.05260	0.04430
Other mortgage-related \| 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)	0.05073	0.04220
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Single Vendor
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, at fair value	$ 85	$ 94
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Single Vendor \| Total available-for-sale securities \| Minimum
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)		0.00093
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Single Vendor \| Total available-for-sale securities \| Maximum
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)		0.00494
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Single Vendor \| Total available-for-sale securities \| Weighted Average
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)		0.00272

Fair Value - Level 3 Valuation - Nonrecurring (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	$ 3,691,000,000	$ 4,964,000,000
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	95,148,000,000	148,112,000,000
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	3,427,472,000,000	3,875,259,000,000
Mortgage loans held-for-sale, at lower of cost or fair value	877,000,000	178,000,000
Mortgage loans held for investment, net of allowance for loan losses	3,371,881,000,000	3,796,917,000,000
Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	173,848,000,000	215,567,000,000
Mortgage loans held-for-sale, at lower of cost or fair value	3,513,000,000	5,307,000,000
Mortgage loans held for investment, net of allowance for loan losses	169,412,000,000	209,090,000,000
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	282,000,000	38,000,000
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	4,624,000,000	2,872,000,000
Mortgage loans held-for-sale, at lower of cost or fair value	2,991,000,000	1,584,000,000
Total nonrecurring liabilities at fair value	0	0
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	1,822,000,000	201,000,000
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	1,169,000,000	1,383,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single Family
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	281,000,000	209,000,000
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	1,216,000,000	867,000,000
Acquired property, net	117,000,000	75,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single Family \| Appraisal
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	89,000,000	73,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single Family \| Accepted Offer
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	14,000,000	13,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single Family \| Walk Forward
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	48,000,000	37,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single Family \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	13,000,000	11,000,000
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	130,000,000	178,000,000
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	53,000,000	23,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Multifamily \| Appraisal
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	8,000,000	37,000,000
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	69,000,000	118,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Multifamily \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	$ 6,000,000	$ 34,000,000

Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value Measurement [Domain]
Financial assets:
Derivative assets, gross amount offset	$ (163)	$ (237)
Financial liabilities:
Derivative liabilities, gross amount offset	(4,833)	(1,173)
Available-for-sale, at fair value	741	837
Mortgage loans held for investment, net of allowance for loan losses	3,691	4,964
Derivative assets at fair value	498	171
Derivative assets, gross amount offset	(163)	(237)
Derivative liabilities at fair value	923	233
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	40,461	64,531
Securities purchased under agreements to resell	0	0
Trading securities	54,687	83,581
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	95,148	148,112
Financial liabilities:
Derivative liabilities at fair value	0	0
Guaranty obligations	0	0
Total financial liabilities	0	0
Significant Other Observable Inputs (Level 2)
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	23,100	44,100
Securities purchased under agreements to resell	23,950	20,743
Trading securities	3,526	4,568
Available-for-sale, at fair value	67	84
Mortgage loans held for sale	877	178
Mortgage loans held for investment, net of allowance for loan losses	3,371,881	3,796,917
Advances to lenders	3,443	8,413
Derivative assets at fair value	628	256
Guaranty assets and buy-ups	0	0
Total financial assets	3,427,472	3,875,259
Financial liabilities:
Derivative liabilities at fair value	5,691	1,385
Guaranty obligations	0	0
Total financial liabilities	3,592,135	4,160,859
Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	0	0
Securities purchased under agreements to resell	0	0
Trading securities	40	57
Available-for-sale, at fair value	674	753
Mortgage loans held for sale	3,513	5,307
Mortgage loans held for investment, net of allowance for loan losses	169,412	209,090
Advances to lenders	0	1
Derivative assets at fair value	33	152
Guaranty assets and buy-ups	176	207
Total financial assets	173,848	215,567
Financial liabilities:
Derivative liabilities at fair value	65	21
Guaranty obligations	80	101
Total financial liabilities	39,104	33,565
Fannie Mae
Financial liabilities:
Long-term debt	1,766	2,381
Fannie Mae \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial liabilities:
Short-term debt:	0	0
Long-term debt	0	0
Fannie Mae \| Significant Other Observable Inputs (Level 2)
Financial liabilities:
Short-term debt:	2,989	2,795
Long-term debt	124,513	205,142
Fannie Mae \| Significant Unobservable Inputs (Level 3)
Financial liabilities:
Short-term debt:	0	0
Long-term debt	538	799
Consolidated Trusts
Financial liabilities:
Long-term debt	16,758	21,735
Consolidated Trusts \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial liabilities:
Long-term debt	0	0
Consolidated Trusts \| Significant Other Observable Inputs (Level 2)
Financial liabilities:
Long-term debt	3,458,942	3,951,537
Consolidated Trusts \| Significant Unobservable Inputs (Level 3)
Financial liabilities:
Long-term debt	38,421	32,644
Carrying Amount
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	63,561	108,631
Securities purchased under agreements to resell	23,950	20,743
Trading securities	58,253	88,206
Available-for-sale, at fair value	741	837
Mortgage loans held for sale	4,177	5,134
Mortgage loans held for investment, net of allowance for loan losses	4,100,551	3,963,108
Advances to lenders	3,443	8,414
Derivative assets at fair value	498	171
Guaranty assets and buy-ups	92	92
Total financial assets	4,255,266	4,195,336
Financial liabilities:
Derivative liabilities at fair value	923	233
Guaranty obligations	101	101
Total financial liabilities	4,208,838	4,158,525
Carrying Amount \| Fannie Mae
Financial liabilities:
Short-term debt:	2,989	2,795
Long-term debt	126,787	198,097
Carrying Amount \| Consolidated Trusts
Financial liabilities:
Long-term debt	4,078,038	3,957,299
Fair Value
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	63,561	108,631
Securities purchased under agreements to resell	23,950	20,743
Trading securities	58,253	88,206
Available-for-sale, at fair value	741	837
Mortgage loans held for sale	4,390	5,485
Mortgage loans held for investment, net of allowance for loan losses	3,541,293	4,006,007
Advances to lenders	3,443	8,414
Derivative assets at fair value	498	171
Guaranty assets and buy-ups	176	207
Total financial assets	3,696,305	4,238,701
Financial liabilities:
Derivative liabilities at fair value	923	233
Guaranty obligations	80	101
Total financial liabilities	3,626,406	4,193,251
Fair Value \| Fannie Mae
Financial liabilities:
Short-term debt:	2,989	2,795
Long-term debt	125,051	205,941
Fair Value \| Consolidated Trusts
Financial liabilities:
Long-term debt	$ 3,497,363	$ 3,984,181

Fair Value - Fair Value Option (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	$ 3,691	$ 4,964
Fair value of nonaccrual loans	$ 44	86
Serious delinquency, days past due	90 days
Fair value of loans that are 90 days or more past due	$ 53	125
Fannie Mae
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt at fair value	1,766	2,381
Consolidated Trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt at fair value	16,758	21,735
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	3,691	4,964
Loans, unpaid principal balance	3,956	4,601
Long-term debt \| Fannie Mae
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt at fair value	1,766	2,381
Long-term debt, unpaid principal balance	1,732	2,197
Long-term debt \| Consolidated Trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt at fair value	16,758	21,735
Long-term debt, unpaid principal balance	$ 16,906	$ 19,314

Fair Value - Changes in FV under the FV Option (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses)	$ 292	$ (17)	$ 1,301	$ 321
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses)	(209)	28	(587)	48
Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses)	$ 787	$ 62	$ 2,400	$ 346

Commitments and Contingencies (Details) - Judicial ruling - Subsequent event $ in Millions	Nov. 07, 2022 USD ($)
Loss Contingencies [Line Items]
Damages sought	$ 779
Litigation interest rate	5.75%
Litigation interest	$ 450

Regulatory Capital Requirements (Details) $ in Millions	9 Months Ended
Regulatory Capital Requirements (Details) $ in Millions	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Senior preferred stock	$ 120,836	$ 120,836
Net worth	58,800
Shortfall of available capital	258,000
Adjusted total capital requirement (including buffers)	183,000
Adjusted total assets	4,540,000
Risk-weighted assets	1,298,000
Total capital
Available Capital (Deficit)	(53,000)
Minimum Capital Requirement	104,000
Total Capital Requirement (including Buffers)	$ 104,000
Available Capital (Deficit) Ratio	(0.041)
Minimum Capital Ratio Requirement	0.080
Total Capital Requirement Ratio (including Buffers)	0.080
Common equity tier 1 capital
Available Capital (Deficit)	$ (94,000)
Minimum Capital Requirement	58,000
Total Capital Requirement (including Buffers)	$ 137,000
Available Capital (Deficit) Ratio	(0.072)
Minimum Capital Ratio Requirement	0.045
Total Capital Requirement Ratio (including Buffers)	0.106
Tier 1 capital
Available Capital (Deficit)	$ (75,000)
Minimum Capital Requirement	78,000
Total Capital Requirement (including Buffers)	$ 157,000
Available Capital (Deficit) Ratio	(0.058)
Minimum Capital Ratio Requirement	0.060
Total Capital Requirement Ratio (including Buffers)	0.121
Adjusted total capital
Available Capital (Deficit)	$ (75,000)
Minimum Capital Requirement	104,000
Total Capital Requirement (including Buffers)	$ 183,000
Available Capital (Deficit) Ratio	(0.058)
Minimum Capital Ratio Requirement	0.080
Total Capital Requirement Ratio (including Buffers)	0.141
Core capital
Available Capital (Deficit)	$ (62,000)
Minimum Capital Requirement	113,000
Total Capital Requirement (including Buffers)	$ 113,000
Available Capital (Deficit) Ratio	(0.014)
Minimum Capital Ratio Requirement	0.025
Total Capital Requirement Ratio (including Buffers)	0.025
Tier 1 capital
Available Capital (Deficit)	$ (75,000)
Minimum Capital Requirement	113,000
Total Capital Requirement (including Buffers)	$ 136,000
Available Capital (Deficit) Ratio	(0.017)
Minimum Capital Ratio Requirement	0.025
Total Capital Requirement Ratio (including Buffers)	0.030
Deferred tax assets, net	$ 12,729	12,715
Preferred stock	$ 19,130	$ 19,130
Maximum payout ratio	0

Mortgage Loans - Aging (Details) - USD ($) $ in Millions	6 Months Ended	9 Months Ended
Mortgage Loans - Aging (Details) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		$ 4,114,465	$ 3,973,024
Loans 90 Days or More Delinquent and Accruing Interest		13,728	27,302
Nonaccrual Loans with No Allowance		$ 3,982	7,179
Table Footnote [Abstract]
Serious delinquency, days past due		90 days
Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		$ 53,792	75,801
30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		25,355	25,947
60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		6,061	5,758
Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		22,376	44,096
Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		4,060,673	3,897,223
Single-family
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		3,692,884	3,566,819
Loans 90 Days or More Delinquent and Accruing Interest		13,722	26,985
Nonaccrual Loans with No Allowance		$ 3,968	7,072
Single-family \| Minimum
Table Footnote [Abstract]
Serious delinquency, days past due	90 days	90 days
Single-family \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		$ 52,464	73,994
Single-family \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		25,073	25,833
Single-family \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		6,061	5,758
Single-family \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		21,330	42,403
Single-family \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		3,640,420	3,492,825
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		3,127,133	2,969,105
Loans 90 Days or More Delinquent and Accruing Interest		12,525	24,236
Nonaccrual Loans with No Allowance		3,563	6,271
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		47,906	66,342
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		22,792	22,862
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		5,603	5,192
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		19,511	38,288
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		3,079,227	2,902,763
Single-family \| 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		507,222	533,427
Loans 90 Days or More Delinquent and Accruing Interest		654	1,454
Nonaccrual Loans with No Allowance		95	193
Single-family \| 15-year or less, amortizing fixed-rate \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		2,602	4,149
Single-family \| 15-year or less, amortizing fixed-rate \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		1,530	2,024
Single-family \| 15-year or less, amortizing fixed-rate \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		264	326
Single-family \| 15-year or less, amortizing fixed-rate \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		808	1,799
Single-family \| 15-year or less, amortizing fixed-rate \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		504,620	529,278
Single-family \| Adjustable-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		26,472	26,342
Loans 90 Days or More Delinquent and Accruing Interest		99	287
Nonaccrual Loans with No Allowance		28	63
Single-family \| Adjustable-rate \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		311	571
Single-family \| Adjustable-rate \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		147	161
Single-family \| Adjustable-rate \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		29	36
Single-family \| Adjustable-rate \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		135	374
Single-family \| Adjustable-rate \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		26,161	25,771
Single-family \| Other
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		32,057	37,945
Loans 90 Days or More Delinquent and Accruing Interest		444	1,008
Nonaccrual Loans with No Allowance		282	545
Single-family \| Other \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		1,645	2,932
Single-family \| Other \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		604	786
Single-family \| Other \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		165	204
Single-family \| Other \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		876	1,942
Single-family \| Other \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		30,412	35,013
Multifamily
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		421,581	406,205
Loans 90 Days or More Delinquent and Accruing Interest		6	317
Nonaccrual Loans with No Allowance		$ 14	107
Multifamily \| Minimum
Table Footnote [Abstract]
Serious delinquency, days past due		60 days
Multifamily \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		$ 1,328	1,807
Multifamily \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		282	114
Multifamily \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		1,046	1,693
Multifamily \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option		$ 420,253	$ 404,398