0000310522-24-000239 | 10-Q | XBRL Viewer | Federal National Mortgage Association Fannie MAE

Print Document

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Restricted cash and cash equivalents related to consolidated trusts	$ 20,730	$ 32,889
Securities purchased under agreements to resell	73,725	30,700
Total loans held for investment, at fair value	3,176	3,315
Accrued interest receivable	11,065	10,724
Interest receivable, allowance for credit loss	25	25
Accrued interest payable related to consolidated trusts	11,121	10,931
Other liabilities (includes $1,694 and $1,713, respectively, related to consolidated trusts)	14,118	14,106
Senior preferred stock liquidation preference	$ 199,181	$ 195,224
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
Consolidated Trusts
Restricted cash and cash equivalents related to consolidated trusts	$ 14,028	$ 25,836
Securities purchased under agreements to resell	13,650	0
Accrued interest receivable	10,435	10,132
Accrued interest payable related to consolidated trusts	10,384	10,212
Long-term debt	13,762	14,343
Other liabilities (includes $1,694 and $1,713, respectively, related to consolidated trusts)	1,694	1,713
Fannie Mae
Long-term debt	$ 654	$ 761

Financial Guarantees

3 Months Ended

Mar. 31, 2024

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 29 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 $212.2 billion and $215.6 billion as of March 31, 2024 and December 31, 2023, 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
	March 31, 2024						December 31, 2023
	Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)		Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	2,724	$	14	$	2,661	$	2,778	$	14	$	2,713
Other guaranty arrangements(2)	9,102		62		1,959		9,154		65		1,967
Total	$	11,826	$	76	$	4,620	$	11,932	$	79	$	4,680

(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, see “Note 11, Concentrations of Credit Risk.”

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

- Definition

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References + Details

Investments in Securities - Available-for-sale Securities 1 (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Total Amortized Cost	$ 547	$ 584
Allowance for Credit Losses	(2)	(2)
Gross Unrealized Gains in AOCI	19	11
Gross Unrealized Losses in AOCI	(29)	(29)
Total Fair Value	535	564
Agency securities
Debt Securities, Available-for-sale [Line Items]
Total Amortized Cost	395	405
Allowance for Credit Losses	0	0
Gross Unrealized Gains in AOCI	1	1
Gross Unrealized Losses in AOCI	(29)	(29)
Total Fair Value	367	377
Other mortgage-related securities
Debt Securities, Available-for-sale [Line Items]
Total Amortized Cost	152	179
Allowance for Credit Losses	(2)	(2)
Gross Unrealized Gains in AOCI	18	10
Gross Unrealized Losses in AOCI	0	0
Total Fair Value	$ 168	$ 187

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Netting Arrangements

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
			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	$	351	$	(333)		$	18			$	—		$	—	$	18
Cleared risk management derivatives	—		—			—				—			—		—
Mortgage commitment derivatives	43		—			43				(25)			(1)		17
Total derivative assets	394		(333)			61		(4)		(25)			(1)		35
Securities purchased under agreements to resell	73,725		—			73,725				—			(73,725)		—
Total assets	$	74,119	$	(333)		$	73,786			$	(25)		$	(73,726)	$	35
Liabilities:
OTC risk management derivatives	$	(3,280)	$	3,266		$	(14)			$	—		$	—	$	(14)
Cleared risk management derivatives	—		—			—				—			—		—
Mortgage commitment derivatives	(51)		—			(51)				25			21		(5)


Total liabilities	$	(3,331)	$	3,266		$	(65)	(4)		$	25		$	21	$	(19)


	As of December 31, 2023
			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	$	328	$	(294)		$	34				$	—		$	—		$	34
Cleared risk management derivatives	—		11			11					—			—			11
Mortgage commitment derivatives	112		—			112					(23)			(9)			80
Total derivative assets	440		(283)			157		(4)			(23)			(9)			125
Securities purchased under agreements to resell(5)	65,425		—			65,425					—			(65,425)			—
Total assets	$	65,865	$	(283)		$	65,582				$	(23)		$	(65,434)		$	125
Liabilities:
OTC risk management derivatives	$	(3,223)	$	3,203		$	(20)				$	—		$	—		$	(20)
Cleared risk management derivatives	—		(3)			(3)					—			3			—
Mortgage commitment derivatives	(104)		—			(104)					23			77			(4)


Total liabilities	$	(3,327)	$	3,200		$	(127)	(4)			$	23		$	80		$	(24)

(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 $1.9 billion and $2.2 billion as of March 31, 2024 and December 31, 2023, respectively. The fair value of non-cash collateral received was $73.8 billion and $65.5 billion, of which $57.5 billion and $55.4 billion could be sold or repledged as of March 31, 2024 and December 31, 2023, respectively. None of the underlying collateral was sold or repledged as of March 31, 2024 or December 31, 2023.

(4)Excludes derivative assets of $41 million and $45 million as of March 31, 2024 and December 31, 2023, respectively, and derivative liabilities of $13 million as of March 31, 2024 and December 31, 2023, recognized in our condensed consolidated balance sheets, that were not subject to enforceable master netting arrangements.

(5)Includes $21.8 billion and $12.9 billion in securities purchased under agreements to resell classified as “Cash and cash equivalents” and “Restricted cash and cash equivalents,” respectively, in our condensed consolidated balance sheets as of December 31, 2023.

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 15, Netting Arrangements” in our 2023 Form 10-K.

Short-Term and Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 4,202,289	$ 4,205,404
Long-term debt, weighted-average interest rate (percent)	2.81%	2.57%
Fannie Mae
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 104,116	$ 106,751
Long-term debt, weighted-average interest rate (percent)	2.76%	2.63%
Unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments	$ 4,200	$ 4,000
Fannie Mae \| Total senior fixed
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 101,250	$ 103,731
Long-term debt, weighted-average interest rate (percent)	2.54%	2.40%
Fannie Mae \| Senior fixed benchmark notes and bonds
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 52,544	$ 54,727
Long-term debt, weighted-average interest rate (percent)	2.90%	2.79%
Fannie Mae \| Senior fixed medium-term notes
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 41,950	$ 42,217
Long-term debt, weighted-average interest rate (percent)	1.80%	1.58%
Fannie Mae \| Senior fixed other debt
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 6,756	$ 6,787
Long-term debt, weighted-average interest rate (percent)	4.13%	3.98%
Fannie Mae \| Total senior floating
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 2,866	$ 3,020
Long-term debt, weighted-average interest rate (percent)	10.90%	10.92%
Fannie Mae \| Senior floating Connecticut Avenue Securities
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 2,593	$ 2,752
Long-term debt, weighted-average interest rate (percent)	11.10%	11.12%
Fannie Mae \| Senior floating other debt
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 273	$ 268
Long-term debt, weighted-average interest rate (percent)	8.79%	8.79%
Consolidated Trusts
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 4,098,173	$ 4,098,653
Long-term debt, weighted-average interest rate (percent)	2.82%	2.56%

Allowance for Loan Losses - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Adjustment to provision for loan losses	$ 150

Investments in Securities - Available-for-sale Securities 2 (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses in AOCI	$ (2)	$ (3)
Less than 12 Consecutive Months, Fair Value	73	66
12 Consecutive Months or Longer, Gross Unrealized Losses	(27)	(26)
12 Consecutive Months or Longer, Fair Value	232	238
Agency securities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses in AOCI	(2)	(3)
Less than 12 Consecutive Months, Fair Value	70	66
12 Consecutive Months or Longer, Gross Unrealized Losses	(27)	(26)
12 Consecutive Months or Longer, Fair Value	232	238
Other mortgage-related
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses in AOCI	0	0
Less than 12 Consecutive Months, Fair Value	3	0
12 Consecutive Months or Longer, Gross Unrealized Losses	0	0
12 Consecutive Months or Longer, Fair Value	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Derivative Instruments - FV Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	$ 672	$ (338)
Net contractual interest expense on interest-rate swaps	7,023	6,786
Interest income on mortgage loans	35,216	32,137
Long-term debt	(29,580)	(26,665)
Hedged asset, carrying amount	687,058		$ 449,137
Hedged asset, total basis adjustments	(500)		(174)
Hedged asset, discontinued fair value, remaining adjustments	(500)		(174)
Closed portfolio, amortized cost	454,310		218,419
Closed portfolio, designated UPB	9,482		9,955
Hedged liability, carrying amount	(56,930)		(59,462)
Hedged liability, total basis adjustments	3,973		3,751
Hedged liability, discontinued fair value, remaining adjustments	3,973		$ 3,751
Pay-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	1,362	(1,590)
Receive-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(696)	1,572
Basis
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	1	13
Foreign currency
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(8)	8
Pay-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	23	(33)
Receive-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(4)	(1)
Futures
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	1	0
Risk Management Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	480	(209)
Net contractual interest expense on interest-rate swaps	(199)	(178)
Mortgage commitment derivatives fair value gains (losses), net
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	207	(114)
Credit enhancement derivatives fair value losses, net
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(15)	(15)
Interest rate risk on held-for-investment mortgage loan \| Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) in hedged item	(334)	177
Discontinued hedge related basis adjustment amortization	8	11
Change in unrealized gain (loss) in derivatives designated as hedging instruments	309	(214)
Interest accruals on hedging instruments	66	26
Total effect of fair value hedges	49	0
Interest rate risk on debt \| Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) in hedged item	428	(239)
Discontinued hedge related basis adjustment amortization	(206)	(196)
Change in unrealized gain (loss) in derivatives designated as hedging instruments	(355)	432
Interest accruals on hedging instruments	(167)	(229)
Total effect of fair value hedges	$ (300)	$ (232)

Mortgage Loans (Tables)

3 Months Ended

Mar. 31, 2024

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

Loans in Mortgage Portfolio

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


	As of
	March 31, 2024		December 31, 2023
	(Dollars in millions)
Single-family	$	3,629,515	$	3,641,385
Multifamily	467,817		461,247
Total unpaid principal balance of mortgage loans	4,097,332		4,102,632
Cost basis and fair value adjustments, net	40,165		41,729
Allowance for loan losses for HFI loans	(8,379)		(8,730)
Total mortgage loans(1)	$	4,129,118	$	4,135,631

(1)Excludes $10.6 billion and $10.4 billion of accrued interest receivable, net of allowance as of March 31, 2024 and December 31, 2023, respectively.

The following table displays information about our purchase of HFI loans, redesignation of loans and the sales of mortgage loans during the period.


	For the Three Months Ended March 31,

			2024		2023
		(Dollars in millions)
Purchase of HFI loans:
Single-family unpaid principal balance			$	62,290	$	67,467
Multifamily unpaid principal balance			10,068		10,235

Single-family loans redesignated from HFI to HFS:
Amortized cost			$	236	$	—
Lower of cost or fair value adjustment at time of redesignation(1)			(20)		—
Allowance reversed at time of redesignation			(1)		—




Single-family loans sold:
Unpaid principal balance			$	499	$	1,842
Realized gains, net			5		17

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

Financing Receivable, Past Due

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


	As of March 31, 2024
	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	$	29,350	$	7,275	$	17,352	$	53,977	$	3,158,049	$	3,212,026	$	866	$	3,118
15-year or less, amortizing fixed-rate	1,547		281		585		2,413		410,920		413,333		49		188
Adjustable-rate	158		38		92		288		25,798		26,086		7		19
Other(2)	557		152		491		1,200		22,554		23,754		121		193
Total single-family	31,612		7,746		18,520		57,878		3,617,321		3,675,199		1,043		3,518
Multifamily(3)	275		N/A		1,578		1,853		465,991		467,844		140		659
Total	$	31,887	$	7,746	$	20,098	$	59,731	$	4,083,312	$	4,143,043	$	1,183	$	4,177


	As of December 31, 2023
	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	$	33,119	$	8,093	$	18,659	$	59,871	$	3,148,171	$	3,208,042	$	1,371	$	3,457
15-year or less, amortizing fixed-rate	1,846		319		650		2,815		425,598		428,413		74		176
Adjustable-rate	184		42		100		326		26,032		26,358		11		21
Other(2)	586		171		562		1,319		23,772		25,091		148		228
Total single-family	35,735		8,625		19,971		64,331		3,623,573		3,687,904		1,604		3,882
Multifamily(3)	449		N/A		1,699		2,148		459,206		461,354		171		594
Total	$	36,184	$	8,625	$	21,670	$	66,479	$	4,082,779	$	4,149,258	$	1,775	$	4,476

(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 information about the credit quality of our single-family HFI loans, based on total amortized cost. The tables below also include current year write-offs of our single-family HFI mortgage loans by class of financing receivable and year of origination, excluding loans for which we have elected the fair value option.


	Credit Quality Indicators as of March 31, 2024 and Write-offs for the Three Months Ended March 31, 2024, by Year of Origination(1)
	2024		2023		2022		2021		2020		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%	$	22,414	$	160,958	$	317,454	$	881,833	$	756,047	$	768,064	$	2,906,770
Greater than 80% and less than or equal to 90%	6,088		64,778		89,524		33,474		3,131		1,807		198,802
Greater than 90% and less than or equal to 100%	9,730		57,866		31,637		3,245		391		264		103,133
Greater than 100%	—		1,135		1,738		212		57		179		3,321
Total 20- and 30-year or more, amortizing fixed-rate	38,232		284,737		440,353		918,764		759,626		770,314		3,212,026
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	$	—	$	5	$	15	$	12	$	6	$	35	$	73
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	879		7,300		34,299		160,540		114,051		94,806		411,875
Greater than 80% and less than or equal to 90%	61		554		508		39		2		1		1,165
Greater than 90% and less than or equal to 100%	41		203		44		2		—		—		290
Greater than 100%	—		1		1		—		—		1		3
Total 15-year or less, amortizing fixed-rate	981		8,058		34,852		160,581		114,053		94,808		413,333
Current-year 15-year or less, amortizing fixed-rate write-offs	—		—		1		—		—		1		2
Adjustable-rate:
Less than or equal to 80%	165		1,814		4,468		5,834		1,615		9,889		23,785
Greater than 80% and less than or equal to 90%	40		567		932		84		6		5		1,634
Greater than 90% and less than or equal to 100%	29		284		312		10		1		—		636
Greater than 100%	—		9		21		—		—		1		31
Total adjustable-rate	234		2,674		5,733		5,928		1,622		9,895		26,086
Current-year adjustable-rate write-offs	—		—		—		—		—		—		—
Other:
Less than or equal to 80%	—		—		—		—		—		18,861		18,861
Greater than 80% and less than or equal to 90%	—		—		—		—		—		72		72
Greater than 90% and less than or equal to 100%	—		—		—		—		—		36		36
Greater than 100%	—		—		—		—		—		31		31
Total other	—		—		—		—		—		19,000		19,000
Current-year other write-offs	—		—		—		—		—		5		5

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	23,458	$	170,072	$	356,221	$	1,048,207	$	871,713	$	891,620	$	3,361,291
Greater than 80% and less than or equal to 90%	6,189		65,899		90,964		33,597		3,139		1,885		201,673
Greater than 90% and less than or equal to 100%	9,800		58,353		31,993		3,257		392		300		104,095
Greater than 100%	—		1,145		1,760		212		57		212		3,386
Total	$	39,447	$	295,469	$	480,938	$	1,085,273	$	875,301	$	894,017	$	3,670,445
Total current-year write-offs	$	—	$	5	$	16	$	12	$	6	$	41	$	80


	Credit Quality Indicators as of December 31, 2023 and Write-offs for the Year Ended December 31, 2023, by Year of Origination(1)
	2023		2022		2021		2020		2019		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%	$	148,641	$	314,384	$	889,434	$	767,596	$	136,654	$	648,964	$	2,905,673
Greater than 80% and less than or equal to 90%	57,686		95,509		38,790		3,424		804		1,082		197,295
Greater than 90% and less than or equal to 100%	61,658		35,602		4,002		363		71		189		101,885
Greater than 100%	1,000		1,764		189		47		17		172		3,189
Total 20- and 30-year or more, amortizing fixed-rate	268,985		447,259		932,415		771,430		137,546		650,407		3,208,042
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	$	2	$	35	$	53	$	45	$	108	$	560	$	803
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	7,110		35,224		165,294		117,795		17,162		84,222		426,807
Greater than 80% and less than or equal to 90%	581		647		52		2		—		1		1,283
Greater than 90% and less than or equal to 100%	259		58		1		—		—		1		319
Greater than 100%	1		2		—		—		—		1		4
Total 15-year or less, amortizing fixed-rate	7,951		35,931		165,347		117,797		17,162		84,225		428,413
Current-year 15-year or less, amortizing fixed-rate write-offs	—		—		1		1		1		5		8
Adjustable-rate:
Less than or equal to 80%	1,566		4,452		5,945		1,654		710		9,716		24,043
Greater than 80% and less than or equal to 90%	499		1,030		90		6		2		3		1,630
Greater than 90% and less than or equal to 100%	299		330		11		—		—		1		641
Greater than 100%	14		29		1		—		—		—		44
Total adjustable-rate	2,378		5,841		6,047		1,660		712		9,720		26,358
Current-year adjustable-rate write-offs	—		1		—		—		—		2		3
Other:
Less than or equal to 80%	—		—		—		—		27		19,418		19,445
Greater than 80% and less than or equal to 90%	—		—		—		—		—		81		81
Greater than 90% and less than or equal to 100%	—		—		—		—		—		39		39
Greater than 100%	—		—		—		—		—		35		35
Total other	—		—		—		—		27		19,573		19,600
Current-year other write-offs	—		—		—		—		—		52		52
Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	157,317	$	354,060	$	1,060,673	$	887,045	$	154,553	$	762,320	$	3,375,968
Greater than 80% and less than or equal to 90%	58,766		97,186		38,932		3,432		806		1,167		200,289
Greater than 90% and less than or equal to 100%	62,216		35,990		4,014		363		71		230		102,884
Greater than 100%	1,015		1,795		190		47		17		208		3,272
Total	$	279,314	$	489,031	$	1,103,809	$	890,887	$	155,447	$	763,925	$	3,682,413
Total current-year write-offs	$	2	$	36	$	54	$	46	$	109	$	619	$	866

(1)Excludes amortized cost of $4.8 billion and $5.5 billion as of March 31, 2024 and December 31, 2023, 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. For the three months ended March 31, 2024 and year ended December 31, 2023, it also excludes write-offs of $35 million and $7 million, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. Year of loan origination may not be the same as the period in which we subsequently acquired the loan.

(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. The tables below also include current year write-offs of our multifamily HFI mortgage loans by year of origination, excluding loans for which we have elected the fair value option.


	Credit Quality Indicators as of March 31, 2024 and Write-offs for the Three Months Ended March 31, 2024, by Year of Origination(1)
	2024		2023		2022		2021		2020		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$	6,042	$	53,999	$	51,313	$	60,426	$	72,831	$	191,517	$	436,128
Special mention(3)	—		4		11		245		22		135		417
Substandard(4)	—		461		9,365		3,620		2,464		15,388		31,298
Doubtful(5)	—		—		—		—		—		1		1
Total	$	6,042	$	54,464	$	60,689	$	64,291	$	75,317	$	207,041	$	467,844
Current-year write-offs	$	—	$	29	$	4	$	9	$	13	$	78	$	133


	Credit Quality Indicators as of December 31, 2023 and Write-offs for the Year Ended December 31, 2023, by Year of Origination(1)
	2023		2022		2021		2020		2019		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$	49,944	$	51,380	$	60,563	$	72,791	$	56,901	$	136,860	$	428,439
Special mention(3)	4		11		181		32		46		130		404
Substandard(4)	521		9,517		3,654		2,703		3,893		12,188		32,476
Doubtful(5)	25		—		—		—		10		—		35
Total	$	50,494	$	60,908	$	64,398	$	75,526	$	60,850	$	149,178	$	461,354
Current-year write-offs	$	—	$	3	$	4	$	6	$	23	$	365	$	401

(1)Year of loan origination may not be the same as the period in which we subsequently acquired the loan.

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

(3)“Special mention” refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower’s ability to repay in full.

(4)Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. We had seniors housing loans with an amortized cost of $6.7 billion and $6.9 billion as of March 31, 2024 and December 31, 2023, respectively, classified as substandard.

(5)“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.

Financing Receivable, Loan Modification

The following tables display the amortized cost of HFI mortgage loans that were restructured, during the periods indicated, presented by portfolio segment and class of financing receivable.


	For the Three Months Ended March 31, 2024
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial Modification and Repayment Plans		Payment Delay and Term Extension(1)		Payment Delay, Term Extension, Interest Rate Reduction, and Other(1)			Total	Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	5,504	$	3,539	$	4,567	$	2,223		$	32		$	15,865	*
15-year or less, amortizing fixed-rate	220		121		153		1			1			496		*
Adjustable-rate	29		18		15		—			1			63		*
Other	33		48		69		28			12			190		1
Total single-family	5,786		3,726		4,804		2,252			46			16,614		*
Multifamily	5		—		—		—			12			17		*
Total(3)	$	5,791	$	3,726	$	4,804	$	2,252		$	58		$	16,631	*


	For the Three Months Ended March 31, 2023
	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	$	9,333	$	3,661	$	2,629	$	1,778		$	267		$	17,668	1	%
15-year or less, amortizing fixed-rate	419		159		104		—			—			682		*
Adjustable-rate	46		17		8		—			1			72		*
Other	121		51		67		35			29			303		1
Total single-family	9,919		3,888		2,808		1,813			297			18,725		1
Multifamily	572		—		—		—			570			1,142		*
Total(3)	$	10,491	$	3,888	$	2,808	$	1,813		$	867		$	19,867	*

* 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 loans that were the subject of 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.

The following table summarizes the financial impacts of loan modifications and payment deferrals made to single-family HFI loans 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 March 31,
	2024			2023
	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (in Months)		Average Amount Capitalized as a Result of a Payment Delay(1)		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	1.04	%	163		$	13,886	1.08	%	175	$	16,984
15-year or less, amortizing fixed-rate	1.54		83		13,893		0.74		54	14,558
Adjustable-rate	2.00		—		13,238		2.00		—	15,629
Other	1.19		172		17,515		1.54		185	20,269

(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 defaulted during the period and had received a completed modification or payment deferral in the twelve months prior to the payment default. For purposes of this disclosure, we define loans that had a payment default as single-family 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 March 31, 2024
		Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension			Payment Delay, Term Extension, Interest Rate Reduction and Other			Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	871		$	490		$	15		$	1,376
15-year or less, amortizing fixed-rate		29			—			—			29
Adjustable-rate		3			—			1			4
Other		14			7			4			25
Total single-family		917			497			20			1,434
Multifamily		—			—			5			5
Total loans that subsequently defaulted(1)(2)		$	917		$	497		$	25		$	1,439


	For the Three Months Ended March 31, 2023
	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		$	200		$	284		$	1,250
15-year or less, amortizing fixed-rate	27			—			—			27
Adjustable-rate	3			—			1			4
Other	14			4			14			32
Total single-family	810			204			299			1,313
Multifamily	—			—			—			—
Total loans that subsequently defaulted(1)(2)	$	810		$	204		$	299		$	1,313

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

(2) The substantial majority of loans that received a completed modification or a payment deferral during for the three months ended March 31, 2024 did not default during the first quarter of 2024. The substantial majority of loans that received a completed modification or a payment deferral during the three months ended March 31, 2023 did not default during the first quarter of 2023.

The following tables display an aging analysis of HFI mortgage loans that were restructured during the twelve months prior to March 31, 2024 and March 31, 2023, respectively, presented by portfolio segment and class of financing receivable.



	As of March 31, 2024(1)
	30-59 Days Delinquent		60-89 Days Delinquent(2)		Seriously Delinquent		Total Delinquent		Current		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	3,283	$	2,080	$	11,125	$	16,488	$	12,856	$	29,344
15-year or less, amortizing fixed-rate	97		61		364		522		421		943
Adjustable-rate	9		8		47		64		44		108
Other	55		33		143		231		204		435
Total single-family loans modified	3,444		2,182		11,679		17,305		13,525		30,830
Multifamily	13		N/A		343		356		957		1,313
Total loans restructured(3)	$	3,457	$	2,182	$	12,022	$	17,661	$	14,482	$	32,143



	As of March 31, 2023(1)
	30-59 Days Delinquent		60-89 Days Delinquent(2)		Seriously Delinquent		Total Delinquent		Current		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	3,061	$	2,180	$	12,376	$	17,617	$	22,071	$	39,688
15-year or less, amortizing fixed-rate	104		83		479		666		744		1,410
Adjustable-rate	15		9		58		82		78		160
Other	79		45		293		417		532		949
Total single-family loans modified	3,259		2,317		13,206		18,782		23,425		42,207
Multifamily	—		N/A		638		638		594		1,232
Total loans restructured(3)	$	3,259	$	2,317	$	13,844	$	19,420	$	24,019	$	43,439

(1) The substantial majority of loans that received a completed modification or a payment deferral during the first quarter of 2024 were not delinquent as of March 31, 2024. The substantial majority of loans that received a completed modification or a payment deferral during the first quarter of 2023 were not delinquent as of March 31, 2023.

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

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

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 March 31,
			2024		2023
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family			$	82	$	79
Multifamily			3		2

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 March 31, 2024
	March 31, 2024					December 31, 2023
	Amortized Cost(1)		Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	22,712		$	21,971		$	38
15-year or less, amortizing fixed-rate	734			727			1
Adjustable-rate	115			109			—
Other	480			508			1
Total single-family	24,041			23,315			40
Multifamily	1,812			1,890			2
Total nonaccrual loans	$	25,853		$	25,205		$	42


	As of		For the Three Months Ended March 31, 2023
	March 31, 2023					December 31, 2022
	Amortized Cost(1)		Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	14,172		$	9,447		$	7
15-year or less, amortizing fixed-rate	429			200			—
Adjustable-rate	75			53			—
Other	601			617			2
Total single-family	15,277			10,317			9
Multifamily	1,541			2,200			29
Total nonaccrual loans	$	16,818		$	12,517		$	38

(1)Amortized cost is presented net of any write-offs, which are recognized when a loan balance is deemed uncollectible.

(2)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 single-family, interest income recognized includes payments received on nonaccrual loans held as of period end.

Investments in Securities - Available-for-sale Securities 3 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Realized gain	$ 0	$ 0
Available-for-sale	$ 0	$ 0

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment results

The following table displays our segment results.






















	For the Three Months Ended March 31,
	2024						2023
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	5,874	$	1,149	$	7,023	$	5,672	$	1,114	$	6,786
Fee and other income(2)	55		17		72		48		15		63
Net revenues	5,929		1,166		7,095		5,720		1,129		6,849
Investment gains (losses), net(3)	13		9		22		(71)		4		(67)
Fair value gains (losses), net(4)	484		(4)		480		166		38		204
Administrative expenses	(777)		(152)		(929)		(720)		(148)		(868)
Benefit (provision) for credit losses(5)	335		(155)		180		47		(179)		(132)
TCCA fees(6)	(860)		—		(860)		(855)		—		(855)
Credit enhancement expense(7)	(353)		(66)		(419)		(287)		(54)		(341)
Change in expected credit enhancement recoveries(8)	(42)		105		63		95		25		120
Other expenses, net(9)	(176)		(23)		(199)		(116)		(14)		(130)
Income before federal income taxes	4,553		880		5,433		3,979		801		4,780
Provision for federal income taxes	(946)		(167)		(1,113)		(847)		(161)		(1,008)
Net income	$	3,607	$	713	$	4,320	$	3,132	$	640	$	3,772

(1)Net interest income primarily consists of guaranty fees received as compensation for assuming 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 assets in our retained mortgage portfolio and our corporate liquidity 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 paid 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 certain Multifamily business activities, such as 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)Benefit (provision) for credit losses is based on loans underlying the segment’s guaranty book of business.

(6)Consists of the portion of our single-family guaranty fees that is paid 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 programs. Multifamily credit enhancement expense primarily consists of costs associated with our Multifamily CIRTTM (“MCIRTTM”) and Multifamily CAS (“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.

(9)Consists of debt extinguishment gains and losses, expenses associated with legal claims, foreclosed property income (expense), gains and losses from partnership investments, housing trust fund expenses, loan subservicing costs, and servicer fees paid in connection with certain loss mitigation activities.

Short-Term and Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2024

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
	March 31, 2024				December 31, 2023
	Outstanding		Weighted- Average Interest Rate(1)		Outstanding		Weighted- Average Interest Rate(1)
	(Dollars in millions)

Short-term debt of Fannie Mae	$	14,285	5.18	%	$	17,314	5.13	%

(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
	March 31, 2024					December 31, 2023
	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	2024 - 2030	$	52,544	2.90	%	2024 - 2030	$	54,727	2.79	%
Medium-term notes(3)	2024 - 2034	41,950		1.80		2024 - 2031	42,217		1.58
Other(4)	2024 - 2038	6,756		4.13		2024 - 2038	6,787		3.98
Total senior fixed		101,250		2.54			103,731		2.40
Senior floating:

Connecticut Avenue Securities(5)	2024 - 2031	2,593		11.10		2024 - 2031	2,752		11.12
Other(6)	2037	273		8.79		2037	268		8.79
Total senior floating		2,866		10.90			3,020		10.92


Total long-term debt of Fannie Mae(7)		104,116		2.76			106,751		2.63
Debt of consolidated trusts	2024 - 2063	4,098,173		2.82		2024 - 2062	4,098,653		2.56
Total long-term debt		$	4,202,289	2.81	%		$	4,205,404	2.57	%

(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.

(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 $4.2 billion and $4.0 billion as of March 31, 2024 and December 31, 2023, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters - Narrative (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2008	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Related Parties [Line Items]
Net worth		$ 82,000	$ 77,700
Senior preferred stock liquidation preference		199,181	195,224
Increase in net worth		$ 4,300	$ 4,000
Series 2008-2 Senior Preferred Stock
Related Parties [Line Items]
Stock issued (in shares)	1
Forecast
Related Parties [Line Items]
Senior preferred stock liquidation preference				$ 203,500
Related Party \| Treasury
Related Parties [Line Items]
Percentage of common shares attributable to warrants		79.90%
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement		$ 119,800
Total available funding from US Treasury pursuant to the senior preferred stock agreement		113,900
Treasury
Related Parties [Line Items]
Aggregate liquidation preference of senior preferred stock		$ 199,200

Concentrations of Credit Risk

3 Months Ended

Mar. 31, 2024

Risks and Uncertainties [Abstract]

Concentrations of Credit Risk

Risk Characteristics of our Guaranty Book of Business

One of the measures by which management gauges our credit risk is the delinquency status of the mortgage loans in our guaranty book of business.

For single-family and multifamily loans, management uses this information, in conjunction with housing market data, other economic data, our capital requirements and our mission objectives, to help inform changes to our pricing and our eligibility and underwriting criteria. 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.

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 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
	March 31, 2024						December 31, 2023
	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	0.87	%	0.21	%	0.52	%	0.98	%	0.24	%	0.56	%
Percentage of single-family conventional loans based on loan count	0.94		0.23		0.51		1.06		0.26		0.55


	As of
	March 31, 2024				December 31, 2023
	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%	6	%	0.79	%	5	%	0.81	%
90.01% to 100%	3		0.62		3		0.59
Greater than 100%	*		2.10		*		2.05
Geographical distribution:
California	19		0.39		19		0.42
Florida	6		0.68		6		0.73
Illinois	3		0.69		3		0.70
New York	5		0.85		5		0.92
Texas	7		0.59		7		0.64
All other states	60		0.48		60		0.52
Vintages:
2008 and prior	2		1.91		2		2.07
2009-2024	98		0.45		98		0.47

* 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 March 31, 2024 or December 31, 2023.

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
	March 31, 2024(1)				December 31, 2023(1)
	30 Days Delinquent		Seriously Delinquent(2)		30 Days Delinquent		Seriously Delinquent(2)
Percentage of multifamily guaranty book of business	0.06	%	0.44	%	0.10	%	0.46	%


	As of
	March 31, 2024				December 31, 2023
	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	%	—	%	1	%	0.13	%
Less than or equal to 80%	99		0.45		99		0.46
Current DSCR below 1.0(4)	4		6.06		4		7.04

(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 covering a 12 month period, from quarterly and annual statements for these properties including the related debt service.

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
	March 31, 2024			December 31, 2023
	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	$	200,019		$	200,023
Pool mortgage insurance	96			98
Total mortgage insurance risk in force	$	200,115	6%	$	200,121	6%

Mortgage insurance only covers losses that are realized after the borrower defaults and title to the property is subsequently transferred, such as after a foreclosure, short-sale, or a deed-in-lieu of foreclosure. Also, mortgage insurance does not protect us from all losses on covered loans. For example, mortgage insurance is not intended to cover property damage from hazards, including natural disasters; and the mortgage insurance policy permits the exclusion of any material loss directly related to property damage.

In general, we require single-family and multifamily borrowers to obtain and maintain property insurance to cover the risk of damage to their homes or properties resulting from hazards such as fire, wind and, for properties located in Federal Emergency Management Agency-designated Special Flood Hazard Areas, flooding. Since we generally require borrowers to select and obtain hazard insurance policies, our requirements for hazard insurance coverage are verified by the lender or servicer, as applicable. For single-family loans, we require a minimum financial strength rating for non-governmental hazard insurers that must be provided by S&P Global, Demotech, AM Best or KBRA. For multifamily loans, we require a minimum financial strength rating for non-governmental hazard insurers that must be provided by Demotech or AM Best. We do not independently verify the financial condition of these hazard insurers and rely on these rating agencies for their assessment of the financial condition of these insurers.

The table below displays our mortgage insurer counterparties that provided 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
	March 31, 2024		December 31, 2023
Counterparty:(1)
Mortgage Guaranty Insurance Corp.	19	%	19	%
Radian Guaranty, Inc.	18		18
Arch Capital Group Ltd.	17		18
Enact Mortgage Insurance Corp.	17		16
Essent Guaranty, Inc.	16		16
National Mortgage Insurance Corp.	13		13
Others	*		*
Total	100	%	100	%

* Represents less than 0.5% of the risk in force mortgage insurance coverage.

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

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 March 31, 2024 and December 31, 2023, our estimated benefit from mortgage insurance, which is based on estimated credit losses as of period end, reduced our loss reserves by $1.1 billion and $1.2 billion, respectively.

As of March 31, 2024 and December 31, 2023, we had outstanding receivables of $470 million and $471 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 March 31, 2024 and December 31, 2023, we assessed these outstanding receivables for collectability, and established a valuation allowance of $417 million.

Mortgage Servicers and Sellers. Mortgage servicers collect mortgage and escrow payments from borrowers, pay taxes and insurance costs from escrow accounts, monitor and report delinquencies, and perform other required activities, including loss mitigation, on our behalf. Our mortgage servicers and sellers may also be obligated to repurchase loans or foreclosed properties, reimburse us for losses or provide other remedies under certain circumstances, such as if it is determined that the mortgage loan did not meet our underwriting or eligibility requirements, if certain loan representations and warranties are violated or if mortgage insurers rescind coverage. Our representation and warranty framework does not require repurchase for loans that have breaches of certain selling representations and warranties if they have met specified criteria for relief.

Our business with mortgage servicers is concentrated. The table below displays the percentage of our single-family conventional 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) based on unpaid principal balance. There were no servicers that serviced 10% or more of our single-family guaranty book of business as of March 31, 2024 or December 31, 2023.


	Percentage of Single-Family Conventional Guaranty Book of Business
	As of
	March 31, 2024		December 31, 2023
Top five depository servicers	22	%	22	%
Top five non-depository servicers	27		27
Total	49	%	49	%

As of March 31, 2024, 43% of our single-family conventional guaranty book of business was serviced by depository servicers, and 57% of our single-family conventional guaranty book of business was serviced by non-depository servicers. As of December 31, 2023, 44% of our single-family conventional guaranty book of business was serviced by depository servicers, and 56% of our single-family conventional guaranty book of business was serviced by non-depository servicers.

The table below displays the percentage of our multifamily guaranty book of business serviced by our top five depository multifamily mortgage servicers and top five non-depository multifamily mortgage servicers. As of March 31, 2024, two servicers serviced 10% or more of our multifamily guaranty book of business, Walker & Dunlop, Inc. and Wells Fargo Bank, N.A. (together with its affiliates). As of March 31, 2024 and December 31, 2023, Walker & Dunlop, Inc. and Wells Fargo Bank, N.A. (together with its affiliates) serviced 13% and 10%, respectively, of our multifamily guaranty book of business based on unpaid principal balance. Walker & Dunlop, Inc. is a non-depository servicer and Wells Fargo Bank, N.A. is a depository servicer.


	Percentage of Multifamily Guaranty Book of Business
	As of
	March 31, 2024		December 31, 2023
Top five depository servicers	26	%	27	%
Top five non-depository servicers	44		44
Total	70	%	71	%

As of March 31, 2024 and December 31, 2023, 31% of our multifamily guaranty book of business was serviced by depository servicers and 69% of our multifamily guaranty book of business was serviced by non-depository servicers.

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.

Derivatives Counterparties. For information on credit risk associated with our derivative transactions and repurchase agreements see “Note 9, Derivative Instruments” and “Note 12, Netting Arrangements.”

Derivative Instruments - Narrative (Details) - Risk Management Derivatives - OTC risk management derivatives - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Net liability position	$ 1,800	$ 1,800
Collateral posted	1,600	1,600
Additional collateral	$ 870	$ 798

Fair Value - Fair Value Option (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	$ 3,176	$ 3,315
Fair value of nonaccrual loans	$ 31	32
Serious delinquency, days past due	90 days
Fair value of loans that are 90 days or more past due	$ 28	31
Fannie Mae
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt:	654	761
Consolidated Trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt:	13,762	14,343
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	3,176	3,315
Loans, unpaid principal balance	3,358	3,442
Long-term debt: \| Fannie Mae
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt:	654	761
Long-term debt, unpaid principal balance	621	731
Long-term debt: \| Consolidated Trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt:	13,762	14,343
Long-term debt, unpaid principal balance	$ 13,977	$ 14,383

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest income:
Investments in securities	$ 921	$ 981
Mortgage loans	35,216	32,137
Other	661	452
Total interest income	36,798	33,570
Interest expense:
Short-term debt	(195)	(119)
Long-term debt	(29,580)	(26,665)
Total interest expense	(29,775)	(26,784)
Net interest income	7,023	6,786
Benefit (provision) for credit losses	180	(132)
Net interest income after benefit (provision) for credit losses	7,203	6,654
Investment gains (losses), net	22	(67)
Fair value gains, net	480	204
Fee and other income	72	63
Non-interest income	574	200
Administrative expenses:
Salaries and employee benefits	(511)	(480)
Professional services	(201)	(184)
Other administrative expenses	(217)	(204)
Total administrative expenses	(929)	(868)
TCCA fees	(860)	(855)
Credit enhancement expense	(419)	(341)
Change in expected credit enhancement recoveries	63	120
Other expenses, net	(199)	(130)
Total expenses	(2,344)	(2,074)
Income before federal income taxes	5,433	4,780
Provision for federal income taxes	(1,113)	(1,008)
Net income	4,320	3,772
Other comprehensive income	4	0
Total comprehensive income	4,324	3,772
Dividends distributed or amounts attributable to senior preferred stock	(4,324)	(3,772)
Net income (loss) attributable to common stockholders, basic	(4)	0
Net income (loss) attributable to common stockholders, diluted	$ (4)	$ 0
Earnings per share, Basic (in usd per share)	$ (0.00)	$ (0.00)
Earnings per share, Diluted (in usd per share)	$ (0.00)	$ (0.00)
Weighted-average common shares outstanding, Basic (shares)	5,867	5,867
Weighted-average common shares outstanding, Diluted (shares)	5,867	5,867

Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters - Related Party (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Parties [Line Items]
TCCA fees	$ 860	$ 855
Other expenses, net	199	130
Other administrative expenses	217	204
Administrative expenses	929	868
Other liabilities	14,118		$ 14,106
Related Party \| Treasury
Related Parties [Line Items]
TCCA fees	860	855
Related Party \| Treasury \| TCCA fees
Related Parties [Line Items]
TCCA fees	860	855
Other liabilities	860
Related Party \| Treasury \| Treasury’s Capital Magnet Fund
Related Parties [Line Items]
Other expenses, net	11	11
Other liabilities	11
Related Party \| FHFA
Related Parties [Line Items]
Other administrative expenses	40	39
Other liabilities	0
Related Party \| Treasury & Freddie Mac
Related Parties [Line Items]
Administrative expenses	0	3
Other liabilities	0
Related Party \| CSS & Freddie Mac
Related Parties [Line Items]
Other expenses, net	22	$ 26
Other liabilities	$ 0

Mortgage Loans - Non-accrual Loans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	$ 25,853	$ 16,818	$ 25,205	$ 12,517
Total interest income recognized	42	38
Single-family
Financing Receivable, Nonaccrual [Line Items]
Accrued interest receivable written off through the reversal of interest income:	82	79
Recorded investment in nonaccrual loans	24,041	15,277	23,315	10,317
Total interest income recognized	40	9
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	22,712	14,172	21,971	9,447
Total interest income recognized	38	7
Single-family \| 15-year or less, amortizing fixed-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	734	429	727	200
Total interest income recognized	1	0
Single-family \| Adjustable-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	115	75	109	53
Total interest income recognized	0	0
Single-family \| Other
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	480	601	508	617
Total interest income recognized	1	2
Multifamily
Financing Receivable, Nonaccrual [Line Items]
Accrued interest receivable written off through the reversal of interest income:	3	2
Recorded investment in nonaccrual loans	1,812	1,541	$ 1,890	$ 2,200
Total interest income recognized	$ 2	$ 29

Short-Term and Long-Term Debt

3 Months Ended

Mar. 31, 2024

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
	March 31, 2024				December 31, 2023
	Outstanding		Weighted- Average Interest Rate(1)		Outstanding		Weighted- Average Interest Rate(1)
	(Dollars in millions)

Short-term debt of Fannie Mae	$	14,285	5.18	%	$	17,314	5.13	%

(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
	March 31, 2024					December 31, 2023
	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	2024 - 2030	$	52,544	2.90	%	2024 - 2030	$	54,727	2.79	%
Medium-term notes(3)	2024 - 2034	41,950		1.80		2024 - 2031	42,217		1.58
Other(4)	2024 - 2038	6,756		4.13		2024 - 2038	6,787		3.98
Total senior fixed		101,250		2.54			103,731		2.40
Senior floating:

Connecticut Avenue Securities(5)	2024 - 2031	2,593		11.10		2024 - 2031	2,752		11.12
Other(6)	2037	273		8.79		2037	268		8.79
Total senior floating		2,866		10.90			3,020		10.92


Total long-term debt of Fannie Mae(7)		104,116		2.76			106,751		2.63
Debt of consolidated trusts	2024 - 2063	4,098,173		2.82		2024 - 2062	4,098,653		2.56
Total long-term debt		$	4,202,289	2.81	%		$	4,205,404	2.57	%

(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.

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

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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 March 31, 2024
	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		$	—		$	1,686		$	28		$	—		$	1,714



Non-mortgage-related(2)		47,626			21			—			—			47,647
Total trading securities		47,626			1,707			28			—			49,361
Available-for-sale securities:



Agency(3)		—			44			323			—			367



Other mortgage-related		—			4			164			—			168
Total available-for-sale securities		—			48			487			—			535
Mortgage loans		—			2,706			470			—			3,176
Derivative assets		—			353			82			(333)			102








Total assets at fair value		$	47,626		$	4,814		$	1,067		$	(333)		$	53,174

Liabilities:
Long-term debt:


Of Fannie Mae		$	—		$	381		$	273		$	—		$	654

Of consolidated trusts		—			13,648			114			—			13,762
Total long-term debt		—			14,029			387			—			14,416
Derivative liabilities		—			3,331			13			(3,266)			78








Total liabilities at fair value		$	—		$	17,360		$	400		$	(3,266)		$	14,494


	Fair Value Measurements as of December 31, 2023
	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		$	—		$	4,744		$	26		$	—		$	4,770



Non-mortgage-related(2)		47,764			18			—			—			47,782
Total trading securities		47,764			4,762			26			—			52,552
Available-for-sale securities:



Agency(3)		—			46			331			—			377



Other mortgage-related		—			4			183			—			187
Total available-for-sale securities		—			50			514			—			564
Mortgage loans		—			2,838			477			—			3,315
Derivative assets		—			395			90			(283)			202








Total assets at fair value		$	47,764		$	8,045		$	1,107		$	(283)		$	56,633

Liabilities:
Long-term debt:


Of Fannie Mae		$	—		$	493		$	268		$	—		$	761

Of consolidated trusts		—			14,226			117			—			14,343
Total long-term debt		—			14,719			385			—			15,104
Derivative liabilities		—			3,327			13			(3,200)			140








Total liabilities at fair value		$	—		$	18,046		$	398		$	(3,200)		$	15,244

(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)Primarily includes U.S. Treasury securities.

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

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

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 March 31, 2024
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2024(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2024(1)
	Balance, December 31, 2023		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, March 31, 2024
	(Dollars in millions)
Trading securities:




Mortgage-related	$	26	$	(1)	(5)(6)	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	28	$	(1)	$	—


Available-for-sale securities:


Agency	$	331	$	—		$	1	$	—	$	—	$	—	$	(9)	$	—	$	—	$	323	$	—	$	—



Other mortgage-related	183		1			8		—		—		—		(28)		—		—		164		—		7
Total available-for-sale securities	$	514	$	1	(6)(7)	$	9	$	—	$	—	$	—	$	(37)	$	—	$	—	$	487	$	—	$	7

Mortgage loans	$	477	$	1	(5)(6)	$	—	$	—	$	(4)	$	—	$	(17)	$	(9)	$	22	$	470	$	1	$	—

Net derivatives	77		(12)		(5)	—		—		—		—		4		—		—		69		(8)		—

Long-term debt:
Of Fannie Mae	$	(268)	$	(5)	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(273)	$	(5)	$	—
Of consolidated trusts	(117)		(1)		(5)(6)	—		—		—		—		4		—		—		(114)		(1)		—
Total long-term debt	$	(385)	$	(6)		$	—	$	—	$	—	$	—	$	4	$	—	$	—	$	(387)	$	(6)	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended March 31, 2023
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2023(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2023(1)
	Balance, December 31, 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, March 31, 2023
	(Dollars in millions)
Trading securities:




Mortgage-related	$	47	$	(6)	(5)(6)	$	—	$	—	$	—	$	—	$	—	$	(9)	$	—	$	32	$	(4)	$	—


Available-for-sale securities:


Agency	$	371	$	—		$	(1)	$	—	$	—	$	—	$	(8)	$	—	$	—	$	362	$	—	$	(1)



Other mortgage-related	263		2			4		—		—		—		(10)		—		1		260		—		3
Total available-for-sale securities	$	634	$	2	(6)(7)	$	3	$	—	$	—	$	—	$	(18)	$	—	$	1	$	622	$	—	$	2

Mortgage loans	$	543	$	7	(5)(6)	$	—	$	—	$	—	$	—	$	(25)	$	(9)	$	10	$	526	$	6	$	—

Net derivatives	(37)		(6)		(5)	—		—		—		—		5		—		—		(38)		(1)		—

Long-term debt:
Of Fannie Mae	$	(242)	$	(8)	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(250)	$	(8)	$	—
Of consolidated trusts	(136)		(2)		(5)(6)	—		—		—		—		5		—		—		(133)		(2)		—
Total long-term debt	$	(378)	$	(10)		$	—	$	—	$	—	$	—	$	5	$	—	$	—	$	(383)	$	(10)	$	—

(1)Gains (losses) are included in “Other comprehensive income” 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, 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 Recurring and Nonrecurring Basis

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 March 31, 2024
	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)	$	28	Various


Available-for-sale securities:

Agency(3)	323		Consensus









Other mortgage-related	70		Discounted Cash Flow	Spreads (bps)	472.0	-	502.0	486.9
	1		Single Vendor
	93		Various
Total other mortgage-related	164
Total available-for-sale securities	$	487

Net derivatives	$	41	Dealer Mark
	28		Discounted Cash Flow
Total net derivatives	$	69


	Fair Value Measurements as of December 31, 2023
	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)	$	26	Various

Available-for-sale securities:

Agency(3)	331		Consensus













Other mortgage-related	74		Discounted Cash Flow	Spreads (bps)	530.0	-	560.0	544.8
	9		Single Vendor
	100		Various
Total other mortgage-related	183
Total available-for-sale securities	$	514

Net derivatives	$	45	Dealer Mark
	32		Discounted Cash Flow
Total net derivatives	$	77

(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.

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	March 31, 2024		December 31, 2023
		(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans:(1)
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	304	$	1,994




Single-family mortgage loans held for investment, at amortized cost	Internal Model	281		407


Multifamily mortgage loans held for investment, at amortized cost	Appraisal	168		33

	Broker Price Opinion	440		769
	Internal Model	193		218
Total multifamily mortgage loans held for investment, at amortized cost		801		1,020

Acquired property, net:
Single-family	Accepted Offer	28		23
	Appraisal	53		43
	Internal Model	145		230
	Walk Forward	65		75
	Various	16		19
Total single-family		307		390

Multifamily	Various	3		182

Total nonrecurring assets at fair value		$	1,696	$	3,993

(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 March 31, 2024
	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	$	33,254	$	33,254		$	—		$	—		$	—		$	33,254
Securities purchased under agreements to resell	73,725		—			73,725			—			—			73,725
Trading securities	49,361		47,626			1,707			28			—			49,361
Available-for-sale securities	535		—			48			487			—			535
Mortgage loans held for sale	1,910		—			277			1,793			—			2,070
Mortgage loans held for investment, net of allowance for loan losses	4,127,208		—			3,494,262			130,364			—			3,624,626
Advances to lenders	2,052		—			2,052			—			—			2,052
Derivative assets at fair value	102		—			353			82			(333)			102
Guaranty assets and buy-ups	70		—			—			153			—			153
Total financial assets	$	4,288,217	$	80,880		$	3,572,424		$	132,907		$	(333)		$	3,785,878

Financial liabilities:

Short-term debt:
Of Fannie Mae	$	14,285	$	—		$	14,283		$	—		$	—		$	14,283

Long-term debt:
Of Fannie Mae	104,116		—			104,063			600			—			104,663
Of consolidated trusts	4,098,173		—			3,568,654			285			—			3,568,939
Derivative liabilities at fair value	78		—			3,331			13			(3,266)			78
Guaranty obligations	76		—			—			61			—			61
Total financial liabilities	$	4,216,728	$	—		$	3,690,331		$	959		$	(3,266)		$	3,688,024


	As of December 31, 2023
	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	$	68,706	$	33,981		$	34,725		$	—			$	—	$	68,706
Securities purchased under agreements to resell	30,700		—			30,700			—				—		30,700
Trading securities	52,552		47,764			4,762			26				—		52,552
Available-for-sale securities	564		—			50			514				—		564
Mortgage loans held for sale	2,149		—			93			2,196				—		2,289
Mortgage loans held for investment, net of allowance for loan losses	4,133,482		—			3,571,555			130,022				—		3,701,577
Advances to lenders	1,389		—			1,389			—				—		1,389
Derivative assets at fair value	202		—			395			90				(283)		202
Guaranty assets and buy-ups	73		—			—			155				—		155
Total financial assets	$	4,289,817	$	81,745		$	3,643,669		$	133,003			$	(283)	$	3,858,134

Financial liabilities:

Short-term debt:
Of Fannie Mae	$	17,314	$	—		$	17,317		$	—			$	—	$	17,317

Long-term debt:
Of Fannie Mae	106,751		—			106,701			605				—		107,306
Of consolidated trusts	4,098,653		—			3,633,157			293				—		3,633,450
Derivative liabilities at fair value	140		—			3,327			13				(3,200)		140
Guaranty obligations	79		—			—			65				—		65
Total financial liabilities	$	4,222,937	$	—		$	3,760,502		$	976			$	(3,200)	$	3,758,278

Fair Value Option

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


	As of
	March 31, 2024									December 31, 2023
	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		$	3,176		$	654		$	13,762		$	3,315		$	761		$	14,343
Unpaid principal balance		3,358			621			13,977			3,442			731			14,383

(1)Includes nonaccrual loans with a fair value of $31 million and $32 million as of March 31, 2024 and December 31, 2023, respectively. Includes loans that are 90 days or more past due with a fair value of $28 million and $31 million as of March 31, 2024 and December 31, 2023, respectively.

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Changes in net unrealized gains on available-for-sale securities, tax	$ 2	$ 0
Other, tax	$ 0	$ 0

Mortgage Loans - Credit Quality Indicators - MF (Details) - Multifamily - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	$ 6,042	$ 50,494
One fiscal year before	54,464	60,908
Two fiscal years before	60,689	64,398
Three fiscal years before	64,291	75,526
Four fiscal years before	75,317	60,850
Prior	207,041	149,178
Total mortgage loans	467,844	461,354
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	6,042	49,944
One fiscal year before	53,999	51,380
Two fiscal years before	51,313	60,563
Three fiscal years before	60,426	72,791
Four fiscal years before	72,831	56,901
Prior	191,517	136,860
Total mortgage loans	436,128	428,439
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	4
One fiscal year before	4	11
Two fiscal years before	11	181
Three fiscal years before	245	32
Four fiscal years before	22	46
Prior	135	130
Total mortgage loans	417	404
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	521
One fiscal year before	461	9,517
Two fiscal years before	9,365	3,654
Three fiscal years before	3,620	2,703
Four fiscal years before	2,464	3,893
Prior	15,388	12,188
Total mortgage loans	31,298	32,476
Substandard \| Senior Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Total mortgage loans	6,700	6,900
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	25
One fiscal year before	0	0
Two fiscal years before	0	0
Three fiscal years before	0	0
Four fiscal years before	0	10
Prior	1	0
Total mortgage loans	1	35
Current-year write-offs
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	0
One fiscal year before	29	3
Two fiscal years before	4	4
Three fiscal years before	9	6
Four fiscal years before	13	23
Prior	78	365
Total mortgage loans	$ 133	$ 401

Regulatory Capital Requirements

3 Months Ended

Mar. 31, 2024

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

Regulatory Capital Requirements

FHFA’s enterprise regulatory capital framework rule went into effect in February 2021 and was amended in 2022 and 2023; however, we are not required to hold capital according to the rule requirements until the date of termination of our conservatorship, or such later date as may be ordered by FHFA.

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 March 31, 2024 and December 31, 2023, even though we had positive net worth under GAAP of $82.0 billion and $77.7 billion as of March 31, 2024 and December 31, 2023, respectively.

We had a shortfall of $238 billion and $243 billion of our available capital (deficit) to the adjusted total capital requirement (including buffers) of $188 billion under the standardized approach of the enterprise regulatory capital framework as shown in the table below as of March 31, 2024 and December 31, 2023, respectively.

Risk-weighted assets decreased from $1,357 billion as of December 31, 2023 to $1,323 billion as of March 31, 2024, primarily due to continued single-family home price appreciation and ongoing credit risk transfer issuances.


Capital Metrics under the Enterprise Regulatory Capital Framework as of March 31, 2024(1)
(Dollars in billions)
Adjusted total assets		$	4,549
Risk-weighted assets		1,323

		Amounts						Ratios
		Available Capital (Deficit)(2)		Minimum Capital Requirement		Total Capital Requirement (including Buffers)(3)		Available Capital (Deficit) Ratio(4)		Minimum Capital Ratio Requirement		Total Capital Requirement Ratio (including Buffers)
Risk-based capital:
	Total capital (statutory)(5)	$	(30)	$	106	$	106	(2.3)	%	8.0	%	8.0	%
	Common equity tier 1 capital	(69)		60		142		(5.2)		4.5		10.7
	Tier 1 capital	(50)		79		161		(3.8)		6.0		12.2
	Adjusted total capital	(50)		106		188		(3.8)		8.0		14.2
Leverage capital:
	Core capital (statutory)(6)	(39)		114		114		(0.9)		2.5		2.5
	Tier 1 capital	(50)		114		138		(1.1)		2.5		3.0


Capital Metrics under the Enterprise Regulatory Capital Framework as of December 31, 2023(1)
(Dollars in billions)
Adjusted total assets		$	4,552
Risk-weighted assets		1,357

		Amounts						Ratios
		Available Capital (Deficit)(2)		Minimum Capital Requirement		Total Capital Requirement (including Buffers)(3)		Available Capital (Deficit) Ratio(4)		Minimum Capital Ratio Requirement		Total Capital Requirement Ratio (including Buffers)
Risk-based capital:
	Total capital (statutory)(5)	$	(34)	$	109	$	109	(2.5)	%	8.0	%	8.0	%
	Common equity tier 1 capital	(74)		61		140		(5.5)		4.5		10.3
	Tier 1 capital	(55)		81		160		(4.1)		6.0		11.8
	Adjusted total capital	(55)		109		188		(4.1)		8.0		13.9
Leverage capital:
	Core capital (statutory)(6)	(43)		114		114		(0.9)		2.5		2.5
	Tier 1 capital	(55)		114		137		(1.2)		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 March 31, 2024 and December 31, 2023, this resulted in the full deduction of deferred tax assets ($11.5 billion and $11.7 billion, respectively) from our available capital (deficit). Available capital (deficit) for common equity tier 1 capital also excludes the value of the perpetual, non-cumulative preferred stock ($19.1 billion) as of March 31, 2024 and December 31, 2023.

(3)The prescribed capital buffers represent the amount of capital we are required to hold above the minimum risk-based and leverage capital requirements. The applicable buffer for risk-based common equity tier 1 capital, tier 1 capital, and adjusted total capital is the PCCBA, which is composed of a stress capital buffer, a stability capital buffer, and a countercyclical capital buffer. The PCCBA must be comprised entirely of common equity tier 1 capital. The applicable buffer for leverage tier 1 capital 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 stability capital buffer is based on our share of mortgage debt outstanding. The prescribed leverage buffer for March 31, 2024 and December 31, 2023 was set at 50% of the March 31, 2024 and December 31, 2023 stability capital buffer, respectively.

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

(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 perpetual, noncumulative 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.

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. As a result of our capital shortfall, our maximum payout ratio under the enterprise regulatory capital framework as of March 31, 2024 and December 31, 2023 was 0%.

- 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

Investments in Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments In Trading Securities

The following table displays our investments in trading securities.


		As of
		March 31, 2024		December 31, 2023

	(Dollars in millions)




Mortgage-related securities (includes $343 million and $364 million, respectively, related to consolidated trusts)		$	1,714	$	4,770



Non-mortgage-related securities (includes $4.9 billion and $5.7 billion, respectively, pledged as collateral)(1)		47,647		47,782
Total trading securities		$	49,361	$	52,552

(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 March 31,
			2024		2023

	(Dollars in millions)
Net trading gains (losses)			$	(261)	$	746
Net trading gains (losses) recognized in the period related to securities still held at period end			(242)		799

Schedule of Available-for-sale Securities Reconciliation

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 March 31, 2024
	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		$	395	$	—	$	1	$	(29)	$	367





Other mortgage-related securities		152		(2)		18		—		168
Total		$	547	$	(2)	$	19	$	(29)	$	535


	As of December 31, 2023
	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		$	405	$	—	$	1	$	(29)	$	377




Other mortgage-related securities		179		(2)		10		—		187
Total		$	584	$	(2)	$	11	$	(29)	$	564

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

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
	March 31, 2024										December 31, 2023
	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		$	(2)	$	70		$	(27)	$	232		$	(3)	$	66		$	(26)	$	238
Other mortgage-related securities		—		3			—		—			—		—			—		—

Total		$	(2)	$	73		$	(27)	$	232		$	(3)	$	66		$	(26)	$	238

Concentrations of Credit Risk - Other Concentrations (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Estimated benefit included in loss reserves	$ 1,100	$ 1,200
Receivable from claims on insured, defaulted loans excluding government insured loans	470	471
Allowance for mortgage insurance receivable	417	417
Single-family \| Guaranty Book of Business
Concentration Risk [Line Items]
Primary mortgage insurance	200,019	200,023
Pool mortgage insurance	96	98
Total mortgage insurance risk in force	$ 200,115	$ 200,121
Total mortgage insurance coverage risk in force (as percentage)	6.00%	6.00%
Single-family \| Guaranty Book of Business \| Credit Concentration Risk \| Top five depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	43.00%	44.00%
Single-family \| Guaranty Book of Business \| Credit Concentration Risk \| Top five non-depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	57.00%	56.00%
Single-family \| Guaranty Book of Business \| Credit Concentration Risk \| Top five depository servicers \| Top five depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	22.00%	22.00%
Single-family \| Guaranty Book of Business \| Credit Concentration Risk \| Top five non-depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	49.00%	49.00%
Single-family \| Guaranty Book of Business \| Credit Concentration Risk \| Top five non-depository servicers \| Top five non-depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	27.00%	27.00%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	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 (* less than)	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 (* less than)	18.00%	18.00%
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 (* less than)	17.00%	18.00%
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 (* less than)	17.00%	16.00%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| Essent Guaranty, Inc.
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	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 (* less than)	13.00%	13.00%
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 (* less than)	0.50%	0.50%
Multifamily \| Guaranty Book of Business \| Credit Concentration Risk \| Top five depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	31.00%	31.00%
Multifamily \| Guaranty Book of Business \| Credit Concentration Risk \| Top five non-depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	69.00%	69.00%
Multifamily \| Guaranty Book of Business \| Credit Concentration Risk \| Top five depository servicers \| Top five depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	26.00%	27.00%
Multifamily \| Guaranty Book of Business \| Credit Concentration Risk \| Top five non-depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	70.00%	71.00%
Multifamily \| Guaranty Book of Business \| Credit Concentration Risk \| Top five non-depository servicers \| Top five non-depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	44.00%	44.00%
Multifamily \| Guaranty Book of Business \| Credit Concentration Risk \| Top five depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	13.00%	13.00%
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 (* less than)	10.00%	10.00%

Fair Value

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value

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

Fair Value Measurement

Fair value measurement guidance defines fair value, establishes a framework for measuring fair value, and sets forth disclosures around fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. The guidance establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority, Level 1, to measurements based on unadjusted quoted prices in active markets for identical assets or liabilities. The next highest priority, Level 2, is given to measurements of assets and liabilities based on limited observable inputs or observable inputs for similar assets and liabilities. The lowest priority, Level 3, is given to measurements based on unobservable inputs.

We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. See “Note 16, Fair Value” in our 2023 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 three months ended March 31, 2024.

Recurring Changes in Fair Value


	Fair Value Measurements as of March 31, 2024
	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		$	—		$	1,686		$	28		$	—		$	1,714



Non-mortgage-related(2)		47,626			21			—			—			47,647
Total trading securities		47,626			1,707			28			—			49,361
Available-for-sale securities:



Agency(3)		—			44			323			—			367



Other mortgage-related		—			4			164			—			168
Total available-for-sale securities		—			48			487			—			535
Mortgage loans		—			2,706			470			—			3,176
Derivative assets		—			353			82			(333)			102








Total assets at fair value		$	47,626		$	4,814		$	1,067		$	(333)		$	53,174

Liabilities:
Long-term debt:


Of Fannie Mae		$	—		$	381		$	273		$	—		$	654

Of consolidated trusts		—			13,648			114			—			13,762
Total long-term debt		—			14,029			387			—			14,416
Derivative liabilities		—			3,331			13			(3,266)			78








Total liabilities at fair value		$	—		$	17,360		$	400		$	(3,266)		$	14,494


	Fair Value Measurements as of December 31, 2023
	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		$	—		$	4,744		$	26		$	—		$	4,770



Non-mortgage-related(2)		47,764			18			—			—			47,782
Total trading securities		47,764			4,762			26			—			52,552
Available-for-sale securities:



Agency(3)		—			46			331			—			377



Other mortgage-related		—			4			183			—			187
Total available-for-sale securities		—			50			514			—			564
Mortgage loans		—			2,838			477			—			3,315
Derivative assets		—			395			90			(283)			202








Total assets at fair value		$	47,764		$	8,045		$	1,107		$	(283)		$	56,633

Liabilities:
Long-term debt:


Of Fannie Mae		$	—		$	493		$	268		$	—		$	761

Of consolidated trusts		—			14,226			117			—			14,343
Total long-term debt		—			14,719			385			—			15,104
Derivative liabilities		—			3,327			13			(3,200)			140








Total liabilities at fair value		$	—		$	18,046		$	398		$	(3,200)		$	15,244

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

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


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended March 31, 2024
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2024(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2024(1)
	Balance, December 31, 2023		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, March 31, 2024
	(Dollars in millions)
Trading securities:




Mortgage-related	$	26	$	(1)	(5)(6)	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	28	$	(1)	$	—


Available-for-sale securities:


Agency	$	331	$	—		$	1	$	—	$	—	$	—	$	(9)	$	—	$	—	$	323	$	—	$	—



Other mortgage-related	183		1			8		—		—		—		(28)		—		—		164		—		7
Total available-for-sale securities	$	514	$	1	(6)(7)	$	9	$	—	$	—	$	—	$	(37)	$	—	$	—	$	487	$	—	$	7

Mortgage loans	$	477	$	1	(5)(6)	$	—	$	—	$	(4)	$	—	$	(17)	$	(9)	$	22	$	470	$	1	$	—

Net derivatives	77		(12)		(5)	—		—		—		—		4		—		—		69		(8)		—

Long-term debt:
Of Fannie Mae	$	(268)	$	(5)	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(273)	$	(5)	$	—
Of consolidated trusts	(117)		(1)		(5)(6)	—		—		—		—		4		—		—		(114)		(1)		—
Total long-term debt	$	(385)	$	(6)		$	—	$	—	$	—	$	—	$	4	$	—	$	—	$	(387)	$	(6)	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended March 31, 2023
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2023(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2023(1)
	Balance, December 31, 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, March 31, 2023
	(Dollars in millions)
Trading securities:




Mortgage-related	$	47	$	(6)	(5)(6)	$	—	$	—	$	—	$	—	$	—	$	(9)	$	—	$	32	$	(4)	$	—


Available-for-sale securities:


Agency	$	371	$	—		$	(1)	$	—	$	—	$	—	$	(8)	$	—	$	—	$	362	$	—	$	(1)



Other mortgage-related	263		2			4		—		—		—		(10)		—		1		260		—		3
Total available-for-sale securities	$	634	$	2	(6)(7)	$	3	$	—	$	—	$	—	$	(18)	$	—	$	1	$	622	$	—	$	2

Mortgage loans	$	543	$	7	(5)(6)	$	—	$	—	$	—	$	—	$	(25)	$	(9)	$	10	$	526	$	6	$	—

Net derivatives	(37)		(6)		(5)	—		—		—		—		5		—		—		(38)		(1)		—

Long-term debt:
Of Fannie Mae	$	(242)	$	(8)	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(250)	$	(8)	$	—
Of consolidated trusts	(136)		(2)		(5)(6)	—		—		—		—		5		—		—		(133)		(2)		—
Total long-term debt	$	(378)	$	(10)		$	—	$	—	$	—	$	—	$	5	$	—	$	—	$	(383)	$	(10)	$	—

(1)Gains (losses) are included in “Other comprehensive income” 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, 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.


	Fair Value Measurements as of March 31, 2024
	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)	$	28	Various


Available-for-sale securities:

Agency(3)	323		Consensus









Other mortgage-related	70		Discounted Cash Flow	Spreads (bps)	472.0	-	502.0	486.9
	1		Single Vendor
	93		Various
Total other mortgage-related	164
Total available-for-sale securities	$	487

Net derivatives	$	41	Dealer Mark
	28		Discounted Cash Flow
Total net derivatives	$	69


	Fair Value Measurements as of December 31, 2023
	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)	$	26	Various

Available-for-sale securities:

Agency(3)	331		Consensus













Other mortgage-related	74		Discounted Cash Flow	Spreads (bps)	530.0	-	560.0	544.8
	9		Single Vendor
	100		Various
Total other mortgage-related	183
Total available-for-sale securities	$	514

Net derivatives	$	45	Dealer Mark
	32		Discounted Cash Flow
Total net derivatives	$	77

(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 held no Level 1 assets or liabilities that were measured at fair value on a nonrecurring basis as of March 31, 2024 or December 31, 2023. We held $66 million and $42 million in Level 2 assets as of March 31, 2024 and December 31, 2023, respectively, composed of mortgage loans held for sale that were impaired. We held no Level 2 or Level 3 liabilities that were measured at fair value on a nonrecurring basis as of March 31, 2024 or December 31, 2023.

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	March 31, 2024		December 31, 2023
		(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans:(1)
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	304	$	1,994




Single-family mortgage loans held for investment, at amortized cost	Internal Model	281		407


Multifamily mortgage loans held for investment, at amortized cost	Appraisal	168		33

	Broker Price Opinion	440		769
	Internal Model	193		218
Total multifamily mortgage loans held for investment, at amortized cost		801		1,020

Acquired property, net:
Single-family	Accepted Offer	28		23
	Appraisal	53		43
	Internal Model	145		230
	Walk Forward	65		75
	Various	16		19
Total single-family		307		390

Multifamily	Various	3		182

Total nonrecurring assets at fair value		$	1,696	$	3,993

Fair Value of Financial Instruments


	As of March 31, 2024
	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	$	33,254	$	33,254		$	—		$	—		$	—		$	33,254
Securities purchased under agreements to resell	73,725		—			73,725			—			—			73,725
Trading securities	49,361		47,626			1,707			28			—			49,361
Available-for-sale securities	535		—			48			487			—			535
Mortgage loans held for sale	1,910		—			277			1,793			—			2,070
Mortgage loans held for investment, net of allowance for loan losses	4,127,208		—			3,494,262			130,364			—			3,624,626
Advances to lenders	2,052		—			2,052			—			—			2,052
Derivative assets at fair value	102		—			353			82			(333)			102
Guaranty assets and buy-ups	70		—			—			153			—			153
Total financial assets	$	4,288,217	$	80,880		$	3,572,424		$	132,907		$	(333)		$	3,785,878

Financial liabilities:

Short-term debt:
Of Fannie Mae	$	14,285	$	—		$	14,283		$	—		$	—		$	14,283

Long-term debt:
Of Fannie Mae	104,116		—			104,063			600			—			104,663
Of consolidated trusts	4,098,173		—			3,568,654			285			—			3,568,939
Derivative liabilities at fair value	78		—			3,331			13			(3,266)			78
Guaranty obligations	76		—			—			61			—			61
Total financial liabilities	$	4,216,728	$	—		$	3,690,331		$	959		$	(3,266)		$	3,688,024


	As of December 31, 2023
	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	$	68,706	$	33,981		$	34,725		$	—			$	—	$	68,706
Securities purchased under agreements to resell	30,700		—			30,700			—				—		30,700
Trading securities	52,552		47,764			4,762			26				—		52,552
Available-for-sale securities	564		—			50			514				—		564
Mortgage loans held for sale	2,149		—			93			2,196				—		2,289
Mortgage loans held for investment, net of allowance for loan losses	4,133,482		—			3,571,555			130,022				—		3,701,577
Advances to lenders	1,389		—			1,389			—				—		1,389
Derivative assets at fair value	202		—			395			90				(283)		202
Guaranty assets and buy-ups	73		—			—			155				—		155
Total financial assets	$	4,289,817	$	81,745		$	3,643,669		$	133,003			$	(283)	$	3,858,134

Financial liabilities:

Short-term debt:
Of Fannie Mae	$	17,314	$	—		$	17,317		$	—			$	—	$	17,317

Long-term debt:
Of Fannie Mae	106,751		—			106,701			605				—		107,306
Of consolidated trusts	4,098,653		—			3,633,157			293				—		3,633,450
Derivative liabilities at fair value	140		—			3,327			13				(3,200)		140
Guaranty obligations	79		—			—			65				—		65
Total financial liabilities	$	4,222,937	$	—		$	3,760,502		$	976			$	(3,200)	$	3,758,278

For a detailed description and classification of our financial instruments, see “Note 16, Fair Value” in our 2023 Form 10-K.

Fair Value Option

We generally elect the fair value option on a financial instrument when the accounting guidance would otherwise require us to separately account for a derivative that is embedded in an instrument at fair value. Under the fair value option, we carry this type of instrument, in its entirety, at fair value instead of separately accounting for the derivative.

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 elected the fair value option.


	As of
	March 31, 2024									December 31, 2023
	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		$	3,176		$	654		$	13,762		$	3,315		$	761		$	14,343
Unpaid principal balance		3,358			621			13,977			3,442			731			14,383

Changes in Fair Value under the Fair Value Option Election

We recorded losses of $45 million for the three months ended March 31, 2024 and gains of $71 million for the three months ended March 31, 2023 from changes in the fair value of loans recorded at fair value in “Fair value gains, net” in our condensed consolidated statements of operations and comprehensive income.

We recorded gains of $111 million for the three months ended March 31, 2024 and losses of $269 million for the three months ended March 31, 2023 from changes in the fair value of long-term debt recorded at fair value in “Fair value gains, 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

Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters

3 Months Ended

Mar. 31, 2024

Conservatorship, Preferred Stock Agreements, And Related Parties [Abstract]

Conservatorship, Preferred Stock Agreements, And Related Parties

Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters

Conservatorship

We are currently operating under conservatorship, with FHFA acting as conservator. The conservatorship and related matters significantly affect our management, business activities, financial condition and results of operations.

Senior Preferred Stock Purchase Agreement

FHFA, as conservator, entered into a senior preferred stock purchase agreement with the U.S. Department of the Treasury (“Treasury”) on our behalf in September 2008. In connection with that agreement, we issued Treasury one million shares of Variable Liquidation Preference Senior Preferred Stock, Series 2008-2, which we refer to as the “senior preferred stock,” and a warrant to purchase shares equal to 79.9% of our common stock, on a fully diluted basis, for a nominal price. This agreement also provides 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 March 31, 2024, 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 a positive net worth of $82.0 billion as of March 31, 2024.

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. As a result of our conservatorship status and the terms of the senior preferred stock, no amounts would be available to distribute as dividends to common or preferred stockholders (other than to Treasury as the holder of the senior preferred stock).

The aggregate liquidation preference of the senior preferred stock increased to $199.2 billion as of March 31, 2024 from $195.2 billion as of December 31, 2023, due to the $4.0 billion increase in our net worth in the fourth quarter of 2023. The aggregate liquidation preference of the senior preferred stock will further increase to $203.5 billion as of June 30, 2024, due to the $4.3 billion increase in our net worth in the first quarter of 2024.

Impact of U.S. Government Support

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

Related Parties

Because Treasury holds a warrant to purchase shares of Fannie Mae common stock equal to 79.9% of the total number of shares of Fannie Mae common stock, we and Treasury are deemed related parties. As of March 31, 2024, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $199.2 billion.

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. 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 in the capital markets. 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 materials relating to the underlying resecuritized securities. We also make regular income tax payments to and receive tax refunds from the Internal Revenue Service (“IRS”), a bureau of Treasury.

The following table provides the income statement impact of our related party transactions for the periods presented in addition to the associated liability at period end. The associated liability represents amounts accrued with respect to the related party transactions that have not yet been paid to the applicable related parties. In addition to the impact described in the table below, our investment in CSS, which is accounted for using the equity method, is classified as “Other assets” in our condensed consolidated balance sheets. We contributed $22 million and $26 million to CSS for the three months ended March 31, 2024 and 2023, respectively.


Related Party	Activity	Income Statement Classification	For the Three Months Ended March 31,				Other Liabilities as of March 31, 2024
			2024		2023
			(Dollars in millions)
Treasury	TCCA fees	TCCA fees(1)	$	860	$	855	$	860
Treasury	Treasury’s Capital Magnet Fund	Other expenses, net	11		11		11
FHFA	FHFA regulatory assessment fees	Other administrative expenses	40		39		—
Treasury & Freddie Mac	Making Home Affordable Program reimbursements	Administrative expenses	—		3		—
CSS & Freddie Mac	Net operating losses associated with our investment in CSS	Other expenses, net	22		26		—

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

Derivative Instruments

3 Months Ended

Mar. 31, 2024

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 9, Derivative Instruments” in our 2023 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 13, 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

Pursuant to our fair value hedge accounting 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 March 31, 2024						As of December 31, 2023
	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	$	9,836	$	—	$	—		$	9,954		$	—	$	—
Receive-fixed	24,752		—		—			28,587			—		—

Total risk management derivatives designated as hedging instruments	34,588		—		—			38,541			—		—
Risk management derivatives not designated as hedging instruments:
Swaps:(1)
Pay-fixed	148,866		—		—			136,648			—		—
Receive-fixed	132,426		69		(3,120)			115,288			76		(3,085)
Basis	250		41		—			250			44		—
Foreign currency	313		—		(72)			316			—		(66)
Swaptions:(1)
Pay-fixed	5,816		223		(18)			5,816			195		(12)
Receive-fixed	2,666		18		(70)			2,666			13		(60)
Futures(1)	84		—		—			32			—		—
Total risk management derivatives not designated as hedging instruments	290,421		351		(3,280)			261,016			328		(3,223)


Netting adjustment(2)	—		(333)		3,266			—			(283)		3,200
Total risk management derivatives portfolio	325,009		18		(14)			299,557			45		(23)
Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	3,305		6		(1)			2,734			14		—
Forward contracts to purchase mortgage-related securities	17,361		31		(11)			14,264			98		(2)
Forward contracts to sell mortgage-related securities	40,431		6		(39)			43,942			—		(102)
Total mortgage commitment derivatives	61,097		43		(51)			60,940			112		(104)
Credit enhancement derivatives	28,686		41		(13)			27,624			45		(13)
Derivatives at fair value	$	414,792	$	102	$	(78)		$	388,121		$	202	$	(140)

(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 $2.9 billion as of March 31, 2024 and December 31, 2023. Cash collateral received was $4 million and $5 million as of March 31, 2024 and December 31, 2023, 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, 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 March 31,
		2024		2023
		(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed		$	1,362	$	(1,590)
Receive-fixed		(696)		1,572
Basis		1		13
Foreign currency		(8)		8
Swaptions:
Pay-fixed		23		(33)
Receive-fixed		(4)		(1)
Futures		1		—
Net contractual interest expense on interest-rate swaps		(199)		(178)
Total risk management derivatives fair value gains (losses), net		480		(209)
Mortgage commitment derivatives fair value gains (losses), net		207		(114)
Credit enhancement derivatives fair value losses, net		(15)		(15)
Total derivatives fair value gains (losses), net		$	672	$	(338)

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 March 31,
		2024	2023
			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			$	35,216	$	(29,580)	$	32,137	$	(26,665)

Gains (losses) from fair value hedging relationships:
Mortgage loans HFI and related interest-rate contracts:
Hedged items			$	(334)	$	—	$	177	$	—
Discontinued hedge related basis adjustment amortization			8		—		11		—


Derivatives designated as hedging instruments			309		—		(214)		—
Interest accruals on hedging instruments			66		—		26		—
Debt of Fannie Mae and related interest-rate contracts:
Hedged items			—		428		—		(239)
Discontinued hedge-related basis adjustment amortization			—		(206)		—		(196)
Derivatives designated as hedging instruments			—		(355)		—		432
Interest accruals on derivative hedging instruments			—		(167)		—		(229)
Total effect of fair value hedges			$	49	$	(300)	$	—	$	(232)

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 portfolio 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 March 31, 2024 and December 31, 2023.


	As of March 31, 2024
	Carrying Amount Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount				Closed Portfolio of Mortgage Loans Under Portfolio Layer Method
			Total Basis Adjustments(1)(2)		Remaining Adjustments - Discontinued Hedge		Total Amortized Cost		Designated UPB
	(Dollars in millions)
Mortgage loans HFI	$	687,058	$	(500)	$	(500)	$	454,310	$	9,482

Debt of Fannie Mae	(56,930)		3,973		3,973		N/A		N/A


	As of December 31, 2023
	Carrying Amount Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount				Closed Portfolio of Mortgage Loans Under Portfolio Layer Method
			Total Basis Adjustments(1)(2)		Remaining Adjustments - Discontinued Hedge		Total Amortized Cost		Designated UPB
	(Dollars in millions)
Mortgage loans HFI	$	449,137	$	(174)	$	(174)	$	218,419	$	9,955

Debt of Fannie Mae	(59,462)		3,751		3,751		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 12, Netting Arrangements” for information on our rights to offset assets and liabilities as of March 31, 2024 and December 31, 2023.

For certain OTC derivatives, the amount of collateral we pledge to counterparties related to our derivative instruments is determined after considering our credit ratings. Currently, our long-term senior debt is rated AA+ or above by S&P Global Ratings and Moody's Investors Service. If our long-term senior debt credit ratings were downgraded to established thresholds in our OTC derivative contracts, which range from A3/A- to Baa2/BBB or below, we would be required to provide additional collateral to certain counterparties. The aggregate fair value of our OTC derivative instruments with credit-risk-related contingent features that were in a net liability position was $1.8 billion, for which we posted collateral of $1.6 billion as of March 31, 2024 and December 31, 2023. If our credit ratings were downgraded to Baa2/BBB or below, the maximum additional collateral we would have been required to post to our counterparties as of March 31, 2024 and December 31, 2023 would have been $870 million and $798 million, respectively.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 4,320	$ 3,772

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Investments in Securities - Trading 1 (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 49,361	$ 52,552
Mortgage-related
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	1,714	4,770
Non-mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	47,647	47,782
Non-mortgage-related securities \| Pledged as collateral
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	4,900	5,700
Consolidated trusts \| Mortgage-related
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 343	$ 364

Segment Reporting (Details) $ in Millions	3 Months Ended
Segment Reporting (Details) $ in Millions	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments \| segment	2
Net interest income	$ 7,023	$ 6,786
Fee and other income	72	63
Net revenues	7,095	6,849
Investment gains (losses), net	22	(67)
Fair value gains, net	480	204
Administrative expenses	(929)	(868)
Benefit (provision) for credit losses	180	(132)
TCCA fees	(860)	(855)
Credit enhancement expense	(419)	(341)
Change in expected credit enhancement recoveries	63	120
Other expenses, net	(199)	(130)
Income before federal income taxes	5,433	4,780
Provision for federal income taxes	(1,113)	(1,008)
Net income	4,320	3,772
Related Party \| Treasury
Segment Reporting Information [Line Items]
TCCA fees	(860)	(855)
Business segments \| Single-Family
Segment Reporting Information [Line Items]
Net interest income	5,874	5,672
Fee and other income	55	48
Net revenues	5,929	5,720
Investment gains (losses), net	13	(71)
Fair value gains, net	484	166
Administrative expenses	(777)	(720)
Benefit (provision) for credit losses	335	47
Credit enhancement expense	(353)	(287)
Change in expected credit enhancement recoveries	(42)	95
Other expenses, net	(176)	(116)
Income before federal income taxes	4,553	3,979
Provision for federal income taxes	(946)	(847)
Net income	3,607	3,132
Business segments \| Single-Family \| Related Party \| Treasury
Segment Reporting Information [Line Items]
TCCA fees	(860)	(855)
Business segments \| Multifamily
Segment Reporting Information [Line Items]
Net interest income	1,149	1,114
Fee and other income	17	15
Net revenues	1,166	1,129
Investment gains (losses), net	9	4
Fair value gains, net	(4)	38
Administrative expenses	(152)	(148)
Benefit (provision) for credit losses	(155)	(179)
Credit enhancement expense	(66)	(54)
Change in expected credit enhancement recoveries	105	25
Other expenses, net	(23)	(14)
Income before federal income taxes	880	801
Provision for federal income taxes	(167)	(161)
Net income	713	640
Business segments \| Multifamily \| Related Party \| Treasury
Segment Reporting Information [Line Items]
TCCA fees	$ 0	$ 0

Commitments and Contingencies (Details) - USD ($) $ in Millions			3 Months Ended		12 Months Ended
	Mar. 20, 2024	Aug. 14, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Loss Contingencies [Line Items]
Other expenses, net			$ 199.0	$ 130.0
Judicial ruling
Loss Contingencies [Line Items]
Litigation interest	$ 199.7
Senior Preferred Stock Purchase Agreements Litigation
Loss Contingencies [Line Items]
Awarded damages to Fannie Mae		$ 299.4
Litigation interest rate	5.01%
Other expenses, net			$ 5.0		$ 495.0

Allowance for Loan Losses

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Allowance for Loan Losses

We maintain an allowance for loan losses for HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts, excluding loans for which we have elected the fair value option. When calculating our allowance for loan losses, we consider the unpaid principal balance, net of unamortized premiums and discounts, and other cost basis adjustments of HFI loans at the balance sheet date. We record write-offs as a reduction to our allowance for loan losses at the point of foreclosure, completion of a short sale, upon the redesignation of nonperforming and reperforming loans from HFI to HFS or when a loan is determined to be uncollectible.

The following table displays changes in our allowance for single-family loans, multifamily loans and total allowance for loan losses. 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 March 31,
			2024		2023
		(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance			$	(6,671)	$	(9,443)
Benefit for loan losses			339		4
Write-offs			115		42
Recoveries			(58)		(76)
Other			—		(6)
Ending balance			$	(6,275)	$	(9,479)
Multifamily allowance for loan losses:
Beginning balance			$	(2,059)	$	(1,904)
Provision for loan losses			(157)		(180)
Write-offs			133		237
Recoveries			(21)		(9)

Ending balance			$	(2,104)	$	(1,856)
Total allowance for loan losses:
Beginning balance			$	(8,730)	$	(11,347)
Benefit (provision) for loan losses			182		(176)
Write-offs			248		279
Recoveries			(79)		(85)
Other			—		(6)
Ending balance			$	(8,379)	$	(11,335)

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.

Our single-family benefit for loan losses in the first quarter of 2024 was primarily driven by a benefit from forecasted home price growth, partially offset by a provision from changes in loan activity and a provision from actual and projected interest rates, as described below:

•Benefit from actual and forecasted home price growth. During the first quarter of 2024, we observed stronger-than-expected forecasted home price appreciation. Higher home prices decrease the likelihood that loans will default and reduce the amount of losses on loans that do default, which impacts our estimate of losses and ultimately reduces our loss reserves and provision for loan losses.

•Provision from changes in loan activity, which includes provision on newly acquired loans. This was primarily driven by the credit risk profile of our first quarter 2024 single-family acquisitions, which primarily consisted of purchase loans. Purchase loans generally have higher origination LTV ratios than refinance loans; therefore, purchase loans have a higher estimated risk of default and loss severity in the allowance than refinance loans and a correspondingly higher loan loss provision at the time of acquisition.

•Provision from actual and projected interest rates. Actual and projected interest rates increased in the first quarter of 2024 compared with our prior forecast. As mortgage rates increase, we expect a decrease in future prepayments on single-family loans. Lower expected prepayments extend the expected life of the loan, which increases our expectation of loan losses.

We recognized a modest single-family benefit for loan losses in the first quarter of 2023, primarily driven by a benefit from actual and forecasted home price growth, substantially offset by a provision on newly acquired loans, as described in more detail below:

•Benefit from actual and forecasted home price growth. During the first quarter of 2023, we observed modest actual home price appreciation. In addition, our updated 2023 home price forecast changed from our prior estimate, resulting in a lower estimate of home price declines for the year.

•Provision from changes in loan activity, which includes provision on newly acquired loans. This was primarily driven by the credit risk profile of our first quarter 2023 single-family acquisitions, as described in our quarterly report on Form 10-Q for the quarter ended March 31, 2023.

Our multifamily provision for loan losses in the first quarter of 2024 was primarily driven by continued declines in actual and projected multifamily property values, which includes an adjustment of $150 million to supplement model results relating to property value uncertainty, as well as increases in actual and projected interest rates compared to our prior forecast. Our forecast of multifamily property value estimates further declines in the near term offset by a long-term improvement.

The primary factors that contributed to our multifamily provision for loan losses for the first quarter of 2023 were:

•Provision for actual and projected economic data, which was primarily driven by decreases in actual and projected multifamily property values. This resulted in higher estimated LTV ratios, which increased our estimate of expected loan losses.

•Provision relating to our multifamily seniors housing loans. In the first quarter of 2023, uncertainty related to our seniors housing loans remained elevated, including uncertainty related to adjustable-rate loans.

The impact of these factors was partially offset by the following, which reduced our multifamily provision for loan loss:

•Benefit from actual and projected interest rates. Actual and projected interest rates decreased in the first quarter of 2023, which reduced the probability of default resulting in a benefit for loan losses.

Multifamily write-offs for the first quarter of 2023 were due to write-offs on a seniors housing portfolio. The seniors housing loans in our multifamily book had been disproportionately affected by the COVID-19 pandemic and ongoing economic trends, higher operating costs exacerbated by the increase in inflation, and higher short-term interest rates for adjustable-rate mortgages, resulting in increased costs for these borrowers.

Mortgage Loans - Loans in Mortgage Portfolio (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	$ 4,097,332		$ 4,102,632
Cost basis and fair value adjustments, net	40,165		41,729
Allowance for loan losses for HFI loans	(8,379)	$ (11,335)	(8,730)	$ (11,347)
Total mortgage loans	4,129,118		4,135,631
Accrued interest receivable	11,065		10,724
Single-family
Loans in Mortgage Portfolio [Line Items]
Allowance for loan losses for HFI loans	(6,275)	(9,479)	(6,671)	$ (9,443)
Amortized cost	236
Lower of cost or fair value adjustment at time of redesignation	(20)
Allowance reversed at time of redesignation	(1)
Single-family
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	3,629,515		3,641,385
Purchase of HFI loans:	62,290	67,467
Amortized cost		0
Lower of cost or fair value adjustment at time of redesignation		0
Allowance reversed at time of redesignation		0
Unpaid principal balance	499	1,842
Realized gains, net	5	17
Mortgage loans in process of foreclosure	4,600		4,600
Multifamily
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	467,817		461,247
Purchase of HFI loans:	10,068	$ 10,235
Mortgage loans
Loans in Mortgage Portfolio [Line Items]
Accrued interest receivable	$ 10,600		$ 10,400

Investments in Securities - Trading 2 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Net trading gains (losses)	$ (261)	$ 746
Net trading gains (losses) recognized in the period related to securities still held at period end	$ (242)	$ 799

Concentrations of Credit Risk - SF Risk Characteristics (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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)	0.87%	0.98%
60 days delinquent (percentage of book of business)	0.21%	0.24%
Seriously delinquent (percentage of book of business)	0.52%	0.56%
30 days delinquent (percentage of conventional loans)	0.94%	1.06%
60 days delinquent (percentage of conventional loans)	0.23%	0.26%
Seriously delinquent (percentage of conventional loans)	0.51%	0.55%
Single-family \| Guaranty Book of Business \| 80.01% to 90%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.79%	0.81%
Percentage of book of business	6.00%	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)	0.62%	0.59%
Percentage of book of business	3.00%	3.00%
Single-family \| Guaranty Book of Business \| Greater than 100%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	2.10%	2.05%
Percentage of book of business		0.50%
Single-family \| Guaranty Book of Business \| 2008 and prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	1.91%	2.07%
Percentage of book of business	2.00%	2.00%
Single-family \| Guaranty Book of Business \| 2009-2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.45%	0.47%
Percentage of book of business	98.00%	98.00%
Single-family \| Guaranty Book of Business \| California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.39%	0.42%
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)	0.68%	0.73%
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)	0.69%	0.70%
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)	0.85%	0.92%
Percentage of book of business	5.00%	5.00%
Single-family \| Guaranty Book of Business \| Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.59%	0.64%
Percentage of book of business	7.00%	7.00%
Single-family \| Guaranty Book of Business \| All other states
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.48%	0.52%
Percentage of book of business	60.00%	60.00%
Single-family \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	90 days	90 days

Regulatory Capital Requirements (Tables)

3 Months Ended

Mar. 31, 2024

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

Regulatory Capital Classification Measures


Capital Metrics under the Enterprise Regulatory Capital Framework as of March 31, 2024(1)
(Dollars in billions)
Adjusted total assets		$	4,549
Risk-weighted assets		1,323

		Amounts						Ratios
		Available Capital (Deficit)(2)		Minimum Capital Requirement		Total Capital Requirement (including Buffers)(3)		Available Capital (Deficit) Ratio(4)		Minimum Capital Ratio Requirement		Total Capital Requirement Ratio (including Buffers)
Risk-based capital:
	Total capital (statutory)(5)	$	(30)	$	106	$	106	(2.3)	%	8.0	%	8.0	%
	Common equity tier 1 capital	(69)		60		142		(5.2)		4.5		10.7
	Tier 1 capital	(50)		79		161		(3.8)		6.0		12.2
	Adjusted total capital	(50)		106		188		(3.8)		8.0		14.2
Leverage capital:
	Core capital (statutory)(6)	(39)		114		114		(0.9)		2.5		2.5
	Tier 1 capital	(50)		114		138		(1.1)		2.5		3.0


Capital Metrics under the Enterprise Regulatory Capital Framework as of December 31, 2023(1)
(Dollars in billions)
Adjusted total assets		$	4,552
Risk-weighted assets		1,357

		Amounts						Ratios
		Available Capital (Deficit)(2)		Minimum Capital Requirement		Total Capital Requirement (including Buffers)(3)		Available Capital (Deficit) Ratio(4)		Minimum Capital Ratio Requirement		Total Capital Requirement Ratio (including Buffers)
Risk-based capital:
	Total capital (statutory)(5)	$	(34)	$	109	$	109	(2.5)	%	8.0	%	8.0	%
	Common equity tier 1 capital	(74)		61		140		(5.5)		4.5		10.3
	Tier 1 capital	(55)		81		160		(4.1)		6.0		11.8
	Adjusted total capital	(55)		109		188		(4.1)		8.0		13.9
Leverage capital:
	Core capital (statutory)(6)	(43)		114		114		(0.9)		2.5		2.5
	Tier 1 capital	(55)		114		137		(1.2)		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.

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

Mortgage Loans - Credit Quality Indicators - SF (Details) - Single-family - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	$ 39,447	$ 279,314
One fiscal year before	295,469	489,031
Two fiscal years before	480,938	1,103,809
Three fiscal years before	1,085,273	890,887
Four fiscal years before	875,301	155,447
Prior	894,017	763,925
Total mortgage loans	3,670,445	3,682,413
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Current fiscal year, writeoff	0	2
One fiscal year, writeoff	5	36
Two fiscal years, writeoff	16	54
Three fiscal years, writeoff	12	46
Four fiscal years, writeoff	6	109
Prior	41	619
Total writeoff	80	866
Less than or equal to 80%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	23,458	157,317
One fiscal year before	170,072	354,060
Two fiscal years before	356,221	1,060,673
Three fiscal years before	1,048,207	887,045
Four fiscal years before	871,713	154,553
Prior	891,620	762,320
Total mortgage loans	3,361,291	3,375,968
Greater than 80% and less than or equal to 90%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	6,189	58,766
One fiscal year before	65,899	97,186
Two fiscal years before	90,964	38,932
Three fiscal years before	33,597	3,432
Four fiscal years before	3,139	806
Prior	1,885	1,167
Total mortgage loans	201,673	200,289
Greater than 90% and less than or equal to 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	9,800	62,216
One fiscal year before	58,353	35,990
Two fiscal years before	31,993	4,014
Three fiscal years before	3,257	363
Four fiscal years before	392	71
Prior	300	230
Total mortgage loans	104,095	102,884
Greater than 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	1,015
One fiscal year before	1,145	1,795
Two fiscal years before	1,760	190
Three fiscal years before	212	47
Four fiscal years before	57	17
Prior	212	208
Total mortgage loans	3,386	3,272
20- and 30-year or more, amortizing fixed-rate
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	38,232	268,985
One fiscal year before	284,737	447,259
Two fiscal years before	440,353	932,415
Three fiscal years before	918,764	771,430
Four fiscal years before	759,626	137,546
Prior	770,314	650,407
Total mortgage loans	3,212,026	3,208,042
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Current fiscal year, writeoff	0	2
One fiscal year, writeoff	5	35
Two fiscal years, writeoff	15	53
Three fiscal years, writeoff	12	45
Four fiscal years, writeoff	6	108
Prior	35	560
Total writeoff	73	803
20- and 30-year or more, amortizing fixed-rate \| Less than or equal to 80%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	22,414	148,641
One fiscal year before	160,958	314,384
Two fiscal years before	317,454	889,434
Three fiscal years before	881,833	767,596
Four fiscal years before	756,047	136,654
Prior	768,064	648,964
Total mortgage loans	2,906,770	2,905,673
20- and 30-year or more, amortizing fixed-rate \| Greater than 80% and less than or equal to 90%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	6,088	57,686
One fiscal year before	64,778	95,509
Two fiscal years before	89,524	38,790
Three fiscal years before	33,474	3,424
Four fiscal years before	3,131	804
Prior	1,807	1,082
Total mortgage loans	198,802	197,295
20- and 30-year or more, amortizing fixed-rate \| Greater than 90% and less than or equal to 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	9,730	61,658
One fiscal year before	57,866	35,602
Two fiscal years before	31,637	4,002
Three fiscal years before	3,245	363
Four fiscal years before	391	71
Prior	264	189
Total mortgage loans	103,133	101,885
20- and 30-year or more, amortizing fixed-rate \| Greater than 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	1,000
One fiscal year before	1,135	1,764
Two fiscal years before	1,738	189
Three fiscal years before	212	47
Four fiscal years before	57	17
Prior	179	172
Total mortgage loans	3,321	3,189
15-year or less, amortizing fixed-rate
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	981	7,951
One fiscal year before	8,058	35,931
Two fiscal years before	34,852	165,347
Three fiscal years before	160,581	117,797
Four fiscal years before	114,053	17,162
Prior	94,808	84,225
Total mortgage loans	413,333	428,413
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Current fiscal year, writeoff	0	0
One fiscal year, writeoff	0	0
Two fiscal years, writeoff	1	1
Three fiscal years, writeoff	0	1
Four fiscal years, writeoff	0	1
Prior	1	5
Total writeoff	2	8
15-year or less, amortizing fixed-rate \| Less than or equal to 80%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	879	7,110
One fiscal year before	7,300	35,224
Two fiscal years before	34,299	165,294
Three fiscal years before	160,540	117,795
Four fiscal years before	114,051	17,162
Prior	94,806	84,222
Total mortgage loans	411,875	426,807
15-year or less, amortizing fixed-rate \| Greater than 80% and less than or equal to 90%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	61	581
One fiscal year before	554	647
Two fiscal years before	508	52
Three fiscal years before	39	2
Four fiscal years before	2	0
Prior	1	1
Total mortgage loans	1,165	1,283
15-year or less, amortizing fixed-rate \| Greater than 90% and less than or equal to 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	41	259
One fiscal year before	203	58
Two fiscal years before	44	1
Three fiscal years before	2	0
Four fiscal years before	0	0
Prior	0	1
Total mortgage loans	290	319
15-year or less, amortizing fixed-rate \| Greater than 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	1
One fiscal year before	1	2
Two fiscal years before	1	0
Three fiscal years before	0	0
Four fiscal years before	0	0
Prior	1	1
Total mortgage loans	3	4
Adjustable-rate
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	234	2,378
One fiscal year before	2,674	5,841
Two fiscal years before	5,733	6,047
Three fiscal years before	5,928	1,660
Four fiscal years before	1,622	712
Prior	9,895	9,720
Total mortgage loans	26,086	26,358
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Current fiscal year, writeoff	0	0
One fiscal year, writeoff	0	1
Two fiscal years, writeoff	0	0
Three fiscal years, writeoff	0	0
Four fiscal years, writeoff	0	0
Prior	0	2
Total writeoff	0	3
Adjustable-rate \| Less than or equal to 80%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	165	1,566
One fiscal year before	1,814	4,452
Two fiscal years before	4,468	5,945
Three fiscal years before	5,834	1,654
Four fiscal years before	1,615	710
Prior	9,889	9,716
Total mortgage loans	23,785	24,043
Adjustable-rate \| Greater than 80% and less than or equal to 90%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	40	499
One fiscal year before	567	1,030
Two fiscal years before	932	90
Three fiscal years before	84	6
Four fiscal years before	6	2
Prior	5	3
Total mortgage loans	1,634	1,630
Adjustable-rate \| Greater than 90% and less than or equal to 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	29	299
One fiscal year before	284	330
Two fiscal years before	312	11
Three fiscal years before	10	0
Four fiscal years before	1	0
Prior	0	1
Total mortgage loans	636	641
Adjustable-rate \| Greater than 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	14
One fiscal year before	9	29
Two fiscal years before	21	1
Three fiscal years before	0	0
Four fiscal years before	0	0
Prior	1	0
Total mortgage loans	31	44
Other
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	0
One fiscal year before	0	0
Two fiscal years before	0	0
Three fiscal years before	0	0
Four fiscal years before	0	27
Prior	19,000	19,573
Total mortgage loans	19,000	19,600
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Current fiscal year, writeoff	0	0
One fiscal year, writeoff	0	0
Two fiscal years, writeoff	0	0
Three fiscal years, writeoff	0	0
Four fiscal years, writeoff	0	0
Prior	5	52
Total writeoff	5	52
Other \| Less than or equal to 80%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	0
One fiscal year before	0	0
Two fiscal years before	0	0
Three fiscal years before	0	0
Four fiscal years before	0	27
Prior	18,861	19,418
Total mortgage loans	18,861	19,445
Other \| Greater than 80% and less than or equal to 90%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	0
One fiscal year before	0	0
Two fiscal years before	0	0
Three fiscal years before	0	0
Four fiscal years before	0	0
Prior	72	81
Total mortgage loans	72	81
Other \| Greater than 90% and less than or equal to 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	0
One fiscal year before	0	0
Two fiscal years before	0	0
Three fiscal years before	0	0
Four fiscal years before	0	0
Prior	36	39
Total mortgage loans	36	39
Other \| Greater than 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	0
One fiscal year before	0	0
Two fiscal years before	0	0
Three fiscal years before	0	0
Four fiscal years before	0	0
Prior	31	35
Total mortgage loans	31	35
U.S Government
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Total mortgage loans	4,800	5,500
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Total writeoff	$ 35	$ 7

Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Financing Receivable, Allowance for Credit Loss


	For the Three Months Ended March 31,
			2024		2023
		(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance			$	(6,671)	$	(9,443)
Benefit for loan losses			339		4
Write-offs			115		42
Recoveries			(58)		(76)
Other			—		(6)
Ending balance			$	(6,275)	$	(9,479)
Multifamily allowance for loan losses:
Beginning balance			$	(2,059)	$	(1,904)
Provision for loan losses			(157)		(180)
Write-offs			133		237
Recoveries			(21)		(9)

Ending balance			$	(2,104)	$	(1,856)
Total allowance for loan losses:
Beginning balance			$	(8,730)	$	(11,347)
Benefit (provision) for loan losses			182		(176)
Write-offs			248		279
Recoveries			(79)		(85)
Other			—		(6)
Ending balance			$	(8,379)	$	(11,335)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
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. 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 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 stockholders against us, FHFA as our conservator, and Freddie Mac were filed 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 stockholders’ rights and caused them harm. Plaintiffs in the class action represent a class of Fannie Mae preferred stockholders and classes of Freddie Mac common and preferred stockholders. The cases were tried before a jury at a trial that commenced on July 24, 2023. On August 14, 2023, the jury returned a verdict for the plaintiffs and awarded damages of $299.4 million to Fannie Mae preferred stockholders. On October 24, 2023, the court held that these stockholders were entitled to receive prejudgment interest on the damage award. On March 20, 2024, the court entered final judgment and set the amount of prejudgment interest owed by Fannie Mae at $199.7 million. On April 17, 2024, the defendants filed a motion for judgment as a matter of law. The parties will have 30 days to appeal following the court’s decision on the motion. Until the motion and any subsequent appeals are resolved and any final judgment amount has been paid, post-judgment interest on the damages and prejudgment interest awards will accrue at a rate of 5.01%, starting on March 20, 2024, to be computed daily and compounded annually. We recognized $495 million in 2023 related to the jury verdict and estimated prejudgment interest through December 31, 2023 in “Other expenses, net.” We recognized an additional $5 million of expense for the three months ended March 31, 2024 related to the prejudgment and post-judgment interest.

Derivative Instruments - Notional and Fair Value Position (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amount	$ 414,792	$ 388,121
Asset Derivatives
Derivative assets, gross amount offset	(333)	(283)
Derivative assets	102	202
Liability Derivatives
Derivatives liabilities at fair value	(78)	(140)
Table Footnote [Abstract]
Cash collateral posted for derivative instruments	2,900	2,900
Cash collateral received for derivative instruments	(4)	(5)
Total risk management derivatives designated as hedging instruments
Derivative [Line Items]
Notional Amount	325,009	299,557
Asset Derivatives
Derivative assets, gross amount offset	(333)	(283)
Derivative assets	18	45
Liability Derivatives
Netting adjustment	3,266	3,200
Derivatives liabilities at fair value	(14)	(23)
Total risk management derivatives designated as hedging instruments \| Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	34,588	38,541
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Total risk management derivatives designated as hedging instruments \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	290,421	261,016
Asset Derivatives
Derivative assets, gross	351	328
Liability Derivatives
Derivative liabilities, gross	(3,280)	(3,223)
Pay-fixed \| Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	9,836	9,954
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Pay-fixed \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	148,866	136,648
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Receive-fixed \| Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	24,752	28,587
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Receive-fixed \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	132,426	115,288
Asset Derivatives
Derivative assets, gross	69	76
Liability Derivatives
Derivative liabilities, gross	(3,120)	(3,085)
Basis \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	250	250
Asset Derivatives
Derivative assets, gross	41	44
Liability Derivatives
Derivative liabilities, gross	0	0
Foreign currency \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	313	316
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	(72)	(66)
Pay-fixed \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	5,816	5,816
Asset Derivatives
Derivative assets, gross	223	195
Liability Derivatives
Derivative liabilities, gross	(18)	(12)
Receive-fixed \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	2,666	2,666
Asset Derivatives
Derivative assets, gross	18	13
Liability Derivatives
Derivative liabilities, gross	(70)	(60)
Futures \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	84	32
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Mortgage commitment derivatives
Derivative [Line Items]
Notional Amount	61,097	60,940
Asset Derivatives
Derivative assets, gross amount offset	0	0
Derivative assets	43	112
Liability Derivatives
Netting adjustment	0	0
Derivatives liabilities at fair value	(51)	(104)
Mortgage commitments to purchase whole loans
Derivative [Line Items]
Notional Amount	3,305	2,734
Asset Derivatives
Derivative assets	6	14
Liability Derivatives
Derivatives liabilities at fair value	(1)	0
Forward contracts to purchase mortgage-related securities
Derivative [Line Items]
Notional Amount	17,361	14,264
Asset Derivatives
Derivative assets	31	98
Liability Derivatives
Derivatives liabilities at fair value	(11)	(2)
Forward contracts to sell mortgage-related securities
Derivative [Line Items]
Notional Amount	40,431	43,942
Asset Derivatives
Derivative assets	6	0
Liability Derivatives
Derivatives liabilities at fair value	(39)	(102)
Credit enhancement derivatives
Derivative [Line Items]
Notional Amount	28,686	27,624
Asset Derivatives
Derivative assets	41	45
Liability Derivatives
Derivatives liabilities at fair value	$ (13)	$ (13)

Investments in Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments in Securities

Trading Securities

Trading securities are recorded at fair value with subsequent changes in fair value recorded as “Fair value gains, net” in our condensed consolidated statements of operations and comprehensive income. The following table displays our investments in trading securities.


		As of
		March 31, 2024		December 31, 2023

	(Dollars in millions)




Mortgage-related securities (includes $343 million and $364 million, respectively, related to consolidated trusts)		$	1,714	$	4,770



Non-mortgage-related securities (includes $4.9 billion and $5.7 billion, respectively, pledged as collateral)(1)		47,647		47,782
Total trading securities		$	49,361	$	52,552

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

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



		For the Three Months Ended March 31,
			2024		2023

	(Dollars in millions)
Net trading gains (losses)			$	(261)	$	746
Net trading gains (losses) recognized in the period related to securities still held at period end			(242)		799

Available-for-Sale Securities

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


	As of March 31, 2024
	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		$	395	$	—	$	1	$	(29)	$	367





Other mortgage-related securities		152		(2)		18		—		168
Total		$	547	$	(2)	$	19	$	(29)	$	535


	As of December 31, 2023
	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		$	405	$	—	$	1	$	(29)	$	377




Other mortgage-related securities		179		(2)		10		—		187
Total		$	584	$	(2)	$	11	$	(29)	$	564

Agency 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.


	As of
	March 31, 2024										December 31, 2023
	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		$	(2)	$	70		$	(27)	$	232		$	(3)	$	66		$	(26)	$	238
Other mortgage-related securities		—		3			—		—			—		—			—		—

Total		$	(2)	$	73		$	(27)	$	232		$	(3)	$	66		$	(26)	$	238

There were no sales of AFS securities in the first quarter of 2024 or the first quarter of 2023. As a result, no gross realized gains (losses) or proceeds from sales were recognized in either period.

We held no securities classified as held-to-maturity as of March 31, 2024 or December 31, 2023.

Fair Value - Level 3 Valuation - Nonrecurring (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	$ 3,176,000,000	$ 3,315,000,000
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	80,880,000,000	81,745,000,000
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	3,572,424,000,000	3,643,669,000,000
Mortgage loans held-for-sale, at lower of cost or fair value	277,000,000	93,000,000
Mortgage loans held for investment, net of allowance for loan losses	3,494,262,000,000	3,571,555,000,000
Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	132,907,000,000	133,003,000,000
Mortgage loans held-for-sale, at lower of cost or fair value	1,793,000,000	2,196,000,000
Mortgage loans held for investment, net of allowance for loan losses	130,364,000,000	130,022,000,000
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	66,000,000	42,000,000
Total nonrecurring liabilities at fair value	0	0
Nonrecurring \| Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	1,696,000,000	3,993,000,000
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	304,000,000	1,994,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single-Family
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	307,000,000	390,000,000
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	281,000,000	407,000,000
Acquired property, net	145,000,000	230,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single-Family \| Appraisal
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	53,000,000	43,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single-Family \| Accepted Offer
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	28,000,000	23,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single-Family \| Walk Forward
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	65,000,000	75,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single-Family \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	16,000,000	19,000,000
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	801,000,000	1,020,000,000
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	193,000,000	218,000,000
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	168,000,000	33,000,000
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	440,000,000	769,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Multifamily \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	$ 3,000,000	$ 182,000,000

Concentrations of Credit Risk - MF Risk Characteristics (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
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	60 days	60 days
Multifamily \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	89 days	89 days	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)	0.06%		0.10%
Seriously delinquent (percentage of book of business)	0.44%		0.46%
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	0.00%		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	0.45%		0.46%
Multifamily \| Guaranty Book of Business \| Current DSCR below 1.0
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	4.00%		4.00%
Loans seriously delinquent, percentage by unpaid principal balance	6.06%		7.04%

Fair Value - Levels Hierarchy (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets:
Total Fair Value	$ 535	$ 564
Mortgage loans held for investment, net of allowance for loan losses	3,176	3,315
Derivative assets at fair value	102	202
Derivative assets, gross amount offset	(333)	(283)
Liabilities:
Derivative liabilities	78	140
Fannie Mae
Liabilities:
Long-term debt:	654	761
Consolidated Trusts
Liabilities:
Long-term debt:	13,762	14,343
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Trading securities	47,626	47,764
Total 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	80,880	81,745
Liabilities:
Derivative liabilities	0	0
Total financial liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fannie Mae
Liabilities:
Long-term debt:	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Consolidated Trusts
Liabilities:
Long-term debt:	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Trading securities	1,707	4,762
Total Fair Value	48	50
Mortgage loans held for investment, net of allowance for loan losses	3,494,262	3,571,555
Derivative assets at fair value	353	395
Total financial assets	3,572,424	3,643,669
Liabilities:
Derivative liabilities	3,331	3,327
Total financial liabilities	3,690,331	3,760,502
Significant Other Observable Inputs (Level 2) \| Fannie Mae
Liabilities:
Long-term debt:	104,063	106,701
Significant Other Observable Inputs (Level 2) \| Consolidated Trusts
Liabilities:
Long-term debt:	3,568,654	3,633,157
Significant Unobservable Inputs (Level 3)
Assets:
Trading securities	28	26
Total Fair Value	487	514
Mortgage loans held for investment, net of allowance for loan losses	130,364	130,022
Derivative assets at fair value	82	90
Total financial assets	132,907	133,003
Liabilities:
Derivative liabilities	13	13
Total financial liabilities	959	976
Significant Unobservable Inputs (Level 3) \| Fannie Mae
Liabilities:
Long-term debt:	600	605
Significant Unobservable Inputs (Level 3) \| Consolidated Trusts
Liabilities:
Long-term debt:	285	293
Recurring
Assets:
Trading securities	49,361	52,552
Total Fair Value	535	564
Mortgage loans held for investment, net of allowance for loan losses	3,176	3,315
Derivative assets at fair value	102	202
Derivative assets, gross amount offset	(333)	(283)
Total financial assets	53,174	56,633
Liabilities:
Long-term debt:	14,416	15,104
Derivative liabilities	78	140
Derivative liabilities, gross amount offset	(3,266)	(3,200)
Total financial liabilities	14,494	15,244
Recurring \| Fannie Mae
Liabilities:
Long-term debt:	654	761
Recurring \| Consolidated Trusts
Liabilities:
Long-term debt:	13,762	14,343
Recurring \| Mortgage-related
Assets:
Trading securities	1,714	4,770
Recurring \| Non-mortgage-related securities
Assets:
Trading securities	47,647	47,782
Recurring \| Agency
Assets:
Total Fair Value	367	377
Recurring \| Other mortgage-related
Assets:
Total Fair Value	168	187
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Trading securities	47,626	47,764
Total 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	47,626	47,764
Liabilities:
Long-term debt:	0	0
Derivative liabilities	0	0
Total financial liabilities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fannie Mae
Liabilities:
Long-term debt:	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Consolidated Trusts
Liabilities:
Long-term debt:	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mortgage-related
Assets:
Trading securities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-mortgage-related securities
Assets:
Trading securities	47,626	47,764
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Agency
Assets:
Total Fair Value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other mortgage-related
Assets:
Total Fair Value	0	0
Recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Trading securities	1,707	4,762
Total Fair Value	48	50
Mortgage loans held for investment, net of allowance for loan losses	2,706	2,838
Derivative assets at fair value	353	395
Total financial assets	4,814	8,045
Liabilities:
Long-term debt:	14,029	14,719
Derivative liabilities	3,331	3,327
Total financial liabilities	17,360	18,046
Recurring \| Significant Other Observable Inputs (Level 2) \| Fannie Mae
Liabilities:
Long-term debt:	381	493
Recurring \| Significant Other Observable Inputs (Level 2) \| Consolidated Trusts
Liabilities:
Long-term debt:	13,648	14,226
Recurring \| Significant Other Observable Inputs (Level 2) \| Mortgage-related
Assets:
Trading securities	1,686	4,744
Recurring \| Significant Other Observable Inputs (Level 2) \| Non-mortgage-related securities
Assets:
Trading securities	21	18
Recurring \| Significant Other Observable Inputs (Level 2) \| Agency
Assets:
Total Fair Value	44	46
Recurring \| Significant Other Observable Inputs (Level 2) \| Other mortgage-related
Assets:
Total Fair Value	4	4
Recurring \| Significant Unobservable Inputs (Level 3)
Assets:
Trading securities	28	26
Total Fair Value	487	514
Mortgage loans held for investment, net of allowance for loan losses	470	477
Derivative assets at fair value	82	90
Total financial assets	1,067	1,107
Liabilities:
Long-term debt:	387	385
Derivative liabilities	13	13
Total financial liabilities	400	398
Recurring \| Significant Unobservable Inputs (Level 3) \| Fannie Mae
Liabilities:
Long-term debt:	273	268
Recurring \| Significant Unobservable Inputs (Level 3) \| Consolidated Trusts
Liabilities:
Long-term debt:	114	117
Recurring \| Significant Unobservable Inputs (Level 3) \| Mortgage-related
Assets:
Trading securities	28	26
Recurring \| Significant Unobservable Inputs (Level 3) \| Non-mortgage-related securities
Assets:
Trading securities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Agency
Assets:
Total Fair Value	323	331
Recurring \| Significant Unobservable Inputs (Level 3) \| Other mortgage-related
Assets:
Total Fair Value	$ 164	$ 183

Consolidations and Transfers of Financial Assets - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entities [Line Items]
Investments in securities, at fair value	$ 49,896	$ 53,116
Other assets	13,184	13,490
Other liabilities	(14,118)	(14,106)
Assets	4,323,819	4,325,437
Total unpaid principal balance of mortgage loans	4,097,332	4,102,632
Multifamily
Variable Interest Entities [Line Items]
Total unpaid principal balance of mortgage loans	467,817	461,247
Multifamily \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Total unpaid principal balance of mortgage loans	467,800
Mortgage-related \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Investments in securities, at fair value	1,813	4,863
Other assets	36	37
Other liabilities	(41)	(42)
Net carrying amount	1,808	4,858
Maximum exposure to loss	216,000	223,000
Assets	217,000	273,000
Partnership interest LIHTC \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Net carrying amount	558	528
Maximum exposure to loss	558	530
Assets	5,800	5,800
Total available-for-sale securities \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Maximum exposure to loss	22,600	21,400
Assets	$ 22,600	$ 21,400

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024						As of December 31, 2023
	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	$	9,836	$	—	$	—		$	9,954		$	—	$	—
Receive-fixed	24,752		—		—			28,587			—		—

Total risk management derivatives designated as hedging instruments	34,588		—		—			38,541			—		—
Risk management derivatives not designated as hedging instruments:
Swaps:(1)
Pay-fixed	148,866		—		—			136,648			—		—
Receive-fixed	132,426		69		(3,120)			115,288			76		(3,085)
Basis	250		41		—			250			44		—
Foreign currency	313		—		(72)			316			—		(66)
Swaptions:(1)
Pay-fixed	5,816		223		(18)			5,816			195		(12)
Receive-fixed	2,666		18		(70)			2,666			13		(60)
Futures(1)	84		—		—			32			—		—
Total risk management derivatives not designated as hedging instruments	290,421		351		(3,280)			261,016			328		(3,223)


Netting adjustment(2)	—		(333)		3,266			—			(283)		3,200
Total risk management derivatives portfolio	325,009		18		(14)			299,557			45		(23)
Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	3,305		6		(1)			2,734			14		—
Forward contracts to purchase mortgage-related securities	17,361		31		(11)			14,264			98		(2)
Forward contracts to sell mortgage-related securities	40,431		6		(39)			43,942			—		(102)
Total mortgage commitment derivatives	61,097		43		(51)			60,940			112		(104)
Credit enhancement derivatives	28,686		41		(13)			27,624			45		(13)
Derivatives at fair value	$	414,792	$	102	$	(78)		$	388,121		$	202	$	(140)

(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 March 31,
		2024		2023
		(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed		$	1,362	$	(1,590)
Receive-fixed		(696)		1,572
Basis		1		13
Foreign currency		(8)		8
Swaptions:
Pay-fixed		23		(33)
Receive-fixed		(4)		(1)
Futures		1		—
Net contractual interest expense on interest-rate swaps		(199)		(178)
Total risk management derivatives fair value gains (losses), net		480		(209)
Mortgage commitment derivatives fair value gains (losses), net		207		(114)
Credit enhancement derivatives fair value losses, net		(15)		(15)
Total derivatives fair value gains (losses), net		$	672	$	(338)

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



	For the Three Months Ended March 31,
		2024	2023
			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			$	35,216	$	(29,580)	$	32,137	$	(26,665)

Gains (losses) from fair value hedging relationships:
Mortgage loans HFI and related interest-rate contracts:
Hedged items			$	(334)	$	—	$	177	$	—
Discontinued hedge related basis adjustment amortization			8		—		11		—


Derivatives designated as hedging instruments			309		—		(214)		—
Interest accruals on hedging instruments			66		—		26		—
Debt of Fannie Mae and related interest-rate contracts:
Hedged items			—		428		—		(239)
Discontinued hedge-related basis adjustment amortization			—		(206)		—		(196)
Derivatives designated as hedging instruments			—		(355)		—		432
Interest accruals on derivative hedging instruments			—		(167)		—		(229)
Total effect of fair value hedges			$	49	$	(300)	$	—	$	(232)


	As of March 31, 2024
	Carrying Amount Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount				Closed Portfolio of Mortgage Loans Under Portfolio Layer Method
			Total Basis Adjustments(1)(2)		Remaining Adjustments - Discontinued Hedge		Total Amortized Cost		Designated UPB
	(Dollars in millions)
Mortgage loans HFI	$	687,058	$	(500)	$	(500)	$	454,310	$	9,482

Debt of Fannie Mae	(56,930)		3,973		3,973		N/A		N/A


	As of December 31, 2023
	Carrying Amount Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount				Closed Portfolio of Mortgage Loans Under Portfolio Layer Method
			Total Basis Adjustments(1)(2)		Remaining Adjustments - Discontinued Hedge		Total Amortized Cost		Designated UPB
	(Dollars in millions)
Mortgage loans HFI	$	449,137	$	(174)	$	(174)	$	218,419	$	9,955

Debt of Fannie Mae	(59,462)		3,751		3,751		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 + Details

Fair Value - Changes in FV under the FV Option (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses)	$ 480	$ 204
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses)	(45)	71
Long-term debt:
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses)	$ 111	$ (269)

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Fannie Mae is a leading source of financing for residential mortgages in the United States. We are a government-sponsored, stockholder-owned corporation, chartered by Congress to provide liquidity and stability to the U.S. housing market and to promote access to mortgage credit. We primarily do this by buying residential mortgage loans that are originated by lenders. We place these loans into trusts and issue guaranteed mortgage-backed securities (“MBS”) that global investors buy from us. We do not originate mortgage loans or lend money directly to borrowers. We are currently operating under conservatorship, with the Federal Housing Finance Agency (“FHFA”) acting as conservator. See “Note 2, Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters” below and in our annual report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”) for information on our conservatorship, the senior preferred stock purchase agreement, the impact of U.S. government support of our business, and related party relationships. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements and therefore should be read in conjunction with our audited consolidated financial statements and related notes included in our 2023 Form 10-K. In the opinion of management, our unaudited interim condensed consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of our results. The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. 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 balances and transactions have been eliminated. To conform to our current-period presentation, we have reclassified certain amounts reported in our prior period consolidated financial statements. 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. Earnings per Share Earnings per share (“EPS”) is presented for basic and diluted EPS. We include the shares of common stock that would be issuable upon full exercise of the common stock warrant in the weighted average shares outstanding for the computation of both basic and diluted earnings per share. Weighted average common shares include 4.7 billion shares for the periods ended March 31, 2024 and 2023 that would have been issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through March 31, 2024 and 2023. For the calculation of diluted EPS, the 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 months ended March 31, 2024 and 2023, convertible preferred stock is not included in the calculation because it would have an anti-dilutive effect. Foreclosed Property We present foreclosed property in “Other assets” in our condensed consolidated balance sheets. We held $1.8 billion of acquired property as of March 31, 2024 and December 31, 2023. New Accounting Guidance Segment Reporting On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The ASU enhances disclosure of an entity’s reportable segments by requiring additional information about significant segment expenses, interim disclosures of certain segment information that previously were only required on an annual basis and other detailed segment-related disclosures. The ASU applies to all public entities that are required to report segment information and is effective starting in annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The ASU is required to be adopted retrospectively to all prior periods presented in the financial statements. The adoption of this guidance is not expected to have a material impact on our financial statements. Income Taxes On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the required disclosures primarily related to the income tax rate reconciliation and income taxes paid. The ASU requires an entity’s income tax rate reconciliation to provide additional information for reconciling items meeting a quantitative threshold, and to disclose certain selected categories within the income tax rate reconciliation. The ASU also requires entities to disclose the amount of income taxes paid, disaggregated by federal, state and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. The adoption of this guidance is not expected to have a material impact on our financial statements.

Mortgage Loans

3 Months Ended

Mar. 31, 2024

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”). Unless otherwise noted, within “Note 4, Mortgage Loans,” 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. Within 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.

Within our 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
	March 31, 2024		December 31, 2023
	(Dollars in millions)
Single-family	$	3,629,515	$	3,641,385
Multifamily	467,817		461,247
Total unpaid principal balance of mortgage loans	4,097,332		4,102,632
Cost basis and fair value adjustments, net	40,165		41,729
Allowance for loan losses for HFI loans	(8,379)		(8,730)
Total mortgage loans(1)	$	4,129,118	$	4,135,631

(1)Excludes $10.6 billion and $10.4 billion of accrued interest receivable, net of allowance as of March 31, 2024 and December 31, 2023, respectively.

The following table displays information about our purchase of HFI loans, redesignation of loans and the sales of mortgage loans during the period.


	For the Three Months Ended March 31,

			2024		2023
		(Dollars in millions)
Purchase of HFI loans:
Single-family unpaid principal balance			$	62,290	$	67,467
Multifamily unpaid principal balance			10,068		10,235

Single-family loans redesignated from HFI to HFS:
Amortized cost			$	236	$	—
Lower of cost or fair value adjustment at time of redesignation(1)			(20)		—
Allowance reversed at time of redesignation			(1)		—




Single-family loans sold:
Unpaid principal balance			$	499	$	1,842
Realized gains, net			5		17

(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 March 31, 2024 and December 31, 2023. 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


	As of March 31, 2024
	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	$	29,350	$	7,275	$	17,352	$	53,977	$	3,158,049	$	3,212,026	$	866	$	3,118
15-year or less, amortizing fixed-rate	1,547		281		585		2,413		410,920		413,333		49		188
Adjustable-rate	158		38		92		288		25,798		26,086		7		19
Other(2)	557		152		491		1,200		22,554		23,754		121		193
Total single-family	31,612		7,746		18,520		57,878		3,617,321		3,675,199		1,043		3,518
Multifamily(3)	275		N/A		1,578		1,853		465,991		467,844		140		659
Total	$	31,887	$	7,746	$	20,098	$	59,731	$	4,083,312	$	4,143,043	$	1,183	$	4,177


	As of December 31, 2023
	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	$	33,119	$	8,093	$	18,659	$	59,871	$	3,148,171	$	3,208,042	$	1,371	$	3,457
15-year or less, amortizing fixed-rate	1,846		319		650		2,815		425,598		428,413		74		176
Adjustable-rate	184		42		100		326		26,032		26,358		11		21
Other(2)	586		171		562		1,319		23,772		25,091		148		228
Total single-family	35,735		8,625		19,971		64,331		3,623,573		3,687,904		1,604		3,882
Multifamily(3)	449		N/A		1,699		2,148		459,206		461,354		171		594
Total	$	36,184	$	8,625	$	21,670	$	66,479	$	4,082,779	$	4,149,258	$	1,775	$	4,476

(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 and Write-offs by Year of Origination

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.


	Credit Quality Indicators as of March 31, 2024 and Write-offs for the Three Months Ended March 31, 2024, by Year of Origination(1)
	2024		2023		2022		2021		2020		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%	$	22,414	$	160,958	$	317,454	$	881,833	$	756,047	$	768,064	$	2,906,770
Greater than 80% and less than or equal to 90%	6,088		64,778		89,524		33,474		3,131		1,807		198,802
Greater than 90% and less than or equal to 100%	9,730		57,866		31,637		3,245		391		264		103,133
Greater than 100%	—		1,135		1,738		212		57		179		3,321
Total 20- and 30-year or more, amortizing fixed-rate	38,232		284,737		440,353		918,764		759,626		770,314		3,212,026
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	$	—	$	5	$	15	$	12	$	6	$	35	$	73
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	879		7,300		34,299		160,540		114,051		94,806		411,875
Greater than 80% and less than or equal to 90%	61		554		508		39		2		1		1,165
Greater than 90% and less than or equal to 100%	41		203		44		2		—		—		290
Greater than 100%	—		1		1		—		—		1		3
Total 15-year or less, amortizing fixed-rate	981		8,058		34,852		160,581		114,053		94,808		413,333
Current-year 15-year or less, amortizing fixed-rate write-offs	—		—		1		—		—		1		2
Adjustable-rate:
Less than or equal to 80%	165		1,814		4,468		5,834		1,615		9,889		23,785
Greater than 80% and less than or equal to 90%	40		567		932		84		6		5		1,634
Greater than 90% and less than or equal to 100%	29		284		312		10		1		—		636
Greater than 100%	—		9		21		—		—		1		31
Total adjustable-rate	234		2,674		5,733		5,928		1,622		9,895		26,086
Current-year adjustable-rate write-offs	—		—		—		—		—		—		—
Other:
Less than or equal to 80%	—		—		—		—		—		18,861		18,861
Greater than 80% and less than or equal to 90%	—		—		—		—		—		72		72
Greater than 90% and less than or equal to 100%	—		—		—		—		—		36		36
Greater than 100%	—		—		—		—		—		31		31
Total other	—		—		—		—		—		19,000		19,000
Current-year other write-offs	—		—		—		—		—		5		5

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	23,458	$	170,072	$	356,221	$	1,048,207	$	871,713	$	891,620	$	3,361,291
Greater than 80% and less than or equal to 90%	6,189		65,899		90,964		33,597		3,139		1,885		201,673
Greater than 90% and less than or equal to 100%	9,800		58,353		31,993		3,257		392		300		104,095
Greater than 100%	—		1,145		1,760		212		57		212		3,386
Total	$	39,447	$	295,469	$	480,938	$	1,085,273	$	875,301	$	894,017	$	3,670,445
Total current-year write-offs	$	—	$	5	$	16	$	12	$	6	$	41	$	80


	Credit Quality Indicators as of December 31, 2023 and Write-offs for the Year Ended December 31, 2023, by Year of Origination(1)
	2023		2022		2021		2020		2019		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%	$	148,641	$	314,384	$	889,434	$	767,596	$	136,654	$	648,964	$	2,905,673
Greater than 80% and less than or equal to 90%	57,686		95,509		38,790		3,424		804		1,082		197,295
Greater than 90% and less than or equal to 100%	61,658		35,602		4,002		363		71		189		101,885
Greater than 100%	1,000		1,764		189		47		17		172		3,189
Total 20- and 30-year or more, amortizing fixed-rate	268,985		447,259		932,415		771,430		137,546		650,407		3,208,042
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	$	2	$	35	$	53	$	45	$	108	$	560	$	803
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	7,110		35,224		165,294		117,795		17,162		84,222		426,807
Greater than 80% and less than or equal to 90%	581		647		52		2		—		1		1,283
Greater than 90% and less than or equal to 100%	259		58		1		—		—		1		319
Greater than 100%	1		2		—		—		—		1		4
Total 15-year or less, amortizing fixed-rate	7,951		35,931		165,347		117,797		17,162		84,225		428,413
Current-year 15-year or less, amortizing fixed-rate write-offs	—		—		1		1		1		5		8
Adjustable-rate:
Less than or equal to 80%	1,566		4,452		5,945		1,654		710		9,716		24,043
Greater than 80% and less than or equal to 90%	499		1,030		90		6		2		3		1,630
Greater than 90% and less than or equal to 100%	299		330		11		—		—		1		641
Greater than 100%	14		29		1		—		—		—		44
Total adjustable-rate	2,378		5,841		6,047		1,660		712		9,720		26,358
Current-year adjustable-rate write-offs	—		1		—		—		—		2		3
Other:
Less than or equal to 80%	—		—		—		—		27		19,418		19,445
Greater than 80% and less than or equal to 90%	—		—		—		—		—		81		81
Greater than 90% and less than or equal to 100%	—		—		—		—		—		39		39
Greater than 100%	—		—		—		—		—		35		35
Total other	—		—		—		—		27		19,573		19,600
Current-year other write-offs	—		—		—		—		—		52		52
Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	157,317	$	354,060	$	1,060,673	$	887,045	$	154,553	$	762,320	$	3,375,968
Greater than 80% and less than or equal to 90%	58,766		97,186		38,932		3,432		806		1,167		200,289
Greater than 90% and less than or equal to 100%	62,216		35,990		4,014		363		71		230		102,884
Greater than 100%	1,015		1,795		190		47		17		208		3,272
Total	$	279,314	$	489,031	$	1,103,809	$	890,887	$	155,447	$	763,925	$	3,682,413
Total current-year write-offs	$	2	$	36	$	54	$	46	$	109	$	619	$	866


	Credit Quality Indicators as of March 31, 2024 and Write-offs for the Three Months Ended March 31, 2024, by Year of Origination(1)
	2024		2023		2022		2021		2020		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$	6,042	$	53,999	$	51,313	$	60,426	$	72,831	$	191,517	$	436,128
Special mention(3)	—		4		11		245		22		135		417
Substandard(4)	—		461		9,365		3,620		2,464		15,388		31,298
Doubtful(5)	—		—		—		—		—		1		1
Total	$	6,042	$	54,464	$	60,689	$	64,291	$	75,317	$	207,041	$	467,844
Current-year write-offs	$	—	$	29	$	4	$	9	$	13	$	78	$	133


	Credit Quality Indicators as of December 31, 2023 and Write-offs for the Year Ended December 31, 2023, by Year of Origination(1)
	2023		2022		2021		2020		2019		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$	49,944	$	51,380	$	60,563	$	72,791	$	56,901	$	136,860	$	428,439
Special mention(3)	4		11		181		32		46		130		404
Substandard(4)	521		9,517		3,654		2,703		3,893		12,188		32,476
Doubtful(5)	25		—		—		—		10		—		35
Total	$	50,494	$	60,908	$	64,398	$	75,526	$	60,850	$	149,178	$	461,354
Current-year write-offs	$	—	$	3	$	4	$	6	$	23	$	365	$	401

(1)Year of loan origination may not be the same as the period in which we subsequently acquired the loan.

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

(5)“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.

Loss Mitigation Options for Borrowers Experiencing Financial Difficulty

As part of our loss mitigation activities, we offer several types of loan restructurings to assist borrowers who experience financial difficulties. We do not typically offer principal forgiveness to our single-family or multifamily borrowers.

For single-family borrowers, we may offer loan restructurings that are only in the form of a payment delay (e.g., a forbearance plan, a repayment plan, or a payment deferral). We may also offer loan modifications that contractually change the terms of the loan, generally after the successful completion of a three to four month trial period. Single-family loan modifications may result in the capitalization of past due amounts (a form of payment delay), an interest rate reduction, a term extension, a principal forbearance (which is another form of payment delay), or a combination thereof. During the trial period, the borrower makes reduced payments that are an estimate of the anticipated modified payment amount. Additionally, during the trial period, the mortgage loan is not contractually modified such that the loan continues to be reported as past due and the trial period is considered a form of payment delay with respect to the original contractual terms of the loan. See “Note 4, Mortgage Loans” in our 2023 Form 10-K for additional information about our single-family loss mitigation options.

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. In some instances when a loan is restructured, we may require additional collateral, which may take the form of a guaranty from another entity, to further mitigate the risk of nonperformance.

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 HFS and those for which we have elected the fair value option. See “Note 1, Summary of Significant Accounting Policies” in our 2023 Form 10-K for additional information on our accounting policies for single-family and multifamily loans that have been restructured.

Restructurings for Borrowers Experiencing Financial Difficulty

The following tables display the amortized cost of HFI mortgage loans that were restructured, during the periods indicated, presented by portfolio segment and class of financing receivable.


	For the Three Months Ended March 31, 2024
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial Modification and Repayment Plans		Payment Delay and Term Extension(1)		Payment Delay, Term Extension, Interest Rate Reduction, and Other(1)			Total	Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	5,504	$	3,539	$	4,567	$	2,223		$	32		$	15,865	*
15-year or less, amortizing fixed-rate	220		121		153		1			1			496		*
Adjustable-rate	29		18		15		—			1			63		*
Other	33		48		69		28			12			190		1
Total single-family	5,786		3,726		4,804		2,252			46			16,614		*
Multifamily	5		—		—		—			12			17		*
Total(3)	$	5,791	$	3,726	$	4,804	$	2,252		$	58		$	16,631	*


	For the Three Months Ended March 31, 2023
	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	$	9,333	$	3,661	$	2,629	$	1,778		$	267		$	17,668	1	%
15-year or less, amortizing fixed-rate	419		159		104		—			—			682		*
Adjustable-rate	46		17		8		—			1			72		*
Other	121		51		67		35			29			303		1
Total single-family	9,919		3,888		2,808		1,813			297			18,725		1
Multifamily	572		—		—		—			570			1,142		*
Total(3)	$	10,491	$	3,888	$	2,808	$	1,813		$	867		$	19,867	*

* 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.

Our estimate of future credit losses uses a lifetime methodology, derived from modeled loan performance based on extensive historical experience of loans with similar risk characteristics, adjusted to reflect current conditions and reasonable and supportable forecasts. The historical loss experience used in our single-family and multifamily credit loss models includes the impact of the loss mitigation options provided to borrowers experiencing financial difficulty, and also includes the impact of projected loss severities as a result of a loan default.


	For the Three Months Ended March 31,
	2024			2023
	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (in Months)		Average Amount Capitalized as a Result of a Payment Delay(1)		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	1.04	%	163		$	13,886	1.08	%	175	$	16,984
15-year or less, amortizing fixed-rate	1.54		83		13,893		0.74		54	14,558
Adjustable-rate	2.00		—		13,238		2.00		—	15,629
Other	1.19		172		17,515		1.54		185	20,269

(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 March 31, 2024
		Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension			Payment Delay, Term Extension, Interest Rate Reduction and Other			Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	871		$	490		$	15		$	1,376
15-year or less, amortizing fixed-rate		29			—			—			29
Adjustable-rate		3			—			1			4
Other		14			7			4			25
Total single-family		917			497			20			1,434
Multifamily		—			—			5			5
Total loans that subsequently defaulted(1)(2)		$	917		$	497		$	25		$	1,439


	For the Three Months Ended March 31, 2023
	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		$	200		$	284		$	1,250
15-year or less, amortizing fixed-rate	27			—			—			27
Adjustable-rate	3			—			1			4
Other	14			4			14			32
Total single-family	810			204			299			1,313
Multifamily	—			—			—			—
Total loans that subsequently defaulted(1)(2)	$	810		$	204		$	299		$	1,313

(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 March 31, 2024(1)
	30-59 Days Delinquent		60-89 Days Delinquent(2)		Seriously Delinquent		Total Delinquent		Current		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	3,283	$	2,080	$	11,125	$	16,488	$	12,856	$	29,344
15-year or less, amortizing fixed-rate	97		61		364		522		421		943
Adjustable-rate	9		8		47		64		44		108
Other	55		33		143		231		204		435
Total single-family loans modified	3,444		2,182		11,679		17,305		13,525		30,830
Multifamily	13		N/A		343		356		957		1,313
Total loans restructured(3)	$	3,457	$	2,182	$	12,022	$	17,661	$	14,482	$	32,143



	As of March 31, 2023(1)
	30-59 Days Delinquent		60-89 Days Delinquent(2)		Seriously Delinquent		Total Delinquent		Current		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	3,061	$	2,180	$	12,376	$	17,617	$	22,071	$	39,688
15-year or less, amortizing fixed-rate	104		83		479		666		744		1,410
Adjustable-rate	15		9		58		82		78		160
Other	79		45		293		417		532		949
Total single-family loans modified	3,259		2,317		13,206		18,782		23,425		42,207
Multifamily	—		N/A		638		638		594		1,232
Total loans restructured(3)	$	3,259	$	2,317	$	13,844	$	19,420	$	24,019	$	43,439

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

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

Nonaccrual Loans

We recognize interest income on an accrual basis except when we believe the collection of principal and interest is not reasonably assured. This generally occurs when a single-family loan is three or more months past due and a multifamily loan is two or more months past due according to its contractual terms. A loan is reported as past due if a full payment of principal and interest is not received within one month of its due date. When a loan is placed on nonaccrual status based on delinquency status, interest previously accrued but not collected on the loan is reversed through interest income.

Cost basis adjustments on HFI loans are amortized into interest income over the contractual life of the loan using the effective interest method. Cost basis adjustments on the loan are not amortized into income while a loan is on nonaccrual status. 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.

For single-family loans, we recognize any contractual interest payments received on the loan while on nonaccrual status as interest income on a cash basis. For multifamily loans, we account for interest income on a cost recovery basis and we apply any payment received while on nonaccrual status to reduce the amortized cost of the loan. Thus, we do not recognize any interest income on a multifamily loan placed on nonaccrual status until the amortized cost of the loan has been reduced to zero.

A nonaccrual loan is returned to accrual status when the full collection of principal and interest is reasonably assured. We generally determine that the full collection of principal and interest is reasonably assured when the loan returns to current payment status. If a loan is restructured for a borrower experiencing financial difficulty, we require a performance period of up to 6 months before we return the loan to accrual status. Upon a loan’s return to accrual status, we resume the recognition of interest income on an accrual basis and the amortization of cost basis adjustments, if any, into interest income. If interest is capitalized pursuant to a restructuring, any capitalized interest that had not been previously recognized as interest income or that had been reversed through interest income when the loan was placed on nonaccrual status is recorded as a discount to the loan and amortized into interest income over the remaining contractual life 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 March 31,
			2024		2023
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family			$	82	$	79
Multifamily			3		2


	As of		For the Three Months Ended March 31, 2024
	March 31, 2024					December 31, 2023
	Amortized Cost(1)		Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	22,712		$	21,971		$	38
15-year or less, amortizing fixed-rate	734			727			1
Adjustable-rate	115			109			—
Other	480			508			1
Total single-family	24,041			23,315			40
Multifamily	1,812			1,890			2
Total nonaccrual loans	$	25,853		$	25,205		$	42


	As of		For the Three Months Ended March 31, 2023
	March 31, 2023					December 31, 2022
	Amortized Cost(1)		Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	14,172		$	9,447		$	7
15-year or less, amortizing fixed-rate	429			200			—
Adjustable-rate	75			53			—
Other	601			617			2
Total single-family	15,277			10,317			9
Multifamily	1,541			2,200			29
Total nonaccrual loans	$	16,818		$	12,517		$	38

(1)Amortized cost is presented net of any write-offs, which are recognized when a loan balance is deemed uncollectible.

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Senior Preferred	Preferred	Common	Accumulated Deficit	Accumulated Other Comprehensive Income	Treasury Stock
Beginning balance (shares) at Dec. 31, 2022		1	556	1,158
Beginning balance at Dec. 31, 2022	$ 60,277	$ 120,836	$ 19,130	$ 687	$ (73,011)	$ 35	$ (7,400)
Comprehensive income:
Net income	3,772				3,772
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of taxes	2					2
Other, net of taxes	(2)					(2)
Total comprehensive income	3,772
Ending balance (shares) at Mar. 31, 2023		1	556	1,158
Ending balance at Mar. 31, 2023	64,049	$ 120,836	$ 19,130	$ 687	(69,239)	35	(7,400)
Beginning balance (shares) at Dec. 31, 2023		1	556	1,158
Beginning balance at Dec. 31, 2023	77,682	$ 120,836	$ 19,130	$ 687	(55,603)	32	(7,400)
Comprehensive income:
Net income	4,320				4,320
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of taxes	6					6
Other, net of taxes	(2)					(2)
Total comprehensive income	4,324
Ending balance (shares) at Mar. 31, 2024		1	556	1,158
Ending balance at Mar. 31, 2024	$ 82,006	$ 120,836	$ 19,130	$ 687	$ (51,283)	$ 36	$ (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

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-3

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 41: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-15

Reference 42: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-16

Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I

+ Details

Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters (Tables)

3 Months Ended

Mar. 31, 2024

Conservatorship, Preferred Stock Agreements, And Related Parties [Abstract]

Schedule of Related Party Transactions


Related Party	Activity	Income Statement Classification	For the Three Months Ended March 31,				Other Liabilities as of March 31, 2024
			2024		2023
			(Dollars in millions)
Treasury	TCCA fees	TCCA fees(1)	$	860	$	855	$	860
Treasury	Treasury’s Capital Magnet Fund	Other expenses, net	11		11		11
FHFA	FHFA regulatory assessment fees	Other administrative expenses	40		39		—
Treasury & Freddie Mac	Making Home Affordable Program reimbursements	Administrative expenses	—		3		—
CSS & Freddie Mac	Net operating losses associated with our investment in CSS	Other expenses, net	22		26		—

Consolidations and Transfers of Financial Assets (Tables)

3 Months Ended

Mar. 31, 2024

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
	March 31, 2024		December 31, 2023

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









Investments in securities, at fair value	$	1,813	$	4,863
Other assets	36		37
Other liabilities	(41)		(42)
Net carrying amount	$	1,808	$	4,858

- 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

Netting Arrangements (Tables)

3 Months Ended

Mar. 31, 2024

Offsetting [Abstract]

Schedule of 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 March 31, 2024
			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	$	351	$	(333)		$	18			$	—		$	—	$	18
Cleared risk management derivatives	—		—			—				—			—		—
Mortgage commitment derivatives	43		—			43				(25)			(1)		17
Total derivative assets	394		(333)			61		(4)		(25)			(1)		35
Securities purchased under agreements to resell	73,725		—			73,725				—			(73,725)		—
Total assets	$	74,119	$	(333)		$	73,786			$	(25)		$	(73,726)	$	35
Liabilities:
OTC risk management derivatives	$	(3,280)	$	3,266		$	(14)			$	—		$	—	$	(14)
Cleared risk management derivatives	—		—			—				—			—		—
Mortgage commitment derivatives	(51)		—			(51)				25			21		(5)


Total liabilities	$	(3,331)	$	3,266		$	(65)	(4)		$	25		$	21	$	(19)


	As of December 31, 2023
			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	$	328	$	(294)		$	34				$	—		$	—		$	34
Cleared risk management derivatives	—		11			11					—			—			11
Mortgage commitment derivatives	112		—			112					(23)			(9)			80
Total derivative assets	440		(283)			157		(4)			(23)			(9)			125
Securities purchased under agreements to resell(5)	65,425		—			65,425					—			(65,425)			—
Total assets	$	65,865	$	(283)		$	65,582				$	(23)		$	(65,434)		$	125
Liabilities:
OTC risk management derivatives	$	(3,223)	$	3,203		$	(20)				$	—		$	—		$	(20)
Cleared risk management derivatives	—		(3)			(3)					—			3			—
Mortgage commitment derivatives	(104)		—			(104)					23			77			(4)


Total liabilities	$	(3,327)	$	3,200		$	(127)	(4)			$	23		$	80		$	(24)

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) shares in Billions, $ in Billions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Weighted average number of contingently issuable shares (shares)	4.7	4.7
Acquired property	$ 1.8		$ 1.8

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net cash provided by operating activities	$ 7,135	$ 4,015
Mortgage loans acquired held for investment:
Purchases	(28,018)	(27,422)
Proceeds from sales	418	1,539
Proceeds from repayments	76,364	77,876
Advances to lenders	(18,753)	(22,571)
Proceeds from disposition of acquired property, preforeclosure sales and insurance proceeds	1,171	1,310
Net change in federal funds sold and securities purchased under agreements to resell	(43,025)	(12,385)
Other, net	(450)	(778)
Net cash provided by (used in) investing activities	(12,293)	17,569
Cash flows provided by (used in) financing activities:
Net cash used in financing activities	(30,294)	(18,588)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	(35,452)	2,996
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	68,706	87,841
Cash, cash equivalents and restricted cash and cash equivalents at end of period	33,254	90,837
Cash paid during the period for:
Interest	31,381	27,190
Income taxes	0	0
Fannie Mae
Cash flows provided by (used in) financing activities:
Proceeds from issuance of debt	129,592	102,839
Payments to redeem debt	(135,040)	(98,333)
Consolidated Trusts
Cash flows provided by (used in) financing activities:
Proceeds from issuance of debt	53,098	53,102
Payments to redeem debt	$ (77,944)	$ (76,196)

Financial Guarantees (Tables)

3 Months Ended

Mar. 31, 2024

Guarantees [Abstract]

Schedule of Guarantor Obligations


	As of
	March 31, 2024						December 31, 2023
	Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)		Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	2,724	$	14	$	2,661	$	2,778	$	14	$	2,713
Other guaranty arrangements(2)	9,102		62		1,959		9,154		65		1,967
Total	$	11,826	$	76	$	4,620	$	11,932	$	79	$	4,680

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

Segment Reporting

3 Months Ended

Mar. 31, 2024

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 11, Segment Reporting” in our 2023 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. As a result, the sum of each income statement line item for the two reportable segments is equal to that same income statement line item for the consolidated entity. In addition, the sum of the total assets for the two reportable segments is equal to the total assets of the consolidated entity.

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. In the current period, there were no significant changes to our segment allocation methodology.

The following table displays our segment results.






















	For the Three Months Ended March 31,
	2024						2023
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	5,874	$	1,149	$	7,023	$	5,672	$	1,114	$	6,786
Fee and other income(2)	55		17		72		48		15		63
Net revenues	5,929		1,166		7,095		5,720		1,129		6,849
Investment gains (losses), net(3)	13		9		22		(71)		4		(67)
Fair value gains (losses), net(4)	484		(4)		480		166		38		204
Administrative expenses	(777)		(152)		(929)		(720)		(148)		(868)
Benefit (provision) for credit losses(5)	335		(155)		180		47		(179)		(132)
TCCA fees(6)	(860)		—		(860)		(855)		—		(855)
Credit enhancement expense(7)	(353)		(66)		(419)		(287)		(54)		(341)
Change in expected credit enhancement recoveries(8)	(42)		105		63		95		25		120
Other expenses, net(9)	(176)		(23)		(199)		(116)		(14)		(130)
Income before federal income taxes	4,553		880		5,433		3,979		801		4,780
Provision for federal income taxes	(946)		(167)		(1,113)		(847)		(161)		(1,008)
Net income	$	3,607	$	713	$	4,320	$	3,132	$	640	$	3,772

(5)Benefit (provision) for credit losses is based on loans underlying the segment’s guaranty book of business.

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

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Short-Term and Long-Term Debt - Short-Term Debt (Details) - Fannie Mae - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Short-term debt, outstanding	$ 14,285	$ 17,314
Short-term debt, weighted-average interest rate (percent)	5.18%	5.13%

Financial Guarantees - Financial Guarantees and Maximum Recovery (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Financial Guarantees and Maximum Recovery [Line Items]
Contractual terms of our guarantees	29 years
Maximum Exposure	$ 11,826	$ 11,932
Guaranty Obligation	76	79
Maximum recovery	4,620	4,680
Unconsolidated Fannie Mae MBS \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	2,724	2,778
Guaranty Obligation	14	14
Maximum recovery	2,661	2,713
Other guaranty arrangements \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	9,102	9,154
Guaranty Obligation	62	65
Maximum recovery	1,959	1,967
Agency securities \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Single security, Freddie Mac issued securities backing unconsolidated Fannie Mae securities	$ 212,200	$ 215,600

Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurement [Domain]
Financial assets:
Derivative assets, gross amount offset	$ (333)	$ (283)
Financial liabilities:
Derivative liabilities, gross amount offset	(3,266)	(3,200)
Total Fair Value	535	564
Mortgage loans held for investment, net of allowance for loan losses	3,176	3,315
Derivative assets at fair value	102	202
Derivative assets, gross amount offset	(333)	(283)
Derivative liabilities at fair value	78	140
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	33,254	33,981
Securities purchased under agreements to resell	0	0
Trading securities	47,626	47,764
Total 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	80,880	81,745
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	0	34,725
Securities purchased under agreements to resell	73,725	30,700
Trading securities	1,707	4,762
Total Fair Value	48	50
Mortgage loans held for sale	277	93
Mortgage loans held for investment, net of allowance for loan losses	3,494,262	3,571,555
Advances to lenders	2,052	1,389
Derivative assets at fair value	353	395
Guaranty assets and buy-ups	0	0
Total financial assets	3,572,424	3,643,669
Financial liabilities:
Derivative liabilities at fair value	3,331	3,327
Guaranty obligations	0	0
Total financial liabilities	3,690,331	3,760,502
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	28	26
Total Fair Value	487	514
Mortgage loans held for sale	1,793	2,196
Mortgage loans held for investment, net of allowance for loan losses	130,364	130,022
Advances to lenders	0	0
Derivative assets at fair value	82	90
Guaranty assets and buy-ups	153	155
Total financial assets	132,907	133,003
Financial liabilities:
Derivative liabilities at fair value	13	13
Guaranty obligations	61	65
Total financial liabilities	959	976
Fannie Mae
Financial liabilities:
Long-term debt:	654	761
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:	14,283	17,317
Long-term debt:	104,063	106,701
Fannie Mae \| Significant Unobservable Inputs (Level 3)
Financial liabilities:
Short-term debt:	0	0
Long-term debt:	600	605
Consolidated Trusts
Financial liabilities:
Long-term debt:	13,762	14,343
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:	3,568,654	3,633,157
Consolidated Trusts \| Significant Unobservable Inputs (Level 3)
Financial liabilities:
Long-term debt:	285	293
Carrying Value
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	33,254	68,706
Securities purchased under agreements to resell	73,725	30,700
Trading securities	49,361	52,552
Total Fair Value	535	564
Mortgage loans held for sale	1,910	2,149
Mortgage loans held for investment, net of allowance for loan losses	4,127,208	4,133,482
Advances to lenders	2,052	1,389
Derivative assets at fair value	102	202
Guaranty assets and buy-ups	70	73
Total financial assets	4,288,217	4,289,817
Financial liabilities:
Derivative liabilities at fair value	78	140
Guaranty obligations	76	79
Total financial liabilities	4,216,728	4,222,937
Carrying Value \| Fannie Mae
Financial liabilities:
Short-term debt:	14,285	17,314
Long-term debt:	104,116	106,751
Carrying Value \| Consolidated Trusts
Financial liabilities:
Long-term debt:	4,098,173	4,098,653
Estimated Fair Value
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	33,254	68,706
Securities purchased under agreements to resell	73,725	30,700
Trading securities	49,361	52,552
Total Fair Value	535	564
Mortgage loans held for sale	2,070	2,289
Mortgage loans held for investment, net of allowance for loan losses	3,624,626	3,701,577
Advances to lenders	2,052	1,389
Derivative assets at fair value	102	202
Guaranty assets and buy-ups	153	155
Total financial assets	3,785,878	3,858,134
Financial liabilities:
Derivative liabilities at fair value	78	140
Guaranty obligations	61	65
Total financial liabilities	3,688,024	3,758,278
Estimated Fair Value \| Fannie Mae
Financial liabilities:
Short-term debt:	14,283	17,317
Long-term debt:	104,663	107,306
Estimated Fair Value \| Consolidated Trusts
Financial liabilities:
Long-term debt:	$ 3,568,939	$ 3,633,450

Fair Value - Level 3 Valuation Inputs (Details) $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	$ 535	$ 564
Derivatives	61	157
Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	49,361	52,552
Total Fair Value	535	564
Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	28	26
Total Fair Value	487	514
Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	28	26
Total Fair Value	487	514
Derivatives	69	77
Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow
Fair Value Inputs, Quantitative Information [Line Items]
Derivatives	28	32
Significant Unobservable Inputs (Level 3) \| Recurring \| Dealer Mark
Fair Value Inputs, Quantitative Information [Line Items]
Derivatives	41	45
Mortgage-related \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	1,714	4,770
Mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	28	26
Mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	28	26
Agency \| Significant Unobservable Inputs (Level 3) \| Recurring \| Consensus
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	323	331
Other mortgage-related \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	168	187
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	164	183
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	93	100
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	$ 70	$ 74
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow \| Minimum \| Default Rate
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.04720	0.05300
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow \| Maximum \| Default Rate
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.05020	0.05600
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow \| Weighted Average \| Default Rate
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.04869	0.05448
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Single Vendor
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	$ 1	$ 9

Consolidations and Transfers of Financial Assets - Transfers of Financial Assets and Portfolio Securitizations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Transfers of Financial Assets [Line Items]
Portfolio securitizations: unpaid principal balance	$ 31,200	$ 28,300
Unconsolidated VIEs
Transfers of Financial Assets [Line Items]
Retained interests: principal and interest received	64	$ 78
Unconsolidated VIEs \| Single Class MBS, REMIC & Megas
Transfers of Financial Assets [Line Items]
Retained interests: unpaid principal balance	797		$ 821
Retained interests: fair value	$ 1,200		$ 1,300

Consolidations and Transfers of Financial Assets

3 Months Ended

Mar. 31, 2024

Consolidations and Transfers of Financial Assets [Abstract]

Consolidations and Transfers of Financial Assets

We have interests in various entities that are considered to be variable interest entities (“VIEs”). The primary types of VIEs are securitization and resecuritization trusts, limited partnerships and special purpose vehicles (“SPVs”). Variable interests from Freddie Mac and other issuers may include a guaranty that reduce our exposure to credit risk when we hold them as investments or resecuritize them in a resecuritization trust that issues MBS that are backed by our guaranty. 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 activities (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. We may include

securities issued by Freddie Mac in some of our resecuritization trusts. The mortgage loans that serve as collateral for Freddie Mac-issued securities are not held in trusts that are consolidated by Fannie Mae.

Unconsolidated VIEs

We do not consolidate VIEs when we are not deemed to be the primary beneficiary. 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
	March 31, 2024		December 31, 2023

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









Investments in securities, at fair value	$	1,813	$	4,863
Other assets	36		37
Other liabilities	(41)		(42)
Net carrying amount	$	1,808	$	4,858

Our maximum exposure to loss generally represents the greater of our carrying amount related to our involvement with unconsolidated securitization and resecuritization trusts 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 resecuritization trusts that are backed entirely by Fannie Mae MBS are not consolidated and do not give rise to any additional exposure to loss as we already consolidate the underlying collateral. In contrast, Fannie Mae resecuritization trusts that are backed in whole or in part by Freddie Mac securities 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 $216 billion and $223 billion as of March 31, 2024 and December 31, 2023, respectively. The total assets of our unconsolidated securitization and resecuritization trusts were approximately $217 billion and $273 billion as of March 31, 2024 and December 31, 2023, respectively.

The maximum exposure to loss for our unconsolidated limited partnerships and similar legal entities, which consist of LIHTC investments, community investments and investments in other entities, was $558 million and the related net carrying value was $558 million as of March 31, 2024. As of December 31, 2023, the maximum exposure to loss was $530 million and the related net carrying value was $528 million. The total assets of these limited partnership investments was $5.8 billion as of March 31, 2024 and December 31, 2023.

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 our Connecticut Avenue Securities® (“CAS”) and Multifamily Connecticut Avenue Securities® (“MCASTM”) SPVs. The maximum exposure to loss related to these unconsolidated SPVs was $22.6 billion and $21.4 billion as of March 31, 2024 and December 31, 2023, respectively. The total assets related to these unconsolidated SPVs were $22.6 billion and $21.4 billion as of March 31, 2024 and December 31, 2023, respectively.

The unpaid principal balance of our multifamily loan portfolio was $467.8 billion as of March 31, 2024. 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 4, Mortgage Loans,” “Note 5, Allowance for Loan Losses” and “Note 7, 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 and Portfolio Securitizations

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. For the three months ended March 31, 2024 and 2023, the unpaid principal balance of portfolio securitizations was $31.2 billion and $28.3 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 March 31, 2024, the unpaid principal balance of retained interests was $797 million and its related fair value was $1.2 billion. As of December 31, 2023, the unpaid principal balance of retained interests was $821 million and its related fair value was $1.3 billion. For the three months ended March 31, 2024 and 2023, the principal, interest and other fees received on retained interests was $64 million and $78 million, respectively.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements and therefore should be read in conjunction with our audited consolidated financial statements and related notes included in our 2023 Form 10-K. In the opinion of management, our unaudited interim condensed consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of our results. The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. 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 balances and transactions have been eliminated. To conform to our current-period presentation, we have reclassified certain amounts reported in our prior period consolidated financial statements.
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.
Earnings per Share	Earnings per Share Earnings per share (“EPS”) is presented for basic and diluted EPS. We include the shares of common stock that would be issuable upon full exercise of the common stock warrant in the weighted average shares outstanding for the computation of both basic and diluted earnings per share. Weighted average common shares include 4.7 billion shares for the periods ended March 31, 2024 and 2023 that would have been issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through March 31, 2024 and 2023. For the calculation of diluted EPS, the 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 months ended March 31, 2024 and 2023, convertible preferred stock is not included in the calculation because it would have an anti-dilutive effect.
New Accounting Guidance	New Accounting Guidance Segment Reporting On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The ASU enhances disclosure of an entity’s reportable segments by requiring additional information about significant segment expenses, interim disclosures of certain segment information that previously were only required on an annual basis and other detailed segment-related disclosures. The ASU applies to all public entities that are required to report segment information and is effective starting in annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The ASU is required to be adopted retrospectively to all prior periods presented in the financial statements. The adoption of this guidance is not expected to have a material impact on our financial statements. Income Taxes On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the required disclosures primarily related to the income tax rate reconciliation and income taxes paid. The ASU requires an entity’s income tax rate reconciliation to provide additional information for reconciling items meeting a quantitative threshold, and to disclose certain selected categories within the income tax rate reconciliation. The ASU also requires entities to disclose the amount of income taxes paid, disaggregated by federal, state and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. The adoption of this guidance is not expected to have a material impact on our financial statements.
Conservatorship	Conservatorship We are currently operating under conservatorship, with FHFA acting as conservator. The conservatorship and related matters significantly affect our management, business activities, financial condition and results of operations.
Related Parties	Related Parties Because Treasury holds a warrant to purchase shares of Fannie Mae common stock equal to 79.9% of the total number of shares of Fannie Mae common stock, we and Treasury are deemed related parties. As of March 31, 2024, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $199.2 billion. 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. 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 in the capital markets. 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 materials relating to the underlying resecuritized securities. We also make regular income tax payments to and receive tax refunds from the Internal Revenue Service (“IRS”), a bureau of Treasury. The following table provides the income statement impact of our related party transactions for the periods presented in addition to the associated liability at period end. The associated liability represents amounts accrued with respect to the related party transactions that have not yet been paid to the applicable related parties. In addition to the impact described in the table below, our investment in CSS, which is accounted for using the equity method, is classified as “Other assets” in our condensed consolidated balance sheets.
Unconsolidated VIEs	Unconsolidated VIEs We do not consolidate VIEs when we are not deemed to be the primary beneficiary.
Transfers of Financial Assets and Portfolio Securitizations	Transfers of Financial Assets and Portfolio Securitizations 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 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. Within 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. Nonaccrual Loans We recognize interest income on an accrual basis except when we believe the collection of principal and interest is not reasonably assured. This generally occurs when a single-family loan is three or more months past due and a multifamily loan is two or more months past due according to its contractual terms. A loan is reported as past due if a full payment of principal and interest is not received within one month of its due date. When a loan is placed on nonaccrual status based on delinquency status, interest previously accrued but not collected on the loan is reversed through interest income. Cost basis adjustments on HFI loans are amortized into interest income over the contractual life of the loan using the effective interest method. Cost basis adjustments on the loan are not amortized into income while a loan is on nonaccrual status. 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. For single-family loans, we recognize any contractual interest payments received on the loan while on nonaccrual status as interest income on a cash basis. For multifamily loans, we account for interest income on a cost recovery basis and we apply any payment received while on nonaccrual status to reduce the amortized cost of the loan. Thus, we do not recognize any interest income on a multifamily loan placed on nonaccrual status until the amortized cost of the loan has been reduced to zero. A nonaccrual loan is returned to accrual status when the full collection of principal and interest is reasonably assured. We generally determine that the full collection of principal and interest is reasonably assured when the loan returns to current payment status. If a loan is restructured for a borrower experiencing financial difficulty, we require a performance period of up to 6 months before we return the loan to accrual status. Upon a loan’s return to accrual status, we resume the recognition of interest income on an accrual basis and the amortization of cost basis adjustments, if any, into interest income. If interest is capitalized pursuant to a restructuring, any capitalized interest that had not been previously recognized as interest income or that had been reversed through interest income when the loan was placed on nonaccrual status is recorded as a discount to the loan and amortized into interest income over the remaining contractual life 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.
Trading and Available-for-sale Securities	Trading Securities Trading securities are recorded at fair value with subsequent changes in fair value recorded as “Fair value gains, net” in our condensed consolidated statements of operations and comprehensive income. Available-for-Sale Securities We record AFS securities at fair value with unrealized gains and losses, recorded net of tax, as a component of “Other comprehensive income” 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 income.”
Financial Guarantees	We recognize a guaranty obligation for our obligation to stand ready to perform on our guarantees to unconsolidated trusts and other guaranty arrangements. These off-balance sheet guarantees expose us to credit losses primarily relating to the unpaid principal balance of our unconsolidated Fannie Mae MBS and other financial guarantees.We measure our guaranty reserve for estimated credit losses for off-balance sheet exposures over the contractual period for which they are exposed to the credit risk, unless that obligation is unconditionally cancellable by the issuer.
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, net” in our condensed consolidated statements of operations and comprehensive income.
Derivatives, Methods of Accounting, Hedging Derivatives	Pursuant to our fair value hedge accounting 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.
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 management gauges our credit risk is the delinquency status of the mortgage loans in our guaranty book of business. For single-family and multifamily loans, management uses this information, in conjunction with housing market data, other economic data, our capital requirements and our mission objectives, to help inform changes to our pricing and our eligibility and underwriting criteria. Management also uses this data together with other credit risk measures to identify key trends that guide the development of our loss mitigation strategies.
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.
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 fair value hierarchy gives the highest priority, Level 1, to measurements based on unadjusted quoted prices in active markets for identical assets or liabilities. The next highest priority, Level 2, is given to measurements of assets and liabilities based on limited observable inputs or observable inputs for similar assets and liabilities. The lowest priority, Level 3, is given to measurements based on unobservable inputs. In our 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 generally elect the fair value option on a financial instrument when the accounting guidance would otherwise require us to separately account for a derivative that is embedded in an instrument at fair value. Under the fair value option, we carry this type of instrument, in its entirety, at fair value instead of separately accounting for the derivative. 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 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.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 12, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	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	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Mortgage Loans - Loan Restructuring - Financial Impacts (Details) - Single-family	3 Months Ended
	Mar. 31, 2024 USD ($) mo	Mar. 31, 2023 USD ($) mo
20- and 30-year or more, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction		1.08%
Weighted-Average Term Extension (in Months) \| mo	163	175
Average amount capitalized as a result of a payment delay	$ 13,886	$ 16,984
15-year or less, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	1.54%	0.74%
Weighted-Average Term Extension (in Months) \| mo	83	54
Average amount capitalized as a result of a payment delay	$ 13,893	$ 14,558
Adjustable-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	2.00%	2.00%
Average amount capitalized as a result of a payment delay	$ 13,238	$ 15,629
Other
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	1.19%	1.54%
Weighted-Average Term Extension (in Months) \| mo	172	185
Average amount capitalized as a result of a payment delay	$ 17,515	$ 20,269

Fair Value - Level 3 Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement Of Income, Extensible List Not Disclosed Flag	Total long-term debt	Total long-term debt
Fair Value, Recurring Basis, Unobservable Input, Reconciliation, Liability Gain (Loss), Statement Of Income, Extensible List, Not Disclosed Flag	Included in Net Income	Included in Net Income
Fair Value, Recurring Basis, Unobservable Input, Reconciliation, Asset Gain (Loss), Statement Of Income, Extensible List, Not Disclosed Flag	Included in Net Income	Included in Net Income
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement Of Income, Extensible List Not Disclosed Flag	Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2024(4)(5)	Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2023(4)(5)
Total available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 514	$ 634
Total gains (losses) (realized/unrealized) included in net income	1	2
Total gains (losses) (realized/unrealized) Included in OCI (loss)	9	3
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	(37)	(18)
Transfers out of Level 3	0	0
Transfers into Level 3	0	1
Ending Balance	487	622
Net unrealized gain (losses) related to assets	7	2
Mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	477	543
Total gains (losses) (realized/unrealized) included in net income	1	7
Total gains (losses) (realized/unrealized) Included in OCI (loss)	0	0
Purchases	0	0
Sales	(4)	0
Issues	0	0
Settlements	(17)	(25)
Transfers out of Level 3	(9)	(9)
Transfers into Level 3	22	10
Ending Balance	470	526
Net unrealized gain (losses) related to assets	1	6
Net derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	77	(37)
Total gains (losses) (realized/unrealized) included in net income	(12)	(6)
Total gains (losses) (realized/unrealized) Included in OCI (loss)	0	0
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	4	5
Transfers out of Level 3	0	0
Transfers into Level 3	0	0
Ending Balance	69	(38)
Net unrealized gain (losses) related to assets	(8)	(1)
Long-term debt:
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(385)	(378)
Total gains (losses) (realized/unrealized) included in net income	(6)	(10)
Total gains (losses) (realized/unrealized) included in OCI (loss)	0	0
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	4	5
Transfers out of Level 3	0	0
Transfers into Level 3	0	0
Ending Balance	(387)	(383)
Net unrealized gain (losses) related to liabilities	(6)	(10)
Fannie Mae \| Long-term debt:
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(268)	(242)
Total gains (losses) (realized/unrealized) included in net income	(5)	(8)
Total gains (losses) (realized/unrealized) included in OCI (loss)	0	0
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	0	0
Transfers out of Level 3	0	0
Transfers into Level 3	0	0
Ending Balance	(273)	(250)
Net unrealized gain (losses) related to liabilities	(5)	(8)
Consolidated Trusts \| Long-term debt:
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(117)	(136)
Total gains (losses) (realized/unrealized) included in net income	(1)	(2)
Total gains (losses) (realized/unrealized) included in OCI (loss)	0	0
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	4	5
Transfers out of Level 3	0	0
Transfers into Level 3	0	0
Ending Balance	(114)	(133)
Net unrealized gain (losses) related to liabilities	(1)	(2)
Mortgage-related \| Total trading securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	26	47
Total gains (losses) (realized/unrealized) included in net income	(1)	(6)
Total gains (losses) (realized/unrealized) Included in OCI (loss)	0	0
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	0	0
Transfers out of Level 3	0	(9)
Transfers into Level 3	3	0
Ending Balance	28	32
Net unrealized gain (losses) related to assets	(1)	(4)
Agency securities \| Total available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	331	371
Total gains (losses) (realized/unrealized) included in net income	0	0
Total gains (losses) (realized/unrealized) Included in OCI (loss)	1	(1)
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	(9)	(8)
Transfers out of Level 3	0	0
Transfers into Level 3	0	0
Ending Balance	323	362
Net unrealized gain (losses) related to assets	0	(1)
Other mortgage-related \| Total available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	183	263
Total gains (losses) (realized/unrealized) included in net income	1	2
Total gains (losses) (realized/unrealized) Included in OCI (loss)	8	4
Purchases	0	0
Sales	0	0
Issues	0	0
Settlements	(28)	(10)
Transfers out of Level 3	0	0
Transfers into Level 3	0	1
Ending Balance	164	260
Net unrealized gain (losses) related to assets	$ 7	$ 3

Regulatory Capital Requirements (Details) $ in Millions	3 Months Ended	12 Months Ended
Regulatory Capital Requirements (Details) $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Senior preferred stock	$ 120,836	$ 120,836
Net worth	82,000	77,700
Shortfall of available capital	238,000	243,000
Adjusted total capital requirement (including buffers)	188,000	188,000
Adjusted total assets	4,549,000	4,552,000
Risk-weighted assets	1,323,000	1,357,000
Total capital
Available Capital (Deficit)	(30,000)	(34,000)
Minimum Capital Requirement	106,000	109,000
Total Capital Requirement (including Buffers)	$ 106,000	$ 109,000
Available Capital (Deficit) Ratio	(0.023)	(0.025)
Minimum Capital Ratio Requirement	0.080	0.080
Total Capital Requirement Ratio (including Buffers)	0.080	0.080
Common equity tier 1 capital
Available Capital (Deficit)	$ (69,000)	$ (74,000)
Minimum Capital Requirement	60,000	61,000
Total Capital Requirement (including Buffers)	$ 142,000	$ 140,000
Available Capital (Deficit) Ratio	(0.052)	(0.055)
Minimum Capital Ratio Requirement	0.045	0.045
Total Capital Requirement Ratio (including Buffers)	0.107	0.103
Tier 1 capital
Available Capital (Deficit)	$ (50,000)	$ (55,000)
Minimum Capital Requirement	79,000	81,000
Total Capital Requirement (including Buffers)	$ 161,000	$ 160,000
Available Capital (Deficit) Ratio	(0.038)	(0.041)
Minimum Capital Ratio Requirement	0.060	0.060
Total Capital Requirement Ratio (including Buffers)	0.122	0.118
Adjusted total capital
Available Capital (Deficit)	$ (50,000)	$ (55,000)
Minimum Capital Requirement	106,000	109,000
Total Capital Requirement (including Buffers)	$ 188,000	$ 188,000
Available Capital (Deficit) Ratio	(0.038)	(0.041)
Minimum Capital Ratio Requirement	0.080	0.080
Total Capital Requirement Ratio (including Buffers)	0.142	0.139
Core capital
Available Capital (Deficit)	$ (39,000)	$ (43,000)
Minimum Capital Requirement	114,000	114,000
Total Capital Requirement (including Buffers)	$ 114,000	$ 114,000
Available Capital (Deficit) Ratio	(0.009)	(0.009)
Minimum Capital Ratio Requirement	0.025	0.025
Total Capital Requirement Ratio (including Buffers)	0.025	0.025
Tier 1 capital
Available Capital (Deficit)	$ (50,000)	$ (55,000)
Minimum Capital Requirement	114,000	114,000
Total Capital Requirement (including Buffers)	$ 138,000	$ 137,000
Available Capital (Deficit) Ratio	(0.011)	(0.012)
Minimum Capital Ratio Requirement	0.025	0.025
Total Capital Requirement Ratio (including Buffers)	0.030	0.030
Deferred tax assets, net	$ 11,525	$ 11,681
Preferred stock	$ 19,130	$ 19,130
Maximum payout ratio	0	0

Allowance for Loan Losses - Changes in Allowance (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Allowance for Loan Losses [Line Items]
Beginning balance	$ (8,730)	$ (11,347)
Benefit (provision) for loan losses	182	(176)
Write-offs	248	279
Recoveries	(79)	(85)
Other	0	(6)
Ending balance	(8,379)	(11,335)
Single-family
Allowance for Loan Losses [Line Items]
Beginning balance	(6,671)	(9,443)
Benefit (provision) for loan losses	339	4
Write-offs	115	42
Recoveries	(58)	(76)
Other	0	(6)
Ending balance	(6,275)	(9,479)
Multifamily
Allowance for Loan Losses [Line Items]
Beginning balance	(2,059)	(1,904)
Benefit (provision) for loan losses	(157)	(180)
Write-offs	133	237
Recoveries	(21)	(9)
Ending balance	$ (2,104)	$ (1,856)

Netting Arrangements (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Assets:
Derivative assets, gross amount	$ 394,000,000	$ 440,000,000
Derivative assets, gross amount offset	(333,000,000)	(283,000,000)
Derivative assets, net amount presented in our condensed consolidated balance sheets	61,000,000	157,000,000
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	(25,000,000)	(23,000,000)
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(1,000,000)	(9,000,000)
Derivative assets, net amount	35,000,000	125,000,000
Securities purchased under agreements to resell, gross amount	73,725,000,000	65,425,000,000
Securities purchased under agreements to resell, gross amount offset	0	0
Securities purchased under agreements to resell, under master netting arrangements,	73,725,000,000	65,425,000,000
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	(73,725,000,000)	(65,425,000,000)
Securities purchased under agreements to resell, net amount	0	0
Total assets, gross amount	74,119,000,000	65,865,000,000
Total assets, gross amount offset	(333,000,000)	(283,000,000)
Total assets, net amount presented in our condensed consolidated balance sheets	73,786,000,000	65,582,000,000
Total assets, under the master netting arrangements, not offset in our consolidated balance sheets, financial instruments	(25,000,000)	(23,000,000)
Total assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(73,726,000,000)	(65,434,000,000)
Total assets, net amount	35,000,000	125,000,000
Liabilities:
Total liabilities, gross amount	(3,331,000,000)	(3,327,000,000)
Total liabilities, gross amount offset	3,266,000,000	3,200,000,000
Total liabilities, net amount presented in our condensed consolidated balance sheets	(65,000,000)	(127,000,000)
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	25,000,000	23,000,000
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	21,000,000	80,000,000
Total liabilities, net amount	(19,000,000)	(24,000,000)
Securities received as collateral	73,800,000,000	65,500,000,000
Fair value of securities received as collateral that can be resold or repledged	57,500,000,000	55,400,000,000
Fair value of securities received as collateral that have been resold or repledged	0	0
Derivative assets not subject to enforceable master netting arrangements	41,000,000	45,000,000
Derivative liabilities not subject to enforceable master netting arrangements	(13,000,000)	(13,000,000)
Securities purchased under agreements to resell (includes $13,650 and $0, respectively, related to consolidated trusts)	73,725,000,000	30,700,000,000
Cash and Cash Equivalents
Liabilities:
Securities purchased under agreements to resell (includes $13,650 and $0, respectively, related to consolidated trusts)		21,800,000,000
Restricted Cash and Cash Equivalent
Liabilities:
Securities purchased under agreements to resell (includes $13,650 and $0, respectively, related to consolidated trusts)		12,900,000,000
Asset pledged as collateral with right to sell or repledge
Assets:
Total assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(1,900,000,000)	(2,200,000,000)
Mortgage commitment derivatives
Assets:
Derivative assets, gross amount	43,000,000	112,000,000
Derivative assets, gross amount offset	0	0
Derivative assets, net amount presented in our condensed consolidated balance sheets	43,000,000	112,000,000
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	(25,000,000)	(23,000,000)
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(1,000,000)	(9,000,000)
Derivative assets, net amount	17,000,000	80,000,000
Liabilities:
Derivative liabilities, gross amount	(51,000,000)	(104,000,000)
Derivative liabilities, gross amount offset	0	0
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(51,000,000)	(104,000,000)
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	25,000,000	23,000,000
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	21,000,000	77,000,000
Derivative liabilities, net amount	(5,000,000)	(4,000,000)
OTC risk management derivatives \| Risk Management Derivatives
Assets:
Derivative assets, gross amount	351,000,000	328,000,000
Derivative assets, gross amount offset	(333,000,000)	(294,000,000)
Derivative assets, net amount presented in our condensed consolidated balance sheets	18,000,000	34,000,000
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	18,000,000	34,000,000
Liabilities:
Derivative liabilities, gross amount	(3,280,000,000)	(3,223,000,000)
Derivative liabilities, gross amount offset	3,266,000,000	3,203,000,000
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(14,000,000)	(20,000,000)
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	(14,000,000)	(20,000,000)
Cleared risk management derivatives \| Risk Management Derivatives
Assets:
Derivative assets, gross amount	0	0
Derivative assets, gross amount offset	0	11,000,000
Derivative assets, net amount presented in our condensed consolidated balance sheets	0	11,000,000
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	0	11,000,000
Liabilities:
Derivative liabilities, gross amount	0	0
Derivative liabilities, gross amount offset	0	(3,000,000)
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	0	(3,000,000)
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	3,000,000
Derivative liabilities, net amount	$ 0	$ 0

Concentrations of Credit Risk (Tables)

3 Months Ended

Mar. 31, 2024

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
	March 31, 2024						December 31, 2023
	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	0.87	%	0.21	%	0.52	%	0.98	%	0.24	%	0.56	%
Percentage of single-family conventional loans based on loan count	0.94		0.23		0.51		1.06		0.26		0.55

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 March 31, 2024 or December 31, 2023.

Schedule of Risk Characteristics Guaranty Book of Business


	As of
	March 31, 2024				December 31, 2023
	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%	6	%	0.79	%	5	%	0.81	%
90.01% to 100%	3		0.62		3		0.59
Greater than 100%	*		2.10		*		2.05
Geographical distribution:
California	19		0.39		19		0.42
Florida	6		0.68		6		0.73
Illinois	3		0.69		3		0.70
New York	5		0.85		5		0.92
Texas	7		0.59		7		0.64
All other states	60		0.48		60		0.52
Vintages:
2008 and prior	2		1.91		2		2.07
2009-2024	98		0.45		98		0.47

* 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 March 31, 2024 or December 31, 2023.

Schedule of Risk in Force Mortgage Insurance Coverage


	As of
	March 31, 2024			December 31, 2023
	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	$	200,019		$	200,023
Pool mortgage insurance	96			98
Total mortgage insurance risk in force	$	200,115	6%	$	200,121	6%

Schedule of Risk in Force Mortgage Insurance Coverage, by Counterparty


	Percentage of Risk in Force Coverage by Mortgage Insurer
	As of
	March 31, 2024		December 31, 2023
Counterparty:(1)
Mortgage Guaranty Insurance Corp.	19	%	19	%
Radian Guaranty, Inc.	18		18
Arch Capital Group Ltd.	17		18
Enact Mortgage Insurance Corp.	17		16
Essent Guaranty, Inc.	16		16
National Mortgage Insurance Corp.	13		13
Others	*		*
Total	100	%	100	%

* Represents less than 0.5% of the risk in force mortgage insurance coverage.

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

Schedules of Concentration of Risk, by Risk Factor

The table below displays the percentage of our single-family conventional 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) based on unpaid principal balance. There were no servicers that serviced 10% or more of our single-family guaranty book of business as of March 31, 2024 or December 31, 2023.


	Percentage of Single-Family Conventional Guaranty Book of Business
	As of
	March 31, 2024		December 31, 2023
Top five depository servicers	22	%	22	%
Top five non-depository servicers	27		27
Total	49	%	49	%

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
	March 31, 2024(1)				December 31, 2023(1)
	30 Days Delinquent		Seriously Delinquent(2)		30 Days Delinquent		Seriously Delinquent(2)
Percentage of multifamily guaranty book of business	0.06	%	0.44	%	0.10	%	0.46	%

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
	March 31, 2024				December 31, 2023
	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	%	—	%	1	%	0.13	%
Less than or equal to 80%	99		0.45		99		0.46
Current DSCR below 1.0(4)	4		6.06		4		7.04

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

Schedules of Concentration of Risk, by Risk Factor


	Percentage of Multifamily Guaranty Book of Business
	As of
	March 31, 2024		December 31, 2023
Top five depository servicers	26	%	27	%
Top five non-depository servicers	44		44
Total	70	%	71	%

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 12,524	$ 35,817
Restricted cash and cash equivalents (includes $14,028 and $25,836, respectively, related to consolidated trusts)	20,730	32,889
Securities purchased under agreements to resell (includes $13,650 and $0, respectively, related to consolidated trusts)	73,725	30,700
Investments in securities, at fair value	49,896	53,116
Mortgage loans:
Loans held for sale, at lower of cost or fair value	1,910	2,149
Loans held for investment, at amortized cost:	4,135,587	4,142,212
Allowance for loan losses	(8,379)	(8,730)
Total loans held for investment, net of allowance	4,127,208	4,133,482
Total mortgage loans	4,129,118	4,135,631
Advances to lenders	2,052	1,389
Deferred tax assets, net	11,525	11,681
Accrued interest receivable, net (includes $10,435 and $10,132 related to consolidated trusts and net of allowance of $25 and $25, respectively)	11,065	10,724
Other assets	13,184	13,490
Total assets	4,323,819	4,325,437
Liabilities:
Accrued interest payable (includes $10,384 and $10,212, respectively, related to consolidated trusts)	11,121	10,931
Other liabilities (includes $1,694 and $1,713, respectively, related to consolidated trusts)	14,118	14,106
Total liabilities	4,241,813	4,247,755
Commitments and contingencies (Note 14)	0	0
Fannie Mae stockholders’ equity:
Senior preferred stock (liquidation preference of $199,181 and $195,224, 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	(51,283)	(55,603)
Accumulated other comprehensive income	36	32
Treasury stock, at cost, 150,675,136 shares	(7,400)	(7,400)
Total stockholders’ equity	82,006	77,682
Total liabilities and equity	4,323,819	4,325,437
Fannie Mae
Mortgage loans:
Loans held for investment, at amortized cost:	46,566	48,199
Liabilities:
Debt:	118,401	124,065
Consolidated Trusts
Assets:
Restricted cash and cash equivalents (includes $14,028 and $25,836, respectively, related to consolidated trusts)	14,028	25,836
Securities purchased under agreements to resell (includes $13,650 and $0, respectively, related to consolidated trusts)	13,650	0
Mortgage loans:
Loans held for investment, at amortized cost:	4,089,021	4,094,013
Accrued interest receivable, net (includes $10,435 and $10,132 related to consolidated trusts and net of allowance of $25 and $25, respectively)	10,435	10,132
Liabilities:
Accrued interest payable (includes $10,384 and $10,212, respectively, related to consolidated trusts)	10,384	10,212
Debt:	4,098,173	4,098,653
Other liabilities (includes $1,694 and $1,713, respectively, related to consolidated trusts)	$ 1,694	$ 1,713

Mortgage Loans - Aging (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Mortgage Loans - Aging (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 4,143,043		$ 4,149,258
Loans 90 Days or More Delinquent and Accruing Interest	1,183		1,775
Nonaccrual Loans with No Allowance	$ 4,177		4,476
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	$ 59,731		66,479
30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	31,887		36,184
60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	7,746		8,625
Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	20,098		21,670
Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	4,083,312		4,082,779
Single-family
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,675,199		3,687,904
Loans 90 Days or More Delinquent and Accruing Interest	1,043		1,604
Nonaccrual Loans with No Allowance	$ 3,518		$ 3,882
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	$ 57,878		$ 64,331
Single-family \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	31,612		35,735
Single-family \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	7,746		8,625
Single-family \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	18,520		19,971
Single-family \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,617,321		3,623,573
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	3,212,026		3,208,042
Loans 90 Days or More Delinquent and Accruing Interest	866		1,371
Nonaccrual Loans with No Allowance	3,118		3,457
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	53,977		59,871
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	29,350		33,119
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	7,275		8,093
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	17,352		18,659
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	3,158,049		3,148,171
Single-family \| 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	413,333		428,413
Loans 90 Days or More Delinquent and Accruing Interest	49		74
Nonaccrual Loans with No Allowance	188		176
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	2,413		2,815
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	1,547		1,846
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	281		319
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	585		650
Single-family \| 15-year or less, amortizing fixed-rate \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	410,920		425,598
Single-family \| Adjustable-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	26,086		26,358
Loans 90 Days or More Delinquent and Accruing Interest	7		11
Nonaccrual Loans with No Allowance	19		21
Single-family \| Adjustable-rate \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	288		326
Single-family \| Adjustable-rate \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	158		184
Single-family \| Adjustable-rate \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	38		42
Single-family \| Adjustable-rate \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	92		100
Single-family \| Adjustable-rate \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	25,798		26,032
Single-family \| Other
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	23,754		25,091
Loans 90 Days or More Delinquent and Accruing Interest	121		148
Nonaccrual Loans with No Allowance	193		228
Single-family \| Other \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	1,200		1,319
Single-family \| Other \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	557		586
Single-family \| Other \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	152		171
Single-family \| Other \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	491		562
Single-family \| Other \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	22,554		23,772
Multifamily
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	467,844		461,354
Loans 90 Days or More Delinquent and Accruing Interest	140		171
Nonaccrual Loans with No Allowance	$ 659		$ 594
Multifamily \| Minimum
Table Footnote [Abstract]
Serious delinquency, days past due	60 days	60 days	60 days
Multifamily \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 1,853		$ 2,148
Multifamily \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	275		449
Multifamily \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	1,578		1,699
Multifamily \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 465,991		$ 459,206