0000310522-24-000632 | 10-Q | XBRL Viewer | Federal National Mortgage Association Fannie MAE

Short-Term and Long-Term Debt

9 Months Ended

Sep. 30, 2024

Short-Term Debt

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


	As of
	September 30, 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	$	11,419	5.10	%	$	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
	September 30, 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	$	46,825	2.89	%	2024 - 2030	$	54,727	2.79	%
Medium-term notes(3)	2024 - 2034	39,231		1.90		2024 - 2031	42,217		1.58
Other(4)	2024 - 2038	6,820		4.08		2024 - 2038	6,787		3.98
Total senior fixed		92,876		2.57			103,731		2.40
Senior floating:
Medium-term notes(3)	2026	14,997		5.25		N/A	—		—
Connecticut Avenue Securities(5)	2024 - 2031	2,139		11.56		2024 - 2031	2,752		11.12
Other(6)	2037	284		8.81		2037	268		8.79
Total senior floating		17,420		6.08			3,020		10.92


Total long-term debt of Fannie Mae(7)		110,296		3.11			106,751		2.63
Debt of consolidated trusts	2024 - 2063	4,096,063		2.90		2024 - 2062	4,098,653		2.56
Total long-term debt		$	4,206,359	2.91	%		$	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 $3.4 billion and $4.0 billion as of September 30, 2024 and December 31, 2023, respectively.

- Definition

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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

Allowance for Loan Losses - Narrative (Details) - Single-family - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost	$ 3,100	$ 1,272
Lower of cost or fair value adjustment at time of redesignation	$ (638)	$ (139)

Financial Guarantees (Details) - USD ($) $ in Millions	9 Months Ended
Financial Guarantees (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financial Guarantees and Maximum Recovery [Line Items]
Contractual terms of our guarantees	29 years
Maximum Exposure	$ 11,483	$ 11,932
Guaranty Obligation	72	79
Maximum recovery	4,428	4,680
Unconsolidated Fannie Mae MBS \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	2,555	2,778
Guaranty Obligation	14	14
Maximum recovery	2,500	2,713
Other guaranty arrangements \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	8,928	9,154
Guaranty Obligation	58	65
Maximum recovery	1,928	1,967
Agency securities \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Single security, Freddie Mac issued securities backing unconsolidated Fannie Mae securities	$ 203,700	$ 215,600

Regulatory Capital Requirements (Details) $ in Billions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Adjusted total assets	$ 4,446	$ 4,552
Risk-weighted assets	1,331	1,357
Total capital (statutory)
Available Capital (Deficit)	(23)	(34)
Minimum Capital Requirement	106	109
Total Capital Requirement (including Buffers)	$ 106	$ 109
Available Capital (Deficit) Ratio	(0.017)	(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)	$ (60)	$ (74)
Minimum Capital Requirement	60	61
Total Capital Requirement (including Buffers)	$ 141	$ 140
Available Capital (Deficit) Ratio	(0.045)	(0.055)
Minimum Capital Ratio Requirement	0.045	0.045
Total Capital Requirement Ratio (including Buffers)	0.106	0.103
Tier 1 capital
Available Capital (Deficit)	$ (41)	$ (55)
Minimum Capital Requirement	80	81
Total Capital Requirement (including Buffers)	$ 161	$ 160
Available Capital (Deficit) Ratio	(0.031)	(0.041)
Minimum Capital Ratio Requirement	0.060	0.060
Total Capital Requirement Ratio (including Buffers)	0.121	0.118
Adjusted total capital
Available Capital (Deficit)	$ (41)	$ (55)
Minimum Capital Requirement	106	109
Total Capital Requirement (including Buffers)	$ 187	$ 188
Available Capital (Deficit) Ratio	(0.031)	(0.041)
Minimum Capital Ratio Requirement	0.080	0.080
Total Capital Requirement Ratio (including Buffers)	0.140	0.139
Core capital (statutory)
Available Capital (Deficit)	$ (30)	$ (43)
Minimum Capital Requirement	111	114
Total Capital Requirement (including Buffers)	$ 111	$ 114
Available Capital (Deficit) Ratio	(0.007)	(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)	$ (41)	$ (55)
Minimum Capital Requirement	111	114
Total Capital Requirement (including Buffers)	$ 135	$ 137
Available Capital (Deficit) Ratio	(0.009)	(0.012)
Minimum Capital Ratio Requirement	0.025	0.025
Total Capital Requirement Ratio (including Buffers)	0.030	0.030

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	13,465				13,465
Other comprehensive income, net of tax effect:
Changes in net unrealized gains (losses) on available-for-sale securities, net of taxes	(12)					(12)
Other, net of taxes	(5)					(5)
Total comprehensive income	13,448
Ending balance (shares) at Sep. 30, 2023		1	556	1,158
Ending balance at Sep. 30, 2023	73,725	$ 120,836	$ 19,130	$ 687	(59,546)	18	(7,400)
Beginning balance (shares) at Jun. 30, 2023		1	556	1,158
Beginning balance at Jun. 30, 2023	69,044	$ 120,836	$ 19,130	$ 687	(64,245)	36	(7,400)
Comprehensive income:
Net income	4,699				4,699
Other comprehensive income, net of tax effect:
Changes in net unrealized gains (losses) on available-for-sale securities, net of taxes	(16)					(16)
Other, net of taxes	(2)					(2)
Total comprehensive income	4,681
Ending balance (shares) at Sep. 30, 2023		1	556	1,158
Ending balance at Sep. 30, 2023	73,725	$ 120,836	$ 19,130	$ 687	(59,546)	18	(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	12,848				12,848
Other comprehensive income, net of tax effect:
Changes in net unrealized gains (losses) on available-for-sale securities, net of taxes	3					3
Reclassification adjustment for (gains) losses included in net income, net of taxes	2					2
Other, net of taxes	(5)					(5)
Total comprehensive income	12,848
Ending balance (shares) at Sep. 30, 2024		1	556	1,158
Ending balance at Sep. 30, 2024	90,530	$ 120,836	$ 19,130	$ 687	(42,755)	32	(7,400)
Beginning balance (shares) at Jun. 30, 2024		1	556	1,158
Beginning balance at Jun. 30, 2024	86,483	$ 120,836	$ 19,130	$ 687	(46,799)	29	(7,400)
Comprehensive income:
Net income	4,044				4,044
Other comprehensive income, net of tax effect:
Changes in net unrealized gains (losses) on available-for-sale securities, net of taxes	4					4
Reclassification adjustment for (gains) losses included in net income, net of taxes	1					1
Other, net of taxes	(2)					(2)
Total comprehensive income	4,047
Ending balance (shares) at Sep. 30, 2024		1	556	1,158
Ending balance at Sep. 30, 2024	$ 90,530	$ 120,836	$ 19,130	$ 687	$ (42,755)	$ 32	$ (7,400)

- Definition

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

+ References + Details

- Definition

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

+ References

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+ Details

- Definition

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

+ References

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+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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, which has been fully briefed. 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 $6 million and $17 million of expense for the three and nine months ended September 30, 2024, respectively, related to the prejudgment and/or post-judgment interest

Investments in Securities - Trading 1 (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 61,298	$ 52,552
Mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	1,198	4,770
Non-mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	60,100	47,782
Non-mortgage-related securities \| Pledged as collateral
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	9,000	5,700
Consolidated trusts \| Mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 320	$ 364

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in net income (trading).

+ References + Details

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment results

The following table displays our segment results.


	For the Three Months Ended September 30,
	2024						2023
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	6,131	$	1,144	$	7,275	$	6,074	$	1,146	$	7,220
Fee and other income(2)	48		18		66		56		20		76
Net revenues	6,179		1,162		7,341		6,130		1,166		7,296
Investment gains (losses), net(3)	9		3		12		9		(1)		8
Fair value gains (losses), net(4)	(8)		60		52		742		53		795
Administrative expenses	(766)		(159)		(925)		(745)		(152)		(897)
Benefit (provision) for credit losses(5)	451		(424)		27		736		(84)		652
TCCA fees(6)	(862)		—		(862)		(860)		—		(860)
Credit enhancement expense(7)	(336)		(75)		(411)		(335)		(55)		(390)
Change in expected credit enhancement recoveries(8)	(45)		134		89		(170)		42		(128)
Other expenses, net(9)	(218)		(52)		(270)		(411)		(124)		(535)
Income before federal income taxes	4,404		649		5,053		5,096		845		5,941
Provision for federal income taxes	(890)		(119)		(1,009)		(1,071)		(171)		(1,242)
Net income	$	3,514	$	530	$	4,044	$	4,025	$	674	$	4,699


	For the Nine Months Ended September 30,
	2024						2023
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	18,101	$	3,465	$	21,566	$	17,663	$	3,378	$	21,041
Fee and other income(2)	154		52		206		156		53		209
Net revenues	18,255		3,517		21,772		17,819		3,431		21,250
Investment gains (losses), net(3)	(48)		20		(28)		(35)		1		(34)
Fair value gains (losses), net(4)	930		49		979		1,368		35		1,403
Administrative expenses	(2,327)		(466)		(2,793)		(2,183)		(446)		(2,629)
Benefit (provision) for credit losses(5)	1,334		(827)		507		2,201		(415)		1,786
TCCA fees(6)	(2,581)		—		(2,581)		(2,571)		—		(2,571)
Credit enhancement expense(7)	(1,022)		(213)		(1,235)		(949)		(166)		(1,115)
Change in expected credit enhancement recoveries(8)	(134)		323		189		(298)		130		(168)
Other expenses, net(9)	(612)		(108)		(720)		(730)		(192)		(922)
Income before federal income taxes	13,795		2,295		16,090		14,622		2,378		17,000
Provision for federal income taxes	(2,819)		(423)		(3,242)		(3,071)		(464)		(3,535)
Net income	$	10,976	$	1,872	$	12,848	$	11,551	$	1,914	$	13,465

(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)Includes 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.

Concentrations of Credit Risk - MF Risk Characteristics (Details)	9 Months Ended
	Sep. 30, 2024	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
Multifamily \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	89 days
Current debt service coverage ratio (higher risk loans)	1.0
Multifamily \| Guaranty Book of Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)	0.12%	0.10%
Seriously delinquent (percentage of book of business)	0.56%	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	0.12%	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	0.56%	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	6.00%	4.00%
Loans seriously delinquent, percentage by unpaid principal balance	5.59%	7.04%

Derivative Instruments - FV Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	$ (860)	$ 803	$ 124	$ 1,440
Net contractual interest income (expense) on interest-rate swaps	7,275	7,220	21,566	21,041
Interest income on mortgage loans	36,390	33,711	107,223	98,503
Long-term debt	(30,600)	(27,994)	(90,057)	(81,781)
Hedged asset, carrying amount	856,849		856,849		$ 449,137
Hedged asset, total basis adjustments	223		223		(174)
Hedged asset, discontinued fair value, remaining adjustments	223		223		(174)
Closed portfolio, amortized cost	440,276		440,276		218,419
Closed portfolio, designated UPB	18,435		18,435		9,955
Hedged liability, carrying amount	(50,473)		(50,473)		(59,462)
Hedged liability, total basis adjustments	3,161		3,161		3,751
Hedged liability, discontinued fair value, remaining adjustments	3,161		3,161		$ 3,751
Pay-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(2,225)	1,349	(626)	1,617
Receive-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	2,225	(1,040)	1,738	(478)
Basis
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	17	(22)	14	6
Foreign currency
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	19	(12)	8	(2)
Pay-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(29)	95	15	74
Receive-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	3	(13)	6	(16)
Futures
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(2)	1	0	2
Risk Management Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(255)	165	442	704
Net contractual interest income (expense) on interest-rate swaps	(263)	(193)	(713)	(499)
Mortgage commitment derivatives fair value gains (losses), net
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(567)	591	(266)	675
Credit enhancement derivatives fair value gains (losses), net
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(38)	47	(52)	61
Interest rate risk on held-for-investment mortgage loan \| Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) in hedged item	730	(544)	368	(511)
Discontinued hedge related basis adjustment amortization	3	14	29	34
Change in unrealized gain (loss) in derivatives designated as hedging instruments	(725)	560	(410)	478
Interest accruals on hedging instruments	84	36	226	89
Total effect of fair value hedges	92	66	213	90
Interest rate risk on debt \| Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) in hedged item	(506)	176	51	606
Discontinued hedge related basis adjustment amortization	(213)	(223)	(641)	(618)
Change in unrealized gain (loss) in derivatives designated as hedging instruments	519	(66)	86	(137)
Interest accruals on hedging instruments	(93)	(191)	(373)	(713)
Total effect of fair value hedges	$ (293)	$ (304)	$ (877)	$ (862)

Concentrations of Credit Risk

9 Months Ended

Sep. 30, 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
	September 30, 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	0.96	%	0.25	%	0.54	%	0.98	%	0.24	%	0.56	%
Percentage of single-family conventional loans based on loan count	1.02		0.26		0.52		1.06		0.26		0.55


	As of
	September 30, 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%	5	%	0.85	%	5	%	0.81	%
90.01% to 100%	3		0.62		3		0.59
Greater than 100%	*		3.43		*		2.05
Geographical distribution:
California	19		0.39		19		0.42
Florida	6		0.68		6		0.73
Illinois	3		0.66		3		0.70
New York	4		0.80		5		0.92
Texas	7		0.69		7		0.64
All other states	61		0.48		60		0.52
Vintages:
2008 and prior	2		1.79		2		2.07
2009-2024	98		0.46		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 September 30, 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 ratio greater than 80%. We stratify multifamily loans into different internal risk categories based on the credit risk inherent in each individual loan.

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


	As of
	September 30, 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	0.12	%	0.56	%	0.10	%	0.46	%


	As of
	September 30, 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	%	0.12	%	1	%	0.13	%
Less than or equal to 80%	99		0.56		99		0.46
Current DSCR below 1.0(4)	6		5.59		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
	September 30, 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	$	202,115		$	200,023
Pool mortgage insurance	56			98
Total mortgage insurance risk in force	$	202,171	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
	September 30, 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 September 30, 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 $878 million and $1.2 billion, respectively.

As of September 30, 2024 and December 31, 2023, we had outstanding receivables of $467 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 September 30, 2024 and December 31, 2023, we assessed these outstanding receivables for collectability, and established a valuation allowance of $402 million and $417 million, respectively.

Mortgage Servicers and Sellers. Mortgage servicers collect mortgage and escrow payments from borrowers, pay taxes and insurance costs from escrow accounts, monitor and report delinquencies, and perform other required activities, including loss mitigation, on our behalf. Our mortgage servicers and sellers may also be obligated to repurchase loans or 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 September 30, 2024 or December 31, 2023.


	Percentage of Single-Family Conventional Guaranty Book of Business
	As of
	September 30, 2024		December 31, 2023
Top five depository servicers	21	%	22	%
Top five non-depository servicers	29		27
Total	50	%	49	%

As of September 30, 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 September 30, 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 September 30, 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
	September 30, 2024		December 31, 2023
Top five depository servicers	26	%	27	%
Top five non-depository servicers	44		44
Total	70	%	71	%

As of September 30, 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.”

Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters - Related Party (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Parties [Line Items]
TCCA fees	$ 862	$ 860	$ 2,581	$ 2,571
Other expenses, net	270	535	720	922
Other administrative expenses	222	209	664	618
Administrative expenses	925	897	2,793	2,629
Other liabilities	14,797		14,797		$ 14,106
Related Party \| Treasury
Related Parties [Line Items]
TCCA fees	862	860	2,581	2,571
Related Party \| Treasury \| TCCA fees
Related Parties [Line Items]
TCCA fees	862	860	2,581	2,571
Other liabilities	862		862
Related Party \| Treasury \| Treasury’s Capital Magnet Fund
Related Parties [Line Items]
Other expenses, net	15	15	40	42
Other liabilities	40		40
Related Party \| FHFA
Related Parties [Line Items]
Other administrative expenses	41	39	121	118
Other liabilities	0		0
Related Party \| Treasury & Freddie Mac
Related Parties [Line Items]
Administrative expenses	0	0	0	6
Other liabilities	0		0
Related Party \| CSS & Freddie Mac
Related Parties [Line Items]
Other expenses, net	14	$ 13	52	$ 55
Other liabilities	$ 0		$ 0

Derivative Instruments - Narrative (Details) - Risk Management Derivatives - OTC risk management derivatives - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Net liability position	$ 1,200	$ 1,800
Collateral posted	942	1,600
Additional collateral	$ 647	$ 798

Financial Guarantees

9 Months Ended

Sep. 30, 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 $203.7 billion and $215.6 billion as of September 30, 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
	September 30, 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	$	2,555	$	14	$	2,500	$	2,778	$	14	$	2,713
Other guaranty arrangements(2)	8,928		58		1,928		9,154		65		1,967
Total	$	11,483	$	72	$	4,428	$	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

Allowance for Loan Losses - Changes in Allowance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Allowance for Loan Losses [Line Items]
Beginning balance	$ (8,026)	$ (9,982)	$ (8,730)	$ (11,347)
Benefit (provision) for loan losses	(14)	635	453	1,706
Write-offs	455	751	882	1,100
Recoveries	(71)	(56)	(261)	(169)
Other	0	(19)	0	39
Ending balance	(7,656)	(8,671)	(7,656)	(8,671)
Single-family
Allowance for Loan Losses [Line Items]
Beginning balance	(5,703)	(7,990)	(6,671)	(9,443)
Benefit (provision) for loan losses	409	718	1,278	2,121
Write-offs	231	699	487	794
Recoveries	(23)	(48)	(180)	(151)
Other	0	(19)	0	39
Ending balance	(5,086)	(6,640)	(5,086)	(6,640)
Multifamily
Allowance for Loan Losses [Line Items]
Beginning balance	(2,323)	(1,992)	(2,059)	(1,904)
Benefit (provision) for loan losses	(423)	(83)	(825)	(415)
Write-offs	224	52	395	306
Recoveries	(48)	(8)	(81)	(18)
Ending balance	$ (2,570)	$ (2,031)	$ (2,570)	$ (2,031)

Investments in Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments In Trading Securities

The following table displays our investments in trading securities.


	As of
	September 30, 2024		December 31, 2023
	(Dollars in millions)




Mortgage-related securities (includes $320 million and $364 million, respectively, related to consolidated trusts)	$	1,198	$	4,770



Non-mortgage-related securities (includes $9.0 billion and $5.7 billion, respectively, pledged as collateral)(1)	60,100		47,782
Total trading securities	$	61,298	$	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 September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in millions)
Net trading gains (losses)	$	1,267	$	(318)	$	1,127	$	(295)
Net trading gains (losses) recognized in the period related to securities still held at period end	1,074		(297)		938		(259)

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 September 30, 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	$	375	$	—	$	2	$	(25)	$	352





Other mortgage-related securities	131		(2)		11		—		140
Total	$	506	$	(2)	$	13	$	(25)	$	492


	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 for AFS securities in an unrealized loss position, excluding allowance for credit losses.


	As of
	September 30, 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		$	(1)	$	41		$	(24)	$	233		$	(3)	$	66		$	(26)	$	238

Consolidations and Transfers of Financial Assets (Tables)

9 Months Ended

Sep. 30, 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
	September 30, 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	$	1,281	$	4,863
Other assets	34		37
Other liabilities	(39)		(42)
Net carrying amount	$	1,276	$	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

Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters

9 Months Ended

Sep. 30, 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 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 September 30, 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 $90.5 billion as of September 30, 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 $208.0 billion as of September 30, 2024 from $203.5 billion as of June 30, 2024, due to the $4.5 billion increase in our net worth in the second quarter of 2024. The aggregate liquidation preference of the senior preferred stock will further increase to $212.0 billion as of December 31, 2024, due to the $4.0 billion increase in our net worth in the third 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 September 30, 2024, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $208.0 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 $14 million and $13 million to CSS for the three months ended September 30, 2024 and 2023, respectively. We contributed $52 million and $55 million to CSS for the nine months ended September 30, 2024 and 2023, respectively.


Related Party	Activity	Income Statement Classification	For the Three Months Ended September 30,				For the Nine Months Ended September 30,				Other Liabilities as of September 30, 2024
			2024		2023		2024		2023
			(Dollars in millions)
Treasury	TCCA fees	TCCA fees(1)	$	862	$	860	$	2,581	$	2,571	$	862
Treasury	Treasury’s Capital Magnet Fund	Other expenses, net	15		15		40		42		40
FHFA	FHFA regulatory assessment fees	Other administrative expenses	41		39		121		118		—
Treasury & Freddie Mac	Making Home Affordable Program reimbursements	Administrative expenses	—		—		—		6		—
CSS & Freddie Mac	Net operating losses associated with our investment in CSS	Other expenses, net	14		13		52		55		—

(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.

Mortgage Loans - Loans in Mortgage Portfolio (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	$ 4,106,757		$ 4,106,757			$ 4,102,632
Cost basis and fair value adjustments, net	39,557		39,557			41,729
Allowance for loan losses for HFI loans	(7,656)	$ (8,671)	(7,656)	$ (8,671)	$ (8,026)	(8,730)	$ (9,982)	$ (11,347)
Total mortgage loans	4,138,658		4,138,658			4,135,631
Accrued interest receivable, net	11,277		11,277			10,724
Single-family
Loans in Mortgage Portfolio [Line Items]
Allowance for loan losses for HFI loans	(5,086)	(6,640)	(5,086)	(6,640)	$ (5,703)	(6,671)	$ (7,990)	$ (9,443)
Amortized cost		3,100	1,272
Lower of cost or fair value adjustment at time of redesignation		(638)	(139)
Allowance reversed at time of redesignation	5	47	8
Single-family
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	3,630,285		3,630,285			3,641,385
Purchase of HFI loans:	93,114	89,228	241,180	245,870
Amortized cost	820	3,122		3,122
Lower of cost or fair value adjustment at time of redesignation	(101)	(638)		(638)
Allowance reversed at time of redesignation				47
Amortized cost	77	372	77	372
Unpaid principal balance	14	0	2,345	1,842
Realized gains (losses), net	0	0	13	17
Multifamily
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	476,472		476,472			461,247
Purchase of HFI loans:	13,153	$ 16,415	32,492	$ 41,761
Mortgage loans
Loans in Mortgage Portfolio [Line Items]
Accrued interest receivable, net	$ 10,900		$ 10,900			$ 10,400

Short-Term and Long-Term Debt - Short-Term Debt (Details) - Fannie Mae - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Short-term debt, outstanding	$ 11,419	$ 17,314
Short-term debt, weighted-average interest rate (percent)	5.10%	5.13%

Concentrations of Credit Risk (Tables)

9 Months Ended

Sep. 30, 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
	September 30, 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	0.96	%	0.25	%	0.54	%	0.98	%	0.24	%	0.56	%
Percentage of single-family conventional loans based on loan count	1.02		0.26		0.52		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 September 30, 2024 or December 31, 2023.

Schedule of Risk Characteristics Guaranty Book of Business


	As of
	September 30, 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%	5	%	0.85	%	5	%	0.81	%
90.01% to 100%	3		0.62		3		0.59
Greater than 100%	*		3.43		*		2.05
Geographical distribution:
California	19		0.39		19		0.42
Florida	6		0.68		6		0.73
Illinois	3		0.66		3		0.70
New York	4		0.80		5		0.92
Texas	7		0.69		7		0.64
All other states	61		0.48		60		0.52
Vintages:
2008 and prior	2		1.79		2		2.07
2009-2024	98		0.46		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 September 30, 2024 or December 31, 2023.

Schedule of Risk in Force Mortgage Insurance Coverage


	As of
	September 30, 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	$	202,115		$	200,023
Pool mortgage insurance	56			98
Total mortgage insurance risk in force	$	202,171	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
	September 30, 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 September 30, 2024 or December 31, 2023.


	Percentage of Single-Family Conventional Guaranty Book of Business
	As of
	September 30, 2024		December 31, 2023
Top five depository servicers	21	%	22	%
Top five non-depository servicers	29		27
Total	50	%	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
	September 30, 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	0.12	%	0.56	%	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
	September 30, 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	%	0.12	%	1	%	0.13	%
Less than or equal to 80%	99		0.56		99		0.46
Current DSCR below 1.0(4)	6		5.59		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
	September 30, 2024		December 31, 2023
Top five depository servicers	26	%	27	%
Top five non-depository servicers	44		44
Total	70	%	71	%

Consolidations and Transfers of Financial Assets - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entities [Line Items]
Investments in securities, at fair value	$ 61,790	$ 53,116
Other assets	14,431	13,490
Other liabilities	(14,797)	(14,106)
Assets	4,334,556	4,325,437
Total unpaid principal balance of mortgage loans	4,106,757	4,102,632
Multifamily
Variable Interest Entities [Line Items]
Total unpaid principal balance of mortgage loans	476,472	461,247
Multifamily \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Total unpaid principal balance of mortgage loans	476,500
Mortgage-related \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Investments in securities, at fair value	1,281	4,863
Other assets	34	37
Other liabilities	(39)	(42)
Net carrying amount	1,276	4,858
Maximum exposure to loss	207,000	223,000
Assets	208,000	273,000
Partnership interest LIHTC \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Net carrying amount	633	528
Maximum exposure to loss	633	530
Assets	6,200	5,800
Total available-for-sale securities \| Unconsolidated VIEs
Variable Interest Entities [Line Items]
Maximum exposure to loss	23,900	21,400
Assets	$ 23,900	$ 21,400

Mortgage Loans (Tables)

9 Months Ended

Sep. 30, 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
	September 30, 2024		December 31, 2023
	(Dollars in millions)
Single-family	$	3,630,285	$	3,641,385
Multifamily	476,472		461,247
Total unpaid principal balance of mortgage loans	4,106,757		4,102,632
Cost basis and fair value adjustments, net	39,557		41,729
Allowance for loan losses for HFI loans	(7,656)		(8,730)
Total mortgage loans(1)	$	4,138,658	$	4,135,631

(1)Excludes $10.9 billion and $10.4 billion of accrued interest receivable as of September 30, 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 September 30,				For the Nine Months Ended September 30,

		2024		2023		2024		2023
	(Dollars in millions)
Purchase of HFI loans:
Single-family unpaid principal balance		$	93,114	$	89,228	$	241,180	$	245,870
Multifamily unpaid principal balance		13,153		16,415		32,492		41,761

Single-family loans redesignated from HFI to HFS:
Amortized cost		$	820	$	3,122	$	1,272	$	3,122
Lower of cost or fair value adjustment at time of redesignation(1)		(101)		(638)		(139)		(638)
Allowance reversed at time of redesignation		5		47		8		47

Single-family loans redesignated from HFS to HFI:
Amortized cost		$	77	$	372	$	77	$	372

Single-family loans sold:
Unpaid principal balance		$	14	$	—	$	2,345	$	1,842
Realized gains (losses), net		—		—		13		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 September 30, 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	$	32,625	$	8,534	$	17,678	$	58,837	$	3,186,644	$	3,245,481	$	401	$	3,589
15-year or less, amortizing fixed-rate	1,636		316		566		2,518		380,704		383,222		24		196
Adjustable-rate	165		32		89		286		25,446		25,732		3		20
Other(2)	530		144		417		1,091		20,556		21,647		24		187
Total single-family	34,956		9,026		18,750		62,732		3,613,350		3,676,082		452		3,992
Multifamily(3)	604		N/A		2,016		2,620		473,949		476,569		85		984
Total	$	35,560	$	9,026	$	20,766	$	65,352	$	4,087,299	$	4,152,651	$	537	$	4,976


	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 September 30, 2024 and Write-offs for the Nine Months Ended September 30, 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%	$	120,077	$	170,564	$	332,411	$	866,580	$	728,375	$	728,941	$	2,946,948
Greater than 80% and less than or equal to 90%	36,801		71,312		74,354		17,637		2,121		1,394		203,619
Greater than 90% and less than or equal to 100%	49,061		27,096		14,991		1,575		188		196		93,107
Greater than 100%	20		345		1,124		137		40		141		1,807
Total 20- and 30-year or more, amortizing fixed-rate	205,959		269,317		422,880		885,929		730,724		730,672		3,245,481
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	$	—	$	29	$	94	$	83	$	45	$	169	$	420
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	4,872		6,874		32,279		150,217		105,901		81,919		382,062
Greater than 80% and less than or equal to 90%	320		369		186		11		—		1		887
Greater than 90% and less than or equal to 100%	222		31		19		—		—		—		272
Greater than 100%	—		—		—		—		—		1		1
Total 15-year or less, amortizing fixed-rate	5,414		7,274		32,484		150,228		105,901		81,921		383,222
Current-year 15-year or less, amortizing fixed-rate write-offs	—		1		2		2		1		2		8
Adjustable-rate:
Less than or equal to 80%	1,392		1,884		4,521		5,544		1,520		8,693		23,554
Greater than 80% and less than or equal to 90%	355		520		753		37		5		2		1,672
Greater than 90% and less than or equal to 100%	189		145		144		4		—		1		483
Greater than 100%	—		3		20		—		—		—		23
Total adjustable-rate	1,936		2,552		5,438		5,585		1,525		8,696		25,732
Current-year adjustable-rate write-offs	—		—		—		—		—		1		1
Other:
Less than or equal to 80%	—		—		—		—		—		17,669		17,669
Greater than 80% and less than or equal to 90%	—		—		—		—		—		61		61
Greater than 90% and less than or equal to 100%	—		—		—		—		—		32		32
Greater than 100%	—		—		—		—		—		26		26
Total other	—		—		—		—		—		17,788		17,788
Current-year other write-offs	—		—		—		—		—		15		15

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	126,341	$	179,322	$	369,211	$	1,022,341	$	835,796	$	837,222	$	3,370,233
Greater than 80% and less than or equal to 90%	37,476		72,201		75,293		17,685		2,126		1,458		206,239
Greater than 90% and less than or equal to 100%	49,472		27,272		15,154		1,579		188		229		93,894
Greater than 100%	20		348		1,144		137		40		168		1,857
Total	$	213,309	$	279,143	$	460,802	$	1,041,742	$	838,150	$	839,077	$	3,672,223
Total current-year write-offs	$	—	$	30	$	96	$	85	$	46	$	187	$	444


	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 $3.9 billion and $5.5 billion as of September 30, 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 nine months ended September 30, 2024 and year ended December 31, 2023, it also excludes write-offs of $43 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 September 30, 2024 and Write-offs for the Nine Months Ended September 30, 2024, by Year of Origination(1)
	2024		2023		2022		2021		2020		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$	28,467	$	52,958	$	49,722	$	59,753	$	72,329	$	181,698	$	444,927
Special mention(3)	49		43		7		369		58		128		654
Substandard(4)	90		1,080		9,435		3,650		2,271		14,451		30,977
Doubtful(5)	—		4		—		—		—		7		11
Total	$	28,606	$	54,085	$	59,164	$	63,772	$	74,658	$	196,284	$	476,569
Current-year write-offs	$	—	$	34	$	191	$	16	$	21	$	133	$	395


	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 $4.5 billion and $6.9 billion as of September 30, 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 September 30, 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	$	5,782	$	2,379	$	4,315	$	2,405	$	53	$	14,934	*
15-year or less, amortizing fixed-rate	239		77		140		1		—		457		*
Adjustable-rate	29		9		17		—		2		57		*
Other	32		24		50		22		8		136		1	%
Total single-family	6,082		2,489		4,522		2,428		63		15,584		*
Multifamily	328		—		—		—		60		388		*
Total(3)	$	6,410	$	2,489	$	4,522	$	2,428	$	123	$	15,972	*


	For the Nine Months Ended September 30, 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	$	8,373	$	8,312	$	7,542	$	6,908	$	114	$	31,249	1	%
15-year or less, amortizing fixed-rate	352		265		255		3		1		876		*
Adjustable-rate	45		36		26		—		5		112		*
Other	48		102		104		77		31		362		2
Total single-family	8,818		8,715		7,927		6,988		151		32,599		1
Multifamily	330		—		—		—		64		394		*
Total(3)	$	9,148	$	8,715	$	7,927	$	6,988	$	215	$	32,993	1


	For the Three Months Ended September 30, 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	$	7,287	$	2,424	$	3,407	$	1,819	$	41	$	14,978	*
15-year or less, amortizing fixed-rate	311		97		130		—		—		538		*
Adjustable-rate	42		8		11		—		1		62		*
Other	54		30		57		31		22		194		1	%
Total single-family	7,694		2,559		3,605		1,850		64		15,772		*
Multifamily	361		—		—		—		560		921		*
Total(3)	$	8,055	$	2,559	$	3,605	$	1,850	$	624	$	16,693	*


	For the Nine Months Ended September 30, 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	$	10,851	$	8,306	$	6,216	$	5,209	$	360	$	30,942	1	%
15-year or less, amortizing fixed-rate	465		343		241		1		1		1,051		*
Adjustable-rate	59		31		22		—		7		119		*
Other	128		108		137		94		65		532		2
Total single-family	11,503		8,788		6,616		5,304		433		32,644		1
Multifamily	1,045		—		—		—		585		1,630		*
Total(3)	$	12,548	$	8,788	$	6,616	$	5,304	$	1,018	$	34,274	1

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

(1) Represents loans that received a contractual modification.

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

(3) Excludes $269 million and $1.0 billion for the three and nine months ended September 30, 2024, respectively, and $276 million and $1.2 billion for the three and nine months ended September 30, 2023, respectively, for loans that were the subject of loss mitigation activity during the period that paid off, were repurchased or were 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 September 30,
	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	0.59	%	160	$	12,928	1.05	%	167	$	16,464
15-year or less, amortizing fixed-rate	1.03		77	9,652		2.41		52	14,218
Adjustable-rate	2.88		—	11,157		1.97		—	12,980
Other	0.96		182	21,043		1.04		199	23,072


	For the Nine Months Ended September 30,
	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	0.72	%	161	$	13,408	1.08	%	171	$	16,798
15-year or less, amortizing fixed-rate	1.82		84	11,538		2.22		70	14,588
Adjustable-rate	2.58		—	11,508		1.29		—	14,823
Other	0.86		162	18,705		1.31		188	21,396

(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 September 30, 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		$	1,438	$	774	$	11	$	2,223
15-year or less, amortizing fixed-rate		40		—		—		40
Adjustable-rate		4		—		—		4
Other		17		9		6		32
Total single-family		1,499		783		17		2,299
Multifamily		—		—		—		—
Total loans that subsequently defaulted(1)(2)		$	1,499	$	783	$	17	$	2,299


		For the Nine Months Ended September 30, 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		$	2,592	$	1,383	$	25	$	4,000
15-year or less, amortizing fixed-rate		73		—		—		73
Adjustable-rate		7		—		2		9
Other		33		15		12		60
Total single-family		2,705		1,398		39		4,142
Multifamily		—		—		4		4
Total loans that subsequently defaulted(1)(2)		$	2,705	$	1,398	$	43	$	4,146


	For the Three Months Ended September 30, 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	$	861	$	468	$	80	$	1,409
15-year or less, amortizing fixed-rate	28		—		—		28
Adjustable-rate	1		—		1		2
Other	12		9		6		27
Total single-family	902		477		87		1,466
Multifamily	—		—		—		—
Total loans that subsequently defaulted(1)(2)	$	902	$	477	$	87	$	1,466


	For the Nine Months Ended September 30, 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	$	1,635	$	746	$	298	$	2,679
15-year or less, amortizing fixed-rate	51		1		—		52
Adjustable-rate	4		—		2		6
Other	20		14		17		51
Total single-family	1,710		761		317		2,788
Multifamily	—		—		—		—
Total loans that subsequently defaulted(1)(2)	$	1,710	$	761	$	317	$	2,788

(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 September 30, 2024 did not default during the third quarter of 2024. The substantial majority of loans that received a completed modification or a payment deferral during the three months ended September 30, 2023 did not default during the third quarter of 2023.

The following tables display an aging analysis of HFI mortgage loans that were restructured during the twelve months prior to September 30, 2024 and September 30, 2023, respectively, presented by portfolio segment and class of financing receivable.


	As of September 30, 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	$	4,240	$	2,874	$	11,401	$	18,515	$	12,891	$	31,406
15-year or less, amortizing fixed-rate	118		93		349		560		379		939
Adjustable-rate	13		7		50		70		46		116
Other	60		32		127		219		166		385
Total single-family loans modified	4,431		3,006		11,927		19,364		13,482		32,846
Multifamily	—		N/A		323		323		823		1,146
Total loans restructured(3)	$	4,431	$	3,006	$	12,250	$	19,687	$	14,305	$	33,992


	As of September 30, 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	$	3,722	$	2,332	$	11,455	$	17,509	$	15,368	$	32,877
15-year or less, amortizing fixed-rate	115		78		405		598		562		1,160
Adjustable-rate	14		8		55		77		56		133
Other	75		37		192		304		297		601
Total single-family loans modified	3,926		2,455		12,107		18,488		16,283		34,771
Multifamily	19		N/A		1,045		1,064		587		1,651
Total loans restructured(3)	$	3,945	$	2,455	$	13,152	$	19,552	$	16,870	$	36,422

(1) The substantial majority of loans that received a completed modification or a payment deferral during the three months ended September 30, 2024 were not delinquent as of September 30, 2024. The substantial majority of loans that received a completed modification or a payment deferral during three months ended September 30, 2023 were not delinquent as of September 30, 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 September 30,				For the Nine Months Ended September 30,
		2024		2023		2024		2023
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$	95	$	80	$	274	$	233
Multifamily		20		3		24		36

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


	As of						For the Three Months Ended September 30, 2024		For the Nine Months Ended September 30, 2024
	September 30, 2024		June 30, 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	$	22,662	$	22,183	$	21,971	$	35	$	262
15-year or less, amortizing fixed-rate	704		704		727		1		6
Adjustable-rate	110		117		109		—		1
Other	480		496		508		1		7
Total single-family	23,956		23,500		23,315		37		276
Multifamily	2,259		1,836		1,890		2		35
Total nonaccrual loans	$	26,215	$	25,336	$	25,205	$	39	$	311


	As of						For the Three Months Ended September 30, 2023		For the Nine Months Ended September 30, 2023
	September 30, 2023		June 30, 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	$	19,108	$	17,051	$	9,447	$	19	$	197
15-year or less, amortizing fixed-rate	638		565		200		—		4
Adjustable-rate	99		85		53		—		1
Other	526		573		617		1		6
Total single-family	20,371		18,274		10,317		20		208
Multifamily	1,526		1,448		2,200		3		16
Total nonaccrual loans	$	21,897	$	19,722	$	12,517	$	23	$	224

(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.

Allowance for Loan Losses

9 Months Ended

Sep. 30, 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 September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance	$	(5,703)	$	(7,990)	$	(6,671)	$	(9,443)
Benefit (provision) for loan losses	409		718		1,278		2,121
Write-offs	231		699		487		794
Recoveries	(23)		(48)		(180)		(151)
Other	—		(19)		—		39
Ending balance	$	(5,086)	$	(6,640)	$	(5,086)	$	(6,640)
Multifamily allowance for loan losses:
Beginning balance	$	(2,323)	$	(1,992)	$	(2,059)	$	(1,904)
Benefit (provision) for loan losses	(423)		(83)		(825)		(415)
Write-offs	224		52		395		306
Recoveries	(48)		(8)		(81)		(18)

Ending balance	$	(2,570)	$	(2,031)	$	(2,570)	$	(2,031)
Total allowance for loan losses:
Beginning balance	$	(8,026)	$	(9,982)	$	(8,730)	$	(11,347)
Benefit (provision) for loan losses	(14)		635		453		1,706
Write-offs	455		751		882		1,100
Recoveries	(71)		(56)		(261)		(169)
Other	—		(19)		—		39
Ending balance	$	(7,656)	$	(8,671)	$	(7,656)	$	(8,671)

Our benefit (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 for the three months ended September 30, 2024 was primarily driven by a benefit from forecasted home price growth and a benefit from actual and projected interest rates, partially offset by a provision from changes in loan activity, as described below.

•Benefit from forecasted home price growth. During the three months ended September 30, 2024, our forecast of future home prices improved. 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.

•Benefit from actual and projected interest rates. Actual and projected interest rates decreased in the third quarter of 2024, which reduced the probability of default, resulting in a benefit for loan losses.

•Provision from changes in loan activity. This includes provision on newly acquired loans and was primarily driven by the credit risk profile of our single-family acquisitions for the three months ended September 30, 2024, 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.

Our single-family benefit for loan losses for the nine months ended September 30, 2024 was primarily driven by a benefit from actual and forecasted home price growth, partially offset by a provision from changes in loan activity.

•Benefit from actual and forecasted home price growth. During the nine months ended September 30, 2024 actual home prices appreciated more than originally projected and our forecast of future home prices also improved.

Our single-family benefit for loan losses for the three and nine months ended September 30, 2023 was primarily driven by a benefit from actual and forecasted home price growth, partially offset by a provision relating to the redesignation of loans from HFI to HFS and a provision from changes in loan activity, as described below:

•Benefit from actual and forecasted home price growth. During the three and nine months ended September 30, 2023, we observed stronger than expected actual and forecasted home price appreciation.

•Provision from redesignation of loans from HFI to HFS. We redesignated certain nonperforming and reperforming single-family loans from HFI to HFS, as we no longer intended to hold them for the foreseeable future or to maturity. Upon redesignation of these loans, we recorded the loans at the lower of cost or fair value with a write-off against the allowance for loan losses. During the three months ended September 30, 2023, we redesignated loans with an amortized cost of $3.1 billion with an associated write-off against the allowance for loan losses of $638 million. Interest rates on the redesignated loans were below current market interest rates, and as a result, we recorded additional provision for loan losses to the extent that the carrying value of the loans exceeded their fair value at the time of redesignation.

•Provision from changes in loan activity. This includes provision on newly acquired loans and was primarily driven by an increase of the portion of our single-family acquisitions consisting of purchase loans in the three and nine months ended September 30, 2023, as described in our quarterly report on Form 10-Q for the quarter ended September 30, 2023.

Our multifamily provision for loan losses for the three months ended September 30, 2024 was largely driven by certain adjustable-rate conventional loans that were written down to the net recoverable amount during the period. We also recognized provision for loan losses because, compared to our previous forecast, our current period forecast expects further slight decreases in projected multifamily property values and a longer period of time for projected multifamily property values to improve.

Our multifamily allowance and estimate for loan losses as of September 30, 2024 also considers uncertainty. This includes uncertainty relating to multifamily property values, as well as uncertainty due to the ongoing investigation of multifamily lending transactions with suspected fraud, which may increase the risk of default.

Our multifamily provision for loan losses for the nine months ended September 30, 2024 was primarily driven by loan delinquencies in our multifamily guaranty book of business, including provision attributable to adjustable-rate conventional loans that became seriously delinquent and were written down to the net recoverable amount, declines in estimated actual and projected multifamily property values, and provision for uncertainty described above.

The largest driver of our multifamily provision for loan losses for the three months ended September 30, 2023 was a provision for actual and projected interest rates. Rising interest rates increase the likelihood that loans with balloon balances due at maturity will be unable to refinance, due to higher refinancing rates. In addition, rising interest rates increase costs for loans with adjustable-rates, which increases the expected impairment and the provision for loan losses on these loans.

The impact of this factor was offset by a benefit from actual and projected economic data for the three months ended September 30, 2023. The benefit from actual and projected economic data was primarily driven by the impact of a change in our long-term economic forecast assumptions, which was partially offset by continued declines in multifamily property values.

Our multifamily provision for loan losses for the nine months ended September 30, 2023 was primarily driven by actual and projected interest rates as described above.

Financial Guarantees (Tables)

9 Months Ended

Sep. 30, 2024

Guarantees [Abstract]

Schedule of Guarantor Obligations


	As of
	September 30, 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	$	2,555	$	14	$	2,500	$	2,778	$	14	$	2,713
Other guaranty arrangements(2)	8,928		58		1,928		9,154		65		1,967
Total	$	11,483	$	72	$	4,428	$	11,932	$	79	$	4,680

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

Investments in Securities - Available-for-sale Securities 3 (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Realized gain	$ 0	$ 0
Available-for-sale	$ 0	$ 0

Regulatory Capital Requirements

9 Months Ended

Sep. 30, 2024

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

Regulatory Capital Requirements

The enterprise regulatory capital framework went into effect in February 2021; however, we are not required to hold capital according to the framework’s requirements until the date of termination of our conservatorship, or such later date as may be ordered by FHFA. The table below sets forth information about our capital requirements under the standardized approach of the enterprise regulatory capital framework.


Capital Metrics under the Enterprise Regulatory Capital Framework as of September 30, 2024(1)
(Dollars in billions)
Adjusted total assets		$	4,446
Risk-weighted assets		1,331

		Amounts						Ratios
		Available Capital (Deficit)		Minimum Capital Requirement		Total Capital Requirement (including Buffers)(2)		Available Capital (Deficit) Ratio		Minimum Capital Ratio Requirement		Total Capital Requirement Ratio (including Buffers)(2)
Risk-based capital:
	Total capital (statutory)	$	(23)	$	106	$	106	(1.7)	%	8.0	%	8.0	%
	Common equity tier 1 capital	(60)		60		141		(4.5)		4.5		10.6
	Tier 1 capital	(41)		80		161		(3.1)		6.0		12.1
	Adjusted total capital	(41)		106		187		(3.1)		8.0		14.0
Leverage capital:
	Core capital (statutory)	(30)		111		111		(0.7)		2.5		2.5
	Tier 1 capital	(41)		111		135		(0.9)		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)		Minimum Capital Requirement		Total Capital Requirement (including Buffers)(2)		Available Capital (Deficit) Ratio		Minimum Capital Ratio Requirement		Total Capital Requirement Ratio (including Buffers)(2)
Risk-based capital:
	Total capital (statutory)	$	(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)	(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)Prescribed capital conservation buffer amount, or PCCBA, for risk-based capital and prescribed leverage buffer amount, or PLBA, for leverage capital.

- 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

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Restricted cash and cash equivalents	$ 38,626	$ 32,889
Total loans held for investment, at fair value	3,255	3,315
Accrued interest receivable, net	11,277	10,724
Accrued interest payable	11,451	10,931
Other liabilities	14,797	14,106
Senior preferred stock liquidation preference	$ 207,982	$ 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	$ 31,314	$ 25,836
Accrued interest receivable, net	10,703	10,132
Accrued interest payable	10,724	10,212
Long-term debt	13,237	14,343
Other liabilities	1,673	1,713
Fannie Mae
Long-term debt	$ 451	$ 761

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income:
Investments in securities	$ 993	$ 1,075	$ 2,829	$ 3,157
Mortgage loans	36,390	33,711	107,223	98,503
Other	629	629	2,033	1,665
Total interest income	38,012	35,415	112,085	103,325
Interest expense:
Short-term debt	(137)	(201)	(462)	(503)
Long-term debt	(30,600)	(27,994)	(90,057)	(81,781)
Total interest expense	(30,737)	(28,195)	(90,519)	(82,284)
Net interest income	7,275	7,220	21,566	21,041
Benefit (provision) for credit losses	27	652	507	1,786
Net interest income after benefit (provision) for credit losses	7,302	7,872	22,073	22,827
Investment gains (losses), net	12	8	(28)	(34)
Fair value gains (losses), net	52	795	979	1,403
Fee and other income	66	76	206	209
Non-interest income	130	879	1,157	1,578
Administrative expenses:
Salaries and employee benefits	(500)	(477)	(1,507)	(1,424)
Professional services	(203)	(211)	(622)	(587)
Other administrative expenses	(222)	(209)	(664)	(618)
Total administrative expenses	(925)	(897)	(2,793)	(2,629)
TCCA fees	(862)	(860)	(2,581)	(2,571)
Credit enhancement expense	(411)	(390)	(1,235)	(1,115)
Change in expected credit enhancement recoveries	89	(128)	189	(168)
Other expenses, net	(270)	(535)	(720)	(922)
Total expenses	(2,379)	(2,810)	(7,140)	(7,405)
Income before federal income taxes	5,053	5,941	16,090	17,000
Provision for federal income taxes	(1,009)	(1,242)	(3,242)	(3,535)
Net income	4,044	4,699	12,848	13,465
Other comprehensive income (loss)	3	(18)	0	(17)
Total comprehensive income	4,047	4,681	12,848	13,448
Dividends distributed or amounts attributable to senior preferred stock	(4,047)	(4,681)	(12,848)	(13,448)
Net income (loss) attributable to common stockholders, basic	(3)	18	0	17
Net income (loss) attributable to common stockholders, diluted	$ (3)	$ 18	$ 0	$ 17
Earnings per share, Basic (in usd per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Earnings per share, Diluted (in usd per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Weighted-average common shares outstanding, Basic (shares)	5,867	5,867	5,867	5,867
Weighted-average common shares outstanding, Diluted (shares)	5,867	5,893	5,893	5,893

Mortgage Loans - Credit Quality Indicators - MF (Details) - Multifamily - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	$ 28,606	$ 50,494
One fiscal year before	54,085	60,908
Two fiscal years before	59,164	64,398
Three fiscal years before	63,772	75,526
Four fiscal years before	74,658	60,850
Prior	196,284	149,178
Total mortgage loans	476,569	461,354
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	28,467	49,944
One fiscal year before	52,958	51,380
Two fiscal years before	49,722	60,563
Three fiscal years before	59,753	72,791
Four fiscal years before	72,329	56,901
Prior	181,698	136,860
Total mortgage loans	444,927	428,439
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	49	4
One fiscal year before	43	11
Two fiscal years before	7	181
Three fiscal years before	369	32
Four fiscal years before	58	46
Prior	128	130
Total mortgage loans	654	404
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	90	521
One fiscal year before	1,080	9,517
Two fiscal years before	9,435	3,654
Three fiscal years before	3,650	2,703
Four fiscal years before	2,271	3,893
Prior	14,451	12,188
Total mortgage loans	30,977	32,476
Substandard \| Senior Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Total mortgage loans	4,500	6,900
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	25
One fiscal year before	4	0
Two fiscal years before	0	0
Three fiscal years before	0	0
Four fiscal years before	0	10
Prior	7	0
Total mortgage loans	11	35
Current-year write-offs
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	0
One fiscal year before	34	3
Two fiscal years before	191	4
Three fiscal years before	16	6
Four fiscal years before	21	23
Prior	133	365
Total mortgage loans	$ 395	$ 401

Short-Term and Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 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
	September 30, 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	$	11,419	5.10	%	$	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
	September 30, 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	$	46,825	2.89	%	2024 - 2030	$	54,727	2.79	%
Medium-term notes(3)	2024 - 2034	39,231		1.90		2024 - 2031	42,217		1.58
Other(4)	2024 - 2038	6,820		4.08		2024 - 2038	6,787		3.98
Total senior fixed		92,876		2.57			103,731		2.40
Senior floating:
Medium-term notes(3)	2026	14,997		5.25		N/A	—		—
Connecticut Avenue Securities(5)	2024 - 2031	2,139		11.56		2024 - 2031	2,752		11.12
Other(6)	2037	284		8.81		2037	268		8.79
Total senior floating		17,420		6.08			3,020		10.92


Total long-term debt of Fannie Mae(7)		110,296		3.11			106,751		2.63
Debt of consolidated trusts	2024 - 2063	4,096,063		2.90		2024 - 2062	4,098,653		2.56
Total long-term debt		$	4,206,359	2.91	%		$	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

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Topic 210
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: 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 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
-Paragraph 3
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
-SubTopic 470
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Derivative Instruments - Notional and Fair Value Position (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amount	$ 456,602	$ 388,121
Asset Derivatives
Derivative assets, gross amount offset	(233)	(283)
Derivative assets	280	202
Liability Derivatives
Derivatives liabilities at fair value	(132)	(140)
Table Footnote [Abstract]
Cash collateral posted for derivative instruments	1,900	2,900
Cash collateral received for derivative instruments	(2)	(5)
Total risk management derivatives designated as hedging instruments
Derivative [Line Items]
Notional Amount	317,568	299,557
Asset Derivatives
Derivative assets, gross amount offset	(233)	(283)
Derivative assets	134	45
Liability Derivatives
Netting adjustment	2,154	3,200
Derivatives liabilities at fair value	(22)	(23)
Total risk management derivatives designated as hedging instruments \| Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	42,331	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	275,237	261,016
Asset Derivatives
Derivative assets, gross	367	328
Liability Derivatives
Derivative liabilities, gross	(2,176)	(3,223)
Pay-fixed \| Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	18,107	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	141,966	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	24,224	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	119,680	115,288
Asset Derivatives
Derivative assets, gross	77	76
Liability Derivatives
Derivative liabilities, gross	(2,041)	(3,085)
Basis \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	250	250
Asset Derivatives
Derivative assets, gross	54	44
Liability Derivatives
Derivative liabilities, gross	0	0
Foreign currency \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	332	316
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	(55)	(66)
Pay-fixed \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	7,006	5,816
Asset Derivatives
Derivative assets, gross	209	195
Liability Derivatives
Derivative liabilities, gross	(11)	(12)
Receive-fixed \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	5,916	2,666
Asset Derivatives
Derivative assets, gross	27	13
Liability Derivatives
Derivative liabilities, gross	(69)	(60)
Futures \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	87	32
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Mortgage commitment derivatives
Derivative [Line Items]
Notional Amount	109,374	60,940
Asset Derivatives
Derivative assets, gross amount offset	0	0
Derivative assets	109	112
Liability Derivatives
Netting adjustment	0	0
Derivatives liabilities at fair value	(99)	(104)
Mortgage commitments to purchase whole loans
Derivative [Line Items]
Notional Amount	3,587	2,734
Asset Derivatives
Derivative assets	5	14
Liability Derivatives
Derivatives liabilities at fair value	(6)	0
Forward contracts to purchase mortgage-related securities
Derivative [Line Items]
Notional Amount	32,495	14,264
Asset Derivatives
Derivative assets	39	98
Liability Derivatives
Derivatives liabilities at fair value	(57)	(2)
Forward contracts to sell mortgage-related securities
Derivative [Line Items]
Notional Amount	73,292	43,942
Asset Derivatives
Derivative assets	65	0
Liability Derivatives
Derivatives liabilities at fair value	(36)	(102)
Credit enhancement derivatives
Derivative [Line Items]
Notional Amount	29,660	27,624
Asset Derivatives
Derivative assets	37	45
Liability Derivatives
Derivatives liabilities at fair value	$ (11)	$ (13)

Fair Value (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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		$	—		$	1,163		$	35		$	—		$	1,198



Non-mortgage-related(2)		60,080			20			—			—			60,100
Total trading securities		60,080			1,183			35			—			61,298
Available-for-sale securities:



Agency(3)		—			39			313			—			352



Other mortgage-related		—			5			135			—			140
Total available-for-sale securities		—			44			448			—			492
Mortgage loans		—			2,825			430			—			3,255
Derivative assets		—			422			91			(233)			280








Total assets at fair value		$	60,080		$	4,474		$	1,004		$	(233)		$	65,325

Liabilities:
Long-term debt:


Of Fannie Mae		$	—		$	167		$	284		$	—		$	451

Of consolidated trusts		—			13,127			110			—			13,237
Total long-term debt		—			13,294			394			—			13,688
Derivative liabilities		—			2,275			11			(2,154)			132








Total liabilities at fair value		$	—		$	15,569		$	405		$	(2,154)		$	13,820


	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 September 30, 2024
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2024(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2024(1)
	Balance, June 30, 2024		Included in Net Income			Included in Total OCI (Loss)(1)		Purchases(2)		Sales(2)		Issues(3)		Settlements(3)		Transfers out of Level 3		Transfers into Level 3		Balance, September 30, 2024
	(Dollars in millions)
Trading securities:




Mortgage-related	$	32	$	2	(5)(6)	$	—	$	—	$	—	$	—	$	—	$	(2)	$	3	$	35	$	2	$	—


Available-for-sale securities:


Agency	$	315	$	1		$	6	$	—	$	—	$	—	$	(9)	$	—	$	—	$	313	$	—	$	4



Other mortgage-related	146		(1)			—		—		—		—		(10)		—		—		135		—		1
Total available-for-sale securities	$	461	$	—	(6)(7)	$	6	$	—	$	—	$	—	$	(19)	$	—	$	—	$	448	$	—	$	5

Mortgage loans	$	425	$	18	(5)(6)	$	—	$	—	$	—	$	—	$	(14)	$	(8)	$	9	$	430	$	9	$	—

Net derivatives	94		(19)		(5)	—		—		—		—		5		—		—		80		(14)		—

Long-term debt:
Of Fannie Mae	$	(270)	$	(14)	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(284)	$	(14)	$	—
Of consolidated trusts	(110)		(4)		(5)(6)	—		—		—		—		5		—		(1)		(110)		(3)		—
Total long-term debt	$	(380)	$	(18)		$	—	$	—	$	—	$	—	$	5	$	—	$	(1)	$	(394)	$	(17)	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Nine Months Ended September 30, 2024
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2024(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 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, September 30, 2024
	(Dollars in millions)
Trading securities:




Mortgage-related	$	26	$	1	(5)(6)	$	—	$	—	$	—	$	—	$	—	$	(5)	$	13	$	35	$	1	$	—


Available-for-sale securities:


Agency	$	331	$	1		$	6	$	—	$	—	$	—	$	(25)	$	—	$	—	$	313	$	—	$	5



Other mortgage-related	183		1			1		—		—		—		(49)		(1)		—		135		—		1
Total available-for-sale securities	$	514	$	2	(6)(7)	$	7	$	—	$	—	$	—	$	(74)	$	(1)	$	—	$	448	$	—	$	6

Mortgage loans	$	477	$	15	(5)(6)	$	—	$	—	$	(6)	$	—	$	(47)	$	(47)	$	38	$	430	$	8	$	—

Net derivatives	77		(31)		(5)	—		—		—		—		34		—		—		80		3		—

Long-term debt:
Of Fannie Mae	$	(268)	$	(16)	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(284)	$	(16)	$	—
Of consolidated trusts	(117)		(5)		(5)(6)	—		—		—		—		12		1		(1)		(110)		(5)		—
Total long-term debt	$	(385)	$	(21)		$	—	$	—	$	—	$	—	$	12	$	1	$	(1)	$	(394)	$	(21)	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended September 30, 2023
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2023(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2023(1)
	Balance, June 30, 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, September 30, 2023
	(Dollars in millions)
Trading securities:




Mortgage-related	$	28	$	(4)	(5)(6)	$	—	$	—	$	—	$	—	$	—	$	(4)	$	4	$	24	$	(4)	$	—


Available-for-sale securities:


Agency	$	356	$	—		$	(19)	$	—	$	—	$	—	$	(8)	$	(117)	$	—	$	212	$	—	$	(12)



Other mortgage-related	235		1			—		—		—		—		(34)		—		1		203		—		—
Total available-for-sale securities	$	591	$	1	(6)(7)	$	(19)	$	—	$	—	$	—	$	(42)	$	(117)	$	1	$	415	$	—	$	(12)

Mortgage loans	$	510	$	(2)	(5)(6)	$	—	$	—	$	—	$	—	$	(19)	$	(15)	$	17	$	491	$	(4)	$	—

Net derivatives	12		28		(5)	—		—		—		—		(1)		—		—		39		26		—

Long-term debt:
Of Fannie Mae	$	(256)	$	16	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(240)	$	16	$	—
Of consolidated trusts	(125)		1		(5)(6)	—		—		—		—		4		52		(1)		(69)		—		—
Total long-term debt	$	(381)	$	17		$	—	$	—	$	—	$	—	$	4	$	52	$	(1)	$	(309)	$	16	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Nine Months Ended September 30, 2023
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2023(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 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, September 30, 2023
	(Dollars in millions)
Trading securities:




Mortgage-related	$	47	$	(12)	(5)(6)	$	—	$	—	$	—	$	—	$	—	$	(15)	$	4	$	24	$	(9)	$	—


Available-for-sale securities:


Agency	$	371	$	1		$	(18)	$	—	$	—	$	—	$	(25)	$	(117)	$	—	$	212	$	—	$	(10)



Other mortgage-related	263		6			5		—		—		—		(72)		(1)		2		203		—		4
Total available-for-sale securities	$	634	$	7	(6)(7)	$	(13)	$	—	$	—	$	—	$	(97)	$	(118)	$	2	$	415	$	—	$	(6)

Mortgage loans	$	543	$	1	(5)(6)	$	—	$	—	$	—	$	—	$	(64)	$	(30)	$	41	$	491	$	(4)	$	—

Net derivatives	(37)		60		(5)	—		—		—		—		16		—		—		39		76		—

Long-term debt:
Of Fannie Mae	$	(242)	$	2	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(240)	$	2	$	—
Of consolidated trusts	(136)		1		(5)(6)	—		—		—		—		15		52		(1)		(69)		1		—
Total long-term debt	$	(378)	$	3		$	—	$	—	$	—	$	—	$	15	$	52	$	(1)	$	(309)	$	3	$	—

(1)Gains (losses) are included in “Other comprehensive income (loss)” in our condensed consolidated statements of operations and comprehensive income.

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

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

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

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

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

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

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 September 30, 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)	$	35	Various


Available-for-sale securities:

Agency(3)	313		Consensus









Other mortgage-related	46		Discounted Cash Flow	Spreads (bps)	478.0	-	508.0	492.0
	1		Single Vendor
	88		Various
Total other mortgage-related	135
Total available-for-sale securities	$	448

Net derivatives	$	54	Dealer Mark
	26		Discounted Cash Flow
Total net derivatives	$	80


	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	September 30, 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	$	655	$	1,994




Single-family mortgage loans held for investment, at amortized cost	Internal Model	328		407


Multifamily mortgage loans held for investment, at amortized cost	Appraisal	214		33

	Broker Price Opinion	889		769
	Internal Model	142		218
Total multifamily mortgage loans held for investment, at amortized cost		1,245		1,020
Acquired property, net:
Single-family	Accepted Offer	28		23
	Appraisal	56		43
	Internal Model	254		230
	Walk Forward	65		75
	Various	9		19
Total single-family		412		390
Multifamily	Various	49		182

Total nonrecurring assets at fair value		$	2,689	$	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 September 30, 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	$	76,772	$	37,922		$	38,850		$	—		$	—		$	76,772
Securities purchased under agreements to resell	18,065		—			18,065			—			—			18,065
Trading securities	61,298		60,080			1,183			35			—			61,298
Available-for-sale securities	492		—			44			448			—			492
Mortgage loans held for sale	1,278		—			565			791			—			1,356
Mortgage loans held for investment, net of allowance for loan losses	4,137,380		—			3,645,412			131,457			—			3,776,869
Advances to lenders	2,595		—			2,595			—			—			2,595
Derivative assets at fair value	280		—			422			91			(233)			280
Guaranty assets and buy-ups	66		—			—			170			—			170
Total financial assets	$	4,298,226	$	98,002		$	3,707,136		$	132,992		$	(233)		$	3,937,897

Financial liabilities:

Short-term debt:
Of Fannie Mae	$	11,419	$	—		$	11,424		$	—		$	—		$	11,424

Long-term debt:
Of Fannie Mae	110,296		—			111,915			630			—			112,545
Of consolidated trusts	4,096,063		—			3,712,964			278			—			3,713,242
Derivative liabilities at fair value	132		—			2,275			11			(2,154)			132
Guaranty obligations	72		—			—			61			—			61
Total financial liabilities	$	4,217,982	$	—		$	3,838,578		$	980		$	(2,154)		$	3,837,404


	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
	September 30, 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		$	3,255		$	451		$	13,237		$	3,315		$	761		$	14,343
Unpaid principal balance		3,341			412			13,126			3,442			731			14,383

(1)Includes nonaccrual loans with a fair value of $30 million and $32 million as of September 30, 2024 and December 31, 2023, respectively. Includes loans that are 90 days or more past due with a fair value of $25 million and $31 million as of September 30, 2024 and December 31, 2023, respectively.

Netting Arrangements (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Assets:
Derivative assets, gross amount	$ 476,000,000	$ 440,000,000
Derivative assets, gross amount offset	(233,000,000)	(283,000,000)
Derivative assets, net amount presented in our condensed consolidated balance sheets	243,000,000	157,000,000
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	(55,000,000)	(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	187,000,000	125,000,000
Securities purchased under agreements to resell, gross amount	56,915,000,000	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	56,915,000,000	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	(56,915,000,000)	(65,425,000,000)
Securities purchased under agreements to resell, net amount	0	0
Total assets, gross amount	57,391,000,000	65,865,000,000
Total assets, gross amount offset	(233,000,000)	(283,000,000)
Total assets, net amount presented in our condensed consolidated balance sheets	57,158,000,000	65,582,000,000
Total assets, under the master netting arrangements, not offset in our consolidated balance sheets, financial instruments	(55,000,000)	(23,000,000)
Total assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(56,916,000,000)	(65,434,000,000)
Total assets, net amount	187,000,000	125,000,000
Liabilities:
Total liabilities, gross amount	(2,275,000,000)	(3,327,000,000)
Total liabilities, gross amount offset	2,154,000,000	3,200,000,000
Total liabilities, net amount presented in our condensed consolidated balance sheets	(121,000,000)	(127,000,000)
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	55,000,000	23,000,000
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	33,000,000	80,000,000
Total liabilities, net amount	(33,000,000)	(24,000,000)
Securities received as collateral	57,000,000,000	65,500,000,000
Fair value of securities received as collateral that can be resold or repledged	44,900,000,000	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	37,000,000	45,000,000
Derivative liabilities not subject to enforceable master netting arrangements	11,000,000	13,000,000
Securities purchased under agreements to resell	18,065,000,000	30,700,000,000
Cash and Cash Equivalents
Liabilities:
Securities purchased under agreements to resell	24,700,000,000	21,800,000,000
Restricted Cash and Cash Equivalent
Liabilities:
Securities purchased under agreements to resell	14,100,000,000	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	(2,500,000,000)	(2,200,000,000)
Mortgage commitment derivatives
Assets:
Derivative assets, gross amount	109,000,000	112,000,000
Derivative assets, gross amount offset	0	0
Derivative assets, net amount presented in our condensed consolidated balance sheets	109,000,000	112,000,000
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	(55,000,000)	(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	53,000,000	80,000,000
Liabilities:
Derivative liabilities, gross amount	(99,000,000)	(104,000,000)
Derivative liabilities, gross amount offset	0	0
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(99,000,000)	(104,000,000)
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	55,000,000	23,000,000
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	31,000,000	77,000,000
Derivative liabilities, net amount	(13,000,000)	(4,000,000)
OTC risk management derivatives \| Risk Management Derivatives
Assets:
Derivative assets, gross amount	367,000,000	328,000,000
Derivative assets, gross amount offset	(353,000,000)	(294,000,000)
Derivative assets, net amount presented in our condensed consolidated balance sheets	14,000,000	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	14,000,000	34,000,000
Liabilities:
Derivative liabilities, gross amount	(2,176,000,000)	(3,223,000,000)
Derivative liabilities, gross amount offset	2,156,000,000	3,203,000,000
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(20,000,000)	(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	(20,000,000)	(20,000,000)
Cleared risk management derivatives \| Risk Management Derivatives
Assets:
Derivative assets, gross amount	0	0
Derivative assets, gross amount offset	120,000,000	11,000,000
Derivative assets, net amount presented in our condensed consolidated balance sheets	120,000,000	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	120,000,000	11,000,000
Liabilities:
Derivative liabilities, gross amount	0	0
Derivative liabilities, gross amount offset	(2,000,000)	(3,000,000)
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(2,000,000)	(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	2,000,000	3,000,000
Derivative liabilities, net amount	$ 0	$ 0

Fair Value - Level 3 Valuation - Nonrecurring (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	$ 3,255,000,000	$ 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	98,002,000,000	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	3,707,136,000,000	3,643,669,000,000
Mortgage loans held-for-sale, at lower of cost or fair value	565,000,000	93,000,000
Mortgage loans held for investment, net of allowance for loan losses	3,645,412,000,000	3,571,555,000,000
Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	132,992,000,000	133,003,000,000
Mortgage loans held-for-sale, at lower of cost or fair value	791,000,000	2,196,000,000
Mortgage loans held for investment, net of allowance for loan losses	131,457,000,000	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	134,000,000	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	2,689,000,000	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	655,000,000	1,994,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single-Family
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	412,000,000	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	328,000,000	407,000,000
Acquired property, net	254,000,000	230,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Single-Family \| Appraisal
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	56,000,000	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	9,000,000	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	1,245,000,000	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	142,000,000	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	214,000,000	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	889,000,000	769,000,000
Nonrecurring \| Significant Unobservable Inputs (Level 3) \| Multifamily \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	$ 49,000,000	$ 182,000,000

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 14, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	0-50231
Entity Registrant Name	FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE
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	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	X1

Fair Value

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2024.

Recurring Changes in Fair Value


	Fair Value Measurements as of September 30, 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		$	—		$	1,163		$	35		$	—		$	1,198



Non-mortgage-related(2)		60,080			20			—			—			60,100
Total trading securities		60,080			1,183			35			—			61,298
Available-for-sale securities:



Agency(3)		—			39			313			—			352



Other mortgage-related		—			5			135			—			140
Total available-for-sale securities		—			44			448			—			492
Mortgage loans		—			2,825			430			—			3,255
Derivative assets		—			422			91			(233)			280








Total assets at fair value		$	60,080		$	4,474		$	1,004		$	(233)		$	65,325

Liabilities:
Long-term debt:


Of Fannie Mae		$	—		$	167		$	284		$	—		$	451

Of consolidated trusts		—			13,127			110			—			13,237
Total long-term debt		—			13,294			394			—			13,688
Derivative liabilities		—			2,275			11			(2,154)			132








Total liabilities at fair value		$	—		$	15,569		$	405		$	(2,154)		$	13,820


	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 September 30, 2024
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2024(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2024(1)
	Balance, June 30, 2024		Included in Net Income			Included in Total OCI (Loss)(1)		Purchases(2)		Sales(2)		Issues(3)		Settlements(3)		Transfers out of Level 3		Transfers into Level 3		Balance, September 30, 2024
	(Dollars in millions)
Trading securities:




Mortgage-related	$	32	$	2	(5)(6)	$	—	$	—	$	—	$	—	$	—	$	(2)	$	3	$	35	$	2	$	—


Available-for-sale securities:


Agency	$	315	$	1		$	6	$	—	$	—	$	—	$	(9)	$	—	$	—	$	313	$	—	$	4



Other mortgage-related	146		(1)			—		—		—		—		(10)		—		—		135		—		1
Total available-for-sale securities	$	461	$	—	(6)(7)	$	6	$	—	$	—	$	—	$	(19)	$	—	$	—	$	448	$	—	$	5

Mortgage loans	$	425	$	18	(5)(6)	$	—	$	—	$	—	$	—	$	(14)	$	(8)	$	9	$	430	$	9	$	—

Net derivatives	94		(19)		(5)	—		—		—		—		5		—		—		80		(14)		—

Long-term debt:
Of Fannie Mae	$	(270)	$	(14)	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(284)	$	(14)	$	—
Of consolidated trusts	(110)		(4)		(5)(6)	—		—		—		—		5		—		(1)		(110)		(3)		—
Total long-term debt	$	(380)	$	(18)		$	—	$	—	$	—	$	—	$	5	$	—	$	(1)	$	(394)	$	(17)	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Nine Months Ended September 30, 2024
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2024(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 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, September 30, 2024
	(Dollars in millions)
Trading securities:




Mortgage-related	$	26	$	1	(5)(6)	$	—	$	—	$	—	$	—	$	—	$	(5)	$	13	$	35	$	1	$	—


Available-for-sale securities:


Agency	$	331	$	1		$	6	$	—	$	—	$	—	$	(25)	$	—	$	—	$	313	$	—	$	5



Other mortgage-related	183		1			1		—		—		—		(49)		(1)		—		135		—		1
Total available-for-sale securities	$	514	$	2	(6)(7)	$	7	$	—	$	—	$	—	$	(74)	$	(1)	$	—	$	448	$	—	$	6

Mortgage loans	$	477	$	15	(5)(6)	$	—	$	—	$	(6)	$	—	$	(47)	$	(47)	$	38	$	430	$	8	$	—

Net derivatives	77		(31)		(5)	—		—		—		—		34		—		—		80		3		—

Long-term debt:
Of Fannie Mae	$	(268)	$	(16)	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(284)	$	(16)	$	—
Of consolidated trusts	(117)		(5)		(5)(6)	—		—		—		—		12		1		(1)		(110)		(5)		—
Total long-term debt	$	(385)	$	(21)		$	—	$	—	$	—	$	—	$	12	$	1	$	(1)	$	(394)	$	(21)	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended September 30, 2023
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2023(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2023(1)
	Balance, June 30, 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, September 30, 2023
	(Dollars in millions)
Trading securities:




Mortgage-related	$	28	$	(4)	(5)(6)	$	—	$	—	$	—	$	—	$	—	$	(4)	$	4	$	24	$	(4)	$	—


Available-for-sale securities:


Agency	$	356	$	—		$	(19)	$	—	$	—	$	—	$	(8)	$	(117)	$	—	$	212	$	—	$	(12)



Other mortgage-related	235		1			—		—		—		—		(34)		—		1		203		—		—
Total available-for-sale securities	$	591	$	1	(6)(7)	$	(19)	$	—	$	—	$	—	$	(42)	$	(117)	$	1	$	415	$	—	$	(12)

Mortgage loans	$	510	$	(2)	(5)(6)	$	—	$	—	$	—	$	—	$	(19)	$	(15)	$	17	$	491	$	(4)	$	—

Net derivatives	12		28		(5)	—		—		—		—		(1)		—		—		39		26		—

Long-term debt:
Of Fannie Mae	$	(256)	$	16	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(240)	$	16	$	—
Of consolidated trusts	(125)		1		(5)(6)	—		—		—		—		4		52		(1)		(69)		—		—
Total long-term debt	$	(381)	$	17		$	—	$	—	$	—	$	—	$	4	$	52	$	(1)	$	(309)	$	16	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Nine Months Ended September 30, 2023
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2023(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 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, September 30, 2023
	(Dollars in millions)
Trading securities:




Mortgage-related	$	47	$	(12)	(5)(6)	$	—	$	—	$	—	$	—	$	—	$	(15)	$	4	$	24	$	(9)	$	—


Available-for-sale securities:


Agency	$	371	$	1		$	(18)	$	—	$	—	$	—	$	(25)	$	(117)	$	—	$	212	$	—	$	(10)



Other mortgage-related	263		6			5		—		—		—		(72)		(1)		2		203		—		4
Total available-for-sale securities	$	634	$	7	(6)(7)	$	(13)	$	—	$	—	$	—	$	(97)	$	(118)	$	2	$	415	$	—	$	(6)

Mortgage loans	$	543	$	1	(5)(6)	$	—	$	—	$	—	$	—	$	(64)	$	(30)	$	41	$	491	$	(4)	$	—

Net derivatives	(37)		60		(5)	—		—		—		—		16		—		—		39		76		—

Long-term debt:
Of Fannie Mae	$	(242)	$	2	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(240)	$	2	$	—
Of consolidated trusts	(136)		1		(5)(6)	—		—		—		—		15		52		(1)		(69)		1		—
Total long-term debt	$	(378)	$	3		$	—	$	—	$	—	$	—	$	15	$	52	$	(1)	$	(309)	$	3	$	—

(1)Gains (losses) are included in “Other comprehensive income (loss)” in our condensed consolidated statements of operations and comprehensive income.

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

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

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

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

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

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


	Fair Value Measurements as of September 30, 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)	$	35	Various


Available-for-sale securities:

Agency(3)	313		Consensus









Other mortgage-related	46		Discounted Cash Flow	Spreads (bps)	478.0	-	508.0	492.0
	1		Single Vendor
	88		Various
Total other mortgage-related	135
Total available-for-sale securities	$	448

Net derivatives	$	54	Dealer Mark
	26		Discounted Cash Flow
Total net derivatives	$	80


	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 September 30, 2024 or December 31, 2023. We held $134 million and $42 million in Level 2 assets as of September 30, 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 September 30, 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	September 30, 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	$	655	$	1,994




Single-family mortgage loans held for investment, at amortized cost	Internal Model	328		407


Multifamily mortgage loans held for investment, at amortized cost	Appraisal	214		33

	Broker Price Opinion	889		769
	Internal Model	142		218
Total multifamily mortgage loans held for investment, at amortized cost		1,245		1,020
Acquired property, net:
Single-family	Accepted Offer	28		23
	Appraisal	56		43
	Internal Model	254		230
	Walk Forward	65		75
	Various	9		19
Total single-family		412		390
Multifamily	Various	49		182

Total nonrecurring assets at fair value		$	2,689	$	3,993

Fair Value of Financial Instruments


	As of September 30, 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	$	76,772	$	37,922		$	38,850		$	—		$	—		$	76,772
Securities purchased under agreements to resell	18,065		—			18,065			—			—			18,065
Trading securities	61,298		60,080			1,183			35			—			61,298
Available-for-sale securities	492		—			44			448			—			492
Mortgage loans held for sale	1,278		—			565			791			—			1,356
Mortgage loans held for investment, net of allowance for loan losses	4,137,380		—			3,645,412			131,457			—			3,776,869
Advances to lenders	2,595		—			2,595			—			—			2,595
Derivative assets at fair value	280		—			422			91			(233)			280
Guaranty assets and buy-ups	66		—			—			170			—			170
Total financial assets	$	4,298,226	$	98,002		$	3,707,136		$	132,992		$	(233)		$	3,937,897

Financial liabilities:

Short-term debt:
Of Fannie Mae	$	11,419	$	—		$	11,424		$	—		$	—		$	11,424

Long-term debt:
Of Fannie Mae	110,296		—			111,915			630			—			112,545
Of consolidated trusts	4,096,063		—			3,712,964			278			—			3,713,242
Derivative liabilities at fair value	132		—			2,275			11			(2,154)			132
Guaranty obligations	72		—			—			61			—			61
Total financial liabilities	$	4,217,982	$	—		$	3,838,578		$	980		$	(2,154)		$	3,837,404


	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
	September 30, 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		$	3,255		$	451		$	13,237		$	3,315		$	761		$	14,343
Unpaid principal balance		3,341			412			13,126			3,442			731			14,383

Changes in Fair Value under the Fair Value Option Election

We recorded gains of $134 million and $87 million for the three and nine months ended September 30, 2024, respectively, and losses of $117 million and $95 million for the three and nine months ended September 30, 2023, respectively, from changes in the fair value of loans recorded at fair value in “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.

We recorded losses of $471 million and $343 million for the three and nine months ended September 30, 2024, respectively, and gains of $406 million and $356 million for the three and nine months ended September 30, 2023, respectively, from changes in the fair value of long-term debt recorded at fair value in “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value - Levels Hierarchy (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets:
Total Fair Value	$ 492	$ 564
Mortgage loans held for investment, net of allowance for loan losses	3,255	3,315
Derivative assets at fair value	280	202
Derivative assets, gross amount offset	(233)	(283)
Liabilities:
Derivative liabilities	132	140
Fannie Mae
Liabilities:
Long-term debt:	451	761
Consolidated Trusts
Liabilities:
Long-term debt:	13,237	14,343
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Trading securities	60,080	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	98,002	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	1,183	4,762
Total Fair Value	44	50
Mortgage loans held for investment, net of allowance for loan losses	3,645,412	3,571,555
Derivative assets at fair value	422	395
Total financial assets	3,707,136	3,643,669
Liabilities:
Derivative liabilities	2,275	3,327
Total financial liabilities	3,838,578	3,760,502
Significant Other Observable Inputs (Level 2) \| Fannie Mae
Liabilities:
Long-term debt:	111,915	106,701
Significant Other Observable Inputs (Level 2) \| Consolidated Trusts
Liabilities:
Long-term debt:	3,712,964	3,633,157
Significant Unobservable Inputs (Level 3)
Assets:
Trading securities	35	26
Total Fair Value	448	514
Mortgage loans held for investment, net of allowance for loan losses	131,457	130,022
Derivative assets at fair value	91	90
Total financial assets	132,992	133,003
Liabilities:
Derivative liabilities	11	13
Total financial liabilities	980	976
Significant Unobservable Inputs (Level 3) \| Fannie Mae
Liabilities:
Long-term debt:	630	605
Significant Unobservable Inputs (Level 3) \| Consolidated Trusts
Liabilities:
Long-term debt:	278	293
Recurring
Assets:
Trading securities	61,298	52,552
Total Fair Value	492	564
Mortgage loans held for investment, net of allowance for loan losses	3,255	3,315
Derivative assets at fair value	280	202
Derivative assets, gross amount offset	(233)	(283)
Total financial assets	65,325	56,633
Liabilities:
Long-term debt:	13,688	15,104
Derivative liabilities	132	140
Derivative liabilities, gross amount offset	(2,154)	(3,200)
Total financial liabilities	13,820	15,244
Recurring \| Fannie Mae
Liabilities:
Long-term debt:	451	761
Recurring \| Consolidated Trusts
Liabilities:
Long-term debt:	13,237	14,343
Recurring \| Mortgage-related
Assets:
Trading securities	1,198	4,770
Recurring \| Non-mortgage-related securities
Assets:
Trading securities	60,100	47,782
Recurring \| Agency
Assets:
Total Fair Value	352	377
Recurring \| Other mortgage-related
Assets:
Total Fair Value	140	187
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Trading securities	60,080	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	60,080	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	60,080	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	1,183	4,762
Total Fair Value	44	50
Mortgage loans held for investment, net of allowance for loan losses	2,825	2,838
Derivative assets at fair value	422	395
Total financial assets	4,474	8,045
Liabilities:
Long-term debt:	13,294	14,719
Derivative liabilities	2,275	3,327
Total financial liabilities	15,569	18,046
Recurring \| Significant Other Observable Inputs (Level 2) \| Fannie Mae
Liabilities:
Long-term debt:	167	493
Recurring \| Significant Other Observable Inputs (Level 2) \| Consolidated Trusts
Liabilities:
Long-term debt:	13,127	14,226
Recurring \| Significant Other Observable Inputs (Level 2) \| Mortgage-related
Assets:
Trading securities	1,163	4,744
Recurring \| Significant Other Observable Inputs (Level 2) \| Non-mortgage-related securities
Assets:
Trading securities	20	18
Recurring \| Significant Other Observable Inputs (Level 2) \| Agency
Assets:
Total Fair Value	39	46
Recurring \| Significant Other Observable Inputs (Level 2) \| Other mortgage-related
Assets:
Total Fair Value	5	4
Recurring \| Significant Unobservable Inputs (Level 3)
Assets:
Trading securities	35	26
Total Fair Value	448	514
Mortgage loans held for investment, net of allowance for loan losses	430	477
Derivative assets at fair value	91	90
Total financial assets	1,004	1,107
Liabilities:
Long-term debt:	394	385
Derivative liabilities	11	13
Total financial liabilities	405	398
Recurring \| Significant Unobservable Inputs (Level 3) \| Fannie Mae
Liabilities:
Long-term debt:	284	268
Recurring \| Significant Unobservable Inputs (Level 3) \| Consolidated Trusts
Liabilities:
Long-term debt:	110	117
Recurring \| Significant Unobservable Inputs (Level 3) \| Mortgage-related
Assets:
Trading securities	35	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	313	331
Recurring \| Significant Unobservable Inputs (Level 3) \| Other mortgage-related
Assets:
Total Fair Value	$ 135	$ 183

Derivative Instruments

9 Months Ended

Sep. 30, 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 September 30, 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	$	18,107	$	—	$	—		$	9,954		$	—	$	—
Receive-fixed	24,224		—		—			28,587			—		—

Total risk management derivatives designated as hedging instruments	42,331		—		—			38,541			—		—
Risk management derivatives not designated as hedging instruments:
Swaps:(1)
Pay-fixed	141,966		—		—			136,648			—		—
Receive-fixed	119,680		77		(2,041)			115,288			76		(3,085)
Basis	250		54		—			250			44		—
Foreign currency	332		—		(55)			316			—		(66)
Swaptions:(1)
Pay-fixed	7,006		209		(11)			5,816			195		(12)
Receive-fixed	5,916		27		(69)			2,666			13		(60)
Futures(1)	87		—		—			32			—		—
Total risk management derivatives not designated as hedging instruments	275,237		367		(2,176)			261,016			328		(3,223)


Netting adjustment(2)	—		(233)		2,154			—			(283)		3,200
Total risk management derivatives portfolio	317,568		134		(22)			299,557			45		(23)
Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	3,587		5		(6)			2,734			14		—
Forward contracts to purchase mortgage-related securities	32,495		39		(57)			14,264			98		(2)
Forward contracts to sell mortgage-related securities	73,292		65		(36)			43,942			—		(102)
Total mortgage commitment derivatives	109,374		109		(99)			60,940			112		(104)
Credit enhancement derivatives	29,660		37		(11)			27,624			45		(13)
Derivatives at fair value	$	456,602	$	280	$	(132)		$	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 $1.9 billion and $2.9 billion as of September 30, 2024 and December 31, 2023, respectively. Cash collateral received was $2 million and $5 million as of September 30, 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 (losses), net” in our condensed consolidated statements of operations and comprehensive income. The following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives.



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	(2,225)	$	1,349	$	(626)	$	1,617
Receive-fixed	2,225		(1,040)		1,738		(478)
Basis	17		(22)		14		6
Foreign currency	19		(12)		8		(2)
Swaptions:
Pay-fixed	(29)		95		15		74
Receive-fixed	3		(13)		6		(16)
Futures	(2)		1		—		2
Net contractual interest income (expense) on interest-rate swaps	(263)		(193)		(713)		(499)
Total risk management derivatives fair value gains (losses), net	(255)		165		442		704
Mortgage commitment derivatives fair value gains (losses), net	(567)		591		(266)		675
Credit enhancement derivatives fair value gains (losses), net	(38)		47		(52)		61
Total derivatives fair value gains (losses), net	$	(860)	$	803	$	124	$	1,440

Effect of Fair Value Hedge Accounting

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



	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2024				2023				2024				2023
	Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt		Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt		Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt		Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt
	(Dollars in millions)
Total amounts presented in our condensed consolidated statements of operations and comprehensive income	$	36,390	$	(30,600)	$	33,711	$	(27,994)	$	107,223	$	(90,057)	$	98,503	$	(81,781)

Gains (losses) from fair value hedging relationships:
Mortgage loans HFI and related interest-rate contracts:
Hedged items	$	730	$	—	$	(544)	$	—	$	368	$	—	$	(511)	$	—
Discontinued hedge related basis adjustment amortization	3		—		14		—		29		—		34		—


Derivatives designated as hedging instruments	(725)		—		560		—		(410)		—		478		—
Interest accruals on hedging instruments	84		—		36		—		226		—		89		—
Debt of Fannie Mae and related interest-rate contracts:
Hedged items	—		(506)		—		176		—		51		—		606
Discontinued hedge-related basis adjustment amortization	—		(213)		—		(223)		—		(641)		—		(618)
Derivatives designated as hedging instruments	—		519		—		(66)		—		86		—		(137)
Interest accruals on derivative hedging instruments	—		(93)		—		(191)		—		(373)		—		(713)
Total effect of fair value hedges	$	92	$	(293)	$	66	$	(304)	$	213	$	(877)	$	90	$	(862)

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 September 30, 2024 and December 31, 2023.


	As of September 30, 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	$	856,849	$	223	$	223	$	440,276	$	18,435

Debt of Fannie Mae	(50,473)		3,161		3,161		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 September 30, 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 $1.2 billion and $1.8 billion, for which we posted collateral of $942 million and $1.6 billion as of September 30, 2024 and December 31, 2023, respectively. 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 September 30, 2024 and December 31, 2023 would have been $647 million and $798 million, respectively.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 4,044	$ 4,699	$ 12,848	$ 13,465

- Definition

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

+ References

+ Details

Commitments and Contingencies (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 20, 2024	Aug. 14, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Loss Contingencies [Line Items]
Other expenses, net			$ 270.0	$ 535.0	$ 720.0	$ 922.0
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			$ 6.0		$ 17.0		$ 495.0

- 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

Investments in Securities - Trading 2 (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Net trading gains (losses)	$ 1,267	$ (318)	$ 1,127	$ (295)
Net trading gains (losses) recognized in the period related to securities still held at period end	$ 1,074	$ (297)	$ 938	$ (259)

Segment Reporting (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment Reporting (Details) $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments \| segment			2
Net interest income	$ 7,275	$ 7,220	$ 21,566	$ 21,041
Fee and other income	66	76	206	209
Net revenues	7,341	7,296	21,772	21,250
Investment gains (losses), net	12	8	(28)	(34)
Fair value gains (losses), net	52	795	979	1,403
Administrative expenses	(925)	(897)	(2,793)	(2,629)
Benefit (provision) for credit losses	27	652	507	1,786
TCCA fees	(862)	(860)	(2,581)	(2,571)
Credit enhancement expense	(411)	(390)	(1,235)	(1,115)
Change in expected credit enhancement recoveries	89	(128)	189	(168)
Other expenses, net	(270)	(535)	(720)	(922)
Income before federal income taxes	5,053	5,941	16,090	17,000
Provision for federal income taxes	(1,009)	(1,242)	(3,242)	(3,535)
Net income	4,044	4,699	12,848	13,465
Related Party \| Treasury
Segment Reporting Information [Line Items]
TCCA fees	(862)	(860)	(2,581)	(2,571)
Business segments \| Single-Family
Segment Reporting Information [Line Items]
Net interest income	6,131	6,074	18,101	17,663
Fee and other income	48	56	154	156
Net revenues	6,179	6,130	18,255	17,819
Investment gains (losses), net	9	9	(48)	(35)
Fair value gains (losses), net	(8)	742	930	1,368
Administrative expenses	(766)	(745)	(2,327)	(2,183)
Benefit (provision) for credit losses	451	736	1,334	2,201
Credit enhancement expense	(336)	(335)	(1,022)	(949)
Change in expected credit enhancement recoveries	(45)	(170)	(134)	(298)
Other expenses, net	(218)	(411)	(612)	(730)
Income before federal income taxes	4,404	5,096	13,795	14,622
Provision for federal income taxes	(890)	(1,071)	(2,819)	(3,071)
Net income	3,514	4,025	10,976	11,551
Business segments \| Single-Family \| Related Party \| Treasury
Segment Reporting Information [Line Items]
TCCA fees	(862)	(860)	(2,581)	(2,571)
Business segments \| Multifamily
Segment Reporting Information [Line Items]
Net interest income	1,144	1,146	3,465	3,378
Fee and other income	18	20	52	53
Net revenues	1,162	1,166	3,517	3,431
Investment gains (losses), net	3	(1)	20	1
Fair value gains (losses), net	60	53	49	35
Administrative expenses	(159)	(152)	(466)	(446)
Benefit (provision) for credit losses	(424)	(84)	(827)	(415)
Credit enhancement expense	(75)	(55)	(213)	(166)
Change in expected credit enhancement recoveries	134	42	323	130
Other expenses, net	(52)	(124)	(108)	(192)
Income before federal income taxes	649	845	2,295	2,378
Provision for federal income taxes	(119)	(171)	(423)	(464)
Net income	530	674	1,872	1,914
Business segments \| Multifamily \| Related Party \| Treasury
Segment Reporting Information [Line Items]
TCCA fees	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Changes in net unrealized gains (losses) on available-for-sale securities, tax	$ 1	$ 3	$ 1	$ 3
Reclassification adjustment for gains included in net income, tax	0		0
Other, tax	$ 0	$ 1	$ 1	$ 1

Fair Value - Fair Value Option (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	$ 3,255	$ 3,315
Fair value of nonaccrual loans	$ 30	32
Serious delinquency, days past due	90 days
Fair value of loans that are 90 days or more past due	$ 25	31
Fannie Mae
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt:	451	761
Consolidated Trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt:	13,237	14,343
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	3,255	3,315
Loans, unpaid principal balance	3,341	3,442
Long-term debt: \| Fannie Mae
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt:	451	761
Long-term debt, unpaid principal balance	412	731
Long-term debt: \| Consolidated Trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt:	13,237	14,343
Long-term debt, unpaid principal balance	$ 13,126	$ 14,383

Mortgage Loans - Loan Restructuring - Financial Impacts (Details) - Single-family	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) mo	Sep. 30, 2023 USD ($) mo	Sep. 30, 2024 USD ($) mo	Sep. 30, 2023 USD ($) mo
20- and 30-year or more, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	0.59%	1.05%	0.72%	1.08%
Weighted-Average Term Extension (in Months) \| mo	160	167	161	171
Average amount capitalized as a result of a payment delay	$ 12,928	$ 16,464	$ 13,408	$ 16,798
15-year or less, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	1.03%	2.41%	1.82%	2.22%
Weighted-Average Term Extension (in Months) \| mo	77	52	84	70
Average amount capitalized as a result of a payment delay	$ 9,652	$ 14,218	$ 11,538	$ 14,588
Adjustable-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	2.88%	1.97%	2.58%	1.29%
Average amount capitalized as a result of a payment delay	$ 11,157	$ 12,980	$ 11,508	$ 14,823
Other
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	0.96%	1.04%	0.86%	1.31%
Weighted-Average Term Extension (in Months) \| mo	182	199	162	188
Average amount capitalized as a result of a payment delay	$ 21,043	$ 23,072	$ 18,705	$ 21,396

Investments in Securities - Available-for-sale Securities 1 (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Total Amortized Cost	$ 506	$ 584
Allowance for Credit Losses	(2)	(2)
Gross Unrealized Gains in AOCI	13	11
Gross Unrealized Losses in AOCI	(25)	(29)
Total Fair Value	492	564
Agency securities
Debt Securities, Available-for-sale [Line Items]
Total Amortized Cost	375	405
Allowance for Credit Losses	0	0
Gross Unrealized Gains in AOCI	2	1
Gross Unrealized Losses in AOCI	(25)	(29)
Total Fair Value	352	377
Other mortgage-related securities
Debt Securities, Available-for-sale [Line Items]
Total Amortized Cost	131	179
Allowance for Credit Losses	(2)	(2)
Gross Unrealized Gains in AOCI	11	10
Gross Unrealized Losses in AOCI	0	0
Total Fair Value	$ 140	$ 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

Mortgage Loans - Aging (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
Mortgage Loans - Aging (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 4,152,651	$ 4,149,258
Loans 90 Days or More Delinquent and Accruing Interest	537	1,775
Nonaccrual Loans with No Allowance	$ 4,976	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	$ 65,352	66,479
30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	35,560	36,184
60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	9,026	8,625
Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	20,766	21,670
Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	4,087,299	4,082,779
Single-family
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,676,082	3,687,904
Loans 90 Days or More Delinquent and Accruing Interest	452	1,604
Nonaccrual Loans with No Allowance	3,992	3,882
Table Footnote [Abstract]
Mortgage loans in process of foreclosure	$ 4,600	$ 4,600
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	$ 62,732	$ 64,331
Single-family \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	34,956	35,735
Single-family \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	9,026	8,625
Single-family \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	18,750	19,971
Single-family \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,613,350	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	3,245,481	3,208,042
Loans 90 Days or More Delinquent and Accruing Interest	401	1,371
Nonaccrual Loans with No Allowance	3,589	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	58,837	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	32,625	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	8,534	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	17,678	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	3,186,644	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	383,222	428,413
Loans 90 Days or More Delinquent and Accruing Interest	24	74
Nonaccrual Loans with No Allowance	196	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	2,518	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	1,636	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	316	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	566	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	380,704	425,598
Single-family \| Adjustable-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	25,732	26,358
Loans 90 Days or More Delinquent and Accruing Interest	3	11
Nonaccrual Loans with No Allowance	20	21
Single-family \| Adjustable-rate \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	286	326
Single-family \| Adjustable-rate \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	165	184
Single-family \| Adjustable-rate \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	32	42
Single-family \| Adjustable-rate \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	89	100
Single-family \| Adjustable-rate \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	25,446	26,032
Single-family \| Other
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	21,647	25,091
Loans 90 Days or More Delinquent and Accruing Interest	24	148
Nonaccrual Loans with No Allowance	187	228
Single-family \| Other \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	1,091	1,319
Single-family \| Other \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	530	586
Single-family \| Other \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	144	171
Single-family \| Other \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	417	562
Single-family \| Other \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	20,556	23,772
Multifamily
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	476,569	461,354
Loans 90 Days or More Delinquent and Accruing Interest	85	171
Nonaccrual Loans with No Allowance	$ 984	594
Multifamily \| Minimum
Table Footnote [Abstract]
Serious delinquency, days past due	60 days
Multifamily \| Maximum
Table Footnote [Abstract]
Serious delinquency, days past due	89 days
Multifamily \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 2,620	2,148
Multifamily \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	604	449
Multifamily \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	2,016	1,699
Multifamily \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 473,949	$ 459,206

Netting Arrangements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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	$	367	$	(353)		$	14			$	—		$	—	$	14
Cleared risk management derivatives	—		120			120				—			—		120
Mortgage commitment derivatives	109		—			109				(55)			(1)		53
Total derivative assets	476		(233)			243		(4)		(55)			(1)		187
Securities purchased under agreements to resell(5)	56,915		—			56,915				—			(56,915)		—
Total assets	$	57,391	$	(233)		$	57,158			$	(55)		$	(56,916)	$	187
Liabilities:
OTC risk management derivatives	$	(2,176)	$	2,156		$	(20)			$	—		$	—	$	(20)
Cleared risk management derivatives	—		(2)			(2)				—			2		—
Mortgage commitment derivatives	(99)		—			(99)				55			31		(13)


Total liabilities	$	(2,275)	$	2,154		$	(121)	(4)		$	55		$	33	$	(33)


	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 $2.5 billion and $2.2 billion as of September 30, 2024 and December 31, 2023, respectively. The fair value of non-cash collateral received was $57.0 billion and $65.5 billion, of which $44.9 billion and $55.4 billion could be sold or repledged as of September 30, 2024 and December 31, 2023, respectively. None of the underlying collateral was sold or repledged as of September 30, 2024 or December 31, 2023.

(4)Excludes derivative assets of $37 million and $45 million as of September 30, 2024 and December 31, 2023, respectively, and derivative liabilities of $11 million and $13 million as of September 30, 2024 and December 31, 2023, respectively, recognized in our condensed consolidated balance sheets, that were not subject to enforceable master netting arrangements.

(5)Includes $24.7 billion and $21.8 billion in securities purchased under agreements to resell classified as “Cash and cash equivalents” in our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Includes $14.1 billion and $12.9 billion in securities purchased under agreements to resell classified as “Restricted cash and cash equivalents” in our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively.

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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	$	18,107	$	—	$	—		$	9,954		$	—	$	—
Receive-fixed	24,224		—		—			28,587			—		—

Total risk management derivatives designated as hedging instruments	42,331		—		—			38,541			—		—
Risk management derivatives not designated as hedging instruments:
Swaps:(1)
Pay-fixed	141,966		—		—			136,648			—		—
Receive-fixed	119,680		77		(2,041)			115,288			76		(3,085)
Basis	250		54		—			250			44		—
Foreign currency	332		—		(55)			316			—		(66)
Swaptions:(1)
Pay-fixed	7,006		209		(11)			5,816			195		(12)
Receive-fixed	5,916		27		(69)			2,666			13		(60)
Futures(1)	87		—		—			32			—		—
Total risk management derivatives not designated as hedging instruments	275,237		367		(2,176)			261,016			328		(3,223)


Netting adjustment(2)	—		(233)		2,154			—			(283)		3,200
Total risk management derivatives portfolio	317,568		134		(22)			299,557			45		(23)
Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	3,587		5		(6)			2,734			14		—
Forward contracts to purchase mortgage-related securities	32,495		39		(57)			14,264			98		(2)
Forward contracts to sell mortgage-related securities	73,292		65		(36)			43,942			—		(102)
Total mortgage commitment derivatives	109,374		109		(99)			60,940			112		(104)
Credit enhancement derivatives	29,660		37		(11)			27,624			45		(13)
Derivatives at fair value	$	456,602	$	280	$	(132)		$	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 September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	(2,225)	$	1,349	$	(626)	$	1,617
Receive-fixed	2,225		(1,040)		1,738		(478)
Basis	17		(22)		14		6
Foreign currency	19		(12)		8		(2)
Swaptions:
Pay-fixed	(29)		95		15		74
Receive-fixed	3		(13)		6		(16)
Futures	(2)		1		—		2
Net contractual interest income (expense) on interest-rate swaps	(263)		(193)		(713)		(499)
Total risk management derivatives fair value gains (losses), net	(255)		165		442		704
Mortgage commitment derivatives fair value gains (losses), net	(567)		591		(266)		675
Credit enhancement derivatives fair value gains (losses), net	(38)		47		(52)		61
Total derivatives fair value gains (losses), net	$	(860)	$	803	$	124	$	1,440

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



	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2024				2023				2024				2023
	Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt		Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt		Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt		Interest Income: Mortgage Loans		Interest Expense: Long-Term Debt
	(Dollars in millions)
Total amounts presented in our condensed consolidated statements of operations and comprehensive income	$	36,390	$	(30,600)	$	33,711	$	(27,994)	$	107,223	$	(90,057)	$	98,503	$	(81,781)

Gains (losses) from fair value hedging relationships:
Mortgage loans HFI and related interest-rate contracts:
Hedged items	$	730	$	—	$	(544)	$	—	$	368	$	—	$	(511)	$	—
Discontinued hedge related basis adjustment amortization	3		—		14		—		29		—		34		—


Derivatives designated as hedging instruments	(725)		—		560		—		(410)		—		478		—
Interest accruals on hedging instruments	84		—		36		—		226		—		89		—
Debt of Fannie Mae and related interest-rate contracts:
Hedged items	—		(506)		—		176		—		51		—		606
Discontinued hedge-related basis adjustment amortization	—		(213)		—		(223)		—		(641)		—		(618)
Derivatives designated as hedging instruments	—		519		—		(66)		—		86		—		(137)
Interest accruals on derivative hedging instruments	—		(93)		—		(191)		—		(373)		—		(713)
Total effect of fair value hedges	$	92	$	(293)	$	66	$	(304)	$	213	$	(877)	$	90	$	(862)


	As of September 30, 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	$	856,849	$	223	$	223	$	440,276	$	18,435

Debt of Fannie Mae	(50,473)		3,161		3,161		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

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 38,146	$ 35,817
Restricted cash and cash equivalents (includes $31,314 and $25,836, respectively, related to consolidated trusts)	38,626	32,889
Securities purchased under agreements to resell	18,065	30,700
Investments in securities, at fair value	61,790	53,116
Mortgage loans:
Loans held for sale, at lower of cost or fair value	1,278	2,149
Loans held for investment, at amortized cost:	4,145,036	4,142,212
Allowance for loan losses	(7,656)	(8,730)
Total loans held for investment, net of allowance	4,137,380	4,133,482
Total mortgage loans	4,138,658	4,135,631
Advances to lenders	2,595	1,389
Deferred tax assets, net	10,968	11,681
Accrued interest receivable (includes $10,703 and $10,132, respectively, related to consolidated trusts)	11,277	10,724
Other assets	14,431	13,490
Total assets	4,334,556	4,325,437
Liabilities:
Accrued interest payable (includes $10,724 and $10,212, respectively, related to consolidated trusts)	11,451	10,931
Other liabilities (includes $1,673 and $1,713, respectively, related to consolidated trusts)	14,797	14,106
Total liabilities	4,244,026	4,247,755
Commitments and contingencies (Note 14)	0	0
Fannie Mae stockholders’ equity:
Senior preferred stock (liquidation preference of $207,982 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	(42,755)	(55,603)
Accumulated other comprehensive income	32	32
Treasury stock, at cost, 150,675,136 shares	(7,400)	(7,400)
Total stockholders’ equity	90,530	77,682
Total liabilities and equity	4,334,556	4,325,437
Fannie Mae
Mortgage loans:
Loans held for investment, at amortized cost:	51,455	48,199
Liabilities:
Debt:	121,715	124,065
Consolidated Trusts
ASSETS
Restricted cash and cash equivalents (includes $31,314 and $25,836, respectively, related to consolidated trusts)	31,314	25,836
Mortgage loans:
Loans held for investment, at amortized cost:	4,093,581	4,094,013
Accrued interest receivable (includes $10,703 and $10,132, respectively, related to consolidated trusts)	10,703	10,132
Liabilities:
Accrued interest payable (includes $10,724 and $10,212, respectively, related to consolidated trusts)	10,724	10,212
Debt:	4,096,063	4,098,653
Other liabilities (includes $1,673 and $1,713, respectively, related to consolidated trusts)	$ 1,673	$ 1,713

Consolidations and Transfers of Financial Assets - Transfers of Financial Assets and Portfolio Securitizations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Transfers of Financial Assets [Line Items]
Portfolio securitizations: unpaid principal balance	$ 35,300	$ 35,300	$ 102,000	$ 100,500
Unconsolidated VIEs
Transfers of Financial Assets [Line Items]
Retained interests: principal and interest received	66	$ 72	193	$ 220
Unconsolidated VIEs \| Single Class MBS, REMIC & Megas
Transfers of Financial Assets [Line Items]
Retained interests: unpaid principal balance	672		672		$ 821
Retained interests: fair value	$ 1,100		$ 1,100		$ 1,300

Regulatory Capital Requirements (Tables)

9 Months Ended

Sep. 30, 2024

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

Regulatory Capital Classification Measures

The table below sets forth information about our capital requirements under the standardized approach of the enterprise regulatory capital framework.


Capital Metrics under the Enterprise Regulatory Capital Framework as of September 30, 2024(1)
(Dollars in billions)
Adjusted total assets		$	4,446
Risk-weighted assets		1,331

		Amounts						Ratios
		Available Capital (Deficit)		Minimum Capital Requirement		Total Capital Requirement (including Buffers)(2)		Available Capital (Deficit) Ratio		Minimum Capital Ratio Requirement		Total Capital Requirement Ratio (including Buffers)(2)
Risk-based capital:
	Total capital (statutory)	$	(23)	$	106	$	106	(1.7)	%	8.0	%	8.0	%
	Common equity tier 1 capital	(60)		60		141		(4.5)		4.5		10.6
	Tier 1 capital	(41)		80		161		(3.1)		6.0		12.1
	Adjusted total capital	(41)		106		187		(3.1)		8.0		14.0
Leverage capital:
	Core capital (statutory)	(30)		111		111		(0.7)		2.5		2.5
	Tier 1 capital	(41)		111		135		(0.9)		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)		Minimum Capital Requirement		Total Capital Requirement (including Buffers)(2)		Available Capital (Deficit) Ratio		Minimum Capital Ratio Requirement		Total Capital Requirement Ratio (including Buffers)(2)
Risk-based capital:
	Total capital (statutory)	$	(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)	(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)Prescribed capital conservation buffer amount, or PCCBA, for risk-based capital and prescribed leverage buffer amount, or PLBA, for leverage capital.

Concentrations of Credit Risk - SF Risk Characteristics (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 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)	0.96%	0.98%
60 days delinquent (percentage of book of business)	0.25%	0.24%
Seriously delinquent (percentage of book of business)	0.54%	0.56%
30 days delinquent (percentage of conventional loans)	1.02%	1.06%
60 days delinquent (percentage of conventional loans)	0.26%	0.26%
Seriously delinquent (percentage of conventional loans)	0.52%	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)	0.85%	0.81%
Percentage of book of business	5.00%	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)	3.43%	2.05%
Percentage of book of business	0.50%	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)	1.79%	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)	0.46%	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)	0.66%	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)	0.80%	0.92%
Percentage of book of business	4.00%	5.00%
Single-family \| Guaranty Book of Business \| Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.69%	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	61.00%	60.00%
Single-family \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	90 days	90 days

Mortgage Loans - Credit Quality Indicators - SF (Details) - Single-family - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	$ 213,309	$ 279,314
One fiscal year before	279,143	489,031
Two fiscal years before	460,802	1,103,809
Three fiscal years before	1,041,742	890,887
Four fiscal years before	838,150	155,447
Prior	839,077	763,925
Total mortgage loans	3,672,223	3,682,413
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Current fiscal year, writeoff	0	2
One fiscal year, writeoff	30	36
Two fiscal years, writeoff	96	54
Three fiscal years, writeoff	85	46
Four fiscal years, writeoff	46	109
Prior	187	619
Total writeoff	444	866
Less than or equal to 80%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	126,341	157,317
One fiscal year before	179,322	354,060
Two fiscal years before	369,211	1,060,673
Three fiscal years before	1,022,341	887,045
Four fiscal years before	835,796	154,553
Prior	837,222	762,320
Total mortgage loans	3,370,233	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	37,476	58,766
One fiscal year before	72,201	97,186
Two fiscal years before	75,293	38,932
Three fiscal years before	17,685	3,432
Four fiscal years before	2,126	806
Prior	1,458	1,167
Total mortgage loans	206,239	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	49,472	62,216
One fiscal year before	27,272	35,990
Two fiscal years before	15,154	4,014
Three fiscal years before	1,579	363
Four fiscal years before	188	71
Prior	229	230
Total mortgage loans	93,894	102,884
Greater than 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	20	1,015
One fiscal year before	348	1,795
Two fiscal years before	1,144	190
Three fiscal years before	137	47
Four fiscal years before	40	17
Prior	168	208
Total mortgage loans	1,857	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	205,959	268,985
One fiscal year before	269,317	447,259
Two fiscal years before	422,880	932,415
Three fiscal years before	885,929	771,430
Four fiscal years before	730,724	137,546
Prior	730,672	650,407
Total mortgage loans	3,245,481	3,208,042
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Current fiscal year, writeoff	0	2
One fiscal year, writeoff	29	35
Two fiscal years, writeoff	94	53
Three fiscal years, writeoff	83	45
Four fiscal years, writeoff	45	108
Prior	169	560
Total writeoff	420	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	120,077	148,641
One fiscal year before	170,564	314,384
Two fiscal years before	332,411	889,434
Three fiscal years before	866,580	767,596
Four fiscal years before	728,375	136,654
Prior	728,941	648,964
Total mortgage loans	2,946,948	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	36,801	57,686
One fiscal year before	71,312	95,509
Two fiscal years before	74,354	38,790
Three fiscal years before	17,637	3,424
Four fiscal years before	2,121	804
Prior	1,394	1,082
Total mortgage loans	203,619	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	49,061	61,658
One fiscal year before	27,096	35,602
Two fiscal years before	14,991	4,002
Three fiscal years before	1,575	363
Four fiscal years before	188	71
Prior	196	189
Total mortgage loans	93,107	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	20	1,000
One fiscal year before	345	1,764
Two fiscal years before	1,124	189
Three fiscal years before	137	47
Four fiscal years before	40	17
Prior	141	172
Total mortgage loans	1,807	3,189
15-year or less, amortizing fixed-rate
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	5,414	7,951
One fiscal year before	7,274	35,931
Two fiscal years before	32,484	165,347
Three fiscal years before	150,228	117,797
Four fiscal years before	105,901	17,162
Prior	81,921	84,225
Total mortgage loans	383,222	428,413
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Current fiscal year, writeoff	0	0
One fiscal year, writeoff	1	0
Two fiscal years, writeoff	2	1
Three fiscal years, writeoff	2	1
Four fiscal years, writeoff	1	1
Prior	2	5
Total writeoff	8	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	4,872	7,110
One fiscal year before	6,874	35,224
Two fiscal years before	32,279	165,294
Three fiscal years before	150,217	117,795
Four fiscal years before	105,901	17,162
Prior	81,919	84,222
Total mortgage loans	382,062	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	320	581
One fiscal year before	369	647
Two fiscal years before	186	52
Three fiscal years before	11	2
Four fiscal years before	0	0
Prior	1	1
Total mortgage loans	887	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	222	259
One fiscal year before	31	58
Two fiscal years before	19	1
Three fiscal years before	0	0
Four fiscal years before	0	0
Prior	0	1
Total mortgage loans	272	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	0	2
Two fiscal years before	0	0
Three fiscal years before	0	0
Four fiscal years before	0	0
Prior	1	1
Total mortgage loans	1	4
Adjustable-rate
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	1,936	2,378
One fiscal year before	2,552	5,841
Two fiscal years before	5,438	6,047
Three fiscal years before	5,585	1,660
Four fiscal years before	1,525	712
Prior	8,696	9,720
Total mortgage loans	25,732	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	1	2
Total writeoff	1	3
Adjustable-rate \| Less than or equal to 80%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	1,392	1,566
One fiscal year before	1,884	4,452
Two fiscal years before	4,521	5,945
Three fiscal years before	5,544	1,654
Four fiscal years before	1,520	710
Prior	8,693	9,716
Total mortgage loans	23,554	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	355	499
One fiscal year before	520	1,030
Two fiscal years before	753	90
Three fiscal years before	37	6
Four fiscal years before	5	2
Prior	2	3
Total mortgage loans	1,672	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	189	299
One fiscal year before	145	330
Two fiscal years before	144	11
Three fiscal years before	4	0
Four fiscal years before	0	0
Prior	1	1
Total mortgage loans	483	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	3	29
Two fiscal years before	20	1
Three fiscal years before	0	0
Four fiscal years before	0	0
Prior	0	0
Total mortgage loans	23	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	17,788	19,573
Total mortgage loans	17,788	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	15	52
Total writeoff	15	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	17,669	19,418
Total mortgage loans	17,669	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	61	81
Total mortgage loans	61	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	32	39
Total mortgage loans	32	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	26	35
Total mortgage loans	26	35
U.S Government
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Total mortgage loans	3,900	5,500
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Total writeoff	$ 43	$ 7

Investments in Securities

9 Months Ended

Sep. 30, 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 (losses), net” in our condensed consolidated statements of operations and comprehensive income. The following table displays our investments in trading securities.


	As of
	September 30, 2024		December 31, 2023
	(Dollars in millions)




Mortgage-related securities (includes $320 million and $364 million, respectively, related to consolidated trusts)	$	1,198	$	4,770



Non-mortgage-related securities (includes $9.0 billion and $5.7 billion, respectively, pledged as collateral)(1)	60,100		47,782
Total trading securities	$	61,298	$	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 September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in millions)
Net trading gains (losses)	$	1,267	$	(318)	$	1,127	$	(295)
Net trading gains (losses) recognized in the period related to securities still held at period end	1,074		(297)		938		(259)

Available-for-Sale Securities

We record AFS securities at fair value with unrealized gains and losses, recorded net of tax, as a component of “Other comprehensive income (loss)” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains (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 is limited to the amount that fair value is less than the amortized cost. Impairment due to non-credit losses is recorded as unrealized losses within “Other comprehensive income (loss).”


	As of September 30, 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	$	375	$	—	$	2	$	(25)	$	352





Other mortgage-related securities	131		(2)		11		—		140
Total	$	506	$	(2)	$	13	$	(25)	$	492


	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.

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


	As of
	September 30, 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		$	(1)	$	41		$	(24)	$	233		$	(3)	$	66		$	(26)	$	238

There were no sales of AFS securities in the first nine months of 2024 or the first nine months 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 September 30, 2024 or December 31, 2023.

Mortgage Loans - Non-accrual Loans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	$ 26,215	$ 21,897	$ 26,215	$ 21,897	$ 25,336	$ 25,205	$ 19,722	$ 12,517
Total interest income recognized	39	23	311	224
Single-family
Financing Receivable, Nonaccrual [Line Items]
Accrued interest receivable written off through the reversal of interest income:	95	80	274	233
Recorded investment in nonaccrual loans	23,956	20,371	23,956	20,371	23,500	23,315	18,274	10,317
Total interest income recognized	37	20	276	208
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	22,662	19,108	22,662	19,108	22,183	21,971	17,051	9,447
Total interest income recognized	35	19	262	197
Single-family \| 15-year or less, amortizing fixed-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	704	638	704	638	704	727	565	200
Total interest income recognized	1	0	6	4
Single-family \| Adjustable-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	110	99	110	99	117	109	85	53
Total interest income recognized	0	0	1	1
Single-family \| Other
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	480	526	480	526	496	508	573	617
Total interest income recognized	1	1	7	6
Multifamily
Financing Receivable, Nonaccrual [Line Items]
Accrued interest receivable written off through the reversal of interest income:	20	3	24	36
Recorded investment in nonaccrual loans	2,259	1,526	2,259	1,526	$ 1,836	$ 1,890	$ 1,448	$ 2,200
Total interest income recognized	$ 2	$ 3	$ 35	$ 16

Investments in Securities - Available-for-sale Securities 2 (Details) - Agency securities - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses in AOCI	$ (1)	$ (3)
Less than 12 Consecutive Months, Fair Value	41	66
12 Consecutive Months or Longer, Gross Unrealized Losses	(24)	(26)
12 Consecutive Months or Longer, Fair Value	$ 233	$ 238

- 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

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

9 Months Ended

Sep. 30, 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 September 30,				For the Nine Months Ended September 30,				Other Liabilities as of September 30, 2024
			2024		2023		2024		2023
			(Dollars in millions)
Treasury	TCCA fees	TCCA fees(1)	$	862	$	860	$	2,581	$	2,571	$	862
Treasury	Treasury’s Capital Magnet Fund	Other expenses, net	15		15		40		42		40
FHFA	FHFA regulatory assessment fees	Other administrative expenses	41		39		121		118		—
Treasury & Freddie Mac	Making Home Affordable Program reimbursements	Administrative expenses	—		—		—		6		—
CSS & Freddie Mac	Net operating losses associated with our investment in CSS	Other expenses, net	14		13		52		55		—

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) shares in Millions, $ in Billions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Weighted average number of contingently issuable shares (shares)		4,700	4,700
Incremental common shares attributable to dilutive effect of conversion of preferred stock (in shares)	26
Acquired property	$ 1.8	$ 1.8		$ 1.8

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	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Related Parties [Line Items]
Net worth		$ 90,500
Senior preferred stock liquidation preference		207,982	$ 203,500		$ 195,224
Increase in net worth		$ 4,000	$ 4,500
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				$ 212,000
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		$ 208,000

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 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 both the periods ended September 30, 2024 and 2023 that would have been issued upon the full exercise of the warrant issued to the U.S. Department of the Treasury (“Treasury”) from the date the warrant was issued through September 30, 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 September 30, 2024, our diluted EPS weighted-average shares outstanding does not include the 26 million shares issuable upon the conversion of convertible preferred stock because it would have an anti-dilutive effect due to the net losses attributable to common stockholders recognized in that period. For the nine months ended September 30, 2024 and the three and nine months ended September 30, 2023, shares issuable upon the conversion of convertible preferred stock are included in the calculation. 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 September 30, 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.

Fair Value - Level 3 Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 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	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	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	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 September 30, 2024(4)(5)	Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2023(4)(5)	Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2024(4)(5)	Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2023(4)(5)
Total available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 461	$ 591	$ 514	$ 634
Total gains (losses) (realized/unrealized) included in net income	0	1	2	7
Total gains (losses) (realized/unrealized) Included in OCI (loss)	6	(19)	7	(13)
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	(19)	(42)	(74)	(97)
Transfers out of Level 3	0	(117)	(1)	(118)
Transfers into Level 3	0	1	0	2
Ending Balance	448	415	448	415
Net unrealized gain (losses) related to assets	5	(12)	6	(6)
Mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	425	510	477	543
Total gains (losses) (realized/unrealized) included in net income	18	(2)	15	1
Total gains (losses) (realized/unrealized) Included in OCI (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	(6)	0
Issues	0	0	0	0
Settlements	(14)	(19)	(47)	(64)
Transfers out of Level 3	(8)	(15)	(47)	(30)
Transfers into Level 3	9	17	38	41
Ending Balance	430	491	430	491
Net unrealized gain (losses) related to assets	9	(4)	8	(4)
Net derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	94	12	77	(37)
Total gains (losses) (realized/unrealized) included in net income	(19)	28	(31)	60
Total gains (losses) (realized/unrealized) Included in OCI (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	5	(1)	34	16
Transfers out of Level 3	0	0	0	0
Transfers into Level 3	0	0	0	0
Ending Balance	80	39	80	39
Net unrealized gain (losses) related to assets	(14)	26	3	76
Long-term debt:
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(380)	(381)	(385)	(378)
Total gains (losses) (realized/unrealized) included in net income	(18)	17	(21)	3
Total gains (losses) (realized/unrealized) included in OCI (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	5	4	12	15
Transfers out of Level 3	0	52	1	52
Transfers into Level 3	(1)	(1)	(1)	(1)
Ending Balance	(394)	(309)	(394)	(309)
Net unrealized gain (losses) related to liabilities	(17)	16	(21)	3
Fannie Mae \| Long-term debt:
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(270)	(256)	(268)	(242)
Total gains (losses) (realized/unrealized) included in net income	(14)	16	(16)	2
Total gains (losses) (realized/unrealized) included in OCI (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	0	0	0	0
Transfers out of Level 3	0	0	0	0
Transfers into Level 3	0	0	0	0
Ending Balance	(284)	(240)	(284)	(240)
Net unrealized gain (losses) related to liabilities	(14)	16	(16)	2
Consolidated Trusts \| Long-term debt:
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(110)	(125)	(117)	(136)
Total gains (losses) (realized/unrealized) included in net income	(4)	1	(5)	1
Total gains (losses) (realized/unrealized) included in OCI (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	5	4	12	15
Transfers out of Level 3	0	52	1	52
Transfers into Level 3	(1)	(1)	(1)	(1)
Ending Balance	(110)	(69)	(110)	(69)
Net unrealized gain (losses) related to liabilities	(3)	0	(5)	1
Mortgage-related \| Total trading securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	32	28	26	47
Total gains (losses) (realized/unrealized) included in net income	2	(4)	1	(12)
Total gains (losses) (realized/unrealized) Included in OCI (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	0	0	0	0
Transfers out of Level 3	(2)	(4)	(5)	(15)
Transfers into Level 3	3	4	13	4
Ending Balance	35	24	35	24
Net unrealized gain (losses) related to assets	2	(4)	1	(9)
Agency securities \| Total available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	315	356	331	371
Total gains (losses) (realized/unrealized) included in net income	1	0	1	1
Total gains (losses) (realized/unrealized) Included in OCI (loss)	6	(19)	6	(18)
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	(9)	(8)	(25)	(25)
Transfers out of Level 3	0	(117)	0	(117)
Transfers into Level 3	0	0	0	0
Ending Balance	313	212	313	212
Net unrealized gain (losses) related to assets	4	(12)	5	(10)
Other mortgage-related \| Total available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	146	235	183	263
Total gains (losses) (realized/unrealized) included in net income	(1)	1	1	6
Total gains (losses) (realized/unrealized) Included in OCI (loss)	0	0	1	5
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	(10)	(34)	(49)	(72)
Transfers out of Level 3	0	0	(1)	(1)
Transfers into Level 3	0	1	0	2
Ending Balance	135	203	135	203
Net unrealized gain (losses) related to assets	$ 1	$ 0	$ 1	$ 4

Short-Term and Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 4,206,359	$ 4,205,404
Long-term debt, weighted-average interest rate (percent)	2.91%	2.57%
Fannie Mae
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 110,296	$ 106,751
Long-term debt, weighted-average interest rate (percent)	3.11%	2.63%
Unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments	$ 3,400	$ 4,000
Fannie Mae \| Total senior fixed
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 92,876	$ 103,731
Long-term debt, weighted-average interest rate (percent)	2.57%	2.40%
Fannie Mae \| Senior fixed benchmark notes and bonds
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 46,825	$ 54,727
Long-term debt, weighted-average interest rate (percent)	2.89%	2.79%
Fannie Mae \| Senior fixed medium-term notes
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 39,231	$ 42,217
Long-term debt, weighted-average interest rate (percent)	1.90%	1.58%
Fannie Mae \| Senior fixed medium-term notes \| Minimum
Long-Term Debt [Line Items]
Contractual maturity term	1 year	1 year
Fannie Mae \| Senior fixed medium-term notes \| Maximum
Long-Term Debt [Line Items]
Contractual maturity term	10 years	10 years
Fannie Mae \| Senior fixed other debt
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 6,820	$ 6,787
Long-term debt, weighted-average interest rate (percent)	4.08%	3.98%
Contractual maturity term	10 years
Fannie Mae \| Total senior floating
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 17,420	$ 3,020
Long-term debt, weighted-average interest rate (percent)	6.08%	10.92%
Fannie Mae \| Senior floating medium-term notes
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 14,997	$ 0
Long-term debt, weighted-average interest rate (percent)	5.25%	0.00%
Fannie Mae \| Senior floating Connecticut Avenue Securities
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 2,139	$ 2,752
Long-term debt, weighted-average interest rate (percent)	11.56%	11.12%
Fannie Mae \| Senior floating other debt
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 284	$ 268
Long-term debt, weighted-average interest rate (percent)	8.81%	8.79%
Consolidated Trusts
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 4,096,063	$ 4,098,653
Long-term debt, weighted-average interest rate (percent)	2.90%	2.56%

Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurement [Domain]
Financial assets:
Derivative assets, gross amount offset	$ (233)	$ (283)
Financial liabilities:
Derivative liabilities, gross amount offset	(2,154)	(3,200)
Available-for-sale securities	492	564
Mortgage loans held for investment, net of allowance for loan losses	3,255	3,315
Derivative assets at fair value	280	202
Derivative assets, gross amount offset	(233)	(283)
Derivative liabilities at fair value	132	140
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	37,922	33,981
Securities purchased under agreements to resell	0	0
Trading securities	60,080	47,764
Available-for-sale securities	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	98,002	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	38,850	34,725
Securities purchased under agreements to resell	18,065	30,700
Trading securities	1,183	4,762
Available-for-sale securities	44	50
Mortgage loans held for sale	565	93
Mortgage loans held for investment, net of allowance for loan losses	3,645,412	3,571,555
Advances to lenders	2,595	1,389
Derivative assets at fair value	422	395
Guaranty assets and buy-ups	0	0
Total financial assets	3,707,136	3,643,669
Financial liabilities:
Derivative liabilities at fair value	2,275	3,327
Guaranty obligations	0	0
Total financial liabilities	3,838,578	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	35	26
Available-for-sale securities	448	514
Mortgage loans held for sale	791	2,196
Mortgage loans held for investment, net of allowance for loan losses	131,457	130,022
Advances to lenders	0	0
Derivative assets at fair value	91	90
Guaranty assets and buy-ups	170	155
Total financial assets	132,992	133,003
Financial liabilities:
Derivative liabilities at fair value	11	13
Guaranty obligations	61	65
Total financial liabilities	980	976
Fannie Mae
Financial liabilities:
Long-term debt:	451	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:	11,424	17,317
Long-term debt:	111,915	106,701
Fannie Mae \| Significant Unobservable Inputs (Level 3)
Financial liabilities:
Short-term debt:	0	0
Long-term debt:	630	605
Consolidated Trusts
Financial liabilities:
Long-term debt:	13,237	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:	3,712,964	3,633,157
Consolidated Trusts \| Significant Unobservable Inputs (Level 3)
Financial liabilities:
Long-term debt:	278	293
Carrying Value
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	76,772	68,706
Securities purchased under agreements to resell	18,065	30,700
Trading securities	61,298	52,552
Available-for-sale securities	492	564
Mortgage loans held for sale	1,278	2,149
Mortgage loans held for investment, net of allowance for loan losses	4,137,380	4,133,482
Advances to lenders	2,595	1,389
Derivative assets at fair value	280	202
Guaranty assets and buy-ups	66	73
Total financial assets	4,298,226	4,289,817
Financial liabilities:
Derivative liabilities at fair value	132	140
Guaranty obligations	72	79
Total financial liabilities	4,217,982	4,222,937
Carrying Value \| Fannie Mae
Financial liabilities:
Short-term debt:	11,419	17,314
Long-term debt:	110,296	106,751
Carrying Value \| Consolidated Trusts
Financial liabilities:
Long-term debt:	4,096,063	4,098,653
Estimated Fair Value
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	76,772	68,706
Securities purchased under agreements to resell	18,065	30,700
Trading securities	61,298	52,552
Available-for-sale securities	492	564
Mortgage loans held for sale	1,356	2,289
Mortgage loans held for investment, net of allowance for loan losses	3,776,869	3,701,577
Advances to lenders	2,595	1,389
Derivative assets at fair value	280	202
Guaranty assets and buy-ups	170	155
Total financial assets	3,937,897	3,858,134
Financial liabilities:
Derivative liabilities at fair value	132	140
Guaranty obligations	61	65
Total financial liabilities	3,837,404	3,758,278
Estimated Fair Value \| Fannie Mae
Financial liabilities:
Short-term debt:	11,424	17,317
Long-term debt:	112,545	107,306
Estimated Fair Value \| Consolidated Trusts
Financial liabilities:
Long-term debt:	$ 3,713,242	$ 3,633,450

Concentrations of Credit Risk - Other Concentrations (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Estimated benefit included in loss reserves	$ 878	$ 1,200
Receivable from claims on insured, defaulted loans excluding government insured loans	467	471
Allowance for mortgage insurance receivable	402	417
Single-family \| Guaranty Book of Business
Concentration Risk [Line Items]
Primary mortgage insurance	202,115	200,023
Pool mortgage insurance	56	98
Total mortgage insurance risk in force	$ 202,171	$ 200,121
Total mortgage insurance coverage risk in force (as percentage)	6.00%	6.00%
Single-family \| Guaranty Book of Business \| Credit Concentration Risk \| Depository Servicer
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 \| Non-Depository Servicer
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)	21.00%	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)	50.00%	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)	29.00%	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 \| Depository Servicer
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 \| Non-Depository Servicer
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 \| Depository Servicer
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 \| Non-Depository Servicer
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%

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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 both the periods ended September 30, 2024 and 2023 that would have been issued upon the full exercise of the warrant issued to the U.S. Department of the Treasury (“Treasury”) from the date the warrant was issued through September 30, 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 September 30, 2024, our diluted EPS weighted-average shares outstanding does not include the 26 million shares issuable upon the conversion of convertible preferred stock because it would have an anti-dilutive effect due to the net losses attributable to common stockholders recognized in that period. For the nine months ended September 30, 2024 and the three and nine months ended September 30, 2023, shares issuable upon the conversion of convertible preferred stock are included in the calculation.
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 September 30, 2024, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $208.0 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.
Mortgage Loans Loss Mitigation	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. 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. 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.
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 (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 (losses), net” in our condensed consolidated statements of operations and comprehensive income. Available-for-Sale Securities We record AFS securities at fair value with unrealized gains and losses, recorded net of tax, as a component of “Other comprehensive income (loss)” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains (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 is limited to the amount that fair value is less than the amortized cost. Impairment due to non-credit losses is recorded as unrealized losses within “Other comprehensive income (loss).”
Financial Guarantees	We recognize a guaranty obligation for our obligation to stand ready to perform on our guarantees to unconsolidated trusts and other guaranty arrangements. These off-balance sheet guarantees expose us to credit losses primarily relating to the unpaid principal balance of our unconsolidated Fannie Mae MBS and other financial guarantees.We measure our guaranty reserve for estimated credit losses for off-balance sheet exposures over the contractual period for which they are exposed to the credit risk, unless that obligation is unconditionally cancellable by the issuer.
Derivatives	We recognize all derivatives as either assets or liabilities in our condensed consolidated balance sheets at their fair value on a trade date basis. Fair value amounts, which are (1) netted to the extent a legal right of offset exists and is enforceable by law at the counterparty level and (2) inclusive of the right or obligation associated with the cash collateral posted or received, are recorded in “Other assets” or “Other liabilities” in our condensed consolidated balance sheets.We present cash flows from derivatives as operating activities in our condensed consolidated statements of cash flows.We record all gains and losses, including accrued interest, on derivatives while they are not in a qualifying designated hedging relationship in “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.
Derivatives, Methods of Accounting, Hedging Derivatives	Pursuant to 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.

Fair Value - Level 3 Valuation Inputs (Details) $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	$ 492	$ 564
Derivatives	243	157
Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	61,298	52,552
Total Fair Value	492	564
Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	35	26
Total Fair Value	448	514
Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	35	26
Total Fair Value	448	514
Derivatives	80	77
Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow
Fair Value Inputs, Quantitative Information [Line Items]
Derivatives	26	32
Significant Unobservable Inputs (Level 3) \| Recurring \| Dealer Mark
Fair Value Inputs, Quantitative Information [Line Items]
Derivatives	54	45
Mortgage-related \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	1,198	4,770
Mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	35	26
Mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	35	26
Agency \| Significant Unobservable Inputs (Level 3) \| Recurring \| Consensus
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	313	331
Other mortgage-related \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	140	187
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	135	183
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	88	100
Other mortgage-related \| Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	$ 46	$ 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)	0.04780	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)	0.05080	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)	0.04920	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

Fair Value - Changes in FV under the FV Option (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses)	$ (52)	$ (795)	$ (979)	$ (1,403)
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses)	(134)	117	(87)	95
Long-term debt:
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses)	$ 471	$ (406)	$ 343	$ (356)

Netting Arrangements

9 Months Ended

Sep. 30, 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 September 30, 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	$	367	$	(353)		$	14			$	—		$	—	$	14
Cleared risk management derivatives	—		120			120				—			—		120
Mortgage commitment derivatives	109		—			109				(55)			(1)		53
Total derivative assets	476		(233)			243		(4)		(55)			(1)		187
Securities purchased under agreements to resell(5)	56,915		—			56,915				—			(56,915)		—
Total assets	$	57,391	$	(233)		$	57,158			$	(55)		$	(56,916)	$	187
Liabilities:
OTC risk management derivatives	$	(2,176)	$	2,156		$	(20)			$	—		$	—	$	(20)
Cleared risk management derivatives	—		(2)			(2)				—			2		—
Mortgage commitment derivatives	(99)		—			(99)				55			31		(13)


Total liabilities	$	(2,275)	$	2,154		$	(121)	(4)		$	55		$	33	$	(33)


	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)

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.

Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Financing Receivable, Allowance for Credit Loss


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in millions)
Single-family allowance for loan losses:
Beginning balance	$	(5,703)	$	(7,990)	$	(6,671)	$	(9,443)
Benefit (provision) for loan losses	409		718		1,278		2,121
Write-offs	231		699		487		794
Recoveries	(23)		(48)		(180)		(151)
Other	—		(19)		—		39
Ending balance	$	(5,086)	$	(6,640)	$	(5,086)	$	(6,640)
Multifamily allowance for loan losses:
Beginning balance	$	(2,323)	$	(1,992)	$	(2,059)	$	(1,904)
Benefit (provision) for loan losses	(423)		(83)		(825)		(415)
Write-offs	224		52		395		306
Recoveries	(48)		(8)		(81)		(18)

Ending balance	$	(2,570)	$	(2,031)	$	(2,570)	$	(2,031)
Total allowance for loan losses:
Beginning balance	$	(8,026)	$	(9,982)	$	(8,730)	$	(11,347)
Benefit (provision) for loan losses	(14)		635		453		1,706
Write-offs	455		751		882		1,100
Recoveries	(71)		(56)		(261)		(169)
Other	—		(19)		—		39
Ending balance	$	(7,656)	$	(8,671)	$	(7,656)	$	(8,671)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Net cash provided by (used in) operating activities	$ 1,864	$ 9,848
Mortgage loans acquired held for investment:
Purchases	(100,657)	(96,791)
Proceeds from sales	1,961	1,541
Proceeds from repayments	265,196	257,697
Advances to lenders	(66,289)	(82,907)
Proceeds from disposition of acquired property, preforeclosure sales and insurance proceeds	2,996	4,648
Net change in federal funds sold and securities purchased under agreements to resell	12,635	(8,285)
Other, net	(234)	(660)
Net cash provided by (used in) investing activities	115,608	75,243
Cash flows provided by (used in) financing activities:
Net cash provided by (used in) financing activities	(109,406)	(91,133)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	8,066	(6,042)
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	76,772	81,799
Cash paid during the period for:
Interest	95,681	83,207
Income taxes	2,366	2,050
Fannie Mae
Cash flows provided by (used in) financing activities:
Proceeds from issuance of debt	355,648	307,041
Payments to redeem debt	(358,705)	(315,741)
Consolidated Trusts
Cash flows provided by (used in) financing activities:
Proceeds from issuance of debt	164,455	181,366
Payments to redeem debt	$ (270,804)	$ (263,799)

Consolidations and Transfers of Financial Assets

9 Months Ended

Sep. 30, 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 reduces 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
	September 30, 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	$	1,281	$	4,863
Other assets	34		37
Other liabilities	(39)		(42)
Net carrying amount	$	1,276	$	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 $207 billion and $223 billion as of September 30, 2024 and December 31, 2023, respectively. The total assets of our unconsolidated securitization and resecuritization trusts were approximately $208 billion and $273 billion as of September 30, 2024 and December 31, 2023, respectively.

The maximum exposure to loss for our unconsolidated limited partnerships and similar legal entities, which consist of low income housing tax credit (“LIHTC”) investments, community investments and investments in other entities, was $633 million and the related net carrying value was $633 million as of September 30, 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 were $6.2 billion and $5.8 billion as of September 30, 2024 and December 31, 2023, respectively.

The maximum exposure to loss related to our involvement with unconsolidated SPVs that transfer credit risk represents the unpaid principal balance and accrued interest payable of obligations issued by our Connecticut Avenue Securities® (“CAS”) and Multifamily Connecticut Avenue Securities® (“MCASTM”) SPVs. The maximum exposure to loss related to these unconsolidated SPVs was $23.9 billion and $21.4 billion as of September 30, 2024 and December 31, 2023, respectively. The total assets related to these unconsolidated SPVs were $23.9 billion and $21.4 billion as of September 30, 2024 and December 31, 2023, respectively.

As our lending relationship does not provide us with a controlling financial interest in the borrower entity for loans in our multifamily loan portfolio, 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. As of September 30, 2024, the unpaid principal balance of our multifamily loan portfolio was $476.5 billion. 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 September 30, 2024 and 2023, the unpaid principal balance of portfolio securitizations was $35.3 billion. For the nine months ended September 30, 2024 and 2023, the unpaid principal balance of portfolio securitizations was $102.0 billion and $100.5 billion, respectively. The substantial majority of these portfolio securitization transactions generally do not qualify for sale treatment. Portfolio securitization trusts that do qualify for sale treatment primarily consist of loans that are guaranteed or insured, in whole or in part, by the U.S. government.

We retain interests from the transfer and sale of mortgage-related securities to unconsolidated single-class and multi-class portfolio securitization trusts. As of September 30, 2024, the unpaid principal balance of retained interests was $672 million and its related fair value was $1.1 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 September 30, 2024 and 2023, the principal, interest and other fees received on retained interests was $66 million and $72 million, respectively. For the nine months ended September 30, 2024 and 2023, the principal, interest and other fees received on retained interests was $193 million and $220 million, respectively.

Segment Reporting

9 Months Ended

Sep. 30, 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.

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 September 30,
	2024						2023
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	6,131	$	1,144	$	7,275	$	6,074	$	1,146	$	7,220
Fee and other income(2)	48		18		66		56		20		76
Net revenues	6,179		1,162		7,341		6,130		1,166		7,296
Investment gains (losses), net(3)	9		3		12		9		(1)		8
Fair value gains (losses), net(4)	(8)		60		52		742		53		795
Administrative expenses	(766)		(159)		(925)		(745)		(152)		(897)
Benefit (provision) for credit losses(5)	451		(424)		27		736		(84)		652
TCCA fees(6)	(862)		—		(862)		(860)		—		(860)
Credit enhancement expense(7)	(336)		(75)		(411)		(335)		(55)		(390)
Change in expected credit enhancement recoveries(8)	(45)		134		89		(170)		42		(128)
Other expenses, net(9)	(218)		(52)		(270)		(411)		(124)		(535)
Income before federal income taxes	4,404		649		5,053		5,096		845		5,941
Provision for federal income taxes	(890)		(119)		(1,009)		(1,071)		(171)		(1,242)
Net income	$	3,514	$	530	$	4,044	$	4,025	$	674	$	4,699


	For the Nine Months Ended September 30,
	2024						2023
	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)	$	18,101	$	3,465	$	21,566	$	17,663	$	3,378	$	21,041
Fee and other income(2)	154		52		206		156		53		209
Net revenues	18,255		3,517		21,772		17,819		3,431		21,250
Investment gains (losses), net(3)	(48)		20		(28)		(35)		1		(34)
Fair value gains (losses), net(4)	930		49		979		1,368		35		1,403
Administrative expenses	(2,327)		(466)		(2,793)		(2,183)		(446)		(2,629)
Benefit (provision) for credit losses(5)	1,334		(827)		507		2,201		(415)		1,786
TCCA fees(6)	(2,581)		—		(2,581)		(2,571)		—		(2,571)
Credit enhancement expense(7)	(1,022)		(213)		(1,235)		(949)		(166)		(1,115)
Change in expected credit enhancement recoveries(8)	(134)		323		189		(298)		130		(168)
Other expenses, net(9)	(612)		(108)		(720)		(730)		(192)		(922)
Income before federal income taxes	13,795		2,295		16,090		14,622		2,378		17,000
Provision for federal income taxes	(2,819)		(423)		(3,242)		(3,071)		(464)		(3,535)
Net income	$	10,976	$	1,872	$	12,848	$	11,551	$	1,914	$	13,465

(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.

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+ Details

Mortgage Loans

9 Months Ended

Sep. 30, 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
	September 30, 2024		December 31, 2023
	(Dollars in millions)
Single-family	$	3,630,285	$	3,641,385
Multifamily	476,472		461,247
Total unpaid principal balance of mortgage loans	4,106,757		4,102,632
Cost basis and fair value adjustments, net	39,557		41,729
Allowance for loan losses for HFI loans	(7,656)		(8,730)
Total mortgage loans(1)	$	4,138,658	$	4,135,631

(1)Excludes $10.9 billion and $10.4 billion of accrued interest receivable as of September 30, 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 September 30,				For the Nine Months Ended September 30,

		2024		2023		2024		2023
	(Dollars in millions)
Purchase of HFI loans:
Single-family unpaid principal balance		$	93,114	$	89,228	$	241,180	$	245,870
Multifamily unpaid principal balance		13,153		16,415		32,492		41,761

Single-family loans redesignated from HFI to HFS:
Amortized cost		$	820	$	3,122	$	1,272	$	3,122
Lower of cost or fair value adjustment at time of redesignation(1)		(101)		(638)		(139)		(638)
Allowance reversed at time of redesignation		5		47		8		47

Single-family loans redesignated from HFS to HFI:
Amortized cost		$	77	$	372	$	77	$	372

Single-family loans sold:
Unpaid principal balance		$	14	$	—	$	2,345	$	1,842
Realized gains (losses), net		—		—		13		17

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

Aging Analysis


	As of September 30, 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	$	32,625	$	8,534	$	17,678	$	58,837	$	3,186,644	$	3,245,481	$	401	$	3,589
15-year or less, amortizing fixed-rate	1,636		316		566		2,518		380,704		383,222		24		196
Adjustable-rate	165		32		89		286		25,446		25,732		3		20
Other(2)	530		144		417		1,091		20,556		21,647		24		187
Total single-family	34,956		9,026		18,750		62,732		3,613,350		3,676,082		452		3,992
Multifamily(3)	604		N/A		2,016		2,620		473,949		476,569		85		984
Total	$	35,560	$	9,026	$	20,766	$	65,352	$	4,087,299	$	4,152,651	$	537	$	4,976


	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.

The amortized cost of single-family mortgage loans for which formal foreclosure proceedings were in process was $4.6 billion as of September 30, 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.

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 September 30, 2024 and Write-offs for the Nine Months Ended September 30, 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%	$	120,077	$	170,564	$	332,411	$	866,580	$	728,375	$	728,941	$	2,946,948
Greater than 80% and less than or equal to 90%	36,801		71,312		74,354		17,637		2,121		1,394		203,619
Greater than 90% and less than or equal to 100%	49,061		27,096		14,991		1,575		188		196		93,107
Greater than 100%	20		345		1,124		137		40		141		1,807
Total 20- and 30-year or more, amortizing fixed-rate	205,959		269,317		422,880		885,929		730,724		730,672		3,245,481
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	$	—	$	29	$	94	$	83	$	45	$	169	$	420
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	4,872		6,874		32,279		150,217		105,901		81,919		382,062
Greater than 80% and less than or equal to 90%	320		369		186		11		—		1		887
Greater than 90% and less than or equal to 100%	222		31		19		—		—		—		272
Greater than 100%	—		—		—		—		—		1		1
Total 15-year or less, amortizing fixed-rate	5,414		7,274		32,484		150,228		105,901		81,921		383,222
Current-year 15-year or less, amortizing fixed-rate write-offs	—		1		2		2		1		2		8
Adjustable-rate:
Less than or equal to 80%	1,392		1,884		4,521		5,544		1,520		8,693		23,554
Greater than 80% and less than or equal to 90%	355		520		753		37		5		2		1,672
Greater than 90% and less than or equal to 100%	189		145		144		4		—		1		483
Greater than 100%	—		3		20		—		—		—		23
Total adjustable-rate	1,936		2,552		5,438		5,585		1,525		8,696		25,732
Current-year adjustable-rate write-offs	—		—		—		—		—		1		1
Other:
Less than or equal to 80%	—		—		—		—		—		17,669		17,669
Greater than 80% and less than or equal to 90%	—		—		—		—		—		61		61
Greater than 90% and less than or equal to 100%	—		—		—		—		—		32		32
Greater than 100%	—		—		—		—		—		26		26
Total other	—		—		—		—		—		17,788		17,788
Current-year other write-offs	—		—		—		—		—		15		15

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	126,341	$	179,322	$	369,211	$	1,022,341	$	835,796	$	837,222	$	3,370,233
Greater than 80% and less than or equal to 90%	37,476		72,201		75,293		17,685		2,126		1,458		206,239
Greater than 90% and less than or equal to 100%	49,472		27,272		15,154		1,579		188		229		93,894
Greater than 100%	20		348		1,144		137		40		168		1,857
Total	$	213,309	$	279,143	$	460,802	$	1,041,742	$	838,150	$	839,077	$	3,672,223
Total current-year write-offs	$	—	$	30	$	96	$	85	$	46	$	187	$	444


	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 September 30, 2024 and Write-offs for the Nine Months Ended September 30, 2024, by Year of Origination(1)
	2024		2023		2022		2021		2020		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$	28,467	$	52,958	$	49,722	$	59,753	$	72,329	$	181,698	$	444,927
Special mention(3)	49		43		7		369		58		128		654
Substandard(4)	90		1,080		9,435		3,650		2,271		14,451		30,977
Doubtful(5)	—		4		—		—		—		7		11
Total	$	28,606	$	54,085	$	59,164	$	63,772	$	74,658	$	196,284	$	476,569
Current-year write-offs	$	—	$	34	$	191	$	16	$	21	$	133	$	395


	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 September 30, 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	$	5,782	$	2,379	$	4,315	$	2,405	$	53	$	14,934	*
15-year or less, amortizing fixed-rate	239		77		140		1		—		457		*
Adjustable-rate	29		9		17		—		2		57		*
Other	32		24		50		22		8		136		1	%
Total single-family	6,082		2,489		4,522		2,428		63		15,584		*
Multifamily	328		—		—		—		60		388		*
Total(3)	$	6,410	$	2,489	$	4,522	$	2,428	$	123	$	15,972	*


	For the Nine Months Ended September 30, 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	$	8,373	$	8,312	$	7,542	$	6,908	$	114	$	31,249	1	%
15-year or less, amortizing fixed-rate	352		265		255		3		1		876		*
Adjustable-rate	45		36		26		—		5		112		*
Other	48		102		104		77		31		362		2
Total single-family	8,818		8,715		7,927		6,988		151		32,599		1
Multifamily	330		—		—		—		64		394		*
Total(3)	$	9,148	$	8,715	$	7,927	$	6,988	$	215	$	32,993	1


	For the Three Months Ended September 30, 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	$	7,287	$	2,424	$	3,407	$	1,819	$	41	$	14,978	*
15-year or less, amortizing fixed-rate	311		97		130		—		—		538		*
Adjustable-rate	42		8		11		—		1		62		*
Other	54		30		57		31		22		194		1	%
Total single-family	7,694		2,559		3,605		1,850		64		15,772		*
Multifamily	361		—		—		—		560		921		*
Total(3)	$	8,055	$	2,559	$	3,605	$	1,850	$	624	$	16,693	*


	For the Nine Months Ended September 30, 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	$	10,851	$	8,306	$	6,216	$	5,209	$	360	$	30,942	1	%
15-year or less, amortizing fixed-rate	465		343		241		1		1		1,051		*
Adjustable-rate	59		31		22		—		7		119		*
Other	128		108		137		94		65		532		2
Total single-family	11,503		8,788		6,616		5,304		433		32,644		1
Multifamily	1,045		—		—		—		585		1,630		*
Total(3)	$	12,548	$	8,788	$	6,616	$	5,304	$	1,018	$	34,274	1

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

(1) Represents loans that received a contractual modification.

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

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 September 30,
	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	0.59	%	160	$	12,928	1.05	%	167	$	16,464
15-year or less, amortizing fixed-rate	1.03		77	9,652		2.41		52	14,218
Adjustable-rate	2.88		—	11,157		1.97		—	12,980
Other	0.96		182	21,043		1.04		199	23,072


	For the Nine Months Ended September 30,
	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	0.72	%	161	$	13,408	1.08	%	171	$	16,798
15-year or less, amortizing fixed-rate	1.82		84	11,538		2.22		70	14,588
Adjustable-rate	2.58		—	11,508		1.29		—	14,823
Other	0.86		162	18,705		1.31		188	21,396

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

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


		For the Three Months Ended September 30, 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		$	1,438	$	774	$	11	$	2,223
15-year or less, amortizing fixed-rate		40		—		—		40
Adjustable-rate		4		—		—		4
Other		17		9		6		32
Total single-family		1,499		783		17		2,299
Multifamily		—		—		—		—
Total loans that subsequently defaulted(1)(2)		$	1,499	$	783	$	17	$	2,299


		For the Nine Months Ended September 30, 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		$	2,592	$	1,383	$	25	$	4,000
15-year or less, amortizing fixed-rate		73		—		—		73
Adjustable-rate		7		—		2		9
Other		33		15		12		60
Total single-family		2,705		1,398		39		4,142
Multifamily		—		—		4		4
Total loans that subsequently defaulted(1)(2)		$	2,705	$	1,398	$	43	$	4,146


	For the Three Months Ended September 30, 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	$	861	$	468	$	80	$	1,409
15-year or less, amortizing fixed-rate	28		—		—		28
Adjustable-rate	1		—		1		2
Other	12		9		6		27
Total single-family	902		477		87		1,466
Multifamily	—		—		—		—
Total loans that subsequently defaulted(1)(2)	$	902	$	477	$	87	$	1,466


	For the Nine Months Ended September 30, 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	$	1,635	$	746	$	298	$	2,679
15-year or less, amortizing fixed-rate	51		1		—		52
Adjustable-rate	4		—		2		6
Other	20		14		17		51
Total single-family	1,710		761		317		2,788
Multifamily	—		—		—		—
Total loans that subsequently defaulted(1)(2)	$	1,710	$	761	$	317	$	2,788

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


	As of September 30, 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	$	4,240	$	2,874	$	11,401	$	18,515	$	12,891	$	31,406
15-year or less, amortizing fixed-rate	118		93		349		560		379		939
Adjustable-rate	13		7		50		70		46		116
Other	60		32		127		219		166		385
Total single-family loans modified	4,431		3,006		11,927		19,364		13,482		32,846
Multifamily	—		N/A		323		323		823		1,146
Total loans restructured(3)	$	4,431	$	3,006	$	12,250	$	19,687	$	14,305	$	33,992


	As of September 30, 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	$	3,722	$	2,332	$	11,455	$	17,509	$	15,368	$	32,877
15-year or less, amortizing fixed-rate	115		78		405		598		562		1,160
Adjustable-rate	14		8		55		77		56		133
Other	75		37		192		304		297		601
Total single-family loans modified	3,926		2,455		12,107		18,488		16,283		34,771
Multifamily	19		N/A		1,045		1,064		587		1,651
Total loans restructured(3)	$	3,945	$	2,455	$	13,152	$	19,552	$	16,870	$	36,422

(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 September 30,				For the Nine Months Ended September 30,
		2024		2023		2024		2023
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$	95	$	80	$	274	$	233
Multifamily		20		3		24		36


	As of						For the Three Months Ended September 30, 2024		For the Nine Months Ended September 30, 2024
	September 30, 2024		June 30, 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	$	22,662	$	22,183	$	21,971	$	35	$	262
15-year or less, amortizing fixed-rate	704		704		727		1		6
Adjustable-rate	110		117		109		—		1
Other	480		496		508		1		7
Total single-family	23,956		23,500		23,315		37		276
Multifamily	2,259		1,836		1,890		2		35
Total nonaccrual loans	$	26,215	$	25,336	$	25,205	$	39	$	311


	As of						For the Three Months Ended September 30, 2023		For the Nine Months Ended September 30, 2023
	September 30, 2023		June 30, 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	$	19,108	$	17,051	$	9,447	$	19	$	197
15-year or less, amortizing fixed-rate	638		565		200		—		4
Adjustable-rate	99		85		53		—		1
Other	526		573		617		1		6
Total single-family	20,371		18,274		10,317		20		208
Multifamily	1,526		1,448		2,200		3		16
Total nonaccrual loans	$	21,897	$	19,722	$	12,517	$	23	$	224

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