Federal Home Loan Mortgage (FMCC) 10-K 11 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Jan. 29, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Annual Report	true
Document Transition Report	false
Document Type	10-K
Current Fiscal Year End Date	--12-31
Entity File Number	001-34139
Entity Registrant Name	Federal Home Loan Mortgage Corporation
Entity Incorporation, State or Country Code	X1
Entity Tax Identification Number	52-0904874
Entity Address, Address Line One	8200 Jones Branch Drive
Entity Address, City or Town	McLean,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102-3110
City Area Code	(703)
Local Phone Number	903-2000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1.4
Entity Common Stock, Shares Outstanding		650,059,292
Entity Central Index Key	0001026214
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference [Text Block]	None
Voting Common Stock, no par value per share
Document Information [Line Items]
Title of 12(g) Security	Voting Common Stock, no par value per share
Trading Symbol	FMCC
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCI
5% Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5% Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKK
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCG
5.1% Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5.1% Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCH
5.79% Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5.79% Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCK
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCL
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCM
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCN
5.81% Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5.81% Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCO
6% Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	6% Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCP
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCJ
5.7% Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5.7% Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKP
Variable Rate, Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Variable Rate, Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCS
6.42% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	6.42% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCT
5.9% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5.9% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKO
5.57% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5.57% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKM
5.66% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5.66% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKN
6.02% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	6.02% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKL
6.55% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	6.55% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKI
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKJ

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Interest income	$ 62,340	$ 72,895	$ 70,054
Interest expense	(49,569)	(61,047)	(58,033)
Net interest income	12,771	11,848	12,021
Non-interest income (loss)
Guarantee fee income	1,442	1,089	866
Investment gains (losses), net	1,813	818	1,921
Other income (loss)	633	323	762
Non-interest income (loss)	3,888	2,230	3,549
Net revenues	16,659	14,078	15,570
Benefit (provision) for credit losses	(1,452)	746	736
Non-interest expense
Salaries and employee benefits	(1,344)	(1,434)	(1,227)
Professional services	(398)	(445)	(486)
Other administrative expense	(793)	(685)	(580)
Total administrative expense	(2,535)	(2,564)	(2,293)
Credit enhancement expense, net	(1,058)	(749)	(409)
Recoveries	323	41	(8)
REO operations expense	(149)	(229)	(169)
Temporary Payroll Tax Cut Continuation Act of 2011 expense	(1,836)	(1,617)	(1,484)
Other expense	(723)	(657)	(469)
Non-interest expense	(5,978)	(5,775)	(4,832)
Income tax (expense) benefit	(1,903)	(1,835)	(2,239)
Income (loss) before income tax (expense) benefit	9,229	9,049	11,474
Net income (loss)	7,326	7,214	9,235
Other comprehensive income (loss), net of taxes and reclassification adjustments
Changes in unrealized gains (losses) related to available-for-sale securities	192	535	(722)
Changes in unrealized gains (losses) related to cash flow hedge relationships	38	71	114
Changes in defined benefit plans	(25)	(33)	(5)
Total other comprehensive income (loss), net of taxes and reclassification adjustments	205	573	(613)
Comprehensive income (loss)	7,531	7,787	8,622
Net income (loss)	7,326	7,214	9,235
Undistributed net worth sweep, senior preferred stock dividends, or future increase in senior preferred stock liquidation preference	(7,291)	(7,787)	(5,623)
Net income (loss) attributable to common stockholders	$ 35	$ (573)	$ 3,612
Net income (loss) per common share — basic and diluted	$ 0.01	$ (0.18)	$ 1.12
Weighted average common shares outstanding (in millions) — basic and diluted	3,234	3,234	3,234

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents (Notes 1, 3, 18) (includes $17,379 and $991 of restricted cash and cash equivalents)	$ 23,889	$ 5,189
Securities Purchased under Agreements to Resell	105,003	56,271
Investment securities, at fair value (Notes 3, 6)	59,825	75,711
Mortgage loans held-for-sale (Notes 3, 4) (includes $14,199 and $15,035 at fair value)	33,652	35,288
Mortgage loans held-for-investment (Notes 1, 3, 4) (net of allowance for credit losses of $5,732 and $4,234)	2,350,236	1,984,912
Accrued interest receivable (Note 3, 4, 6, 11) (net of allowance of $140 and $0)	7,754	6,848
Derivative assets, net (Notes 10, 11)	1,205	844
Deferred tax assets, net (Note 16)	6,557	5,918
Other assets (Notes 3, 12) (includes $5,775 and $4,627 at fair value)	39,294	22,799
Total assets	2,627,415	2,193,780
Liabilities
Accrued interest payable (Note 3)	6,210	6,559
Debt (Notes 3, 9) (includes $2,592 and $3,938 at fair value)	2,592,546	2,169,685
Derivative liabilities, net (Notes 10, 11)	954	372
Other liabilities (Notes 3, 12)	11,292	8,042
Total liabilities	2,611,002	2,184,658
Commitments and contingencies (Notes 5, 10, 20)
Equity (Note 13)
Senior preferred stock (liquidation preference of $86,539 and $79,322)	72,648	72,648
Preferred stock, at redemption value	14,109	14,109
Common stock, $0.00 par value, 4,000,000,000 shares authorized, 725,863,886 shares issued and 650,059,292 shares and 650,059,033 shares outstanding	0	0
Additional paid-in capital	0	0
Retained earnings (accumulated deficit)	(67,102)	(74,188)
AOCI, net of taxes, related to:
Available-for-sale securities	810	618
Cash flow hedge relationships	(206)	(244)
Defined benefit plans	39	64
Total AOCI, net of taxes	643	438
Treasury stock, at cost, 75,804,594 shares and 75,804,853 shares	(3,885)	(3,885)
Total equity	16,413	9,122
Total liabilities and equity	2,627,415	2,193,780
Consolidated Balance Sheet Line Item (Note 3)
Mortgage loans held-for-investment (Notes 1, 3, 4) (net of allowance for credit losses of $5,732 and $4,234)	2,350,236	1,984,912
Total assets	2,627,415	2,193,780
Debt (Notes 3, 9) (includes $2,592 and $3,938 at fair value)	2,592,546	2,169,685
Total liabilities	2,611,002	2,184,658
Held by consolidated trusts
Assets
Cash and cash equivalents (Notes 1, 3, 18) (includes $17,379 and $991 of restricted cash and cash equivalents)	17,290	870
Securities Purchased under Agreements to Resell	38,487	23,137
Investment securities, at fair value (Notes 3, 6)	591	597
Mortgage loans held-for-investment (Notes 1, 3, 4) (net of allowance for credit losses of $5,732 and $4,234)	2,273,347	1,940,523
Other assets (Notes 3, 12) (includes $5,775 and $4,627 at fair value)	20,480	9,824
Total assets	2,357,329	1,981,121
Liabilities
Accrued interest payable (Note 3)	5,610	5,536
Debt (Notes 3, 9) (includes $2,592 and $3,938 at fair value)	2,308,176	1,898,355
Other liabilities (Notes 3, 12)	0	1
Total liabilities	2,313,786	1,903,892
Consolidated Balance Sheet Line Item (Note 3)
Mortgage loans held-for-investment (Notes 1, 3, 4) (net of allowance for credit losses of $5,732 and $4,234)	2,273,347	1,940,523
All other assets	83,982	40,598
Total assets	2,357,329	1,981,121
Debt (Notes 3, 9) (includes $2,592 and $3,938 at fair value)	2,308,176	1,898,355
All other liabilities	5,610	5,537
Total liabilities	$ 2,313,786	$ 1,903,892

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Restricted cash and cash equivalents	$ 17,379	$ 991
Mortgages held-for-sale, fair value disclosure	14,199	15,035
Allowance for loan losses	(5,732)	(4,234)
Allowance on accrued interest receivable	140	0
Other Assets at fair value	5,775	4,627
Debt securities recorded at fair value	2,592	3,938
Senior preferred stock, at redemption value	$ 86,539	$ 79,322
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	4,000,000,000	4,000,000,000
Common Stock, Shares, Issued	725,863,886	725,863,886
Common Stock, Shares, Outstanding	650,059,292	650,059,033
Available for sale securities other-than-temporary impairment adjustment, related to net unrealized gains(losses) on securities for which other-than-temporary impairment has been recognized in earnings		$ 222
Treasury Stock, Shares	75,804,594	75,804,853

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions	Total	Senior Preferred Stock	Preferred Stock, at Redemption Value	Common Stock, at Par Value	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	AOCI, Net of Tax	Treasury Stock, at Cost
Beginning balance at Dec. 31, 2017	$ (312)	$ 72,336	$ 14,109	$ 0	$ 0	$ (83,261)	$ 389	$ (3,885)
Beginning balance, Shares at Dec. 31, 2017		1	464	650
Comprehensive income (loss):
Net income (loss)	9,235					9,235
Other comprehensive income (loss), net of taxes	(613)						(613)
Other comprehensive income (loss), net of taxes | Accounting Standards Update 2018-02	89						89
Comprehensive income (loss)	8,622					9,235	(613)
Increase in liquidation preference	312	$ 312
Senior preferred stock dividends declared	(4,145)					(4,145)
Ending balance at Dec. 31, 2018	4,477	$ 72,648	$ 14,109	$ 0	0	(78,260)	(135)	(3,885)
Ending balance (Accounting Standards Update 2018-02) at Dec. 31, 2018	0
Ending balance, Shares at Dec. 31, 2018		1	464	650
Comprehensive income (loss):
Retained Earnings (Accumulated Deficit) | Accounting Standards Update 2018-02	(89)
Net income (loss)	7,214					7,214
Other comprehensive income (loss), net of taxes	573						573
Comprehensive income (loss)	7,787					7,214	573
Senior preferred stock dividends declared	(3,142)					(3,142)
Ending balance at Dec. 31, 2019	9,122	$ 72,648	$ 14,109	$ 0	0	(74,188)	438	(3,885)
Ending balance, Shares at Dec. 31, 2019		1	464	650
Comprehensive income (loss):
Retained Earnings (Accumulated Deficit)	(74,188)
Net income (loss)	7,326					7,326
Other comprehensive income (loss), net of taxes	205						205
Comprehensive income (loss)	7,531					7,326	205
Ending balance at Dec. 31, 2020	16,413	$ 72,648	$ 14,109	$ 0	$ 0	$ (67,102)	$ 643	$ (3,885)
Ending balance, Shares at Dec. 31, 2020		1	464	650
Comprehensive income (loss):
Retained Earnings (Accumulated Deficit)	$ (67,102)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net income (loss)	$ 7,326	$ 7,214	$ 9,235
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of cost basis adjustments	214	(466)	(2,117)
(Benefit) provision for credit losses	1,452	(746)	(736)
Investment (Gains)Losses, Net	(3,390)	(1,100)	(2,084)
(Benefit for) decrease in credit enhancement recoveries	(289)	(2)	(18)
Hedge accounting earnings mismatch	(162)	(288)	658
Deferred income tax expense (benefit)	(590)	817	1,391
Purchases of mortgage loans acquired as held-for-sale	(69,908)	(65,516)	(70,482)
Proceeds from sales of mortgage loans acquired as held-for-sale	68,065	71,557	66,889
Proceeds from repayments of mortgage loans acquired as held-for-sale	116	517	494
Payments to servicers for pre-foreclosure expense and servicer incentive fees	(232)	(282)	(282)
Change in accrued interest receivable	(1,046)	(120)	(373)
Change in interest payable	(238)	177	440
Change in income taxes receivable	845	712	(1,269)
Other, net	(1,256)	(277)	(1,072)
Net cash provided by (used in) operating activities	907	12,197	674
Cash flows from investing activities
Purchases of trading securities	(146,074)	(102,169)	(131,977)
Proceeds from sales of trading securities	129,035	84,296	126,012
Proceeds from maturities and repayments of trading securities	27,850	14,528	11,375
Purchases of available-for-sale securities	(13,128)	(8,967)	(19,701)
Proceeds from sales of available-for-sale securities	46,387	12,978	21,952
Proceeds from maturities and repayments of available-for-sale securities	3,654	4,258	6,002
Purchases of mortgage loans acquired as held-for-investment	(695,645)	(228,628)	(151,836)
Proceeds from sales of mortgage loans acquired as held-for-investment	11,657	15,218	10,661
Proceeds from repayments of mortgage loans acquired as held-for-investment	744,571	348,387	248,115
Advances under secured lending arrangements	(144,828)	(54,176)	(27,463)
Repayments of secured lending arrangements	1,515	1,275	1,592
Net proceeds from dispositions of real estate owned and other recoveries	670	1,150	1,336
Net (increase) decrease in securities purchased under agreements to resell	(39,143)	(31,343)	21,132
Derivative premiums and terminations, swap collateral, and exchange settlement payments, net	(9,185)	(8,163)	3,020
Other, net	(691)	(492)	(572)
Net cash provided by (used in) investing activities	(83,355)	48,152	119,648
Cash flows from financing activities
Net increase (decrease) in securities sold under agreements to repurchase	(9,843)	3,856	(3,662)
Increase in liquidation preference of senior preferred stock	0	0	312
Payment of cash dividends on senior preferred stock	0	(3,142)	(4,145)
Other, net	(46)	(130)	(2)
Net cash provided by (used in) financing activities	101,148	(62,433)	(122,860)
Net (decrease) increase in cash and cash equivalents (includes restricted cash and cash equivalents)	18,700	(2,084)	(2,538)
Cash and cash equivalents (includes restricted cash and cash equivalents) at the beginning of year	5,189	7,273	9,811
Cash and cash equivalents (includes restricted cash and cash equivalents) at end of period	23,889	5,189	7,273
Cash paid for:
Debt interest	70,073	70,918	65,721
Income taxes	1,690	306	2,125
Held by Freddie Mac
Cash flows from financing activities
Proceeds from issuance of debt	465,260	554,812	411,948
Repayments of debt	(452,548)	(531,103)	(469,483)
Held by consolidated trusts
Cash flows from financing activities
Proceeds from issuance of debt	811,707	264,373	217,574
Repayments of debt	(713,382)	(351,099)	$ (275,402)
Cash and cash equivalents (includes restricted cash and cash equivalents) at the beginning of year	870
Cash and cash equivalents (includes restricted cash and cash equivalents) at end of period	$ 17,290	$ 870

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Summary of Significant Accounting Policies Freddie Mac is a GSE chartered by Congress in 1970. Our public mission is to provide liquidity, stability, and affordability to the U.S. housing market. We are regulated by FHFA, the SEC, HUD, and Treasury, and are currently operating under the conservatorship of FHFA. For more information on the roles of FHFA and Treasury, see Note 2 . Throughout our consolidated financial statements and related notes, we use certain acronyms and terms which are defined in the Glossary . Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with GAAP and 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. We are operating under the basis that we will realize assets and satisfy liabilities in the normal course of business as a going concern and in accordance with the authority provided by FHFA to our Board of Directors to oversee management's conduct of our business operations. Beginning January 1, 2020, we elected to offset payables related to securities sold under agreements to repurchase against receivables related to securities purchased under agreements to resell, when such amounts meet the conditions for balance sheet offsetting under GAAP. See Note 11 for additional information. We also began presenting a further break out of the amount of cash inflows and cash outflows related to securities purchased under agreements to resell as a single net line item within the cash flows from financing activities section on our consolidated statements of cash flows beginning 3Q 2020. These amounts were previously presented with other debt activity on a gross basis as proceeds from issuance of debt of Freddie Mac and repayments of debt of Freddie Mac within the cash flows from financing activities section of our consolidated statements of cash flows. As a result, the change in presentation did not have any impact on net cash provided by financing activities. Certain amounts in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. We evaluate the materiality of identified errors in the financial statements using both an income statement, or "rollover," and a balance sheet, or "iron curtain," approach, based on relevant quantitative and qualitative factors. The financial statements include certain adjustments to correct immaterial errors related to previously reported periods. Use of Estimates The preparation of financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, gains, and losses during the reporting period. Management has made significant estimates in preparing the financial statements for establishing the allowance for credit losses and valuing financial instruments and other assets and liabilities. Actual results could be different from these estimates. Consolidation and Equity Method Accounting For each entity with which we are involved, we determine whether the entity should be consolidated in our financial statements. We generally consolidate entities in which we have a controlling financial interest. The method for determining whether a controlling financial interest exists varies depending on whether the entity is a VIE. For entities that are not VIEs, we hold a controlling financial interest in entities where we hold a majority of the voting rights or a majority of a limited partnership's kick-out rights through voting interests. We do not currently consolidate any entities which are not VIEs. We use the equity method to account for our interests in entities in which we do not have a controlling financial interest, but over which we have significant influence. Cash and Cash Equivalents Highly liquid investment securities that have an original maturity of three months or less are accounted for as cash equivalents. Original maturity means the original maturity to us when we acquire the investment, not the original maturity of the instrument itself. Cash collateral accepted from counterparties that we do not have the right to use for general corporate purposes is classified as restricted cash and cash equivalents on our consolidated balance sheets. Restricted cash and cash equivalents include cash remittances received from servicers of the underlying assets of our consolidated trusts which are deposited into a separate custodial account. We invest the cash held in the custodial account in short-term investments and are entitled to the interest income earned on these short-term investments, which is recorded as interest income on our consolidated statements of comprehensive income. Comprehensive Income Comprehensive income includes all changes in equity during a period, except those resulting from investments by stockholders. We define comprehensive income as consisting of net income (loss) plus after-tax changes in: n Unrealized gains and losses on available-for-sale securities; n Unrealized gains and losses related to cash flow hedge relationships; and n Defined benefit plans. Other Significant Accounting Policies The table below identifies our other significant accounting policies and the related note in which information about them can be found. Note Accounting Policy Note 3 Variable Interest Entities Note 4 Mortgage Loans Note 5 Guarantees and Other Off-Balance Sheet Credit Exposures Note 6 Investments in Securities Note 7 Allowance for Credit Losses Note 8 Credit Enhancements Note 9 Debt Note 10 Derivatives Note 11 Collateralized Agreements and Offsetting Arrangements Note 13 Stockholder's Equity Note 13 Earnings Per Share Note 16 Income Taxes Note 17 Segment Reporting Note 19 Fair Value Disclosures Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2016-13 , Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses; and ASU 2019-11 , Codification Improvements to Topic 326, Financial Instruments - Credit Losses The amendments in this Update replace the incurred loss impairment methodology in GAAP with a methodology that reflects lifetime expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. January 1, 2020 Due to the adoption of these Updates, we recognized a reduction to retained earnings of $0.2 billion through a cumulative-effect adjustment on January 1, 2020. See the CECL Transition Impacts section below for additional information on transition impacts. See Note 4 , Note 5 , Note 6 , Note 7 , and Note 8 or additional information on the changes in our significant accounting policies as a result of our adoption of CECL. ASU 2018-13 , Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement The amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. Certain disclosure requirements were either removed, modified, or added. January 1, 2020 We added disclosure of the change in unrealized gains or losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period. See Note 19 for additional information. ASU 2018-15 , Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract The amendments in this Update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). January 1, 2020 The adoption of the amendments did not have a material effect on our consolidated financial statements or on our disclosures. ASU 2018-17 , Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities The amendments in this Update require that indirect interests held through related parties under common control be considered on a proportional basis when determining whether fees paid to decision makers or service providers are variable interests. These amendments align with the determination of whether a reporting entity within a related party group is the primary beneficiary of a VIE. January 1, 2020 The adoption of the amendments did not have a material effect on our consolidated financial statements or on our disclosures. ASU 2019-01 , Leases (Topic 842): Narrow-Scope Improvements for Lessors The amendments in this Update provide guidance for the: (1) lessor's fair value determination of the lease's underlying asset; (2) lessor's statement of cash flows presentation of cash received from sales-type and direct financing leases; and (3) removal of interim transition disclosure requirements related to changes in accounting principles. January 1, 2020 The adoption of the amendments did not have a material effect on our consolidated financial statements or on our disclosures. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this Update provide temporary optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or other interbank offered rates expected to be discontinued. January 1, 2020 The adoption of the amendments did not have a material effect on our consolidated financial statements or on our disclosures. CECL Transition Impacts The table below provides details on the transition impacts of adopting CECL. Other balance sheet lines not presented were not affected by CECL. Table 1.1 CECL Transition Impacts (In millions) December 31, 2019 Transition Adjustments January 1, 2020 Assets Mortgage loans held-for-investment: Single-family $1,971,657 $199 $1,971,856 Multifamily 17,489 — 17,489 Less allowance for credit losses: Single-family (4,222) (668) (4,890) Multifamily (12) (24) (36) Mortgage loans held-for-investment, net 1,984,912 (493) 1,984,419 Deferred tax assets, net 5,918 64 5,982 Other assets 22,799 193 22,992 Total transition adjustments ($236) Liabilities and equity Other liabilities $8,042 $4 $8,046 Retained earnings (accumulated deficit) (74,188) (240) (74,428) Total transition adjustments ($236) Upon adoption of CECL on January 1, 2020, we did not recognize an allowance for credit losses on cash equivalents, investments in debt securities classified as available-for-sale, or securities purchased under agreements to resell. See Note 6 and Note 11 , respectively, for additional information. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Planned Adoption Effect on Consolidated Financial Statements ASU 2020-06 , Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity The amendments in this Update simplify an issuer's January 1, 2021 The adoption of these amendments will not ASU 2020-08 , Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs The amendments in this Update clarify the guidance for the reevaluation of whether a callable debt security’s amortized cost basis exceeds the amount repayable by the issuer at the next call date. January 1, 2021 The adoption of these amendments will not have a material effect on our consolidated financial statements.

Conservatorship and Related Mat

Conservatorship and Related Matters	12 Months Ended
	Dec. 31, 2020
Conservatorship and Related Matters [Abstract]
CONSERVATORSHIP AND RELATED MATTERS	Conservatorship and Related Matters Business Objectives We operate under the conservatorship that commenced on September 6, 2008, conducting our business under the direction of FHFA, as our Conservator. The conservatorship and related matters significantly affect our management, business activities, financial condition, and results of operations. Upon its appointment, FHFA, as Conservator, immediately succeeded to all rights, titles, powers, and privileges of Freddie Mac, and of any stockholder, officer, or director thereof, with respect to the company and its assets. The Conservator also succeeded to the title to all books, records, and assets of Freddie Mac held by any other legal custodian or third party. The Conservator provided for the Board of Directors to perform certain functions and to oversee management, and the Board delegated to management authority to conduct business operations so that the company can continue to operate in the ordinary course. The directors serve on behalf of, and perform such functions as provided by, the Conservator. We are subject to certain constraints on our business activities under the Purchase Agreement. However, the support provided by Treasury pursuant to the Purchase Agreement currently enables us to maintain our access to the debt markets and to have adequate liquidity to conduct our normal business activities, although the costs of our debt funding could vary. Our ability to access funds from Treasury under the Purchase Agreement is critical to keeping us solvent. Our current business objectives reflect direction we have received from the Conservator (including the Conservatorship Scorecards). At the direction of the Conservator, we have made changes to certain business practices that are designed to provide support for the mortgage market in a manner that serves our public mission and other non-financial objectives but may not contribute to our profitability. Certain of these objectives are intended to help homeowners and the mortgage market and may help to mitigate future credit losses. Some of these initiatives affect our near- and long-term financial results. Given our public mission and the important role the Administration and our Conservator have placed on Freddie Mac in addressing housing and mortgage market conditions, we may be required to take actions that could have a negative impact on our business, operating results, or financial condition, and thus contribute to a need for additional draws under the Purchase Agreement. In October 2020, FHFA released its Strategic Plan for fiscal years 2021-2024. This new Strategic Plan establishes new goals needed for FHFA to fulfill its statutory duties, which include responsibly ending the conservatorships of Freddie Mac and Fannie Mae. This new Strategic Plan formalizes the new direction of FHFA, and its regulated entities, by updating FHFA's mission, vision, and values, and by establishing three new strategic goals: n Ensuring safe and sound regulated entities through world-class supervision; n Fostering competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets; and n Positioning FHFA as a model of operational excellence by strengthening its workforce and infrastructure. We continue to align our resources and internal business plans to meet the objectives provided to us by FHFA. Under the Purchase Agreement, we cannot return capital to stockholders other than Treasury, the holder of our senior preferred stock. Our future is uncertain, and the conservatorship has no specified termination date. We do not know what changes may occur to our business model during or following conservatorship, including whether we will continue to exist. Our Conservator has not made us aware of any plans to make any significant changes that would affect our ability to continue as a going concern. Our future structure and role will be determined by the Administration, Congress, and FHFA, and the goals of the current Congress and Administration with respect to Freddie Mac and the secondary mortgage market are unclear. It is possible, and perhaps likely, that there will be significant changes to our business beyond the near term. On January 14, 2021, we, acting through FHFA as our Conservator, and Treasury entered into a letter agreement to further amend the Purchase Agreement and the terms of the senior preferred stock. The January 2021 Letter Agreement establishes additional requirements for us to exit from conservatorship, including with respect to capital and the resolution of currently pending material litigation related to our conservatorship and the Purchase Agreement; allows us to (i) issue common stock after Treasury's exercise in full of its warrant to acquire 79.9% of common stock and resolution of currently pending material litigation relating to our conservatorship and the Purchase Agreement and (ii) use up to $70 billion in proceeds from such issuances to build capital; and imposes further limits on our business, including limits on our retained mortgage portfolio, cash window activities, and single-family and multifamily loan acquisitions. Pursuant to the January 2021 Letter Agreement, Treasury and Freddie Mac also commit to work to restructure Treasury’s investment and dividend amount in a manner that facilitates our orderly exit from conservatorship, ensures Treasury is appropriately compensated, and permits us to raise third-party capital and make distributions as appropriate. We are still evaluating the effect that the January 2021 Letter Agreement will have on our financial statements. Purchase Agreement and Warrant Overview On September 7, 2008, we, through FHFA, in its capacity as Conservator, entered into the Purchase Agreement with Treasury. The Purchase Agreement was subsequently amended and restated on September 26, 2008, and further amended on May 6, 2009, December 24, 2009, August 17, 2012, December 21, 2017, September 27, 2019, and January 14, 2021. The amount of available funding remaining under the Purchase Agreement was $140.2 billion as of December 31, 2020. This amount will be reduced by any future draws. The Purchase Agreement requires Treasury, upon the request of the Conservator, to provide funds to us after any quarter in which we have a negative net worth (that is, our total liabilities exceed our total assets, as reflected on our consolidated balance sheets). In addition, the Purchase Agreement requires Treasury, upon the request of the Conservator, to provide funds to us if the Conservator determines, at any time, that it will be mandated by law to appoint a receiver for us unless we receive these funds from Treasury. In exchange for Treasury's funding commitment, we issued to Treasury, as an aggregate initial commitment fee, one million shares of Variable Liquidation Preference Senior Preferred Stock (with an initial liquidation preference of $1 billion), which we refer to as the senior preferred stock, and a warrant to purchase, for a nominal price, shares of our common stock equal to 79.9% of the total number of shares of our common stock outstanding on a fully diluted basis at the time the warrant is exercised, which we refer to as the warrant. We received no cash proceeds or other consideration from Treasury for issuing the senior preferred stock or the warrant. The amount of any draw will be added to the aggregate liquidation preference of the senior preferred stock. Deficits in our net worth have made it necessary for us to make substantial draws on Treasury's funding commitment under the Purchase Agreement. Pursuant to the December 2017 Letter Agreement, the liquidation preference of the senior preferred stock increased by $3.0 billion on December 31, 2017, and pursuant to the September 2019 and January 2021 Letter Agreements, the liquidation preference of the senior preferred stock has and will be increased, at the end of each fiscal quarter, from September 30, 2019 through the Capital Reserve End Date, by an amount equal to the increase in the Net Worth Amount, if any, during the immediately prior fiscal quarter. As a result, the liquidation preference of the senior preferred stock increased from $84.1 billion on September 30, 2020 to $86.5 billion on December 31, 2020 based on the $2.4 billion increase in our Net Worth Amount during 3Q 2020 and will increase to $89.1 billion on March 31, 2021 based on the $2.5 billion increase in our Net Worth Amount during 4Q 2020. Under the Purchase Agreement, our ability to repay the liquidation preference of the senior preferred stock is limited, and we will not be able to do so for the foreseeable future, if at all. In addition to increases based on quarterly increases in our Net Worth Amount, as discussed above, the liquidation preference will increase if we receive additional draws under the Purchase Agreement or if any dividends or quarterly commitment fees payable under the Purchase Agreement are not paid in cash. Treasury, as the holder of the senior preferred stock, is entitled to receive quarterly cash dividends, when, as and if declared by our Board of Directors. The dividends we have paid to Treasury on the senior preferred stock have been declared by, and paid at the direction of, the Conservator, acting as successor to the rights, titles, powers, and privileges of the Board. Through December 31, 2012, the senior preferred stock accrued quarterly cumulative dividends at a rate of 10% per year. However, under the August 2012 amendment to the Purchase Agreement, the fixed dividend rate was replaced with a net worth sweep dividend beginning in the first quarter of 2013. Under the August 2012 amendment to the Purchase Agreement, for each quarter from January 1, 2013, the dividend payment will be the amount, if any, by which our Net Worth Amount at the end of the immediately preceding fiscal quarter, less the applicable Capital Reserve Amount, exceeds zero. The term Net Worth Amount is defined as the total assets of Freddie Mac (excluding Treasury's commitment and any unfunded amounts thereof), less our total liabilities (excluding any obligation in respect of capital stock), in each case as reflected on our consolidated balance sheets prepared in accordance with GAAP. If the calculation of the dividend payment for a quarter does not exceed zero, then no dividend will accrue or be payable for that quarter. Pursuant to the January 2021 Letter Agreement, the applicable Capital Reserve Amount from October 1, 2020 is the amount of adjusted total capital necessary to meet capital requirements and buffers set forth in the ERCF. This increased Capital Reserve Amount will remain in effect until the last day of the second fiscal quarter during which we have reached and maintained such level of capital (the Capital Reserve End Date). As a result, we will not be required to pay a dividend on the senior preferred stock to Treasury until we have built sufficient capital to meet the capital requirements and buffers set forth in the ERCF. If for any reason we were not to pay our dividend requirement on the senior preferred stock in full in any future period until the Capital Reserve End Date, the unpaid amount would be added to the liquidation preference and the applicable Capital Reserve Amount would thereafter be zero. Upon the Capital Reserve End Date, our quarterly senior preferred stock dividend requirement will be an amount equal to the lesser of (i) 10% per annum on the then-current liquidation preference of the senior preferred stock and (ii) a quarterly amount equal to the increase in the Net Worth Amount, if any, during the immediately prior fiscal quarter. If for any reason we were not to pay our dividend requirement on the senior preferred stock in full in any future period after the Capital Reserve End Date, the unpaid amount would be added to the liquidation preference and immediately following such failure and for all dividend periods thereafter until the dividend period following the date on which we shall have paid in cash full cumulative dividends, the dividend amount will be 12% per annum on the then-current liquidation preference of the senior preferred stock. The amounts payable for dividends on the senior preferred stock could be substantial and will have an adverse impact on our financial position and net worth. The senior preferred stock is senior in liquidation preference to our common stock and all other series of preferred stock. In addition to the issuance of the senior preferred stock and warrant, we are required under the Purchase Agreement to pay a quarterly commitment fee to Treasury. Under the Purchase Agreement, the fee was to be determined in an amount mutually agreed to by us and Treasury with reference to the market value of Treasury's funding commitment as then in effect. However, pursuant to the August 2012 amendment to the Purchase Agreement, as further amended by the January 2021 Letter Agreement, for each quarter commencing January 1, 2013, no periodic commitment fee under the Purchase Agreement will be set, accrue, or be payable. Pursuant to the January 2021 Letter Agreement, by the Capital Reserve End Date, we and Treasury, in consultation with the Chairman of the Federal Reserve, will mutually agree on a periodic commitment fee that we will pay for Treasury's remaining funding commitment with respect to the five-year period commencing on the first January 1 after the Capital Reserve End Date. The Purchase Agreement includes significant restrictions on our ability to manage our business, including limits on the amount of indebtedness we can incur, the size of our mortgage-related investments portfolio, our secondary market activities, and our single-family and multifamily loan acquisitions. The Purchase Agreement has an indefinite term and can terminate only in limited circumstances, which do not include the end of the conservatorship. The Purchase Agreement therefore could continue after the conservatorship ends. However, Treasury's consent is required for a termination of conservatorship other than in connection with receivership or under the limited circumstances specified in the Purchase Agreement as mandated by the January 2021 Letter Agreement involving maintenance of certain capital and resolution of currently pending material litigation related to our conservatorship and the Purchase Agreement. Treasury has the right to exercise the warrant, in whole or in part, at any time on or before September 7, 2028. Purchase Agreement Covenants The Purchase Agreement provides that, until the senior preferred stock is repaid or redeemed in full, we may not, without the prior written consent of Treasury: n Declare or pay any dividend (preferred or otherwise) or make any other distribution with respect to any Freddie Mac equity securities (other than with respect to the senior preferred stock or warrant); n Redeem, purchase, retire, or otherwise acquire any Freddie Mac equity securities (other than the senior preferred stock or warrant); n Sell or issue any Freddie Mac equity securities (other than the senior preferred stock, the warrant, and the common stock issuable upon exercise of the warrant; provided that issuance(s) of common stock with aggregate gross proceeds of up to $70.0 billion after Treasury's exercise in full of its warrant to acquire 79.9% of our common stock and resolution of currently pending material litigation relating to our conservatorship and the Purchase Agreement are permitted pursuant to the January 2021 Letter Agreement; and as required by the terms of any binding agreement in effect on the date of the Purchase Agreement); n Terminate the conservatorship (other than in connection with a receivership or under the limited circumstances specified in the Purchase Agreement as amended by the January 2021 Letter Agreement involving maintenance of certain capital and resolution of currently pending material litigation related to our conservatorship and the Purchase Agreement); n Sell, transfer, lease, or otherwise dispose of any assets, other than dispositions for fair market value: l To a limited life regulated entity (in the context of a receivership); l Of assets and properties in the ordinary course of business, consistent with past practice; l Of assets and properties having fair market value individually or in aggregate less than $250 million in one transaction or a series of related transactions; l In connection with our liquidation by a receiver; l Of cash or cash equivalents for cash or cash equivalents; or l To the extent necessary to comply with the covenant described below relating to the reduction of our mortgage-related investments portfolio; n Issue any subordinated debt; n Enter into a corporate reorganization, recapitalization, merger, acquisition, or similar event; or n Engage in transactions with affiliates unless the transaction is: l Pursuant to the Purchase Agreement, the senior preferred stock, or the warrant; l Upon arm's length terms; or l A transaction undertaken in the ordinary course or pursuant to a contractual obligation or customary employment arrangement in existence on the date of the Purchase Agreement. The Purchase Agreement also required us to reduce the UPB of our mortgage assets to a limit of $250 billion at December 31, 2018. Pursuant to the January 2021 Letter Agreement, the calculation of mortgage assets subject to the Purchase Agreement cap also includes 10% of the notional value of interest-only securities, and at the end of 2022, the Purchase Agreement cap on our mortgage-related investments portfolio will be lowered from $250 billion to $225 billion. Under the Purchase Agreement, we also may not, without the prior written consent of Treasury, incur indebtedness that would result in the par value of our aggregate indebtedness exceeding 120% of the amount of mortgage assets we are permitted to own on December 31 of the immediately preceding calendar year. Our debt cap under the Purchase Agreement is currently $300 billion and will decrease to $270 billion on January 1, 2023 as a result of the decrease in the mortgage assets limit under the Purchase Agreement to $225 billion on December 31, 2022 pursuant to the January 2021 Letter Agreement. The mortgage asset and indebtedness limitations are determined without giving effect to the changes to the accounting guidance for transfers of financial assets and consolidation of VIEs, under which we consolidated certain VIEs in our financial statements as of January 1, 2010. In addition, the Purchase Agreement provides that we may not enter into any new compensation arrangements or increase amounts or benefits payable under existing compensation arrangements of any named executive officer or other executive officer (as such terms are defined by SEC rules) without the consent of the Director of FHFA, in consultation with the Secretary of the Treasury. The Purchase Agreement also provides that, on an annual basis, we are required to deliver a risk management plan to Treasury setting out our strategy for reducing our enterprise-wide risk profile and the actions we will take to reduce the financial and operational risk associated with each of our reportable business segments. The Purchase Agreement, as amended by the January 2021 Letter Agreement, also established new covenants which placed additional restrictions on our secondary market activities and single-family and multifamily loan acquisitions: n Secondary Market Activities - We cannot vary the pricing or any other term of the acquisition of a single-family loan based on the size, charter type, or volume of business of the seller of the loan and are required to: l Purchase loans for cash consideration; l Operate this cash window with non-discriminatory pricing; l Beginning on January 1, 2022, limit the volume purchased through the cash window to $1.5 billion per lender during any period comprising four calendar quarters; and l Comply with directives, regulations, restrictions, or other requirements prescribed by FHFA related to equitable secondary market access by community lenders. n Multifamily New Business Activity - We are required to cap multifamily loan purchases at $80 billion in any 52-week period, subject to annual adjustment by FHFA based on changes in the Consumer Price Index. At least 50% of our multifamily loan purchases in any calendar year must be, at the time of acquisition, classified as mission-driven pursuant to FHFA guidelines. n Single-Family Loan Acquisitions - We are required to limit our acquisition of certain single-family mortgage loans. l A maximum of 6% of purchase money mortgages and 3% of refinance mortgages over the preceding 52-week period can have two or more of the following characteristics at origination: combined LTV ratio greater than 90%; DTI ratio greater than 45%; and FICO or equivalent credit score less than 680. l We are required to limit acquisitions of single-family mortgage loans secured by either second homes or investment properties to 7% of the single-family mortgage loan acquisitions over the preceding 52-week period. l Subject to such exceptions as FHFA may prescribe to permit us to acquire single-family mortgage loans that are currently eligible for acquisition, we are required to implement by July 1, 2021 a program reasonably designed to ensure that each single-family mortgage is: – A qualified mortgage; – Exempt from the CFPB’s ability-to-repay requirements; – Secured by an investment property, subject to the restrictions above; – A refinancing with streamlined underwriting for high LTV ratios; – A loan with temporary underwriting flexibilities due to exigent circumstances, as determined in consultation with FHFA; or – Secured by manufactured housing. In addition, the Purchase Agreement requires us to comply with the ERCF as currently in effect, disregarding any subsequent amendment or other modification to that rule. We continue to assess the effects of these new Purchase Agreement covenants on our business, and we are developing related business processes and controls, including with respect to monitoring and reporting. Warrant Covenants The warrant we issued to Treasury includes, among others, the following covenants: n Our SEC filings under the Exchange Act will comply in all material respects as to form with the Exchange Act and the rules and regulations thereunder; n Without the prior written consent of Treasury, we may not permit any of our significant subsidiaries to issue capital stock or equity securities, or securities convertible into or exchangeable for such securities, or any stock appreciation rights or other profit participation rights to any person other than Freddie Mac or its wholly-owned subsidiaries; n We may not take any action that will result in an increase in the par value of our common stock; n Unless waived or consented to in writing by Treasury, we may not take any action to avoid the observance or performance of the terms of the warrant and we must take all actions necessary or appropriate to protect Treasury's rights against impairment or dilution; and n We must provide Treasury with prior notice of specified actions relating to our common stock, such as setting a record date for a dividend payment, granting subscription or purchase rights, authorizing a recapitalization, reclassification, merger or similar transaction, commencing a liquidation of the company, or any other action that would trigger an adjustment in the exercise price or number or amount of shares subject to the warrant. Termination Provisions The Purchase Agreement provides that the Treasury's funding commitment will terminate under any of the following circumstances: n The completion of our liquidation and fulfillment of Treasury's obligations under its funding commitment at that time; n The payment in full of, or reasonable provision for, all of our liabilities (whether or not contingent, including mortgage guarantee obligations); and n The funding by Treasury of the maximum amount of the commitment under the Purchase Agreement. In addition, Treasury may terminate its funding commitment and declare the Purchase Agreement null and void if a court vacates, modifies, amends, conditions, enjoins, stays, or otherwise affects the appointment of the Conservator or otherwise curtails the Conservator's powers. Treasury may not terminate its funding commitment under the Purchase Agreement solely by reason of our being in conservatorship, receivership or other insolvency proceeding, or due to our financial condition or any adverse change in our financial condition. Waivers and Amendments The Purchase Agreement provides that most provisions of the agreement may be waived or amended by mutual written agreement of the parties; however, no waiver or amendment of the agreement is permitted that would decrease Treasury's aggregate funding commitment or add conditions to Treasury's funding commitment if the waiver or amendment would adversely affect in any material respect the holders of our debt securities or mortgage guarantee obligations. Third-Party Enforcement Rights In the event of our default on payments with respect to our debt securities or mortgage guarantee obligations, if Treasury fails to perform its obligations under its funding commitment and if we and/or the Conservator are not diligently pursuing remedies in respect of that failure, the holders of these debt securities or mortgage guarantee obligations may file a claim in the United States Court of Federal Claims for relief requiring Treasury to fund to us the lesser of: n The amount necessary to cure the payment defaults on our debt securities and mortgage guarantee obligations and n The lesser of: l The deficiency amount and l The maximum amount of the commitment less the aggregate amount of funding previously provided under the commitment. Any payment that Treasury makes under those circumstances will be treated for all purposes as a draw under the Purchase Agreement that will increase the liquidation preference of the senior preferred stock. Impact of Conservatorship and Related Developments on the Mortgage-Related Investments Portfolio In February 2019, FHFA directed us to maintain the mortgage-related investments portfolio at or below $225 billion at all times. We began including 10% of the notional value of certain interest-only securities owned by Freddie Mac in the calculation of this portfolio during 1Q 2020 as instructed by FHFA in November 2019. Pursuant to the January 2021 Letter Agreement, the Purchase Agreement cap on our mortgage-related investments portfolio will be lowered from $250 billion to $225 billion at the end of 2022, and the calculation of mortgage assets subject to the cap will include 10% of the notional value of interest-only securities. The UPB of this portfolio was $188.8 billion at December 31, 2020, including $6.6 billion representing 10% of the notional amount of the interest-only securities we held as of December 31, 2020. Our ability to acquire and sell mortgage assets continues to be significantly constrained by limitations imposed by the Purchase Agreement and FHFA. With respect to the composition of our mortgage-related investments portfolio, in August 2020, FHFA instructed us to: (1) reduce the amount of agency MBS we hold to no more than $50 billion by June 30, 2021 and no more than $20 billion by June 30, 2022, with all dollar caps to be based on UPB; and (2) reduce the UPB of our existing portfolio of collateralized mortgage obligations (CMOs), which are also sometimes referred to as REMICs, to zero by June 30, 2021. We will have a holding period limit to sell any new CMO tranches created but not sold at issuance. CMOs do not include tranches initially retained from reperforming loans senior subordinate securitization structures. Government Support for Our Business We receive substantial support from Treasury and are dependent upon its continued support in order to continue operating our business. Our ability to access funds from Treasury under the Purchase Agreement is critical to: n Keeping us solvent; n Allowing us to focus on our primary business objectives under conservatorship; and n Avoiding the appointment of a receiver by FHFA under statutory mandatory receivership provisions. At September 30, 2020, our assets exceeded our liabilities under GAAP; therefore, FHFA did not request a draw on our behalf and, as a result, we did not receive any funding from Treasury under the Purchase Agreement during the three months ended December 31, 2020. Since conservatorship began through December 31, 2020, we have paid cash dividends of $119.7 billion to Treasury at the direction of the Conservator. At December 31, 2020, our assets exceeded our liabilities under GAAP. As a result, FHFA will not submit a draw request from Treasury on our behalf. Based on our Net Worth Amount at December 31, 2020 and the applicable Capital Reserve Amount, we will not have a dividend requirement to Treasury in March 2021. Additionally, in recent years, the Federal Reserve purchased significant amounts of mortgage-related securities issued by us, Fannie Mae and Ginnie Mae. See Note 9 and Note 13 for more information on the conservatorship and the Purchase Agreement. Related Parties as a Result of Conservatorship As a result of our issuance to Treasury of the warrant to purchase shares of our common stock equal to 79.9% of the total number of shares of our common stock outstanding, on a fully diluted basis, we are deemed a related party to the U.S. government. During the years ended December 31, 2020, 2019, and 2018, no transactions outside of normal business activities have occurred between us and the U.S. government (or any of its related parties), except for the following: n The transactions with Treasury discussed above in Purchase Agreement and Warrant and Government Support for Our Business ; n The transactions entered into whereby we and Fannie Mae, in conjunction with Treasury, provided assistance to state and local HFAs. Treasury will reimburse Freddie Mac for initial guarantee losses on these transactions; n The transactions discussed in Note 4 , Note 9 , and Note 13 ; and n The allocation or transfer of 4.2 basis points of each dollar of new business purchases to certain housing funds as required under the GSE Act. In addition, we are deemed a related party with Fannie Mae as both we and Fannie Mae have the same relationships with FHFA and Treasury. All transactions between us and Fannie Mae have occurred in the normal course of business in conservatorship. In October 2013, FHFA announced the formation of CSS. CSS is a limited liability company equally-owned by Freddie Mac and Fannie Mae, and CSS is also deemed a related party. In connection with the formation of CSS, we entered into a limited liability company (LLC) agreement with Fannie Mae. Additionally, we and Fannie Mae each appointed two executives to the CSS Board of Managers and signed governance and operating agreements for CSS, including an updated customer services agreement with Fannie Mae and CSS in May 2019. In June 2019, we entered into an agreement with Fannie Mae regarding the commingling of certain of our mortgage securities and related indemnification obligations. During the year ended December 31, 2020, we contributed $88 million of capital to CSS, and we have contributed $658 million since the fourth quarter of 2014. The carrying value of our investment in CSS was $16 million and $35 million as of December 31, 2020 and December 31, 2019, respectively, and was included in other assets on our consolidated balance sheets. In January 2020, FHFA directed Freddie Mac and Fannie Mae to amend the LLC agreement for CSS to change the structure of the Board of Managers (CSS Board). The revised LLC agreement also removed the requirement that any CSS Board decision must be approved by at least one of the CSS Board members appointed by Freddie Mac and one appointed by Fannie Mae. These amendments reduce Freddie Mac’s and Fannie Mae’s ability to control CSS Board decisions, even after conservatorship, including decisions about strategy, business operations, and funding. Under the revised CSS LLC agreement, the CSS Board will continue to include two Freddie Mac and two Fannie Mae representatives, and it will also include two additional members: the Chief Executive Officer of CSS and an independent, non-Executive Chair. During conservatorship, the CSS Board Chair shall be designated by FHFA, and all CSS Board decisions will require the affirmative vote of the Board Chair. During conservatorship, FHFA also may appoint up to three additional independent members to the CSS Board, who

Securitization Activities and C

Securitization Activities and Consolidation	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SECURITIZATION ACTIVITIES AND CONSOLIDATION	Securitization Activities and Consolidation Our primary business activities in our Single-family Guarantee and Multifamily segments involve the securitization of loans or other mortgage-related assets using trusts that are VIEs. These trusts issue beneficial interests in the loans or other mortgage-related assets that they own. We guarantee the principal and interest payments on some or all of the issued beneficial interests in substantially all of our securitization transactions. See Note 5 for additional information on our guarantee activities. We also use trusts that are VIEs in certain single-family credit risk transfer products. We consolidate VIEs when we have a controlling financial interest in the VIE and are therefore considered the primary beneficiary of the VIE. We are the primary beneficiary of a VIE when we have both the power to direct the activities of the VIE that most significantly impact its economic performance and exposure to losses or benefits of the VIE that could potentially be significant to the VIE. We evaluate whether we are the primary beneficiary of VIEs in which we have interests at both inception and on an ongoing basis, and the primary beneficiary determination may change over time as our interest in the VIE changes. We do not believe the maximum exposure to loss from our involvement with VIEs for which we are not the primary beneficiary discussed below is representative of the actual loss we are likely to incur, based on our historical loss experience and after consideration of proceeds from related collateral liquidation, including possible recoveries under credit enhancements. See Note 8 for additional information on credit enhancements. Certain of our interest-rate risk-related guarantees to VIEs for which we are not the primary beneficiary may create exposure to loss that is unlimited. We account for these interest-rate risk-related guarantees at fair value as discussed further in Note 5 and generally reduce our exposure to these guarantees with unlimited interest rate exposure through separate derivative contracts with third parties. See Note 10 for additional information on derivatives. Securitization Activities Single-family Guarantee Level 1 Securitization Products Level 1 Securitization Products consist of UMBS, 55-day MBS, and PCs, which are all pass-through debt securities that represent undivided beneficial interests in a pool of loans held by a securitization trust. All Level 1 Securitization Products are backed only by mortgage loans we have acquired. We serve as both administrator and guarantor for these trusts. As administrator, we have the right to establish servicing terms and direct loss mitigation activities for the loans held by these trusts. As guarantor, we guarantee the payment of principal and interest on these securities in exchange for a guarantee fee, and we have the right to purchase delinquent loans from the trust to help improve the economic performance of the trust. We absorb all credit losses of these trusts through our guarantee of the principal and interest payments. The economic performance of these trusts is most significantly affected by the performance of the underlying loans. Our rights as administrator and guarantor provide us with the power to direct the activities that most significantly affect the performance of the underlying loans. We also have the obligation to absorb losses of these trusts that could potentially be significant through our guarantee of principal and interest payments. Accordingly, we concluded that we are the primary beneficiary of, and therefore, consolidate these trusts. Loans held by these trusts are recognized on our consolidated balance sheets as mortgage loans held-for-investment. The corresponding securities held by third parties are recognized on our consolidated balance sheets as debt. We extinguish the outstanding debt securities of the related consolidated trust and recognize gains or losses on debt extinguishment for the difference between the consideration paid and the debt carrying value when we purchase these securities as investments in our mortgage-related investments portfolio. Sales of these securities that were previously held as investments in our mortgage-related investments portfolio are accounted for as debt issuances. We no longer issue securities with a 45-day payment delay. As a result, we are offering an optional exchange program for security holders to exchange certain existing fixed-rate Gold PCs and Giant PCs for corresponding UMBS and other applicable 55-day payment delay Freddie Mac securities. We make a one-time payment to exchanging security holders for the value of the 10 additional days of payment delay based on float compensation rates we calculate. When existing PCs are exchanged for UMBS or 55-day MBS under our exchange program, we account for the exchange as a debt modification, as the terms of the securities are not substantially different and the exchange does not result in a change in the creditor. The float compensation we pay in conjunction with the exchange is deferred as a basis adjustment to the debt and amortized into interest expense over the remaining life of the debt. See Note 4 and Note 9 for additional information on loans and debt securities of consolidated trusts. At December 31, 2020 and December 31, 2019, we were the primary beneficiary of, and therefore consolidated, Level 1 securitization trusts with assets totaling $2.3 trillion and $1.9 trillion, respectively. During 2020 and 2019, we issued approximately $1.1 trillion and $0.4 trillion, respectively, of guaranteed Level 1 Securitization Products. Our exposure for guarantees to consolidated securitization trusts is generally equal to the UPB of the loans recorded on our consolidated balance sheets. Resecuritization Products We create resecuritization products primarily by using Level 1 Securitization Products or our previously issued resecuritization products (or similar TBA-eligible products issued and guaranteed by Fannie Mae) as the underlying collateral. In a typical resecuritization transaction, previously issued Level 1 Securitization Products or resecuritization products are transferred to a resecuritization trust that issues beneficial interests in the underlying collateral. We establish parameters that define eligibility standards for assets that may be used as collateral for each of our resecuritization programs. Resecuritization products can then be created based on the parameters that we have established. Similar to our Level 1 Securitization Products, we guarantee the full payment of principal and interest to the investors in our resecuritization products. When we issue resecuritization products that do not use Fannie Mae securities as collateral, we do not assume any incremental credit risk as we have already guaranteed the underlying assets. When we issue commingled resecuritization products, our guarantee of the Fannie Mae securities used as collateral creates incremental exposure to loss, but we view the likelihood of being required to perform on our guarantee as remote due to Fannie Mae's status as a GSE and the funding commitment available to it through its senior preferred stock purchase agreement with Treasury. We have the ability to commingle TBA-eligible Fannie Mae collateral in certain of our resecuritization products. When we resecuritize Fannie Mae securities in our commingled resecuritization products, our guarantee covers timely payment of principal and interest on such products from underlying Fannie Mae securities. If Fannie Mae were to fail to make a payment on a Fannie Mae security that we resecuritized, we would be responsible for making the payment. We do not charge an incremental guarantee fee to commingle Fannie Mae collateral in resecuritization transactions. The main types of resecuritization products we create are single-class resecuritization products (Supers, Giant MBS, and Giant PCs) and multiclass resecuritization products (REMICs and Strips). n Single-class resecuritization products - These securities are direct pass-throughs of the cash flows of the underlying collateral, which may be previously issued Level 1 Securitization Products or single-class resecuritization products (or similar TBA-eligible products issued and guaranteed by Fannie Mae). We do not consolidate these securities as their resecuritization does not result in any new or incremental risk to the holders of the securities issued by the resecuritization trust and because we are not exposed to any incremental rights to receive benefits or obligations to absorb losses that could be significant to the resecuritization trust. We account for purchases of single-class resecuritization products that we issue that are substantially the same as the underlying collateral as debt extinguishment of a pro-rata portion of the underlying Level 1 Securitization Product. We account for purchases of single-class resecuritization products that we issue that are not considered substantially the same as the underlying collateral as investments in debt securities. Single-class resecuritization products that we issue that are backed entirely by Freddie Mac collateral are considered substantially the same as the underlying collateral, while commingled single-class resecuritization products that we issue are not considered substantially the same as the underlying collateral. n Multiclass resecuritization products - These securities are multiclass resecuritizations of the cash flows of the underlying collateral, which may be previously issued Level 1 Securitization Products, single-class resecuritization products, or multiclass resecuritization products (or similar TBA-eligible products issued and guaranteed by Fannie Mae). The activity that most significantly impacts the economic performance of our multiclass resecuritization trusts is typically the initial design and structuring of the trust. Substantially all multiclass resecuritization trusts are created as part of customer-driven transactions in which an investor or dealer participates in the decisions made during the design and establishment of the trust. As a result, we do not have the unilateral ability to direct the activities of our multiclass resecuritization trusts that most significantly impact the economic performance of those trusts. In addition, unless we retain a portion of the issued multiclass resecuritization products, we do not have the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts because we have already provided a guarantee on the underlying assets. As a result, we have concluded that we are not the primary beneficiary of our multiclass resecuritization trusts and, therefore, do not consolidate those trusts. Because we (or Fannie Mae) have already guaranteed the underlying assets, we do not receive any incremental guarantee fees in exchange for our guarantee, and, accordingly, we do not recognize any additional guarantee assets, guarantee obligations or reserves for guarantee losses related to multiclass resecuritization trusts. Instead, we receive a one-time transaction fee which represents compensation for both the structuring and creation of the securities and for our ongoing administrative responsibilities to service the securities. We recognize the portion of the transaction fee related to creation of the securities immediately in earnings. We defer the portion of the fee related to ongoing administrative responsibilities and amortize it over the life of the associated trust. When we purchase a multiclass resecuritization product as an investment in our mortgage-related investments portfolio, we generally record the security as an investment in debt securities rather than extinguishment of debt since we are generally investing in the debt securities of a nonconsolidated entity. We do not consolidate multiclass resecuritization trusts in which we hold variable interests, as we are not deemed to be the primary beneficiary of the trusts, unless we have the unilateral ability to liquidate the trust. Similarly, sales of multiclass resecuritization products previously held as investments in our mortgage-related investments portfolio are accounted for as sales of investments in debt securities. See Note 6 for additional information on accounting for investments in debt securities. With the exception of commingled securities, our investments in and guarantees of securities issued by resecuritization trusts for which we are not the primary beneficiary typically do not create any incremental exposure to loss because we already guarantee and consolidate the underlying collateral. The fair value of these investments in our resecuritization trusts for which we are not the primary beneficiary was $28.5 billion and $37.9 billion as of December 31, 2020 and December 31, 2019, respectively. While our guarantee of Fannie Mae securities underlying commingled resecuritization products creates incremental exposure to loss, we view the likelihood of being required to perform on our guarantee as remote due to Fannie Mae’s status as a GSE and the funding commitment available to it through its senior preferred stock purchase agreement with Treasury. The UPB of Fannie Mae securities underlying commingled Freddie Mac resecuritization trusts for which we are not the primary beneficiary totaled $85.3 billion and $26.8 billion as of December 31, 2020 and December 31, 2019, respectively. See Note 5 for additional information on our guarantee of Fannie Mae securities. Senior Subordinate Securitization Structures We are the primary beneficiary of and, therefore, consolidate our single-family senior subordinate securitization structures backed by recently originated loans because we have both the ability to direct the loss mitigation activities of the underlying loans and the obligation to absorb credit losses through our guarantee of the issued senior securities. As a result, we consolidated the trusts used in these senior subordinate securitization structures with underlying assets totaling $8.9 billion and $19.9 billion, at December 31, 2020 and December 31, 2019, respectively. We no longer issue these products on a regular basis. We do not consolidate our single-family senior subordinate securitization structures backed by seasoned loans because we do not have the ability to direct the loss mitigation activities of the underlying loans, which is the most significant activity affecting the economic performance of the VIE. For those securitizations that we do not consolidate where we sell loans to the VIE, we derecognize the transferred loans and account for our guarantee to the nonconsolidated VIE. We account for our investments in the beneficial interests issued by the nonconsolidated VIE, if any, as investments in debt securities. During 2020 and 2019, we issued approximately $7.0 billion and $11.2 billion, respectively, of guaranteed securities in these senior subordinate securitization structures for which a guarantee asset and guarantee obligation were generally recognized. The maximum exposure to loss for our single-family senior subordinate securitization structures for which we are not the primary beneficiary totaled $28.1 billion and $24.3 billion at December 31, 2020 and December 31, 2019, respectively, and represents the guaranteed UPB of the assets held by these unconsolidated VIEs. The total assets of these unconsolidated VIEs totaled $33.7 billion and $28.8 billion at December 31, 2020 and December 31, 2019, respectively. Other Securitization Products We are the primary beneficiary of and, therefore, consolidate the trusts used to issue our single-family other securitization products when we have the ability to direct the activities that most significantly affect the economic performance of the trusts and we have the obligation to absorb credit losses through our guarantee of some or all of the issued securities. As a result, we consolidated trusts used to issue these products with underlying assets totaling $2.3 billion and $2.8 billion at December 31, 2020 and December 31, 2019, respectively. We do not consolidate the trusts used to issue our single-family other securitization products that do not meet these conditions. The maximum exposure to loss for these single-family securitizations for which we are not the primary beneficiary totaled $1.7 billion and $2.5 billion at December 31, 2020 and December 31, 2019, respectively. The total assets of these unconsolidated VIEs totaled $1.8 billion and $2.6 billion at December 31, 2020 and December 31, 2019, respectively. We have not entered into single-family other securitization products in several years. Multifamily K Certificates In a K Certificate transaction, we sell multifamily loans to a non-Freddie Mac securitization trust that issues senior, mezzanine, and subordinate securities, and simultaneously purchase and place the senior securities into a Freddie Mac securitization trust that issues guaranteed K Certificates. In these transactions, we guarantee the senior securities issued by the Freddie Mac securitization trust and do not issue or guarantee the mezzanine or subordinate securities issued by the non-Freddie Mac securitization trust. We receive a guarantee fee in exchange for our guarantee. We serve as guarantor of our K Certificate trusts and, from time to time, as master servicer. However, in contrast to single-family transactions, the rights to direct loss mitigation activities of the underlying loans and to purchase delinquent loans from the securitization trust are generally held by the investor in the most subordinate remaining securities issued by the non-Freddie Mac trust, and therefore we do not have any power to direct those activities unless we are the investor in the most subordinate remaining securities. We do not typically invest in the subordinate securities issued in K Certificate transactions. The economic performance of our K Certificate trusts is most significantly affected by the performance of the underlying loans. Because our rights in a K Certificate transaction do not provide us with the power to direct the activities that most significantly affect the performance of the underlying loans if we do not hold the most subordinate remaining securities, we are not the primary beneficiary of our K Certificate trusts and, therefore, do not consolidate those trusts. When we sell loans in a K Certificate transaction, we derecognize the transferred loans and account for our guarantee to the nonconsolidated K Certificate trust. We account for our investments in the beneficial interests issued by the trusts used in our K Certificate transactions as investments in debt securities. During 2020 and 2019, we issued approximately $55.6 billion and $53.6 billion, respectively, of K Certificates for which a guarantee asset and guarantee obligation were generally recognized. The maximum exposure to loss for our K Certificate securitizations for which we are not the primary beneficiary totaled $253.0 billion and $220.7 billion at December 31, 2020 and December 31, 2019, respectively, and primarily represents the UPB of the beneficial interests that we have guaranteed. The total assets of these nonconsolidated VIEs totaled $291.3 billion and $256.9 billion at December 31, 2020 and December 31, 2019, respectively. SB Certificates In SB Certificate transactions, we securitize multifamily small balance loans using a non-Freddie Mac SB Certificate trust that issues senior classes of securities that we guarantee, as well as subordinated classes of securities that we do not guarantee. Similar to our K Certificate transactions, we are not the primary beneficiary of and, therefore, do not consolidate our SB Certificate trusts, as we do not have the ability to direct loss mitigation activities of the underlying loans, which is the most significant activity affecting the economic performance of the VIE. In a typical SB Certificate transaction, we sell loans to a SB Certificate trust, derecognize the transferred loans and account for our guarantee to the nonconsolidated SB Certificate trust. We account for our investments in the beneficial interests issued by nonconsolidated SB Certificate trusts as investments in debt securities. During 2020 and 2019, we issued approximately $4.4 billion and $6.2 billion, respectively, of SB Certificates for which a guarantee asset and guarantee obligation were recognized. The maximum exposure to loss for our SB Certificate securitizations for which we are not the primary beneficiary totaled $21.5 billion and $19.4 billion at December 31, 2020 and December 31, 2019, respectively, and primarily represents the UPB of the beneficial interests that we have guaranteed. The total assets of these nonconsolidated VIEs totaled $23.9 billion and $21.6 billion at December 31, 2020 and December 31, 2019, respectively. Other Securitization Products We are the primary beneficiary of and, therefore, consolidate the trusts used to issue certain of our other securitization products because we have the ability to direct the activities that most significantly affect the economic performance of the trusts and we have the obligation to absorb credit losses through our guarantee of some or all of the issued securities. As a result, we consolidated trusts used in these other securitization products with underlying assets totaling $14.3 billion and $8.7 billion at December 31, 2020 and December 31, 2019, respectively. During 2020 and 2019, we issued approximately $6.0 billion and $4.0 billion, respectively, of other securitization products that we consolidated. We do not consolidate the trusts used to issue our other securitization products when we do not meet the above conditions. For those products, we account for our guarantee to the nonconsolidated VIE. We issued approximately $3.1 billion of these securities, during both 2020 and 2019, for which a guarantee asset and guarantee obligation were generally recognized. The maximum exposure to loss for our other securitization products for which we are not the primary beneficiary totaled $14.9 billion and $14.0 billion at December 31, 2020 and December 31, 2019, respectively, and primarily represents the UPB of the beneficial interests that we have guaranteed. The total assets of these nonconsolidated VIEs totaled $16.9 billion and $16.0 billion at December 31, 2020 and December 31, 2019, respectively. CRT Activities STACR Trust Notes Consolidated VIEs We consolidated the VIEs for which we are the primary beneficiary as discussed above. Our exposure on debt securities of consolidated trusts represents our liability to third parties that hold beneficial interests in our consolidated securitization trusts. When we consolidate a VIE, we recognize the assets and liabilities of the VIE on our consolidated balance sheets and account for those assets and liabilities based on the applicable GAAP for each specific type of asset or liability. Assets and liabilities that we transfer to a VIE at, after or shortly before the date we become the primary beneficiary of the VIE are initially measured at the same amounts that they would have been measured if they had not been transferred, and no gain or loss is recognized on these transfers. For all other VIEs that we consolidate, we recognize the assets and liabilities of the VIE at fair value, and we recognize a gain or loss for the difference between: n The sum of the fair value of the consideration paid, the fair value of any noncontrolling interests, and the reported amount of any previously held interests and n The net fair value of the assets and liabilities recognized. Guarantees to consolidated VIEs are eliminated in consolidation and are therefore not separately recognized on our consolidated balance sheets. The table below presents the carrying value and classification of the assets and liabilities of consolidated VIEs on our consolidated balance sheets. Table 3.1 - Consolidated VIEs (In millions) December 31, 2020 December 31, 2019 Consolidated Balance Sheet Line Item Assets: Cash and cash equivalents (includes $17,289 and $869 of restricted cash and cash equivalents) $17,290 $870 Securities purchased under agreements to resell 38,487 23,137 Investment securities, at fair value 591 597 Mortgage loans held-for-investment 2,273,347 1,940,523 Accrued interest receivable, net 7,134 6,170 Other assets 20,480 9,824 Total assets of consolidated VIEs $2,357,329 $1,981,121 Liabilities: Accrued interest payable $5,610 $5,536 Debt 2,308,176 1,898,355 Other liabilities — 1 Total liabilities of consolidated VIEs $2,313,786 $1,903,892 Nonconsolidated VIEs The following table presents the carrying amounts and classification of the assets and liabilities recorded on our consolidated balance sheets related to VIEs for which we are not the primary beneficiary and with which we were involved in the design and creation and have a significant continuing involvement. Our involvement with such VIEs primarily consists of investments in debt securities issued by resecuritization trusts and guarantees of senior securities issued by certain Multifamily securitization trusts. Table 3.2 - Nonconsolidated VIEs (In millions) December 31, 2020 December 31, 2019 Assets and Liabilities Recorded on our Consolidated Balance Sheets (1) Assets: Investment securities, at fair value $28,459 $37,918 Accrued interest receivable, net 239 212 Derivative assets, net 61 14 Other assets 5,553 3,951 Liabilities: Derivative liabilities, net 47 108 Other liabilities 4,515 3,761 (1) Includes our variable interests in REMICs and Strips, K Certificates, SB Certificates, certain senior subordinate securitization structures, and other securitization products that we do not consolidate. We also obtain interests in various other entities created by third parties through the normal course of business that may be VIEs, such as through our investments in certain non-Freddie Mac mortgage-related securities, purchases of multifamily loans, guarantees of multifamily housing revenue bonds, as a derivative counterparty or through other activities. To the extent that we were not involved in the design or creation of these VIEs, they are excluded from the table above. Our interests in these VIEs are generally passive in nature and are not expected to result in us obtaining a controlling financial interest in these VIEs in the future. As a result, we do not consolidate these VIEs and we account for our interests in these VIEs in the same manner that we account for our interests in other third-party transactions. See Note 6 for additional information regarding our investments in non-Freddie Mac mortgage-related securities. See Note 4 for more information regarding multifamily loans.

Mortgage Loans and Loan Loss Re

Mortgage Loans and Loan Loss Reserves	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOANS AND LOAN LOSS RESERVES	Mortgage LoansOn January 1, 2020, we adopted CECL, which changed certain of our significant accounting policies for mortgage loans held- for-investment, as discussed further in the sections below. The table below provides details of the loans on our consolidated balance sheets as of December 31, 2020 and December 31, 2019. Table 4.1 - Mortgage Loans December 31, 2020 December 31, 2019 (In millions) Single-family Multifamily Total Single-family Multifamily Total Held-for-sale UPB $10,702 $23,789 $34,491 $18,543 $18,954 $37,497 Cost basis and fair value adjustments, net (1,637) 798 (839) (2,800) 591 (2,209) Total held-for-sale loans, net 9,065 24,587 33,652 15,743 19,545 35,288 Held-for-investment UPB 2,271,576 21,923 2,293,499 1,938,282 17,473 1,955,755 Cost basis adjustments 62,415 54 62,469 33,375 16 33,391 Allowance for credit losses (5,628) (104) (5,732) (4,222) (12) (4,234) Total held-for-investment loans, net 2,328,363 21,873 2,350,236 1,967,435 17,477 1,984,912 Total mortgage loans, net $2,337,428 $46,460 $2,383,888 $1,983,178 $37,022 $2,020,200 We own both single-family loans, which are secured by one to four unit residential properties, and multifamily loans, which are secured by properties with five or more residential rental units. Our single-family loans are predominantly first lien, fixed-rate loans secured by the borrower's primary residence. We do not typically acquire loans that have experienced more-than-insignificant deterioration in credit quality since origination as of our acquisition date, although we may acquire such loans in connection with certain of our securitization activities or other mortgage-related guarantees. In addition, in April 2020, we announced that we would temporarily purchase certain single-family mortgage loans that have entered into forbearance as a result of borrower hardship caused by the COVID-19 pandemic. Our purchases of such loans have been insignificant. Upon acquisition, we classify a loan as either held-for-investment or held-for-sale. Loans that we have the ability and intent to hold for the foreseeable future, including loans held by consolidated trusts and loans we intend to securitize using an entity we will consolidate, are classified as held-for-investment. Loans that we intend to sell are classified as held-for-sale. Held-for-investment loans for which we have not elected the fair value option are reported on our consolidated balance sheets at their amortized cost basis, net of the allowance for credit losses. The amortized cost basis is based on a loan's outstanding UPB, net of deferred fees and other cost basis adjustments (including unamortized premiums and discounts, fees we receive or pay when we acquire loans, commitment-related derivative basis adjustments, and other pricing adjustments), excluding accrued interest receivable. Accrued interest receivable for both held-for-investment and held-for-sale loans is separately presented on our consolidated balance sheets and excluded for the purposes of disclosure of the amortized cost basis of mortgage loans held-for-investment. Held-for-sale loans for which we have not elected the fair value option are reported at lower-of-cost-or-fair-value determined on an individual loan basis on our consolidated balance sheets. Any excess of a held-for-sale loan's cost over its fair value is recognized as a valuation allowance in investment gains (losses), net on our consolidated statements of comprehensive income, with subsequent changes in this valuation allowance also being recorded in investment gains (losses), net. Premiums, discounts, and other cost basis adjustments (including lower-of-cost-or-fair-value adjustments) are deferred and not amortized. We elect the fair value option for certain multifamily loans that are originally classified as held-for-sale. Loans for which we have elected the fair value option are measured at fair value on a recurring basis, with subsequent gains or losses related to changes in fair value reported in investment gains (losses), net on our consolidated statements of comprehensive income. All fees, upfront costs, and other cost basis adjustments are recognized in earnings as incurred. Cash flows related to loans originally classified as held-for-investment are classified as either investing activities (e.g., principal repayments) or operating activities (e.g., interest payments received from borrowers included within net income (loss)) on our consolidated statements of cash flows. Cash flows related to loans originally classified as held-for-sale are classified as operating activities on our consolidated statements of cash flows. The table below provides details of the UPB of loans we purchased, reclassified from held-for-investment to held-for-sale, and sold during the periods presented. Table 4.2 - Loans Purchased, Reclassified from Held-for-Investment to Held-for-Sale, and Sold Year Ended December 31, (In billions) 2020 2019 2018 Single-family: Purchases Held-for-investment loans $1,085.9 $451.2 $307.7 Reclassified from held-for-investment to held-for-sale (1) 4.6 13.6 21.7 Sale of held-for-sale loans (2) 9.0 13.1 10.2 Multifamily: Purchases Held-for-investment loans 9.6 9.5 5.0 Held-for-sale loans 69.7 65.3 70.3 Reclassified from held-for-investment to held-for-sale (1) 2.7 1.9 1.8 Sale of held-for-sale loans (3) 66.7 71.3 68.1 (1) We reclassify loans from held-for-investment to held-for-sale when we no longer have both the intent and ability to hold for the foreseeable future. For additional information regarding the fair value of our loans classified as held-for-sale, see Note 19 . (2) Our sales of single-family loans reflect the sale of seasoned single-family mortgage loans. (3) Our sales of multifamily loans occur primarily through the issuance of multifamily K Certificates and SB Certificates. See Note 3 for more information on our K Certificates and SB Certificates. Reclassifications We reclassify loans from held-for-investment to held-for-sale when we no longer have both the intent and ability to hold the loan for the foreseeable future. Upon reclassification from held-for-investment to held-for-sale, we perform a collectability assessment. When we determine that a loan to be reclassified has experienced more-than-insignificant deterioration in credit quality since origination, the excess of the loan’s amortized cost basis over its fair value is written off against the allowance for credit losses prior to the reclassification. We reclassify loans from held-for-sale to held-for-investment when we have both the intent and ability to hold the loan for the foreseeable future. Upon a loan reclassification from held-for-sale to held-for-investment, we reverse the loan’s held-for-sale valuation allowance, if any, and establish an allowance for credit losses as needed. Prior to adoption of CECL, when we reclassified a loan from held-for-investment to held-for-sale, we wrote off the entire difference between the loan's amortized cost basis and its fair value if the loan had a history of credit-related issues. If the write-off amount exceeded the existing allowance for credit losses amount, an additional provision for credit losses was recorded. Any declines in loan fair value after the date of reclassification were recognized as a valuation allowance, with an offset recorded to investment gains (losses), net. The table below presents the allowance for credit losses or valuation allowance that was reversed or established due to loan reclassifications between held-for-investment and held-for-sale during the period presented. Table 4.3 - Loan Reclassifications 2020 (In millions) UPB Allowance for Credit Losses Reversed or (Established) Valuation Allowance (Established) or Reversed Single-family reclassifications from: Held-for-investment to held-for-sale (1) $4,628 $300 $— Held-for-sale to held-for-Investment (2) 1,721 147 34 Multifamily reclassifications from: Held-for-investment to held-for-sale 2,703 9 (6) Held-for-sale to held-for-Investment 775 (1) 4 (1) Prior to reclassification from held-for-investment to held-for-sale, we charged off $264 million against the allowance for credit losses during 2020. (2) Allowance for credit losses reversed upon reclassifications from held-for-sale to held-for-investment for loans that were previously charged off and the present values of expected future cash flows were in excess of the amortized cost basis upon reclassification. Interest Income We recognize interest income on an accrual basis except when we believe the collection of principal and interest in full is not reasonably assured, which generally occurs when a loan is three monthly payments or more past due, at which point we place the loan on non-accrual status unless the loan is well secured and in the process of collection based upon an individual loan assessment. A loan is considered past due if a full payment of principal and interest is not received within one month of its due date. We charge off outstanding accrued interest receivable through interest income when loans are placed on non-accrual status and recognize interest income on a cash basis while a loan is on non-accrual status. Cost basis adjustments on held-for-investment loans are amortized into interest income over the contractual life of the loan using the effective interest method. No amortization is recognized during periods in which a loan is on non-accrual status. A non-accrual loan is returned to accrual status when the collectability of principal and interest in full is reasonably assured. For single-family loans, we generally determine that collectability is reasonably assured when the loan returns to current payment status. For multifamily loans, the collectability of principal and interest is considered reasonably assured based on an analysis of the factors specific to the loan being assessed. Upon a loan's return to accrual status, all previously reversed interest income is recognized and amortization of any basis adjustments into interest income is resumed. For loans in active forbearance plans that were current prior to receiving forbearance, we continue to accrue interest income while the loan is in forbearance and is three or more monthly payments past due when we believe the available evidence indicates that collectability of principal and interest is reasonably assured based on management judgment, taking into consideration additional factors, the most important of which is current LTV ratio. When we accrue interest on loans that are three or more monthly payments past due, we measure an allowance for expected credit losses on unpaid accrued interest receivable balances such that the balance sheet reflects the net amount of interest we expect to collect. See Note 7 for additional information on the allowance for credit losses on accrued interest receivable and Note 14 for additional information on interest income on mortgage loans. The table below presents the amortized cost basis of non-accrual loans as of January 1, 2020 and December 31, 2020 , including the interest income recognized during 2020 that is related to the loans on non-accrual status as of December 31, 2020. Table 4.4 - Amortized Cost Basis of Held-for-Investment Loans on Non-accrual Non-accrual Amortized Cost Basis Interest Income Recognized (1) (In millions) January 1, 2020 December 31, 2020 Year Ended December 31, 2020 Single-family: 20- and 30-year or more, amortizing fixed-rate $5,598 $12,151 $235 15-year amortizing fixed-rate 242 696 10 Adjustable-rate 91 193 3 Alt-A, interest-only, and option ARM 439 637 10 Total single-family 6,370 13,677 258 Total multifamily 13 — — Total single-family and multifamily $6,383 $13,677 $258 (1) Represents the amount of payments received during 2020, including those received while the loans were on accrual status, for the held-for-investment loans on non-accrual status as of December 31, 2020. The table below provides the amount of accrued interest receivable, net presented on our consolidated balance sheets and the amount of accrued interest receivable related to loans on non-accrual status as of December 31, 2020 that was written off through reversal of interest income on our consolidated statements of comprehensive income (loss) by portfolio. Table 4.5 - Accrued Interest Receivable, Net and Related Charge-offs Through Reversal of Interest Income December 31, 2020 Year Ended December 31, 2020 (In millions) Accrued Interest Receivable, Net Accrued Interest Receivable Related Charge-offs Single-family loans $7,292 ($333) Multifamily loans 139 — Credit Quality Single-Family The current LTV ratio is one key factor we consider when estimating our allowance for credit losses for single-family loans. As current LTV ratios increase, the borrower's equity in the home decreases, which may negatively affect the borrower's ability to refinance (outside of the Enhanced Relief Refinance program) or to sell the property for an amount at or above the balance of the outstanding loan. A second-lien loan also reduces the borrower's equity in the home, and has a similar negative effect on the borrower's ability to refinance or sell the property for an amount at or above the combined balances of the first and second loans. However, borrowers are free to obtain second-lien financing after origination, and we are not entitled to receive notification when a borrower does so. For further information about concentrations of risk associated with our single-family and multifamily loans, see Note 18 . The tables below present the amortized cost basis of single-family held-for-investment loans by current LTV ratio. Our current LTV ratios are estimates based on available data through the end of each respective period presented. For reporting purposes: n Loans within the Alt-A category continue to be presented in that category following modification, even though the borrower may have provided full documentation of assets and income to complete the modification and n Loans within the option ARM category continue to be presented in that category following modification, even though the modified loan no longer provides for optional payment provisions. Table 4.6 - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratio and Vintage December 31, 2020 Year of Origination Total (In millions) 2020 2019 2018 2017 2016 Prior Current LTV Ratio: 20- and 30-year or more, amortizing fixed-rate ≤ 60 $203,333 $52,820 $33,139 $64,834 $115,978 $431,406 $901,510 > 60 to 80 437,107 141,094 64,236 59,110 40,614 44,636 786,797 > 80 to 100 206,457 53,926 8,822 2,117 654 3,983 275,959 > 100 (1) 202 7 25 64 61 948 1,307 Total 20- and 30-year or more, amortizing fixed-rate 847,099 247,847 106,222 126,125 157,307 480,973 1,965,573 15-year amortizing fixed-rate ≤ 60 78,269 17,753 9,914 19,650 29,916 83,842 239,344 > 60 to 80 67,904 12,169 2,195 961 215 135 83,579 > 80 to 100 8,553 400 17 12 9 17 9,008 > 100 (1) 21 — 3 5 3 7 39 Total 15-year amortizing fixed-rate 154,747 30,322 12,129 20,628 30,143 84,001 331,970 Adjustable-rate ≤ 60 1,427 850 731 2,429 2,042 12,993 20,472 > 60 to 80 1,403 877 537 1,061 329 528 4,735 > 80 to 100 232 125 34 29 2 8 430 > 100 (1) — — — — — 1 1 Total Adjustable-rate 3,062 1,852 1,302 3,519 2,373 13,530 25,638 Alt-A, Interest-only, and option ARM ≤ 60 — — — — — 8,620 8,620 > 60 to 80 — — — — — 1,818 1,818 > 80 to 100 — — — — — 314 314 > 100 (1) — — — — — 58 58 Total Alt-A, Interest-only, and option ARM — — — — — 10,810 10,810 Total single-family loans $1,004,908 $280,021 $119,653 $150,272 $189,823 $589,314 $2,333,991 Total for all loan product types by Current LTV ratio: ≤ 60 $283,029 $71,423 $43,784 $86,913 $147,936 $536,861 $1,169,946 > 60 to 80 506,414 154,140 66,968 61,132 41,158 47,117 876,929 > 80 to 100 215,242 54,451 8,873 2,158 665 4,322 285,711 > 100 (1) 223 7 28 69 64 1,014 1,405 Total single-family loans $1,004,908 $280,021 $119,653 $150,272 $189,823 $589,314 $2,333,991 Referenced footnotes are included after the next table. December 31, 2019 Current LTV Ratio Total (In millions) ≤ 80 > 80 to 100 > 100 (1) 20- and 30-year or more, amortizing fixed-rate $1,405,562 $267,752 $3,954 $1,677,268 15-year amortizing fixed-rate 236,837 6,797 89 243,723 Adjustable-rate 35,478 1,425 6 36,909 Alt-A, interest-only, and option ARM 12,668 901 188 13,757 Total single-family loans $1,690,545 $276,875 $4,237 $1,971,657 (1) The serious delinquency rate for the total of single-family held-for-investment mortgage loans with current LTV ratios in excess of 100% was 11.17% and 4.51% as of December 31, 2020 and December 31, 2019, respectively. Multifamily The table below presents the amortized cost basis of our multifamily held-for-investment loans, by credit quality indicator, based on available data through the end of each period presented. These indicators involve significant management judgment and are defined as follows: n "Pass" is current and adequately protected by the current financial strength and debt service capacity of the borrower; n "Special mention" has administrative issues that may affect future repayment prospects but does not have current credit weaknesses. In addition, this category generally includes loans in forbearance; n "Substandard" has a weakness that jeopardizes the timely full repayment; and n "Doubtful" has a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions. Table 4.7 - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator by Vintage December 31, 2020 December 31, 2019 Year of Origination Total Total (In millions) 2020 2019 2018 2017 2016 Prior Revolving Loans Category: Pass $7,486 $6,491 $1,075 $722 $590 $2,715 $2,024 $21,103 $17,227 Special mention — 524 115 — 8 108 — 755 141 Substandard — — 6 41 — 72 — 119 121 Doubtful — — — — — — — — — Total $7,486 $7,015 $1,196 $763 $598 $2,895 $2,024 $21,977 $17,489 Past Due Status The tables below present the amortized cost basis of our single-family and multifamily loans, held-for-investment, by payment status. Pursuant to FHFA guidance and the CARES Act, we offer mortgage relief options for borrowers affected by the COVID-19 pandemic. Among other things, we are offering forbearance to single-family and multifamily borrowers experiencing a financial hardship, either directly or indirectly, related to COVID-19. We report single-family loans in forbearance as past due during the forbearance period to the extent that payments are past due based on the loan's original contractual terms, irrespective of the forbearance plan, based on the information reported to us by our servicers. We report multifamily loans in forbearance as current as long as the borrower is in compliance with the forbearance agreement, including the agreed upon repayment plan. As a result, all multifamily loans in forbearance are reported as current in the tables below, even if payments are past due based on the loan's original contractual terms. Table 4.8 - Amortized Cost Basis of Held-for-Investment Loans by Payment Status December 31, 2020 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due, or in Foreclosure (1) Total Three Months or More Past Due, and Accruing Non-accrual With No Allowance (2) Single-family: 20- and 30-year or more, amortizing fixed-rate $1,891,981 $15,798 $5,941 $51,853 $1,965,573 $40,162 $648 15-year amortizing fixed-rate 326,651 1,439 429 3,451 331,970 2,723 11 Adjustable-rate 24,483 192 79 884 25,638 690 5 Alt-A, interest-only, and option ARM 9,227 292 130 1,161 10,810 538 115 Total single-family 2,252,342 17,721 6,579 57,349 2,333,991 44,113 779 Total multifamily (3) 21,977 — — — 21,977 — — Total single-family and multifamily $2,274,319 $17,721 $6,579 $57,349 $2,355,968 $44,113 $779 December 31, 2019 (In millions) Current One Month Past Due Two Months Past Due Three Months or (1) Total Non-accrual Single-family: 20- and 30-year or more, amortizing fixed-rate $1,653,113 $15,481 $3,326 $5,348 $1,677,268 $5,822 15-year amortizing fixed-rate 242,177 1,131 175 240 243,723 252 Adjustable-rate 36,537 238 45 89 36,909 104 Alt-A, interest-only, and option ARM 12,690 489 161 417 13,757 205 Total single-family 1,944,517 17,339 3,707 6,094 1,971,657 6,383 Total multifamily 17,489 — — — 17,489 13 Total single-family and multifamily $1,962,006 $17,339 $3,707 $6,094 $1,989,146 $6,396 (1) Includes $1.0 billion and $1.8 billion of loans that were in the process of foreclosure as of December 31, 2020 and December 31, 2019, respectively. (2) Loans with no allowance primarily represent those loans that were previously charged off and the collateral value is sufficiently in excess of the amortized cost to result in recovery of the entire amortized cost basis if the property were foreclosed upon or otherwise subject to disposition. FHFA requires us to purchase single-family loans from the trust if they are delinquent for 120 days, and we have the option to purchase sooner under certain circumstances (e.g., imminent default and seller breaches of representations and warranties). We generally have been purchasing loans from the trust when the loans have been delinquent for 120 days or more. In April 2020, we announced that FHFA has instructed us to maintain loans in payment forbearance plans (including COVID-19 payment forbearance plans) in mortgage-related security pools for at least the duration of the forbearance plan. Once the forbearance period expires, the loan will remain in the related securities pool while: n An offer to reinstate the loan or enter into either a payment deferral solution, repayment plan or trial period plan pursuant to a loan modification remains outstanding; n The loan is in an active repayment plan or trial period plan; or n A payment deferral solution is in effect. Beginning on January 1, 2021, at the instruction of FHFA and in alignment with Fannie Mae, we extended the trigger to purchase delinquent single-family loans out of securitization trusts to 24 months of delinquency, except for loans that are paid off, permanently modified, repurchased by sellers or servicers, subject to foreclosure alternatives, or referred to foreclosure. When we purchase loans from the trust, we record an extinguishment of the corresponding portion of the debt securities of the consolidated trusts and we reclassify the loans from mortgage loans held-for-investment by consolidated trusts to mortgage loans held-for-investment by Freddie Mac. We purchased $5.6 billion in UPB of loans from consolidated trusts (or purchased delinquent loans associated with other mortgage-related guarantees) during both the years ended December 31, 2020 and December 31, 2019, respectively. Troubled Debt Restructurings A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a TDR. A concession is deemed granted when, as a result of the restructuring, we do not expect to collect all amounts due, including interest accrued, at the original contractual interest rate. As appropriate, we also consider other qualitative factors in determining whether a concession is deemed granted, including whether the borrower's modified interest rate is consistent with that of a non-troubled borrower. We do not consider restructurings that result in an insignificant delay in payment to be a concession. We generally consider a delay in monthly amortizing payments of three months or less to be insignificant. A concession typically includes one or more of the following being granted to the borrower: n A trial period where the expected permanent modification will change our expectation of collecting all amounts due at the original contract rate; n A delay in payment that is more than insignificant; n A reduction in the contractual interest rate; n Interest forbearance for a period of time that is more than insignificant or forgiveness of accrued but uncollected interest amounts; n Principal forbearance that is more than insignificant; and n Discharge of the borrower's obligation in Chapter 7 bankruptcy. The assessment as to whether a multifamily loan restructuring is considered a TDR contemplates the unique facts and circumstances of each loan. This assessment considers qualitative factors such as whether the borrower's modified interest rate is consistent with that of a non-troubled borrower having a similar credit profile at the time of modification. In certain cases, for maturing loans we may provide short-term loan extensions of up to one year with no changes to the effective borrowing rate. In other cases, we may make more significant modifications of terms for borrowers experiencing financial difficulty, such as reducing the interest rate, extending the maturity for longer than one year, providing principal forbearance, or some combination of these terms. Section 4013 of the CARES Act provides temporary relief from the accounting and reporting requirements for TDRs for certain loan modifications related to COVID-19. Specifically, the CARES Act provides that a qualifying financial institution may elect to suspend: n The requirements under U.S. GAAP for certain loan modifications that would otherwise be categorized as a TDR and n Any determination that such loan modifications would be considered a TDR, including the related impairment for accounting purposes. The relief provided by Section 4013 of the CARES Act is extended by the Consolidated Appropriations Act, 2021. As a result , S ection 4013 of the CARES Act applies to any modification related to an economic hardship as a result of the COVID-19 pandemic, including a forbearance arrangement, an interest rate modification, a repayment plan, or any similar arrangement that defers or delays payment of principal or interest, that occurs during the period beginning on March 1, 2020 and ending on the earlier of January 1, 2022 or the date that is 60 days after the declaration of the national emergency related to the COVID-19 pandemic ends for a loan that was not more than 30 days past due as of December 31, 2019. We have elected to suspend TDR accounting for eligible modifications under Section 4013 of the CARES Act. In addition, Section 4022 and Section 4023 of the CARES Act require us to offer forbearance to certain single-family and multifamily borrowers, respectively, with an economic hardship related to the COVID-19 pandemic. Recent guidance issued by federal banking regulators and endorsed by the FASB staff has indicated that government-mandated modification or deferral programs related to the COVID-19 pandemic should not be accounted for as TDRs as the lender did not choose to grant a concession to the borrower. We have concluded that the forbearance programs we are offering under Section 4022 and Section 4023 of the CARES Act are government-mandated deferral programs related to the COVID-19 pandemic, and therefore we will not account for such modifications as TDRs. We recognize an allowance for credit losses on TDRs as discussed in Note 7 . We recognize interest income at the modified interest rate, subject to our non-accrual policy as discussed in the Interest Income section above, with all other changes in the present value of expected future cash flows being recognized as a component of benefit (provision) for credit losses on our consolidated statements of comprehensive income (loss). We report single-family loans with modifications that were classified as TDRs based on the original product categories of the loans before modifications. The tables below include loans that were reclassified from held-for-investment to held-for-sale after TDR modifications. The table below provides details of our single-family loan modifications that were classified as TDRs during the periods presented. Table 4.9 - Single-Family TDR Modification Metrics 2020 2019 2018 Percentage of TDRs with: Interest rate reductions and related term extensions 15 % 9 % 12 % Principal forbearance and related interest rate reductions and term extensions 22 23 24 Average coupon interest rate reduction 0.3 % 0.1 % 0.2 % Average months of term extension 179 180 132 Substantially all of our completed single-family loan modifications classified as a TDR during 2020 resulted in a modified loan with a fixed interest rate. The table below presents the volume of single-family and multifamily loans that were newly classified as TDRs. Loans classified as a TDR in one period may be subject to further action (such as a modification or remodification) in a subsequent period. In such cases, the subsequent action would not be reflected in the table below since the loan would already have been classified as a TDR. Table 4.10 - TDR Activity Year Ended December 31, 2020 2019 2018 (Dollars in millions) Number of Loans Post-TDR Amortized Cost Basis Number of Loans Post-TDR Number of Loans Post-TDR Single-family: (1)(2) 20- and 30-year or more, amortizing fixed-rate 22,471 $4,169 25,924 $4,331 43,742 $7,084 15-year amortizing fixed-rate 2,584 283 3,018 296 5,944 584 Adjustable-rate 334 59 529 86 902 140 Alt-A, interest-only, and option ARM 1,300 204 1,523 219 2,602 432 Total single-family 26,689 4,715 30,994 4,932 53,190 8,240 Multifamily — $— — $— 1 $15 (1) The pre-TDR amortized cost basis for single-family loans initially classified as TDR during the years ended December 31, 2020, December 31, 2019, and December 31, 2018 was $4.7 billion , $4.9 billion, and $8.3 billion, respectively. The table below presents the volume of our TDR modifications that experienced payment defaults (i.e., loans that became two months delinquent or completed a loss event) during the applicable periods and had completed a modification during the year preceding the payment default. Table 4.11 - Payment Defaults of Completed TDR Modifications Year Ended December 31, 2020 2019 2018 (Dollars in millions) Number of Loans Post-TDR Amortized Cost Basis Number of Loans Post-TDR Amortized Cost Basis Number of Loans Post-TDR Amortized Cost Basis Single-family: 20- and 30-year or more, amortizing fixed-rate 10,339 $1,869 13,428 $1,702 13,548 $1,847 15-year amortizing fixed-rate 482 58 451 36 565 44 Adjustable-rate 130 19 132 15 176 25 Alt-A, interest-only, and option ARM 749 144 871 129 1,178 199 Total single-family 11,700 2,090 14,882 1,882 15,467 2,115 Multifamily — $— — $— — $— In addition to modifications, loans may be classified as TDRs as a result of other loss mitigation activities (i.e., repayment plans, forbearance plans, or loans in modification trial periods). During the years ended December 31, 2020, December 31, 2019, and Non-Cash Investing and Financing Activities During the years ended December 31, 2020, December 31, 2019, and December 31, 2018, we acquired $435.5 billion, $238.4 billion, and $164.0 billion, respectively, of loans held-for-investment in exchange for the issuance of debt securities of consolidated trusts in guarantor swap transactions. We received approximately $141.7 billion, $50.0 billion, and $25.8 billion of loans held-for-investment from sellers during the years ended December 31, 2020, December 31, 2019, and December 31, 2018, respectively, to satisfy advances to lenders that were recorded in other assets on our consolidated balance sheets. In addition, we acquired REO properties through foreclosure sales or by deed in lieu of foreclosure. These acquisitions represent non-cash transfers. During the years ended December 31, 2020, December 31, 2019, and December 31, 2018, we had transfers of $0.2 billion, $0.8 billion, and $1.0 billion, respectively, from loans to REO.

Guarantees and Other Off-Balanc

Guarantees and Other Off-Balance Sheet Credit Exposures	12 Months Ended
	Dec. 31, 2020
Guarantees [Abstract]
GUARANTEE ACTIVITIES	Guarantees and Other Off-Balance Sheet Credit Exposures We generate revenue through our guarantee activities by agreeing to absorb the credit risk associated with certain financial instruments that are owned or held by third parties. In exchange for providing this guarantee, we receive an ongoing guarantee fee that is commensurate with the risks assumed and that will, over the long-term, provide us with cash flows that are expected to exceed the credit-related and administrative expenses of the underlying financial instruments. The profitability of our guarantee activities may vary and will be dependent on our guarantee fee and the actual credit performance of the underlying financial instruments that we have guaranteed. Guarantees to consolidated entities are eliminated in consolidation and therefore are not separately recognized on our consolidated balance sheets. The accounting treatment for guarantees provided to nonconsolidated entities or other third parties will depend on whether the guarantee contract qualifies as a financial guarantee. If the guarantee contract qualifies as a financial guarantee and exposes us to incremental credit risk, we will recognize both a guarantee obligation at fair value and the consideration we receive for providing the guarantee, which typically consists of a guarantee asset that represents the fair value of future guarantee fees. As a practical expedient, the measurement of the fair value of the guarantee obligation is set equal to the consideration we receive to provide the guarantee, and no gain or loss is recognized upon issuance of the guarantee. Subsequently, we recognize changes in the fair value of the guarantee asset in current period earnings and amortize the guarantee obligation into earnings as we are released from risk under the guarantee. We also recognize a reserve for guarantee losses based on expected credit losses over the contractual period in which we are exposed to credit risk. See Note 7 for additional information on our allowance for credit losses. If the guarantee contract provided to nonconsolidated entities does not qualify as a financial guarantee, that contract will generally be accounted for as a derivative instrument and measured at fair value with changes in fair value recognized immediately in earnings. Guarantee Activities Our principal guarantee activities include the following: Securitization Activity Guarantees For substantially all of our securitization transactions, we guarantee the principal and interest payments on some or all of the issued beneficial interests. Typically, these guarantees will cover the senior classes of beneficial interests issued by the securitization trust(s). Securitization activity guarantees provided to nonconsolidated trusts will generally qualify as, and be accounted for, as financial guarantees. Our maximum exposure on these guarantees is generally limited to the UPB of the beneficial interests that we have guaranteed. Guarantees of Fannie Mae Securities We have the ability to commingle TBA-eligible Fannie Mae collateral in certain of our resecuritization products. We extend our guarantee of these products to cover principal and interest that are payable from the underlying Fannie Mae collateral. Because both Freddie Mac and Fannie Mae are under the common control of FHFA, and due to Fannie Mae’s status as a GSE and the funding commitment available to it through its senior preferred stock purchase agreement with Treasury, we view the likelihood of being required to perform on our guarantee of Fannie Mae collateral as remote and do not charge an incremental guarantee fee to include Fannie Mae securities in our resecuritization products. Thus, we do not record a guarantee obligation with respect to Fannie Mae securities backing Freddie Mac resecuritization products. Other Mortgage-Related Guarantees In certain circumstances, we provide a credit guarantee of mortgage-related assets held by third parties, in exchange for a guarantee fee, without securitizing those assets. These guarantees consist of the following: n Long-term standby commitments of single-family loans which obligate us to purchase the covered loans when they become seriously delinquent. Periodically, certain of our customers seek to terminate long-term standby commitments and simultaneously enter into guarantor swap transactions to obtain our securities backed by many of the same loans. During 2020 and 2019, we guaranteed $4.2 billion and $2.3 billion, respectively, of loans under new long-term standby commitments and n Guarantees of the timely payment of principal and interest for certain multifamily bonds, which primarily consist of multifamily housing revenue bonds that were issued by HFAs. During 2020 and 2019, we guaranteed $1.4 billion and $0.9 billion, respectively, of multifamily bonds. Our other mortgage-related guarantees will generally qualify and be accounted for as financial guarantees. Our maximum exposure on these guarantees is limited to the UPB of the mortgage-related assets that we have guaranteed. Other Guarantees Measured at Fair Value Other guarantees that do not qualify as financial guarantees are generally accounted for as derivative instruments and measured at fair value. These guarantees primarily include: n Certain interest-rate guarantees related to our securitization and guarantee activities that do not qualify as financial guarantees; n Certain market value guarantees, including written options and written swaptions; and n Guarantees of third-party derivative instruments. Other Indemnifications In connection with certain business transactions, we may provide indemnification to counterparties for claims arising out of breaches of certain obligations (e.g., those arising from representations and warranties) in contracts entered into in the normal course of business. Our assessment is that the risk of any material loss from such a claim for indemnification is remote and there are no significant probable and estimable losses associated with these contracts. In addition, we provided indemnification for litigation defense costs to certain former officers who are subject to ongoing litigation. See Note 20 for information on ongoing litigation. These indemnification obligations will generally be accounted for and qualify as financial guarantees. The recognized liabilities on our consolidated balance sheets related to indemnifications were not significant at both December 31, 2020 and December 31, 2019. The table below shows our maximum exposure, recognized liability, and maximum remaining term of our recognized guarantees to nonconsolidated VIEs and other third parties. This table does not include our unrecognized guarantees, such as guarantees to consolidated VIEs or to resecuritization trusts that do not expose us to incremental credit risk. The maximum exposure disclosed in the table is not representative of the actual loss we are likely to incur, based on our historical loss experience and after consideration of proceeds from related collateral liquidation, including possible recoveries under credit enhancements. See Note 8 for additional information on our credit enhancements. Table 5.1 - Financial Guarantees December 31, 2020 December 31, 2019 ( Dollars in millions , terms in years) Maximum (1) Recognized (2) Maximum Maximum (1) Recognized (2) Maximum Single-family: Securitization activity guarantees $29,739 $401 39 $26,818 $361 40 Other mortgage-related guarantees 9,215 193 30 7,492 182 30 Total single-family $38,954 $594 $34,310 $543 Multifamily: Securitization activity guarantees $287,334 $4,031 39 $252,167 $3,333 39 Other mortgage-related guarantees 10,721 425 33 9,989 416 34 Total multifamily $298,055 $4,456 $262,156 $3,749 Other guarantees measured at fair value $47,703 $794 30 $24,965 $253 30 Fannie Mae securities backing Freddie Mac resecuritization products 85,841 — 41 27,408 — 30 (1) The maximum exposure represents the contractual amounts that could be lost if counterparties or borrowers defaulted, without consideration of possible recoveries under credit enhancements. For other guarantees measured at fair value, this amount primarily represents the notional value if it relates to our market value guarantees or guarantees of third-party derivative instruments or the UPB if it relates to a guarantee of a mortgage-related asset. For certain of our other guarantees measured at fair value, our exposure may be unlimited and, as a result, the notional value is included. We generally reduce our exposure to these guarantees with unlimited exposure through separate contracts with third parties. (2) For securitization activity guarantees and other mortgage-related guarantees, this amount represents the guarantee obligation on our consolidated balance sheets and excludes our allowance for credit losses on off-balance sheet credit exposures. For other guarantees measured at fair value, this amount represents the fair value of the contract. The tables below show the payment status of the mortgage loans underlying our securitization guarantees and other mortgage-related guarantees that are not measured at fair value. Table 5.2 – UPB of Loans Underlying Our Guarantees by Payment Status December 31, 2020 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due, or in Foreclosure Total (1) Single-family $37,187 $2,204 $945 $3,922 $44,258 Multifamily (2) 339,614 87 62 557 340,320 Total $376,801 $2,291 $1,007 $4,479 $384,578 December 31, 2019 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due, or in Foreclosure Total (1) Single-family $33,855 $2,264 $760 $840 $37,719 Multifamily 301,428 13 76 198 301,715 Total $335,283 $2,277 $836 $1,038 $339,434 (1) Loan-level payment status is not available for certain guarantees totaling $0.7 billion and $1.6 billion as of December 31, 2020 and December 31, 2019, respectively, and therefore is not included in the tables above. (2) As of December 31, 2020, includes $6.9 billion of multifamily loans in forbearance that are reported as current. Other Off-Balance Sheet Credit Exposures In addition to our guarantees, we enter into other agreements that expose us to off-balance sheet credit risk, primarily related to our multifamily business, including certain purchase commitments that are not accounted for as derivative instruments, liquidity guarantees, unfunded lending arrangements and other similar commitments. These agreements may require us to transfer cash before or upon settlement of our contractual obligation. We recognize an allowance for credit losses for those agreements not measured at fair value or otherwise recognized in the financial statements. The total notional value of off-balance sheet credit exposures was $15.4 billion and $13.8 billion at December 31, 2020 and December 31, 2019, respectively. See Note 7 for additional discussion of our allowance for credit losses on our off-balance sheet credit exposures.

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS IN SECURITIES	Investment Securities The table below summarizes the fair values of our investments in debt securities by classification. Table 6.1 - Investment Securities (In millions) December 31, 2020 December 31, 2019 Trading securities $44,458 $49,537 Available-for-sale securities 15,367 26,174 Total fair value of investment securities $59,825 $75,711 We currently classify and account for our securities as either available-for-sale or trading. As of December 31, 2020 and December 31, 2019, we did not classify any securities as held-to-maturity, although we may elect to do so in the future. Securities classified as available-for-sale and trading are reported at fair value with changes in fair value included in AOCI, net of income taxes and investment gains (losses), net, respectively. See Note 19 for more information on how we determine the fair value of securities. We generally record purchases and sales of securities on the trade date when the related forward commitments are exempt from the accounting guidance for derivatives. Alternatively, we record purchases and sales of securities on the expected settlement date, with a corresponding derivative recorded on the trade date, when the related forward commitments are not exempt from the accounting guidance for derivatives. We include interest on securities on our consolidated statements of comprehensive income. For most of our securities, interest income is recognized using the effective interest method, which considers the contractual terms of the security. Deferred items, including premiums, discounts, and other basis adjustments, are amortized into interest income over the contractual lives of the securities. For certain securities, interest income is recognized using the prospective effective interest method. We apply this method to securities that: n Can contractually be prepaid or otherwise settled in such a way that we may not recover substantially all of our recorded investment; n Are not of high credit quality at acquisition; or n Have been determined to be other-than-temporarily impaired. Under this method, we recognize as interest income, over the expected life of the securities, the excess of the cash flows expected to be collected over the securities' carrying value. We update our estimates of expected cash flows periodically and recognize changes in the calculated effective interest rate on a prospective basis. For securities classified as trading or available-for-sale, we classify the cash flows as investing activities because we hold these securities for investment purposes. In cases where the transfer of a security represents a secured borrowing, we classify the related cash flows as financing activities. Trading Securities The table below presents the estimated fair values by major security type for our securities classified as trading. Our non-mortgage-related securities primarily consist of investments in U.S. Treasury securities. Table 6.2 - Trading Securities (In millions) December 31, 2020 December 31, 2019 Mortgage-related securities: Agency $17,504 $22,481 Non-agency 1 1 Total mortgage-related securities 17,505 22,482 Non-mortgage-related securities 26,953 27,055 Total fair value of trading securities $44,458 $49,537 For trading securities held at December 31, 2020, 2019, and 2018, we recorded net unrealized gains (losses) of ($296) million, ($8) million, and ($479) million during 2020, 2019 and 2018, respectively. Available-for-Sale Securities At both December 31, 2020 and December 31, 2019, all available-for-sale securities were mortgage-related securities. The tables below present the amortized cost, gross unrealized gains and losses, and fair value by major security type for our securities classified as available-for-sale. Table 6.3 - Available-for-Sale Securities December 31, 2020 Amortized Basis Allowance for Credit Losses Gross Gross Fair Accrued Interest Receivable (In millions) Available-for-sale securities: Agency $13,514 $— $794 ($4) $14,304 $36 Non-agency and other 830 — 233 — 1,063 4 Total available-for-sale securities $14,344 $— $1,027 ($4) $15,367 $40 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Other-Than-Temporary Impairment (1) Temporary Impairment (2) Available-for-sale securities: Agency $24,390 $571 $— ($74) $24,887 Non-agency and other 1,004 283 — — 1,287 Total available-for-sale securities $25,394 $854 $— ($74) $26,174 (1) Represents the gross unrealized losses for securities for which we have previously recognized other-than-temporary impairment in earnings. (2) Represents the gross unrealized losses for securities for which we have not previously recognized other-than-temporary impairment in earnings. The fair value of our available-for-sale securities held at December 31, 2020 scheduled to contractually mature after ten years was $12.1 billion, with an additional $2.2 billion scheduled to contractually mature after five years through ten years. We present accrued interest receivable separately on our consolidated balance sheets and accrued interest receivable is excluded for the purposes of disclosure of the amortized cost basis of available-for-sale securities. When collection of interest in full is not reasonably assured, we charge off outstanding accrued interest receivable through interest income on our consolidated statements of comprehensive income (loss) and therefore do not recognize an allowance for credit losses on accrued interest receivable. As of December 31, 2020 no accrued interest receivable was charged off. Available-for-Sale Securities in a Gross Unrealized Loss Position The tables below present available-for-sale securities in a gross unrealized loss position, and whether such securities have been in a gross unrealized loss position for less than 12 months, or 12 months or greater. Table 6.4 - Available-for-Sale Securities in a Gross Unrealized Loss Position December 31, 2020 Less than 12 Months 12 Months or Greater (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available-for-sale securities: Agency $223 ($2) $144 ($2) Non-agency and other 17 — — — Total available-for-sale securities in a gross unrealized loss position $240 ($2) $144 ($2) December 31, 2019 Less than 12 Months 12 Months or Greater (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available-for-sale securities: Agency $5,778 ($27) $2,934 ($47) Non-agency and other 1 — — — Total available-for-sale securities in a gross unrealized loss position $5,779 ($27) $2,934 ($47) Realized Gains and Losses on Sales of Available-for-Sale Securities Gains and losses on the sale of securities are included in investment securities gains (losses), including those gains (losses) reclassified into earnings from AOCI. We use the specific identification method for determining the cost basis of a security in computing the gain or loss. The table below summarizes the gross realized gains and gross realized losses from the sale of available-for-sale securities. Table 6.5 - Gross Realized Gains and Gross Realized Losses from Sales of Available-for-Sale Securities Year Ended December 31, (In millions) 2020 2019 2018 Gross realized gains $501 $219 $627 Gross realized losses (108) (49) (303) Net realized gains $393 $170 $324 Non-Cash Investing and Financing Activities During the years ended December 31, 2020 and December 31, 2019, we recognized $30.8 billion and $10.9 billion, respectively, of investments in securities in exchange for the issuance of debt securities of consolidated trusts through partial sales of commingled single-class securities that were previously consolidated.

Allowance for Credit Losses

Allowance for Credit Losses	12 Months Ended
	Dec. 31, 2020
Credit Loss [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses On January 1, 2020, we adopted CECL. The general objective of CECL is to recognize an allowance for credit losses that is deducted from or added to the amortized cost basis of the financial asset to present the net amount expected to be collected on the financial asset on the balance sheet. Under CECL, an allowance for credit losses is recognized before a loss event has been incurred, which results in earlier recognition of credit losses compared to the previous incurred loss methodology. The table below summarizes changes in our allowance for credit losses. Table 7.1 - Details of the Allowance for Credit Losses December 31, 2020 December 31, 2019 December 31, 2018 (In millions) Single-family Multifamily Total Single-family Multifamily Total Single-family Multifamily Total Beginning balance (1) $5,233 $68 $5,301 $6,176 $15 $6,191 $8,979 $44 $9,023 Provision (benefit) for credit losses 1,320 132 1,452 (749) 3 (746) (712) (24) (736) Charge-offs (592) — (592) (1,737) — (1,737) (2,885) (8) (2,893) Recoveries collected 210 — 210 452 — 452 475 3 478 Other 182 — 182 126 — 126 319 — 319 Ending balance $6,353 $200 $6,553 $4,268 $18 $4,286 $6,176 $15 $6,191 Components of ending balance of allowance for credit losses: Mortgage loans held-for-investment $5,628 $104 $5,732 $4,222 $12 $4,234 $6,130 $9 $6,139 Advances of pre-foreclosure costs 536 — 536 — — — — — — Accrued interest receivable on mortgage loans 140 — 140 — — — — — — Off-balance sheet credit exposures 49 96 145 46 6 52 46 6 52 Total $6,353 $200 $6,553 $4,268 $18 $4,286 $6,176 $15 $6,191 (1) Includes transition adjustments recognized upon the adoption of CECL on January 1, 2020. See Note 1 for more information on transition adjustments. Current Period Changes During 2020, provision (benefit) for credit losses shifted to a provision from a benefit in 2019 and 2018 due to higher expected credit losses as a result of the COVID-19 pandemic. The higher expected credit losses during 2020 were primarily driven by the following factors: n Expected credit losses related to COVID-19 relief programs - Our provision for credit losses during 2020 required significant management judgment to estimate the impact of COVID-19-related forbearance and relief programs on our expected credit losses. These judgments included estimates of the number of loans that will receive forbearance, the likely exit paths for loans in forbearance plans, and the number of loans where forbearance plans will be unsuccessful and the borrower will ultimately default. These factors resulted in a significant increase in our provision for credit losses for 2020, with the majority of the increase occurring in 1Q 2020. We recognized additional provision for allowances for pre-foreclosure costs and accrued interest receivable related to loans in forbearance due to the COVID-19 pandemic. In total, we increased our provision for credit losses during 2020 by $2.8 billion as a result of the COVID-19 pandemic. n Portfolio growth - With the adoption of CECL, we recognize expected credit losses over the entire contractual term of the loan at the time of loan acquisition, rather than when it is probable the loan is impaired. In 2020, our single family credit guarantee portfolio grew by $332 billion or 17%, contributing to the increase in provision for credit losses. n Growth in realized and forecasted house prices and declines in forecasted interest rates - During 2020, house price appreciation and significant declines in mortgage interest rates partially offset the increase in the provision for credit losses as a result of the COVID-19 pandemic and portfolio growth. In addition, charge-offs decreased in 2020 due to a lower volume of transfers of single-family loans from held-for investment to held-for-sale. The decline in economic activity caused by the COVID-19 pandemic, and the corresponding government response, is unprecedented, and as a result, our estimate of expected credit losses is subject to significant uncertainty. Allowance for Credit Losses Methodology Upon adoption of CECL on January 1, 2020, we began applying the below allowance for credit losses methodologies. We recognize changes in the allowance for credit losses through benefit (provision) for credit losses on our consolidated statements of comprehensive income (loss). Mortgage Loans Held-for-Investment Our allowance for credit losses on mortgage loans pertains to single-family and multifamily loans classified as held-for-investment for which we have not elected the fair value option. We measure the allowance for credit losses on a pooled basis when our loans share similar risk characteristics. We record charge-offs in the period in which a loan is deemed uncollectible. Proceeds received in excess of amounts previously written off are recorded as a decrease to REO operations expense on our consolidated statements of comprehensive income (loss). Single-Family We estimate the allowance for credit losses for single-family loans on a pooled basis using a discounted cash flow model that evaluates a variety of factors to estimate the cash flows we expect to collect. If we determine that foreclosure on the underlying collateral is probable, we measure the allowance for credit losses for single-family loans based upon the fair value of the collateral, less costs to sell, adjusted for estimated proceeds from attached credit enhancements. The discounted cash flow model we use to estimate the single-family loan allowance for credit losses forecasts cash flows over the loan’s remaining contractual term, adjusted for expectations of prepayments and TDRs we reasonably expect will occur. As a result, we do not revert to historical loss information for single-family loans. Cash flow estimates are discounted at the loan’s prepayment-adjusted effective interest rate, which is adjusted for projections in the underlying benchmark interest rate for adjustable-rate loans. We project cash flows we expect to collect using our historical experience, such as historical default rates and severity of loss, based on loan characteristics, such as current LTV ratios, delinquency status, geography and borrowers' credit scores. These cash flow estimates are adjusted for current and future economic forecasts, such as current and forecasted interest rates and house price growth rates, and estimated recoveries from loss mitigation activities, attached credit enhancements, and disposition of collateral, less estimated disposition costs. Our estimate of expected credit losses is particularly sensitive to changes in forecasted house price growth rates, which affect both the probability and severity of expected credit losses, and changes in forecasted interest rates, as declining (increasing) interest rates typically result in higher (lower) expected prepayments and a shorter (longer) estimated loan life, and therefore lower (higher) expected credit losses. Our forecast of house price growth rates leverages an internally based model and uses a nationwide house price growth forecast for the next three years. A Monte Carlo simulation generates many possible house price scenarios for up to 40 years for each metropolitan statistical area (MSA). These scenarios are used to estimate loan-level expected future cash flows and credit losses based on each loan’s individual characteristics. Our forecast of interest rates incorporates various interest rate scenarios over the remaining contractual life of the loan based on current interest rates and implied market volatilities. These projections require significant management judgment. We rely on third parties to provide certain model inputs used in our projections. At loan delivery, the seller provides us with loan data, which includes borrower and loan characteristics and underwriting information. Each subsequent month, the servicers provide us with monthly loan-level servicing data, including delinquency and loss information. We measure an allowance for credit losses for TDR loans on a pooled basis when they share similar risk characteristics, using either the discounted cash flow approach discussed above or based on the fair value of the collateral, less costs to sell when foreclosure is probable. When using a discounted cash flow approach, the present value of the expected future cash flows is discounted at the loan's prepayment-adjusted effective interest rate just prior to the restructuring, with no adjustments made to the effective interest rate for changes in the timing of expected cash flows subsequent to the restructuring. We review the outputs of our model by considering qualitative factors such as current economic events and other external factors, including the economic effects of the COVID-19 pandemic and the impact of associated government relief programs, to determine whether the model outputs are consistent with our expectations. Additionally, we incorporate expected credit losses for TDRs that are reasonably expected to occur and the incidence of redefault we have experienced on similar loans that have completed a loan modification. Further management adjustments may be necessary to take into consideration the qualitative factors that have occurred but that are not yet reflected in the factors used to derive the model outputs or the uncertainty inherent in our projections. Significant judgment is exercised in making these adjustments. Multifamily We estimate the allowance for credit losses for multifamily loans using a loss-rate method to estimate the net amount of cash flows we expect to collect. The loss-rate method is based on a probability of default and loss given default framework that estimates credit losses by considering a loan’s underlying characteristics and current and forecasted economic conditions. Loan characteristics considered by our model include vintage, loan term, current DSCR, current LTV ratio, occupancy rate, and interest rate hedges. We generally forecast economic conditions over a reasonable and supportable two-year period prior to reverting to historical averages at the model input level over a five-year period, using a linear reversion method. We also consider as model inputs expected prepayments, contractually specified extensions, modifications we reasonably expect will occur, expected recoveries from collateral posting requirements, and the expected recoveries from attached credit enhancements. Our loss rates incorporate published historical commercial loan performance data, which we calibrate for differences between that data and our portfolio experience. Except for cases of fraud and certain other types of borrower defaults, most multifamily loans are nonrecourse to the borrower. As a result, the cash flows of the underlying property (including any attached credit enhancements) serve as the primary source of funds for repayment of the loan. For loans where we determined that the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the operation or sale of the collateral, we measure the allowance for credit losses using the fair value of the underlying collateral, less estimated costs to sell, adjusted for estimated proceeds from credit enhancements that are not freestanding contracts. Factors considered by management in determining whether a borrower is experiencing financial difficulty include the borrower’s current payment status and an evaluation of the underlying property's operating performance as represented by its current DSCR, its available credit enhancements, the current LTV ratio, the management of the underlying property, and the property's geographic location. We review the outputs of our model considering qualitative factors such as current economic events and other external factors to determine whether the model outputs are consistent with our expectations. Further management adjustments may be necessary to take into consideration the qualitative factors that have occurred but that are not yet reflected in the factors used to derive the model outputs. Advances of Pre-foreclosure Costs We may incur expenses related to a mortgage loan subsequent to its original acquisition but prior to foreclosure (pre-foreclosure costs). These expenses are generally to protect or preserve our interest or legal right in or to the property prior to foreclosure, such as property taxes or homeowner's insurance premiums owed by the borrower. Many of these expenses are advanced by the servicer and are reimbursable from the borrower. If the borrower ultimately defaults, we reimburse the servicer for the advances it has made. Upon advance by the servicer, we recognize a receivable for the amounts due from the borrower and a payable for amounts due to the servicer. As of December 31, 2020, the balance of such receivables due from the borrower was $1.4 billion, which is included in other assets on our consolidated balance sheets. We recognize an allowance for credit losses for amounts that we do not ultimately expect to collect from the borrower. Accrued Interest Receivable When we accrue interest on mortgage loans that are three or more monthly payments past due, we measure an allowance for expected credit losses on the unpaid accrued interest receivable balances such that the balance sheet reflects the net amount of accrued interest we expect to collect. The assumptions we use for measuring the allowance for credit losses on accrued interest receivable are generally consistent with the assumptions used for measuring the allowance for credit losses on the underlying loans. For additional information on our policy for recognition of interest income on mortgage loans, see Note 4 . Off-Balance Sheet Credit Exposures We recognize an allowance for credit losses on off-balance sheet credit exposures for our guarantees that are not measured at fair value and other off-balance sheet arrangements based on expected credit losses over the contractual period in which we are exposed to credit risk through a present contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. We include this allowance for credit losses on off-balance sheet credit exposures within other liabilities on our consolidated balance sheets, with changes recognized through benefit (provision) for credit losses on our consolidated statements of comprehensive income (loss). Our methodologies for estimating the allowance for credit losses on off-balance sheet credit exposures for our single-family and multifamily guarantees are generally consistent with our methodologies for estimating the allowance for credit losses for single-family mortgage loans and multifamily mortgage loans, respectively. Many of our guarantees have credit enhancement provided by subordination that exceeds the amount of expected credit losses. We have not recorded an allowance for credit losses on our guarantees of Fannie Mae securities due to the support provided to Fannie Mae by the U.S. government, the importance of Fannie Mae to the liquidity and stability of the U.S. housing market, and the long history of zero credit losses on Fannie Mae securities. Available-for-Sale Securities The adoption of CECL changed the accounting for credit losses on available-for-sale debt securities from the other-than-temporary impairment methodology to a methodology that uses an allowance for credit losses. We evaluate available-for-sale securities in an unrealized loss position as of the end of each period to determine whether the decline in value is from a credit loss or other factors. An unrealized loss exists when the fair value of an individual lot is less than its amortized cost basis. When qualitative factors indicate that a credit loss may exist, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. We recognize an allowance for credit losses measured as the difference between the present value of expected cash flows and the amortized cost basis of the security, limited by the amount that the security’s fair value is less than its amortized cost basis. The present value of cash flows expected to be collected represents our best estimate of future contractual cash flows that we expect to collect, discounted at the security's implicit effective interest rate. If we intend to sell the security or we believe it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, we charge off any allowance for credit losses by writing down the security’s amortized basis to its fair value. Subsequently, increases in fair value are recognized through AOCI. However, if there are significant increases in the cash flows expected to be collected or if actual cash flows are significantly greater than cash flows previously expected, we recognize those changes as a prospective adjustment to the yield of the security. We perform an evaluation on a security lot basis considering all available information. The relative importance of this information varies based on the facts and circumstances surrounding each security, as well as the economic environment at the time of assessment. For our available-for-sale securities in an unrealized loss position at December 31, 2020, we have asserted that we have no intent to sell or believe it is not more likely than not that we will be required to sell the security before recovery of its amortized cost basis. Agency MBS Substantially all of our available-for-sale securities are agency MBS issued by us, Fannie Mae, or Ginnie Mae. The principal and interest on these securities are guaranteed by the issuing agency. We believe that the guarantee 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 of the U.S. housing market, and the long history of zero credit losses on agency MBS are all indicators that credit losses on these securities do not exist, 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 MBS. See Note 6 for additional details on our agency MBS portfolio. Non-Agency RMBS We believe the unrealized losses on the non-agency RMBS we hold are mainly attributable to poor underlying collateral performance, limited liquidity, and risk premiums. In evaluating securities for credit losses, we use management judgment and historical information in considering the credit performance of the underlying collateral and incorporate assumptions about the economic environment. As of December 31, 2020, substantially all of our non-agency residential MBS were in an unrealized gain position. As a result, we have not recognized an allowance for credit losses on these securities. See Note 6 for additional details on our non-agency MBS portfolio. Cash Equivalents We assess cash equivalents for expected credit losses over the contractual term of the instrument. As of December 31, 2020, we did not recognize an allowance for credit losses on our cash equivalents due to their overall high credit quality and short-term nature. Securities Purchased Under Agreements to Resell We consider the types of securities being pledged to us as collateral when determining how much we lend in transactions involving securities purchased under agreements to resell. Additionally, we regularly review the market values of these securities compared to amounts loaned in an effort to manage our exposure to losses, and our counterparties are typically contractually required to adjust the amount of collateral based on changes in the fair value of the collateral. As of December 31, 2020 and December 31, 2019, all of our securities purchased under agreements to resell were fully collateralized and we expect our counterparties to continue to replenish the collateral as necessary to meet the requirements of the contract. Therefore, as of December 31, 2020, we did not recognize an allowance for credit losses on our securities purchased under agreements to resell nor have we recognized any charge-offs of accrued interest receivable. See Note 10 for additional information on securities purchased under agreements to resell. Other Assets We assess certain other assets measured at amortized cost for expected credit losses, such as advances to lenders and other secured lending arrangements, credit enhancement recovery receivables, servicer receivables, and other accounts receivable. Many of these assets are collateralized and require the counterparties to continue to replenish the collateral as market values change. Our allowance for credit losses on other assets is insignificant. Prior Period Allowance for Credit Losses and Related Information Under the previous incurred loss impairment methodology that was effective prior to January 1, 2020, we assessed loan impairment on a collective basis unless we considered the loan to be impaired. We assessed loan impairment on an individual basis when, based on current information, it was probable that we would not receive all amounts due (including both principal and interest) in accordance with the contractual terms of the original loan agreement. The table below presents our allowance for loan losses and our recorded investment in loans, held-for-investment, by impairment evaluation methodology. Table 7.2 - Net Investment in Loans December 31, 2019 (In millions) Single-family Multifamily Total Recorded investment: Collectively evaluated $1,936,208 $17,408 $1,953,616 Individually evaluated 35,449 81 35,530 Total recorded investment 1,971,657 17,489 1,989,146 Ending balance of the allowance for loan losses: Collectively evaluated (1,350) (12) (1,362) Individually evaluated (2,872) — (2,872) Total ending balance of the allowance (4,222) (12) (4,234) Net investment in loans $1,967,435 $17,477 $1,984,912 Allowance for Loan Losses Determined on a Collective Basis Single-Family Loans Prior to our implementation of CECL on January 1, 2020, we estimated allowance for loan losses on homogeneous pools of single-family loans using a model that evaluated a variety of factors affecting collectability. We reviewed the outputs of this model by considering qualitative factors such as macroeconomic and other factors to see whether the model outputs were consistent with our expectations. Management adjustments were made as necessary to take into consideration external factors and current economic events that had occurred but that were not yet reflected in the factors used to derive the model outputs. Significant judgment was exercised in making these adjustments. The homogeneous pools of single-family loans were determined based on common underlying characteristics, including current LTV ratios, trends in house prices, loan product type, and geographic region. We rely upon third parties to service our loans. At loan delivery, the seller provides us with loan data, which includes characteristics and underwriting information. Each subsequent month, the servicers provide us with monthly loan-level servicing data, including delinquency and loss information. Our single-family allowance for loan losses default models produced estimates based on 12 months of loan-level performance data, which included a history of delinquency, foreclosures, foreclosure alternatives, and modifications. Our allowance for loan losses estimate included projections of: n Loss mitigation activities when a loss was incurred, including loan modifications for troubled borrowers and the incidence of redefault we had experienced on similar loans that had completed a loan modification and n Defaults we believed were likely to occur as a result of loss events that had occurred through the respective balance sheet date. We also considered macroeconomic and other factors that affect the quality of the loans underlying our portfolio, including regional housing trends, applicable house price indices, unemployment and employment dislocation trends, the effects of changes in government policies and programs, consumer credit statistics, and the extent of third-party insurance. Our single-family allowance for loan losses severity was based on actual REO dispositions, short sales, and third-party sales that incorporated the most recent: n Twelve months of sales experience realized on our distressed property dispositions and n Twelve months of pre-foreclosure expenses on our distressed properties, including REO, short sales, and third-party sales. Our single-family allowance for loan losses severity estimate also captured expectations about recoveries from the collateral and attached credit enhancements, such as primary mortgage insurance. We used historical trends in house prices in our single-family allowance for loan losses process, primarily through the use of current LTV ratios in our default models and through the use of recent house price sales experience in our severity estimate. However, we did not use a forecast of trends in house prices in our single-family allowance for loan losses process. For loans where foreclosure was probable, we measured impairment based upon an estimate of the fair value of the underlying collateral less estimated disposition costs. Our estimate also considered the effect of historical house price changes on borrower behavior. We applied proceeds from attached credit enhancements (e.g., primary mortgage insurance) entered into contemporaneously with, and in contemplation of, a guarantee or loan purchase transaction as a recovery of our recorded investment in a charged-off loan, up to the amount of loss recognized as a charge-off. Proceeds received in excess of our recorded investment in loans were recorded as a decrease to REO operations expense on our consolidated statements of comprehensive income. Multifamily Loans Multifamily loans evaluated collectively for impairment were aggregated into book year vintage portfolios. Potential impairment related to these portfolios was measured by benchmarking published historical commercial loan performance data to those vintages based upon available economic data related to multifamily real estate, including apartment vacancy and rental rates. Allowance for Loan Losses Determined on an Individual Basis We considered a loan to be impaired when, based on current information, it was probable that we would not receive all amounts due (including both principal and interest) in accordance with the contractual terms of the original loan agreement. Single-family loans individually evaluated for impairment included TDRs, as well as loans acquired under our financial guarantees with deteriorated credit quality prior to 2010. Impairment of a single-family loan having undergone a TDR was generally measured as the excess of our recorded investment in the loan over the present value of the expected future cash flows, discounted at the loan's effective interest rate. Our expectation of future cash flows incorporated, among other items, an estimated probability of default which was based on a number of market factors as well as the characteristics of the loan, such as past due status. If we determined that foreclosure on the underlying collateral was probable, we measured impairment based upon the fair value of the collateral, as reduced by estimated disposition costs and adjusted for estimated proceeds from primary mortgage insurance and similar sources. Multifamily loans individually evaluated for impairment included TDRs, loans three monthly payments or more past due, and loans that were impaired based on management judgment. Multifamily loans were generally measured individually for impairment based on the fair value of the underlying collateral, as reduced by estimated disposition costs. The tables below present the UPB, recorded investment, the related allowance for loan losses, average recorded investment, and interest income recognized for individually impaired loans. Table 7.3 - Individually Impaired Loans December 31, 2019 (In millions) UPB Recorded Investment Associated Allowance Single-family: With no allowance recorded: (1) 20- and 30-year or more, amortizing fixed-rate $2,431 $1,927 N/A 15-year amortizing fixed-rate 21 20 N/A Adjustable-rate 169 169 N/A Alt-A, interest-only, and option ARM 847 727 N/A Total with no allowance recorded 3,468 2,843 N/A With an allowance recorded: (2) 20- and 30-year or more, amortizing fixed-rate 28,824 28,667 (2,416) 15-year amortizing fixed-rate 616 625 (13) Adjustable-rate 131 130 (7) Alt-A, interest-only, and option ARM 3,315 3,184 (436) Total with an allowance recorded 32,886 32,606 (2,872) Combined single-family: 20- and 30-year or more, amortizing fixed-rate 31,255 30,594 (2,416) 15-year amortizing fixed-rate 637 645 (13) Adjustable-rate 300 299 (7) Alt-A, interest-only, and option ARM 4,162 3,911 (436) Total single-family 36,354 35,449 (2,872) Multifamily : With no allowance recorded (1) 86 81 N/A With an allowance recorded — — — Total multifamily 86 81 — Total single-family and multifamily $36,440 $35,530 ($2,872) Referenced footnotes are included after the next table. Year Ended December 31, 2019 2018 (In millions) Average Recorded Investment Interest Income Recognized Interest Income Recognized on Cash Basis (3) Average Interest Interest Income Recognized on Cash Basis (3) Single-family: With no allowance recorded: (1) 20- and 30-year or more, amortizing fixed-rate $2,450 $262 $7 $3,236 $346 $16 15-year amortizing fixed-rate 20 1 — 21 3 — Adjustable rate 200 11 — 248 12 1 Alt-A, interest-only, and option ARM 891 66 1 1,264 88 4 Total with no allowance recorded 3,561 340 8 4,769 449 21 With an allowance recorded: (2) 20- and 30-year or more, amortizing fixed-rate 32,960 1,805 156 44,055 2,156 274 15-year amortizing fixed-rate 653 22 4 798 28 9 Adjustable rate 135 6 2 197 6 3 Alt-A, interest-only, and option ARM 3,917 226 20 5,953 273 30 Total with an allowance recorded 37,665 2,059 182 51,003 2,463 316 Combined single-family: 20- and 30-year or more, amortizing fixed-rate 35,410 2,067 163 47,291 2,502 290 15-year amortizing fixed-rate 673 23 4 819 31 9 Adjustable rate 335 17 2 445 18 4 Alt-A, interest-only, and option ARM 4,808 292 21 7,217 361 34 Total single-family 41,226 2,399 190 55,772 2,912 337 Multifamily: With no allowance recorded (1) 83 5 1 131 6 2 With an allowance recorded — — — 3 — — Total multifamily 83 5 1 134 6 2 Total single-family and multifamily $41,309 $2,404 $191 $55,906 $2,918 $339 (1) Individually impaired loans with no allowance primarily represent those loans for which the collateral value is sufficiently in excess of the loan balance to result in recovery of the entire recorded investment if the property were foreclosed upon or otherwise subject to disposition. (2) Consists primarily of loans classified as TDRs. (3) Consists of income recognized during the period related to loans on non-accrual status. The table below summarizes the delinquency rates of loans within our single-family credit guarantee and multifamily mortgage portfolios. Table 7.4 - Delinquency Rates (Dollars in millions) December 31, 2019 Single-family: Non-credit-enhanced portfolio: Serious delinquency rate 0.70 % Total number of seriously delinquent loans 42,485 Credit-enhanced portfolio: (1) Primary mortgage insurance: Serious delinquency rate 0.79 % Total number of seriously delinquent loans 15,261 Other credit protection: (2) Serious delinquency rate 0.40 % Total number of seriously delinquent loans 18,143 Total single-family Serious delinquency rate 0.63 % Total number of seriously delinquent loans 70,162 Multifamily (3) Non-credit-enhanced portfolio: Delinquency rate — % UPB of delinquent loans $2 Credit-enhanced portfolio: Delinquency rate 0.09 % UPB of delinquent loans $244 Total multifamily Delinquency rate 0.08 % UPB of delinquent loans $246 (1) The credit-enhanced categories are not mutually exclusive, as a single loan may be covered by both primary mortgage insurance and other credit protection. (2) Consists of single-family loans covered by financial arrangements (other than primary mortgage insurance) that are designed to reduce our credit risk exposure. See Note 8 for additional information on our credit enhancements. (3) Multifamily delinquency performance is based on the UPB of loans that are two monthly payments or more past due or those in the process of foreclosure. Prior Period Other-Than-Temporary Impairment on Investments in Securities Under the previous other-tha

Credit Enhancements

Credit Enhancements	12 Months Ended
	Dec. 31, 2020
Credit Enhancements [Abstract]
CREDIT ENHANCEMENTS	Credit Enhancements We obtain various forms of credit enhancements that reduce our exposure to credit losses. These credit enhancements may be associated with mortgage loans or guarantees recognized on our consolidated balance sheets or embedded in debt recognized on our consolidated balance sheets. Accounting for Credit Enhancements Attached Credit Enhancements Attached credit enhancements are obtained contemporaneously with, and in contemplation of, the origination of a financial instrument, and effectively travel with the financial instrument upon sale. Attached credit enhancements include primary mortgage insurance, which provides us with loan-level protection up to a specified percentage. Expected recoveries from attached credit enhancements are considered in determining the allowance for loan losses, resulting in a reduction in the recognized provision for credit losses by the amount of the expected recoveries. Subsequent to foreclosure and charge-off of the allowance for credit losses, we reclassify expected recoveries from attached credit enhancements that were previously offset against the allowance for credit losses as separate receivables. See Note 7 for additional information concerning the determination of our allowance for credit losses. Freestanding Credit Enhancements Freestanding credit enhancements are contracts that are entered into separately and apart from any other financial instruments or entered into in conjunction with some other transaction and are legally detachable and separately exercisable. Freestanding credit enhancements include insurance/reinsurance transactions, STACR Trust notes, and lender risk-sharing transactions and are accounted for separately from the underlying mortgage loans or guarantees. Our primary insurance/reinsurance transactions are single-family ACIS transactions. ACIS transactions are insurance policies we purchase, generally underwritten by a group of insurers and reinsurers, that provide credit protection for certain specified credit events that occur on a reference pool of mortgage loans. Under the ACIS contracts, we pay insurers and reinsurers premiums for insurance coverage. Each month, we accrue for our obligation to make such payments for all tranches covered by the ACIS contracts. When specific credit events occur, we generally receive compensation from the insurance policy up to an aggregate limit based on actual losses. We require our counterparties to partially collateralize their exposure to reduce the risk that we will not be reimbursed for our claims under the policies. In addition to ACIS, our single-family insurance/reinsurance credit enhancements include AFRM, which is similar to ACIS but provides credit protection immediately upon acquisition of the loan, and IMAGIN, which provides loan-level protection in lieu of traditional primary mortgage insurance. Our multifamily insurance/reinsurance credit enhancements include MCIP transactions, which are similar to ACIS transactions and provide credit protection for certain specified credit events that occur on a reference pool of multifamily mortgage assets. STACR Trust notes transfer credit risk on a reference pool of mortgage loans to investors through the issuance of notes linked to notional credit risk positions of the reference pool by a third-party trust. The trust issues the notes and makes periodic payments of principal and interest on the notes to investors. Under this structure, we make payments to the trust to support payment of the interest due on the notes, and we receive payments from the trust that otherwise would have been made to the noteholders as a result of defined credit events on the reference pool. Each month, we accrue for our obligation to make such payments to the trust. The note balances are reduced by the amount of the payments to us. Certain STACR Trust notes may qualify as interests in a REMIC. Lender risk-sharing transactions are agreements that require a lender to repurchase a loan upon default or to reimburse us for realized credit losses. These transactions are entered into as an alternative to requiring primary mortgage insurance or in exchange for a lower guarantee fee. The loss sharing amount may be fully or partially collateralized. We no longer enter into lender risk-sharing transactions with single-family lenders on a regular basis. We recognize the payments we make to transfer credit risk under freestanding credit enhancements in credit enhancement expense in our consolidated statements of comprehensive income when they are incurred. We recognize expected recoveries from freestanding credit enhancements separately in other assets on our consolidated balance sheets, with an offsetting reduction to benefit for (decrease in) credit enhancement recoveries, at the same time that we recognize an allowance for credit losses on the covered loans, measured on the same basis as the allowance for credit losses on the covered loans. Our adoption of CECL on January 1, 2020 resulted in an increase of $0.3 billion in our expected recovery receivable balance as the amount of expected recoveries from freestanding credit enhancements increased in conjunction with the increase in expected losses on the covered mortgage loans. Upon adoption of CECL, we measure credit losses on our expected recovery receivables based on our estimate of current expected credit losses over the contractual term of the contract. The table below presents details of our credit enhancement recovery receivables. These amounts are recognized within other assets on our consolidated balance sheets. Table 8.1 - Credit Enhancement Receivables (In millions) December 31, 2020 December 31, 2019 Freestanding credit enhancement expected recovery receivables, net of allowance $677 $71 Primary mortgage insurance receivables (1) , net of allowance 74 76 Total credit enhancement assets $751 $147 (1) Excludes $444 million and $464 million of deferred payment obligations associated with unpaid claim amounts as of December 31, 2020 and December 31, 2019, respectively. We have reserved substantially all these unpaid amounts as collectability is uncertain. For information about counterparty credit risk associated with mortgage insurers and other credit enhancement providers, see Note 18 . Guarantee Credit Enhancements Guarantee credit enhancements primarily consist of subordination we obtain through the creation of unguaranteed subordinated securities issued by nonconsolidated securitization trusts that absorb first losses prior to us having to perform on our guarantee of the senior securities. Guarantee credit enhancements include multifamily K Certificate and SB Certificate transactions and single-family senior subordinate securitization structures backed by seasoned loans. Expected recoveries from guarantee credit enhancements are considered when measuring the allowance for loan losses. As a result, we recognize an allowance for credit losses on off-balance sheet credit exposures only if expected credit losses exceed the amount of subordination. We recognize guarantee fee income and there is no explicitly recognized separate credit enhancement expense or expected credit enhancement recoveries. See Note 7 for additional information concerning the measurement of our allowance for credit losses. Credit-Linked Debt We also transfer credit risk after our acquisition or guarantee of mortgage assets by either issuing unsecured credit-linked debt or recognizing debt of consolidated VIEs that includes subordination. For certain of our unsecured debt issuances, we create a reference pool of mortgage assets (generally loans) to which we currently have credit risk exposure and an associated securitization-like structure with notional credit risk positions. To the extent a specified credit event occurs on the mortgage assets in the reference pool, the outstanding balance of our debt obligations is written down, thereby reducing our future principal and interest payment obligations. The principal types of unsecured credit-linked debt are single-family STACR debt notes and multifamily SCR debt notes. Most of our STACR debt notes are recorded as other debt on our consolidated balance sheets and accounted for at amortized cost. When the realized loss events (e.g., third-party foreclosure sale, short sale, or REO disposition) occur on the underlying loans in the reference pool, the STACR debt notes are written down and the benefits are recognized as investment gains (losses), net on our consolidated statements of comprehensive income. The structure of multifamily SCR debt notes is similar to STACR debt notes, although the mortgage assets within the reference pool may be loans or multifamily housing revenue bonds to which we have credit exposure. While our SCR debt notes are recorded as other debt on our consolidated balance sheets, these debt obligations are measured at fair value, as we elected the fair value option. Fair value changes are recorded in investment gains (losses), net on our consolidated statements of comprehensive income. Similar to our nonconsolidated VIEs, we obtain credit enhancement on certain of our consolidated securitization products through the creation of unguaranteed subordinated securities. These unguaranteed subordinated securities will absorb first losses on the underlying loans prior to us performing pursuant to our guarantee obligation. The unguaranteed subordinated debt securities held by third parties are recorded as debt of consolidated trusts on our consolidated balance sheets and generally accounted for at amortized cost. When losses are realized on the loans underlying the securities, the subordinated debt is written down and the benefits are recognized as investment gains (losses), net on our consolidated statements of comprehensive income. Single-Family Credit Enhancements The table below presents the total current and protected UPB and maximum amounts of potential loss recovery related to our single-family credit enhancements. Table 8.2 - Single-Family Credit Enhancements December 31, 2020 December 31, 2019 (In millions) Credit Enhancement Accounting Treatment Total Current and Protected UPB (1) Maximum Coverage Total Current and Protected UPB (1) Maximum Coverage Primary mortgage insurance Attached $472,881 $116,973 $421,870 $107,690 STACR: (2) Trust notes Freestanding 488,251 17,288 288,323 9,739 Debt notes Debt 365,482 12,377 536,036 15,373 Insurance/reinsurance (3) Freestanding 876,815 11,586 863,149 10,157 Subordination: (4) Nonconsolidated VIEs Guarantee 29,039 5,718 25,443 4,545 Consolidated VIEs Debt 9,035 464 19,498 854 Lender risk sharing Freestanding 5,731 4,831 24,078 5,657 Other Primarily attached 374 371 1,056 1,051 Total single-family credit enhancements $169,608 $155,066 (1) Underlying loans may be covered by more than one form of credit enhancement. For certain transactions, protected UPB may be different from the UPB of the underlying loans due to timing differences in reporting cycles between the transactions and the loans. (2) Total current and protected UPB represents the UPB of the assets included in the reference pool. Maximum coverage amount represents the outstanding balance held by third parties. (3) As of December 31, 2020 and December 31, 2019, substantially all of our counterparties p osted sufficient collateral on our ACIS transactions to meet the minimum collateral requirements of the ACIS program. Minimum collateral requirements are assessed on each deal based on a combination of factors, including counterparty credit risk of the reinsurer, as well as the structure and risk profile of the transaction. Other insurance/reinsurance transactions have similar collateral requirements. (4) Total current and protected UPB includes the UPB of the guaranteed securities, which represents the UPB of the assets included in the trust net of the protection provided by the subordinated securities. For nonconsolidated VIEs, the total current and protected UPB also includes the UPB of guarantor advances made to the holders of the guaranteed securities. Maximum coverage represents the outstanding UPB of the securities that are subordinate to Freddie Mac guaranteed securities and held by third parties. Multifamily Credit Enhancements The table below presents the total current and protected UPB and maximum amounts of potential loss recovery related to our multifamily credit enhancements. Table 8.3 - Multifamily Credit Enhancements December 31, 2020 December 31, 2019 (In millions) Credit Enhancement Accounting Treatment Total Current and Protected UPB (1) Maximum Coverage Total Current and Protected UPB (1) Maximum Coverage Subordination: (2) Nonconsolidated VIEs Guarantee $286,199 $42,712 $251,008 $40,262 Consolidated VIEs Debt 1,800 200 1,800 200 Lender risk sharing (3) Freestanding 3,321 598 2,529 381 Insurance/reinsurance (4) Freestanding 5,383 190 2,769 127 SCR debt notes (5) Debt 2,217 111 2,470 123 Other (3) Attached 253 253 467 467 Total multifamily credit enhancements $44,064 $41,560 (1) Underlying loans may be covered by more than one form of credit enhancement. (2) Total current and protected UPB includes the UPB of the guaranteed securities, which represents the UPB of the assets included in the trust net of the protection provided by the subordinated securities, and the UPB of master servicer advances made to the holders of the guaranteed and unguaranteed securities . For nonconsolidated VIEs, the total current and protected UPB also includes the UPB of guarantor advances made to the holders of the guaranteed securities. Maximum coverage represents the outstanding UPB of the securities that are subordinate to Freddie Mac guaranteed securities and held by third parties. (3) Maximum coverage represents the remaining amount of loss recovery that is available subject to the terms of counterparty agreements. (4) As of December 31, 2020 and December 31, 2019, the counterparties to our insurance/reinsurance transactions have complied with the minimum collateral requirements. Minimum collateral requirements are assessed on each deal based on a combination of factors, including counterparty credit risk of the reinsurer, as well as the structure and risk profile of the transaction. (5) Total current and protected UPB represents the UPB of the assets included in the reference pool. Maximum coverage amount represents the outstanding balance of the SCR debt notes held by third parties. We have other multifamily credit enhancements in the form of collateral posting requirements, indemnification, pool insurance, bond insurance, recourse, and other similar arrangements. These credit enhancements, along with the proceeds received from the sale of the underlying mortgage collateral, are designed to recover all or a portion of our losses on our mortgage loans or the amounts paid under our financial guarantee contracts. Our historical losses and related recoveries pursuant to these agreements have not been significant and therefore these other types of credit enhancements are excluded from the table above.

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
DEBT SECURITIES AND SUBORDINATED BORROWINGS	Debt The table below summarizes the balances of total debt per our consolidated balance sheets. Table 9.1 - Total Debt December 31, (In millions) 2020 2019 Debt securities of consolidated trusts held by third parties $2,308,176 $1,898,355 Debt of Freddie Mac: Short-term debt 4,955 101,034 Long-term debt 279,415 170,296 Total Debt of Freddie Mac 284,370 271,330 Total debt $2,592,546 $2,169,685 Debt securities that we issue are classified as either debt securities of consolidated trusts held by third parties or debt of Freddie Mac. We issue debt of Freddie Mac to fund our operations. Our debt is reported at amortized cost, with the exception of certain debt for which we elected the fair value option. Deferred items, including premiums, discounts, issuance costs, and hedge accounting-related basis adjustments, are reported as a component of total debt. These items are amortized and reported through interest expense using the effective interest method over the contractual life of the related indebtedness. Amortization of premiums, discounts, and issuance costs begins at the time of debt issuance. Amortization of hedge accounting-related basis adjustments begins upon the discontinuation of the related hedge relationship. We elected the fair value option on debt that contains embedded derivatives, including certain STACR debt notes and SCR debt notes. For additional information on STACR debt notes and SCR debt notes, see Note 8 . Changes in the fair value of these debt obligations are recorded in investment gains (losses), net, with any upfront costs and fees incurred or received in exchange for the issuance of the debt being recognized in earnings as incurred and not deferred. Related interest expense continues to be reported as interest expense based on the stated terms of the debt securities. For additional information on our election of the fair value option, see Note 19 . When we repurchase or call outstanding debt securities, we recognize the difference between the amount paid to redeem the debt security and the carrying value in earnings as a component of investment gains (losses), net. Contemporaneous transfers of cash between us and a creditor in connection with the issuance of the new debt security and satisfaction of an existing debt security are accounted for as either an extinguishment or a modification of an existing debt security. If the debt securities have substantially different terms, the transaction is accounted for as an extinguishment of the existing debt security. The issuance of a new debt security is recorded at fair value, fees paid to the creditor are expensed as incurred, and fees paid to third parties are deferred and amortized into interest expense over the life of the new debt security using the effective interest method. If the terms of the existing debt security and the new debt security are not substantially different, the transaction is accounted for as a modification of the existing debt. Fees paid to the creditor are deferred and amortized into interest expense over the life of the modified debt security using the effective interest method and fees paid to third parties are expensed as incurred. We also engage in dollar roll transactions whereby we enter into an agreement to sell and subsequently repurchase (or purchase and subsequently resell) agency securities. When these transactions involve securities issued by consolidated entities, they are treated as issuances and extinguishments of debt. Under the Purchase Agreement, without the prior written consent of Treasury, we may not incur indebtedness that would result in the par value of our aggregate indebtedness exceeding 120% of the amount of mortgage assets we are allowed to own on December 31 of the immediately preceding calendar year. Because of this debt limit, we may be restricted in the amount of debt we are allowed to issue to fund our operations. Under the Purchase Agreement, the amount of our "indebtedness" is determined without giving effect to the January 1, 2010 change in the accounting guidance related to transfers of financial assets and consolidation of VIEs. Therefore, "indebtedness" generally does not include debt securities of consolidated trusts held by third parties. We also cannot become liable for any subordinated indebtedness without the prior consent of Treasury. See Note 2 for information regarding restrictions on the amount of mortgage-related securities that we may own. Beginning January 1, 2019, our debt cap under the Purchase Agreement is $300 billion. Our debt cap under the Purchase Agreement will decrease to $270 billion on January 1, 2023 pursuant to the January 2021 Letter Agreement. As of December 31, 2020, our aggregate indebtedness for purposes of the debt cap was $286.5 billion. Our aggregate indebtedness primarily includes the par value of short- and long-term debt. Debt Securities of Consolidated Trusts Held By Third Parties Debt securities of consolidated trusts held by third parties represent our liability to third parties that hold beneficial interests in our consolidated securitization trusts. Debt securities of consolidated trusts held by third parties are subject to prepayment risk as their payments are based upon the performance of the underlying mortgage loans that may be prepaid by the related mortgage borrower at any time without penalty. The table below summarizes the debt securities of consolidated trusts held by third parties based on underlying loan product type. Table 9.2 - Debt Securities of Consolidated Trusts Held by Third Parties December 31, 2020 December 31, 2019 (Dollars in millions) Contractual Maturity UPB Carrying Amount (1) Weighted Average Coupon (2) Contractual Maturity UPB Carrying Amount (1) Weighted Average Coupon (2) Single-family: 30-year or more, fixed-rate 2021 - 2060 $1,799,065 $1,855,438 3.07 % 2020 - 2057 $1,516,550 $1,554,095 3.63 % 20-year fixed-rate 2021 - 2041 97,520 100,498 2.84 2020 - 2040 70,901 72,558 3.37 15-year fixed-rate 2021 - 2036 303,142 310,612 2.46 2020 - 2035 225,501 229,133 2.87 Adjustable-rate 2021 - 2051 23,964 24,484 2.76 2020 - 2050 30,183 30,756 3.25 Interest-only 2026 - 2041 3,671 3,736 3.15 2026 - 2041 4,244 4,307 4.55 FHA/VA 2021 - 2050 752 769 4.04 2020 - 2049 633 647 4.68 Total Single-family 2,228,114 2,295,537 1,848,012 1,891,496 Multifamily 2021-2050 12,488 12,639 2.43 2021 - 2049 6,790 6,859 3.29 Total debt securities of consolidated trusts held by third parties $2,240,602 $2,308,176 $1,854,802 $1,898,355 (1) Includes $205 million and $209 million at December 31, 2020 and December 31, 2019, respectively, of debt of consolidated trusts that represents the fair value of debt securities with the fair value option elected. (2) The effective rate for debt securities of consolidated trusts held by third parties was 1.76% and 2.79% as of December 31, 2020 and December 31, 2019, respectively. Short-Term Debt Discount notes, Reference Bills securities, and medium-term notes are unsecured general corporate obligations. Discount notes and Reference Bills securities pay only principal at maturity. Securities sold under agreements to repurchase are effectively collateralized borrowings where we sell securities with an agreement to repurchase such securities at a future date. Certain medium-term notes that have original maturities of one year or less are classified as short-term debt for purposes of this presentation. The table below summarizes the balances and effective interest rates for short-term debt. Table 9.3 - Short-Term Debt December 31, 2020 December 31, 2019 (Dollars in millions) Par Value Carrying Amount Weighted Average Effective Rate Par Value Carrying Amount Weighted Average Effective Rate Short-term debt: Discount notes and Reference Bills $11 $11 0.69 % $60,830 $60,629 1.67 % Medium-term notes 4,944 4,944 1.31 40,407 40,405 2.31 Securities sold under agreements to repurchase — — — 9,843 9,843 1.46 Total short-term debt $4,955 $4,955 1.31 % $111,080 $110,877 1.89 % Long-Term Debt The table below summarizes our long-term debt. Table 9.4 - Long-Term Debt December 31, 2020 December 31, 2019 (Dollars in millions) Contractual Maturity Par Value Carrying Amount (1) Weighted Average Effective Rate (2) Contractual Maturity Par Value Carrying Amount (1) Weighted Average Effective Rate (2) Long-term debt: Fixed-rate: Medium-term notes — callable 2021-2050 $122,967 $122,895 0.71 % 2020 - 2037 $83,470 $83,433 2.01 % Medium-term notes — non-callable 2021-2028 7,710 7,758 0.75 2020 - 2028 2,498 2,519 2.14 Reference Notes securities — non-callable 2021-2032 64,162 64,124 1.55 2020 - 2032 39,124 39,176 2.71 STACR and SCR debt notes 2031-2042 111 114 12.71 2031 - 2042 123 126 12.74 Variable-rate: Medium-term notes — callable 2021-2025 371 371 1.93 2020 - 2034 10,682 10,668 2.18 Medium-term notes — non-callable 2021-2026 68,838 68,824 0.63 2020 - 2026 15,727 15,724 2.45 STACR 2023-2042 12,377 12,228 4.10 2023 - 2042 15,373 15,526 5.58 Zero-coupon: Medium-term notes — non-callable 2021-2039 4,850 2,578 5.99 2020 - 2039 4,880 2,450 5.94 Other 2047-2050 — 57 0.49 2047 - 2049 — 6 0.63 Hedging-related basis adjustments N/A 466 N/A 668 Total long-term debt $281,386 $279,415 1.09 % $171,877 $170,296 2.61 % (1) Represents par value, net of associated discounts or premiums and issuance costs. Includes $2.4 billion and $3.7 billion at December 31, 2020 and December 31, 2019, respectively, of long term-debt that represents the fair value of debt securities with the fair value option elected. (2) Based on carrying amount, excluding hedge-related basis adjustments. A portion of our long-term debt is callable. Callable debt gives us the option to redeem the debt security at par on one or more specified call dates or at any time on or after a specified call date. The table below summarizes the contractual maturities of long-term debt securities at December 31, 2020. Table 9.5 - Contractual Maturities of Long-Term Debt and Debt Securities (In millions) Amounts Annual Maturities Long-term debt (excluding STACR and SCR debt notes): 2021 $43,422 2022 61,071 2023 61,998 2024 21,679 2025 44,342 Thereafter 36,386 Debt securities of consolidated trusts held by third parties, STACR, and SCR debt notes (1) 2,253,090 Total 2,521,988 Net discounts, premiums, debt issuance costs, hedge-related, and other basis adjustments (2) 65,603 Total debt securities of consolidated trusts held by third parties, STACR, SCR and long-term debt $2,587,591 (1) Contractual maturities of these debt securities are not presented because they are subject to prepayment risk, as their payments are based upon the performance of a pool of mortgage assets that may be prepaid by the related mortgage borrower at any time without penalty. (2) Other basis adjustments primarily represent changes in fair value on debt where we have elected the fair value option.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	Derivatives Derivatives are reported at their fair value on our consolidated balance sheets. Changes in fair value and interest accruals on derivatives not in qualifying fair value hedge relationships are recorded as investment gains (losses), net on our consolidated statements of comprehensive income. Derivatives in a net asset position, including net derivative interest receivable or payable, are reported as derivative assets, net. Similarly, derivatives in a net liability position, including net derivative interest receivable or payable, are reported as derivative liabilities, net. We offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting agreement. Non-cash collateral held is not recognized on our consolidated balance sheets as we do not obtain effective control over the collateral, and non-cash collateral posted is not de-recognized from our consolidated balance sheets as we do not relinquish effective control over the collateral. Therefore, non-cash collateral held or posted is not presented as an offset against derivative assets or derivative liabilities on our consolidated balance sheets. We evaluate whether financial instruments that we purchase or issue contain embedded derivatives. We generally elect to measure newly acquired or issued financial instruments that contain embedded derivatives at fair value, with changes in fair value recorded in earnings. On our consolidated statements of cash flows, cash flows related to the acquisition and termination of derivatives, other than forward commitments, are generally classified in investing activities. Cash flows related to forward commitments are classified within the section of the consolidated statements of cash flows in accordance with the cash flows of the financial instruments to which they relate. Use of Derivatives We use derivatives primarily to hedge interest-rate sensitivity mismatches between our financial assets and liabilities. We analyze the interest-rate sensitivity of financial assets and liabilities across a variety of interest-rate scenarios based on market prices, models, and economics. When we use derivatives to mitigate our exposures, we consider a number of factors, including cost, exposure to counterparty credit risk, and our overall risk management strategy. We classify derivatives into three categories: n Exchange-traded derivatives; n Cleared derivatives; and n OTC derivatives. Exchange-traded derivatives include standardized interest-rate futures contracts and options on futures contracts. Cleared derivatives include interest-rate swaps that the U.S. Commodity Futures Trading Commission has determined are subject to the central clearing requirement of the Dodd-Frank Act. OTC derivatives refer to those derivatives that are neither exchange-traded derivatives nor cleared derivatives. Types of Derivatives We principally use the following types of derivatives: n LIBOR- and SOFR-based interest-rate swaps; n LIBOR-, Treasury-, and SOFR-based purchased options (including swaptions); and n LIBOR-, Treasury-, and SOFR-based exchange-traded futures. We also purchase swaptions on credit indices in order to obtain protection against adverse movements in multifamily spreads which may affect the profitability of our K Certificate or SB Certificate transactions. In addition to swaps, futures, and purchased options, our derivative positions include written options and swaptions, and commitments. Written Options and Swaptions Written call and put swaptions are sold to counterparties allowing them the option to enter into receive-fixed and pay-fixed interest rate swaps, respectively. Written call and put options on mortgage-related securities give the counterparty the right to execute a contract under specified terms, which generally occurs when we are in a liability position. We may, from time to time, write other derivative contracts such as interest-rate futures. Commitments We routinely enter into commitments that include commitments to: n Purchase and sell investments in securities; n Purchase and sell loans; and n Purchase and extinguish or issue debt securities of our consolidated trusts. Most of these commitments are considered derivatives and therefore are subject to the accounting guidance for derivatives and hedging. Hedge Accounting Fair Value Hedges We apply fair value hedge accounting to certain single-family mortgage loans where we hedge the changes in fair value of these loans attributable to the designated benchmark interest rate (i.e., LIBOR), using LIBOR-based interest-rate swaps. We also apply fair value hedge accounting to certain issuances of debt where we hedge the changes in fair value of the debt attributable to the designated benchmark interest rate (i.e., LIBOR), using LIBOR-based interest-rate swaps. Under the last-of-layer fair value hedge accounting strategy, we hedge the changes in fair value of a portion of a closed pool of single-family mortgage loans that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. As part of this strategy, we have also elected to measure the change in fair value of the hedged item on the basis of the benchmark rate component of the contractual coupon cash flows determined at the hedge inception and by assuming the hedged item has a term that reflects only the designated cash flows being hedged. We apply hedge accounting to qualifying hedge relationships. A qualifying hedge relationship exists when changes in the fair value of a derivative hedging instrument are expected to be highly effective in offsetting changes in the fair value of the hedged item attributable to the risk being hedged during the term of the hedge relationship. No amounts have been excluded from the assessment of hedge effectiveness. To assess hedge effectiveness, we use a statistical regression analysis. At inception of the hedge relationship, we prepare formal contemporaneous documentation of our risk management objective and strategies for undertaking the hedge. If a hedge relationship qualifies for fair value hedge accounting, all changes in fair value of the derivative hedging instrument, including interest accruals, are recognized in the same consolidated statements of comprehensive income line item used to present the earnings effect of the hedged item. Therefore, changes in the fair value of the hedged item, mortgage loans and debt, attributable to the risk being hedged are recognized in interest income - mortgage loans and interest expense, respectively, along with the changes in the fair value of the respective derivative hedging instruments. Changes in the fair value of the hedged item attributable to the risk being hedged are recognized as a cumulative basis adjustment against the mortgage loans and debt. The cumulative basis adjustments are amortized to the same consolidated statements of comprehensive income line item used to present the changes in fair value of the hedged item using the effective interest method considering the contractual terms of the hedged item, with amortization beginning no later than the period in which hedge accounting was discontinued. Cash Flow Hedges There are amounts recorded in AOCI related to discontinued cash flow hedges which are recognized in earnings when the originally forecasted transactions affect earnings. If it becomes probable the originally forecasted transaction will not occur, the associated deferred gain or loss in AOCI would be reclassified to earnings immediately. Amounts reclassified from AOCI are recorded in interest expense. See Note 13 for information about future reclassifications of deferred net losses related to closed cash flow hedges to net income. Derivative Assets and Liabilities at Fair Value The table below presents the notional value and fair value of derivatives reported on our consolidated balance sheets. Table 10.1 - Derivative Assets and Liabilities at Fair Value December 31, 2020 December 31, 2019 Notional or Contractual Amount Derivatives at Fair Value Notional or Contractual Amount Derivatives at Fair Value (In millions) Assets Liabilities Assets Liabilities Not designated as hedges Interest-rate risk management derivatives: Swaps $559,596 $2,639 ($7,091) $488,242 $2,000 ($4,168) Written options 18,259 — (735) 10,984 — (130) Purchased options (1) 169,995 5,265 — 152,480 4,198 — Futures 181,702 — — 210,305 — — Total interest-rate risk management derivatives 929,552 7,904 (7,826) 862,011 6,198 (4,298) Mortgage commitment derivatives: Forward contracts to purchase mortgage loans 37,122 183 — 8,028 11 (8) Forward contracts to purchase mortgage-related securities 45,185 203 — 28,194 44 (5) Forward contracts to sell mortgage-related securities 136,802 2 (759) 57,738 6 (113) Total mortgage commitment derivatives 219,109 388 (759) 93,960 61 (126) CRT-related derivatives 28,949 61 (47) 12,362 15 (116) Other 4,029 2 (16) 5,984 1 (28) Total derivatives not designated as hedges 1,181,639 8,355 (8,648) 974,317 6,275 (4,568) Designated as fair value hedges Interest-rate risk management derivatives: Swaps 180,686 224 (500) 192,366 104 (714) Total derivatives designated as fair value hedges 180,686 224 (500) 192,366 104 (714) Derivative interest receivable (payable) (2) 455 (523) 887 (724) Netting adjustments (3) (7,829) 8,717 (6,422) 5,634 Total derivative portfolio, net $1,362,325 $1,205 ($954) $1,166,683 $844 ($372) (1) Includes swaptions on credit indices with a notional or contractual amount of $16.8 billion and $11.4 billion at December 31, 2020 and December 31, 2019, respectively, and a fair value of $9.0 million and $3.0 million at December 31, 2020 and December 31, 2019, respectively. (2) Includes other derivative receivables and payables. (3) Represents counterparty netting and cash collateral netting. See Note 11 for information related to our derivative counterparties and collateral held and posted. Gains and Losses on Derivatives The table below presents the gains and losses on derivatives, including the accrual of periodic cash settlements, while not designated in qualifying hedge relationships and reported on our consolidated statements of comprehensive income (loss) as investment gains (losses), net. Table 10.2 - Gains and Losses on Derivatives Year Ended December 31, (In millions) 2020 2019 2018 Not designated as hedges Interest-rate risk management derivatives: Swaps ($1,627) ($3,085) $1,422 Written options (161) (235) 18 Purchased options 2,404 423 (648) Futures (2,442) (946) 57 Total interest-rate risk management derivatives fair value gains (losses) (1,826) (3,843) 849 Mortgage commitment derivatives (1,856) (452) 606 CRT-related derivatives 163 (1) (38) Other 57 52 (6) Total derivatives not designated as hedges fair value gains (losses) (3,462) (4,244) 1,411 Accrual of periodic cash settlements on swaps (1) (1,576) (272) (141) Total ($5,038) ($4,516) $1,270 (1) Includes interest on variation margin on cleared interest-rate swaps. Fair Value Hedges The table below presents the effects of fair value hedge accounting by consolidated statements of comprehensive income (loss) line, including the gains and losses on derivatives and hedged items designated in qualifying hedge relationships and other components due to the application of hedge accounting. Table 10.3 - Gains and Losses on Fair Value Hedges Year Ended December 31, 2020 2019 2018 (In millions) Interest Income Interest Expense Interest Income Interest Expense Interest Income Interest Expense Total amounts of income and expense line items presented on our consolidated statements of comprehensive income in which the effects of fair value hedges are recorded: $62,340 ($49,569) $72,895 ($61,047) $70,054 ($58,033) Interest contracts on mortgage Gain or (loss) on fair value hedging relationships: Hedged items 5,071 — 4,569 — (1,776) — Derivatives designated as hedging instruments (4,836) — (4,309) — 1,091 — Interest accruals on hedging instruments (434) — (48) — (439) — Discontinued hedge related basis (2,840) — (446) — 133 — Interest contracts on debt: Gain or (loss) on fair value hedging relationships: Hedged Items — (49) — (1,038) — 145 Derivatives designated as hedging instruments — 11 — 1,231 — 155 Interest accruals on hedging instruments — 835 — (184) — (313) Discontinued hedge related basis adjustment — 60 — 63 — (3) Cumulative Basis Adjustments due to Fair Value Hedging The tables below present the hedged item cumulative basis adjustments due to qualifying fair value hedging and the related hedged item carrying amounts by their respective balance sheet line item. Table 10.4 - Cumulative Basis Adjustments due to Fair Value Hedging December 31, 2020 Carrying Amount Assets / (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying Amount Closed Portfolio Under the Last-of-Layer Method (In millions) Total Under the Last-of-Layer Method Discontinued - Hedge Related Total Amount by Amortized Cost Basis Designated Amount by UPB Mortgage loans held-for-investment $478,077 $5,117 ($318) $5,435 $220,301 $9,112 Debt (176,512) (466) — (38) — — December 31, 2019 Carrying Amount Assets / (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying Amount Closed Portfolio Under the Last-of-Layer Method (In millions) Total Under the Last-of-Layer Method Discontinued - Hedge Related Total Amount by Amortized Cost Basis Designated Amount by UPB Mortgage loans held-for-investment $470,889 $2,886 ($943) $3,829 $273,346 $22,747 Debt (122,746) (668) — (93) — —

Collateralized Agreements and O

Collateralized Agreements and Offsetting Arrangements	12 Months Ended
	Dec. 31, 2020
Offsetting [Abstract]
COLLATERAL AND OFFSETTING OF ASSETS AND LIABILITIES	Collateralized Agreements and Offsetting Arrangements Derivative Portfolio Our use of cleared derivatives, exchange-traded derivatives, and OTC derivatives exposes us to counterparty credit risk. We are required to post margin in connection with our derivatives transactions. This requirement exposes us to counterparty credit risk in the event that our counterparties fail to meet their obligations. However, the use of cleared and exchange-traded derivatives decreases our credit risk exposure to individual counterparties because a central counterparty is substituted for individual counterparties. OTC derivatives expose us to the credit risk of individual counterparties because transactions are executed and settled between us and each counterparty, exposing us to potential losses if a counterparty fails to meet its obligations. Our use of interest-rate swaps and option-based derivatives is subject to internal credit and legal reviews. On an ongoing basis, we review the credit fundamentals of all of our derivative counterparties, clearinghouses, and clearing members to confirm that they continue to meet our internal risk management standards. Over-the-Counter Derivatives We use master netting and collateral agreements to reduce our credit risk exposure to our OTC derivative counterparties for interest-rate swap and option-based derivatives. Master netting agreements provide for the netting of amounts receivable and payable from an individual counterparty, as well as posting of collateral in the form of cash, Treasury securities or agency mortgage-related or debt securities, or a combination of both by either the counterparty or us, depending on which party is in a liability position. Although it is our practice not to repledge assets held as collateral, these agreements may allow us or our counterparties to repledge all or a portion of the collateral. We have master netting agreements in place with all of our OTC derivative counterparties. On a daily basis, the market value of each counterparty's derivatives outstanding is calculated to determine the amount of our net credit exposure, which is equal to the market value of derivatives in a net gain position by counterparty after giving consideration to collateral posted. In the event a counterparty defaults on its obligations under the derivatives agreement and the default is not remedied in the manner prescribed in the agreement, we have the right under the agreement to sell the collateral. As a result, our use of master netting and collateral agreements reduces our exposure to our counterparties in the event of default. In the event that all of our counterparties for OTC interest-rate swaps and option-based derivatives were to have defaulted simultaneously on December 31, 2020, our maximum loss for accounting purposes after applying netting agreements and collateral on an individual counterparty basis would have been approximately $29 million. A significant majority of our net uncollateralized exposure to OTC derivative counterparties is concentrated with four counterparties, all of which were investment grade as of December 31, 2020. We regularly review the market value of securities pledged as collateral and derivative counterparty collateral posting thresholds, where applicable, in an effort to manage our exposure to losses. Regulations adopted by certain financial institution regulators (including FHFA) that became effective March 1, 2017 require posting of variation margin without the application of any thresholds for OTC derivative transactions executed after that date. However, for OTC derivative transactions executed before March 1, 2017 the amount of collateral we pledge to counterparties related to our derivative instruments is determined after giving consideration to our credit rating. The aggregate fair value of our OTC derivative instruments containing credit-risk related contingent features, netted by counterparty, that were in a liability position on December 31, 2020 was $3.5 billion for which we posted cash and non-cash collateral of $3.4 billion in the normal course of business. A reduction in our credit ratings may trigger additional collateral requirements related to these OTC derivative instruments. If a reduction in our credit ratings had triggered additional collateral requirements related to these OTC derivative instruments on December 31, 2020, the maximum additional collateral we would have been required to post to our counterparties would be $0.1 billion. Our OTC derivative transactions will now become subject to new initial margin requirements starting September 1, 2021. Cleared and Exchange-Traded Derivatives The majority of our interest-rate swaps are subject to the central clearing requirement. Changes in the value of open exchange-traded contracts and cleared derivatives are settled daily via payments made through the clearinghouse. We net our exposure to cleared derivatives by clearinghouse and clearing member. A reduction in our credit ratings could cause the clearinghouses or clearing members we use for our cleared and exchange-traded derivatives to demand additional collateral. Other Derivatives We also execute forward purchase and sale commitments of loans and mortgage-related securities, including dollar roll transactions, that are treated as derivatives for accounting purposes. The total exposure on our forward purchase and sale commitments was $388 million and $61 million at December 31, 2020 and December 31, 2019, respectively. Many of our transactions involving forward purchase and sale commitments of mortgage-related securities utilize the MBSD/FICC as a clearinghouse. As a clearing member of the clearinghouse, we post margin to the MBSD/FICC and are exposed to the counterparty credit risk of the organization (including its clearing members). In the event a clearing member fails and causes losses to the MBSD/FICC clearing system, we could be subject to the loss of the margin that we have posted to the MBSD/FICC. Moreover, our exposure could exceed that amount, as members are generally required to cover losses caused by defaulting members on a pro rata basis. It is difficult to estimate our maximum exposure under these transactions, as this would require an assessment of transactions that we and other members of the MBSD/FICC may execute in the future. Securities Purchased Under Agreements to Resell As an investor, we enter into arrangements to purchase securities under agreements to subsequently resell the identical or substantially the same securities to our counterparty. Our counterparties to these transactions are required to pledge the purchased securities as collateral for their obligation to repurchase those securities at a later date. While such transactions involve the legal transfer of securities, they are accounted for as secured financings because the transferor does not relinquish effective control over the securities transferred. These agreements may allow us to repledge all or a portion of the collateral pledged to us, and we may repledge such collateral periodically, although it is not typically our practice to repledge collateral that has been pledged to us. We consider the types of securities being pledged to us as collateral when determining how much we lend in transactions involving securities purchased under agreements to resell. Additionally, we regularly review the market values of these securities compared to amounts loaned in an effort to manage our exposure to losses. We present accrued interest receivable separately on our consolidated balance sheets. As of December 31, 2020 and December 31, 2019, we recognized accrued interest receivable for securities purchased under agreements to resell of $2 million and $18 million, respectively. We utilize the GSD/FICC as a clearinghouse to transact many of our trades involving securities purchased under agreements to resell, securities sold under agreements to repurchase, and other non-mortgage related securities. As a clearing member of GSD/FICC, we are required to post initial and variation margin payments and are exposed to the counterparty credit risk of GSD/FICC (including its clearing members). In the event a clearing member fails and causes losses to the GSD/FICC clearing system, we could be subject to the loss of the margin that we have posted to the GSD/FICC. Moreover, our exposure could exceed that amount, as members are generally required to cover losses caused by defaulting members on a pro rata basis. It is difficult to estimate our maximum exposure under these transactions, as this would require an assessment of transactions that we and other members of the GSD/FICC may execute in the future. During 1Q 2020, certain of our counterparties engaged in securities purchased under agreements to resell on Freddie Mac securities defaulted under the terms of the governing legal agreements by failing to meet margin requirements. The transactions were terminated in accordance with the terms of the agreements and we recognized the collateral at fair value, which was in excess of the counterparties' outstanding obligations. We did not recognize a financial loss as a result of these defaults. Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are effectively collateralized borrowings where we sell securities with an agreement to repurchase such securities at a future date. We are required to pledge the sold securities to the counterparties to these transactions as collateral for our obligation to repurchase these securities at a later date. Similar to the securities purchased under agreements to resell transactions, these transactions involve the legal transfer of securities. However, they are accounted for as secured financings because the transferor does not relinquish effective control over the securities transferred. These agreements may allow our counterparties to repledge all or a portion of the collateral. Offsetting of Financial Assets and Liabilities When we receive cash collateral, we recognize the amount received along with a corresponding obligation to return the collateral. When we post cash collateral, we derecognize the amount posted along with a corresponding asset for our right to receive the return of the collateral. We generally do not recognize or derecognize collateral received or pledged in the form of securities as the transferor in such arrangements does not relinquish effective control over the securities transferred. See Note 10 for additional information on our consolidated balance sheets presentation of collateral related to derivatives transactions. At December 31, 2020 and December 31, 2019, all amounts of cash collateral related to derivatives with master netting and collateral agreements were offset against derivative assets, net or derivative liabilities, net, as applicable. Beginning January 1, 2020, we elected to offset payables related to securities sold under agreements to repurchase against receivables related to securities purchased under agreements to resell when such amounts meet the conditions for balance sheet offsetting. Certain amounts in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. Table 11.1 - Offsetting and Collateral Information of Financial Assets and Liabilities December 31, 2020 Gross Amount Recognized Amount Offset in the Consolidated Balance Sheets Net Amount Gross Amount Not Offset in the Consolidated Balance Sheets (2) Net Amount (In millions) Counterparty Netting Cash Collateral Netting (1) Assets: Derivatives: OTC derivatives $8,566 ($5,932) ($1,957) $677 ($648) $29 Cleared and exchange-traded derivatives 17 — 60 77 — 77 Mortgage commitment derivatives 388 — — 388 — 388 Other 63 — — 63 — 63 Total derivatives 9,034 (5,932) (1,897) 1,205 (648) 557 Securities purchased under agreements to resell 105,003 — — 105,003 (105,003) — Total $114,037 ($5,932) ($1,897) $106,208 ($105,651) $557 Liabilities: Derivatives: OTC derivatives ($8,812) $5,932 $2,759 ($121) $— ($121) Cleared and exchange-traded derivatives (37) — 26 (11) — (11) Mortgage commitment derivatives (759) — — (759) — (759) Other (63) — — (63) — (63) Total derivatives (9,671) 5,932 2,785 (954) — (954) Securities sold under agreements to repurchase — — — — — — Total ($9,671) $5,932 $2,785 ($954) $— ($954) December 31, 2019 Gross Amount Recognized Amount Offset in the Consolidated Balance Sheets Net Amount Gross Amount Not Offset in the Consolidated Balance Sheets (2) Net Amount (In millions) Counterparty Netting Cash Collateral Netting (1) Assets: Derivatives: OTC derivatives $7,045 ($4,465) ($2,075) $505 ($485) $20 Cleared and exchange-traded derivatives 144 (5) 123 262 — 262 Mortgage commitment derivatives 61 — — 61 — 61 Other 16 — — 16 — 16 Total derivatives 7,266 (4,470) (1,952) 844 (485) 359 Securities purchased under agreements to resell 66,114 (9,843) — 56,271 (56,271) — Total $73,380 ($14,313) ($1,952) $57,115 ($56,756) $359 Liabilities: Derivatives: OTC derivatives ($5,731) $4,465 $1,164 ($102) $— ($102) Cleared and exchange-traded derivatives (5) 5 — — — — Mortgage commitment derivatives (126) — — (126) — (126) Other (144) — — (144) — (144) Total derivatives (6,006) 4,470 1,164 (372) — (372) Securities sold under agreements to repurchase (9,843) 9,843 — — — — Total ($15,849) $14,313 $1,164 ($372) $— ($372) (1) Excess cash collateral held is presented as a derivative liability, while excess cash collateral posted is presented as a derivative asset. (2) Does not include the fair value amount of non-cash collateral posted or held that exceeds the associated net asset or liability, netted by counterparty, presented on the consolidated balance sheets. Collateral Pledged Collateral Pledged to Freddie Mac We have cash pledged to us as collateral primarily related to OTC derivative transactions. We had $2.8 billion and $2.6 billion pledged to us as collateral that was invested as part of our liquidity and contingency operating portfolio as of December 31, 2020 and December 31, 2019, respectively. We primarily execute securities purchased under agreements to resell transactions with central clearing organizations where we have the right to repledge the collateral that has been pledged to us, either with the central clearing organization or with other counterparties. At December 31, 2020 and December 31, 2019, we had $85.8 billion and $52.4 billion, respectively, of securities pledged to us in these transactions. In addition, at December 31, 2020 and December 31, 2019, we had $0.8 billion and $2.4 billion, respectively, of securities pledged to us for transactions involving securities purchased under agreements to resell not executed with central clearing organizations that we had the right to repledge. Collateral Pledged by Freddie Mac We deposited cash collateral totaling $1.3 billion and $0.2 billion as of December 31, 2020 and December 31, 2019, respectively, related to commitments and securities purchased under agreements to resell transactions with central clearing organizations. The tables below summarize the fair value of the securities pledged as collateral by us for derivatives and collateralized borrowing transactions, including securities that the secured party may repledge. Table 11.2 - Collateral in the Form of Securities Pledged December 31, 2020 (In millions) Derivatives Securities Sold Under Agreements to Repurchase Other (2) Total Debt securities of consolidated trusts (1) $121 $— $345 $466 Trading securities 1,920 — 1,163 3,083 Total securities pledged $2,041 $— $1,508 $3,549 December 31, 2019 (In millions) Derivatives Securities Sold Under Agreements to Repurchase Other (2) Total Debt securities of consolidated trusts (1) $562 $— $280 $842 Trading securities 2,894 9,346 49 12,289 Total securities pledged $3,456 $9,346 $329 $13,131 (1) Represents debt securities of consolidated trusts held by us in our Capital Markets segment mortgage investments portfolio which are recorded as a reduction to debt securities of consolidated trusts held by third parties on our consolidated balance sheets. (2) Includes other collateralized borrowings and collateral related to transactions with certain clearinghouses. The table below presents the underlying collateral pledged and the remaining contractual maturity of our gross obligations under securities sold under agreements to repurchase as of December 31, 2019. We had no outstanding securities sold under agreements to repurchase as of December 31, 2020. Table 11.3 - Underlying Collateral Pledged December 31, 2019 (In millions) Overnight and Continuous 30 days or Less After 30 days Through 90 days Greater Than Total U.S. Treasury securities and other $— $9,081 $265 $— $9,346

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets and Other Liabilities	The table below presents the components of other assets and other liabilities on our consolidated balance sheets. December 31, (In millions) 2020 2019 Other assets: Real estate owned, net $198 $555 Guarantee asset 5,509 4,426 Servicer receivables 20,926 10,112 Advances to lenders 4,162 1,873 Secured lending 1,680 2,313 LIHTC equity investments 1,410 972 All other 5,409 2,548 Total other assets $39,294 $22,799 Other liabilities: Guarantee obligation $5,050 $4,292 All other 6,242 3,750 Total other liabilities $11,292 $8,042

Stockholders' Equity and Earnin

Stockholders' Equity and Earnings per Share	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY (DEFICIT)	Stockholders' Equity and Earnings Per Share Accumulated Other Comprehensive Income The tables below present changes in AOCI after the effects of our federal statutory tax rate of 21% for the three years presented below, related to available-for-sale securities, closed cash flow hedges, and our defined benefit plans. Table 13.1 - Changes in AOCI by Component, Net of Taxes Year Ended December 31, 2020 (In millions) AOCI Related AOCI Related to Cash Flow Hedge Relationships AOCI Related to Defined Benefit Plans Total Beginning balance $618 ($244) $64 $438 Other comprehensive income before reclassifications 502 — (9) 493 Amounts reclassified from accumulated other comprehensive income (310) 38 (16) (288) Changes in AOCI by component 192 38 (25) 205 Ending balance $810 ($206) $39 $643 Year Ended December 31, 2019 (In millions) AOCI Related AOCI Related to Cash Flow Hedge Relationships AOCI Related to Defined Benefit Plans Total Beginning balance $83 ($315) $97 ($135) Other comprehensive income before reclassifications 668 — (17) 651 Amounts reclassified from accumulated other comprehensive income (133) 71 (16) (78) Changes in AOCI by component 535 71 (33) 573 Ending balance $618 ($244) $64 $438 Year Ended December 31, 2018 (In millions) AOCI Related AOCI Related to Cash Flow Hedge Relationships AOCI Related to Defined Benefit Plans Total Beginning balance $662 ($356) $83 $389 Other comprehensive income before reclassifications (476) — 11 (465) Amounts reclassified from accumulated other comprehensive income (246) 114 (16) (148) Changes in AOCI by component (722) 114 (5) (613) Cumulative effect of change in accounting principle (1) 143 (73) 19 89 Ending balance $83 ($315) $97 ($135) (1) Includes the effect of adopting the accounting guidance on reclassification of stranded tax effects of the Tax Cuts and Jobs Act in 1Q 2018. In 1Q 2018, we adopted the accounting guidance related to the reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. The reclassification includes stranded tax effects related to unrealized gains and losses on available-for-sale securities, deferred net losses on closed cash flow hedges, and our defined benefit plans. Reclassifications from AOCI to Net Income The table below presents reclassifications from AOCI to net income, including the affected line item on our consolidated statements of comprehensive income (loss). Table 13.2 - Reclassifications from AOCI to Net Income Year Ended December 31, (In millions) 2020 2019 2018 AOCI related to available-for-sale securities Affected line items on the consolidated statements of comprehensive income (loss): Investment gains (losses), net $393 $168 $312 Income tax (expense) benefit (83) (35) (66) Net of tax 310 133 246 AOCI related to cash flow hedge relationships Affected line items on the consolidated statements of comprehensive income (loss): Interest expense (50) (90) (133) Income tax (expense) benefit 12 19 19 Net of tax (38) (71) (114) AOCI related to defined benefit plans Affected line items on the consolidated statements of comprehensive income (loss): Salaries and employee benefits 20 20 20 Income tax (expense) benefit (4) (4) (4) Net of tax 16 16 16 Total reclassifications in the period net of tax $288 $78 $148 Senior Preferred Stock Pursuant to the Purchase Agreement described in Note 2 , we issued one million shares of senior preferred stock to Treasury on September 8, 2008, in partial consideration of Treasury's commitment to provide funds to us. Shares of the senior preferred stock have a par value of $1, and have a stated value and initial liquidation preference of $1 billion, or $1,000 per share. The liquidation preference of the senior preferred stock is subject to adjustment. Dividends that are not paid in cash for any dividend period will accrue and be added to the liquidation preference of the senior preferred stock. In addition, any amounts Treasury pays to us pursuant to its funding commitment under the Purchase Agreement and any quarterly commitment fees that are not paid in cash to Treasury nor waived by Treasury will be added to the liquidation preference of the senior preferred stock. The liquidation preference of the senior preferred stock also increased by $3.0 billion on December 31, 2017 pursuant to the December 2017 Letter Agreement. Pursuant to the September 2019 and January 2021 Letter Agreements, the liquidation preference of the senior preferred stock will be increased, at the end of each fiscal quarter, from September 30, 2019 through the Capital Reserve End Date, by an amount equal to the increase in the Net Worth Amount, if any, during the immediately prior fiscal quarter. During 3Q 2020, our Net Worth Amount increased by $2.4 billion. As a result, the liquidation preference of the senior preferred stock increased to $86.5 billion on December 31, 2020 and will increase to $89.1 billion on March 31, 2021 based on the $2.5 billion increase in our Net Worth Amount during 4Q 2020. As described below, we may make payments to reduce the liquidation preference of the senior preferred stock in limited circumstances. As discussed in Note 2 , the quarterly commitment fee has been suspended until the Capital Reserve End Date. By the Capital Reserve End Date, we and Treasury, in consultation with the Chairman of the Federal Reserve, will mutually agree on a periodic commitment fee we will pay for Treasury's remaining funding commitment with respect to the five-year period commencing on the first January 1 after the Capital Reserve Date. Treasury, as the holder of the senior preferred stock, is entitled to receive quarterly cash dividends, when, as and if declared by our Board of Directors. The dividends we have paid to Treasury on the senior preferred stock have been declared by, and paid at the direction of, the Conservator, acting as successor to the rights, titles, powers, and privileges of the Board. The dividend is presented in the period in which it is determinable for the senior preferred stock, as a reduction to net income (loss) available to common stockholders and net income (loss) per common share. The dividend is declared and paid in the following period and recorded as a reduction to equity in the period declared. There were no cash dividends paid in 2020. Total dividends paid in cash during 2019 and 2018 at the direction of the Conservator were $3.1 billion and $4.1 billion, respectively. See Note 2 for a discussion of our net worth sweep dividend. The senior preferred stock is senior to our common stock and all other outstanding series of our preferred stock, as well as any capital stock we issue in the future, as to both dividends and rights upon liquidation. The senior preferred stock provides that we may not, at any time, declare or pay dividends on, make distributions with respect to, redeem, purchase or acquire, or make a liquidation payment with respect to, any common stock or other securities ranking junior to the senior preferred stock unless: n Full cumulative dividends on the outstanding senior preferred stock (including any unpaid dividends added to the liquidation preference) have been declared and paid in cash and n All amounts required to be paid with the net proceeds of any issuance of capital stock for cash (as described below) have been paid in cash. Shares of the senior preferred stock are not convertible. Shares of the senior preferred stock have no general or special voting rights, other than those set forth in the certificate of designation for the senior preferred stock or otherwise required by law. The consent of holders of at least two-thirds of all outstanding shares of senior preferred stock is generally required to amend the terms of the senior preferred stock or to create any class or series of stock that ranks prior to or on parity with the senior preferred stock. We are not permitted to redeem the senior preferred stock prior to the termination of Treasury's funding commitment set forth in the Purchase Agreement; however, we are permitted to pay down the liquidation preference of the outstanding shares of senior preferred stock to the extent of accrued and unpaid dividends previously added to the liquidation preference and not previously paid down and quarterly commitment fees previously added to the liquidation preference and not previously paid down. Pursuant to the January 2021 Letter Agreement, we are permitted to issue common stock with aggregate gross proceeds of up to $70.0 billion after Treasury's exercise in full of its warrant to acquire 79.9% of our common stock and resolution of currently pending material litigation related to our conservatorship and the Purchase Agreement, and we are permitted to use the net proceeds of such issuance(s) to build capital. If we issue any other shares of capital stock for cash while the senior preferred stock is outstanding, the net proceeds of such issuances must be used to pay down the liquidation preference of the senior preferred stock; however, the liquidation preference of each share of senior preferred stock may not be paid down below $1,000 per share prior to the termination of Treasury's funding commitment. Following the termination of Treasury's funding commitment, we may pay down the liquidation preference of all outstanding shares of senior preferred stock at any time, in whole or in part. If, after termination of Treasury's funding commitment, we pay down the liquidation preference of each outstanding share of senior preferred stock in full, the shares will be deemed to have been redeemed as of the payment date. The table below provides a summary of our senior preferred stock outstanding at December 31, 2020. Table 13.3 - Senior Preferred Stock ( In millions , except initial liquidation preference price per share) Shares Authorized Shares Outstanding Total Par Value Initial Liquidation Preference Price per Share Total Liquidation Preference Non-draw Adjustment Dates: September 8, 2008 1.00 1.00 $1.00 $1,000 $1,000 December 31, 2017 — — — N/A 3,000 September 30, 2019 — — — N/A 1,826 December 31, 2019 — — — N/A 1,848 March 31, 2020 — — — N/A 2,448 June 30, 2020 — — — N/A 382 September 30, 2020 — — — N/A 1,938 December 31, 2020 — — — N/A 2,449 Total non-draw adjustments 1.00 1.00 1.00 14,891 Draw Dates: November 24, 2008 — — — N/A 13,800 March 31, 2009 — — — N/A 30,800 June 30, 2009 — — — N/A 6,100 June 30, 2010 — — — N/A 10,600 September 30, 2010 — — — N/A 1,800 December 30, 2010 — — — N/A 100 March 31, 2011 — — — N/A 500 September 30, 2011 — — — N/A 1,479 December 30, 2011 — — — N/A 5,992 March 30, 2012 — — — N/A 146 June 29, 2012 — — — N/A 19 March 30, 2018 — — — N/A 312 Total draw adjustments — — — 71,648 Total senior preferred stock 1.00 1.00 $1.00 $86,539 No cash was received from Treasury under the Purchase Agreement in 2020 because we had positive net worth at December 31, 2019, March 31, 2020, June 30, 2020, and September 30, 2020 and, consequently, FHFA did not request a draw on our behalf in 2020. At December 31, 2020, our assets exceeded our liabilities under GAAP; therefore, no draw is being requested from Treasury under the Purchase Agreement. The aggregate liquidation preference of the senior preferred stock owned by Treasury was $86.5 billion as of December 31, 2020 and $79.3 billion as of December 31, 2019. Our quarterly senior preferred stock dividend requirement is currently the amount, if any, by which our Net Worth Amount at the end of the immediately preceding fiscal quarter, less the applicable Capital Reserve Amount, exceeds zero. Pursuant to the January 2021 Letter Agreement, the applicable Capital Reserve Amount as of October 1, 2020 is the amount of adjusted total capital necessary to meet the capital requirements and buffers set forth in the ERCF. This increased Capital Reserve Amount will remain in effect until the last day of the second fiscal quarter during which we have reached and maintained such level of capital (the Capital Reserve End Date). As a result, we will not have a dividend requirement on the senior preferred stock until we have built sufficient capital to meet the capital requirements and buffers set forth in the ERCF. If, for any reason, we were not to pay our dividend requirement on the senior preferred stock in full in any future period until the Capital Reserve End Date, the unpaid amount would be added to the liquidation preference and the applicable Capital Reserve Amount would thereafter be zero. Upon the Capital Reserve End Date, our quarterly senior preferred stock dividend requirement will be an amount equal to the lesser of (i) 10% per annum on the then-current liquidation preference of the Senior Preferred Stock and (ii) a quarterly amount equal to the increase in the Net Worth Amount, if any, during the immediately prior fiscal quarter. If for any reason we were not to pay our dividend requirement on the senior preferred stock in full in any future period after the Capital Reserve End Date, the unpaid amount would be added to the liquidation preference and immediately following such failure and for all dividend periods thereafter until the dividend period following the date on which we shall have paid in cash full cumulative dividends, the dividend amount will be 12% per annum on the then-current liquidation preference of the senior preferred stock. See Note 2 for additional information. Common Stock Warrant Pursuant to the Purchase Agreement described in Note 2 , on September 7, 2008, we issued a warrant to purchase common stock to Treasury, in partial consideration of Treasury's commitment to provide funds to us. The warrant may be exercised in whole or in part at any time on or before September 7, 2028, by delivery to us of a notice of exercise, payment of the exercise price of $0.00001 per share and the warrant. If the market price of one share of our common stock is greater than the exercise price, then, instead of paying the exercise price, Treasury may elect to receive shares equal to the value of the warrant (or portion thereof being canceled) pursuant to the formula specified in the warrant. Upon exercise of the warrant, Treasury may assign the right to receive the shares of common stock issuable upon exercise to any other person. We account for the warrant in permanent equity. At issuance on September 7, 2008, we recognized the warrant at fair value, and we do not recognize subsequent changes in fair value while the warrant remains classified in equity. We recorded an aggregate fair value of $2.3 billion for the warrant as a component of additional paid-in-capital. We derived the fair value of the warrant using a modified Black-Scholes model. If the warrant is exercised, the stated value of the common stock issued will be reclassified to common stock on our consolidated balance sheets. The warrant was determined to be in-substance non-voting common stock, because the warrant's exercise price of $0.00001 per share is considered non-substantive (compared to the market price of our common stock). As a result, the shares associated with the warrant are included in the computation of basic and diluted earnings (loss) per share. The weighted average shares of common stock outstanding for the years ended December 31, 2020, 2019, and 2018 included shares of common stock that would be issuable upon full exercise of the warrant issued to Treasury. Preferred Stock We have the option to redeem our preferred stock on specified dates, at their redemption price plus dividends accrued through the redemption date. However, without the consent of Treasury, we are restricted from making payments to purchase or redeem preferred stock as well as paying any preferred dividends, other than dividends on the senior preferred stock. All 24 classes of preferred stock are perpetual and non-cumulative, and carry no significant voting rights or rights to purchase additional Freddie Mac stock or securities. Costs incurred in connection with the issuance of preferred stock are charged to additional paid-in capital. The table below provides a summary of our preferred stock outstanding at their redemption values at December 31, 2020. Table 13.4 - Preferred Stock ( In millions , except redemption price per share) Issue Date Shares Authorized Shares Outstanding Total Par Value Redemption Price per Share Total Outstanding Balance Redeemable On or After OTCQB Symbol Preferred stock: 1996 Variable-rate (1) April 26, 1996 5.00 5.00 $5.00 $50.00 $250 June 30, 2001 FMCCI 5.81% October 27, 1997 3.00 3.00 3.00 50.00 150 October 27, 1998 (2) 5% March 23, 1998 8.00 8.00 8.00 50.00 400 March 31, 2003 FMCKK 1998 Variable-rate (3) September 23 and 29, 1998 4.40 4.40 4.40 50.00 220 September 30, 2003 FMCCG 5.10% September 23, 1998 8.00 8.00 8.00 50.00 400 September 30, 2003 FMCCH 5.30% October 28, 1998 4.00 4.00 4.00 50.00 200 October 30, 2000 (2) 5.10% March 19, 1999 3.00 3.00 3.00 50.00 150 March 31, 2004 (2) 5.79% July 21, 1999 5.00 5.00 5.00 50.00 250 June 30, 2009 FMCCK 1999 Variable-rate (4) November 5, 1999 5.75 5.75 5.75 50.00 287 December 31, 2004 FMCCL 2001 Variable-rate (5) January 26, 2001 6.50 6.50 6.50 50.00 325 March 31, 2003 FMCCM 2001 Variable-rate (6) March 23, 2001 4.60 4.60 4.60 50.00 230 March 31, 2003 FMCCN 5.81% March 23, 2001 3.45 3.45 3.45 50.00 173 March 31, 2011 FMCCO 6% May 30, 2001 3.45 3.45 3.45 50.00 173 June 30, 2006 FMCCP 2001 Variable-rate (7) May 30, 2001 4.02 4.02 4.02 50.00 201 June 30, 2003 FMCCJ 5.70% October 30, 2001 6.00 6.00 6.00 50.00 300 December 31, 2006 FMCKP 5.81% January 29, 2002 6.00 6.00 6.00 50.00 300 March 31, 2007 (2) 2006 Variable-rate (8) July 17, 2006 15.00 15.00 15.00 50.00 750 June 30, 2011 FMCCS 6.42% July 17, 2006 5.00 5.00 5.00 50.00 250 June 30, 2011 FMCCT 5.90% October 16, 2006 20.00 20.00 20.00 25.00 500 September 30, 2011 FMCKO 5.57% January 16, 2007 44.00 44.00 44.00 25.00 1,100 December 31, 2011 FMCKM 5.66% April 16, 2007 20.00 20.00 20.00 25.00 500 March 31, 2012 FMCKN 6.02% July 24, 2007 20.00 20.00 20.00 25.00 500 June 30, 2012 FMCKL 6.55% September 28, 2007 20.00 20.00 20.00 25.00 500 September 30, 2017 FMCKI 2007 Fixed-to-floating rate (9) December 4, 2007 240.00 240.00 240.00 25.00 6,000 December 31, 2012 FMCKJ Total, preferred stock 464.17 464.17 $464.17 $14,109 (1) Dividend rate resets quarterly and is equal to the sum of three-month LIBOR plus 1% divided by 1.377, and is capped at 9.00%. (2) Issued through private placement. (3) Dividend rate resets quarterly and is equal to the sum of three-month LIBOR plus 1% divided by 1.377, and is capped at 7.50%. (4) Dividend rate resets on January 1 every five years after January 1, 2005 based on a five-year Constant Maturity Treasury rate, and is capped at 11.00%. Optional redemption on December 31, 2004 and on December 31 every five years thereafter. (5) Dividend rate resets on April 1 every two years after April 1, 2003 based on the two-year Constant Maturity Treasury rate plus 0.10%, and is capped at 11.00%. Optional redemption on March 31, 2003 and on March 31 every two years thereafter. (6) Dividend rate resets on April 1 every year based on 12-month LIBOR minus 0.20%, and is capped at 11.00%. Optional redemption on March 31, 2003 and on March 31 every year thereafter. (7) Dividend rate resets on July 1 every two years after July 1, 2003 based on the two-year Constant Maturity Treasury rate plus 0.20%, and is capped at 11.00%. Optional redemption on June 30, 2003 and on June 30 every two years thereafter. (8) Dividend rate resets quarterly and is equal to the sum of three-month LIBOR plus 0.50% but not less than 4.00%. (9) Dividend rate is set at an annual fixed rate of 8.375% from December 4, 2007 through December 31, 2012. For the period beginning on or after January 1, 2013, dividend rate resets quarterly and is equal to the higher of: (a) the sum of three-month LIBOR plus 4.16% per annum or (b) 7.875% per annum. Optional redemption on December 31, 2012 and on December 31 every five years thereafter. Stock-Based Compensation Following the implementation of the conservatorship in September 2008, we suspended the operation of and/or ceased making grants under our stock-based compensation plans. Under the Purchase Agreement, we cannot issue any new options, rights to purchase, participations or other equity interests without Treasury's prior approval. However, grants outstanding as of the date of the Purchase Agreement remain in effect in accordance with their terms. We did not repurchase or issue any of our common shares or non-cumulative preferred stock during 2020 and 2019, except for issuances of treasury stock as reported on our consolidated statements of equity relating to stock-based compensation granted prior to conservatorship. Common stock delivered under these stock-based compensation plans consists of treasury stock or shares acquired in market transactions on behalf of the participants. During 2020, the deferral period lapsed on 351 RSUs. At December 31, 2020, 351 RSUs remained outstanding. In addition, there were 41,160 shares of restricted stock outstanding at both December 31, 2020 and December 31, 2019. At December 31, 2020, no stock options were outstanding. Earnings Per Share We have participating securities related to RSUs with dividend equivalent rights that receive dividends as declared on an equal basis with common shares but are not obligated to participate in undistributed net losses. These participating securities consist of vested RSUs that earn dividend equivalents at the same rate when and as declared on common stock. Consequently, in accordance with accounting guidance, we use the "two-class" method of computing earnings per common share. The "two-class" method is an earnings allocation formula that determines earnings per share for common stock and participating securities based on dividends declared and participation rights in undistributed earnings. Basic earnings per common share is computed as net income attributable to common stockholders divided by the weighted average common shares outstanding for the period. The weighted average common shares outstanding for the period includes the weighted average number of shares that are associated with the warrant for our common stock issued to Treasury pursuant to the Purchase Agreement. These shares are included since the warrant is unconditionally exercisable by the holder at a minimal cost. Diluted earnings per common share is computed as net income attributable to common stockholders divided by the weighted average common shares outstanding during the period adjusted for the dilutive effect of common equivalent shares outstanding. For periods with net income attributable to common stockholders, the calculation includes the effect of the weighted-average of RSUs. During periods in which a net loss attributable to common stockholders has been incurred, potential common equivalent shares outstanding are not included in the calculation because it would have an antidilutive effect. For purposes of the earnings-per-share calculation, antidilutive potential common shares excluded from the computation of dilutive potential common shares were 0 at December 31, 2020, December 31, 2019, and December 31, 2018. Dividends and Dividend Restrictions No common dividends were declared in 2020, 2019, and 2018. No dividends were paid during 2020 on the senior preferred stock as a result of the increase in the applicable Capital Reserve Amount pursuant to the September 2019 and January 2021 Letter Agreements. In 2019 and 2018, we paid dividends of $3.1 billion and $4.1 billion, respectively, in cash on the senior preferred stock at the direction of our Conservator. We did not declare or pay dividends on any other series of Freddie Mac preferred stock outstanding during 2020. Our payment of dividends is subject to the following restrictions: n Restrictions Relating to the Conservatorship - The Conservator has prohibited us from paying any dividends on our common stock or on any series of our preferred stock (other than the senior preferred stock). FHFA has instructed our Board of Directors that it should consult with and obtain the approval of FHFA before taking actions involving dividends. In addition, FHFA has adopted a regulation prohibiting us from making capital distributions during conservatorship, except as authorized by the Director of FHFA. n Restrictions Under the Purchase Agreement - The Purchase Agreement prohibits us and any of our subsidiaries from declaring or paying any dividends on Freddie Mac equity securities (other than with respect to the senior preferred stock or warrant) without the prior written consent of Treasury. n Restrictions Under the GSE Act - Under the GSE Act, FHFA has authority to prohibit capital distributions, including payment of dividends, if we fail to meet applicable capital requirements. However, our capital requirements have been suspended during conservatorship. n Restrictions Under our Charter - Without regard to our capital classification, we must obtain prior written approval of FHFA to make any capital distribution that would decrease total capital to an amount less than the risk-based capital level or that would decrease core capital to an amount less than the minimum capital level. As noted above, our capital requirements have been suspended during conservatorship. n Restrictions Relating to Preferred Stock - Payment of dividends on our common stock is also subject to the prior payment of dividends on our 24 series of preferred stock and one series of senior preferred stock, representing an aggregate of 464,170,000 shares and 1,000,000 shares outstanding, respectively, as of December 31, 2020. Payment of dividends on all outstanding preferred stock, other than the senior preferred stock, is subject to the prior payment of dividends on the senior preferred stock. Delisting of Common Stock and Preferred Stock from NYSE On July 8, 2010, we delisted our common and 20 previously listed classes of preferred stock from the NYSE pursuant to a directive by our Conservator. Our common stock and the classes of preferred stock that were previously listed on the NYSE are traded exclusively in the OTCQB Marketplace. Shares of our common stock now trade under the ticker symbol FMCC . We expect that our common stock and the previously listed classes of preferred stock will continue to trade in the OTCQB Marketplace so long as market makers demonstrate an interest in trading the common and preferred stock.

Net Interest Income

Net Interest Income	12 Months Ended
	Dec. 31, 2020
Components of Net Interest Income [Abstract]
Interest Income and Interest Expense Disclosure [Text Block]	The table below presents the components of net interest income per our consolidated statements of comprehensive income (loss). Table 14.1 - Components of Net Interest Income Year Ended December 31, (Dollars in millions) 2020 2019 2018 Interest income Mortgage loans $59,290 $68,583 $66,037 Investment securities 2,581 2,737 3,035 Other 469 1,575 982 Total interest income 62,340 72,895 70,054 Interest expense Debt securities of consolidated trusts held by third parties (46,281) (53,980) (51,529) Debt of Freddie Mac: Short-term debt (606) (1,910) (1,193) Long-term debt (2,682) (5,157) (5,311) Total interest expense (49,569) (61,047) (58,033) Net interest income 12,771 11,848 12,021 Benefit (provision) for credit losses (1,452) 746 736 Net interest income after benefit (provision) for credit losses $11,319 $12,594 $12,757

Investment Gains (Losses), Net

Investment Gains (Losses), Net	12 Months Ended
	Dec. 31, 2020
Investment Gains (Losses), Net [Abstract]
Investment Gains (Losses)	The table below presents the components of investment gains (losses), net on our consolidated statements of comprehensive income (loss). Table 15.1 - Components of Investment Gains (Losses), Net Year Ended December 31, (In millions) 2020 2019 2018 Investment gains (losses), net: Mortgage loans gains (losses) $5,372 $4,744 $746 Investment securities gains (losses) 778 389 (815) Debt gains (losses) 701 201 720 Derivative gains (losses) (5,038) (4,516) 1,270 Investment gains (losses), net $1,813 $818 $1,921

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 16 Income Taxes Income Tax Expense Total income tax expense includes: n Current income tax expense, which represents the amount of federal tax currently payable to or receivable from the Internal Revenue Service, including interest and penalties and amounts accrued for unrecognized tax benefits, if any, and n Deferred income tax expense, which represents the net change in the deferred tax asset or liability balance during the year, including any change in the valuation allowance. The table below presents the components of our federal income tax expense for the past three years. We are exempt from state and local income taxes. Table 16.1 - Federal Income Tax Expense Year Ended December 31, (In millions) 2020 2019 2018 Current income tax (expense) benefit ($2,493) ($1,018) ($848) Deferred income tax (expense) benefit 590 (817) (1,391) Total income tax (expense) benefit ($1,903) ($1,835) ($2,239) Table 16.2 - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate Year Ended December 31, 2020 2019 2018 (Dollars in millions) Amount Percent Amount Percent Amount Percent Statutory corporate tax rate ($1,938) 21.0 % ($1,900) 21.0 % ($2,410) 21.0 % Tax-exempt interest 25 (0.3) 18 (0.2) 19 (0.2) Tax credits 55 (0.6) 48 (0.5) 56 (0.5) Valuation allowance (4) 0.1 9 (0.1) (13) 0.1 Revaluation of deferred tax asset to enacted rate — — — — 184 (1.6) Other (includes proportional amortization of affordable housing investments) (41) 0.4 (10) 0.1 (75) 0.7 Effective tax rate ($1,903) 20.6 % ($1,835) 20.3 % ($2,239) 19.5 % Deferred Tax Assets, Net We use the asset and liability method of accounting for income taxes for financial reporting purposes. Under this method, deferred tax assets and liabilities are recognized based upon the expected future tax consequences of existing temporary differences between the financial reporting and the tax reporting basis of assets and liabilities using enacted statutory tax rates as well as tax net operating loss and tax credit carryforwards, if any. To the extent tax laws change, deferred tax assets and liabilities are adjusted in the period that the tax change is enacted. The realization of our net deferred tax assets is dependent upon the generation of sufficient taxable income. The table below presents the balance of significant deferred tax assets and liabilities at December 31, 2020 and December 31, 2019. The valuation allowance relates to capital loss carryforwards included in Other items, net that we expect to expire unused. Table 16.3 - Deferred Tax Assets and Liabilities Year Ended December 31, (In millions) 2020 2019 Deferred tax assets: Deferred fees $3,354 $3,529 Basis differences related to derivative instruments 1,810 1,398 Credit related items and allowance for loan losses 844 79 Basis differences related to assets held for investment 999 921 Other items, net 134 56 Total deferred tax assets 7,141 5,983 Deferred tax liabilities: Unrealized gains related to available-for-sale securities (543) (28) Total deferred tax liabilities (543) (28) Valuation allowance (41) (37) Deferred tax assets, net $6,557 $5,918 Valuation Allowance A valuation allowance is recorded to reduce the net deferred tax asset when it is more likely than not that all or part of our tax benefits will not be realized. On a quarterly basis, we determine whether a valuation allowance is necessary. In doing so, we consider all evidence available, both positive and negative, in determining whether, based on the weight of the evidence, it is more likely than not that the net deferred tax asset will be realized. We are not permitted to consider in our analysis the impacts proposed legislation may have on our business because the timing and certainty of those actions are unknown and beyond our control. Based on all positive and negative evidence available at December 31, 2020, we determined that it is more likely than not that our net deferred tax assets, except for the deferred tax asset related to our capital loss carryforwards, will be realized. A valuation allowance of $41 million has been recorded against our capital loss carryforward deferred tax asset. Unrecognized Tax Benefits We recognize a tax position taken or expected to be taken (and any associated interest and penalties) if it is more likely than not that it will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. We measure the tax position at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. We evaluated all income tax positions and determined that there were no uncertain tax positions that required reserves as of December 31, 2020.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
SEGMENT REPORTING	Segment Reporting We have three reportable segments, which are based on the type of business activities each performs - Single-family Guarantee, Multifamily, and Capital Markets. Certain activities that are not part of a reportable segment are included in the All Other category. The chart below provides a summary of our three reportable segments and the All Other category. Segment/Category Description Financial Performance Measurement Basis Single-family Guarantee The Single-family Guarantee segment reflects results from our purchase of single-family loans, our guarantee of principal and interest payments on securitized mortgage loans in exchange for guarantee fees, and the management of single-family mortgage credit risk. The Single-family Guarantee segment manages single-family mortgage credit risk through risk transfer transactions, performing loss mitigation activities, and managing foreclosure and REO activities. • Contribution to GAAP net income (loss) Multifamily The Multifamily segment reflects results from our purchase, sale, securitization, and guarantee of multifamily loans and securities, our investments in those loans and securities, and the management of multifamily mortgage credit risk and market risk. Our primary business model is to purchase multifamily loans for aggregation and then securitization through issuance of multifamily K Certificates and SB Certificates. We also issue and guarantee other securitization products, issue other credit risk transfer products, and provide other guarantee activities. • Contribution to GAAP comprehensive income (loss) Capital Markets The Capital Markets segment reflects results from managing the company's mortgage-related investments portfolio (excluding Multifamily segment investments, single-family seriously delinquent loans, and the credit risk of single-family performing and reperforming loans), single-family securitization activities, and treasury function, which includes interest-rate risk management for the company. • Contribution to GAAP comprehensive income (loss) All Other The All Other category consists of material corporate-level activities that are infrequent in nature and based on decisions outside the control of the management of our reportable segments. N/A Segment Earnings We present Segment Earnings by reclassifying certain credit guarantee-related activities and investment-related activities between various line items on our GAAP consolidated statements of comprehensive income and allocating certain revenues and expenses, including certain returns on assets, funding and hedging costs, and administrative expenses, to our three reportable segments. We do not consider our assets by segment when evaluating segment performance or allocating resources. We operate our business in the United States and its territories, and accordingly, we generate no revenue from and have no long-lived assets, other than financial instruments, in geographic locations other than the United States and its territories. We evaluate segment performance and allocate resources based on a Segment Earnings approach, subject to the conduct of our business under the direction of the Conservator. See Note 2 for information about the conservatorship. The sum of Segment Earnings for each segment and the All Other category equals GAAP net income (loss). Likewise, the sum of comprehensive income (loss) for each segment and the All Other category equals GAAP comprehensive income (loss). However, the accounting principles we apply to present certain financial statement line items in Segment Earnings for our reportable segments differ significantly from those applied in preparing the comparable line items on our consolidated financial statements prepared in accordance with GAAP in order to reflect the business activities each segment performs. The significant reclassifications are discussed below. Credit Activity-Related Reclassifications Certain credit activity-related income and costs are included in Segment Earnings guarantee fee income or benefit (provision) for credit losses. n Net guarantee fees, including certain fee amortization and implied guarantee fee income related to single-family unsecuritized loans held in the mortgage-related investments portfolio, are reclassified in Segment Earnings from net interest income to guarantee fee income. n Short-term returns on cash received related to certain upfront fees on single-family loans are reclassified in Segment Earnings from net interest income to guarantee fee income. n The revenue and expense related to the 10 basis point increase which was legislated in the Temporary Payroll Tax Cut Continuation Act of 2011 are netted within guarantee fee income. n A portion of the amount reversed for accrued but uncollected interest upon placing loans on non-accrual status and related recoveries (if any) is reclassified in Segment Earnings from net interest income to benefit (provision) for credit losses. n We began hedging cash flows related to upfront fees (including buy-downs) in 2019. Amortization of the hedge gains (losses) is reclassified in Segment Earnings from net interest income to guarantee fee income. n Property tax and insurance expenses associated with held-for-sale loans accrued after the reclassification of loans from held-for-investment to held-for-sale is reclassified in Segment Earnings from other expense to benefit (provision) for credit losses. Investment Activity-Related Reclassifications We move certain items into or out of net interest income so that, on a Segment Earnings basis, net interest income reflects how we measure the effective yield earned on securities held in our mortgage investments portfolio and our other investments portfolio. We use derivatives extensively in our investment activity. The reclassifications described below allow us to reflect, in Segment Earnings net interest income, the costs associated with this use of derivatives. n The accrual of periodic cash settlements of derivatives while not in qualifying hedge relationships is reclassified from investment gains (losses) to net interest income for Segment Earnings. n For Segment Earnings, changes in the fair value of the hedging instrument and changes in the fair value of the hedged item attributable to the risk being hedged are reclassified to investment gains (losses), net from net interest income. Amortization related to certain items is not relevant to how we measure the effective yield earned on the securities held in our investments portfolio. Therefore, as described below, we reclassify the following items in Segment Earnings from net interest income to non-interest income: n Amortization related to derivative commitment basis adjustments associated with mortgage-related and non-mortgage-related securities. n Amortization related to accretion of other-than-temporary impairments on available-for-sale securities. n Amortization of discounts on loans purchased with deteriorated credit quality that are on accrual status. n Amortization related to premiums and discounts, including non-cash premiums and discounts, on single-family loans in trusts and on the associated consolidated securities. n Amortization related to premiums and discounts associated with securities issued by our consolidated trusts that we previously held and subsequently transferred to third parties. Certain debt-related costs are not relevant to how we measure the effective yield earned on the securities held in our investments portfolio. Therefore, as described below, we reclassify the following items in Segment Earnings: n Costs associated with STACR debt note expenses are reclassified from net interest income to credit enhancement expense. Segment Allocations The table below presents Segment Earnings by segment. Table 17.1 - Segment Earnings (Loss) and Comprehensive Income (Loss) Year Ended December 31, (In millions) 2020 2019 2018 Segment Earnings (Loss), net of taxes: Single-family Guarantee $4,536 $4,365 $3,908 Multifamily 3,114 1,827 1,319 Capital Markets (324) 1,022 4,008 All Other — — — Total Segment Earnings (Loss), net of taxes $7,326 $7,214 $9,235 Net income (loss) per consolidated statements of comprehensive income (loss) $7,326 $7,214 $9,235 Comprehensive income (loss) of segments: Single-family Guarantee $4,520 $4,343 $3,905 Multifamily 3,215 1,928 1,236 Capital Markets (204) 1,516 3,481 All Other — — — Comprehensive income (loss) of segments $7,531 $7,787 $8,622 Comprehensive income (loss) per consolidated statements of comprehensive income (loss) $7,531 $7,787 $8,622 The tables below present detailed reconciliations between our GAAP consolidated statements of comprehensive income (loss) and Segment Earnings (Loss) for our reportable segments and All Other. Table 17.2 - Segment Earnings (Loss) and Reconciliations to GAAP Consolidated Statements of Comprehensive Income (Loss) Year Ended December 31, 2020 Single-family Guarantee Multifamily Capital Markets All Other Total Segment Earnings (Loss) Reclassifications Total per (In millions) Net interest income $— $943 $522 $— $1,465 $11,306 $12,771 Guarantee fee income 10,292 1,444 — — 11,736 (10,294) 1,442 Investment gains (losses), net 956 2,047 (231) — 2,772 (959) 1,813 Other income (loss) 241 176 (266) — 151 482 633 Benefit (provision) for credit losses (1,680) (132) — — (1,812) 360 (1,452) Administrative expense (1,609) (514) (412) — (2,535) — (2,535) Credit enhancement expense (1,696) (22) — — (1,718) 660 (1,058) Benefit for (decrease in) credit enhancement recoveries 305 18 — — 323 — 323 REO operations expense (152) — — — (152) 3 (149) Other expense (943) (37) (21) — (1,001) (1,558) (2,559) Income tax (expense) benefit (1,178) (809) 84 — (1,903) — (1,903) Net income (loss) 4,536 3,114 (324) — 7,326 — 7,326 Changes in unrealized gains (losses) related to available-for-sale securities — 105 87 — 192 — 192 Changes in unrealized gains (losses) related to cash flow hedge relationships — — 38 — 38 — 38 Changes in defined benefit plans (16) (4) (5) — (25) — (25) Total other comprehensive income (loss), net of taxes (16) 101 120 — 205 — 205 Comprehensive income (loss) $4,520 $3,215 ($204) $— $7,531 $— $7,531 Year Ended December 31, 2019 Single-family Guarantee Multifamily Capital Markets All Other Total Segment Earnings (Loss) Reclassifications Total per (In millions) Net interest income $— $1,069 $2,486 $— $3,555 $8,293 $11,848 Guarantee fee income 7,773 1,101 — — 8,874 (7,785) 1,089 Investment gains (losses), net 964 576 (36) — 1,504 (686) 818 Other income (loss) 391 108 (700) — (201) 524 323 Benefit (provision) for credit losses 418 (3) — — 415 331 746 Administrative expense (1,647) (503) (414) — (2,564) — (2,564) Credit enhancement expense (1,434) (15) — — (1,449) 700 (749) Benefit for (decrease in) credit enhancement recoveries 41 — — — 41 — 41 REO operations expense (245) — — — (245) 16 (229) Other expense (786) (41) (54) — (881) (1,393) (2,274) Income tax (expense) benefit (1,110) (465) (260) — (1,835) — (1,835) Net income (loss) 4,365 1,827 1,022 — 7,214 — 7,214 Changes in unrealized gains (losses) related to available-for-sale securities — 105 430 — 535 — 535 Changes in unrealized gains (losses) related to cash flow hedge relationships — — 71 — 71 — 71 Changes in defined benefit plans (22) (4) (7) — (33) — (33) Total other comprehensive income (loss), net of taxes (22) 101 494 — 573 — 573 Comprehensive income (loss) $4,343 $1,928 $1,516 $— $7,787 $— $7,787 Year Ended December 31, 2018 Single-family Guarantee Multifamily Capital Markets All Other Total Segment Earnings (Loss) Reclassifications Total per (In millions) Net interest income $— $1,096 $3,217 $— $4,313 $7,708 $12,021 Guarantee fee income 6,581 861 — — 7,442 (6,576) 866 Investment gains (losses), net 307 16 1,803 — 2,126 (205) 1,921 Other income (loss) 841 129 340 — 1,310 (548) 762 Benefit (provision) for credit losses 448 24 — — 472 264 736 Administrative expense (1,491) (437) (365) — (2,293) — (2,293) Credit enhancement expense (1,069) (16) — — (1,085) 676 (409) Benefit for (decrease in) credit enhancement recoveries (8) — — — (8) — (8) REO operations expense (189) 1 — — (188) 19 (169) Other expense (568) (36) (11) — (615) (1,338) (1,953) Income tax (expense) benefit (944) (319) (976) — (2,239) — (2,239) Net income (loss) 3,908 1,319 4,008 — 9,235 — 9,235 Changes in unrealized gains (losses) related to available-for-sale securities — (82) (640) — (722) — (722) Changes in unrealized gains (losses) related to cash flow hedge relationships — — 114 — 114 — 114 Changes in defined benefit plans (3) (1) (1) — (5) — (5) Total other comprehensive income (loss), net of taxes (3) (83) (527) — (613) — (613) Comprehensive income (loss) $3,905 $1,236 $3,481 $— $8,622 $— $8,622

Concentration of Credit and Oth

Concentration of Credit and Other Risks	12 Months Ended
	Dec. 31, 2020
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT AND OTHER RISKS	Concentration of Credit and Other Risks Concentrations of credit risk may arise when we do business with a number of customers or counterparties that engage in similar activities or have similar economic characteristics that make them vulnerable in similar ways to changes in industry conditions, which could affect their ability to meet their contractual obligations. Concentrations of credit risk may also arise when there are a limited number of counterparties in a certain industry. Based on our assessment of business conditions that could affect our financial results, we have determined that concentrations of credit risk exist among certain borrowers (including geographic concentrations and loans with certain higher risk characteristics), loan sellers and servicers, credit enhancement providers, and other investment counterparties. In the sections below, we discuss our concentration of credit risk for each of the groups to which we are exposed. For a discussion of our derivative counterparties, as well as related master netting and collateral agreements, see Note 11 . Single-Family Credit Guarantee Portfolio Regional economic conditions may affect a borrower's ability to repay his or her loan and/or the property value underlying the loan. Geographic concentrations increase the exposure of our portfolio to changes in credit risk. Single-family borrowers are primarily affected by house prices and interest rates. The table below summarizes the concentration by loan portfolio and geographic area of the approximately $2.3 trillion and $2.0 trillion UPB of our single-family credit guarantee portfolio at December 31, 2020 and December 31, 2019, respectively. See Note 4 , Note 6 , and Note 7 for more information about credit risk associated with loans and mortgage-related securities that we hold or guarantee. Table 18.1 - Concentration of Credit Risk of Our Single-Family Credit Guarantee Portfolio December 31, 2020 December 31, 2019 2020 (1) 2019 (Dollars in billions) Portfolio UPB % of Portfolio Serious Delinquency Rate Portfolio UPB % of Portfolio Serious Delinquency Rate Credit Losses Amount % of Credit Losses Credit Losses Amount % of Credit Losses Core single-family loan portfolio $2,093 90 % 2.04 % $1,701 85 % 0.26 % $0.1 33 % $0.3 18 % Legacy and relief refinance single-family loan portfolio 233 10 5.30 293 15 1.84 0.3 67 1.2 82 Total $2,326 100 % 2.64 $1,994 100 % 0.63 $0.4 100 % $1.5 100 % Region: (2) West $720 31 % 2.41 $595 30 % 0.36 $— 5 % $0.2 12 % Northeast 549 24 3.16 475 24 0.87 0.2 40 0.5 37 North Central 357 15 2.06 319 16 0.61 0.1 27 0.3 19 Southeast 375 16 2.95 326 16 0.73 0.1 18 0.4 24 Southwest 325 14 2.59 279 14 0.54 — 10 0.1 8 Total $2,326 100 % 2.64 $1,994 100 % 0.63 $0.4 100 % $1.5 100 % State: California $424 18 % 2.64 $347 17 % 0.34 $— 4 % $0.1 8 % Texas 145 6 3.11 123 6 0.54 — 3 — 3 Florida 135 6 3.70 116 6 0.77 — 9 0.2 14 New York 103 4 4.56 94 5 1.21 0.1 13 0.1 7 Illinois 96 4 2.96 88 4 0.85 0.1 14 0.2 10 All other 1,423 62 2.34 1,226 62 0.61 0.2 57 0.9 58 Total $2,326 100 % 2.64 $1,994 100 % 0.63 $0.4 100 % $1.5 100 % (1) Excludes credit losses related to charge-offs of accrued interest receivables. (2) Region designation: West (AK, AZ, CA, GU, HI, ID, MT, NV, OR, UT, WA); Northeast (CT, DE, DC, MA, ME, MD, NH, NJ, NY, PA, RI, VT, VA, WV); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI); Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, VI); Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY). family REO inventory consisted of 1,766 properties and 4,989 properties at December 31, 2020 and December 31, 2019, respectively. Although the average length of the foreclosure process has been trending downward in recent years for some jurisdictions, it remained elevated in others, particularly states with a judicial foreclosure process, which extends the time it takes for loans to be foreclosed upon and the underlying property to transition to REO. Credit Performance of Certain Higher-Risk Single-Family Loan Categories Participants in the mortgage market have characterized single-family loans based upon their overall credit quality at the time of origination, including as prime or subprime. Mortgage market participants have classified single-family loans as Alt-A if these loans have credit characteristics that range between their prime and subprime categories, if they are underwritten with lower or alternative income or asset documentation requirements compared to a full documentation loan, or both. Although we discontinued new purchases of loans with lower documentation standards beginning March 1, 2009, we continued to purchase certain amounts of these loans in cases where the loan was either: n Purchased pursuant to a previously issued other mortgage-related guarantee; n Part of our relief refinance initiative; or n In another refinance loan initiative and the pre-existing loan (including Alt-A loans) was originated under less than full documentation standards. In the event we purchase a refinance loan and the original loan had been previously identified as Alt-A, such refinance loan may no longer be categorized or reported as Alt-A in the table below because the new refinance loan replacing the original loan would not be identified by the seller/servicer as an Alt-A loan. As a result, our reported Alt-A balances may be lower than would otherwise be the case had such refinancing not occurred. Although we do not categorize single-family loans we purchase or guarantee as prime or subprime, we recognize that there are a number of loan types with certain characteristics that indicate a higher degree of credit risk. For example, a borrower's credit score is a useful measure for assessing the credit quality of the borrower. Statistically, borrowers with higher credit scores are more likely to repay or have the ability to refinance than those with lower scores. The CARES Act requires our servicers to report to credit bureaus that loans in mortgage relief programs, such as forbearance plans, repayment plans, and loan modification programs, are current as long as the loans were current prior to entering into the mortgage relief programs and the borrowers remain in compliance with the programs. This credit reporting requirement applies to all mortgage relief programs entered into between January 31, 2020 and the date that is 120 days after the declaration of the national emergency related to the COVID-19 pandemic ends. Our ability to evaluate purchases of new loans and monitor the credit quality of loans in our single-family credit guarantee portfolio may be affected as credit scores may not reflect the impact of relief programs, offered by us or other creditors, into which borrowers may have entered. Presented below is a summary of the serious delinquency rates of certain higher-risk categories (based on characteristics of the loan at origination) of loans in our single-family credit guarantee portfolio. The table includes a presentation of each higher-risk category in isolation. A single loan may fall within more than one category (for example, an interest-only loan may also have an original LTV ratio greater than 90%). Loans with a combination of these attributes may have an even higher risk of delinquency than those with an individual attribute. Table 18.2 - Certain Higher Risk Categories in Our Single-Family Credit Guarantee Portfolio % of Portfolio (1) Serious Delinquency Rate (1) (Percentage of portfolio based on UPB) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Interest-only — % 1 % NM 2.72 % Alt-A 1 1 10.66 % 3.75 Original LTV ratio greater than 90% (2) 15 18 4.25 0.96 Lower credit scores at origination (less than 620) 1 2 11.00 4.52 (1) Excludes $505 million and $555 million UPB of loans underlying certain other securitization products for which data was not available as of December 31, 2020 and December 31, 2019, respectively. (2) Includes HARP loans, which we purchased as part of our participation in the MHA Program. (3) NM - not meaningful due to the percentage of the portfolio rounding to zero. We categorize our investments in non-agency mortgage-related securities as subprime, option ARM, or Alt-A if the securities were identified as such based on information provided to us when we entered into these transactions. We do not consider option ARM, CMBS, obligations of states and political subdivisions, and manufactured housing securities as either subprime or Alt-A securities. See Note 6 for further information on these categories and other concentrations in our investments in securities. Multifamily Mortgage Portfolio Numerous factors affect a multifamily borrower's ability to repay the loan and the value of the property underlying the loan. The most significant factors affecting credit risk are rental rates and capitalization rates for the mortgaged property. Rental rates vary among geographic regions of the United States. The average UPB for multifamily loans is significantly larger than for single-family loans and, therefore, individual defaults for multifamily borrowers can result in more significant losses. The table below summarizes the concentration of multifamily loans in our multifamily mortgage portfolio classified by legal structure, based on UPB. Table 18.3 - Concentration of Credit Risk of Our Multifamily Mortgage Portfolio December 31, 2020 December 31, 2019 (Dollars in billions) UPB Delinquency Rate (1) UPB Delinquency Rate (1) Unsecuritized loans $33.4 0.04 % $29.8 0.01 % Securitization-related products 301.4 0.18 260.3 0.09 Other mortgage-related guarantees 10.7 0.06 10.0 0.09 Total $345.5 0.16 $300.1 0.08 (1) Based on loans two monthly payments or more delinquent or in foreclosure. In the multifamily mortgage portfolio, the primary concentration of credit risk is based on the legal structure of the investments we hold. Our exposure to credit risk in our securitization-related products is minimal, as the expected credit risk is generally absorbed by the subordinate tranches, which are typically sold to third-party investors. As a result, our multifamily mortgage credit risk is primarily related to loans that have not been securitized. Sellers and Servicers We acquire a significant portion of our single-family and multifamily loan purchase and guarantee volume from several large sellers. The tables below summarize the concentration of single-family and multifamily sellers who provided 10% or more of our purchase and guarantee volume. Table 18.4 - Seller Concentration Single-family Sellers 2020 2019 JPMorgan Chase Bank, N.A. 5 % 14 % Other top 10 sellers 39 42 Top 10 single-family sellers 44 % 56 % Multifamily Sellers 2020 2019 CBRE Capital Markets, Inc. 16 % 15 % Berkadia Commercial Mortgage LLC 14 15 JLL Real Estate Capital LLC 11 3 Walker & Dunlop LLC 10 8 Other top 10 sellers 31 36 Top 10 multifamily sellers 82 % 77 % In recent years, there has been a shift in our single-family purchase volume from depository institutions to non-depository and smaller depository financial institutions. As a result, we have significant exposure to non-depository institutions in our single-family business. Our top five non-depository sellers provided approximately 26% of our single-family purchase volume during both 2020 and 2019. We are exposed to counterparty credit risk arising from the potential insolvency or nonperformance by our sellers and servicers of their obligations to repurchase loans or (at our option) indemnify us in the event of breaches of the representations and warranties they made when they sold the loans to us or failure to comply with our servicing requirements. Our contracts require that a seller/servicer repurchase a loan after we issue a repurchase request, unless the seller/servicer avails itself of an appeals process provided for in our contracts, in which case the deadline for repurchase is extended until we decide on the appeal. As of December 31, 2020 and December 31, 2019, the UPB of loans subject to our repurchase requests issued to our single-family sellers and servicers was approximately $0.5 billion and $0.3 billion, respectively (these figures include repurchase requests for which appeals were pending). During 2020 and 2019, we recovered amounts with respect to $0.9 billion and $0.4 billion, respectively, in UPB of loans subject to our repurchase requests. At the direction of FHFA, we and Fannie Mae revised our representation and warranty framework for conventional loans purchased by the GSEs on or after January 1, 2013. The objective of the revised framework is to clarify lenders' repurchase exposures and liability on future sales of loans to Freddie Mac and Fannie Mae. This framework does not affect seller/servicers' obligations under their contracts with us with respect to loans sold to us prior to January 1, 2013. This framework also does not affect their obligation to service these loans in accordance with our servicing standards. Under this framework, sellers are relieved of certain repurchase obligations for loans that meet specific payment requirements. This includes, subject to certain exclusions, loans with 36 months (12 months for relief refinance loans) of consecutive, on-time payments after we purchase them. In May 2014, we announced changes to our representation and warranty framework for loans acquired on and after July 1, 2014. These changes relieve sellers of additional representations and warranties for these loans and provide relief for loans we have fully reviewed in our quality control process and determined to be acceptable. As of December 31, 2020, approximately 87% in UPB of loans in our single-family credit guarantee portfolio were purchased since January 1, 2013. At the direction of FHFA, we implemented a new remedies framework for the categorization of loan origination defects for loans with settlement dates on or after January 1, 2016. Among other items, the framework provides that "significant defects" will result in a repurchase request or a repurchase alternative, such as recourse or indemnification. We may require the seller to pay us additional fees or provide us with additional data on the loan. The ultimate amounts of recovery payments we receive from seller/servicers related to their repurchase obligations may be significantly less than the amount of our estimates of potential exposure to losses. Our estimate of probable incurred losses for exposure to seller/servicers for their repurchase obligations is considered in our allowance for loan losses. See Note 7 for further information. We are also exposed to the risk that servicers might fail to service loans in accordance with the contractual requirements, resulting in increased credit losses. For example, our servicers have an active role in our loss mitigation efforts, and we therefore have exposure to them to the extent a decline in their performance results in a failure to realize the anticipated benefits of the loss mitigation plans. Since we do not have our own servicing operation, if our servicers lack appropriate controls, experience a failure in their controls, or experience an operating disruption in their ability to service loans, our business and financial results could be adversely affected. Single-family Servicers December 31, 2020 (1) December 31, 2019 (1) Wells Fargo Bank, N.A. 11 % 15 % JPMorgan Chase Bank, N.A. 8 10 Other top 10 servicers 30 32 Top 10 single-family servicers 49 % 57 % Multifamily Servicers (2) December 31, 2020 December 31, 2019 CBRE Capital Markets, Inc. 17 % 17 % Berkadia Commercial Mortgage LLC 13 13 JLL Real Estate Capital LLC 11 3 Other top 10 servicers 39 43 Top 10 multifamily servicers 80 % 76 % (1) Percentage of servicing volume is based on the total single-family credit guarantee portfolio, which includes loans where we do not exercise servicing control. However, loans where we do not exercise servicing control are not included for purposes of determining the concentration of servicers who serviced more than 10% of our single-family credit guarantee portfolio. (2) Represents multifamily primary servicers. In recent years, there has been a shift in our single-family servicing from depository institutions to non-depository servicers. Some of these non-depository servicers have grown rapidly in recent years and now service a large share of our loans. As of both December 31, 2020 and December 31, 2019, approximately 18% of our single-family credit guarantee portfolio, excluding loans where we do not exercise control over the associated servicing, was serviced by our five largest non-depository servicers, on a combined basis. We routinely monitor the performance of our largest non-depository servicers. For our mortgage-related securities, we guarantee the payment of principal and interest, and when the underlying borrowers do not pay their mortgages, our Guide generally requires single-family servicers to advance the missed mortgage interest payments for up to 120 days. After this time, Freddie Mac will make the missed mortgage principal and interest payments until the mortgages are no longer held by the securitization trust. At the instruction of FHFA, we generally have been purchasing loans from the trust when the loans have been delinquent for 120 days or more. After the outbreak of COVID-19, FHFA further instructed us to maintain loans in COVID-19 payment forbearance plans in the securitization trusts for at least the duration of the forbearance. Once the forbearance period expires, the loan will remain in the related securities pool while: n An offer to reinstate the loan or enter into either a payment deferral solution, repayment plan or a trial period plan pursuant to a loan modification remains outstanding; n The loan is in an active repayment plan or trial period plan; or n A payment deferral solution is in effect. Beginning on January 1, 2021, at the instruction of FHFA and in alignment with Fannie Mae, we extended the trigger to purchase delinquent single-family loans out of securitization trusts to 24 months of delinquency, except for loans that are paid off, permanently modified, repurchased by sellers or servicers, subject to foreclosure alternatives, or referred to foreclosure. In addition to principal and interest payments, borrowers are also responsible for other expenses such as property taxes and homeowner's insurance premiums. When borrowers do not pay these expenses, our Guide generally requires single-family servicers to advance the funds for these expenses in order to protect or preserve our interest in or legal right to the properties. These advances are ultimately collectible from the borrowers. If the borrowers reperform through loan workout activities, the missed payments and incurred expenses will be collected from the borrowers. We will reimburse the servicers for the advanced amounts when uncollected from the borrowers at completion of foreclosures or foreclosure alternatives. In March 2020, as the COVID-19 pandemic evolved rapidly, liquidity concerns primarily regarding non-depository financial institutions arose as market conditions changed and borrowers affected by the COVID-19 pandemic were offered widespread forbearance, including forbearance on loans purchased and securitized by Freddie Mac. The increase in delinquency volume and the obligation for single-family servicers to continue to advance funds during the forbearance period as discussed above may increase liquidity pressures on certain of our counterparties. In response to these potential liquidity concerns, we have heightened our monitoring and review of the financial stability of our non-depository institutional counterparties. Multifamily loans utilize both primary and master servicers. Primary servicers service unsecuritized mortgage loans and are also typically engaged by master servicers to service on their behalf the mortgage loans underlying securitizations. Third party master servicers are utilized in our primary securitizations, except for small balance loan securitizations where we serve as master servicer. Multifamily primary servicers included in the table above present potential operational risk and impact to the borrowers if the servicing needs to be transferred to another servicer. We also have exposure to the master servicers of our multifamily securitization transactions who bear responsibility to advance funds in the event of payment shortfalls, including principal and interest payments related to loans in forbearance. In the majority of our primary multifamily securitizations, we utilize one of three large financial depository institutions as master servicers. In instances where payment shortfalls occur, the master servicer is required to make advances as long as such advances have not been deemed unrecoverable. For multifamily loans purchased and held in our mortgage-related investments portfolio, the primary servicers are not required to advance funds in the event of payment shortfalls and therefore do not present significant counterparty credit risk. Credit Enhancement Providers We have counterparty credit risk relating to the potential insolvency of, or nonperformance by, mortgage insurers that insure single-family loans we purchase or guarantee. We also have similar exposure to insurers and reinsurers through our ACIS and other insurance transactions where we purchase insurance policies as part of our CRT activities. See Note 8 for additional information on our credit enhancements. In March 2019, we implemented a set of revised Private Mortgage Insurer Eligibility Requirements (PMIERs) with enhancements to the risk-based capital requirements for mortgage insurers. In addition, we revised master policies with mortgage insurers which provide contract certainty and improve our ability to collect claims for mortgage insurance obligations. These policies were approved by FHFA and became effective on March 1, 2020. We evaluate the recovery and collectability from mortgage insurers as part of the estimate of our allowance for credit losses. See Note 7 for additional information. As of December 31, 2020, mortgage insurers provided coverage with maximum loss limits of $117.0 billion, for $472.9 billion of UPB, in connection with our single-family credit guarantee portfolio. These amounts are based on gross coverage without regard to netting of coverage that may exist to the extent an affected loan is covered under other types of insurance. Changes in our expectations related to recovery and collectability from our credit enhancement providers may affect our estimates of expected credit losses, perhaps significantly. The table below summarizes the concentration of mortgage insurer counterparties who provided 10% or more of our overall mortgage insurance coverage. On October 23, 2016, Genworth Financial, Inc. ("Genworth") announced that it had entered into an agreement to be acquired by China Oceanwide Holdings Group Co., Ltd. ("Oceanwide"). Because Genworth Mortgage Insurance Corporation, a subsidiary of Genworth, is an approved mortgage insurer, Freddie Mac evaluated the planned acquisition and approved Oceanwide's control of Genworth Mortgage Insurance Corporation. On January 4, 2021, Genworth announced that Genworth and Oceanwide did not extend the end date, December 31, 2020, under the merger agreement due to uncertainty around the completion and timing of the remaining steps required to close the transaction and that Genworth is focusing on executing its contingency plan. Freddie Mac is collaborating with FHFA and Fannie Mae to review the contingency plan and provide necessary approvals. Table 18.6 - Mortgage Insurer Concentration Mortgage Insurance Coverage (2) Mortgage Insurer Credit Rating (1) December 31, 2020 December 31, 2019 Arch Mortgage Insurance Company A- 20 % 22 % Radian Guaranty Inc. BBB+ 19 20 Mortgage Guaranty Insurance Corporation BBB+ 18 17 Essent Guaranty, Inc. BBB+ 16 15 Genworth Mortgage Insurance BB+ 15 15 Total 88 % 89 % (1) Ratings are for the corporate entity to which we have the greatest exposure. Latest rating available as of December 31, 2020. Represents the lower of S&P and Moody's credit ratings stated in terms of the S&P equivalent. (2) Coverage amounts may include coverage provided by affiliates and subsidiaries of the counterparty. PMI Mortgage Insurance Co. and Triad Guaranty Insurance Corp. are both under the control of their state regulators and are in run off. A substantial portion of their claims is recorded by us as deferred payment obligations. These insurers no longer issue new insurance but continue to pay a portion of their respective claims in cash. In 2014, PMI began paying valid claims 67% in cash, 33% in deferred payment obligations, and made a one-time cash payment to us for claims that were previously settled for 55% in cash. In 2015, PMI began paying valid claims 70% in cash, 30% in deferred payment obligations, and made a one-time cash payment to us for claims that were previously settled for 67% in cash. In 2013, Triad began paying valid claims 75% in cash, 25% in deferred payment obligations, and made a one-time cash payment to us for claims that were previously settled for 60% in cash. If, as we currently expect, these insurers do not pay the full amount of their deferred payment obligations in cash, we would lose a portion of the coverage from these insurers. As of December 31, 2020 and December 31, 2019, we had cumulative unpaid deferred payment obligations of $0.4 billion and $0.5 billion, respectively, from these insurers. We have reserved substantially all of these unpaid amounts as collectability is uncertain. It is not clear how the regulators of these companies will administer their respective deferred payment plans in the future, nor when or if those obligations will be paid. RMIC is under regulatory supervision and is no longer issuing new insurance. In 2014, RMIC resumed paying valid claims at 100% of the claim amount. Previously, RMIC had been paying all valid claims 60% in cash and 40% in deferred payment obligations. As part of our insurance/reinsurance CRT transactions, we regularly obtain insurance coverage from global insurers and reinsurers. These transactions incorporate several features designed to increase the likelihood that we will recover on the claims we file with the insurers and reinsurers, including the following: n In each transaction, we require the individual insurers and reinsurers to post collateral to cover portions of their exposure, which helps to promote certainty and timeliness of claim payment and n While private mortgage insurance companies are required to be monoline (i.e., to participate solely in the mortgage insurance business, although the holding company may be a diversified insurer), our insurers and reinsurers generally participate in multiple types of insurance businesses, which helps diversify their risk exposure. Other Investment Counterparties We are exposed to the nonperformance of counterparties relating to other investments (including non-mortgage-related securities and cash equivalents) transactions, including those entered into on behalf of our securitization trusts. Our policies require that the counterparty be evaluated using our internal counterparty rating model prior to our entering such transactions. We monitor the financial strength of our counterparties to these transactions and may use collateral maintenance requirements to manage our exposure to individual counterparties. The permitted term and dollar limits for each of these transactions are also based on the counterparty's financial strength. Our other investments (including non-mortgage-related securities and cash equivalents) counterparties are primarily major financial institutions, including other GSEs, Treasury, the Federal Reserve Bank of New York, GSD/FICC, highly-rated supranational institutions, depository and non-depository institutions, brokers and dealers, and government money market funds. As of December 31, 2020 and December 31, 2019, including amounts related to our consolidated VIEs, the balance of our other investments portfolio was $163.1 billion and $103.6 billion, respectively. The balance consists primarily of cash, securities purchased under agreements to resell invested with counterparties, U.S. Treasury securities, cash deposited with the

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	Fair Value Disclosures The accounting guidance for fair value measurements and disclosures defines fair value, establishes a framework for measuring fair value and sets forth disclosure requirements regarding fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or, in the absence of a principal market, in the most advantageous market for the asset or liability. 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 non-recurring basis. Fair Value Measurements The accounting guidance for fair value measurements and disclosures establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The levels of the fair value hierarchy are defined as follows in priority order: n Level 1 - Inputs to the valuation techniques are based on quoted prices in active markets for identical assets or liabilities. n Level 2 - Inputs to the valuation techniques are based on observable inputs other than quoted prices in active markets for identical assets or liabilities. n Level 3 - One or more inputs to the valuation technique are unobservable and significant to the fair value measurement. We use quoted market prices and valuation techniques that seek to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs. Our inputs are based on the assumptions a market participant would use in valuing the asset or liability. Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Valuation Risk and Controls Over Fair Value Measurements Valuation risk is the risk that fair values used for financial disclosures, risk metrics, and performance measures do not reasonably reflect market conditions and prices. We designed our control processes so that our fair value measurements are appropriate and reliable, that they are based on observable inputs where possible, and that our valuation approaches are consistently applied and the assumptions and inputs are reasonable. Our control processes provide a framework for segregation of duties and oversight of our fair value methodologies, techniques, validation procedures, and results. Groups within our Finance Division, independent of our business functions, execute and validate the valuation processes and are responsible for determining the fair values of the majority of our financial assets and liabilities. In determining fair value, we consider the credit risk of our counterparties in estimating the fair values of our assets and our own credit risk in estimating the fair values of our liabilities. The fair values determined by our Finance Division are further verified by an independent group within our ERM Division. The independent validation procedures performed by the ERM Division are intended to monitor that the prices we receive from third parties are consistent with our observations of market activity, and that fair value measurements developed using internal data reflect the assumptions that a market participant would use in pricing our assets and liabilities. These validation procedures include performing a daily price review and a monthly independent verification of fair value measurements through independent modeling, analytics, and comparisons to other market source data, if available. If we are unable to validate the reasonableness of a given price, we ultimately do not use that price for fair value measurements on our consolidated financial statements. These procedures are risk-based and are executed before we finalize the prices used in preparing our fair value measurements for our financial statements. In addition to performing the validation procedures noted above, the ERM Division provides independent risk governance over all valuation processes by establishing and maintaining a corporate-wide valuation risk policy. The ERM Division also independently reviews significant judgments, methodologies, and valuation techniques to monitor compliance with established policies. Our Valuation Risk Committee, which includes representation from our business lines, the ERM Division, and the Finance Division, provides senior management's governance over valuation processes, methodologies, controls, and fair value measurements. Identified exceptions are reviewed and resolved through the verification process and reviewed at the Valuation Risk Committee. Where models are employed to assist in the measurement and verification of fair values, changes made to those models during the period are reviewed and approved according to the corporate model change governance process, with material changes reviewed at the Valuation Risk Committee. Inputs used by models are regularly updated for changes in the underlying data, assumptions, valuation inputs, and market conditions and are subject to the valuation controls noted above. Use of Third-Party Pricing Data in Fair Value Measurement Many of our valuation techniques use, either directly or indirectly, data provided by third-party pricing services or dealers. The techniques used by these pricing services and dealers to develop the prices generally are either: n A comparison to transactions involving instruments with similar collateral and risk profiles, adjusted as necessary based on specific characteristics of the asset or liability being valued or n Industry-standard modeling, such as a discounted cash flow model. The prices provided by the pricing services and dealers reflect their observations and assumptions related to market activity, including risk premiums and liquidity adjustments. The models and related assumptions used by the pricing services and dealers are owned and managed by them and, in many cases, the significant inputs used in the valuation techniques are not reasonably available to us. However, we have an understanding of the processes and assumptions used to develop the prices based on our ongoing due diligence, which includes discussions with our vendors at least annually and often more frequently. We believe that the procedures executed by the pricing services and dealers, combined with our internal verification and analytical procedures, provide assurance that the prices used in our financial statements comply with the accounting guidance for fair value measurements and disclosures and reflect the assumptions that a market participant would use in pricing our assets and liabilities. The price quotes we receive are non-binding both to us and to our counterparties. In many cases, we receive quotes from third-party pricing services or dealers and use those prices without adjustment. For a large majority of the assets and liabilities we value using pricing services and dealers, we obtain quotes from multiple external sources and use the median of the prices to measure fair value. This technique is referred to below as "median of external sources." The significant inputs used in the fair value measurement of assets and liabilities that are valued using the median of external sources pricing technique are the third-party quotes. Significant increases (decreases) in any of the third-party quotes in isolation may result in a significantly higher (lower) fair value measurement. In limited circumstances, we may be able to receive pricing information from only a single external source. This technique is referred to below as "single external source." Valuation Techniques The following table contains a description of the valuation techniques we use for fair value measurement and disclosure; the significant inputs used in those techniques (if applicable); the classification within the fair value hierarchy; and, for those measurements that we report on our consolidated balance sheets and are classified as Level 3 of the hierarchy, a narrative description of the uncertainty of the fair value measurement to changes in significant unobservable inputs. Although the uncertainties of the unobservable inputs are discussed below in isolation, interrelationships exist among the inputs such that a change in one unobservable input can result in a change to one or more of the other inputs. For example, the most common interrelationship that affects the majority of our fair value measurements is between future interest rates, prepayment speeds, and probabilities of default. Generally, a change in the assumption used for future interest rates results in a directionally opposite change in the assumption used for prepayment speeds and a directionally similar change in the assumption used for probabilities of default. Each technique discussed below may not be used in a given reporting period, depending on the composition of our assets and liabilities measured at fair value and relevant market activity during that period. Instrument Valuation Technique Classification in the Fair Value Hierarchy Securities U.S. Treasury Securities Quoted prices in active markets Level 1 Agency mortgage-related securities Fixed-rate single-class Median of external sources Level 2 Adjustable-rate single-class and majority of multi-class securities Median of external sources Predominantly Level 2 Certain multi-class securities Single external source Levels 2 and 3 Certain multi-class securities with limited market activity Discounted cash flows or risk metric pricing. Significant inputs used in the discounted cash flow technique include OAS. Significant increases (decreases) in the OAS in isolation would result in a significantly lower (higher) fair value measurement. Significant inputs used in the risk metric pricing technique include key risk metrics, such as key rate durations. Significant increases (decreases) in key rate durations in isolation would result in a significant increase (decrease) in the magnitude of change of fair value measurement in response to key rate movements. Under risk metric pricing, securities are valued by starting with a prior period price and adjusting that price for market changes in the key risk metric input used. Level 3 Commercial mortgage-related securities Single external source or, in limited circumstances, a median of external sources Predominantly Level 3 Other non-agency mortgage-related securities Median of external sources Level 3 Derivatives Exchange-traded futures Quoted prices in active markets Level 1 Interest-rate swaps Discounted cash flows. Significant inputs include market-based interest rates. Level 2 Option-based derivatives Option-pricing models. Significant inputs include interest-rate volatility matrices. Level 2 Purchase and sale commitments See Agency mortgage-related securities Level 2 Debt Debt securities of consolidated trusts held by third parties See Agency mortgage-related securities Level 2 or 3 Debt of Freddie Mac Median of external sources Predominantly Level 2 Single external source Published yield matrices Mortgage Loans Single-family loans GSE securitization market Benchmark security pricing for actively traded mortgage-related securities with similar characteristics, adjusting for the value of our guarantee fee and our credit obligation related to performing our guarantee (see Guarantee obligation). The credit obligation is based on: delivery and guarantee fees we charge under current market pricing for loans that qualify under our current underwriting standards (Level 2) and internal credit models for loans that do not qualify under our current underwriting standards (Level 3). Level 2 or 3 Whole loan market Median of external sources, referencing market activity for deeply delinquent and modified loans, where available Level 3 Instrument Valuation Technique Classification in the Fair Value Hierarchy Certain held-for-investment Internal models that estimate the fair value of the underlying collateral for impaired loans. Significant inputs used by our internal models include REO disposition, short sale, and third-party sale values, combined with mortgage loan level characteristics using the repeat housing sales index to estimate the current fair value of the mortgage loan. Significant increases (decreases) in the historical average sales proceeds per mortgage loan in isolation would result in significantly higher (lower) fair value measurements. Level 3 Multifamily loans Held-for-sale Discounted cash flows based on observable K Certificate and SB Certificate market spreads Level 2 Held-for-investment Market prices from a third-party pricing service using discounted cash flows incorporating credit spreads for similar loans based on the loan's LTV and DSCR Predominantly Level 3 Non-derivative Purchase Commitments Multifamily loan purchase commitments See Multifamily loans Level 2 or 3 Other Assets Guarantee assets Single-family Median of external sources with adjustments for specific loan characteristics Level 3 Multifamily Discounted cash flows. Significant inputs include current OAS-to-benchmark interest rates for new guarantees. Significant increases (decreases) in the OAS in isolation would result in a significantly lower (higher) fair value measurement. Level 3 Mortgage servicing rights Market prices from a third party or internally developed prices using discounted cash flows. Significant inputs include: Level 3 Estimated prepayment rates, Estimated costs to service both performing and non-accrual loans, and Estimated servicing income per loan (including ancillary income). Significant increases (decreases) in cost to service per loan and prepayment rate in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in servicing income per loan in isolation would result in a significantly higher (lower) fair value measurement. Other Liabilities Guarantee obligations Single-family Delivery and guarantee fees that we charge under our current market pricing Level 2 Internal credit models. Significant inputs include loan characteristics, loan performance, and status information. Level 3 Multifamily Discounted cash flows. Significant inputs are similar to those used in the valuation technique for the Multifamily guarantee assets. Level 3 Table 19.1 - Assets and Liabilities Measured at Fair Value on a Recurring Basis December 31, 2020 (In millions) Level 1 Level 2 Level 3 Netting Adjustment (1) Total Assets: Investments in securities: Available-for-sale, at fair value: Mortgage-related securities: Agency $— $13,778 $526 $— $14,304 Non-agency and other — 1 1,062 — 1,063 Total available-for-sale securities, at fair value — 13,779 1,588 — 15,367 Trading, at fair value: Mortgage-related securities: Agency — 14,246 3,258 — 17,504 Non-agency — — 1 — 1 Total mortgage-related securities — 14,246 3,259 — 17,505 Non-mortgage-related securities 26,255 698 — — 26,953 Total trading securities, at fair value 26,255 14,944 3,259 — 44,458 Total investments in securities 26,255 28,723 4,847 — 59,825 Mortgage loans: Held-for-sale, at fair value — 14,199 — — 14,199 Derivative assets, net — 8,516 63 — 8,579 Netting adjustments (1) — — — (7,374) (7,374) Total derivative assets, net — 8,516 63 (7,374) 1,205 Other assets: Guarantee assets, at fair value — — 5,509 — 5,509 Non-derivative held-for-sale purchase commitments, at fair value — 158 — — 158 All other, at fair value — — 108 — 108 Total other assets — 158 5,617 — 5,775 Total assets carried at fair value on a recurring basis $26,255 $51,596 $10,527 ($7,374) $81,004 Liabilities: Debt securities of consolidated trusts held by third parties, at fair value $— $2 $203 $— $205 Debt of Freddie Mac, at fair value — 2,267 120 — 2,387 Derivative liabilities, net — 9,132 16 — 9,148 Netting adjustments (1) — — — (8,194) (8,194) Total derivative liabilities, net — 9,132 16 (8,194) 954 Other liabilities: Non-derivative held-for-sale purchase commitments, at fair value — 1 — — 1 All other, at fair value — — 3 — 3 Total other liabilities — 1 3 — 4 Total liabilities carried at fair value on a recurring basis $— $11,402 $342 ($8,194) $3,550 Referenced footnote is included after the next table. December 31, 2019 (In millions) Level 1 Level 2 Level 3 Netting Adjustment (1) Total Assets: Investments in securities: Available-for-sale, at fair value: Mortgage-related securities: Agency $— $22,927 $1,960 $— $24,887 Non-agency and other — 20 1,267 — 1,287 Total available-for-sale securities, at fair value — 22,947 3,227 — 26,174 Trading, at fair value: Mortgage-related securities: Agency — 19,772 2,709 — 22,481 Non-agency — — 1 — 1 Total mortgage-related securities — 19,772 2,710 — 22,482 Non-mortgage-related securities 25,108 1,947 — — 27,055 Total trading securities, at fair value 25,108 21,719 2,710 — 49,537 Total investments in securities 25,108 44,666 5,937 — 75,711 Mortgage loans: Held-for-sale, at fair value — 15,035 — — 15,035 Derivative assets, net — 6,363 16 — 6,379 Netting adjustments (1) — — — (5,535) (5,535) Total derivative assets, net — 6,363 16 (5,535) 844 Other assets: Guarantee assets, at fair value — — 4,426 — 4,426 Non-derivative held-for-sale purchase commitments, at fair value — 81 — — 81 All other, at fair value — — 120 — 120 Total other assets — 81 4,546 — 4,627 Total assets carried at fair value on a recurring basis $25,108 $66,145 $10,499 ($5,535) $96,217 Liabilities: Debt securities of consolidated trusts held by third parties, at fair value $— $6 $203 $— $209 Debt of Freddie Mac, at fair value — 3,600 129 — 3,729 Derivative liabilities, net — 5,245 37 — 5,282 Netting adjustments (1) — — — (4,910) (4,910) Total derivative liabilities, net — 5,245 37 (4,910) 372 Other liabilities: Non-derivative held-for-sale purchase commitments, at fair value — 7 — — 7 All other, at fair value — — 1 — 1 Total other liabilities — 7 1 — 8 Total liabilities carried at fair value on a recurring basis $— $8,858 $370 ($4,910) $4,318 (1) Represents counterparty netting, cash collateral netting, and net derivative interest receivable or payable. Level 3 Fair Value Measurements The tables below present a reconciliation of all assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis using significant unobservable inputs (Level 3), including transfers into and out of Level 3. The tables also present gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our consolidated statements of comprehensive income for Level 3 assets and liabilities. Table 19.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs Year Ended December 31, 2020 Balance, Total Realized/Unrealized Gains (Losses) Purchases Issues Sales Settlements, Transfers (1) Transfers (1) Balance, Change in Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2020 (2) Change in Unrealized Gains (Losses), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2020 (In millions) Included in Included in Other Assets Investments in securities: Available-for-sale, at fair value: Mortgage-related securities: Agency $1,960 $12 $38 $— $— ($218) ($170) $— ($1,096) $526 $— ($2) Non-agency and other 1,267 15 (46) — — — (174) — — 1,062 15 (36) Total available-for-sale mortgage-related securities 3,227 27 (8) — — (218) (344) — (1,096) 1,588 15 (38) Trading, at fair value: Mortgage-related securities: Agency 2,709 (251) — 1,555 — (281) (77) — (397) 3,258 (241) — Non-agency 1 — — — — — — — — 1 — — Total trading mortgage-related securities 2,710 (251) — 1,555 — (281) (77) — (397) 3,259 (241) — Derivative assets 15 22 — — 26 — — — — 63 21 — Other assets: Guarantee assets 4,426 250 — — 1,641 — (808) — — 5,509 250 — All other, at fair value 120 (3) — (15) 27 (19) (2) — — 108 (3) — Total other assets 4,546 247 — (15) 1,668 (19) (810) — — 5,617 247 — Balance, Total Realized/Unrealized (Gains) Losses Purchases Issues Sales Settlements, Transfers (1) Transfers (1) Balance, Change in Unrealized (Gains) Losses Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2020 (2) Change in Unrealized (Gains) Losses, Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2020 Included in Included in Liabilities Debt securities of consolidated trusts held by third parties, at fair value $203 $— $— $— $— $— $— $— $— $203 $— $— Debt of Freddie Mac, at fair value 129 (1) — — 4 — (12) — — 120 (1) — Derivative liabilities 36 (8) — — 2 — (14) — — 16 (23) — All other, at fair value 1 — — 1 — 1 — — — 3 — — Referenced footnotes are included after the prior period table. Year Ended December 31, 2019 Balance, January 1, 2019 Total Realized/Unrealized Gains (Losses) Purchases Issues Sales Settlements, Transfers into Level 3 (1) Transfers out of Level 3 (1) Balance, December 31, 2019 Change in Unrealized Gains(Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2019 (2) Change in Unrealized Gains (Losses), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2019 (In millions) Included in Included in Other Assets Investments in securities: Available-for-sale, at fair value: Mortgage-related securities: Agency $4,135 $23 $108 $— $— ($1,883) ($367) $2 ($58) $1,960 $2 $40 Non-agency and other 1,640 82 (1) — — (238) (216) — — 1,267 14 35 Total available-for-sale mortgage-related securities 5,775 105 107 — — (2,121) (583) 2 (58) 3,227 16 75 Trading, at fair value: Mortgage-related securities: Agency 3,293 (280) — 596 — (616) (104) — (180) 2,709 (248) — Non-agency 1 — — — — — — — — 1 — — Total trading mortgage-related securities 3,294 (280) — 596 — (616) (104) — (180) 2,710 (248) — Derivative assets 1 14 — — — — — — — 15 14 — Other assets: Guarantee assets 3,633 33 — — 1,427 — (667) — — 4,426 33 — All other, at fair value 137 (38) — 85 36 (85) (15) — — 120 (70) — Total other assets 3,770 (5) — 85 1,463 (85) (682) — — 4,546 (37) — Balance, Total Realized/Unrealized (Gains) Losses Purchases Issues Sales Settlements, Transfers into Level 3 (1) Transfers out of Level 3 (1) Balance, Change in Unrealized (Gains) Losses Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2019 (2) Change in Unrealized (Gains) Losses, Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2019 Included in Included in Other Liabilities Debt securities of consolidated trusts held by third parties, at fair value $728 $5 $— $— $— $— ($530) $— $— $203 $5 $— Debt of Freddie Mac, at fair value 134 — — — 4 — (9) — — 129 — — Derivative liabilities 92 (37) — — — — (19) — — 36 (54) — All other, at fair value — (3) — 6 — (2) — — — 1 (5) — (1) Transfers out of Level 3 during 2020 and 2019 consisted primarily of certain mortgage-related securities due to an increased volume and level of activity in the market and availability of price quotes from dealers and third-party pricing services. Certain Freddie Mac securities are classified as Level 3 at issuance and generally are classified as Level 2 when they begin trading. Transfers into Level 3 during 2019 consisted primarily of certain mortgage-related securities due to a decrease in market activity and the availability of relevant price quotes from dealers and third-party pricing services. The tables below provide valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis. Table 19.3 - Quantitative Information about Recurring Level 3 Fair Value Measurements December 31, 2020 Level 3 Predominant Unobservable Inputs ( Dollars in millions , except for certain unobservable inputs as shown) Type Range Weighted (2) Assets Available-for-sale, at fair value Mortgage-related securities Agency $410 Discounted cash flows OAS 90 - 90 bps 90 bps 116 Other Non-agency and other 875 Median of external sources External pricing sources $67.1 - $79.1 $72.8 187 Other Trading, at fair value Mortgage-related securities Agency 2,204 Single external source External pricing sources $0.0 - $8,894.6 $947.8 472 Discounted cash flows OAS (951) - 2,910 bps 834 bps 583 Other Guarantee assets, at fair value 5,195 Discounted cash flows OAS 15 - 186 bps 38 bps 314 Other Insignificant Level 3 assets (1) 171 Total level 3 assets $10,527 Liabilities Debt securities of consolidated trusts held by third parties, at fair value $203 Single External Source External Pricing Sources $97.3 - $ 107.0 $101.7 Insignificant Level 3 liabilities (1) 139 Total level 3 liabilities $342 Referenced footnotes are included after the next table. December 31, 2019 Level 3 Fair Value Predominant Valuation Technique(s) Unobservable Inputs ( Dollars in millions , except for certain unobservable inputs as shown) Type Range Weighted Average (2) Assets Available-for-sale, at fair value Mortgage-related securities Agency $1,960 Discounted cash flows OAS 30 - 261 bps 80 bps Non-agency and other 886 Median of external sources External pricing sources $71.9 - $78.2 $75.0 381 Other Trading, at fair value Mortgage-related securities Agency 1,948 Single external source External pricing sources $0.0 - $100.7 $36.6 761 Discounted cash flows OAS (1,201) - 8,095 bps 611 bps Guarantee assets, at fair value 4,141 Discounted cash flows OAS 17 - 186 bps 40 bps 285 Other Insignificant Level 3 assets (1) 137 Total level 3 assets $10,499 Liabilities Debt securities of consolidated trusts held by third parties, at fair value $203 Single External Source External Pricing Sources $99.4 - $103.6 $101.4 Insignificant Level 3 liabilities (1) 167 Total level 3 liabilities $370 (1) Represents the aggregate amount of Level 3 assets or liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. (2) Unobservable inputs were weighted primarily by the relative fair value of the financial instruments. Assets Measured at Fair Value on a Non-Recurring Basis We may be required, from time to time, to measure certain assets at fair value on a non-recurring basis. These adjustments usually result from the application of lower-of-cost-or-fair-value accounting or an allowance for credit losses based on the fair value of the underlying collateral. Certain of the fair values in the tables below were not obtained as of the period end, but were obtained during the period. The table below presents assets measured on our consolidated balance sheets at fair value on a non-recurring basis. Table 19.4 - Assets Measured at Fair Value on a Non-Recurring Basis December 31, 2020 December 31, 2019 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets measured at fair value on a non-recurring basis: Mortgage loans (1) $— $6 $2,241 $2,247 $— $22 $4,059 $4,081 (1) Includes loans that are classified as held-for-investment and have an allowance for credit losses based on the fair value of the underlying collateral and held-for-sale loans where the fair value is below cost. The tables below provide valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets and liabilities measured on our consolidated balance sheets at fair value on a non-recurring basis. Table 19.5 - Quantitative Information about Non-Recurring Level 3 Fair Value Measurements December 31, 2020 Level 3 Fair Value Predominant Valuation Technique(s) Unobservable Inputs ( Dollars in millions , except for certain unobservable inputs as shown) Type Range Weighted Average (1) Non-recurring fair value measurements Mortgage loans $2,241 Internal model Historical sales proceeds $3,001 - $696,004 $202,539 Internal model Housing sales index 66 - 345 bps 119 bps Median of external sources External pricing sources $59.5 - $104.0 $92.1 December 31, 2019 Level 3 Fair Value Predominant Valuation Technique(s) Unobservable Inputs ( Dollars in millions , except for certain unobservable inputs as shown) Type Range Weighted Average (1) Non-recurring fair value measurements Mortgage loans $4,059 Internal model Historical sales proceeds $3,000 - $765,000 $186,234 Internal model Housing sales index 46 - 420 bps 112 bps Median of external sources External pricing sources $66.5 - $105.4 $95.0 Fair Value of Financial Instruments The tables below present the carrying value and estimated fair value of our financial instruments. For certain types of financial instruments, such as cash and cash equivalents, securities purchased under agreements to resell, secured lending and other, and certain debt, the carrying value on our GAAP balance sheets approximates fair value, as these assets and liabilities are short-term in nature and have limited fair value volatility. Table 19.6 - Fair Value of Financial Instruments December 31, 2020 GAAP Measurement Category (1) GAAP Carrying Amount Fair Value (In millions) Level 1 Level 2 Level 3 Netting Adjustments (2) Total Financial Assets Cash and cash equivalents Amortized cost $23,889 $23,889 $— $— $— $23,889 Securities purchased under agreements to resell Amortized cost 105,003 — 105,003 — — 105,003 Investments in securities: Available-for-sale, at fair value FV - OCI 15,367 — 13,779 1,588 — 15,367 Trading, at fair value FV - NI 44,458 26,255 14,944 3,259 — 44,458 Total investments in securities 59,825 26,255 28,723 4,847 — 59,825 Mortgage loans: Loans held by consolidated trusts 2,273,347 — 2,080,687 262,309 — 2,342,996 Loans held by Freddie Mac 110,541 — 76,917 36,578 — 113,495 Total mortgage loans Various (3) 2,383,888 — 2,157,604 298,887 — 2,456,491 Derivative assets, net FV - NI 1,205 — 8,516 63 (7,374) 1,205 Guarantee assets FV - NI 5,509 — — 5,515 — 5,515 Non-derivative purchase commitments, at fair value FV - NI 158 — 246 — — 246 Advances to lenders Amortized cost 4,162 — — 4,162 — 4,162 Secured lending Amortized cost 1,680 — 1,427 89 — 1,516 Total financial assets $2,585,319 $50,144 $2,301,519 $313,563 ($7,374) $2,657,852 Financial Liabilities Debt: Debt securities of consolidated trusts held by third parties $2,308,176 $— $2,382,157 $852 $— $2,383,009 Debt of Freddie Mac 284,370 — 286,634 4,088 — 290,722 Total debt Various (4) 2,592,546 — 2,668,791 4,940 — 2,673,731 Derivative liabilities, net FV - NI 954 — 9,132 16 (8,194) 954 Guarantee obligations Amortized cost 5,050 — — 5,378 — 5,378 Non-derivative purchase commitments, at fair value FV - NI 20 — 1 143 — 144 Total financial liabilities $2,598,570 $— $2,677,924 $10,477 ($8,194) $2,680,207 (1) FV - NI denotes fair value through net income. FV - OCI denotes fair value through other comprehensive income. (2) Represents counterparty netting, cash collateral netting, and net derivative interest receivable or payable. (3) As of December 31, 2020, the GAAP carrying amounts measured at amortized cost, lower-of-cost-or-fair-value and FV - NI were $2.4 trillion, $19.5 billion and $14.2 billion, respectively. (4) As of December 31, 2020, the GAAP carrying amounts measured at amortized cost and FV - NI were $2.6 trillion and $2.6 billion, respectively. December 31, 2019 GAAP Measurement Category (1) GAAP Carrying Amount Fair Value (In millions) Level 1 Level 2 Level 3 Netting Adjustments (2) Total Financial Assets Cash and cash equivalents Amortized cost $5,189 $5,189 $— $— $— $5,189 Securities purchased under agreements to resell Amortized cost 56,271 — 66,114 — (9,843) 56,271 Investments in securities: Available-for-sale, at fair value FV - OCI 26,174 — 22,947 3,227 — 26,174 Trading, at fair value FV - NI 49,537 25,108 21,719 2,710 — 49,537 Total investments in securities 75,711 25,108 44,666 5,937 — 75,711 Mortgage loans: Loans held by consolidated trusts 1,940,523 — 1,732,434 244,500 — 1,976,934 Loans held by Freddie Mac 79,677 — 38,100 45,588 — 83,688 Total mortgage loans Various (3) 2,020,200 — 1,770,534 290,088 — 2,060,622 Derivative assets, net FV - NI 844 — 6,363 16 (5,535) 844 Guarantee assets FV - NI 4,426 — — 4,433 — 4,433 Non-derivative purchase commitments, at fair value FV - NI 81 — 90 72 — 162 Advances to lenders Amortized cost 1,873 — — 1,873 —

Legal Contingencies

Legal Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
LEGAL CONTINGENCIES	Legal Contingencies We are involved as a party in a variety of legal and regulatory proceedings arising from time to time in the ordinary course of business including, among other things, contractual disputes, personal injury claims, employment-related litigation, and other legal proceedings incidental to our business. We are frequently involved, directly or indirectly, in litigation involving mortgage foreclosures. From time to time, we are also involved in proceedings arising from our termination of a seller's or servicer's eligibility to sell loans to, and/or service loans for, us. In these cases, the former seller or servicer sometimes seeks damages against us for wrongful termination under a variety of legal theories. In addition, we are sometimes sued in connection with the origination or servicing of loans. These suits typically involve claims alleging wrongful actions of sellers and servicers. Our contracts with our sellers and servicers generally provide for indemnification of Freddie Mac against liability arising from sellers' and servicers' wrongful actions with respect to loans sold to or serviced for Freddie Mac. Litigation and claims resolution are subject to many uncertainties and are not susceptible to accurate prediction. In accordance with the accounting guidance for contingencies, we reserve for litigation claims and assessments asserted or threatened against us when a loss is probable (as defined in such guidance) and the amount of the loss can be reasonably estimated. Putative Securities Class Action Lawsuit: Ohio Public Employees Retirement System vs. Freddie Mac, Syron, Et Al. This putative securities class action lawsuit was filed against Freddie Mac and certain former officers on January 18, 2008 in the U.S. District Court for the Northern District of Ohio purportedly on behalf of a class of purchasers of Freddie Mac stock from August 1, 2006 through November 20, 2007. FHFA later intervened as Conservator, and the plaintiff amended its complaint on several occasions. The plaintiff alleged, among other things, that the defendants violated federal securities laws by making false and misleading statements concerning our business, risk management, and the procedures we put into place to protect the company from problems in the mortgage industry. The plaintiff seeks unspecified damages and interest, and reasonable costs and expenses, including attorney and expert fees. In October 2013, defendants filed motions to dismiss the complaint. In October 2014, the District Court granted defendants' motions and dismissed the case in its entirety against all defendants, with prejudice. In November 2014, plaintiff filed a notice of appeal in the U.S. Court of Appeals for the Sixth Circuit. On July 20, 2016, the Sixth Circuit reversed the District Court's dismissal and remanded the case to the District Court for further proceedings. On August 14, 2018, the District Court denied the plaintiff's motion for class certification. On January 23, 2019, the Sixth Circuit denied plaintiff's petition for leave to appeal that decision. On September 17, 2020, the District Court granted a request from the plaintiff for summary judgment and entered final judgment in favor of Freddie Mac and the other defendants. On October 9, 2020, the plaintiff filed a notice of appeal with the Sixth Circuit. On January 27, 2021, Freddie Mac filed a motion to dismiss the appeal. At present, it is not possible for us to predict the probable outcome of this lawsuit or any potential effect on our business, financial condition, liquidity, or results of operations. In addition, we are unable to reasonably estimate the possible loss or range of possible loss in the event of an adverse judgment in the foregoing matter due to the following factors, among others: the inherent uncertainty of the appellate process, and the inherent uncertainty of pre-trial litigation in the event the case is ultimately remanded to the District Court in whole or in part. In particular, while the District Court denied plaintiff's motion for class certification, this decision and the entry of final judgment in defendants’ favor have been appealed. Absent a final resolution of whether a class will be certified, the identification of a class if one is certified, and the identification of the alleged statement or statements that survive dispositive motions, we cannot reasonably estimate any possible loss or range of possible loss. LIBOR Lawsuit On March 14, 2013, Freddie Mac filed a lawsuit in the U.S. District Court for the Eastern District of Virginia against the British Bankers Association and the 16 U.S. Dollar LIBOR panel banks and a number of their affiliates. The case was subsequently transferred to the U.S. District Court for the Southern District of New York. The complaint alleges, among other things, that the defendants fraudulently and collusively depressed LIBOR, a benchmark interest rate indexed to trillions of dollars of financial products, and asserts claims for antitrust violations, breach of contract, tortious interference with contract, and fraud. Freddie Mac filed an amended complaint in July 2013, and a second amended complaint in October 2014. In August 2015, the District Court dismissed the portion of our claim related to antitrust violations and fraud and we filed a motion for reconsideration. On March 31, 2016, the District Court granted a portion of our motion, finding personal jurisdiction over certain defendants, and denied the portion of our motion with respect to statutes of limitation for our fraud claims. Subsequently, in a related case, the U.S. Court of Appeals for the Second Circuit reversed the District Court's dismissal of certain plaintiffs' antitrust claims and remanded the case to the District Court for consideration of whether, among other things, the plaintiffs are "efficient enforcers" of the antitrust laws. On December 20, 2016, after briefing and argument on the defendants' renewed motions to dismiss on personal jurisdiction and efficient enforcer grounds, the District Court denied defendants' motions in part and granted them in part. The District Court held that Freddie Mac is an efficient enforcer of the antitrust laws, but dismissed on personal jurisdiction grounds Freddie Mac's antitrust claims against all defendants except HSBC USA, N.A. Then, in an order issued February 2, 2017, the District Court effectively dismissed Freddie Mac's remaining antitrust claim against HSBC USA, N.A. At present, Freddie Mac's breach of contract actions against Bank of America, N.A., Barclays Bank, Citibank, N.A., Credit Suisse, Deutsche Bank, Royal Bank of Scotland, and UBS AG are its only claims remaining in the District Court. On February 23, 2018, the Second Circuit reversed the District Court's dismissal of certain plaintiffs' state law fraud and unjust enrichment claims on statutes of limitations grounds. While Freddie Mac was not a party to the appeal, this decision could have the effect of reinstating Freddie Mac's fraud claims against the above-named defendants. The Second Circuit also reversed certain aspects of the District Court's personal jurisdiction rulings and remanded with instructions to allow the named appellant to amend its complaint. The District Court subsequently granted in part Freddie Mac's motion for leave to amend its complaint, and Freddie Mac amended its complaint on April 16, 2019. Litigation Concerning the Purchase Agreement Since July 2013, a number of lawsuits have been filed against us concerning the August 2012 amendment to the Purchase Agreement, which created the net worth sweep dividend provisions of the senior preferred stock. The plaintiffs in the lawsuits allege that they are holders of common stock and/or junior preferred stock issued by Freddie Mac and Fannie Mae. (For purposes of this discussion, junior preferred stock refers to the various series of preferred stock of Freddie Mac and Fannie Mae other than the senior preferred stock issued to Treasury.) It is possible that similar lawsuits will be filed in the future. The lawsuits against us are described below. Litigation in the U.S. District Court for the District of Columbia In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations . This case is the result of the consolidation of three putative class action lawsuits: Cacciapelle and Bareiss vs. Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and FHFA , filed on July 29, 2013; American European Insurance Company vs. Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and FHFA , filed on July 30, 2013; and Marneu Holdings, Co. vs. FHFA, Treasury, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation , filed on September 18, 2013. (The Marneu case was also filed as a shareholder derivative lawsuit.) A consolidated amended complaint was filed in December 2013. In the consolidated amended complaint, plaintiffs alleged, among other items, that the August 2012 amendment to the Purchase Agreement breached Freddie Mac's and Fannie Mae's respective contracts with the holders of junior preferred stock and common stock and the covenant of good faith and fair dealing inherent in such contracts. Plaintiffs sought unspecified damages, equitable and injunctive relief, and costs and expenses, including attorney and expert fees. The Cacciapelle and American European Insurance Company lawsuits were filed purportedly on behalf of a class of purchasers of junior preferred stock issued by Freddie Mac or Fannie Mae who held stock prior to, and as of, August 17, 2012. The Marneu lawsuit was filed purportedly on behalf of a class of purchasers of junior preferred stock and purchasers of common stock issued by Freddie Mac or Fannie Mae over a not-yet-defined period of time. Arrowood Indemnity Company vs. Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, FHFA, and Treasury. This case was filed on September 20, 2013. The allegations and demands made by plaintiffs in this case were generally similar to those made by the plaintiffs in the In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations case described above. Plaintiffs in the Arrowood lawsuit also requested that, if injunctive relief were not granted, the Arrowood plaintiffs be awarded damages against the defendants in an amount to be determined including, but not limited to, the aggregate par value of their junior preferred stock, the total of which they stated to be approximately $42 million. American European Insurance Company, Cacciapelle, and Miller vs. Treasury and FHFA. This case was filed as a shareholder derivative lawsuit, purportedly on behalf of Freddie Mac as a nominal defendant, on July 30, 2014. The complaint alleged that, through the August 2012 amendment to the Purchase Agreement, Treasury and FHFA breached their respective fiduciary duties to Freddie Mac, causing Freddie Mac to suffer damages. The plaintiffs asked that Freddie Mac be awarded compensatory damages and disgorgement, as well as attorneys' fees, costs, and other expenses. FHFA, joined by Freddie Mac and Fannie Mae, moved to dismiss the In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations case and the other related cases in January 2014. Treasury filed a motion to dismiss the same day. In September 2014, the District Court granted the motions and dismissed the plaintiffs' claims. All plaintiffs appealed that decision, and on February 21, 2017, the U.S. Court of Appeals for the District of Columbia Circuit affirmed in part and remanded in part the decision granting the motions to dismiss. The DC Circuit affirmed dismissal of all claims except certain claims seeking monetary damages for breach of contract and breach of implied duty of good faith and fair dealing. In March 2017, certain institutional and class plaintiffs filed petitions for panel rehearing with respect to certain claims. On July 17, 2017, the DC Circuit granted the petitions for rehearing and issued a modified decision, which permitted the institutional plaintiffs to pursue the breach of contract and breach of implied duty of good faith and fair dealing claims that had been remanded. The DC Circuit also removed language related to the standard to be applied to the implied duty claims, leaving that issue for the District Court to determine on remand. On October 16, 2017, certain institutional and class plaintiffs filed petitions for a writ of certiorari in the U.S. Supreme Court challenging whether HERA's prohibition on injunctive relief against FHFA bars judicial review of the net worth sweep dividend provisions of the August 2012 amendment to the Purchase Agreement, as well as whether HERA bars shareholders from pursuing derivative litigation where they allege the conservator faces a conflict of interest. The Supreme Court denied the petitions on February 20, 2018. On November 1, 2017, certain institutional and class plaintiffs and plaintiffs in another case in which Freddie Mac was not originally a defendant, Fairholme Funds, Inc. v. FHFA, Treasury, and Federal National Mortgage Association, filed proposed amended complaints in the District Court. Each of the proposed amended complaints names Freddie Mac as a defendant for breach of contract and breach of the covenant of good faith and fair dealing claims as well as for new claims alleging breach of fiduciary duty and breach of Virginia corporate law. On January 10, 2018, FHFA, Freddie Mac, and Fannie Mae moved to dismiss the amended complaints. On September 28, 2018, the District Court dismissed all of the claims except those alleging breach of the implied covenant of good faith and fair dealing. Discovery is ongoing. Litigation in the U.S. Court of Federal Claims Reid and Fisher vs. the United States of America and Federal Home Loan Mortgage Corporation. This case was filed as a derivative lawsuit, purportedly on behalf of Freddie Mac as a "nominal" defendant, on February 26, 2014. The complaint alleges, among other items, that the net worth sweep dividend provisions of the senior preferred stock constitute an unlawful taking of private property for public use without just compensation. The plaintiffs ask that Freddie Mac be awarded just compensation for the U.S. government's alleged taking of its property, attorneys' fees, costs, and other expenses. On March 8, 2018, the plaintiffs filed an amended complaint under seal, with a redacted copy filed on November 14, 2018. The United States filed a motion to dismiss on August 1, 2018 and an amended motion to dismiss on October 1, 2018. The court denied the motion to dismiss on May 8, 2020 and granted plaintiffs' motion to certify the decisions for interlocutory appeal on June 11, 2020. The Federal Circuit denied the petition for interlocutory appeal on August 21, 2020. Fairholme Funds, Inc., et al. vs. the United States of America, Federal National Mortgage Association, and Federal Home Loan Mortgage Corporation. This case was originally filed on July 9, 2013 against the United States of America. On March 8, 2018, plaintiffs filed an amended complaint under seal. A redacted public version was filed on May 11, 2018 and adds Freddie Mac and Fannie Mae as nominal defendants. The amended complaint alleges, among other items, that the net worth sweep dividend provisions of the senior preferred stock constitute an unlawful taking or exaction of private property for public use without just compensation, and that by enacting the net worth sweep, the government breached the fiduciary duty it owed to Freddie Mac and Fannie Mae, and implied-in-fact contracts between the United States on the one hand and Freddie Mac and Fannie Mae on the other. The plaintiffs ask that plaintiffs, Freddie Mac, and Fannie Mae be awarded (1) just compensation for the government's alleged taking or exaction of their property, (2) damages for the government's breach of fiduciary duties, and (3) damages for the government's breach of the alleged implied-in-fact contracts. In addition, plaintiffs seek pre- and post-judgment interest, attorneys' fees, costs, and other expenses. The United States filed a motion to dismiss on August 1, 2018 and an amended motion to dismiss on October 1, 2018. On December 6, 2019, the Court dismissed the claims plaintiffs labeled as direct claims and denied defendant's motion to dismiss with respect to the claims plaintiffs labeled as derivative. Accordingly, derivative takings, exaction, breach of fiduciary duty, and breach of implied-in-fact contract claims remain. By order dated March 9, 2020, the Court granted unopposed motions by plaintiffs and defendant to certify the December 6 opinion for interlocutory review, modified its December 6 opinion to include the language necessary for an interlocutory appeal to the U.S. Court of Appeals for the Federal Circuit, and stayed further proceedings in the case pending the completion of the interlocutory appeal process. The Federal Circuit granted the petition for interlocutory appeal on June 18, 2020. Perry Capital LLC vs. the United States of America, Federal National Mortgage Association, and Federal Home Loan Mortgage Corporation. This case was filed as a derivative lawsuit, purportedly on behalf of Freddie Mac and Fannie Mae as "nominal" defendants, on August 15, 2018. The complaint alleges, among other items, that the net worth sweep dividend provisions of the senior preferred stock constitute an unlawful taking of private property for public use without just compensation or an illegal exaction in violation of the Fifth Amendment, and that by enacting the net worth sweep, the government breached the fiduciary duty it owed to Freddie Mac and Fannie Mae, and implied-in-fact contracts between the United States on the one hand and Freddie Mac and Fannie Mae on the other. The plaintiff asks that it, Freddie Mac, and Fannie Mae be awarded just compensation for the government's alleged taking of their property or damages for the illegal exaction; damages for the government's breach of fiduciary duties; and damages for the government's breach of the alleged implied-in-fact contracts. The proceedings have been stayed pending the appeals in the Fairholme Funds matter. At present, it is not possible for us to predict the probable outcome of the lawsuits discussed above in the U.S. District Courts and the U.S. Court of Federal Claims (including the outcome of any appeal) or any potential effect on our business, financial condition, liquidity, or results of operations. In addition, we are unable to reasonably estimate the possible loss or range of possible loss in the event of an adverse judgment in the foregoing matters due to a number of factors, including the inherent uncertainty of pre-trial litigation. In addition, with respect to the In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations case, the plaintiffs have not demanded a stated amount of damages they believe are due, and the Court has not certified a class.

Regulatory Capital

Regulatory Capital	12 Months Ended
	Dec. 31, 2020
Mortgage Banking [Abstract]
REGULATORY CAPITAL	Regulatory Capital In October 2008, FHFA announced that it was suspending capital classification of us during conservatorship in light of the Purchase Agreement. FHFA continues to monitor our capital levels, but the existing statutory and FHFA regulatory capital requirements are not binding during conservatorship. We continue to provide quarterly submissions to FHFA on minimum capital. In May 2017, FHFA, as Conservator, issued guidance to us to evaluate and manage our financial risk and to make economic business decisions, while in conservatorship, utilizing a risk-based CCF, a capital system with detailed formulae provided by FHFA. In November 2020, FHFA released a final rule that establishes the ERCF as a new regulatory capital framework for Freddie Mac and Fannie Mae. The ERCF, which will become effective on February 16, 2021, has a transition period for compliance. In general, the compliance date for the regulatory capital requirements will be the later of the date of termination of our conservatorship and any later compliance date provided in a consent order or other transition order; however, we may begin implementing the ERCF sooner, upon the direction of FHFA or otherwise. The ERCF specifies substantial capital requirements and could affect our business strategies, perhaps significantly. As the ERCF was not yet in effect during 2020, we continued to use the guidance issued to us by FHFA under the CCF to evaluate our transactions and businesses. Regulatory Capital Standards The GSE Act established minimum, critical, and risk-based capital standards for us. However, per guidance received from FHFA, we no longer are required to submit risk-based capital reports to FHFA. Prior to our entry into conservatorship, those standards determined the amounts of core capital that we were to maintain to meet regulatory capital requirements. Core capital consisted of the par value of outstanding common stock (common stock issued less common stock held in treasury), the par or stated value of outstanding non-cumulative, perpetual preferred stock, additional paid-in capital, and retained earnings (accumulated deficit), as determined in accordance with GAAP. Minimum Capital The minimum capital standard required us to hold an amount of core capital that was generally equal to the sum of 2.50% of aggregate on-balance sheet assets and approximately 0.45% of the sum of our guaranteed securities held by third parties and other aggregate off-balance sheet obligations. Pursuant to regulatory guidance from FHFA, our minimum capital requirement was not affected by adoption of amendments to the accounting guidance for transfers of financial assets and consolidation of VIEs effective January 1, 2010. Specifically, upon adoption of these amendments, FHFA directed us, for purposes of minimum capital, to continue reporting guaranteed securities held by third parties using a 0.45% capital requirement. FHFA reserves the authority under the GSE Act to raise the minimum capital requirement for any of our assets or activities. Critical Capital The critical capital standard required us to hold an amount of core capital that was generally equal to the sum of 1.25% of aggregate on-balance sheet assets and approximately 0.25% of the sum of our guaranteed securities held by third parties and other aggregate off-balance sheet obligations. Performance Against Regulatory Capital Standards The table below summarizes our minimum capital requirements and deficits and net worth. Table 21.1 - Net Worth and Minimum Capital (In millions) December 31, 2020 December 31, 2019 GAAP net worth (deficit) $16,413 $9,122 Core capital (deficit) (1)(2) (56,878) (63,964) Less: Minimum capital requirement (1) 22,694 19,123 Minimum capital surplus (deficit) (1) ($79,572) ($83,087) (1) Core capital and minimum capital figures are estimates and represent amounts submitted to FHFA. FHFA is the authoritative source for our regulatory capital. (2) Core capital excludes certain components of GAAP total equity (i.e., AOCI and senior preferred stock) as these items do not meet the statutory definition of core capital. under GAAP, Treasury will contribute funds to us in an amount at least equal to the difference between such liabilities and assets. Under the GSE Act, FHFA must place us into receivership if FHFA determines that our assets are and have been less than our obligations for a period of 60 days. FHFA has notified us that the measurement period for any mandatory receivership determination with respect to our assets and obligations would commence no earlier than the SEC public filing deadline for our quarterly or annual financial statements and would continue for 60 calendar days after that date. FHFA has advised us that, if, during that 60-day period, we receive funds from Treasury in an amount at least equal to the deficiency amount under the Purchase Agreement, the Director of FHFA will not make a mandatory receivership determination. If funding has been requested under the Purchase Agreement to address a deficit in our net worth, and Treasury is unable to provide us with such funding within the 60-day period specified by FHFA, FHFA would be required to place us into receivership if our assets remain less than our obligations during that 60-day period. At December 31, 2020, our assets exceeded our liabilities under GAAP; therefore, no draw is being requested from Treasury under the Purchase Agreement. As of December 31, 2020, our aggregate funding received from Treasury under the Purchase Agreement was $71.6 billion. This aggregate funding amount does not include the initial $1.0 billion liquidation preference of senior preferred stock that we issued to Treasury in September 2008 as an initial commitment fee and for which no cash was received, the additional $3.0 billion increase in the liquidation preference pursuant to the December 2017 Letter Agreement, nor the increases in liquidation preference pursuant to the September 2019 and January 2021 Letter Agreements that are not draw-related.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with GAAP and 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. We are operating under the basis that we will realize assets and satisfy liabilities in the normal course of business as a going concern and in accordance with the authority provided by FHFA to our Board of Directors to oversee management's conduct of our business operations. Beginning January 1, 2020, we elected to offset payables related to securities sold under agreements to repurchase against receivables related to securities purchased under agreements to resell, when such amounts meet the conditions for balance sheet offsetting under GAAP. See Note 11 for additional information. We also began presenting a further break out of the amount of cash inflows and cash outflows related to securities purchased under agreements to resell as a single net line item within the cash flows from financing activities section on our consolidated statements of cash flows beginning 3Q 2020. These amounts were previously presented with other debt activity on a gross basis as proceeds from issuance of debt of Freddie Mac and repayments of debt of Freddie Mac within the cash flows from financing activities section of our consolidated statements of cash flows. As a result, the change in presentation did not have any impact on net cash provided by financing activities. Certain amounts in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. We evaluate the materiality of identified errors in the financial statements using both an income statement, or "rollover," and a balance sheet, or "iron curtain," approach, based on relevant quantitative and qualitative factors. The financial statements include certain adjustments to correct immaterial errors related to previously reported periods.
Use of Estimates	Use of Estimates The preparation of financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, gains, and losses during the reporting period. Management has made significant estimates in preparing the financial statements for establishing the allowance for credit losses and valuing financial instruments and other assets and liabilities. Actual results could be different from these estimates.
Consolidation and Equity Method of Accounting	Consolidation and Equity Method Accounting For each entity with which we are involved, we determine whether the entity should be consolidated in our financial statements. We generally consolidate entities in which we have a controlling financial interest. The method for determining whether a controlling financial interest exists varies depending on whether the entity is a VIE. For entities that are not VIEs, we hold a controlling financial interest in entities where we hold a majority of the voting rights or a majority of a limited partnership's kick-out rights through voting interests. We do not currently consolidate any entities which are not VIEs. We use the equity method to account for our interests in entities in which we do not have a controlling financial interest, but over which we have significant influence.
Cash and Cash Equivalents	Cash and Cash EquivalentsHighly liquid investment securities that have an original maturity of three months or less are accounted for as cash equivalents. Original maturity means the original maturity to us when we acquire the investment, not the original maturity of the instrument itself.
Restricted Cash and Cash Equivalents	Cash collateral accepted from counterparties that we do not have the right to use for general corporate purposes is classified as restricted cash and cash equivalents on our consolidated balance sheets. Restricted cash and cash equivalents include cash remittances received from servicers of the underlying assets of our consolidated trusts which are deposited into a separate custodial account. We invest the cash held in the custodial account in short-term investments and are entitled to the interest income earned on these short-term investments, which is recorded as interest income on our consolidated statements of comprehensive income.
Comprehensive Income	Comprehensive Income Comprehensive income includes all changes in equity during a period, except those resulting from investments by stockholders. We define comprehensive income as consisting of net income (loss) plus after-tax changes in: n Unrealized gains and losses on available-for-sale securities; n Unrealized gains and losses related to cash flow hedge relationships; and n Defined benefit plans.
Recently Adopted or Issued Accounting Guidance	Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2016-13 , Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses; and ASU 2019-11 , Codification Improvements to Topic 326, Financial Instruments - Credit Losses The amendments in this Update replace the incurred loss impairment methodology in GAAP with a methodology that reflects lifetime expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. January 1, 2020 Due to the adoption of these Updates, we recognized a reduction to retained earnings of $0.2 billion through a cumulative-effect adjustment on January 1, 2020. See the CECL Transition Impacts section below for additional information on transition impacts. See Note 4 , Note 5 , Note 6 , Note 7 , and Note 8 or additional information on the changes in our significant accounting policies as a result of our adoption of CECL. ASU 2018-13 , Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement The amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. Certain disclosure requirements were either removed, modified, or added. January 1, 2020 We added disclosure of the change in unrealized gains or losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period. See Note 19 for additional information. ASU 2018-15 , Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract The amendments in this Update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). January 1, 2020 The adoption of the amendments did not have a material effect on our consolidated financial statements or on our disclosures. ASU 2018-17 , Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities The amendments in this Update require that indirect interests held through related parties under common control be considered on a proportional basis when determining whether fees paid to decision makers or service providers are variable interests. These amendments align with the determination of whether a reporting entity within a related party group is the primary beneficiary of a VIE. January 1, 2020 The adoption of the amendments did not have a material effect on our consolidated financial statements or on our disclosures. ASU 2019-01 , Leases (Topic 842): Narrow-Scope Improvements for Lessors The amendments in this Update provide guidance for the: (1) lessor's fair value determination of the lease's underlying asset; (2) lessor's statement of cash flows presentation of cash received from sales-type and direct financing leases; and (3) removal of interim transition disclosure requirements related to changes in accounting principles. January 1, 2020 The adoption of the amendments did not have a material effect on our consolidated financial statements or on our disclosures. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this Update provide temporary optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or other interbank offered rates expected to be discontinued. January 1, 2020 The adoption of the amendments did not have a material effect on our consolidated financial statements or on our disclosures. CECL Transition Impacts The table below provides details on the transition impacts of adopting CECL. Other balance sheet lines not presented were not affected by CECL. Table 1.1 CECL Transition Impacts (In millions) December 31, 2019 Transition Adjustments January 1, 2020 Assets Mortgage loans held-for-investment: Single-family $1,971,657 $199 $1,971,856 Multifamily 17,489 — 17,489 Less allowance for credit losses: Single-family (4,222) (668) (4,890) Multifamily (12) (24) (36) Mortgage loans held-for-investment, net 1,984,912 (493) 1,984,419 Deferred tax assets, net 5,918 64 5,982 Other assets 22,799 193 22,992 Total transition adjustments ($236) Liabilities and equity Other liabilities $8,042 $4 $8,046 Retained earnings (accumulated deficit) (74,188) (240) (74,428) Total transition adjustments ($236) Upon adoption of CECL on January 1, 2020, we did not recognize an allowance for credit losses on cash equivalents, investments in debt securities classified as available-for-sale, or securities purchased under agreements to resell. See Note 6 and Note 11 , respectively, for additional information. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Planned Adoption Effect on Consolidated Financial Statements ASU 2020-06 , Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity The amendments in this Update simplify an issuer's January 1, 2021 The adoption of these amendments will not ASU 2020-08 , Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs The amendments in this Update clarify the guidance for the reevaluation of whether a callable debt security’s amortized cost basis exceeds the amount repayable by the issuer at the next call date. January 1, 2021 The adoption of these amendments will not have a material effect on our consolidated financial statements.
Consolidation, Variable Interest Entity, Policy	Securitization Activities and Consolidation Our primary business activities in our Single-family Guarantee and Multifamily segments involve the securitization of loans or other mortgage-related assets using trusts that are VIEs. These trusts issue beneficial interests in the loans or other mortgage-related assets that they own. We guarantee the principal and interest payments on some or all of the issued beneficial interests in substantially all of our securitization transactions. See Note 5 for additional information on our guarantee activities. We also use trusts that are VIEs in certain single-family credit risk transfer products. We consolidate VIEs when we have a controlling financial interest in the VIE and are therefore considered the primary beneficiary of the VIE. We are the primary beneficiary of a VIE when we have both the power to direct the activities of the VIE that most significantly impact its economic performance and exposure to losses or benefits of the VIE that could potentially be significant to the VIE. We evaluate whether we are the primary beneficiary of VIEs in which we have interests at both inception and on an ongoing basis, and the primary beneficiary determination may change over time as our interest in the VIE changes. Resecuritization Products We create resecuritization products primarily by using Level 1 Securitization Products or our previously issued resecuritization products (or similar TBA-eligible products issued and guaranteed by Fannie Mae) as the underlying collateral. In a typical resecuritization transaction, previously issued Level 1 Securitization Products or resecuritization products are transferred to a resecuritization trust that issues beneficial interests in the underlying collateral. We establish parameters that define eligibility standards for assets that may be used as collateral for each of our resecuritization programs. Resecuritization products can then be created based on the parameters that we have established. Similar to our Level 1 Securitization Products, we guarantee the full payment of principal and interest to the investors in our resecuritization products. When we issue resecuritization products that do not use Fannie Mae securities as collateral, we do not assume any incremental credit risk as we have already guaranteed the underlying assets. When we issue commingled resecuritization products, our guarantee of the Fannie Mae securities used as collateral creates incremental exposure to loss, but we view the likelihood of being required to perform on our guarantee as remote due to Fannie Mae's status as a GSE and the funding commitment available to it through its senior preferred stock purchase agreement with Treasury. We have the ability to commingle TBA-eligible Fannie Mae collateral in certain of our resecuritization products. When we resecuritize Fannie Mae securities in our commingled resecuritization products, our guarantee covers timely payment of principal and interest on such products from underlying Fannie Mae securities. If Fannie Mae were to fail to make a payment on a Fannie Mae security that we resecuritized, we would be responsible for making the payment. We do not charge an incremental guarantee fee to commingle Fannie Mae collateral in resecuritization transactions. The main types of resecuritization products we create are single-class resecuritization products (Supers, Giant MBS, and Giant PCs) and multiclass resecuritization products (REMICs and Strips). Single-class resecuritization products - These securities are direct pass-throughs of the cash flows of the underlying collateral, which may be previously issued Level 1 Securitization Products or single-class resecuritization products (or similar TBA-eligible products issued and guaranteed by Fannie Mae). We do not consolidate these securities as their resecuritization does not result in any new or incremental risk to the holders of the securities issued by the resecuritization trust and because we are not exposed to any incremental rights to receive benefits or obligations to absorb losses that could be significant to the resecuritization trust. Multiclass resecuritization products - These securities are multiclass resecuritizations of the cash flows of the underlying collateral, which may be previously issued Level 1 Securitization Products, single-class resecuritization products, or multiclass resecuritization products (or similar TBA-eligible products issued and guaranteed by Fannie Mae). The activity that most significantly impacts the economic performance of our multiclass resecuritization trusts is typically the initial design and structuring of the trust. Substantially all multiclass resecuritization trusts are created as part of customer-driven transactions in which an investor or dealer participates in the decisions made during the design and establishment of the trust. As a result, we do not have the unilateral ability to direct the activities of our multiclass resecuritization trusts that most significantly impact the economic performance of those trusts. In addition, unless we retain a portion of the issued multiclass resecuritization products, we do not have the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts because we have already provided a guarantee on the underlying assets. As a result, we have concluded that we are not the primary beneficiary of our multiclass resecuritization trusts and, therefore, do not consolidate those trusts. trusts in which we hold variable interests, as we are not deemed to be the primary beneficiary of the trusts, unless we have the unilateral ability to liquidate the trust. Similarly, sales of multiclass resecuritization products previously held as investments in our mortgage-related investments portfolio are accounted for as sales of investments in debt securities. See Note 6 for additional information on accounting for investments in debt securities. SB Certificates In SB Certificate transactions, we securitize multifamily small balance loans using a non-Freddie Mac SB Certificate trust that issues senior classes of securities that we guarantee, as well as subordinated classes of securities that we do not guarantee. Similar to our K Certificate transactions, we are not the primary beneficiary of and, therefore, do not consolidate our SB Certificate trusts, as we do not have the ability to direct loss mitigation activities of the underlying loans, which is the most significant activity affecting the economic performance of the VIE. Other Securitization Products We are the primary beneficiary of and, therefore, consolidate the trusts used to issue certain of our other securitization products because we have the ability to direct the activities that most significantly affect the economic performance of the trusts and we have the obligation to absorb credit losses through our guarantee of some or all of the issued securities. As a result, we consolidated trusts used in these other securitization products with underlying assets totaling $14.3 billion and $8.7 billion at December 31, 2020 and December 31, 2019, respectively. During 2020 and 2019, we issued approximately $6.0 billion and $4.0 billion, respectively, of other securitization products that we consolidated. We do not consolidate the trusts used to issue our other securitization products when we do not meet the above conditions. For those products, we account for our guarantee to the nonconsolidated VIE. We issued approximately $3.1 billion of these securities, during both 2020 and 2019, for which a guarantee asset and guarantee obligation were generally recognized. Consolidated VIEs We consolidated the VIEs for which we are the primary beneficiary as discussed above. Our exposure on debt securities of consolidated trusts represents our liability to third parties that hold beneficial interests in our consolidated securitization trusts. When we consolidate a VIE, we recognize the assets and liabilities of the VIE on our consolidated balance sheets and account for those assets and liabilities based on the applicable GAAP for each specific type of asset or liability. Assets and liabilities that we transfer to a VIE at, after or shortly before the date we become the primary beneficiary of the VIE are initially measured at the same amounts that they would have been measured if they had not been transferred, and no gain or loss is recognized on these transfers. For all other VIEs that we consolidate, we recognize the assets and liabilities of the VIE at fair value, and we recognize a gain or loss for the difference between: n The sum of the fair value of the consideration paid, the fair value of any noncontrolling interests, and the reported amount of any previously held interests and n The net fair value of the assets and liabilities recognized. Guarantees to consolidated VIEs are eliminated in consolidation and are therefore not separately recognized on our consolidated balance sheets. We also obtain interests in various other entities created by third parties through the normal course of business that may be VIEs, such as through our investments in certain non-Freddie Mac mortgage-related securities, purchases of multifamily loans, guarantees of multifamily housing revenue bonds, as a derivative counterparty or through other activities. To the extent that we were not involved in the design or creation of these VIEs, they are excluded from the table above. Our interests in these VIEs are generally passive in nature and are not expected to result in us obtaining a controlling financial interest in these VIEs in the future. As a result, we do not consolidate these VIEs and we account for our interests in these VIEs in the same manner that we account for our interests in other third-party transactions. See Note 6 for additional information regarding our investments in non-Freddie Mac mortgage-related securities. See Note 4 for more information regarding multifamily loans.
Transfers and Servicing of Financial Assets, Policy	Loans held by these trusts are recognized on our consolidated balance sheets as mortgage loans held-for-investment. The corresponding securities held by third parties are recognized on our consolidated balance sheets as debt. We extinguish the outstanding debt securities of the related consolidated trust and recognize gains or losses on debt extinguishment for the difference between the consideration paid and the debt carrying value when we purchase these securities as investments in our mortgage-related investments portfolio. Sales of these securities that were previously held as investments in our mortgage-related investments portfolio are accounted for as debt issuances. We no longer issue securities with a 45-day payment delay. As a result, we are offering an optional exchange program for security holders to exchange certain existing fixed-rate Gold PCs and Giant PCs for corresponding UMBS and other applicable 55-day payment delay Freddie Mac securities. We make a one-time payment to exchanging security holders for the value of the 10 additional days of payment delay based on float compensation rates we calculate. When existing PCs are exchanged for UMBS or 55-day MBS under our exchange program, we account for the exchange as a debt modification, as the terms of the securities are not substantially different and the exchange does not result in a change in the creditor. The float compensation we pay in conjunction with the exchange is deferred as a basis adjustment to the debt and amortized into interest expense over the remaining life of the debt. See Note 4 and Note 9 for additional information on loans and debt securities of consolidated trusts.
Revenue from Contract with Customer	Because we (or Fannie Mae) have already guaranteed the underlying assets, we do not receive any incremental guarantee fees in exchange for our guarantee, and, accordingly, we do not recognize any additional guarantee assets, guarantee obligations or reserves for guarantee losses related to multiclass resecuritization trusts. Instead, we receive a one-time transaction fee which represents compensation for both the structuring and creation of the securities and for our ongoing administrative responsibilities to service the securities. We recognize the portion of the transaction fee related to creation of the securities immediately in earnings. We defer the portion of the fee related to ongoing administrative responsibilities and amortize it over the life of the associated trust.
Mortgage Loans	We own both single-family loans, which are secured by one to four unit residential properties, and multifamily loans, which are secured by properties with five or more residential rental units. Our single-family loans are predominantly first lien, fixed-rate loans secured by the borrower's primary residence. We do not typically acquire loans that have experienced more-than-insignificant deterioration in credit quality since origination as of our acquisition date, although we may acquire such loans in connection with certain of our securitization activities or other mortgage-related guarantees. In addition, in April 2020, we announced that we would temporarily purchase certain single-family mortgage loans that have entered into forbearance as a result of borrower hardship caused by the COVID-19 pandemic. Our purchases of such loans have been insignificant. Upon acquisition, we classify a loan as either held-for-investment or held-for-sale. Loans that we have the ability and intent to hold for the foreseeable future, including loans held by consolidated trusts and loans we intend to securitize using an entity we will consolidate, are classified as held-for-investment. Loans that we intend to sell are classified as held-for-sale. Held-for-investment loans for which we have not elected the fair value option are reported on our consolidated balance sheets at their amortized cost basis, net of the allowance for credit losses. The amortized cost basis is based on a loan's outstanding UPB, net of deferred fees and other cost basis adjustments (including unamortized premiums and discounts, fees we receive or pay when we acquire loans, commitment-related derivative basis adjustments, and other pricing adjustments), excluding accrued interest receivable. Accrued interest receivable for both held-for-investment and held-for-sale loans is separately presented on our consolidated balance sheets and excluded for the purposes of disclosure of the amortized cost basis of mortgage loans held-for-investment. Held-for-sale loans for which we have not elected the fair value option are reported at lower-of-cost-or-fair-value determined on an individual loan basis on our consolidated balance sheets. Any excess of a held-for-sale loan's cost over its fair value is recognized as a valuation allowance in investment gains (losses), net on our consolidated statements of comprehensive income, with subsequent changes in this valuation allowance also being recorded in investment gains (losses), net. Premiums, discounts, and other cost basis adjustments (including lower-of-cost-or-fair-value adjustments) are deferred and not amortized. We elect the fair value option for certain multifamily loans that are originally classified as held-for-sale. Loans for which we have elected the fair value option are measured at fair value on a recurring basis, with subsequent gains or losses related to changes in fair value reported in investment gains (losses), net on our consolidated statements of comprehensive income. All fees, upfront costs, and other cost basis adjustments are recognized in earnings as incurred. Cash flows related to loans originally classified as held-for-investment are classified as either investing activities (e.g., principal repayments) or operating activities (e.g., interest payments received from borrowers included within net income (loss)) on our consolidated statements of cash flows. Cash flows related to loans originally classified as held-for-sale are classified as operating activities on our consolidated statements of cash flows.
Loans and Leases Receivable, Allowance for Loan Losses Policy	Allowance for Credit Losses On January 1, 2020, we adopted CECL. The general objective of CECL is to recognize an allowance for credit losses that is deducted from or added to the amortized cost basis of the financial asset to present the net amount expected to be collected on the financial asset on the balance sheet. Under CECL, an allowance for credit losses is recognized before a loss event has been incurred, which results in earlier recognition of credit losses compared to the previous incurred loss methodology. Allowance for Credit Losses Methodology Upon adoption of CECL on January 1, 2020, we began applying the below allowance for credit losses methodologies. We recognize changes in the allowance for credit losses through benefit (provision) for credit losses on our consolidated statements of comprehensive income (loss). Mortgage Loans Held-for-Investment Our allowance for credit losses on mortgage loans pertains to single-family and multifamily loans classified as held-for-investment for which we have not elected the fair value option. We measure the allowance for credit losses on a pooled basis when our loans share similar risk characteristics. We record charge-offs in the period in which a loan is deemed uncollectible. Proceeds received in excess of amounts previously written off are recorded as a decrease to REO operations expense on our consolidated statements of comprehensive income (loss). Single-Family We estimate the allowance for credit losses for single-family loans on a pooled basis using a discounted cash flow model that evaluates a variety of factors to estimate the cash flows we expect to collect. If we determine that foreclosure on the underlying collateral is probable, we measure the allowance for credit losses for single-family loans based upon the fair value of the collateral, less costs to sell, adjusted for estimated proceeds from attached credit enhancements. The discounted cash flow model we use to estimate the single-family loan allowance for credit losses forecasts cash flows over the loan’s remaining contractual term, adjusted for expectations of prepayments and TDRs we reasonably expect will occur. As a result, we do not revert to historical loss information for single-family loans. Cash flow estimates are discounted at the loan’s prepayment-adjusted effective interest rate, which is adjusted for projections in the underlying benchmark interest rate for adjustable-rate loans. We project cash flows we expect to collect using our historical experience, such as historical default rates and severity of loss, based on loan characteristics, such as current LTV ratios, delinquency status, geography and borrowers' credit scores. These cash flow estimates are adjusted for current and future economic forecasts, such as current and forecasted interest rates and house price growth rates, and estimated recoveries from loss mitigation activities, attached credit enhancements, and disposition of collateral, less estimated disposition costs. Our estimate of expected credit losses is particularly sensitive to changes in forecasted house price growth rates, which affect both the probability and severity of expected credit losses, and changes in forecasted interest rates, as declining (increasing) interest rates typically result in higher (lower) expected prepayments and a shorter (longer) estimated loan life, and therefore lower (higher) expected credit losses. Our forecast of house price growth rates leverages an internally based model and uses a nationwide house price growth forecast for the next three years. A Monte Carlo simulation generates many possible house price scenarios for up to 40 years for each metropolitan statistical area (MSA). These scenarios are used to estimate loan-level expected future cash flows and credit losses based on each loan’s individual characteristics. Our forecast of interest rates incorporates various interest rate scenarios over the remaining contractual life of the loan based on current interest rates and implied market volatilities. These projections require significant management judgment. We rely on third parties to provide certain model inputs used in our projections. At loan delivery, the seller provides us with loan data, which includes borrower and loan characteristics and underwriting information. Each subsequent month, the servicers provide us with monthly loan-level servicing data, including delinquency and loss information. We measure an allowance for credit losses for TDR loans on a pooled basis when they share similar risk characteristics, using either the discounted cash flow approach discussed above or based on the fair value of the collateral, less costs to sell when foreclosure is probable. When using a discounted cash flow approach, the present value of the expected future cash flows is discounted at the loan's prepayment-adjusted effective interest rate just prior to the restructuring, with no adjustments made to the effective interest rate for changes in the timing of expected cash flows subsequent to the restructuring. We review the outputs of our model by considering qualitative factors such as current economic events and other external factors, including the economic effects of the COVID-19 pandemic and the impact of associated government relief programs, to determine whether the model outputs are consistent with our expectations. Additionally, we incorporate expected credit losses for TDRs that are reasonably expected to occur and the incidence of redefault we have experienced on similar loans that have completed a loan modification. Further management adjustments may be necessary to take into consideration the qualitative factors that have occurred but that are not yet reflected in the factors used to derive the model outputs or the uncertainty inherent in our projections. Significant judgment is exercised in making these adjustments. Multifamily We estimate the allowance for credit losses for multifamily loans using a loss-rate method to estimate the net amount of cash flows we expect to collect. The loss-rate method is based on a probability of default and loss given default framework that estimates credit losses by considering a loan’s underlying characteristics and current and forecasted economic conditions. Loan characteristics considered by our model include vintage, loan term, current DSCR, current LTV ratio, occupancy rate, and interest rate hedges. We generally forecast economic conditions over a reasonable and supportable two-year period prior to reverting to historical averages at the model input level over a five-year period, using a linear reversion method. We also consider as model inputs expected prepayments, contractually specified extensions, modifications we reasonably expect will occur, expected recoveries from collateral posting requirements, and the expected recoveries from attached credit enhancements. Our loss rates incorporate published historical commercial loan performance data, which we calibrate for differences between that data and our portfolio experience. Except for cases of fraud and certain other types of borrower defaults, most multifamily loans are nonrecourse to the borrower. As a result, the cash flows of the underlying property (including any attached credit enhancements) serve as the primary source of funds for repayment of the loan. For loans where we determined that the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the operation or sale of the collateral, we measure the allowance for credit losses using the fair value of the underlying collateral, less estimated costs to sell, adjusted for estimated proceeds from credit enhancements that are not freestanding contracts. Factors considered by management in determining whether a borrower is experiencing financial difficulty include the borrower’s current payment status and an evaluation of the underlying property's operating performance as represented by its current DSCR, its available credit enhancements, the current LTV ratio, the management of the underlying property, and the property's geographic location. We review the outputs of our model considering qualitative factors such as current economic events and other external factors to determine whether the model outputs are consistent with our expectations. Further management adjustments may be necessary to take into consideration the qualitative factors that have occurred but that are not yet reflected in the factors used to derive the model outputs. Advances of Pre-foreclosure Costs We may incur expenses related to a mortgage loan subsequent to its original acquisition but prior to foreclosure (pre-foreclosure costs). These expenses are generally to protect or preserve our interest or legal right in or to the property prior to foreclosure, such as property taxes or homeowner's insurance premiums owed by the borrower. Many of these expenses are advanced by the servicer and are reimbursable from the borrower. If the borrower ultimately defaults, we reimburse the servicer for the advances it has made. Upon advance by the servicer, we recognize a receivable for the amounts due from the borrower and a payable for amounts due to the servicer. As of December 31, 2020, the balance of such receivables due from the borrower was $1.4 billion, which is included in other assets on our consolidated balance sheets. We recognize an allowance for credit losses for amounts that we do not ultimately expect to collect from the borrower. Accrued Interest Receivable When we accrue interest on mortgage loans that are three or more monthly payments past due, we measure an allowance for expected credit losses on the unpaid accrued interest receivable balances such that the balance sheet reflects the net amount of accrued interest we expect to collect. The assumptions we use for measuring the allowance for credit losses on accrued interest receivable are generally consistent with the assumptions used for measuring the allowance for credit losses on the underlying loans. For additional information on our policy for recognition of interest income on mortgage loans, see Note 4 . Off-Balance Sheet Credit Exposures We recognize an allowance for credit losses on off-balance sheet credit exposures for our guarantees that are not measured at fair value and other off-balance sheet arrangements based on expected credit losses over the contractual period in which we are exposed to credit risk through a present contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. We include this allowance for credit losses on off-balance sheet credit exposures within other liabilities on our consolidated balance sheets, with changes recognized through benefit (provision) for credit losses on our consolidated statements of comprehensive income (loss). Our methodologies for estimating the allowance for credit losses on off-balance sheet credit exposures for our single-family and multifamily guarantees are generally consistent with our methodologies for estimating the allowance for credit losses for single-family mortgage loans and multifamily mortgage loans, respectively. Many of our guarantees have credit enhancement provided by subordination that exceeds the amount of expected credit losses. We have not recorded an allowance for credit losses on our guarantees of Fannie Mae securities due to the support provided to Fannie Mae by the U.S. government, the importance of Fannie Mae to the liquidity and stability of the U.S. housing market, and the long history of zero credit losses on Fannie Mae securities. Available-for-Sale Securities The adoption of CECL changed the accounting for credit losses on available-for-sale debt securities from the other-than-temporary impairment methodology to a methodology that uses an allowance for credit losses. We evaluate available-for-sale securities in an unrealized loss position as of the end of each period to determine whether the decline in value is from a credit loss or other factors. An unrealized loss exists when the fair value of an individual lot is less than its amortized cost basis. When qualitative factors indicate that a credit loss may exist, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. We recognize an allowance for credit losses measured as the difference between the present value of expected cash flows and the amortized cost basis of the security, limited by the amount that the security’s fair value is less than its amortized cost basis. The present value of cash flows expected to be collected represents our best estimate of future contractual cash flows that we expect to collect, discounted at the security's implicit effective interest rate. If we intend to sell the security or we believe it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, we charge off any allowance for credit losses by writing down the security’s amortized basis to its fair value. Subsequently, increases in fair value are recognized through AOCI. However, if there are significant increases in the cash flows expected to be collected or if actual cash flows are significantly greater than cash flows previously expected, we recognize those changes as a prospective adjustment to the yield of the security. We perform an evaluation on a security lot basis considering all available information. The relative importance of this information varies based on the facts and circumstances surrounding each security, as well as the economic environment at the time of assessment. For our available-for-sale securities in an unrealized loss position at December 31, 2020, we have asserted that we have no intent to sell or believe it is not more likely than not that we will be required to sell the security before recovery of its amortized cost basis. Agency MBS Substantially all of our available-for-sale securities are agency MBS issued by us, Fannie Mae, or Ginnie Mae. The principal and interest on these securities are guaranteed by the issuing agency. We believe that the guarantee 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 of the U.S. housing market, and the long history of zero credit losses on agency MBS are all indicators that credit losses on these securities do not exist, 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 MBS. See Note 6 for additional details on our agency MBS portfolio. Non-Agency RMBS We believe the unrealized losses on the non-agency RMBS we hold are mainly attributable to poor underlying collateral performance, limited liquidity, and risk premiums. In evaluating securities for credit losses, we use management judgment and historical information in considering the credit performance of the underlying collateral and incorporate assumptions about the economic environment. As of December 31, 2020, substantially all of our non-agency residential MBS were in an unrealized gain position. As a result, we have not recognized an allowance for credit losses on these securities. See Note 6 for additional details on our non-agency MBS portfolio. Cash Equivalents We assess cash equivalents for expected credit losses over the contractual term of the instrument. As of December 31, 2020, we did not recognize an allowance for credit losses on our cash equivalents due to their overall high credit quality and short-term nature. Securities Purchased Under Agreements to Resell We consider the types of securities being pledged to us as collateral when determining how much we lend in transactions involving securities purchased under agreements to resell. Additionally, we regularly review the market values of these securities compared to amounts loaned in an effort to manage our exposure to losses, and our counterparties are typically contractually required to adjust the amount of collateral based on changes in the fair value of the collateral. As of December 31, 2020 and December 31, 2019, all of our securities purchased under agreements to resell were fully collateralized and we expect our counterparties to continue to replenish the collateral as necessary to meet the requirements of the contract. Therefore, as of December 31, 2020, we did not recognize an allowance for credit losses on our securities purchased under agreements to resell nor have we recognized any charge-offs of accrued interest receivable. See Note 10 for additional information on securities purchased under agreements to resell. Other Assets
Non-Accrual Loans	We recognize interest income on an accrual basis except when we believe the collection of principal and interest in full is not reasonably assured, which generally occurs when a loan is three monthly payments or more past due, at which point we place the loan on non-accrual status unless the loan is well secured and in the process of collection based upon an individual loan assessment. A loan is considered past due if a full payment of principal and interest is not received within one month of its due date. We charge off outstanding accrued interest receivable through interest income when loans are placed on non-accrual status and recognize interest income on a cash basis while a loan is on non-accrual status. Cost basis adjustments on held-for-investment loans are amortized into interest income over the contractual life of the loan using the effective interest method. No amortization is recognized during periods in which a loan is on non-accrual status. A non-accrual loan is returned to accrual status when the collectability of principal and interest in full is reasonably assured. For single-family loans, we generally determine that collectability is reasonably assured when the loan returns to current payment status. For multifamily loans, the collectability of principal and interest is considered reasonably assured based on an analysis of the factors specific to the loan being assessed. Upon a loan's return to accrual status, all previously reversed interest income is recognized and amortization of any basis adjustments into interest income is resumed.
Impaired Loans	We considered a loan to be impaired when, based on current information, it was probable that we would not receive all amounts due (including both principal and interest) in accordance with the contractual terms of the original loan agreement. Single-family loans individually evaluated for impairment included TDRs, as well as loans acquired under our financial guarantees with deteriorated credit quality prior to 2010. Impairment of a single-family loan having undergone a TDR was generally measured as the excess of our recorded investment in the loan over the present value of the expected future cash flows, discounted at the loan's effective interest rate. Our expectation of future cash flows incorporated, among other items, an estimated probability of default which was based on a number of market factors as well as the characteristics of the loan, such as past due status. If we determined that foreclosure on the underlying collateral was probable, we measured impairment based upon the fair value of the collateral, as reduced by estimated disposition costs and adjusted for estimated proceeds from primary mortgage insurance and similar sources. Multifamily loans individually evaluated for impairment included TDRs, loans three monthly payments or more past due, and loans that were impaired based on management judgment. Multifamily loans were generally measured individually for impairment based on the fair value of the underlying collateral, as reduced by estimated disposition costs.
Troubled Debt Restructurings	Troubled Debt Restructurings A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a TDR. A concession is deemed granted when, as a result of the restructuring, we do not expect to collect all amounts due, including interest accrued, at the original contractual interest rate. As appropriate, we also consider other qualitative factors in determining whether a concession is deemed granted, including whether the borrower's modified interest rate is consistent with that of a non-troubled borrower. We do not consider restructurings that result in an insignificant delay in payment to be a concession. We generally consider a delay in monthly amortizing payments of three months or less to be insignificant. A concession typically includes one or more of the following being granted to the borrower: n A trial period where the expected permanent modification will change our expectation of collecting all amounts due at the original contract rate; n A delay in payment that is more than insignificant; n A reduction in the contractual interest rate; n Interest forbearance for a period of time that is more than insignificant or forgiveness of accrued but uncollected interest amounts; n Principal forbearance that is more than insignificant; and n Discharge of the borrower's obligation in Chapter 7 bankruptcy. The assessment as to whether a multifamily loan restructuring is considered a TDR contemplates the unique facts and circumstances of each loan. This assessment considers qualitative factors such as whether the borrower's modified interest rate is consistent with that of a non-troubled borrower having a similar credit profile at the time of modification. In certain cases, for maturing loans we may provide short-term loan extensions of up to one year with no changes to the effective borrowing rate. In other cases, we may make more significant modifications of terms for borrowers experiencing financial difficulty, such as reducing the interest rate, extending the maturity for longer than one year, providing principal forbearance, or some combination of these terms. Section 4013 of the CARES Act provides temporary relief from the accounting and reporting requirements for TDRs for certain loan modifications related to COVID-19. Specifically, the CARES Act provides that a qualifying financial institution may elect to suspend: n The requirements under U.S. GAAP for certain loan modifications that would otherwise be categorized as a TDR and n Any determination that such loan modifications would be considered a TDR, including the related impairment for accounting purposes. The relief provided by Section 4013 of the CARES Act is extended by the Consolidated Appropriations Act, 2021. As a result , S ection 4013 of the CARES Act applies to any modification related to an economic hardship as a result of the COVID-19 pandemic, including a forbearance arrangement, an interest rate modification, a repayment plan, or any similar arrangement that defers or delays payment of principal or interest, that occurs during the period beginning on March 1, 2020 and ending on the earlier of January 1, 2022 or the date that is 60 days after the declaration of the national emergency related to the COVID-19 pandemic ends for a loan that was not more than 30 days past due as of December 31, 2019. We have elected to suspend TDR accounting for eligible modifications under Section 4013 of the CARES Act. In addition, Section 4022 and Section 4023 of the CARES Act require us to offer forbearance to certain single-family and multifamily borrowers, respectively, with an economic hardship related to the COVID-19 pandemic. Recent guidance issued by federal banking regulators and endorsed by the FASB staff has indicated that government-mandated modification or deferral programs related to the COVID-19 pandemic should not be accounted for as TDRs as the lender did not choose to grant a concession to the borrower. We have concluded that the forbearance programs we are offering under Section 4022 and Section 4023 of the CARES Act are government-mandated deferral programs related to the COVID-19 pandemic, and therefore we will not account for such modifications as TDRs.
Loan reclassifications charge off policy change	We reclassify loans from held-for-investment to held-for-sale when we no longer have both the intent and ability to hold the loan for the foreseeable future. Upon reclassification from held-for-investment to held-for-sale, we perform a collectability assessment. When we determine that a loan to be reclassified has experienced more-than-insignificant deterioration in credit quality since origination, the excess of the loan’s amortized cost basis over its fair value is written off against the allowance for credit losses prior to the reclassification. We reclassify loans from held-for-sale to held-for-investment when we have both the intent and ability to hold the loan for the foreseeable future. Upon a loan reclassification from held-for-sale to held-for-investment, we reverse the loan’s held-for-sale valuation allowance, if any, and establish an allowance for credit losses as needed.
Guarantees, Indemnifications and Warranties Policies	Guarantees and Other Off-Balance Sheet Credit Exposures We generate revenue through our guarantee activities by agreeing to absorb the credit risk associated with certain financial instruments that are owned or held by third parties. In exchange for providing this guarantee, we receive an ongoing guarantee fee that is commensurate with the risks assumed and that will, over the long-term, provide us with cash flows that are expected to exceed the credit-related and administrative expenses of the underlying financial instruments. The profitability of our guarantee activities may vary and will be dependent on our guarantee fee and the actual credit performance of the underlying financial instruments that we have guaranteed. Guarantees to consolidated entities are eliminated in consolidation and therefore are not separately recognized on our consolidated balance sheets. The accounting treatment for guarantees provided to nonconsolidated entities or other third parties will depend on whether the guarantee contract qualifies as a financial guarantee. If the guarantee contract qualifies as a financial guarantee and exposes us to incremental credit risk, we will recognize both a guarantee obligation at fair value and the consideration we receive for providing the guarantee, which typically consists of a guarantee asset that represents the fair value of future guarantee fees. As a practical expedient, the measurement of the fair value of the guarantee obligation is set equal to the consideration we receive to provide the guarantee, and no gain or loss is recognized upon issuance of the guarantee. Subsequently, we recognize changes in the fair value of the guarantee asset in current period earnings and amortize the guarantee obligation into earnings as we are released from risk under the guarantee. We also recognize a reserve for guarantee losses based on expected credit losses over the contractual period in which we are exposed to credit risk. See Note 7 for additional information on our allowance for credit losses. If the guarantee contract provided to nonconsolidated entities does not qualify as a financial guarantee, that contract will generally be accounted for as a derivative instrument and measured at fair value with changes in fair value recognized immediately in earnings.
Credit Enhancements	Accounting for Credit Enhancements Attached Credit Enhancements Attached credit enhancements are obtained contemporaneously with, and in contemplation of, the origination of a financial instrument, and effectively travel with the financial instrument upon sale. Attached credit enhancements include primary mortgage insurance, which provides us with loan-level protection up to a specified percentage. Expected recoveries from attached credit enhancements are considered in determining the allowance for loan losses, resulting in a reduction in the recognized provision for credit losses by the amount of the expected recoveries. Subsequent to foreclosure and charge-off of the allowance for credit losses, we reclassify expected recoveries from attached credit enhancements that were previously offset against the allowance for credit losses as separate receivables. See Note 7 for additional information concerning the determination of our allowance for credit losses. Freestanding Credit Enhancements Freestanding credit enhancements are contracts that are entered into separately and apart from any other financial instruments or entered into in conjunction with some other transaction and are legally detachable and separately exercisable. Freestanding credit enhancements include insurance/reinsurance transactions, STACR Trust notes, and lender risk-sharing transactions and are accounted for separately from the underlying mortgage loans or guarantees. Our primary insurance/reinsurance transactions are single-family ACIS transactions. ACIS transactions are insurance policies we purchase, generally underwritten by a group of insurers and reinsurers, that provide credit protection for certain specified credit events that occur on a reference pool of mortgage loans. Under the ACIS contracts, we pay insurers and reinsurers premiums for insurance coverage. Each month, we accrue for our obligation to make such payments for all tranches covered by the ACIS contracts. When specific credit events occur, we generally receive compensation from the insurance policy up to an aggregate limit based on actual losses. We require our counterparties to partially collateralize their exposure to reduce the risk that we will not be reimbursed for our claims under the policies. In addition to ACIS, our single-family insurance/reinsurance credit enhancements include AFRM, which is similar to ACIS but provides credit protection immediately upon acquisition of the loan, and IMAGIN, which provides loan-level protection in lieu of traditional primary mortgage insurance. Our multifamily insurance/reinsurance credit enhancements include MCIP transactions, which are similar to ACIS transactions and provide credit protection for certain specified credit events that occur on a reference pool of multifamily mortgage assets. STACR Trust notes transfer credit risk on a reference pool of mortgage loans to investors through the issuance of notes linked to notional credit risk positions of the reference pool by a third-party trust. The trust issues the notes and makes periodic payments of principal and interest on the notes to investors. Under this structure, we make payments to the trust to support payment of the interest due on the notes, and we receive payments from the trust that otherwise would have been made to the noteholders as a result of defined credit events on the reference pool. Each month, we accrue for our obligation to make such payments to the trust. The note balances are reduced by the amount of the payments to us. Certain STACR Trust notes may qualify as interests in a REMIC. Lender risk-sharing transactions are agreements that require a lender to repurchase a loan upon default or to reimburse us for realized credit losses. These transactions are entered into as an alternative to requiring primary mortgage insurance or in exchange for a lower guarantee fee. The loss sharing amount may be fully or partially collateralized. We no longer enter into lender risk-sharing transactions with single-family lenders on a regular basis. We recognize the payments we make to transfer credit risk under freestanding credit enhancements in credit enhancement expense in our consolidated statements of comprehensive income when they are incurred. We recognize expected recoveries from freestanding credit enhancements separately in other assets on our consolidated balance sheets, with an offsetting reduction to benefit for (decrease in) credit enhancement recoveries, at the same time that we recognize an allowance for credit losses on the covered loans, measured on the same basis as the allowance for credit losses on the covered loans. Guarantee Credit Enhancements Guarantee credit enhancements primarily consist of subordination we obtain through the creation of unguaranteed subordinated securities issued by nonconsolidated securitization trusts that absorb first losses prior to us having to perform on our guarantee of the senior securities. Guarantee credit enhancements include multifamily K Certificate and SB Certificate transactions and single-family senior subordinate securitization structures backed by seasoned loans. Expected recoveries from guarantee credit enhancements are considered when measuring the allowance for loan losses. As a result, we recognize an allowance for credit losses on off-balance sheet credit exposures only if expected credit losses exceed the amount of subordination. We recognize guarantee fee income and there is no explicitly recognized separate credit enhancement expense or expected credit enhancement recoveries. See Note 7 for additional information concerning the measurement of our allowance for credit losses. Credit-Linked Debt We also transfer credit risk after our acquisition or guarantee of mortgage assets by either issuing unsecured credit-linked debt or recognizing debt of consolidated VIEs that includes subordination. For certain of our unsecured debt issuances, we create a reference pool of mortgage assets (generally loans) to which we currently have credit risk exposure and an associated securitization-like structure with notional credit risk positions. To the extent a specified credit event occurs on the mortgage assets in the reference pool, the outstanding balance of our debt obligations is written down, thereby reducing our future principal and interest payment obligations. The principal types of unsecured credit-linked debt are single-family STACR debt notes and multifamily SCR debt notes. Most of our STACR debt notes are recorded as other debt on our consolidated balance sheets and accounted for at amortized cost. When the realized loss events (e.g., third-party foreclosure sale, short sale, or REO disposition) occur on the underlying loans in the reference pool, the STACR debt notes are written down and the benefits are recognized as investment gains (losses), net on our consolidated statements of comprehensive income. The structure of multifamily SCR debt notes is similar to STACR debt notes, although the mortgage assets within the reference pool may be loans or multifamily housing revenue bonds to which we have credit exposure. While our SCR debt notes are recorded as other debt on our consolidated balance sheets, these debt obligations are measured at fair value, as we elected the fair value option. Fair value changes are recorded in investment gains (losses), net on our consolidated statements of comprehensive income. Similar to our nonconsolidated VIEs, we obtain credit enhancement on certain of our consolidated securitization products through the creation of unguaranteed subordinated securities. These unguaranteed subordinated securities will absorb first losses on the underlying loans prior to us performing pursuant to our guarantee obligation. The unguaranteed subordinated debt securities held by third parties are recorded as debt of consolidated trusts on our consolidated balance sheets and generally accounted for at amortized cost. When losses are realized on the loans underlying the securities, the subordinated debt is written down and the benefits are recognized as investment gains (losses), net on our consolidated statements of comprehensive income.
Investments in Securities	We currently classify and account for our securities as either available-for-sale or trading. As of December 31, 2020 and December 31, 2019, we did not classify any securities as held-to-maturity, although we may elect to do so in the future. Securities classified as available-for-sale and trading are reported at fair value with changes in fair value included in AOCI, net of income taxes and investment gains (losses), net, respectively. See Note 19 for more information on how we determine the fair value of securities. We generally record purchases and sales of securities on the trade date when the related forward commitments are exempt from the accounting guidance for derivatives. Alternatively, we record purchases and sales of securities on the expected settlement date, with a corresponding derivative recorded on the trade date, when the related forward commitments are not exempt from the accounting guidance for derivatives. We include interest on securities on our consolidated statements of comprehensive income. For most of our securities, interest income is recognized using the effective interest method, which considers the contractual terms of the security. Deferred items, including premiums, discounts, and other basis adjustments, are amortized into interest income over the contractual lives of the securities. For certain securities, interest income is recognized using the prospective effective interest method. We apply this method to securities that: n Can contractually be prepaid or otherwise settled in such a way that we may not recover substantially all of our recorded investment; n Are not of high credit quality at acquisition; or n Have been determined to be other-than-temporarily impaired. Under this method, we recognize as interest income, over the expected life of the securities, the excess of the cash flows expected to be collected over the securities' carrying value. We update our estimates of expected cash flows periodically and recognize changes in the calculated effective interest rate on a prospective basis. For securities classified as trading or available-for-sale, we classify the cash flows as investing activities because we hold these securities for investment purposes. In cases where the transfer of a security represents a secured borrowing, we classify the related cash flows as financing activities. Realized Gains and Losses on Sales of Available-for-Sale Securities Gains and losses on the sale of securities are included in investment securities gains (losses), including those gains (losses) reclassified into earnings from AOCI. We use the specific identification method for determining the cost basis of a security in computing the gain or loss.
Debt Securities Issued	Our debt is reported at amortized cost, with the exception of certain debt for which we elected the fair value option. Deferred items, including premiums, discounts, issuance costs, and hedge accounting-related basis adjustments, are reported as a component of total debt. These items are amortized and reported through interest expense using the effective interest method over the contractual life of the related indebtedness. Amortization of premiums, discounts, and issuance costs begins at the time of debt issuance. Amortization of hedge accounting-related basis adjustments begins upon the discontinuation of the related hedge relationship. We elected the fair value option on debt that contains embedded derivatives, including certain STACR debt notes and SCR debt notes. For additional information on STACR debt notes and SCR debt notes, see Note 8 . Changes in the fair value of these debt obligations are recorded in investment gains (losses), net, with any upfront costs and fees incurred or received in exchange for the issuance of the debt being recognized in earnings as incurred and not deferred. Related interest expense continues to be reported as interest expense based on the stated terms of the debt securities. For additional information on our election of the fair value option, see Note 19 . When we repurchase or call outstanding debt securities, we recognize the difference between the amount paid to redeem the debt security and the carrying value in earnings as a component of investment gains (losses), net. Contemporaneous transfers of cash between us and a creditor in connection with the issuance of the new debt security and satisfaction of an existing debt security are accounted for as either an extinguishment or a modification of an existing debt security. If the debt securities have substantially different terms, the transaction is accounted for as an extinguishment of the existing debt security. The issuance of a new debt security is recorded at fair value, fees paid to the creditor are expensed as incurred, and fees paid to third parties are deferred and amortized into interest expense over the life of the new debt security using the effective interest method. If the terms of the existing debt security and the new debt security are not substantially different, the transaction is accounted for as a modification of the existing debt. Fees paid to the creditor are deferred and amortized into interest expense over the life of the modified debt security using the effective interest method and fees paid to third parties are expensed as incurred. We also engage in dollar roll transactions whereby we enter into an agreement to sell and subsequently repurchase (or purchase and subsequently resell) agency securities. When these transactions involve securities issued by consolidated entities, they are treated as issuances and extinguishments of debt.
Derivatives	Derivatives are reported at their fair value on our consolidated balance sheets. Changes in fair value and interest accruals on derivatives not in qualifying fair value hedge relationships are recorded as investment gains (losses), net on our consolidated statements of comprehensive income. Derivatives in a net asset position, including net derivative interest receivable or payable, are reported as derivative assets, net. Similarly, derivatives in a net liability position, including net derivative interest receivable or payable, are reported as derivative liabilities, net. We offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting agreement. Non-cash collateral held is not recognized on our consolidated balance sheets as we do not obtain effective control over the collateral, and non-cash collateral posted is not de-recognized from our consolidated balance sheets as we do not relinquish effective control over the collateral. Therefore, non-cash collateral held or posted is not presented as an offset against derivative assets or derivative liabilities on our consolidated balance sheets. We evaluate whether financial instruments that we purchase or issue contain embedded derivatives. We generally elect to measure newly acquired or issued financial instruments that contain embedded derivatives at fair value, with changes in fair value recorded in earnings. On our consolidated statements of cash flows, cash flows related to the acquisition and termination of derivatives, other than forward commitments, are generally classified in investing activities. Cash flows related to forward commitments are classified within the section of the consolidated statements of cash flows in accordance with the cash flows of the financial instruments to which they relate.
Derivatives, Methods of Accounting, Hedging Derivatives	Fair Value Hedges We apply fair value hedge accounting to certain single-family mortgage loans where we hedge the changes in fair value of these loans attributable to the designated benchmark interest rate (i.e., LIBOR), using LIBOR-based interest-rate swaps. We also apply fair value hedge accounting to certain issuances of debt where we hedge the changes in fair value of the debt attributable to the designated benchmark interest rate (i.e., LIBOR), using LIBOR-based interest-rate swaps. Under the last-of-layer fair value hedge accounting strategy, we hedge the changes in fair value of a portion of a closed pool of single-family mortgage loans that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. As part of this strategy, we have also elected to measure the change in fair value of the hedged item on the basis of the benchmark rate component of the contractual coupon cash flows determined at the hedge inception and by assuming the hedged item has a term that reflects only the designated cash flows being hedged. We apply hedge accounting to qualifying hedge relationships. A qualifying hedge relationship exists when changes in the fair value of a derivative hedging instrument are expected to be highly effective in offsetting changes in the fair value of the hedged item attributable to the risk being hedged during the term of the hedge relationship. No amounts have been excluded from the assessment of hedge effectiveness. To assess hedge effectiveness, we use a statistical regression analysis. At inception of the hedge relationship, we prepare formal contemporaneous documentation of our risk management objective and strategies for undertaking the hedge. If a hedge relationship qualifies for fair value hedge accounting, all changes in fair value of the derivative hedging instrument, including interest accruals, are recognized in the same consolidated statements of comprehensive income line item used to present the earnings effect of the hedged item. Therefore, changes in the fair value of the hedged item, mortgage loans and debt, attributable to the risk being hedged are recognized in interest income - mortgage loans and interest expense, respectively, along with the changes in the fair value of the respective derivative hedging instruments. Changes in the fair value of the hedged item attributable to the risk being hedged are recognized as a cumulative basis adjustment against the mortgage loans and debt. The cumulative basis adjustments are amortized to the same consolidated statements of comprehensive income line item used to present the changes in fair value of the hedged item using the effective interest method considering the contractual terms of the hedged item, with amortization beginning no later than the period in which hedge accounting was discontinued. Cash Flow Hedges There are amounts recorded in AOCI related to discontinued cash flow hedges which are recognized in earnings when the originally forecasted transactions affect earnings. If it becomes probable the originally forecasted transaction will not occur, the associated deferred gain or loss in AOCI would be reclassified to earnings immediately. Amounts reclassified from AOCI are recorded in interest expense. See Note 13 for information about future reclassifications of deferred net losses related to closed cash flow hedges to net income.
Derivatives, Offsetting Fair Value Amounts, Policy	Offsetting of Financial Assets and LiabilitiesWhen we receive cash collateral, we recognize the amount received along with a corresponding obligation to return the collateral. When we post cash collateral, we derecognize the amount posted along with a corresponding asset for our right to receive the return of the collateral. We generally do not recognize or derecognize collateral received or pledged in the form of securities as the transferor in such arrangements does not relinquish effective control over the securities transferred.
Repurchase and Resale Agreements and Dollar Roll Transactions	Securities Purchased Under Agreements to Resell As an investor, we enter into arrangements to purchase securities under agreements to subsequently resell the identical or substantially the same securities to our counterparty. Our counterparties to these transactions are required to pledge the purchased securities as collateral for their obligation to repurchase those securities at a later date. While such transactions involve the legal transfer of securities, they are accounted for as secured financings because the transferor does not relinquish effective control over the securities transferred. These agreements may allow us to repledge all or a portion of the collateral pledged to us, and we may repledge such collateral periodically, although it is not typically our practice to repledge collateral that has been pledged to us. We consider the types of securities being pledged to us as collateral when determining how much we lend in transactions involving securities purchased under agreements to resell. Additionally, we regularly review the market values of these securities compared to amounts loaned in an effort to manage our exposure to losses. We present accrued interest receivable separately on our consolidated balance sheets. As of December 31, 2020 and December 31, 2019, we recognized accrued interest receivable for securities purchased under agreements to resell of $2 million and $18 million, respectively. We utilize the GSD/FICC as a clearinghouse to transact many of our trades involving securities purchased under agreements to resell, securities sold under agreements to repurchase, and other non-mortgage related securities. As a clearing member of GSD/FICC, we are required to post initial and variation margin payments and are exposed to the counterparty credit risk of GSD/FICC (including its clearing members). In the event a clearing member fails and causes losses to the GSD/FICC clearing system, we could be subject to the loss of the margin that we have posted to the GSD/FICC. Moreover, our exposure could exceed that amount, as members are generally required to cover losses caused by defaulting members on a pro rata basis. It is difficult to estimate our maximum exposure under these transactions, as this would require an assessment of transactions that we and other members of the GSD/FICC may execute in the future. During 1Q 2020, certain of our counterparties engaged in securities purchased under agreements to resell on Freddie Mac securities defaulted under the terms of the governing legal agreements by failing to meet margin requirements. The transactions were terminated in accordance with the terms of the agreements and we recognized the collateral at fair value, which was in excess of the counterparties' outstanding obligations. We did not recognize a financial loss as a result of these defaults. Securities Sold Under Agreements to Repurchase
Stockholders' Equity	Treasury, as the holder of the senior preferred stock, is entitled to receive quarterly cash dividends, when, as and if declared by our Board of Directors. The dividends we have paid to Treasury on the senior preferred stock have been declared by, and paid at the direction of, the Conservator, acting as successor to the rights, titles, powers, and privileges of the Board. The dividend is presented in the period in which it is determinable for the senior preferred stock, as a reduction to net income (loss) available to common stockholders and net income (loss) per common share. The dividend is declared and paid in the following period and recorded as a reduction to equity in the period declared. There were no cash dividends paid in 2020. Total dividends paid in cash during 2019 and 2018 at the direction of the Conservator were $3.1 billion and $4.1 billion, respectively. See Note 2 for a discussion of our net worth sweep dividend.
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy	No cash was received from Treasury under the Purchase Agreement in 2020 because we had positive net worth at December 31, 2019, March 31, 2020, June 30, 2020, and September 30, 2020 and, consequently, FHFA did not request a draw on our behalf in 2020. At December 31, 2020, our assets exceeded our liabilities under GAAP; therefore, no draw is being requested from Treasury under the Purchase Agreement. The aggregate liquidation preference of the senior preferred stock owned by Treasury was $86.5 billion as of December 31, 2020 and $79.3 billion as of December 31, 2019. Our quarterly senior preferred stock dividend requirement is currently the amount, if any, by which our Net Worth Amount at the end of the immediately preceding fiscal quarter, less the applicable Capital Reserve Amount, exceeds zero. Pursuant to the January 2021 Letter Agreement, the applicable Capital Reserve Amount as of October 1, 2020 is the amount of adjusted total capital necessary to meet the capital requirements and buffers set forth in the ERCF. This increased Capital Reserve Amount will remain in effect until the last day of the second fiscal quarter during which we have reached and maintained such level of capital (the Capital Reserve End Date). As a result, we will not have a dividend requirement on the senior preferred stock until we have built sufficient capital to meet the capital requirements and buffers set forth in the ERCF. If, for any reason, we were not to pay our dividend requirement on the senior preferred stock in full in any future period until the Capital Reserve End Date, the unpaid amount would be added to the liquidation preference and the applicable Capital Reserve Amount would thereafter be zero. Common Stock Warrant Pursuant to the Purchase Agreement described in Note 2 , on September 7, 2008, we issued a warrant to purchase common stock to Treasury, in partial consideration of Treasury's commitment to provide funds to us. The warrant may be exercised in whole or in part at any time on or before September 7, 2028, by delivery to us of a notice of exercise, payment of the exercise price of $0.00001 per share and the warrant. If the market price of one share of our common stock is greater than the exercise price, then, instead of paying the exercise price, Treasury may elect to receive shares equal to the value of the warrant (or portion thereof being canceled) pursuant to the formula specified in the warrant. Upon exercise of the warrant, Treasury may assign the right to receive the shares of common stock issuable upon exercise to any other person. We account for the warrant in permanent equity. At issuance on September 7, 2008, we recognized the warrant at fair value, and we do not recognize subsequent changes in fair value while the warrant remains classified in equity. We recorded an aggregate fair value of $2.3 billion for the warrant as a component of additional paid-in-capital. We derived the fair value of the warrant using a modified Black-Scholes model. If the warrant is exercised, the stated value of the common stock issued will be reclassified to common stock on our consolidated balance sheets. The warrant was determined to be in-substance non-voting common stock, because the warrant's exercise price of $0.00001 per share is considered non-substantive (compared to the market price of our common stock). As a result, the shares associated with the warrant are included in the computation of basic and diluted earnings (loss) per share. The weighted average shares of common stock outstanding for the years ended December 31, 2020, 2019, and 2018 included shares of common stock that would be issuable upon full exercise of the warrant issued to Treasury. Preferred Stock We have the option to redeem our preferred stock on specified dates, at their redemption price plus dividends accrued through the redemption date. However, without the consent of Treasury, we are restricted from making payments to purchase or redeem preferred stock as well as paying any preferred dividends, other than dividends on the senior preferred stock. All 24 classes of preferred stock are perpetual and non-cumulative, and carry no significant voting rights or rights to purchase additional Freddie Mac stock or securities. Costs incurred in connection with the issuance of preferred stock are charged to additional paid-in capital.
Earnings Per Common Share	We have participating securities related to RSUs with dividend equivalent rights that receive dividends as declared on an equal basis with common shares but are not obligated to participate in undistributed net losses. These participating securities consist of vested RSUs that earn dividend equivalents at the same rate when and as declared on common stock. Consequently, in accordance with accounting guidance, we use the "two-class" method of computing earnings per common share. The "two-class" method is an earnings allocation formula that determines earnings per share for common stock and participating securities based on dividends declared and participation rights in undistributed earnings. Basic earnings per common share is computed as net income attributable to common stockholders divided by the weighted average common shares outstanding for the period. The weighted average common shares outstanding for the period includes the weighted average number of shares that are associated with the warrant for our common stock issued to Treasury pursuant to the Purchase Agreement. These shares are included since the warrant is unconditionally exercisable by the holder at a minimal cost. Diluted earnings per common share is computed as net income attributable to common stockholders divided by the weighted average common shares outstanding during the period adjusted for the dilutive effect of common equivalent shares outstanding. For periods with net income attributable to common stockholders, the calculation includes the effect of the weighted-average of RSUs.
Segment Reporting	We have three reportable segments, which are based on the type of business activities each performs - Single-family Guarantee, Multifamily, and Capital Markets. Certain activities that are not part of a reportable segment are included in the All Other category. The chart below provides a summary of our three reportable segments and the All Other category. Segment/Category Description Financial Performance Measurement Basis Single-family Guarantee The Single-family Guarantee segment reflects results from our purchase of single-family loans, our guarantee of principal and interest payments on securitized mortgage loans in exchange for guarantee fees, and the management of single-family mortgage credit risk. The Single-family Guarantee segment manages single-family mortgage credit risk through risk transfer transactions, performing loss mitigation activities, and managing foreclosure and REO activities. • Contribution to GAAP net income (loss) Multifamily The Multifamily segment reflects results from our purchase, sale, securitization, and guarantee of multifamily loans and securities, our investments in those loans and securities, and the management of multifamily mortgage credit risk and market risk. Our primary business model is to purchase multifamily loans for aggregation and then securitization through issuance of multifamily K Certificates and SB Certificates. We also issue and guarantee other securitization products, issue other credit risk transfer products, and provide other guarantee activities. • Contribution to GAAP comprehensive income (loss) Capital Markets The Capital Markets segment reflects results from managing the company's mortgage-related investments portfolio (excluding Multifamily segment investments, single-family seriously delinquent loans, and the credit risk of single-family performing and reperforming loans), single-family securitization activities, and treasury function, which includes interest-rate risk management for the company. • Contribution to GAAP comprehensive income (loss) All Other The All Other category consists of material corporate-level activities that are infrequent in nature and based on decisions outside the control of the management of our reportable segments. N/A
Fair Value Measurements	The accounting guidance for fair value measurements and disclosures defines fair value, establishes a framework for measuring fair value and sets forth disclosure requirements regarding fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or, in the absence of a principal market, in the most advantageous market for the asset or liability. 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 non-recurring basis. Fair Value Measurements The accounting guidance for fair value measurements and disclosures establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The levels of the fair value hierarchy are defined as follows in priority order: n Level 1 - Inputs to the valuation techniques are based on quoted prices in active markets for identical assets or liabilities. n Level 2 - Inputs to the valuation techniques are based on observable inputs other than quoted prices in active markets for identical assets or liabilities. n Level 3 - One or more inputs to the valuation technique are unobservable and significant to the fair value measurement. We use quoted market prices and valuation techniques that seek to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs. Our inputs are based on the assumptions a market participant would use in valuing the asset or liability. Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
Income Taxes	Income Tax Expense Total income tax expense includes: n Current income tax expense, which represents the amount of federal tax currently payable to or receivable from the Internal Revenue Service, including interest and penalties and amounts accrued for unrecognized tax benefits, if any, and n Deferred income tax expense, which represents the net change in the deferred tax asset or liability balance during the year, including any change in the valuation allowance. Deferred Tax Assets, Net We use the asset and liability method of accounting for income taxes for financial reporting purposes. Under this method, deferred tax assets and liabilities are recognized based upon the expected future tax consequences of existing temporary differences between the financial reporting and the tax reporting basis of assets and liabilities using enacted statutory tax rates as well as tax net operating loss and tax credit carryforwards, if any. To the extent tax laws change, deferred tax assets and liabilities are adjusted in the period that the tax change is enacted. The realization of our net deferred tax assets is dependent upon the generation of sufficient taxable income.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Recently Adopted or Issued Accounting Guidance	The table below provides details on the transition impacts of adopting CECL. Other balance sheet lines not presented were not affected by CECL. Table 1.1 CECL Transition Impacts (In millions) December 31, 2019 Transition Adjustments January 1, 2020 Assets Mortgage loans held-for-investment: Single-family $1,971,657 $199 $1,971,856 Multifamily 17,489 — 17,489 Less allowance for credit losses: Single-family (4,222) (668) (4,890) Multifamily (12) (24) (36) Mortgage loans held-for-investment, net 1,984,912 (493) 1,984,419 Deferred tax assets, net 5,918 64 5,982 Other assets 22,799 193 22,992 Total transition adjustments ($236) Liabilities and equity Other liabilities $8,042 $4 $8,046 Retained earnings (accumulated deficit) (74,188) (240) (74,428) Total transition adjustments ($236)

Securitization Activities and_2

Securitization Activities and Consolidation (Tables)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Table - Schedule of Various Interest Entities	The table below presents the carrying value and classification of the assets and liabilities of consolidated VIEs on our consolidated balance sheets. Table 3.1 - Consolidated VIEs (In millions) December 31, 2020 December 31, 2019 Consolidated Balance Sheet Line Item Assets: Cash and cash equivalents (includes $17,289 and $869 of restricted cash and cash equivalents) $17,290 $870 Securities purchased under agreements to resell 38,487 23,137 Investment securities, at fair value 591 597 Mortgage loans held-for-investment 2,273,347 1,940,523 Accrued interest receivable, net 7,134 6,170 Other assets 20,480 9,824 Total assets of consolidated VIEs $2,357,329 $1,981,121 Liabilities: Accrued interest payable $5,610 $5,536 Debt 2,308,176 1,898,355 Other liabilities — 1 Total liabilities of consolidated VIEs $2,313,786 $1,903,892 The following table presents the carrying amounts and classification of the assets and liabilities recorded on our consolidated balance sheets related to VIEs for which we are not the primary beneficiary and with which we were involved in the design and creation and have a significant continuing involvement. Our involvement with such VIEs primarily consists of investments in debt securities issued by resecuritization trusts and guarantees of senior securities issued by certain Multifamily securitization trusts. Table 3.2 - Nonconsolidated VIEs (In millions) December 31, 2020 December 31, 2019 Assets and Liabilities Recorded on our Consolidated Balance Sheets (1) Assets: Investment securities, at fair value $28,459 $37,918 Accrued interest receivable, net 239 212 Derivative assets, net 61 14 Other assets 5,553 3,951 Liabilities: Derivative liabilities, net 47 108 Other liabilities 4,515 3,761

Mortgage Loans and Loan Loss _2

Mortgage Loans and Loan Loss Reserves (Tables)	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Table - Mortgage Loans	The table below provides details of the loans on our consolidated balance sheets as of December 31, 2020 and December 31, 2019. Table 4.1 - Mortgage Loans December 31, 2020 December 31, 2019 (In millions) Single-family Multifamily Total Single-family Multifamily Total Held-for-sale UPB $10,702 $23,789 $34,491 $18,543 $18,954 $37,497 Cost basis and fair value adjustments, net (1,637) 798 (839) (2,800) 591 (2,209) Total held-for-sale loans, net 9,065 24,587 33,652 15,743 19,545 35,288 Held-for-investment UPB 2,271,576 21,923 2,293,499 1,938,282 17,473 1,955,755 Cost basis adjustments 62,415 54 62,469 33,375 16 33,391 Allowance for credit losses (5,628) (104) (5,732) (4,222) (12) (4,234) Total held-for-investment loans, net 2,328,363 21,873 2,350,236 1,967,435 17,477 1,984,912 Total mortgage loans, net $2,337,428 $46,460 $2,383,888 $1,983,178 $37,022 $2,020,200 The table below provides details of the UPB of loans we purchased, reclassified from held-for-investment to held-for-sale, and sold during the periods presented. Table 4.2 - Loans Purchased, Reclassified from Held-for-Investment to Held-for-Sale, and Sold Year Ended December 31, (In billions) 2020 2019 2018 Single-family: Purchases Held-for-investment loans $1,085.9 $451.2 $307.7 Reclassified from held-for-investment to held-for-sale (1) 4.6 13.6 21.7 Sale of held-for-sale loans (2) 9.0 13.1 10.2 Multifamily: Purchases Held-for-investment loans 9.6 9.5 5.0 Held-for-sale loans 69.7 65.3 70.3 Reclassified from held-for-investment to held-for-sale (1) 2.7 1.9 1.8 Sale of held-for-sale loans (3) 66.7 71.3 68.1 (1) We reclassify loans from held-for-investment to held-for-sale when we no longer have both the intent and ability to hold for the foreseeable future. For additional information regarding the fair value of our loans classified as held-for-sale, see Note 19 . (2) Our sales of single-family loans reflect the sale of seasoned single-family mortgage loans. (3) Our sales of multifamily loans occur primarily through the issuance of multifamily K Certificates and SB Certificates. See Note 3 for more information on our K Certificates and SB Certificates. The table below presents the allowance for credit losses or valuation allowance that was reversed or established due to loan reclassifications between held-for-investment and held-for-sale during the period presented. Table 4.3 - Loan Reclassifications 2020 (In millions) UPB Allowance for Credit Losses Reversed or (Established) Valuation Allowance (Established) or Reversed Single-family reclassifications from: Held-for-investment to held-for-sale (1) $4,628 $300 $— Held-for-sale to held-for-Investment (2) 1,721 147 34 Multifamily reclassifications from: Held-for-investment to held-for-sale 2,703 9 (6) Held-for-sale to held-for-Investment 775 (1) 4 (1) Prior to reclassification from held-for-investment to held-for-sale, we charged off $264 million against the allowance for credit losses during 2020. (2) Allowance for credit losses reversed upon reclassifications from held-for-sale to held-for-investment for loans that were previously charged off and the present values of expected future cash flows were in excess of the amortized cost basis upon reclassification.
Table - Recorded Investment of Held-For-Invstment Mortgage Loans, by LTV Ratio and Credit Classification	Table 4.6 - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratio and Vintage December 31, 2020 Year of Origination Total (In millions) 2020 2019 2018 2017 2016 Prior Current LTV Ratio: 20- and 30-year or more, amortizing fixed-rate ≤ 60 $203,333 $52,820 $33,139 $64,834 $115,978 $431,406 $901,510 > 60 to 80 437,107 141,094 64,236 59,110 40,614 44,636 786,797 > 80 to 100 206,457 53,926 8,822 2,117 654 3,983 275,959 > 100 (1) 202 7 25 64 61 948 1,307 Total 20- and 30-year or more, amortizing fixed-rate 847,099 247,847 106,222 126,125 157,307 480,973 1,965,573 15-year amortizing fixed-rate ≤ 60 78,269 17,753 9,914 19,650 29,916 83,842 239,344 > 60 to 80 67,904 12,169 2,195 961 215 135 83,579 > 80 to 100 8,553 400 17 12 9 17 9,008 > 100 (1) 21 — 3 5 3 7 39 Total 15-year amortizing fixed-rate 154,747 30,322 12,129 20,628 30,143 84,001 331,970 Adjustable-rate ≤ 60 1,427 850 731 2,429 2,042 12,993 20,472 > 60 to 80 1,403 877 537 1,061 329 528 4,735 > 80 to 100 232 125 34 29 2 8 430 > 100 (1) — — — — — 1 1 Total Adjustable-rate 3,062 1,852 1,302 3,519 2,373 13,530 25,638 Alt-A, Interest-only, and option ARM ≤ 60 — — — — — 8,620 8,620 > 60 to 80 — — — — — 1,818 1,818 > 80 to 100 — — — — — 314 314 > 100 (1) — — — — — 58 58 Total Alt-A, Interest-only, and option ARM — — — — — 10,810 10,810 Total single-family loans $1,004,908 $280,021 $119,653 $150,272 $189,823 $589,314 $2,333,991 Total for all loan product types by Current LTV ratio: ≤ 60 $283,029 $71,423 $43,784 $86,913 $147,936 $536,861 $1,169,946 > 60 to 80 506,414 154,140 66,968 61,132 41,158 47,117 876,929 > 80 to 100 215,242 54,451 8,873 2,158 665 4,322 285,711 > 100 (1) 223 7 28 69 64 1,014 1,405 Total single-family loans $1,004,908 $280,021 $119,653 $150,272 $189,823 $589,314 $2,333,991 Referenced footnotes are included after the next table. December 31, 2019 Current LTV Ratio Total (In millions) ≤ 80 > 80 to 100 > 100 (1) 20- and 30-year or more, amortizing fixed-rate $1,405,562 $267,752 $3,954 $1,677,268 15-year amortizing fixed-rate 236,837 6,797 89 243,723 Adjustable-rate 35,478 1,425 6 36,909 Alt-A, interest-only, and option ARM 12,668 901 188 13,757 Total single-family loans $1,690,545 $276,875 $4,237 $1,971,657 (1) The serious delinquency rate for the total of single-family held-for-investment mortgage loans with current LTV ratios in excess of 100% was 11.17% and 4.51% as of December 31, 2020 and December 31, 2019, respectively. The table below presents the amortized cost basis of our multifamily held-for-investment loans, by credit quality indicator, based on available data through the end of each period presented. These indicators involve significant management judgment and are defined as follows: n "Pass" is current and adequately protected by the current financial strength and debt service capacity of the borrower; n "Special mention" has administrative issues that may affect future repayment prospects but does not have current credit weaknesses. In addition, this category generally includes loans in forbearance; n "Substandard" has a weakness that jeopardizes the timely full repayment; and n "Doubtful" has a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions. Table 4.7 - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator by Vintage December 31, 2020 December 31, 2019 Year of Origination Total Total (In millions) 2020 2019 2018 2017 2016 Prior Revolving Loans Category: Pass $7,486 $6,491 $1,075 $722 $590 $2,715 $2,024 $21,103 $17,227 Special mention — 524 115 — 8 108 — 755 141 Substandard — — 6 41 — 72 — 119 121 Doubtful — — — — — — — — — Total $7,486 $7,015 $1,196 $763 $598 $2,895 $2,024 $21,977 $17,489
Table - Payment Status of Mortgage Loans	The tables below present the amortized cost basis of our single-family and multifamily loans, held-for-investment, by payment status. Pursuant to FHFA guidance and the CARES Act, we offer mortgage relief options for borrowers affected by the COVID-19 pandemic. Among other things, we are offering forbearance to single-family and multifamily borrowers experiencing a financial hardship, either directly or indirectly, related to COVID-19. We report single-family loans in forbearance as past due during the forbearance period to the extent that payments are past due based on the loan's original contractual terms, irrespective of the forbearance plan, based on the information reported to us by our servicers. We report multifamily loans in forbearance as current as long as the borrower is in compliance with the forbearance agreement, including the agreed upon repayment plan. As a result, all multifamily loans in forbearance are reported as current in the tables below, even if payments are past due based on the loan's original contractual terms. Table 4.8 - Amortized Cost Basis of Held-for-Investment Loans by Payment Status December 31, 2020 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due, or in Foreclosure (1) Total Three Months or More Past Due, and Accruing Non-accrual With No Allowance (2) Single-family: 20- and 30-year or more, amortizing fixed-rate $1,891,981 $15,798 $5,941 $51,853 $1,965,573 $40,162 $648 15-year amortizing fixed-rate 326,651 1,439 429 3,451 331,970 2,723 11 Adjustable-rate 24,483 192 79 884 25,638 690 5 Alt-A, interest-only, and option ARM 9,227 292 130 1,161 10,810 538 115 Total single-family 2,252,342 17,721 6,579 57,349 2,333,991 44,113 779 Total multifamily (3) 21,977 — — — 21,977 — — Total single-family and multifamily $2,274,319 $17,721 $6,579 $57,349 $2,355,968 $44,113 $779 December 31, 2019 (In millions) Current One Month Past Due Two Months Past Due Three Months or (1) Total Non-accrual Single-family: 20- and 30-year or more, amortizing fixed-rate $1,653,113 $15,481 $3,326 $5,348 $1,677,268 $5,822 15-year amortizing fixed-rate 242,177 1,131 175 240 243,723 252 Adjustable-rate 36,537 238 45 89 36,909 104 Alt-A, interest-only, and option ARM 12,690 489 161 417 13,757 205 Total single-family 1,944,517 17,339 3,707 6,094 1,971,657 6,383 Total multifamily 17,489 — — — 17,489 13 Total single-family and multifamily $1,962,006 $17,339 $3,707 $6,094 $1,989,146 $6,396 (1) Includes $1.0 billion and $1.8 billion of loans that were in the process of foreclosure as of December 31, 2020 and December 31, 2019, respectively. (2) Loans with no allowance primarily represent those loans that were previously charged off and the collateral value is sufficiently in excess of the amortized cost to result in recovery of the entire amortized cost basis if the property were foreclosed upon or otherwise subject to disposition.
Table - Detail of Loan Loss Reserves	Table 4.5 - Accrued Interest Receivable, Net and Related Charge-offs Through Reversal of Interest Income December 31, 2020 Year Ended December 31, 2020 (In millions) Accrued Interest Receivable, Net Accrued Interest Receivable Related Charge-offs Single-family loans $7,292 ($333) Multifamily loans 139 —
Table - Amortized Cost Basis of Held-for-Investment Loans on Non-accrual	The table below presents the amortized cost basis of non-accrual loans as of January 1, 2020 and December 31, 2020 , including the interest income recognized during 2020 that is related to the loans on non-accrual status as of December 31, 2020. Table 4.4 - Amortized Cost Basis of Held-for-Investment Loans on Non-accrual Non-accrual Amortized Cost Basis Interest Income Recognized (1) (In millions) January 1, 2020 December 31, 2020 Year Ended December 31, 2020 Single-family: 20- and 30-year or more, amortizing fixed-rate $5,598 $12,151 $235 15-year amortizing fixed-rate 242 696 10 Adjustable-rate 91 193 3 Alt-A, interest-only, and option ARM 439 637 10 Total single-family 6,370 13,677 258 Total multifamily 13 — — Total single-family and multifamily $6,383 $13,677 $258 (1) Represents the amount of payments received during 2020, including those received while the loans were on accrual status, for the held-for-investment loans on non-accrual status as of December 31, 2020.
Table- Single-Family TDR Modification Metrics	The table below provides details of our single-family loan modifications that were classified as TDRs during the periods presented. Table 4.9 - Single-Family TDR Modification Metrics 2020 2019 2018 Percentage of TDRs with: Interest rate reductions and related term extensions 15 % 9 % 12 % Principal forbearance and related interest rate reductions and term extensions 22 23 24 Average coupon interest rate reduction 0.3 % 0.1 % 0.2 % Average months of term extension 179 180 132
Table - TDR Activity, by Segment	The table below presents the volume of single-family and multifamily loans that were newly classified as TDRs. Loans classified as a TDR in one period may be subject to further action (such as a modification or remodification) in a subsequent period. In such cases, the subsequent action would not be reflected in the table below since the loan would already have been classified as a TDR. Table 4.10 - TDR Activity Year Ended December 31, 2020 2019 2018 (Dollars in millions) Number of Loans Post-TDR Amortized Cost Basis Number of Loans Post-TDR Number of Loans Post-TDR Single-family: (1)(2) 20- and 30-year or more, amortizing fixed-rate 22,471 $4,169 25,924 $4,331 43,742 $7,084 15-year amortizing fixed-rate 2,584 283 3,018 296 5,944 584 Adjustable-rate 334 59 529 86 902 140 Alt-A, interest-only, and option ARM 1,300 204 1,523 219 2,602 432 Total single-family 26,689 4,715 30,994 4,932 53,190 8,240 Multifamily — $— — $— 1 $15 (1) The pre-TDR amortized cost basis for single-family loans initially classified as TDR during the years ended December 31, 2020, December 31, 2019, and December 31, 2018 was $4.7 billion , $4.9 billion, and $8.3 billion, respectively. (2) Includes certain bankruptcy events and forbearance plans, repayment plans, payment deferrals, and modification activities that do not qualify the temporary relief related to TDR provided by the CARES Act based on servicer reporting at the time of TDR event.
Table - Payment Defaults of Completed TDR Modifications, by Segment	The table below presents the volume of our TDR modifications that experienced payment defaults (i.e., loans that became two months delinquent or completed a loss event) during the applicable periods and had completed a modification during the year preceding the payment default. Table 4.11 - Payment Defaults of Completed TDR Modifications Year Ended December 31, 2020 2019 2018 (Dollars in millions) Number of Loans Post-TDR Amortized Cost Basis Number of Loans Post-TDR Amortized Cost Basis Number of Loans Post-TDR Amortized Cost Basis Single-family: 20- and 30-year or more, amortizing fixed-rate 10,339 $1,869 13,428 $1,702 13,548 $1,847 15-year amortizing fixed-rate 482 58 451 36 565 44 Adjustable-rate 130 19 132 15 176 25 Alt-A, interest-only, and option ARM 749 144 871 129 1,178 199 Total single-family 11,700 2,090 14,882 1,882 15,467 2,115 Multifamily — $— — $— — $—

Guarantees and Other Off-Bala_2

Guarantees and Other Off-Balance Sheet Credit Exposures (Tables)	12 Months Ended
	Dec. 31, 2020
Guarantees [Abstract]
Table - Financial Guarantees	Table 5.1 - Financial Guarantees December 31, 2020 December 31, 2019 ( Dollars in millions , terms in years) Maximum (1) Recognized (2) Maximum Maximum (1) Recognized (2) Maximum Single-family: Securitization activity guarantees $29,739 $401 39 $26,818 $361 40 Other mortgage-related guarantees 9,215 193 30 7,492 182 30 Total single-family $38,954 $594 $34,310 $543 Multifamily: Securitization activity guarantees $287,334 $4,031 39 $252,167 $3,333 39 Other mortgage-related guarantees 10,721 425 33 9,989 416 34 Total multifamily $298,055 $4,456 $262,156 $3,749 Other guarantees measured at fair value $47,703 $794 30 $24,965 $253 30 Fannie Mae securities backing Freddie Mac resecuritization products 85,841 — 41 27,408 — 30 (1) The maximum exposure represents the contractual amounts that could be lost if counterparties or borrowers defaulted, without consideration of possible recoveries under credit enhancements. For other guarantees measured at fair value, this amount primarily represents the notional value if it relates to our market value guarantees or guarantees of third-party derivative instruments or the UPB if it relates to a guarantee of a mortgage-related asset. For certain of our other guarantees measured at fair value, our exposure may be unlimited and, as a result, the notional value is included. We generally reduce our exposure to these guarantees with unlimited exposure through separate contracts with third parties. (2) For securitization activity guarantees and other mortgage-related guarantees, this amount represents the guarantee obligation on our consolidated balance sheets and excludes our allowance for credit losses on off-balance sheet credit exposures. For other guarantees measured at fair value, this amount represents the fair value of the contract. The tables below show the payment status of the mortgage loans underlying our securitization guarantees and other mortgage-related guarantees that are not measured at fair value. Table 5.2 – UPB of Loans Underlying Our Guarantees by Payment Status December 31, 2020 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due, or in Foreclosure Total (1) Single-family $37,187 $2,204 $945 $3,922 $44,258 Multifamily (2) 339,614 87 62 557 340,320 Total $376,801 $2,291 $1,007 $4,479 $384,578 December 31, 2019 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due, or in Foreclosure Total (1) Single-family $33,855 $2,264 $760 $840 $37,719 Multifamily 301,428 13 76 198 301,715 Total $335,283 $2,277 $836 $1,038 $339,434 (1) Loan-level payment status is not available for certain guarantees totaling $0.7 billion and $1.6 billion as of December 31, 2020 and December 31, 2019, respectively, and therefore is not included in the tables above. (2) As of December 31, 2020, includes $6.9 billion of multifamily loans in forbearance that are reported as current.

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Table - Investments in Securities	The table below summarizes the fair values of our investments in debt securities by classification. Table 6.1 - Investment Securities (In millions) December 31, 2020 December 31, 2019 Trading securities $44,458 $49,537 Available-for-sale securities 15,367 26,174 Total fair value of investment securities $59,825 $75,711
Table - Trading Securities	The table below presents the estimated fair values by major security type for our securities classified as trading. Our non-mortgage-related securities primarily consist of investments in U.S. Treasury securities. Table 6.2 - Trading Securities (In millions) December 31, 2020 December 31, 2019 Mortgage-related securities: Agency $17,504 $22,481 Non-agency 1 1 Total mortgage-related securities 17,505 22,482 Non-mortgage-related securities 26,953 27,055 Total fair value of trading securities $44,458 $49,537
Table - Available-For-Sale Securities	The tables below present the amortized cost, gross unrealized gains and losses, and fair value by major security type for our securities classified as available-for-sale. Table 6.3 - Available-for-Sale Securities December 31, 2020 Amortized Basis Allowance for Credit Losses Gross Gross Fair Accrued Interest Receivable (In millions) Available-for-sale securities: Agency $13,514 $— $794 ($4) $14,304 $36 Non-agency and other 830 — 233 — 1,063 4 Total available-for-sale securities $14,344 $— $1,027 ($4) $15,367 $40 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Other-Than-Temporary Impairment (1) Temporary Impairment (2) Available-for-sale securities: Agency $24,390 $571 $— ($74) $24,887 Non-agency and other 1,004 283 — — 1,287 Total available-for-sale securities $25,394 $854 $— ($74) $26,174 (1) Represents the gross unrealized losses for securities for which we have previously recognized other-than-temporary impairment in earnings. (2) Represents the gross unrealized losses for securities for which we have not previously recognized other-than-temporary impairment in earnings.
Table - Available-For-Sale Securities in a Gross Unrealized Loss Position	The tables below present available-for-sale securities in a gross unrealized loss position, and whether such securities have been in a gross unrealized loss position for less than 12 months, or 12 months or greater. Table 6.4 - Available-for-Sale Securities in a Gross Unrealized Loss Position December 31, 2020 Less than 12 Months 12 Months or Greater (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available-for-sale securities: Agency $223 ($2) $144 ($2) Non-agency and other 17 — — — Total available-for-sale securities in a gross unrealized loss position $240 ($2) $144 ($2) December 31, 2019 Less than 12 Months 12 Months or Greater (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available-for-sale securities: Agency $5,778 ($27) $2,934 ($47) Non-agency and other 1 — — — Total available-for-sale securities in a gross unrealized loss position $5,779 ($27) $2,934 ($47)
Table - Gross Realized Gains and Gross Realized Losses on Sales of Available-For-Sale Securities	The table below summarizes the gross realized gains and gross realized losses from the sale of available-for-sale securities. Table 6.5 - Gross Realized Gains and Gross Realized Losses from Sales of Available-for-Sale Securities Year Ended December 31, (In millions) 2020 2019 2018 Gross realized gains $501 $219 $627 Gross realized losses (108) (49) (303) Net realized gains $393 $170 $324

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2020
Credit Loss [Abstract]
Table - Allowance for Credit Losses	Table 7.1 - Details of the Allowance for Credit Losses December 31, 2020 December 31, 2019 December 31, 2018 (In millions) Single-family Multifamily Total Single-family Multifamily Total Single-family Multifamily Total Beginning balance (1) $5,233 $68 $5,301 $6,176 $15 $6,191 $8,979 $44 $9,023 Provision (benefit) for credit losses 1,320 132 1,452 (749) 3 (746) (712) (24) (736) Charge-offs (592) — (592) (1,737) — (1,737) (2,885) (8) (2,893) Recoveries collected 210 — 210 452 — 452 475 3 478 Other 182 — 182 126 — 126 319 — 319 Ending balance $6,353 $200 $6,553 $4,268 $18 $4,286 $6,176 $15 $6,191 Components of ending balance of allowance for credit losses: Mortgage loans held-for-investment $5,628 $104 $5,732 $4,222 $12 $4,234 $6,130 $9 $6,139 Advances of pre-foreclosure costs 536 — 536 — — — — — — Accrued interest receivable on mortgage loans 140 — 140 — — — — — — Off-balance sheet credit exposures 49 96 145 46 6 52 46 6 52 Total $6,353 $200 $6,553 $4,268 $18 $4,286 $6,176 $15 $6,191 (1) Includes transition adjustments recognized upon the adoption of CECL on January 1, 2020. See Note 1 for more information on transition adjustments. The table below presents our allowance for loan losses and our recorded investment in loans, held-for-investment, by impairment evaluation methodology. Table 7.2 - Net Investment in Loans December 31, 2019 (In millions) Single-family Multifamily Total Recorded investment: Collectively evaluated $1,936,208 $17,408 $1,953,616 Individually evaluated 35,449 81 35,530 Total recorded investment 1,971,657 17,489 1,989,146 Ending balance of the allowance for loan losses: Collectively evaluated (1,350) (12) (1,362) Individually evaluated (2,872) — (2,872) Total ending balance of the allowance (4,222) (12) (4,234) Net investment in loans $1,967,435 $17,477 $1,984,912
Table - Individually Impaired Loans	The tables below present the UPB, recorded investment, the related allowance for loan losses, average recorded investment, and interest income recognized for individually impaired loans. Table 7.3 - Individually Impaired Loans December 31, 2019 (In millions) UPB Recorded Investment Associated Allowance Single-family: With no allowance recorded: (1) 20- and 30-year or more, amortizing fixed-rate $2,431 $1,927 N/A 15-year amortizing fixed-rate 21 20 N/A Adjustable-rate 169 169 N/A Alt-A, interest-only, and option ARM 847 727 N/A Total with no allowance recorded 3,468 2,843 N/A With an allowance recorded: (2) 20- and 30-year or more, amortizing fixed-rate 28,824 28,667 (2,416) 15-year amortizing fixed-rate 616 625 (13) Adjustable-rate 131 130 (7) Alt-A, interest-only, and option ARM 3,315 3,184 (436) Total with an allowance recorded 32,886 32,606 (2,872) Combined single-family: 20- and 30-year or more, amortizing fixed-rate 31,255 30,594 (2,416) 15-year amortizing fixed-rate 637 645 (13) Adjustable-rate 300 299 (7) Alt-A, interest-only, and option ARM 4,162 3,911 (436) Total single-family 36,354 35,449 (2,872) Multifamily : With no allowance recorded (1) 86 81 N/A With an allowance recorded — — — Total multifamily 86 81 — Total single-family and multifamily $36,440 $35,530 ($2,872) Referenced footnotes are included after the next table. Year Ended December 31, 2019 2018 (In millions) Average Recorded Investment Interest Income Recognized Interest Income Recognized on Cash Basis (3) Average Interest Interest Income Recognized on Cash Basis (3) Single-family: With no allowance recorded: (1) 20- and 30-year or more, amortizing fixed-rate $2,450 $262 $7 $3,236 $346 $16 15-year amortizing fixed-rate 20 1 — 21 3 — Adjustable rate 200 11 — 248 12 1 Alt-A, interest-only, and option ARM 891 66 1 1,264 88 4 Total with no allowance recorded 3,561 340 8 4,769 449 21 With an allowance recorded: (2) 20- and 30-year or more, amortizing fixed-rate 32,960 1,805 156 44,055 2,156 274 15-year amortizing fixed-rate 653 22 4 798 28 9 Adjustable rate 135 6 2 197 6 3 Alt-A, interest-only, and option ARM 3,917 226 20 5,953 273 30 Total with an allowance recorded 37,665 2,059 182 51,003 2,463 316 Combined single-family: 20- and 30-year or more, amortizing fixed-rate 35,410 2,067 163 47,291 2,502 290 15-year amortizing fixed-rate 673 23 4 819 31 9 Adjustable rate 335 17 2 445 18 4 Alt-A, interest-only, and option ARM 4,808 292 21 7,217 361 34 Total single-family 41,226 2,399 190 55,772 2,912 337 Multifamily: With no allowance recorded (1) 83 5 1 131 6 2 With an allowance recorded — — — 3 — — Total multifamily 83 5 1 134 6 2 Total single-family and multifamily $41,309 $2,404 $191 $55,906 $2,918 $339 (1) Individually impaired loans with no allowance primarily represent those loans for which the collateral value is sufficiently in excess of the loan balance to result in recovery of the entire recorded investment if the property were foreclosed upon or otherwise subject to disposition. (2) Consists primarily of loans classified as TDRs. (3) Consists of income recognized during the period related to loans on non-accrual status.
Table - Delinquency Rates	The table below summarizes the delinquency rates of loans within our single-family credit guarantee and multifamily mortgage portfolios. Table 7.4 - Delinquency Rates (Dollars in millions) December 31, 2019 Single-family: Non-credit-enhanced portfolio: Serious delinquency rate 0.70 % Total number of seriously delinquent loans 42,485 Credit-enhanced portfolio: (1) Primary mortgage insurance: Serious delinquency rate 0.79 % Total number of seriously delinquent loans 15,261 Other credit protection: (2) Serious delinquency rate 0.40 % Total number of seriously delinquent loans 18,143 Total single-family Serious delinquency rate 0.63 % Total number of seriously delinquent loans 70,162 Multifamily (3) Non-credit-enhanced portfolio: Delinquency rate — % UPB of delinquent loans $2 Credit-enhanced portfolio: Delinquency rate 0.09 % UPB of delinquent loans $244 Total multifamily Delinquency rate 0.08 % UPB of delinquent loans $246 (1) The credit-enhanced categories are not mutually exclusive, as a single loan may be covered by both primary mortgage insurance and other credit protection. (2) Consists of single-family loans covered by financial arrangements (other than primary mortgage insurance) that are designed to reduce our credit risk exposure. See Note 8 for additional information on our credit enhancements.

Credit Enhancements (Tables)

Credit Enhancements (Tables)	12 Months Ended
	Dec. 31, 2020
Credit Enhancements [Abstract]
Credit Enhancement Receivables	The table below presents details of our credit enhancement recovery receivables. These amounts are recognized within other assets on our consolidated balance sheets. Table 8.1 - Credit Enhancement Receivables (In millions) December 31, 2020 December 31, 2019 Freestanding credit enhancement expected recovery receivables, net of allowance $677 $71 Primary mortgage insurance receivables (1) , net of allowance 74 76 Total credit enhancement assets $751 $147 (1) Excludes $444 million and $464 million of deferred payment obligations associated with unpaid claim amounts as of December 31, 2020 and December 31, 2019, respectively. We have reserved substantially all these unpaid amounts as collectability is uncertain.
Single-Family Credit Enhancements	The table below presents the total current and protected UPB and maximum amounts of potential loss recovery related to our single-family credit enhancements. Table 8.2 - Single-Family Credit Enhancements December 31, 2020 December 31, 2019 (In millions) Credit Enhancement Accounting Treatment Total Current and Protected UPB (1) Maximum Coverage Total Current and Protected UPB (1) Maximum Coverage Primary mortgage insurance Attached $472,881 $116,973 $421,870 $107,690 STACR: (2) Trust notes Freestanding 488,251 17,288 288,323 9,739 Debt notes Debt 365,482 12,377 536,036 15,373 Insurance/reinsurance (3) Freestanding 876,815 11,586 863,149 10,157 Subordination: (4) Nonconsolidated VIEs Guarantee 29,039 5,718 25,443 4,545 Consolidated VIEs Debt 9,035 464 19,498 854 Lender risk sharing Freestanding 5,731 4,831 24,078 5,657 Other Primarily attached 374 371 1,056 1,051 Total single-family credit enhancements $169,608 $155,066 (1) Underlying loans may be covered by more than one form of credit enhancement. For certain transactions, protected UPB may be different from the UPB of the underlying loans due to timing differences in reporting cycles between the transactions and the loans. (2) Total current and protected UPB represents the UPB of the assets included in the reference pool. Maximum coverage amount represents the outstanding balance held by third parties. (3) As of December 31, 2020 and December 31, 2019, substantially all of our counterparties p osted sufficient collateral on our ACIS transactions to meet the minimum collateral requirements of the ACIS program. Minimum collateral requirements are assessed on each deal based on a combination of factors, including counterparty credit risk of the reinsurer, as well as the structure and risk profile of the transaction. Other insurance/reinsurance transactions have similar collateral requirements. (4) Total current and protected UPB includes the UPB of the guaranteed securities, which represents the UPB of the assets included in the trust net of the protection provided by the subordinated securities. For nonconsolidated VIEs, the total current and protected UPB also includes the UPB of guarantor advances made to the holders of the guaranteed securities. Maximum coverage represents the outstanding UPB of the securities that are subordinate to Freddie Mac guaranteed securities and held by third parties.
MF mortgage Loan Credit Enhancements	The table below presents the total current and protected UPB and maximum amounts of potential loss recovery related to our multifamily credit enhancements. Table 8.3 - Multifamily Credit Enhancements December 31, 2020 December 31, 2019 (In millions) Credit Enhancement Accounting Treatment Total Current and Protected UPB (1) Maximum Coverage Total Current and Protected UPB (1) Maximum Coverage Subordination: (2) Nonconsolidated VIEs Guarantee $286,199 $42,712 $251,008 $40,262 Consolidated VIEs Debt 1,800 200 1,800 200 Lender risk sharing (3) Freestanding 3,321 598 2,529 381 Insurance/reinsurance (4) Freestanding 5,383 190 2,769 127 SCR debt notes (5) Debt 2,217 111 2,470 123 Other (3) Attached 253 253 467 467 Total multifamily credit enhancements $44,064 $41,560 (1) Underlying loans may be covered by more than one form of credit enhancement. (2) Total current and protected UPB includes the UPB of the guaranteed securities, which represents the UPB of the assets included in the trust net of the protection provided by the subordinated securities, and the UPB of master servicer advances made to the holders of the guaranteed and unguaranteed securities . For nonconsolidated VIEs, the total current and protected UPB also includes the UPB of guarantor advances made to the holders of the guaranteed securities. Maximum coverage represents the outstanding UPB of the securities that are subordinate to Freddie Mac guaranteed securities and held by third parties. (3) Maximum coverage represents the remaining amount of loss recovery that is available subject to the terms of counterparty agreements. (4) As of December 31, 2020 and December 31, 2019, the counterparties to our insurance/reinsurance transactions have complied with the minimum collateral requirements. Minimum collateral requirements are assessed on each deal based on a combination of factors, including counterparty credit risk of the reinsurer, as well as the structure and risk profile of the transaction. (5) Total current and protected UPB represents the UPB of the assets included in the reference pool. Maximum coverage amount represents the outstanding balance of the SCR debt notes held by third parties.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Table - Total Debt, Net	The table below summarizes the balances of total debt per our consolidated balance sheets. Table 9.1 - Total Debt December 31, (In millions) 2020 2019 Debt securities of consolidated trusts held by third parties $2,308,176 $1,898,355 Debt of Freddie Mac: Short-term debt 4,955 101,034 Long-term debt 279,415 170,296 Total Debt of Freddie Mac 284,370 271,330 Total debt $2,592,546 $2,169,685
Table - Debt Securities of Consolidated Trusts Held by Third Parties	The table below summarizes the debt securities of consolidated trusts held by third parties based on underlying loan product type. Table 9.2 - Debt Securities of Consolidated Trusts Held by Third Parties December 31, 2020 December 31, 2019 (Dollars in millions) Contractual Maturity UPB Carrying Amount (1) Weighted Average Coupon (2) Contractual Maturity UPB Carrying Amount (1) Weighted Average Coupon (2) Single-family: 30-year or more, fixed-rate 2021 - 2060 $1,799,065 $1,855,438 3.07 % 2020 - 2057 $1,516,550 $1,554,095 3.63 % 20-year fixed-rate 2021 - 2041 97,520 100,498 2.84 2020 - 2040 70,901 72,558 3.37 15-year fixed-rate 2021 - 2036 303,142 310,612 2.46 2020 - 2035 225,501 229,133 2.87 Adjustable-rate 2021 - 2051 23,964 24,484 2.76 2020 - 2050 30,183 30,756 3.25 Interest-only 2026 - 2041 3,671 3,736 3.15 2026 - 2041 4,244 4,307 4.55 FHA/VA 2021 - 2050 752 769 4.04 2020 - 2049 633 647 4.68 Total Single-family 2,228,114 2,295,537 1,848,012 1,891,496 Multifamily 2021-2050 12,488 12,639 2.43 2021 - 2049 6,790 6,859 3.29 Total debt securities of consolidated trusts held by third parties $2,240,602 $2,308,176 $1,854,802 $1,898,355 (1) Includes $205 million and $209 million at December 31, 2020 and December 31, 2019, respectively, of debt of consolidated trusts that represents the fair value of debt securities with the fair value option elected. (2) The effective rate for debt securities of consolidated trusts held by third parties was 1.76% and 2.79% as of December 31, 2020 and December 31, 2019, respectively.
Table - Other Short-term Debt	The table below summarizes the balances and effective interest rates for short-term debt. Table 9.3 - Short-Term Debt December 31, 2020 December 31, 2019 (Dollars in millions) Par Value Carrying Amount Weighted Average Effective Rate Par Value Carrying Amount Weighted Average Effective Rate Short-term debt: Discount notes and Reference Bills $11 $11 0.69 % $60,830 $60,629 1.67 % Medium-term notes 4,944 4,944 1.31 40,407 40,405 2.31 Securities sold under agreements to repurchase — — — 9,843 9,843 1.46 Total short-term debt $4,955 $4,955 1.31 % $111,080 $110,877 1.89 %
Table - Other Long-term Debt	The table below summarizes our long-term debt. Table 9.4 - Long-Term Debt December 31, 2020 December 31, 2019 (Dollars in millions) Contractual Maturity Par Value Carrying Amount (1) Weighted Average Effective Rate (2) Contractual Maturity Par Value Carrying Amount (1) Weighted Average Effective Rate (2) Long-term debt: Fixed-rate: Medium-term notes — callable 2021-2050 $122,967 $122,895 0.71 % 2020 - 2037 $83,470 $83,433 2.01 % Medium-term notes — non-callable 2021-2028 7,710 7,758 0.75 2020 - 2028 2,498 2,519 2.14 Reference Notes securities — non-callable 2021-2032 64,162 64,124 1.55 2020 - 2032 39,124 39,176 2.71 STACR and SCR debt notes 2031-2042 111 114 12.71 2031 - 2042 123 126 12.74 Variable-rate: Medium-term notes — callable 2021-2025 371 371 1.93 2020 - 2034 10,682 10,668 2.18 Medium-term notes — non-callable 2021-2026 68,838 68,824 0.63 2020 - 2026 15,727 15,724 2.45 STACR 2023-2042 12,377 12,228 4.10 2023 - 2042 15,373 15,526 5.58 Zero-coupon: Medium-term notes — non-callable 2021-2039 4,850 2,578 5.99 2020 - 2039 4,880 2,450 5.94 Other 2047-2050 — 57 0.49 2047 - 2049 — 6 0.63 Hedging-related basis adjustments N/A 466 N/A 668 Total long-term debt $281,386 $279,415 1.09 % $171,877 $170,296 2.61 % (1) Represents par value, net of associated discounts or premiums and issuance costs. Includes $2.4 billion and $3.7 billion at December 31, 2020 and December 31, 2019, respectively, of long term-debt that represents the fair value of debt securities with the fair value option elected. (2) Based on carrying amount, excluding hedge-related basis adjustments.
Table - Contractual Maturity of Other Long-term Debt and Debt Securities of Consolidated Trusts Held by Third Parties	The table below summarizes the contractual maturities of long-term debt securities at December 31, 2020. Table 9.5 - Contractual Maturities of Long-Term Debt and Debt Securities (In millions) Amounts Annual Maturities Long-term debt (excluding STACR and SCR debt notes): 2021 $43,422 2022 61,071 2023 61,998 2024 21,679 2025 44,342 Thereafter 36,386 Debt securities of consolidated trusts held by third parties, STACR, and SCR debt notes (1) 2,253,090 Total 2,521,988 Net discounts, premiums, debt issuance costs, hedge-related, and other basis adjustments (2) 65,603 Total debt securities of consolidated trusts held by third parties, STACR, SCR and long-term debt $2,587,591 (1) Contractual maturities of these debt securities are not presented because they are subject to prepayment risk, as their payments are based upon the performance of a pool of mortgage assets that may be prepaid by the related mortgage borrower at any time without penalty. (2) Other basis adjustments primarily represent changes in fair value on debt where we have elected the fair value option.

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Table - Derivative Assets and Liabilities at Fair Value	The table below presents the notional value and fair value of derivatives reported on our consolidated balance sheets. Table 10.1 - Derivative Assets and Liabilities at Fair Value December 31, 2020 December 31, 2019 Notional or Contractual Amount Derivatives at Fair Value Notional or Contractual Amount Derivatives at Fair Value (In millions) Assets Liabilities Assets Liabilities Not designated as hedges Interest-rate risk management derivatives: Swaps $559,596 $2,639 ($7,091) $488,242 $2,000 ($4,168) Written options 18,259 — (735) 10,984 — (130) Purchased options (1) 169,995 5,265 — 152,480 4,198 — Futures 181,702 — — 210,305 — — Total interest-rate risk management derivatives 929,552 7,904 (7,826) 862,011 6,198 (4,298) Mortgage commitment derivatives: Forward contracts to purchase mortgage loans 37,122 183 — 8,028 11 (8) Forward contracts to purchase mortgage-related securities 45,185 203 — 28,194 44 (5) Forward contracts to sell mortgage-related securities 136,802 2 (759) 57,738 6 (113) Total mortgage commitment derivatives 219,109 388 (759) 93,960 61 (126) CRT-related derivatives 28,949 61 (47) 12,362 15 (116) Other 4,029 2 (16) 5,984 1 (28) Total derivatives not designated as hedges 1,181,639 8,355 (8,648) 974,317 6,275 (4,568) Designated as fair value hedges Interest-rate risk management derivatives: Swaps 180,686 224 (500) 192,366 104 (714) Total derivatives designated as fair value hedges 180,686 224 (500) 192,366 104 (714) Derivative interest receivable (payable) (2) 455 (523) 887 (724) Netting adjustments (3) (7,829) 8,717 (6,422) 5,634 Total derivative portfolio, net $1,362,325 $1,205 ($954) $1,166,683 $844 ($372) (1) Includes swaptions on credit indices with a notional or contractual amount of $16.8 billion and $11.4 billion at December 31, 2020 and December 31, 2019, respectively, and a fair value of $9.0 million and $3.0 million at December 31, 2020 and December 31, 2019, respectively. (2) Includes other derivative receivables and payables.
Table - Gains and Losses on Derivatives	The table below presents the gains and losses on derivatives, including the accrual of periodic cash settlements, while not designated in qualifying hedge relationships and reported on our consolidated statements of comprehensive income (loss) as investment gains (losses), net. Table 10.2 - Gains and Losses on Derivatives Year Ended December 31, (In millions) 2020 2019 2018 Not designated as hedges Interest-rate risk management derivatives: Swaps ($1,627) ($3,085) $1,422 Written options (161) (235) 18 Purchased options 2,404 423 (648) Futures (2,442) (946) 57 Total interest-rate risk management derivatives fair value gains (losses) (1,826) (3,843) 849 Mortgage commitment derivatives (1,856) (452) 606 CRT-related derivatives 163 (1) (38) Other 57 52 (6) Total derivatives not designated as hedges fair value gains (losses) (3,462) (4,244) 1,411 Accrual of periodic cash settlements on swaps (1) (1,576) (272) (141) Total ($5,038) ($4,516) $1,270 (1) Includes interest on variation margin on cleared interest-rate swaps.
Table - Gains and Losses on Fair Value Hedge	Fair Value Hedges The table below presents the effects of fair value hedge accounting by consolidated statements of comprehensive income (loss) line, including the gains and losses on derivatives and hedged items designated in qualifying hedge relationships and other components due to the application of hedge accounting. Table 10.3 - Gains and Losses on Fair Value Hedges Year Ended December 31, 2020 2019 2018 (In millions) Interest Income Interest Expense Interest Income Interest Expense Interest Income Interest Expense Total amounts of income and expense line items presented on our consolidated statements of comprehensive income in which the effects of fair value hedges are recorded: $62,340 ($49,569) $72,895 ($61,047) $70,054 ($58,033) Interest contracts on mortgage Gain or (loss) on fair value hedging relationships: Hedged items 5,071 — 4,569 — (1,776) — Derivatives designated as hedging instruments (4,836) — (4,309) — 1,091 — Interest accruals on hedging instruments (434) — (48) — (439) — Discontinued hedge related basis (2,840) — (446) — 133 — Interest contracts on debt: Gain or (loss) on fair value hedging relationships: Hedged Items — (49) — (1,038) — 145 Derivatives designated as hedging instruments — 11 — 1,231 — 155 Interest accruals on hedging instruments — 835 — (184) — (313) Discontinued hedge related basis adjustment — 60 — 63 — (3)
Table - Cumulative Basis Adjustment on Fair Value Hedges	Table 10.4 - Cumulative Basis Adjustments due to Fair Value Hedging December 31, 2020 Carrying Amount Assets / (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying Amount Closed Portfolio Under the Last-of-Layer Method (In millions) Total Under the Last-of-Layer Method Discontinued - Hedge Related Total Amount by Amortized Cost Basis Designated Amount by UPB Mortgage loans held-for-investment $478,077 $5,117 ($318) $5,435 $220,301 $9,112 Debt (176,512) (466) — (38) — — December 31, 2019 Carrying Amount Assets / (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying Amount Closed Portfolio Under the Last-of-Layer Method (In millions) Total Under the Last-of-Layer Method Discontinued - Hedge Related Total Amount by Amortized Cost Basis Designated Amount by UPB Mortgage loans held-for-investment $470,889 $2,886 ($943) $3,829 $273,346 $22,747 Debt (122,746) (668) — (93) — —

Collateralized Agreements and_2

Collateralized Agreements and Offsetting Arrangements (Tables)	12 Months Ended
	Dec. 31, 2020
Offsetting [Abstract]
Table - Offsetting of Financial Assets and Liabilities	The tables below present offsetting and collateral information related to derivatives, securities purchased under agreements to resell, and securities sold under agreements to repurchase which are subject to enforceable master netting agreements or similar arrangements. Table 11.1 - Offsetting and Collateral Information of Financial Assets and Liabilities December 31, 2020 Gross Amount Recognized Amount Offset in the Consolidated Balance Sheets Net Amount Gross Amount Not Offset in the Consolidated Balance Sheets (2) Net Amount (In millions) Counterparty Netting Cash Collateral Netting (1) Assets: Derivatives: OTC derivatives $8,566 ($5,932) ($1,957) $677 ($648) $29 Cleared and exchange-traded derivatives 17 — 60 77 — 77 Mortgage commitment derivatives 388 — — 388 — 388 Other 63 — — 63 — 63 Total derivatives 9,034 (5,932) (1,897) 1,205 (648) 557 Securities purchased under agreements to resell 105,003 — — 105,003 (105,003) — Total $114,037 ($5,932) ($1,897) $106,208 ($105,651) $557 Liabilities: Derivatives: OTC derivatives ($8,812) $5,932 $2,759 ($121) $— ($121) Cleared and exchange-traded derivatives (37) — 26 (11) — (11) Mortgage commitment derivatives (759) — — (759) — (759) Other (63) — — (63) — (63) Total derivatives (9,671) 5,932 2,785 (954) — (954) Securities sold under agreements to repurchase — — — — — — Total ($9,671) $5,932 $2,785 ($954) $— ($954) December 31, 2019 Gross Amount Recognized Amount Offset in the Consolidated Balance Sheets Net Amount Gross Amount Not Offset in the Consolidated Balance Sheets (2) Net Amount (In millions) Counterparty Netting Cash Collateral Netting (1) Assets: Derivatives: OTC derivatives $7,045 ($4,465) ($2,075) $505 ($485) $20 Cleared and exchange-traded derivatives 144 (5) 123 262 — 262 Mortgage commitment derivatives 61 — — 61 — 61 Other 16 — — 16 — 16 Total derivatives 7,266 (4,470) (1,952) 844 (485) 359 Securities purchased under agreements to resell 66,114 (9,843) — 56,271 (56,271) — Total $73,380 ($14,313) ($1,952) $57,115 ($56,756) $359 Liabilities: Derivatives: OTC derivatives ($5,731) $4,465 $1,164 ($102) $— ($102) Cleared and exchange-traded derivatives (5) 5 — — — — Mortgage commitment derivatives (126) — — (126) — (126) Other (144) — — (144) — (144) Total derivatives (6,006) 4,470 1,164 (372) — (372) Securities sold under agreements to repurchase (9,843) 9,843 — — — — Total ($15,849) $14,313 $1,164 ($372) $— ($372) (1) Excess cash collateral held is presented as a derivative liability, while excess cash collateral posted is presented as a derivative asset. (2) Does not include the fair value amount of non-cash collateral posted or held that exceeds the associated net asset or liability, netted by counterparty, presented on the consolidated balance sheets.
Table - Offsetting of Financial Assets and Liabilities	The tables below present offsetting and collateral information related to derivatives, securities purchased under agreements to resell, and securities sold under agreements to repurchase which are subject to enforceable master netting agreements or similar arrangements. Table 11.1 - Offsetting and Collateral Information of Financial Assets and Liabilities December 31, 2020 Gross Amount Recognized Amount Offset in the Consolidated Balance Sheets Net Amount Gross Amount Not Offset in the Consolidated Balance Sheets (2) Net Amount (In millions) Counterparty Netting Cash Collateral Netting (1) Assets: Derivatives: OTC derivatives $8,566 ($5,932) ($1,957) $677 ($648) $29 Cleared and exchange-traded derivatives 17 — 60 77 — 77 Mortgage commitment derivatives 388 — — 388 — 388 Other 63 — — 63 — 63 Total derivatives 9,034 (5,932) (1,897) 1,205 (648) 557 Securities purchased under agreements to resell 105,003 — — 105,003 (105,003) — Total $114,037 ($5,932) ($1,897) $106,208 ($105,651) $557 Liabilities: Derivatives: OTC derivatives ($8,812) $5,932 $2,759 ($121) $— ($121) Cleared and exchange-traded derivatives (37) — 26 (11) — (11) Mortgage commitment derivatives (759) — — (759) — (759) Other (63) — — (63) — (63) Total derivatives (9,671) 5,932 2,785 (954) — (954) Securities sold under agreements to repurchase — — — — — — Total ($9,671) $5,932 $2,785 ($954) $— ($954) December 31, 2019 Gross Amount Recognized Amount Offset in the Consolidated Balance Sheets Net Amount Gross Amount Not Offset in the Consolidated Balance Sheets (2) Net Amount (In millions) Counterparty Netting Cash Collateral Netting (1) Assets: Derivatives: OTC derivatives $7,045 ($4,465) ($2,075) $505 ($485) $20 Cleared and exchange-traded derivatives 144 (5) 123 262 — 262 Mortgage commitment derivatives 61 — — 61 — 61 Other 16 — — 16 — 16 Total derivatives 7,266 (4,470) (1,952) 844 (485) 359 Securities purchased under agreements to resell 66,114 (9,843) — 56,271 (56,271) — Total $73,380 ($14,313) ($1,952) $57,115 ($56,756) $359 Liabilities: Derivatives: OTC derivatives ($5,731) $4,465 $1,164 ($102) $— ($102) Cleared and exchange-traded derivatives (5) 5 — — — — Mortgage commitment derivatives (126) — — (126) — (126) Other (144) — — (144) — (144) Total derivatives (6,006) 4,470 1,164 (372) — (372) Securities sold under agreements to repurchase (9,843) 9,843 — — — — Total ($15,849) $14,313 $1,164 ($372) $— ($372) (1) Excess cash collateral held is presented as a derivative liability, while excess cash collateral posted is presented as a derivative asset. (2) Does not include the fair value amount of non-cash collateral posted or held that exceeds the associated net asset or liability, netted by counterparty, presented on the consolidated balance sheets.
Table - Collateral in the Form of Securities Pledged	The tables below summarize the fair value of the securities pledged as collateral by us for derivatives and collateralized borrowing transactions, including securities that the secured party may repledge. Table 11.2 - Collateral in the Form of Securities Pledged December 31, 2020 (In millions) Derivatives Securities Sold Under Agreements to Repurchase Other (2) Total Debt securities of consolidated trusts (1) $121 $— $345 $466 Trading securities 1,920 — 1,163 3,083 Total securities pledged $2,041 $— $1,508 $3,549 December 31, 2019 (In millions) Derivatives Securities Sold Under Agreements to Repurchase Other (2) Total Debt securities of consolidated trusts (1) $562 $— $280 $842 Trading securities 2,894 9,346 49 12,289 Total securities pledged $3,456 $9,346 $329 $13,131 (1) Represents debt securities of consolidated trusts held by us in our Capital Markets segment mortgage investments portfolio which are recorded as a reduction to debt securities of consolidated trusts held by third parties on our consolidated balance sheets. (2) Includes other collateralized borrowings and collateral related to transactions with certain clearinghouses.
Table - Contractual maturity of collateral pledged	The table below presents the underlying collateral pledged and the remaining contractual maturity of our gross obligations under securities sold under agreements to repurchase as of December 31, 2019. We had no outstanding securities sold under agreements to repurchase as of December 31, 2020. Table 11.3 - Underlying Collateral Pledged December 31, 2019 (In millions) Overnight and Continuous 30 days or Less After 30 days Through 90 days Greater Than Total U.S. Treasury securities and other $— $9,081 $265 $— $9,346

Other Assets and Other Liabil_2

Other Assets and Other Liabilities (Table)	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets and Other Liabilities	Table 12.1 - Significant Components of Other Assets and Other Liabilities December 31, (In millions) 2020 2019 Other assets: Real estate owned, net $198 $555 Guarantee asset 5,509 4,426 Servicer receivables 20,926 10,112 Advances to lenders 4,162 1,873 Secured lending 1,680 2,313 LIHTC equity investments 1,410 972 All other 5,409 2,548 Total other assets $39,294 $22,799 Other liabilities: Guarantee obligation $5,050 $4,292 All other 6,242 3,750 Total other liabilities $11,292 $8,042

Stockholders' Equity and Earn_2

Stockholders' Equity and Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Table - Changes in AOCI by Component, Net of Tax	The tables below present changes in AOCI after the effects of our federal statutory tax rate of 21% for the three years presented below, related to available-for-sale securities, closed cash flow hedges, and our defined benefit plans. Table 13.1 - Changes in AOCI by Component, Net of Taxes Year Ended December 31, 2020 (In millions) AOCI Related AOCI Related to Cash Flow Hedge Relationships AOCI Related to Defined Benefit Plans Total Beginning balance $618 ($244) $64 $438 Other comprehensive income before reclassifications 502 — (9) 493 Amounts reclassified from accumulated other comprehensive income (310) 38 (16) (288) Changes in AOCI by component 192 38 (25) 205 Ending balance $810 ($206) $39 $643 Year Ended December 31, 2019 (In millions) AOCI Related AOCI Related to Cash Flow Hedge Relationships AOCI Related to Defined Benefit Plans Total Beginning balance $83 ($315) $97 ($135) Other comprehensive income before reclassifications 668 — (17) 651 Amounts reclassified from accumulated other comprehensive income (133) 71 (16) (78) Changes in AOCI by component 535 71 (33) 573 Ending balance $618 ($244) $64 $438 Year Ended December 31, 2018 (In millions) AOCI Related AOCI Related to Cash Flow Hedge Relationships AOCI Related to Defined Benefit Plans Total Beginning balance $662 ($356) $83 $389 Other comprehensive income before reclassifications (476) — 11 (465) Amounts reclassified from accumulated other comprehensive income (246) 114 (16) (148) Changes in AOCI by component (722) 114 (5) (613) Cumulative effect of change in accounting principle (1) 143 (73) 19 89 Ending balance $83 ($315) $97 ($135) (1) Includes the effect of adopting the accounting guidance on reclassification of stranded tax effects of the Tax Cuts and Jobs Act in 1Q 2018.
Table - Reclassifications from AOCI to Net Income	The table below presents reclassifications from AOCI to net income, including the affected line item on our consolidated statements of comprehensive income (loss). Table 13.2 - Reclassifications from AOCI to Net Income Year Ended December 31, (In millions) 2020 2019 2018 AOCI related to available-for-sale securities Affected line items on the consolidated statements of comprehensive income (loss): Investment gains (losses), net $393 $168 $312 Income tax (expense) benefit (83) (35) (66) Net of tax 310 133 246 AOCI related to cash flow hedge relationships Affected line items on the consolidated statements of comprehensive income (loss): Interest expense (50) (90) (133) Income tax (expense) benefit 12 19 19 Net of tax (38) (71) (114) AOCI related to defined benefit plans Affected line items on the consolidated statements of comprehensive income (loss): Salaries and employee benefits 20 20 20 Income tax (expense) benefit (4) (4) (4) Net of tax 16 16 16 Total reclassifications in the period net of tax $288 $78 $148
Table - Senior Preferred Stock	The table below provides a summary of our senior preferred stock outstanding at December 31, 2020. Table 13.3 - Senior Preferred Stock ( In millions , except initial liquidation preference price per share) Shares Authorized Shares Outstanding Total Par Value Initial Liquidation Preference Price per Share Total Liquidation Preference Non-draw Adjustment Dates: September 8, 2008 1.00 1.00 $1.00 $1,000 $1,000 December 31, 2017 — — — N/A 3,000 September 30, 2019 — — — N/A 1,826 December 31, 2019 — — — N/A 1,848 March 31, 2020 — — — N/A 2,448 June 30, 2020 — — — N/A 382 September 30, 2020 — — — N/A 1,938 December 31, 2020 — — — N/A 2,449 Total non-draw adjustments 1.00 1.00 1.00 14,891 Draw Dates: November 24, 2008 — — — N/A 13,800 March 31, 2009 — — — N/A 30,800 June 30, 2009 — — — N/A 6,100 June 30, 2010 — — — N/A 10,600 September 30, 2010 — — — N/A 1,800 December 30, 2010 — — — N/A 100 March 31, 2011 — — — N/A 500 September 30, 2011 — — — N/A 1,479 December 30, 2011 — — — N/A 5,992 March 30, 2012 — — — N/A 146 June 29, 2012 — — — N/A 19 March 30, 2018 — — — N/A 312 Total draw adjustments — — — 71,648 Total senior preferred stock 1.00 1.00 $1.00 $86,539
Table - Preferred Stock	The table below provides a summary of our preferred stock outstanding at their redemption values at December 31, 2020. Table 13.4 - Preferred Stock ( In millions , except redemption price per share) Issue Date Shares Authorized Shares Outstanding Total Par Value Redemption Price per Share Total Outstanding Balance Redeemable On or After OTCQB Symbol Preferred stock: 1996 Variable-rate (1) April 26, 1996 5.00 5.00 $5.00 $50.00 $250 June 30, 2001 FMCCI 5.81% October 27, 1997 3.00 3.00 3.00 50.00 150 October 27, 1998 (2) 5% March 23, 1998 8.00 8.00 8.00 50.00 400 March 31, 2003 FMCKK 1998 Variable-rate (3) September 23 and 29, 1998 4.40 4.40 4.40 50.00 220 September 30, 2003 FMCCG 5.10% September 23, 1998 8.00 8.00 8.00 50.00 400 September 30, 2003 FMCCH 5.30% October 28, 1998 4.00 4.00 4.00 50.00 200 October 30, 2000 (2) 5.10% March 19, 1999 3.00 3.00 3.00 50.00 150 March 31, 2004 (2) 5.79% July 21, 1999 5.00 5.00 5.00 50.00 250 June 30, 2009 FMCCK 1999 Variable-rate (4) November 5, 1999 5.75 5.75 5.75 50.00 287 December 31, 2004 FMCCL 2001 Variable-rate (5) January 26, 2001 6.50 6.50 6.50 50.00 325 March 31, 2003 FMCCM 2001 Variable-rate (6) March 23, 2001 4.60 4.60 4.60 50.00 230 March 31, 2003 FMCCN 5.81% March 23, 2001 3.45 3.45 3.45 50.00 173 March 31, 2011 FMCCO 6% May 30, 2001 3.45 3.45 3.45 50.00 173 June 30, 2006 FMCCP 2001 Variable-rate (7) May 30, 2001 4.02 4.02 4.02 50.00 201 June 30, 2003 FMCCJ 5.70% October 30, 2001 6.00 6.00 6.00 50.00 300 December 31, 2006 FMCKP 5.81% January 29, 2002 6.00 6.00 6.00 50.00 300 March 31, 2007 (2) 2006 Variable-rate (8) July 17, 2006 15.00 15.00 15.00 50.00 750 June 30, 2011 FMCCS 6.42% July 17, 2006 5.00 5.00 5.00 50.00 250 June 30, 2011 FMCCT 5.90% October 16, 2006 20.00 20.00 20.00 25.00 500 September 30, 2011 FMCKO 5.57% January 16, 2007 44.00 44.00 44.00 25.00 1,100 December 31, 2011 FMCKM 5.66% April 16, 2007 20.00 20.00 20.00 25.00 500 March 31, 2012 FMCKN 6.02% July 24, 2007 20.00 20.00 20.00 25.00 500 June 30, 2012 FMCKL 6.55% September 28, 2007 20.00 20.00 20.00 25.00 500 September 30, 2017 FMCKI 2007 Fixed-to-floating rate (9) December 4, 2007 240.00 240.00 240.00 25.00 6,000 December 31, 2012 FMCKJ Total, preferred stock 464.17 464.17 $464.17 $14,109 (1) Dividend rate resets quarterly and is equal to the sum of three-month LIBOR plus 1% divided by 1.377, and is capped at 9.00%. (2) Issued through private placement. (3) Dividend rate resets quarterly and is equal to the sum of three-month LIBOR plus 1% divided by 1.377, and is capped at 7.50%. (4) Dividend rate resets on January 1 every five years after January 1, 2005 based on a five-year Constant Maturity Treasury rate, and is capped at 11.00%. Optional redemption on December 31, 2004 and on December 31 every five years thereafter. (5) Dividend rate resets on April 1 every two years after April 1, 2003 based on the two-year Constant Maturity Treasury rate plus 0.10%, and is capped at 11.00%. Optional redemption on March 31, 2003 and on March 31 every two years thereafter. (6) Dividend rate resets on April 1 every year based on 12-month LIBOR minus 0.20%, and is capped at 11.00%. Optional redemption on March 31, 2003 and on March 31 every year thereafter. (7) Dividend rate resets on July 1 every two years after July 1, 2003 based on the two-year Constant Maturity Treasury rate plus 0.20%, and is capped at 11.00%. Optional redemption on June 30, 2003 and on June 30 every two years thereafter. (8) Dividend rate resets quarterly and is equal to the sum of three-month LIBOR plus 0.50% but not less than 4.00%.

Net Interest Income (Tables)

Net Interest Income (Tables)	12 Months Ended
	Dec. 31, 2020
Components of Net Interest Income [Abstract]
Components of Net Interest Income	Table 14.1 - Components of Net Interest Income Year Ended December 31, (Dollars in millions) 2020 2019 2018 Interest income Mortgage loans $59,290 $68,583 $66,037 Investment securities 2,581 2,737 3,035 Other 469 1,575 982 Total interest income 62,340 72,895 70,054 Interest expense Debt securities of consolidated trusts held by third parties (46,281) (53,980) (51,529) Debt of Freddie Mac: Short-term debt (606) (1,910) (1,193) Long-term debt (2,682) (5,157) (5,311) Total interest expense (49,569) (61,047) (58,033) Net interest income 12,771 11,848 12,021 Benefit (provision) for credit losses (1,452) 746 736 Net interest income after benefit (provision) for credit losses $11,319 $12,594 $12,757

Investment Gains (Losses), Net

Investment Gains (Losses), Net (Tables)	12 Months Ended
	Dec. 31, 2020
Investment Gains (Losses), Net [Abstract]
ComponentsofInvestmentGainLoss [Table Text Block]	Table 15.1 - Components of Investment Gains (Losses), Net Year Ended December 31, (In millions) 2020 2019 2018 Investment gains (losses), net: Mortgage loans gains (losses) $5,372 $4,744 $746 Investment securities gains (losses) 778 389 (815) Debt gains (losses) 701 201 720 Derivative gains (losses) (5,038) (4,516) 1,270 Investment gains (losses), net $1,813 $818 $1,921

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Table - Federal Income Tax (Expense) Benefit	The table below presents the components of our federal income tax expense for the past three years. We are exempt from state and local income taxes. Table 16.1 - Federal Income Tax Expense Year Ended December 31, (In millions) 2020 2019 2018 Current income tax (expense) benefit ($2,493) ($1,018) ($848) Deferred income tax (expense) benefit 590 (817) (1,391) Total income tax (expense) benefit ($1,903) ($1,835) ($2,239)
Table - Reconciliation of Statutory to Effective Tax Rate	The table below presents the reconciliation between our federal statutory income tax rate and our effective tax rate for the past three years. Table 16.2 - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate Year Ended December 31, 2020 2019 2018 (Dollars in millions) Amount Percent Amount Percent Amount Percent Statutory corporate tax rate ($1,938) 21.0 % ($1,900) 21.0 % ($2,410) 21.0 % Tax-exempt interest 25 (0.3) 18 (0.2) 19 (0.2) Tax credits 55 (0.6) 48 (0.5) 56 (0.5) Valuation allowance (4) 0.1 9 (0.1) (13) 0.1 Revaluation of deferred tax asset to enacted rate — — — — 184 (1.6) Other (includes proportional amortization of affordable housing investments) (41) 0.4 (10) 0.1 (75) 0.7 Effective tax rate ($1,903) 20.6 % ($1,835) 20.3 % ($2,239) 19.5 %
Table - Deferred Tax Assets and Liabilities	The table below presents the balance of significant deferred tax assets and liabilities at December 31, 2020 and December 31, 2019. The valuation allowance relates to capital loss carryforwards included in Other items, net that we expect to expire unused. Table 16.3 - Deferred Tax Assets and Liabilities Year Ended December 31, (In millions) 2020 2019 Deferred tax assets: Deferred fees $3,354 $3,529 Basis differences related to derivative instruments 1,810 1,398 Credit related items and allowance for loan losses 844 79 Basis differences related to assets held for investment 999 921 Other items, net 134 56 Total deferred tax assets 7,141 5,983 Deferred tax liabilities: Unrealized gains related to available-for-sale securities (543) (28) Total deferred tax liabilities (543) (28) Valuation allowance (41) (37) Deferred tax assets, net $6,557 $5,918

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Table - Segment Earnings	The table below presents Segment Earnings by segment. Table 17.1 - Segment Earnings (Loss) and Comprehensive Income (Loss) Year Ended December 31, (In millions) 2020 2019 2018 Segment Earnings (Loss), net of taxes: Single-family Guarantee $4,536 $4,365 $3,908 Multifamily 3,114 1,827 1,319 Capital Markets (324) 1,022 4,008 All Other — — — Total Segment Earnings (Loss), net of taxes $7,326 $7,214 $9,235 Net income (loss) per consolidated statements of comprehensive income (loss) $7,326 $7,214 $9,235 Comprehensive income (loss) of segments: Single-family Guarantee $4,520 $4,343 $3,905 Multifamily 3,215 1,928 1,236 Capital Markets (204) 1,516 3,481 All Other — — — Comprehensive income (loss) of segments $7,531 $7,787 $8,622 Comprehensive income (loss) per consolidated statements of comprehensive income (loss) $7,531 $7,787 $8,622
Table - Segment Earnings and Reconciliation to GAAP Financial Statements	The tables below present detailed reconciliations between our GAAP consolidated statements of comprehensive income (loss) and Segment Earnings (Loss) for our reportable segments and All Other. Table 17.2 - Segment Earnings (Loss) and Reconciliations to GAAP Consolidated Statements of Comprehensive Income (Loss) Year Ended December 31, 2020 Single-family Guarantee Multifamily Capital Markets All Other Total Segment Earnings (Loss) Reclassifications Total per (In millions) Net interest income $— $943 $522 $— $1,465 $11,306 $12,771 Guarantee fee income 10,292 1,444 — — 11,736 (10,294) 1,442 Investment gains (losses), net 956 2,047 (231) — 2,772 (959) 1,813 Other income (loss) 241 176 (266) — 151 482 633 Benefit (provision) for credit losses (1,680) (132) — — (1,812) 360 (1,452) Administrative expense (1,609) (514) (412) — (2,535) — (2,535) Credit enhancement expense (1,696) (22) — — (1,718) 660 (1,058) Benefit for (decrease in) credit enhancement recoveries 305 18 — — 323 — 323 REO operations expense (152) — — — (152) 3 (149) Other expense (943) (37) (21) — (1,001) (1,558) (2,559) Income tax (expense) benefit (1,178) (809) 84 — (1,903) — (1,903) Net income (loss) 4,536 3,114 (324) — 7,326 — 7,326 Changes in unrealized gains (losses) related to available-for-sale securities — 105 87 — 192 — 192 Changes in unrealized gains (losses) related to cash flow hedge relationships — — 38 — 38 — 38 Changes in defined benefit plans (16) (4) (5) — (25) — (25) Total other comprehensive income (loss), net of taxes (16) 101 120 — 205 — 205 Comprehensive income (loss) $4,520 $3,215 ($204) $— $7,531 $— $7,531 Year Ended December 31, 2019 Single-family Guarantee Multifamily Capital Markets All Other Total Segment Earnings (Loss) Reclassifications Total per (In millions) Net interest income $— $1,069 $2,486 $— $3,555 $8,293 $11,848 Guarantee fee income 7,773 1,101 — — 8,874 (7,785) 1,089 Investment gains (losses), net 964 576 (36) — 1,504 (686) 818 Other income (loss) 391 108 (700) — (201) 524 323 Benefit (provision) for credit losses 418 (3) — — 415 331 746 Administrative expense (1,647) (503) (414) — (2,564) — (2,564) Credit enhancement expense (1,434) (15) — — (1,449) 700 (749) Benefit for (decrease in) credit enhancement recoveries 41 — — — 41 — 41 REO operations expense (245) — — — (245) 16 (229) Other expense (786) (41) (54) — (881) (1,393) (2,274) Income tax (expense) benefit (1,110) (465) (260) — (1,835) — (1,835) Net income (loss) 4,365 1,827 1,022 — 7,214 — 7,214 Changes in unrealized gains (losses) related to available-for-sale securities — 105 430 — 535 — 535 Changes in unrealized gains (losses) related to cash flow hedge relationships — — 71 — 71 — 71 Changes in defined benefit plans (22) (4) (7) — (33) — (33) Total other comprehensive income (loss), net of taxes (22) 101 494 — 573 — 573 Comprehensive income (loss) $4,343 $1,928 $1,516 $— $7,787 $— $7,787 Year Ended December 31, 2018 Single-family Guarantee Multifamily Capital Markets All Other Total Segment Earnings (Loss) Reclassifications Total per (In millions) Net interest income $— $1,096 $3,217 $— $4,313 $7,708 $12,021 Guarantee fee income 6,581 861 — — 7,442 (6,576) 866 Investment gains (losses), net 307 16 1,803 — 2,126 (205) 1,921 Other income (loss) 841 129 340 — 1,310 (548) 762 Benefit (provision) for credit losses 448 24 — — 472 264 736 Administrative expense (1,491) (437) (365) — (2,293) — (2,293) Credit enhancement expense (1,069) (16) — — (1,085) 676 (409) Benefit for (decrease in) credit enhancement recoveries (8) — — — (8) — (8) REO operations expense (189) 1 — — (188) 19 (169) Other expense (568) (36) (11) — (615) (1,338) (1,953) Income tax (expense) benefit (944) (319) (976) — (2,239) — (2,239) Net income (loss) 3,908 1,319 4,008 — 9,235 — 9,235 Changes in unrealized gains (losses) related to available-for-sale securities — (82) (640) — (722) — (722) Changes in unrealized gains (losses) related to cash flow hedge relationships — — 114 — 114 — 114 Changes in defined benefit plans (3) (1) (1) — (5) — (5) Total other comprehensive income (loss), net of taxes (3) (83) (527) — (613) — (613) Comprehensive income (loss) $3,905 $1,236 $3,481 $— $8,622 $— $8,622

Concentration of Credit and O_2

Concentration of Credit and Other Risks (Tables)	12 Months Ended
	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Table - Concentration of Credit Risk	The table below summarizes the concentration by loan portfolio and geographic area of the approximately $2.3 trillion and $2.0 trillion UPB of our single-family credit guarantee portfolio at December 31, 2020 and December 31, 2019, respectively. See Note 4 , Note 6 , and Note 7 for more information about credit risk associated with loans and mortgage-related securities that we hold or guarantee. Table 18.1 - Concentration of Credit Risk of Our Single-Family Credit Guarantee Portfolio December 31, 2020 December 31, 2019 2020 (1) 2019 (Dollars in billions) Portfolio UPB % of Portfolio Serious Delinquency Rate Portfolio UPB % of Portfolio Serious Delinquency Rate Credit Losses Amount % of Credit Losses Credit Losses Amount % of Credit Losses Core single-family loan portfolio $2,093 90 % 2.04 % $1,701 85 % 0.26 % $0.1 33 % $0.3 18 % Legacy and relief refinance single-family loan portfolio 233 10 5.30 293 15 1.84 0.3 67 1.2 82 Total $2,326 100 % 2.64 $1,994 100 % 0.63 $0.4 100 % $1.5 100 % Region: (2) West $720 31 % 2.41 $595 30 % 0.36 $— 5 % $0.2 12 % Northeast 549 24 3.16 475 24 0.87 0.2 40 0.5 37 North Central 357 15 2.06 319 16 0.61 0.1 27 0.3 19 Southeast 375 16 2.95 326 16 0.73 0.1 18 0.4 24 Southwest 325 14 2.59 279 14 0.54 — 10 0.1 8 Total $2,326 100 % 2.64 $1,994 100 % 0.63 $0.4 100 % $1.5 100 % State: California $424 18 % 2.64 $347 17 % 0.34 $— 4 % $0.1 8 % Texas 145 6 3.11 123 6 0.54 — 3 — 3 Florida 135 6 3.70 116 6 0.77 — 9 0.2 14 New York 103 4 4.56 94 5 1.21 0.1 13 0.1 7 Illinois 96 4 2.96 88 4 0.85 0.1 14 0.2 10 All other 1,423 62 2.34 1,226 62 0.61 0.2 57 0.9 58 Total $2,326 100 % 2.64 $1,994 100 % 0.63 $0.4 100 % $1.5 100 % (1) Excludes credit losses related to charge-offs of accrued interest receivables. (2) Region designation: West (AK, AZ, CA, GU, HI, ID, MT, NV, OR, UT, WA); Northeast (CT, DE, DC, MA, ME, MD, NH, NJ, NY, PA, RI, VT, VA, WV); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI); Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, VI); Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY). The table below summarizes the concentration of multifamily loans in our multifamily mortgage portfolio classified by legal structure, based on UPB. Table 18.3 - Concentration of Credit Risk of Our Multifamily Mortgage Portfolio December 31, 2020 December 31, 2019 (Dollars in billions) UPB Delinquency Rate (1) UPB Delinquency Rate (1) Unsecuritized loans $33.4 0.04 % $29.8 0.01 % Securitization-related products 301.4 0.18 260.3 0.09 Other mortgage-related guarantees 10.7 0.06 10.0 0.09 Total $345.5 0.16 $300.1 0.08 (1) Based on loans two monthly payments or more delinquent or in foreclosure. Table 18.4 - Seller Concentration Single-family Sellers 2020 2019 JPMorgan Chase Bank, N.A. 5 % 14 % Other top 10 sellers 39 42 Top 10 single-family sellers 44 % 56 % Multifamily Sellers 2020 2019 CBRE Capital Markets, Inc. 16 % 15 % Berkadia Commercial Mortgage LLC 14 15 JLL Real Estate Capital LLC 11 3 Walker & Dunlop LLC 10 8 Other top 10 sellers 31 36 Top 10 multifamily sellers 82 % 77 % Table 18.5 - Servicer Concentration Single-family Servicers December 31, 2020 (1) December 31, 2019 (1) Wells Fargo Bank, N.A. 11 % 15 % JPMorgan Chase Bank, N.A. 8 10 Other top 10 servicers 30 32 Top 10 single-family servicers 49 % 57 % Multifamily Servicers (2) December 31, 2020 December 31, 2019 CBRE Capital Markets, Inc. 17 % 17 % Berkadia Commercial Mortgage LLC 13 13 JLL Real Estate Capital LLC 11 3 Other top 10 servicers 39 43 Top 10 multifamily servicers 80 % 76 % (1) Percentage of servicing volume is based on the total single-family credit guarantee portfolio, which includes loans where we do not exercise servicing control. However, loans where we do not exercise servicing control are not included for purposes of determining the concentration of servicers who serviced more than 10% of our single-family credit guarantee portfolio. (2) Represents multifamily primary servicers. Insurance Corporation, a subsidiary of Genworth, is an approved mortgage insurer, Freddie Mac evaluated the planned acquisition and approved Oceanwide's control of Genworth Mortgage Insurance Corporation. On January 4, 2021, Genworth announced that Genworth and Oceanwide did not extend the end date, December 31, 2020, under the merger agreement due to uncertainty around the completion and timing of the remaining steps required to close the transaction and that Genworth is focusing on executing its contingency plan. Freddie Mac is collaborating with FHFA and Fannie Mae to review the contingency plan and provide necessary approvals. Table 18.6 - Mortgage Insurer Concentration Mortgage Insurance Coverage (2) Mortgage Insurer Credit Rating (1) December 31, 2020 December 31, 2019 Arch Mortgage Insurance Company A- 20 % 22 % Radian Guaranty Inc. BBB+ 19 20 Mortgage Guaranty Insurance Corporation BBB+ 18 17 Essent Guaranty, Inc. BBB+ 16 15 Genworth Mortgage Insurance BB+ 15 15 Total 88 % 89 % (1) Ratings are for the corporate entity to which we have the greatest exposure. Latest rating available as of December 31, 2020. Represents the lower of S&P and Moody's credit ratings stated in terms of the S&P equivalent.
Certain Higher Risk Categories In The Single Family Credit Guarantee Portfolio [Table Text Block]	Presented below is a summary of the serious delinquency rates of certain higher-risk categories (based on characteristics of the loan at origination) of loans in our single-family credit guarantee portfolio. The table includes a presentation of each higher-risk category in isolation. A single loan may fall within more than one category (for example, an interest-only loan may also have an original LTV ratio greater than 90%). Loans with a combination of these attributes may have an even higher risk of delinquency than those with an individual attribute. Table 18.2 - Certain Higher Risk Categories in Our Single-Family Credit Guarantee Portfolio % of Portfolio (1) Serious Delinquency Rate (1) (Percentage of portfolio based on UPB) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Interest-only — % 1 % NM 2.72 % Alt-A 1 1 10.66 % 3.75 Original LTV ratio greater than 90% (2) 15 18 4.25 0.96 Lower credit scores at origination (less than 620) 1 2 11.00 4.52 (1) Excludes $505 million and $555 million UPB of loans underlying certain other securitization products for which data was not available as of December 31, 2020 and December 31, 2019, respectively. (2) Includes HARP loans, which we purchased as part of our participation in the MHA Program. (3) NM - not meaningful due to the percentage of the portfolio rounding to zero. We categorize our investments in non-agency mortgage-related securities as subprime, option ARM, or Alt-A if the securities were identified as such based on information provided to us when we entered into these transactions. We do not consider option ARM, CMBS, obligations of states and political subdivisions, and manufactured housing securities as either subprime or Alt-A securities. See Note 6 for further information on these categories and other concentrations in our investments in securities.

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Table - Assets and Liabilities on Our Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis	Table 19.1 - Assets and Liabilities Measured at Fair Value on a Recurring Basis December 31, 2020 (In millions) Level 1 Level 2 Level 3 Netting Adjustment (1) Total Assets: Investments in securities: Available-for-sale, at fair value: Mortgage-related securities: Agency $— $13,778 $526 $— $14,304 Non-agency and other — 1 1,062 — 1,063 Total available-for-sale securities, at fair value — 13,779 1,588 — 15,367 Trading, at fair value: Mortgage-related securities: Agency — 14,246 3,258 — 17,504 Non-agency — — 1 — 1 Total mortgage-related securities — 14,246 3,259 — 17,505 Non-mortgage-related securities 26,255 698 — — 26,953 Total trading securities, at fair value 26,255 14,944 3,259 — 44,458 Total investments in securities 26,255 28,723 4,847 — 59,825 Mortgage loans: Held-for-sale, at fair value — 14,199 — — 14,199 Derivative assets, net — 8,516 63 — 8,579 Netting adjustments (1) — — — (7,374) (7,374) Total derivative assets, net — 8,516 63 (7,374) 1,205 Other assets: Guarantee assets, at fair value — — 5,509 — 5,509 Non-derivative held-for-sale purchase commitments, at fair value — 158 — — 158 All other, at fair value — — 108 — 108 Total other assets — 158 5,617 — 5,775 Total assets carried at fair value on a recurring basis $26,255 $51,596 $10,527 ($7,374) $81,004 Liabilities: Debt securities of consolidated trusts held by third parties, at fair value $— $2 $203 $— $205 Debt of Freddie Mac, at fair value — 2,267 120 — 2,387 Derivative liabilities, net — 9,132 16 — 9,148 Netting adjustments (1) — — — (8,194) (8,194) Total derivative liabilities, net — 9,132 16 (8,194) 954 Other liabilities: Non-derivative held-for-sale purchase commitments, at fair value — 1 — — 1 All other, at fair value — — 3 — 3 Total other liabilities — 1 3 — 4 Total liabilities carried at fair value on a recurring basis $— $11,402 $342 ($8,194) $3,550 Referenced footnote is included after the next table. December 31, 2019 (In millions) Level 1 Level 2 Level 3 Netting Adjustment (1) Total Assets: Investments in securities: Available-for-sale, at fair value: Mortgage-related securities: Agency $— $22,927 $1,960 $— $24,887 Non-agency and other — 20 1,267 — 1,287 Total available-for-sale securities, at fair value — 22,947 3,227 — 26,174 Trading, at fair value: Mortgage-related securities: Agency — 19,772 2,709 — 22,481 Non-agency — — 1 — 1 Total mortgage-related securities — 19,772 2,710 — 22,482 Non-mortgage-related securities 25,108 1,947 — — 27,055 Total trading securities, at fair value 25,108 21,719 2,710 — 49,537 Total investments in securities 25,108 44,666 5,937 — 75,711 Mortgage loans: Held-for-sale, at fair value — 15,035 — — 15,035 Derivative assets, net — 6,363 16 — 6,379 Netting adjustments (1) — — — (5,535) (5,535) Total derivative assets, net — 6,363 16 (5,535) 844 Other assets: Guarantee assets, at fair value — — 4,426 — 4,426 Non-derivative held-for-sale purchase commitments, at fair value — 81 — — 81 All other, at fair value — — 120 — 120 Total other assets — 81 4,546 — 4,627 Total assets carried at fair value on a recurring basis $25,108 $66,145 $10,499 ($5,535) $96,217 Liabilities: Debt securities of consolidated trusts held by third parties, at fair value $— $6 $203 $— $209 Debt of Freddie Mac, at fair value — 3,600 129 — 3,729 Derivative liabilities, net — 5,245 37 — 5,282 Netting adjustments (1) — — — (4,910) (4,910) Total derivative liabilities, net — 5,245 37 (4,910) 372 Other liabilities: Non-derivative held-for-sale purchase commitments, at fair value — 7 — — 7 All other, at fair value — — 1 — 1 Total other liabilities — 7 1 — 8 Total liabilities carried at fair value on a recurring basis $— $8,858 $370 ($4,910) $4,318 (1) Represents counterparty netting, cash collateral netting, and net derivative interest receivable or payable.
Table - Assets and Liabilities on Our Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs	The tables below present a reconciliation of all assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis using significant unobservable inputs (Level 3), including transfers into and out of Level 3. The tables also present gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our consolidated statements of comprehensive income for Level 3 assets and liabilities. Table 19.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs Year Ended December 31, 2020 Balance, Total Realized/Unrealized Gains (Losses) Purchases Issues Sales Settlements, Transfers (1) Transfers (1) Balance, Change in Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2020 (2) Change in Unrealized Gains (Losses), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2020 (In millions) Included in Included in Other Assets Investments in securities: Available-for-sale, at fair value: Mortgage-related securities: Agency $1,960 $12 $38 $— $— ($218) ($170) $— ($1,096) $526 $— ($2) Non-agency and other 1,267 15 (46) — — — (174) — — 1,062 15 (36) Total available-for-sale mortgage-related securities 3,227 27 (8) — — (218) (344) — (1,096) 1,588 15 (38) Trading, at fair value: Mortgage-related securities: Agency 2,709 (251) — 1,555 — (281) (77) — (397) 3,258 (241) — Non-agency 1 — — — — — — — — 1 — — Total trading mortgage-related securities 2,710 (251) — 1,555 — (281) (77) — (397) 3,259 (241) — Derivative assets 15 22 — — 26 — — — — 63 21 — Other assets: Guarantee assets 4,426 250 — — 1,641 — (808) — — 5,509 250 — All other, at fair value 120 (3) — (15) 27 (19) (2) — — 108 (3) — Total other assets 4,546 247 — (15) 1,668 (19) (810) — — 5,617 247 — Balance, Total Realized/Unrealized (Gains) Losses Purchases Issues Sales Settlements, Transfers (1) Transfers (1) Balance, Change in Unrealized (Gains) Losses Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2020 (2) Change in Unrealized (Gains) Losses, Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2020 Included in Included in Liabilities Debt securities of consolidated trusts held by third parties, at fair value $203 $— $— $— $— $— $— $— $— $203 $— $— Debt of Freddie Mac, at fair value 129 (1) — — 4 — (12) — — 120 (1) — Derivative liabilities 36 (8) — — 2 — (14) — — 16 (23) — All other, at fair value 1 — — 1 — 1 — — — 3 — — Referenced footnotes are included after the prior period table. Year Ended December 31, 2019 Balance, January 1, 2019 Total Realized/Unrealized Gains (Losses) Purchases Issues Sales Settlements, Transfers into Level 3 (1) Transfers out of Level 3 (1) Balance, December 31, 2019 Change in Unrealized Gains(Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2019 (2) Change in Unrealized Gains (Losses), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2019 (In millions) Included in Included in Other Assets Investments in securities: Available-for-sale, at fair value: Mortgage-related securities: Agency $4,135 $23 $108 $— $— ($1,883) ($367) $2 ($58) $1,960 $2 $40 Non-agency and other 1,640 82 (1) — — (238) (216) — — 1,267 14 35 Total available-for-sale mortgage-related securities 5,775 105 107 — — (2,121) (583) 2 (58) 3,227 16 75 Trading, at fair value: Mortgage-related securities: Agency 3,293 (280) — 596 — (616) (104) — (180) 2,709 (248) — Non-agency 1 — — — — — — — — 1 — — Total trading mortgage-related securities 3,294 (280) — 596 — (616) (104) — (180) 2,710 (248) — Derivative assets 1 14 — — — — — — — 15 14 — Other assets: Guarantee assets 3,633 33 — — 1,427 — (667) — — 4,426 33 — All other, at fair value 137 (38) — 85 36 (85) (15) — — 120 (70) — Total other assets 3,770 (5) — 85 1,463 (85) (682) — — 4,546 (37) — Balance, Total Realized/Unrealized (Gains) Losses Purchases Issues Sales Settlements, Transfers into Level 3 (1) Transfers out of Level 3 (1) Balance, Change in Unrealized (Gains) Losses Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2019 (2) Change in Unrealized (Gains) Losses, Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2019 Included in Included in Other Liabilities Debt securities of consolidated trusts held by third parties, at fair value $728 $5 $— $— $— $— ($530) $— $— $203 $5 $— Debt of Freddie Mac, at fair value 134 — — — 4 — (9) — — 129 — — Derivative liabilities 92 (37) — — — — (19) — — 36 (54) — All other, at fair value — (3) — 6 — (2) — — — 1 (5) — (1) Transfers out of Level 3 during 2020 and 2019 consisted primarily of certain mortgage-related securities due to an increased volume and level of activity in the market and availability of price quotes from dealers and third-party pricing services. Certain Freddie Mac securities are classified as Level 3 at issuance and generally are classified as Level 2 when they begin trading. Transfers into Level 3 during 2019 consisted primarily of certain mortgage-related securities due to a decrease in market activity and the availability of relevant price quotes from dealers and third-party pricing services. (2) Represents the amount of total gains or losses for the period, included in earnings, attributable to the change in unrealized gains and losses related to assets and liabilities classified as Level 3 that were still held at December 31, 2020 and December 31, 2019, respectively. This amount includes any allowance for credit losses recorded on available-for-sale securities and amortization of basis adjustments.
Table - Assets and Liabilities on Our Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs	The tables below present a reconciliation of all assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis using significant unobservable inputs (Level 3), including transfers into and out of Level 3. The tables also present gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our consolidated statements of comprehensive income for Level 3 assets and liabilities. Table 19.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs Year Ended December 31, 2020 Balance, Total Realized/Unrealized Gains (Losses) Purchases Issues Sales Settlements, Transfers (1) Transfers (1) Balance, Change in Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2020 (2) Change in Unrealized Gains (Losses), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2020 (In millions) Included in Included in Other Assets Investments in securities: Available-for-sale, at fair value: Mortgage-related securities: Agency $1,960 $12 $38 $— $— ($218) ($170) $— ($1,096) $526 $— ($2) Non-agency and other 1,267 15 (46) — — — (174) — — 1,062 15 (36) Total available-for-sale mortgage-related securities 3,227 27 (8) — — (218) (344) — (1,096) 1,588 15 (38) Trading, at fair value: Mortgage-related securities: Agency 2,709 (251) — 1,555 — (281) (77) — (397) 3,258 (241) — Non-agency 1 — — — — — — — — 1 — — Total trading mortgage-related securities 2,710 (251) — 1,555 — (281) (77) — (397) 3,259 (241) — Derivative assets 15 22 — — 26 — — — — 63 21 — Other assets: Guarantee assets 4,426 250 — — 1,641 — (808) — — 5,509 250 — All other, at fair value 120 (3) — (15) 27 (19) (2) — — 108 (3) — Total other assets 4,546 247 — (15) 1,668 (19) (810) — — 5,617 247 — Balance, Total Realized/Unrealized (Gains) Losses Purchases Issues Sales Settlements, Transfers (1) Transfers (1) Balance, Change in Unrealized (Gains) Losses Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2020 (2) Change in Unrealized (Gains) Losses, Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2020 Included in Included in Liabilities Debt securities of consolidated trusts held by third parties, at fair value $203 $— $— $— $— $— $— $— $— $203 $— $— Debt of Freddie Mac, at fair value 129 (1) — — 4 — (12) — — 120 (1) — Derivative liabilities 36 (8) — — 2 — (14) — — 16 (23) — All other, at fair value 1 — — 1 — 1 — — — 3 — — Referenced footnotes are included after the prior period table. Year Ended December 31, 2019 Balance, January 1, 2019 Total Realized/Unrealized Gains (Losses) Purchases Issues Sales Settlements, Transfers into Level 3 (1) Transfers out of Level 3 (1) Balance, December 31, 2019 Change in Unrealized Gains(Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2019 (2) Change in Unrealized Gains (Losses), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2019 (In millions) Included in Included in Other Assets Investments in securities: Available-for-sale, at fair value: Mortgage-related securities: Agency $4,135 $23 $108 $— $— ($1,883) ($367) $2 ($58) $1,960 $2 $40 Non-agency and other 1,640 82 (1) — — (238) (216) — — 1,267 14 35 Total available-for-sale mortgage-related securities 5,775 105 107 — — (2,121) (583) 2 (58) 3,227 16 75 Trading, at fair value: Mortgage-related securities: Agency 3,293 (280) — 596 — (616) (104) — (180) 2,709 (248) — Non-agency 1 — — — — — — — — 1 — — Total trading mortgage-related securities 3,294 (280) — 596 — (616) (104) — (180) 2,710 (248) — Derivative assets 1 14 — — — — — — — 15 14 — Other assets: Guarantee assets 3,633 33 — — 1,427 — (667) — — 4,426 33 — All other, at fair value 137 (38) — 85 36 (85) (15) — — 120 (70) — Total other assets 3,770 (5) — 85 1,463 (85) (682) — — 4,546 (37) — Balance, Total Realized/Unrealized (Gains) Losses Purchases Issues Sales Settlements, Transfers into Level 3 (1) Transfers out of Level 3 (1) Balance, Change in Unrealized (Gains) Losses Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2019 (2) Change in Unrealized (Gains) Losses, Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2019 Included in Included in Other Liabilities Debt securities of consolidated trusts held by third parties, at fair value $728 $5 $— $— $— $— ($530) $— $— $203 $5 $— Debt of Freddie Mac, at fair value 134 — — — 4 — (9) — — 129 — — Derivative liabilities 92 (37) — — — — (19) — — 36 (54) — All other, at fair value — (3) — 6 — (2) — — — 1 (5) — (1) Transfers out of Level 3 during 2020 and 2019 consisted primarily of certain mortgage-related securities due to an increased volume and level of activity in the market and availability of price quotes from dealers and third-party pricing services. Certain Freddie Mac securities are classified as Level 3 at issuance and generally are classified as Level 2 when they begin trading. Transfers into Level 3 during 2019 consisted primarily of certain mortgage-related securities due to a decrease in market activity and the availability of relevant price quotes from dealers and third-party pricing services. (2) Represents the amount of total gains or losses for the period, included in earnings, attributable to the change in unrealized gains and losses related to assets and liabilities classified as Level 3 that were still held at December 31, 2020 and December 31, 2019, respectively. This amount includes any allowance for credit losses recorded on available-for-sale securities and amortization of basis adjustments.
Table - Quantitative Information about Recurring Level 3 Fair Value Measurements	The tables below provide valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis. Table 19.3 - Quantitative Information about Recurring Level 3 Fair Value Measurements December 31, 2020 Level 3 Predominant Unobservable Inputs ( Dollars in millions , except for certain unobservable inputs as shown) Type Range Weighted (2) Assets Available-for-sale, at fair value Mortgage-related securities Agency $410 Discounted cash flows OAS 90 - 90 bps 90 bps 116 Other Non-agency and other 875 Median of external sources External pricing sources $67.1 - $79.1 $72.8 187 Other Trading, at fair value Mortgage-related securities Agency 2,204 Single external source External pricing sources $0.0 - $8,894.6 $947.8 472 Discounted cash flows OAS (951) - 2,910 bps 834 bps 583 Other Guarantee assets, at fair value 5,195 Discounted cash flows OAS 15 - 186 bps 38 bps 314 Other Insignificant Level 3 assets (1) 171 Total level 3 assets $10,527 Liabilities Debt securities of consolidated trusts held by third parties, at fair value $203 Single External Source External Pricing Sources $97.3 - $ 107.0 $101.7 Insignificant Level 3 liabilities (1) 139 Total level 3 liabilities $342 Referenced footnotes are included after the next table. December 31, 2019 Level 3 Fair Value Predominant Valuation Technique(s) Unobservable Inputs ( Dollars in millions , except for certain unobservable inputs as shown) Type Range Weighted Average (2) Assets Available-for-sale, at fair value Mortgage-related securities Agency $1,960 Discounted cash flows OAS 30 - 261 bps 80 bps Non-agency and other 886 Median of external sources External pricing sources $71.9 - $78.2 $75.0 381 Other Trading, at fair value Mortgage-related securities Agency 1,948 Single external source External pricing sources $0.0 - $100.7 $36.6 761 Discounted cash flows OAS (1,201) - 8,095 bps 611 bps Guarantee assets, at fair value 4,141 Discounted cash flows OAS 17 - 186 bps 40 bps 285 Other Insignificant Level 3 assets (1) 137 Total level 3 assets $10,499 Liabilities Debt securities of consolidated trusts held by third parties, at fair value $203 Single External Source External Pricing Sources $99.4 - $103.6 $101.4 Insignificant Level 3 liabilities (1) 167 Total level 3 liabilities $370 (1) Represents the aggregate amount of Level 3 assets or liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. (2) Unobservable inputs were weighted primarily by the relative fair value of the financial instruments.
Table - Asset Measured at Fair Value on a Non-Recurring Basis	The table below presents assets measured on our consolidated balance sheets at fair value on a non-recurring basis. Table 19.4 - Assets Measured at Fair Value on a Non-Recurring Basis December 31, 2020 December 31, 2019 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets measured at fair value on a non-recurring basis: Mortgage loans (1) $— $6 $2,241 $2,247 $— $22 $4,059 $4,081 (1) Includes loans that are classified as held-for-investment and have an allowance for credit losses based on the fair value of the underlying collateral and held-for-sale loans where the fair value is below cost.
Table - Fair Value Assets Measured on Nonrecurring Basis Valuation Techniques	The tables below provide valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets and liabilities measured on our consolidated balance sheets at fair value on a non-recurring basis. Table 19.5 - Quantitative Information about Non-Recurring Level 3 Fair Value Measurements December 31, 2020 Level 3 Fair Value Predominant Valuation Technique(s) Unobservable Inputs ( Dollars in millions , except for certain unobservable inputs as shown) Type Range Weighted Average (1) Non-recurring fair value measurements Mortgage loans $2,241 Internal model Historical sales proceeds $3,001 - $696,004 $202,539 Internal model Housing sales index 66 - 345 bps 119 bps Median of external sources External pricing sources $59.5 - $104.0 $92.1 December 31, 2019 Level 3 Fair Value Predominant Valuation Technique(s) Unobservable Inputs ( Dollars in millions , except for certain unobservable inputs as shown) Type Range Weighted Average (1) Non-recurring fair value measurements Mortgage loans $4,059 Internal model Historical sales proceeds $3,000 - $765,000 $186,234 Internal model Housing sales index 46 - 420 bps 112 bps Median of external sources External pricing sources $66.5 - $105.4 $95.0
Table - Fair Value of Financial Instruments	The tables below present the carrying value and estimated fair value of our financial instruments. For certain types of financial instruments, such as cash and cash equivalents, securities purchased under agreements to resell, secured lending and other, and certain debt, the carrying value on our GAAP balance sheets approximates fair value, as these assets and liabilities are short-term in nature and have limited fair value volatility. Table 19.6 - Fair Value of Financial Instruments December 31, 2020 GAAP Measurement Category (1) GAAP Carrying Amount Fair Value (In millions) Level 1 Level 2 Level 3 Netting Adjustments (2) Total Financial Assets Cash and cash equivalents Amortized cost $23,889 $23,889 $— $— $— $23,889 Securities purchased under agreements to resell Amortized cost 105,003 — 105,003 — — 105,003 Investments in securities: Available-for-sale, at fair value FV - OCI 15,367 — 13,779 1,588 — 15,367 Trading, at fair value FV - NI 44,458 26,255 14,944 3,259 — 44,458 Total investments in securities 59,825 26,255 28,723 4,847 — 59,825 Mortgage loans: Loans held by consolidated trusts 2,273,347 — 2,080,687 262,309 — 2,342,996 Loans held by Freddie Mac 110,541 — 76,917 36,578 — 113,495 Total mortgage loans Various (3) 2,383,888 — 2,157,604 298,887 — 2,456,491 Derivative assets, net FV - NI 1,205 — 8,516 63 (7,374) 1,205 Guarantee assets FV - NI 5,509 — — 5,515 — 5,515 Non-derivative purchase commitments, at fair value FV - NI 158 — 246 — — 246 Advances to lenders Amortized cost 4,162 — — 4,162 — 4,162 Secured lending Amortized cost 1,680 — 1,427 89 — 1,516 Total financial assets $2,585,319 $50,144 $2,301,519 $313,563 ($7,374) $2,657,852 Financial Liabilities Debt: Debt securities of consolidated trusts held by third parties $2,308,176 $— $2,382,157 $852 $— $2,383,009 Debt of Freddie Mac 284,370 — 286,634 4,088 — 290,722 Total debt Various (4) 2,592,546 — 2,668,791 4,940 — 2,673,731 Derivative liabilities, net FV - NI 954 — 9,132 16 (8,194) 954 Guarantee obligations Amortized cost 5,050 — — 5,378 — 5,378 Non-derivative purchase commitments, at fair value FV - NI 20 — 1 143 — 144 Total financial liabilities $2,598,570 $— $2,677,924 $10,477 ($8,194) $2,680,207 (1) FV - NI denotes fair value through net income. FV - OCI denotes fair value through other comprehensive income. (2) Represents counterparty netting, cash collateral netting, and net derivative interest receivable or payable. (3) As of December 31, 2020, the GAAP carrying amounts measured at amortized cost, lower-of-cost-or-fair-value and FV - NI were $2.4 trillion, $19.5 billion and $14.2 billion, respectively. (4) As of December 31, 2020, the GAAP carrying amounts measured at amortized cost and FV - NI were $2.6 trillion and $2.6 billion, respectively. December 31, 2019 GAAP Measurement Category (1) GAAP Carrying Amount Fair Value (In millions) Level 1 Level 2 Level 3 Netting Adjustments (2) Total Financial Assets Cash and cash equivalents Amortized cost $5,189 $5,189 $— $— $— $5,189 Securities purchased under agreements to resell Amortized cost 56,271 — 66,114 — (9,843) 56,271 Investments in securities: Available-for-sale, at fair value FV - OCI 26,174 — 22,947 3,227 — 26,174 Trading, at fair value FV - NI 49,537 25,108 21,719 2,710 — 49,537 Total investments in securities 75,711 25,108 44,666 5,937 — 75,711 Mortgage loans: Loans held by consolidated trusts 1,940,523 — 1,732,434 244,500 — 1,976,934 Loans held by Freddie Mac 79,677 — 38,100 45,588 — 83,688 Total mortgage loans Various (3) 2,020,200 — 1,770,534 290,088 — 2,060,622 Derivative assets, net FV - NI 844 — 6,363 16 (5,535) 844 Guarantee assets FV - NI 4,426 — — 4,433 — 4,433 Non-derivative purchase commitments, at fair value FV - NI 81 — 90 72 — 162 Advances to lenders Amortized cost 1,873 — — 1,873 — 1,873 Secured lending Amortized cost 2,313 — 1,874 258 — 2,132 Total financial assets $2,166,908 $30,297 $1,889,641 $302,677 ($15,378) $2,207,237 Financial Liabilities Debt: Debt securities of consolidated trusts held by third parties $1,898,355 $— $1,931,473 $1,277 $— $1,932,750 Debt of Freddie Mac 271,330 — 282,431 3,619 (9,843) 276,207 Total debt Various (4) 2,169,685 — 2,213,904 4,896 (9,843) 2,208,957 Derivative liabilities, net FV - NI 372 — 5,245 37 (4,910) 372 Guarantee obligations Amortized cost 4,292 — — 4,527 — 4,527 Non-derivative purchase commitments, at fair value FV - NI 7 — 7 67 — 74 Total financial liabilities $2,174,356 $— $2,219,156 $9,527 ($14,753) $2,213,930 (1) FV - NI denotes fair value through net income. FV - OCI denotes fair value through other comprehensive income. (2) Represents counterparty netting, cash collateral netting, and net derivative interest receivable or payable. (3) As of December 31, 2019, the GAAP carrying amounts measured at amortized cost, lower-of-cost-or-fair-value and FV - NI were $2.0 trillion, $20.3 billion and $15.0 billion, respectively.
Table - Difference between Fair Value and Unpaid Principal Balance for Certain Financial Instruments with Fair Value Option Elected	The table below presents the fair value and UPB related to certain loans and long-term debt for which we have elected the fair value option. This table does not include interest-only securities related to debt securities of consolidated trusts and debt of Freddie Mac held by third parties with a fair value of $173 million and $146 million and multifamily held-for-sale loan purchase commitments with a fair value of $157 million and $74 million, as of December 31, 2020 and December 31, 2019, respectively. Table 19.7 - Difference between Fair Value and UPB for Certain Financial Instruments with Fair Value Option Elected December 31, 2020 December 31, 2019 (In millions) Multifamily Held-For-Sale Loans Debt of Freddie Mac - Debt Securities of Consolidated Trusts Held by Third Parties Multifamily Held-For-Sale Loans Debt of Freddie Mac - Debt Securities of Consolidated Trusts Held by Third Parties Fair value $14,199 $2,216 $203 $15,035 $3,589 $203 UPB 13,400 2,189 200 14,444 3,329 200 Difference $799 $27 $3 $591 $260 $3 The table below presents the changes in fair value included in non-interest income (loss) on our consolidated statements of comprehensive income, related to items for which we have elected the fair value option. Table 19.8 - Changes in Fair Value under the Fair Value Option Election December 31, 2020 December 31, 2019 December 31, 2018 (In millions) Gains (Losses) Multifamily held-for-sale loans $1,247 $853 ($745) Multifamily held-for-sale loan purchase commitments 2,288 1,913 777 Debt of Freddie Mac - long term 335 136 138 Debt securities of consolidated trusts held by third parties 4 (4) 5

Regulatory Capital (Tables)

Regulatory Capital (Tables)	12 Months Ended
	Dec. 31, 2020
Mortgage Banking [Abstract]
Table - Net Worth and Minimum Capital	The table below summarizes our minimum capital requirements and deficits and net worth. Table 21.1 - Net Worth and Minimum Capital (In millions) December 31, 2020 December 31, 2019 GAAP net worth (deficit) $16,413 $9,122 Core capital (deficit) (1)(2) (56,878) (63,964) Less: Minimum capital requirement (1) 22,694 19,123 Minimum capital surplus (deficit) (1) ($79,572) ($83,087) (1) Core capital and minimum capital figures are estimates and represent amounts submitted to FHFA. FHFA is the authoritative source for our regulatory capital. (2) Core capital excludes certain components of GAAP total equity (i.e., AOCI and senior preferred stock) as these items do not meet the statutory definition of core capital.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Retained Earnings (Accumulated Deficit)	$ (67,102)	$ (74,428)	$ (74,188)
Accounting Standards Update 2016-13
Retained Earnings (Accumulated Deficit)		$ (240)

CECL Transition Impact (Details

CECL Transition Impact (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	$ (6,553)		$ (4,286)	$ (6,191)
Assets [Abstract]
Mortgage loans held-for-investment	2,350,236	$ 1,984,419	1,984,912
Deferred Tax Assets, Net	6,557	5,982	5,918
Other assets	39,294	22,992	22,799
Liabilities [Abstract]
Other Liabilities	11,292	8,046	8,042
Stockholders' Equity Attributable to Parent [Abstract]
Retained Earnings (Accumulated Deficit)	(67,102)	(74,428)	(74,188)
Single-family
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	(6,353)	(4,890)	(4,268)	(6,176)
Assets [Abstract]
Total Mortgage Loans Unpaid Principal Balance HFI		1,971,856	1,971,657
Mortgage loans held-for-investment	2,328,363		1,967,435
Single-family | Allowance for loan losses
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss			(4,222)
Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	(200)	(36)	(18)	$ (15)
Assets [Abstract]
Total Mortgage Loans Unpaid Principal Balance HFI		17,489	17,489
Mortgage loans held-for-investment	$ 21,873		17,477
Multifamily | Allowance for loan losses
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss			$ (12)
Accounting Standards Update 2016-13
Assets [Abstract]
Mortgage loans held-for-investment		(493)
Deferred Tax Assets, Net		64
Other assets		193
Total transition adjustments asset		(236)
Liabilities [Abstract]
Other Liabilities		4
Total transition adjustments		(236)
Stockholders' Equity Attributable to Parent [Abstract]
Retained Earnings (Accumulated Deficit)		(240)
Accounting Standards Update 2016-13 | Single-family
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss		(668)
Assets [Abstract]
Total Mortgage Loans Unpaid Principal Balance HFI		199
Accounting Standards Update 2016-13 | Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss		(24)
Assets [Abstract]
Total Mortgage Loans Unpaid Principal Balance HFI		$ 0

Conservatorship and Related M_2

Conservatorship and Related Matters (Details)	Mar. 30, 2018USD ($)	Jun. 29, 2012USD ($)	Mar. 30, 2012USD ($)	Dec. 30, 2011USD ($)	Sep. 30, 2011USD ($)	Mar. 31, 2011USD ($)	Dec. 30, 2010USD ($)	Sep. 30, 2010USD ($)	Jun. 30, 2010USD ($)	Jun. 30, 2009USD ($)	Mar. 31, 2009USD ($)	Nov. 24, 2008USD ($)	Sep. 08, 2008USD ($)shares	Dec. 31, 2020USD ($)numberofstrategicgoals	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)numberofstrategicgoals	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2012	Dec. 31, 2020USD ($)numberofstrategicgoals	Jan. 01, 2023USD ($)	Dec. 31, 2022USD ($)	Jun. 30, 2022USD ($)	Jan. 01, 2022USD ($)	Dec. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)
Conservatorship and related matters line items
Number of strategic goals | numberofstrategicgoals														3			3				3
Common stock warrant, percentage of common stock shares that can be purchased														79.90%			79.90%				79.90%
Permitted proceeds from future common stock issuance														$ 70,000,000,000			$ 70,000,000,000				$ 70,000,000,000
Remaining funding available under Purchase Agreement														140,200,000,000			140,200,000,000				140,200,000,000
Initial liquidation preference of senior preferred stock													$ 1,000,000,000
Cash Proceeds Received Upon Issuing The Senior Preferred Stock														0			0				0
Capital Reserve Amount Under Purchase Agreement Prior To July 1, 2019														3,000,000,000			3,000,000,000				3,000,000,000
Aggregate liquidation preference on senior preferred stock														86,539,000,000	$ 84,100,000,000	$ 79,322,000,000	86,539,000,000	$ 79,322,000,000			86,539,000,000
Net Worth Increase														2,500,000,000	$ 2,400,000,000
Applicable capital reserve amount if we don't pay the full dividend requirement in a future period														$ 0			$ 0				$ 0
Percent per annum portion of quarterly senior preferred stock dividend requirement after Capital Reserve End Date when dividend paid in full														10.00%			10.00%				10.00%
Percent per annum portion of quarterly senior preferred stock dividend requirement after Capital Reserve End Date when dividend is not paid in full														12.00%			12.00%				12.00%
Allowance of non-ordinary course asset sales														$ 250,000,000			$ 250,000,000				$ 250,000,000
Maximum limit of the UPB of mortgage-related investments portfolio														225,000,000,000			225,000,000,000				225,000,000,000
Mortgage Related Investments Portfolio Limit Under Purchase Agreement																250,000,000,000		250,000,000,000	$ 250,000,000,000
Debt cap under Purchase Agreement.														300,000,000,000			300,000,000,000				300,000,000,000
UPB of mortgage-related investments portfolio														188,800,000,000			188,800,000,000				188,800,000,000
Ten percent of notional amount of IO securities														6,600,000,000			6,600,000,000				6,600,000,000
Aggregate dividend payments since conservatorship began														$ 119,700,000,000			$ 119,700,000,000				$ 119,700,000,000
Increase in liquidation preference																0			312,000,000
Basis points of each dollar of new business purchases required by GSE Act.														0.042%			0.042%				0.042%
Subsequent Event
Conservatorship and related matters line items
Aggregate liquidation preference on senior preferred stock																												$ 89,100,000,000
Mortgage Related Investments Portfolio Limit Under Purchase Agreement																							$ 225,000,000,000
Debt cap under Purchase Agreement.																						$ 270,000,000,000
Cash window volume purchase limit per lender																									$ 1,500,000,000
Multifamily Loan Purchases Cap																										$ 80,000,000,000
Agency MBS Maximum																								$ 20,000,000,000			$ 50,000,000,000
CMO Maximum																											$ 0
U.S. Government
Conservatorship and related matters line items
Amount of related party transaction																	$ 0	0	$ 0
CSS
Conservatorship and related matters line items
Amount of related party transaction																	88,000,000				$ 658,000,000
Equity Method Investments														$ 16,000,000		$ 35,000,000	16,000,000	$ 35,000,000			16,000,000
Senior Preferred Stock
Conservatorship and related matters line items
Senior preferred stock, shares issued | shares													1,000,000
Initial liquidation preference of senior preferred stock													$ 1,000,000,000
Aggregate liquidation preference on senior preferred stock														$ 86,539,000,000			86,539,000,000				$ 86,539,000,000
Senior Preferred Stock, Dividend Rate																				10.00%
Increase in liquidation preference	$ 312,000,000	$ 19,000,000	$ 146,000,000	$ 5,992,000,000	$ 1,479,000,000	$ 500,000,000	$ 100,000,000	$ 1,800,000,000	$ 10,600,000,000	$ 6,100,000,000	$ 30,800,000,000	$ 13,800,000,000					$ 71,648,000,000

Securitization Activities and_3

Securitization Activities and Consolidation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Investments in securities, at fair value	$ 59,825	$ 75,711
Total assets	2,627,415	2,193,780
Fannie Mae securities backing Freddie Mac resecuritization trust
Variable Interest Entity [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	85,841	27,408
Senior Subordinate Securitization Products | Single-family Guarantee
Variable Interest Entity [Line Items]
Consolidated UPB of VIE	8,900	19,900
Other Securitization Products | Single-family Guarantee
Variable Interest Entity [Line Items]
Consolidated UPB of VIE	2,300	2,800
Other Securitization Products | Multifamily
Variable Interest Entity [Line Items]
UPB of Issuances and Guarantees	6,000	4,000
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in securities, at fair value	28,459	37,918
Variable Interest Entity, Not Primary Beneficiary | Fannie Mae securities backing Freddie Mac resecuritization trust
Variable Interest Entity [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	85,300	26,800
Variable Interest Entity, Not Primary Beneficiary | K Certificates | Multifamily
Variable Interest Entity [Line Items]
UPB of Issuances and Guarantees	55,600	53,600
Maximum Exposure to Loss	253,000	220,700
Total assets	291,300	256,900
Variable Interest Entity, Not Primary Beneficiary | SB Certificate | Multifamily
Variable Interest Entity [Line Items]
UPB of Issuances and Guarantees	4,400	6,200
Maximum Exposure to Loss	21,500	19,400
Total assets	23,900	21,600
Variable Interest Entity, Not Primary Beneficiary | Senior Subordinate Securitization Products | Single-family Guarantee
Variable Interest Entity [Line Items]
UPB of Issuances and Guarantees	7,000	11,200
Maximum Exposure to Loss	28,100	24,300
Total assets	33,700	28,800
Variable Interest Entity, Not Primary Beneficiary | Other Securitization Products | Single-family Guarantee
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	1,700	2,500
Total assets	1,800	2,600
Variable Interest Entity, Not Primary Beneficiary | Other Securitization Products | Multifamily
Variable Interest Entity [Line Items]
UPB of Issuances and Guarantees	3,100	3,100
Maximum Exposure to Loss	14,900	14,000
Total assets	16,900	16,000
Variable Interest Entity, Not Primary Beneficiary | STACR and SCR | Single-family Guarantee
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	420	21
Total assets	17,300	9,700
Level 1 Securitization products [Member] | Single-family Guarantee
Variable Interest Entity [Line Items]
Consolidated UPB of VIE	2,300,000	1,900,000
UPB of Issuances and Guarantees	1,100,000	400,000
Other Securitization Trust | Other Securitization Products | Multifamily
Variable Interest Entity [Line Items]
Consolidated UPB of VIE	$ 14,300	$ 8,700

Securitization Activities and_4

Securitization Activities and Consolidation - Consolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 23,889		$ 5,189	$ 7,273	$ 9,811
Restricted cash and cash equivalents	17,379		991
Securities purchased under agreement to resell	105,003		56,271
Investments in securities, at fair value	59,825		75,711
Mortgage loans held-for-investment	2,350,236	$ 1,984,419	1,984,912
Other assets	39,294	22,992	22,799
Total assets	2,627,415		2,193,780
Accrued interest payable	6,210		6,559
Debt, net	2,592,546		2,169,685
Other Liabilities	11,292	$ 8,046	8,042
Total liabilities	2,611,002		2,184,658
Held by consolidated trusts
Variable Interest Entity [Line Items]
Cash and cash equivalents	17,290		870
Restricted cash and cash equivalents	17,289		869
Securities purchased under agreement to resell	38,487		23,137
Investments in securities, at fair value	591		597
Mortgage loans held-for-investment	2,273,347		1,940,523
Accrued interest receivable, net	7,134		6,170
Other assets	20,480		9,824
Total assets	2,357,329		1,981,121
Accrued interest payable	5,610		5,536
Debt, net	2,308,176		1,898,355
Other Liabilities	0		1
Total liabilities	$ 2,313,786		$ 1,903,892

Securitization Activities and_5

Securitization Activities and Consolidation - Non-Consolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Assets [Abstract]
Investments in securities, at fair value	$ 59,825		$ 75,711
Derivative Assets, net	1,205		844
Other assets	39,294	$ 22,992	22,799
Liabilities [Abstract]
Derivative liability, net	954		372
Other Liabilities	11,292	$ 8,046	8,042
Variable Interest Entity, Not Primary Beneficiary
Assets [Abstract]
Investments in securities, at fair value	28,459		37,918
Accrued interest receivable, net	239		212
Derivative Assets, net	61		14
Other assets	5,553		3,951
Liabilities [Abstract]
Derivative liability, net	47		108
Other Liabilities	$ 4,515		$ 3,761

Mortgage Loans and Loan Loss _3

Mortgage Loans and Loan Loss Reserves (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)numberofloans	Dec. 31, 2019USD ($)numberofloans	Dec. 31, 2018USD ($)numberofloans
Accounts, Notes, Loans and Financing Receivables [Line Items]
Noncash acquisition, mortgage loans held-for-investment acquired	$ 435,500	$ 238,400	$ 164,000
Transfers from advances to lenders to loans HFI	141,700	50,000	25,800
Real Estate Owned, Transfer to Real Estate Owned	$ 200	$ 800	$ 1,000
Other loss mitigation activities
Accounts, Notes, Loans and Financing Receivables [Line Items]
Number of Loans, Modifications, Subsequent Default | numberofloans	3,862	5,158	8,488
Post-TDR Recorded Investment, Modifications, Subsequent Default	$ 600	$ 600	$ 1,000
Single-family
Accounts, Notes, Loans and Financing Receivables [Line Items]
SF UPB removed from Consolidated Trust	$ 5,600	$ 5,600
Number of Loans, Modifications, Subsequent Default | numberofloans	11,700	14,882	15,467
Post-TDR Recorded Investment, Modifications, Subsequent Default	$ 2,090	$ 1,882	$ 2,115
Interest rate reduction and term extension types, percentage of completed modifications	15.00%	9.00%	12.00%
Principal forebearance and interest rate reductions and term extension types, percentage of completed modifications	22.00%	23.00%	24.00%
Average term extension, number of months of completed modifications	179 months	180 months	132 months
Average interest rate reduction, percentage of completed modifications	0.30%	0.10%	0.20%
Multifamily
Accounts, Notes, Loans and Financing Receivables [Line Items]
Number of Loans, Modifications, Subsequent Default | numberofloans	0	0	0
Post-TDR Recorded Investment, Modifications, Subsequent Default	$ 0	$ 0	$ 0

Mortgage Loans and Loan Loss _4

Mortgage Loans and Loan Loss Reserves - Mortgage Loans (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivables [Line Items]
UPB of mortgage loans - HFS	$ 34,491		$ 37,497
Cost basis and fair value adjustments, net HFS	(839)		(2,209)
Total held-for-sale loans, net	33,652		35,288
UPB of mortgage loans - HFI	2,293,499		1,955,755
Cost basis adjustment HFI	62,469		33,391
Allowance for loan losses	(5,732)		(4,234)
Total held-for-investment mortgage loans, net	2,350,236	$ 1,984,419	1,984,912
Total loans, net	2,383,888		2,020,200
Single-family
Accounts, Notes, Loans and Financing Receivables [Line Items]
UPB of mortgage loans - HFS	10,702		18,543
Cost basis and fair value adjustments, net HFS	(1,637)		(2,800)
Total held-for-sale loans, net	9,065		15,743
UPB of mortgage loans - HFI	2,271,576		1,938,282
Cost basis adjustment HFI	62,415		33,375
Allowance for loan losses	(5,628)		(4,222)
Total held-for-investment mortgage loans, net	2,328,363		1,967,435
Total loans, net	2,337,428		1,983,178
Multifamily
Accounts, Notes, Loans and Financing Receivables [Line Items]
UPB of mortgage loans - HFS	23,789		18,954
Cost basis and fair value adjustments, net HFS	798		591
Total held-for-sale loans, net	24,587		19,545
UPB of mortgage loans - HFI	21,923		17,473
Cost basis adjustment HFI	54		16
Allowance for loan losses	(104)		(12)
Total held-for-investment mortgage loans, net	21,873		17,477
Total loans, net	$ 46,460		$ 37,022

Mortgage Loans and Loan Loss _5

Mortgage Loans and Loan Loss Reserves - Loans Purchased, Reclassified from Held-for-Investment to Held-for-Sale and Sold (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Single-family | Held-for-Investment
Financing Receivable, Allowance for Credit Loss [Line Items]
Purchase	$ 1,085.9	$ 451.2	$ 307.7
Reclassification to Held-for-sale	4.6	13.6	21.7
Single-family | Held-for-Sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Sale	9	13.1	10.2
Multifamily | Held-for-Investment
Financing Receivable, Allowance for Credit Loss [Line Items]
Purchase	9.6	9.5	5
Reclassification to Held-for-sale	2.7	1.9	1.8
Multifamily | Held-for-Sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Purchase	69.7	65.3	70.3
Sale	$ 66.7	$ 71.3	$ 68.1

Mortgage Loans and Loan Loss _6

Mortgage Loans and Loan Loss Reserves - Loan Reclassifications (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Allowance for Credit Loss, Writeoff	$ 264
Held-for-Sale | Single-family
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for Credit Losses Reversed or Established	147
Valuation Allowance Established or Reversed	34
Mortgage Loans Unpaid Principal Balance Reclassified from HFS to HFI	1,721
Held-for-Sale | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for Credit Losses Reversed or Established	(1)
Valuation Allowance Established or Reversed	4
Mortgage Loans Unpaid Principal Balance Reclassified from HFS to HFI	775
Held-for-Investment | Single-family
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage Loans Unpaid Principal Balance Reclassified from HFI to HFS	4,628
Allowance for Credit Losses Reversed or Established	300
Valuation Allowance Established or Reversed	0
Held-for-Investment | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage Loans Unpaid Principal Balance Reclassified from HFI to HFS	2,703
Allowance for Credit Losses Reversed or Established	9
Valuation Allowance Established or Reversed	$ (6)

Mortgage Loans and Loan Loss _7

Mortgage Loans and Loan Loss Reserves - Amortized Cost Basis of Held-for-Investment Loans on Nonaccrual (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Jan. 01, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual Amortized Cost Basis	$ 13,677	$ 6,383
Interest Income Recognized	258
Single Family
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual Amortized Cost Basis	13,677	6,370
Interest Income Recognized	258
Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual Amortized Cost Basis	0	13
Interest Income Recognized	0
Single-family 20 and 30-year or more, amortizing fixed-rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual Amortized Cost Basis	12,151	5,598
Interest Income Recognized	235
Single-family 15-year amortizing fixed-rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual Amortized Cost Basis	696	242
Interest Income Recognized	10
Single-family Adjustable-rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual Amortized Cost Basis	193	91
Interest Income Recognized	3
Single-family Alt-A, interest-only, and option ARM
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual Amortized Cost Basis	637	$ 439
Interest Income Recognized	$ 10

Mortgage Loans and Loan Loss _8

Mortgage Loans and Loan Loss Reserves Mortgage Loans and Loan Loss Reserves - Accrued Interest Receivable and Related Charge-Offs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest Receivable	$ 7,754	$ 6,848
Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest Receivable	139
Accrued Interest Receivable Related Charge-Offs	0
Single Family
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest Receivable	7,292
Accrued Interest Receivable Related Charge-Offs	$ (333)

Mortgage Loans and Loan Loss _9

Mortgage Loans and Loan Loss Reserves Mortgage Loans and Loan Loss Reserves - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratios and Vintage (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable 1	$ 2,355,968	$ 1,989,146
Single-Family serious delinquency rate	2.64%	0.63%
Single-family 20 and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	$ 847,099
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	247,847
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	106,222
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	126,125
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	157,307
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	480,973
Financing Receivable 1	1,965,573	$ 1,677,268
Single-family 15-year amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	154,747
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	30,322
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	12,129
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	20,628
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	30,143
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	84,001
Financing Receivable 1	331,970	243,723
Single-family Adjustable-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	3,062
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,852
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,302
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	3,519
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	2,373
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	13,530
Financing Receivable 1	25,638	36,909
Single-family Alt-A, interest-only, and option ARM
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	10,810
Financing Receivable 1	10,810	13,757
Single Family
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	1,004,908
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	280,021
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	119,653
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	150,272
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	189,823
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	589,314
Financing Receivable 1	2,333,991	$ 1,971,657
Single-Family serious delinquency rate		0.63%
Debt-to-Value Ratio, Less than 60 Perent | Single-family 20 and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	203,333
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	52,820
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	33,139
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	64,834
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	115,978
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	431,406
Financing Receivable 1	901,510
Debt-to-Value Ratio, Less than 60 Perent | Single-family 15-year amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	78,269
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	17,753
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	9,914
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	19,650
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	29,916
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	83,842
Financing Receivable 1	239,344
Debt-to-Value Ratio, Less than 60 Perent | Single-family Adjustable-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	1,427
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	850
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	731
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,429
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	2,042
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	12,993
Financing Receivable 1	20,472
Debt-to-Value Ratio, Less than 60 Perent | Single-family Alt-A, interest-only, and option ARM
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	8,620
Financing Receivable 1	8,620
Debt-to-Value Ratio, Less than 60 Perent | Single Family
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	283,029
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	71,423
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	43,784
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	86,913
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	147,936
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	536,861
Financing Receivable 1	1,169,946
Debt-to-Value Ratio, Less than 80 Percent [Member] | Single-family 20 and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	437,107
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	141,094
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	64,236
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	59,110
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	40,614
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	44,636
Financing Receivable 1	786,797	$ 1,405,562
Debt-to-Value Ratio, Less than 80 Percent [Member] | Single-family 15-year amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	67,904
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	12,169
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	2,195
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	961
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	215
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	135
Financing Receivable 1	83,579	236,837
Debt-to-Value Ratio, Less than 80 Percent [Member] | Single-family Adjustable-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	1,403
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	877
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	537
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	1,061
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	329
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	528
Financing Receivable 1	4,735	35,478
Debt-to-Value Ratio, Less than 80 Percent [Member] | Single-family Alt-A, interest-only, and option ARM
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,818
Financing Receivable 1	1,818	12,668
Debt-to-Value Ratio, Less than 80 Percent [Member] | Single Family
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	506,414
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	154,140
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	66,968
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	61,132
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	41,158
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	47,117
Financing Receivable 1	876,929	1,690,545
Greater Than 80 Through 100 Estimated Current LTV Ratio | Single-family 20 and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	206,457
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	53,926
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	8,822
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,117
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	654
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	3,983
Financing Receivable 1	275,959	267,752
Greater Than 80 Through 100 Estimated Current LTV Ratio | Single-family 15-year amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	8,553
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	400
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	17
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	12
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	9
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	17
Financing Receivable 1	9,008	6,797
Greater Than 80 Through 100 Estimated Current LTV Ratio | Single-family Adjustable-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	232
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	125
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	34
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	29
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	2
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	8
Financing Receivable 1	430	1,425
Greater Than 80 Through 100 Estimated Current LTV Ratio | Single-family Alt-A, interest-only, and option ARM
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	314
Financing Receivable 1	314	901
Greater Than 80 Through 100 Estimated Current LTV Ratio | Single Family
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	215,242
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	54,451
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	8,873
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	2,158
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	665
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	4,322
Financing Receivable 1	285,711	276,875
Greater Than 100 Estimated Current LTV Ratio | Single-family 20 and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	202
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	7
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	25
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	64
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	61
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	948
Financing Receivable 1	1,307	3,954
Greater Than 100 Estimated Current LTV Ratio | Single-family 15-year amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	21
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	3
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	5
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	3
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	7
Financing Receivable 1	39	89
Greater Than 100 Estimated Current LTV Ratio | Single-family Adjustable-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1
Financing Receivable 1	1	6
Greater Than 100 Estimated Current LTV Ratio | Single-family Alt-A, interest-only, and option ARM
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	58
Financing Receivable 1	58	188
Greater Than 100 Estimated Current LTV Ratio | Single Family
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	223
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	7
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	28
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	69
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	64
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	1,014
Financing Receivable 1	$ 1,405	$ 4,237
Single-Family serious delinquency rate	11.17%	4.51%

Mortgage Loans and Loan Loss_10

Mortgage Loans and Loan Loss Reserves -Amortized Cost Basis of Multifamily Held- for-Investment Loans by Credit Quality Indicator by Vintage (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Recorded investment of held-for-investment loans	$ 2,355,968	$ 1,989,146
Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	7,486
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	7,015
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,196
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	763
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	598
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	2,895
Financing Receivable, Revolving Loans Converted to Term Loans	2,024
Recorded investment of held-for-investment loans	21,977	17,489
Pass | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	7,486
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	6,491
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	1,075
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	722
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	590
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	2,715
Financing Receivable, Revolving Loans Converted to Term Loans	2,024
Recorded investment of held-for-investment loans	21,103	17,227
Special Mention | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	524
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	115
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	8
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	108
Financing Receivable, Revolving Loans Converted to Term Loans	0
Recorded investment of held-for-investment loans	755	141
Substandard | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	6
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	41
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	72
Financing Receivable, Revolving Loans Converted to Term Loans	0
Recorded investment of held-for-investment loans	119	121
Doubtful | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year	0
Financing Receivable, Revolving Loans Converted to Term Loans	0
Recorded investment of held-for-investment loans	$ 0	$ 0

Mortgage Loans and Loan Loss_11

Mortgage Loans and Loan Loss Reserves - Amortized Cost Basis of Held-for-Investment Loans by Payment Status (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Current	$ 2,274,319	$ 1,962,006
Total recorded investment	2,355,968	1,989,146
Non-Accrual with no allowance	779
Mortgage Loans in Process of Foreclosure, Amount	1,000	1,800
Loans compliant with forbearance agreement	700
Financing Receivable, Nonaccrual		6,396
Single-family 20 and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Current	1,891,981	1,653,113
Total recorded investment	1,965,573	1,677,268
Three months or more past due and accruing	40,162
Non-Accrual with no allowance	648
Financing Receivable, Nonaccrual		5,822
Single-family 15-year amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Current	326,651	242,177
Total recorded investment	331,970	243,723
Three months or more past due and accruing	2,723
Non-Accrual with no allowance	11
Financing Receivable, Nonaccrual		252
Single-family Adjustable-rate
Financing Receivable, Past Due [Line Items]
Current	24,483	36,537
Total recorded investment	25,638	36,909
Three months or more past due and accruing	690
Non-Accrual with no allowance	5
Financing Receivable, Nonaccrual		104
Single-family Alt-A, interest-only, and option ARM
Financing Receivable, Past Due [Line Items]
Current	9,227	12,690
Total recorded investment	10,810	13,757
Three months or more past due and accruing	538
Non-Accrual with no allowance	115
Financing Receivable, Nonaccrual		205
Single-family
Financing Receivable, Past Due [Line Items]
Current	2,252,342	1,944,517
Total recorded investment	2,333,991	1,971,657
Financing Receivable, Nonaccrual		6,383
Multifamily
Financing Receivable, Past Due [Line Items]
Current	21,977	17,489
Total recorded investment	21,977	17,489
Three months or more past due and accruing	0
Non-Accrual with no allowance	0
Financing Receivable, Nonaccrual		13
One month past due
Financing Receivable, Past Due [Line Items]
Past Due	17,721	17,339
One month past due | Single-family 20 and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Past Due	15,798	15,481
One month past due | Single-family 15-year amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Past Due	1,439	1,131
One month past due | Single-family Adjustable-rate
Financing Receivable, Past Due [Line Items]
Past Due	192	238
One month past due | Single-family Alt-A, interest-only, and option ARM
Financing Receivable, Past Due [Line Items]
Past Due	292	489
One month past due | Single-family
Financing Receivable, Past Due [Line Items]
Past Due	17,721	17,339
One month past due | Multifamily
Financing Receivable, Past Due [Line Items]
Past Due	0	0
Two months past due
Financing Receivable, Past Due [Line Items]
Past Due	6,579	3,707
Two months past due | Single-family 20 and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Past Due	5,941	3,326
Two months past due | Single-family 15-year amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Past Due	429	175
Two months past due | Single-family Adjustable-rate
Financing Receivable, Past Due [Line Items]
Past Due	79	45
Two months past due | Single-family Alt-A, interest-only, and option ARM
Financing Receivable, Past Due [Line Items]
Past Due	130	161
Two months past due | Single-family
Financing Receivable, Past Due [Line Items]
Past Due	6,579	3,707
Two months past due | Multifamily
Financing Receivable, Past Due [Line Items]
Past Due	0	0
Three months or more past due or in foreclosure
Financing Receivable, Past Due [Line Items]
Past Due	57,349	6,094
Three months or more past due and accruing	44,113
Three months or more past due or in foreclosure | Single-family 20 and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Past Due	51,853	5,348
Three months or more past due or in foreclosure | Single-family 15-year amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Past Due	3,451	240
Three months or more past due or in foreclosure | Single-family Adjustable-rate
Financing Receivable, Past Due [Line Items]
Past Due	884	89
Three months or more past due or in foreclosure | Single-family Alt-A, interest-only, and option ARM
Financing Receivable, Past Due [Line Items]
Past Due	1,161	417
Three months or more past due or in foreclosure | Single-family
Financing Receivable, Past Due [Line Items]
Past Due	57,349	6,094
Three months or more past due and accruing	44,113
Non-Accrual with no allowance	779
Three months or more past due or in foreclosure | Multifamily
Financing Receivable, Past Due [Line Items]
Past Due	$ 0	$ 0

Mortgage Loans and Loan Loss_12

Mortgage Loans and Loan Loss Reserves - SF TDR Modification Metrics (Details) - Single Family	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Troubled Debt Restructuring [Line Items]
Average Term Extension Number Of Months Of Completed Modifications	179 months	180 months	132 months
Average Interest Rate Reduction Percentage Of Completed Modifications	0.30%	0.10%	0.20%
Principal Forebearance And Interest Rate Reduction And Term Extension Percentage Of Completed Modifications	22.00%	23.00%	24.00%
Interest Rate Reduction And Term Extension Percentage Of Completed Modifications	15.00%	9.00%	12.00%

Mortgage Loans and Loan Loss_13

Mortgage Loans and Loan Loss Reserves - TDR Activity (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)numberofloans	Dec. 31, 2019USD ($)numberofloans	Dec. 31, 2018USD ($)numberofloans
Single-family 20 and 30-year or more, amortizing fixed-rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | numberofloans	22,471	25,924	43,742
Post TDR Recorded Investments	$ 4,169	$ 4,331	$ 7,084
Single-family 15-year amortizing fixed-rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | numberofloans	2,584	3,018	5,944
Post TDR Recorded Investments	$ 283	$ 296	$ 584
Single-family Adjustable-rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | numberofloans	334	529	902
Post TDR Recorded Investments	$ 59	$ 86	$ 140
Single-family Alt-A, interest-only, and option ARM
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | numberofloans	1,300	1,523	2,602
Post TDR Recorded Investments	$ 204	$ 219	$ 432
Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | numberofloans	26,689	30,994	53,190
Post TDR Recorded Investments	$ 4,715	$ 4,932	$ 8,240
Pre-TDR Recorded Investments	$ 4,700	$ 4,900	$ 8,300
Multifamily
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | numberofloans	0	0	1
Post TDR Recorded Investments	$ 0	$ 0	$ 15

Mortgage Loans and Loan Loss_14

Mortgage Loans and Loan Loss Reserves - Payment Defaults of Completed TDR Modifications (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)numberofloans	Dec. 31, 2019USD ($)numberofloans	Dec. 31, 2018USD ($)numberofloans
Single-family 20 and 30-year or more, amortizing fixed-rate
Financing Receivable, Modifications and Other Loss Mitigation Activities
Number of Loans, Modifications, Subsequent Default | numberofloans	10,339	13,428	13,548
Post-TDR Recorded Investment, Modifications, Subsequent Default | $	$ 1,869	$ 1,702	$ 1,847
Single-family 15-year amortizing fixed-rate
Financing Receivable, Modifications and Other Loss Mitigation Activities
Number of Loans, Modifications, Subsequent Default | numberofloans	482	451	565
Post-TDR Recorded Investment, Modifications, Subsequent Default | $	$ 58	$ 36	$ 44
Single-family Adjustable-rate
Financing Receivable, Modifications and Other Loss Mitigation Activities
Number of Loans, Modifications, Subsequent Default | numberofloans	130	132	176
Post-TDR Recorded Investment, Modifications, Subsequent Default | $	$ 19	$ 15	$ 25
Single-family Alt-A, interest-only, and option ARM
Financing Receivable, Modifications and Other Loss Mitigation Activities
Number of Loans, Modifications, Subsequent Default | numberofloans	749	871	1,178
Post-TDR Recorded Investment, Modifications, Subsequent Default | $	$ 144	$ 129	$ 199
Single-family
Financing Receivable, Modifications and Other Loss Mitigation Activities
Number of Loans, Modifications, Subsequent Default | numberofloans	11,700	14,882	15,467
Post-TDR Recorded Investment, Modifications, Subsequent Default | $	$ 2,090	$ 1,882	$ 2,115
Multifamily
Financing Receivable, Modifications and Other Loss Mitigation Activities
Number of Loans, Modifications, Subsequent Default | numberofloans	0	0	0
Post-TDR Recorded Investment, Modifications, Subsequent Default | $	$ 0	$ 0	$ 0

Guarantees and Other Off-Bala_3

Guarantees and Other Off-Balance Sheet Credit Exposures (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Guarantor Obligations [Line Items]
UPB Of Off-Balance Sheet Credit Exposure	$ 15.4	$ 13.8
Excluded UPB of Off-Balance Sheet Credit Exposure	5.5	3.3
Single-family long-term standby commitments
Guarantor Obligations [Line Items]
UPB of issuances and guarantees	4.2	2.3
Multifamily housing revenue bonds
Guarantor Obligations [Line Items]
UPB of issuances and guarantees	$ 1.4	$ 0.9

Financial Guarantees (Details)

Financial Guarantees (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Guarantor Obligations [Line Items]
Recognized Liability	$ 5,050	$ 4,292
Payment Guarantee
Guarantor Obligations [Line Items]
Maximum Exposure	47,703	24,965
Recognized Liability	$ 794	$ 253
Maximum Remaining Term	30 years	30 years
Fannie Mae securities backing Freddie Mac resecuritization trust
Guarantor Obligations [Line Items]
Maximum Exposure	$ 85,841	$ 27,408
Recognized Liability	$ 0	$ 0
Maximum Remaining Term	41 years	30 years
Single-family
Guarantor Obligations [Line Items]
Maximum Exposure	$ 38,954	$ 34,310
Recognized Liability	594	543
Single-family | Securitization activity guarantees
Guarantor Obligations [Line Items]
Maximum Exposure	29,739	26,818
Recognized Liability	$ 401	$ 361
Maximum Remaining Term	39 years	40 years
Single-family | Other mortgage-related guarantees
Guarantor Obligations [Line Items]
Maximum Exposure	$ 9,215	$ 7,492
Recognized Liability	$ 193	$ 182
Maximum Remaining Term	30 years	30 years
Multifamily
Guarantor Obligations [Line Items]
Maximum Exposure	$ 298,055	$ 262,156
Recognized Liability	4,456	3,749
Multifamily | Securitization activity guarantees
Guarantor Obligations [Line Items]
Maximum Exposure	287,334	252,167
Recognized Liability	$ 4,031	$ 3,333
Maximum Remaining Term	39 years	39 years
Multifamily | Other mortgage-related guarantees
Guarantor Obligations [Line Items]
Maximum Exposure	$ 10,721	$ 9,989
Recognized Liability	$ 425	$ 416
Maximum Remaining Term	33 years	34 years

Guarantees and Other Off-Bala_4

Guarantees and Other Off-Balance Sheet Credit Exposures UPB of Unconsolidated Loans by Payment Status (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Guarantor Obligations [Line Items]
Current	$ 376,801	$ 335,283
One Month Past Due	2,291	2,277
Two Months Past Due	1,007	836
Three Months or More Past Due, or in Foreclosure	4,479	1,038
Total	384,578	339,434
Loan-level payment status unavailable	700	1,600
Loans in forbearance	6,900
Single Family
Guarantor Obligations [Line Items]
Current	37,187	33,855
One Month Past Due	2,204	2,264
Two Months Past Due	945	760
Three Months or More Past Due, or in Foreclosure	3,922	840
Total	44,258	37,719
Multifamily
Guarantor Obligations [Line Items]
Current	339,614	301,428
One Month Past Due	87	13
Two Months Past Due	62	76
Three Months or More Past Due, or in Foreclosure	557	198
Total	$ 340,320	$ 301,715

Investment Securities (Details)

Investment Securities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)numberofsecurities	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Securities, Available-for-sale [Line Items]
Held-to-maturity securities	$ 0	$ 0
Net unrealized losses on trading securities held at balance sheets date	(296)	(8)	$ (479)
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value	12,100
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value	$ 2,200
Separate securities in gross unrealized loss position | numberofsecurities	44
Investment Securities Acquired and PC Debt Issued via Non-Cash Transaction	$ 30,800	$ 10,900

Investments in Securities - Inv

Investments in Securities - Investments in Securities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Trading Securities	$ 44,458	$ 49,537
Available-for-sale, at fair value	15,367	26,174
Total	$ 59,825	$ 75,711

Investments in Securities - Tra

Investments in Securities - Trading Securities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Trading Securities [Line Items]
Trading, at fair value	$ 44,458	$ 49,537
Mortage-related securities
Trading Securities [Line Items]
Trading, at fair value	17,505	22,482
Agency
Trading Securities [Line Items]
Trading, at fair value	17,504	22,481
Non-agency
Trading Securities [Line Items]
Trading, at fair value	1	1
Non-mortgage-related securities
Trading Securities [Line Items]
Trading, at fair value	$ 26,953	$ 27,055

Investments in Securities - Ava

Investments in Securities - Available-For-Sale Securities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 14,344	$ 25,394
Debt Securities, Available-for-sale, Allowance for Credit Loss	0
Gross Unrealized Gains	1,027	854
Gross Unrealized Losses	(4)
Available-for-sale, at fair value	15,367	26,174
Accrued Investment Income Receivable	40
Agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,514	24,390
Debt Securities, Available-for-sale, Allowance for Credit Loss	0
Gross Unrealized Gains	794	571
Gross Unrealized Losses	(4)
Available-for-sale, at fair value	14,304	24,887
Accrued Investment Income Receivable	36
Non agency and other
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	830	1,004
Debt Securities, Available-for-sale, Allowance for Credit Loss	0
Gross Unrealized Gains	233	283
Gross Unrealized Losses	0
Available-for-sale, at fair value	1,063	1,287
Accrued Investment Income Receivable	$ 4
Other-than-temporary impairment
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses		0
Other-than-temporary impairment | Agency
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses		0
Other-than-temporary impairment | Non agency and other
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses		0
Temporary impairment
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses		(74)
Temporary impairment | Agency
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses		(74)
Temporary impairment | Non agency and other
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Losses		$ 0

Investments in Securities - A_2

Investments in Securities - Available-For-Sale Securities in a Gross Unrealized Loss Position (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months Fair Value	$ 240	$ 5,779
Less than 12 Months Gross Unrealized Losses	(2)	(27)
12 Months or Greater Fair Value	144	2,934
12 Months or Greater Gross Unrealized Losses	(2)	(47)
Agency
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months Fair Value	223	5,778
Less than 12 Months Gross Unrealized Losses	(2)	(27)
12 Months or Greater Fair Value	144	2,934
12 Months or Greater Gross Unrealized Losses	(2)	(47)
Non agency and other
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months Fair Value	17	1
Less than 12 Months Gross Unrealized Losses	0	0
12 Months or Greater Fair Value	0	0
12 Months or Greater Gross Unrealized Losses	$ 0	$ 0

Investments in Securities - Gro

Investments in Securities - Gross Realized Gains and Gross Realized Losses on Sales of Available-For-Sale Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 501	$ 219	$ 627
Net realized gains (losses)	(108)	(49)	(303)
Gross realized losses	$ 393	$ 170	$ 324

Allowance for Credit Losses (De

Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (Benefit) for Credit Losses	$ 2,800
Concentration risk, unpaid principal balance	$ 332,000
Percentage of Portfolio	17.00%
Pre-foreclosure costs Receivables	$ 1,400
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held		$ 600	$ 800

Details of the Allowance for Cr

Details of the Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Rollforward of Allowance for Loan Losses
Beginning balance	$ 4,286	$ 6,191
Provision (Benefit) for Credit Losses	2,800
Charge-offs	(264)
Ending balance	6,553	4,286	$ 6,191
Allowance, Credit Loss
Rollforward of Allowance for Loan Losses
Beginning balance	5,301	6,191	9,023
Provision (Benefit) for Credit Losses	1,452	(746)	(736)
Charge-offs	(592)	(1,737)	(2,893)
Recoveries collected	210	452	478
Other	182	126	319
Ending balance		5,301	6,191
Held-for-Investment
Rollforward of Allowance for Loan Losses
Beginning balance	4,234	6,139
Ending balance	5,732	4,234	6,139
Allowance for pre-foreclosure costs
Rollforward of Allowance for Loan Losses
Beginning balance	0	0
Ending balance	536	0	0
Accrued interest receivable on mortgage loans
Rollforward of Allowance for Loan Losses
Beginning balance	0	0
Ending balance	140	0	0
Off-balance sheet credit exposures
Rollforward of Allowance for Loan Losses
Beginning balance	52	52
Ending balance	145	52	52
Single Family
Rollforward of Allowance for Loan Losses
Beginning balance	4,268	6,176
Ending balance	6,353	4,268	6,176
Single Family | Allowance, Credit Loss
Rollforward of Allowance for Loan Losses
Beginning balance	5,233	6,176	8,979
Provision (Benefit) for Credit Losses	1,320	(749)	(712)
Charge-offs	(592)	(1,737)	(2,885)
Recoveries collected	210	452	475
Other	182	126	319
Ending balance		5,233	6,176
Single Family | Held-for-Investment
Rollforward of Allowance for Loan Losses
Beginning balance	4,222	6,130
Ending balance	5,628	4,222	6,130
Single Family | Allowance for pre-foreclosure costs
Rollforward of Allowance for Loan Losses
Beginning balance	0	0
Ending balance	536	0	0
Single Family | Accrued interest receivable on mortgage loans
Rollforward of Allowance for Loan Losses
Beginning balance	0	0
Ending balance	140	0	0
Single Family | Off-balance sheet credit exposures
Rollforward of Allowance for Loan Losses
Beginning balance	46	46
Ending balance	49	46	46
Multifamily
Rollforward of Allowance for Loan Losses
Beginning balance	18	15
Ending balance	200	18	15
Multifamily | Allowance, Credit Loss
Rollforward of Allowance for Loan Losses
Beginning balance	68	15	44
Provision (Benefit) for Credit Losses	132	3	(24)
Charge-offs	0	0	(8)
Recoveries collected	0	0	3
Other	0	0	0
Ending balance		68	15
Multifamily | Held-for-Investment
Rollforward of Allowance for Loan Losses
Beginning balance	12	9
Ending balance	104	12	9
Multifamily | Allowance for pre-foreclosure costs
Rollforward of Allowance for Loan Losses
Beginning balance	0	0
Ending balance	0	0	0
Multifamily | Accrued interest receivable on mortgage loans
Rollforward of Allowance for Loan Losses
Beginning balance	0	0
Ending balance	0	0	0
Multifamily | Off-balance sheet credit exposures
Rollforward of Allowance for Loan Losses
Beginning balance	6	6
Ending balance	$ 96	$ 6	$ 6

Net Investment in Loans (Detail

Net Investment in Loans (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Recorded investment, collectively evaluated			$ 1,953,616
Recorded investment, individually evaluated			35,530
Total recorded investment	$ 2,355,968		1,989,146
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment			(1,362)
Associated Allowance			(2,872)
Total ending balance of the allowance	(5,732)		(4,234)
Total held-for-investment mortgage loans, net	2,350,236	$ 1,984,419	1,984,912
Single Family
Financing Receivable, Allowance for Credit Loss [Line Items]
Recorded investment, collectively evaluated			1,936,208
Recorded investment, individually evaluated			35,449
Total recorded investment	2,333,991		1,971,657
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment			(1,350)
Associated Allowance			(2,872)
Total ending balance of the allowance	(5,628)		(4,222)
Total held-for-investment mortgage loans, net	2,328,363		1,967,435
Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Recorded investment, collectively evaluated			17,408
Recorded investment, individually evaluated			81
Total recorded investment	21,977		17,489
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment			(12)
Associated Allowance			0
Total ending balance of the allowance	(104)		(12)
Total held-for-investment mortgage loans, net	$ 21,873		$ 17,477

Individually Impaired Loans (De

Individually Impaired Loans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
With specific allowance recorded [Abstract]
Associated Allowance	$ (2,872)
Individually Impaired Mortgage Loans [Abstract]
Impaired Financing Receivable, UPB	36,440
Recorded investment, individually evaluated	35,530
Average Recorded Investment	41,309	$ 55,906
Interest Income Recognized	2,404	2,918
Interest Income Recognized On Cash Basis	191	339
Single-family 20 and 30-year or more, amortizing fixed-rate
With no specific allowance recorded [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	2,431
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	1,927
Average Recorded Investment	2,450	3,236
Interest Income Recognized	262	346
Interest Income Recognized On Cash Basis	7	16
With specific allowance recorded [Abstract]
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	28,824
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	28,667
Associated Allowance	(2,416)
Average Recorded Investment	32,960	44,055
Interest Income Recognized	1,805	2,156
Interest Income Recognized On Cash Basis	156	274
Individually Impaired Mortgage Loans [Abstract]
Impaired Financing Receivable, UPB	31,255
Recorded investment, individually evaluated	30,594
Average Recorded Investment	35,410	47,291
Interest Income Recognized	2,067	2,502
Interest Income Recognized On Cash Basis	163	290
Single-family 15-year amortizing fixed-rate
With no specific allowance recorded [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	21
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	20
Average Recorded Investment	20	21
Interest Income Recognized	1	3
Interest Income Recognized On Cash Basis	0	0
With specific allowance recorded [Abstract]
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	616
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	625
Associated Allowance	(13)
Average Recorded Investment	653	798
Interest Income Recognized	22	28
Interest Income Recognized On Cash Basis	4	9
Individually Impaired Mortgage Loans [Abstract]
Impaired Financing Receivable, UPB	637
Recorded investment, individually evaluated	645
Average Recorded Investment	673	819
Interest Income Recognized	23	31
Interest Income Recognized On Cash Basis	4	9
Single-family Adjustable-rate
With no specific allowance recorded [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	169
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	169
Average Recorded Investment	200	248
Interest Income Recognized	11	12
Interest Income Recognized On Cash Basis	0	1
With specific allowance recorded [Abstract]
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	131
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	130
Associated Allowance	(7)
Average Recorded Investment	135	197
Interest Income Recognized	6	6
Interest Income Recognized On Cash Basis	2	3
Individually Impaired Mortgage Loans [Abstract]
Impaired Financing Receivable, UPB	300
Recorded investment, individually evaluated	299
Average Recorded Investment	335	445
Interest Income Recognized	17	18
Interest Income Recognized On Cash Basis	2	4
Single-family Alt-A, interest-only, and option ARM
With no specific allowance recorded [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	847
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	727
Average Recorded Investment	891	1,264
Interest Income Recognized	66	88
Interest Income Recognized On Cash Basis	1	4
With specific allowance recorded [Abstract]
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	3,315
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	3,184
Associated Allowance	(436)
Average Recorded Investment	3,917	5,953
Interest Income Recognized	226	273
Interest Income Recognized On Cash Basis	20	30
Individually Impaired Mortgage Loans [Abstract]
Impaired Financing Receivable, UPB	4,162
Recorded investment, individually evaluated	3,911
Average Recorded Investment	4,808	7,217
Interest Income Recognized	292	361
Interest Income Recognized On Cash Basis	21	34
Single Family
With no specific allowance recorded [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	3,468
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	2,843
Average Recorded Investment	3,561	4,769
Interest Income Recognized	340	449
Interest Income Recognized On Cash Basis	8	21
With specific allowance recorded [Abstract]
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	32,886
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	32,606
Associated Allowance	(2,872)
Average Recorded Investment	37,665	51,003
Interest Income Recognized	2,059	2,463
Interest Income Recognized On Cash Basis	182	316
Individually Impaired Mortgage Loans [Abstract]
Impaired Financing Receivable, UPB	36,354
Recorded investment, individually evaluated	35,449
Average Recorded Investment	41,226	55,772
Interest Income Recognized	2,399	2,912
Interest Income Recognized On Cash Basis	190	337
Multifamily
With no specific allowance recorded [Abstract]
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance	86
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	81
Average Recorded Investment	83	131
Interest Income Recognized	5	6
Interest Income Recognized On Cash Basis	1	2
With specific allowance recorded [Abstract]
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	0
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	0
Associated Allowance	0
Average Recorded Investment	0	3
Interest Income Recognized	0	0
Interest Income Recognized On Cash Basis	0	0
Individually Impaired Mortgage Loans [Abstract]
Impaired Financing Receivable, UPB	86
Recorded investment, individually evaluated	81
Average Recorded Investment	83	134
Interest Income Recognized	5	6
Interest Income Recognized On Cash Basis	$ 1	$ 2

Delinquency Rates (Details)

Delinquency Rates (Details) $ in Millions	Dec. 31, 2020	Dec. 31, 2019USD ($)numberofloans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Single-Family serious delinquency rate	2.64%	0.63%
Multifamily Delinquency Rate	0.16%	0.08%
Single Family
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Single-Family serious delinquency rate		0.63%
Total number of seriously delinquent loans		70,162
Single Family | Non-credit-enhanced portfolio
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Single-Family serious delinquency rate		0.70%
Total number of seriously delinquent loans		42,485
Single Family | Credit-enhanced portfolio | Primary mortgage insurance
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Single-Family serious delinquency rate		0.79%
Total number of seriously delinquent loans		15,261
Single Family | Credit-enhanced portfolio | Other credit protection
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Single-Family serious delinquency rate		0.40%
Total number of seriously delinquent loans		18,143
Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Multifamily Delinquency Rate		0.08%
UPB of delinquent loans | $		$ 246
Multifamily | Non-credit-enhanced portfolio
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Multifamily Delinquency Rate		0.00%
UPB of delinquent loans | $		$ 2
Multifamily | Credit-enhanced portfolio
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Multifamily Delinquency Rate		0.09%
UPB of delinquent loans | $		$ 244

Credit Enhancements (Details)

Credit Enhancements (Details) - USD ($)	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Credit Enhancements [Abstract]
CreditEnhancementRecoveryReceivables	$ 677,000,000	$ 300,000,000	$ 71,000,000

Credit Enhancements Receivables

Credit Enhancements Receivables (Details) - USD ($)	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Credit Enhancement [Line Items]
CreditEnhancementRecoveryReceivables	$ 677,000,000	$ 300,000,000	$ 71,000,000
Total Credit Enhancement Assets	751,000,000		147,000,000
Mortgage Insurers
Credit Enhancement [Line Items]
Receivables Outstanding, Net of reserves, from Mortgage Insurers	74,000,000		76,000,000
Receivables Outstanding From Mortgage Insurers	$ 444,000,000		$ 464,000,000

Credit Enhancements - Single Fa

Credit Enhancements - Single Family Credit Enhancements (Details) - SF Mortgage loan credit enhancements - Single-family - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Credit Enhancement [Line Items]
Maximum coverage	$ 169,608	$ 155,066
Primary mortgage insurance
Credit Enhancement [Line Items]
Total current and protected UPB	472,881	421,870
Maximum coverage	116,973	107,690
STACR Trust
Credit Enhancement [Line Items]
Total current and protected UPB	488,251	288,323
Maximum coverage	17,288	9,739
STACR Debt
Credit Enhancement [Line Items]
Total current and protected UPB	365,482	536,036
Maximum coverage	12,377	15,373
Insurance/reinsurance
Credit Enhancement [Line Items]
Total current and protected UPB	876,815	863,149
Maximum coverage	11,586	10,157
Non-consolidated VIE subordination
Credit Enhancement [Line Items]
Total current and protected UPB	29,039	25,443
Maximum coverage	5,718	4,545
Consolidated VIE subordination
Credit Enhancement [Line Items]
Total current and protected UPB	9,035	19,498
Maximum coverage	464	854
Lender-Risk Sharing [Member]
Credit Enhancement [Line Items]
Total current and protected UPB	5,731	24,078
Maximum coverage	4,831	5,657
Other
Credit Enhancement [Line Items]
Total current and protected UPB	374	1,056
Maximum coverage	$ 371	$ 1,051

Credit Enhancements - Multifami

Credit Enhancements - Multifamily Credit Enhancements (Details) - MF Mortgage Loan credit enhancements - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Credit Enhancement [Line Items]
Maximum coverage	$ 44,064	$ 41,560
Multifamily | Non-consolidated VIE subordination
Credit Enhancement [Line Items]
Total current and protected UPB	286,199	251,008
Maximum coverage	42,712	40,262
Multifamily | Consolidated VIE subordination
Credit Enhancement [Line Items]
Total current and protected UPB	1,800	1,800
Maximum coverage	200	200
Multifamily | Lender-Risk Sharing [Member]
Credit Enhancement [Line Items]
Total current and protected UPB	3,321	2,529
Maximum coverage	598	381
Multifamily | Insurance/reinsurance
Credit Enhancement [Line Items]
Total current and protected UPB	5,383	2,769
Maximum coverage	190	127
Multifamily | SCR notes
Credit Enhancement [Line Items]
Total current and protected UPB	2,217	2,470
Maximum coverage	111	123
Multifamily | Other
Credit Enhancement [Line Items]
Total current and protected UPB	253	467
Maximum coverage	$ 253	$ 467

Debt Text (Details)

Debt Text (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2023
DebtCapLineItems
Debt limit as percentage of mortgage assets	120.00%
Debt cap under Purchase Agreement.	$ 300,000
Debt cap aggregate indebtedness	286,500
Issuance Of Debt As Part Of Non-Cash Transaction	$ 800	$ 700
Subsequent Event
DebtCapLineItems
Debt cap under Purchase Agreement.			$ 270,000

Debt - Total Debt (Details)

Debt - Total Debt (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Net [Abstract]
Long-term Debt Balance, Net	$ 2,587,591
Total Debt, Net	2,592,546	$ 2,169,685
Held by Freddie Mac
Debt Net [Abstract]
Short-term Debt Balance Net	4,955	101,034
Long-term Debt Balance, Net	279,415	170,296
Total Debt, Net	284,370	271,330
Held by consolidated trusts
Debt Net [Abstract]
Total Debt, Net	$ 2,308,176	$ 1,898,355

Debt - Debt Securities of Conso

Debt - Debt Securities of Consolidated Trusts Held by Third Parties (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt, Net	$ 2,592,546	$ 2,169,685
Debt securities recorded at fair value	2,592	3,938
Held by consolidated trusts
Debt Instrument [Line Items]
UPB	2,240,602	1,854,802
Debt, Net	$ 2,308,176	$ 1,898,355
Effective rate for debt securities of consolidated trusts held by third parties	1.76%	2.79%
Debt securities recorded at fair value	$ 205	$ 209
Held by consolidated trusts | Single-family
Debt Instrument [Line Items]
UPB	2,228,114	1,848,012
Debt, Net	2,295,537	1,891,496
Held by consolidated trusts | Multifamily
Debt Instrument [Line Items]
UPB	12,488	6,790
Debt, Net	$ 12,639	$ 6,859
Weighted Average Coupon	2.43%	3.29%
Held by consolidated trusts | Single-family 30-year or more, fixed-rate | Single-family
Debt Instrument [Line Items]
UPB	$ 1,799,065	$ 1,516,550
Debt, Net	$ 1,855,438	$ 1,554,095
Weighted Average Coupon	3.07%	3.63%
Held by consolidated trusts | Single-family 20-year fixed-rate | Single-family
Debt Instrument [Line Items]
UPB	$ 97,520	$ 70,901
Debt, Net	$ 100,498	$ 72,558
Weighted Average Coupon	2.84%	3.37%
Held by consolidated trusts | Single-family 15-year fixed-rate | Single-family
Debt Instrument [Line Items]
UPB	$ 303,142	$ 225,501
Debt, Net	$ 310,612	$ 229,133
Weighted Average Coupon	2.46%	2.87%
Held by consolidated trusts | Single-family Adjustable-rate | Single-family
Debt Instrument [Line Items]
UPB	$ 23,964	$ 30,183
Debt, Net	$ 24,484	$ 30,756
Weighted Average Coupon	2.76%	3.25%
Held by consolidated trusts | Single-family Interest-only | Single-family
Debt Instrument [Line Items]
UPB	$ 3,671	$ 4,244
Debt, Net	$ 3,736	$ 4,307
Weighted Average Coupon	3.15%	4.55%
Held by consolidated trusts | FHA/VA | Single-family
Debt Instrument [Line Items]
UPB	$ 752	$ 633
Debt, Net	$ 769	$ 647
Weighted Average Coupon	4.04%	4.68%

Debt - Other Short-Term Debt (D

Debt - Other Short-Term Debt (Details) - Held by Freddie Mac - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Short-term Debt [Line Items]
Other short-term debt par value	$ 4,955	$ 111,080
Short Term Debt	$ 4,955	$ 110,877
Other short-term debt weighted average effective rate	1.31%	1.89%
Discount notes and Reference Bills
Short-term Debt [Line Items]
Other short-term debt par value	$ 11	$ 60,830
Short Term Debt	$ 11	$ 60,629
Other short-term debt weighted average effective rate	0.69%	1.67%
Medium-term notes
Short-term Debt [Line Items]
Other short-term debt par value	$ 4,944	$ 40,407
Short Term Debt	$ 4,944	$ 40,405
Other short-term debt weighted average effective rate	1.31%	2.31%
Securities Sold under Agreements to Repurchase
Short-term Debt [Line Items]
Other short-term debt par value	$ 0	$ 9,843
Short Term Debt	$ 0	$ 9,843
Other short-term debt weighted average effective rate	0.00%	1.46%

Debt - Other Long-Term Debt (De

Debt - Other Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Other long-term debt carrying amount	$ 2,587,591
Debt securities recorded at fair value	2,592	$ 3,938
Held by Freddie Mac
Debt Instrument [Line Items]
Other long-term debt par value	281,386	171,877
Other long-term debt carrying amount	$ 279,415	$ 170,296
Other long-term debt weighted average effective rate	1.09%	2.61%
Debt securities recorded at fair value	$ 2,400	$ 3,700
Held by Freddie Mac | Hedging-related basis adjustment
Debt Instrument [Line Items]
Other long-term debt carrying amount	466	668
Held by Freddie Mac | Other
Debt Instrument [Line Items]
Other long-term debt par value	0	0
Other long-term debt carrying amount	$ 57	$ 6
Other long-term debt weighted average effective rate	0.49%	0.63%
Held by Freddie Mac | Fixed-rate | Medium-term notes - non-callable
Debt Instrument [Line Items]
Other long-term debt par value	$ 7,710	$ 2,498
Other long-term debt carrying amount	$ 7,758	$ 2,519
Other long-term debt weighted average effective rate	0.75%	2.14%
Held by Freddie Mac | Fixed-rate | Reference Notes securities - non-callable
Debt Instrument [Line Items]
Other long-term debt par value	$ 64,162	$ 39,124
Other long-term debt carrying amount	$ 64,124	$ 39,176
Other long-term debt weighted average effective rate	1.55%	2.71%
Held by Freddie Mac | Fixed-rate | STACR and SCR
Debt Instrument [Line Items]
Other long-term debt par value	$ 111	$ 123
Other long-term debt carrying amount	$ 114	$ 126
Other long-term debt weighted average effective rate	12.71%	12.74%
Held by Freddie Mac | Fixed-rate | Medium-term notes - callable
Debt Instrument [Line Items]
Other long-term debt par value	$ 122,967	$ 83,470
Other long-term debt carrying amount	$ 122,895	$ 83,433
Other long-term debt weighted average effective rate	0.71%	2.01%
Held by Freddie Mac | Variable-rate | Medium-term notes - non-callable
Debt Instrument [Line Items]
Other long-term debt par value	$ 68,838	$ 15,727
Other long-term debt carrying amount	$ 68,824	$ 15,724
Other long-term debt weighted average effective rate	0.63%	2.45%
Held by Freddie Mac | Variable-rate | STACR and SCR
Debt Instrument [Line Items]
Other long-term debt par value	$ 12,377	$ 15,373
Other long-term debt carrying amount	$ 12,228	$ 15,526
Other long-term debt weighted average effective rate	4.10%	5.58%
Held by Freddie Mac | Variable-rate | Medium-term notes - callable
Debt Instrument [Line Items]
Other long-term debt par value	$ 371	$ 10,682
Other long-term debt carrying amount	$ 371	$ 10,668
Other long-term debt weighted average effective rate	1.93%	2.18%
Held by Freddie Mac | Zero-coupon | Medium-term notes - non-callable
Debt Instrument [Line Items]
Other long-term debt par value	$ 4,850	$ 4,880
Other long-term debt carrying amount	$ 2,578	$ 2,450
Other long-term debt weighted average effective rate	5.99%	5.94%

Debt - Contractual Maturity of

Debt - Contractual Maturity of Other Long-term Debt and Debt Securities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Contractual maturities of long term debt and debt securities of consolidated trusts held by third parties
Debt securities of consolidated trusts held by third parties, STACR and SCR	$ 2,253,090
Total	2,521,988
Net discounts, premiums, hedge-related and other basis adjustments	65,603
Long-term Debt	2,587,591
Held by Freddie Mac
Contractual maturities of long term debt and debt securities of consolidated trusts held by third parties
Other long-term debt - 2021	43,422
Other long-term debt - 2022	61,071
Other long-term debt - 2023	61,998
Other long-term debt - 2024	21,679
Other long-term debt - 2025	44,342
Long-Term Debt, Maturity, after Year Five	36,386
Long-term Debt	$ 279,415	$ 170,296

Derivatives (Details)

Derivatives (Details)	12 Months Ended
	Dec. 31, 2020category
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of derivative categories	3

Derivatives - Derivative Assets

Derivatives - Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional or contractual amount	$ 1,362,325	$ 1,166,683
Derivative interest receivable	455	887
Netting adjustments to derivative assets	(7,829)	(6,422)
Derivative Assets, net	1,205	844
Derivative interest payable	(523)	(724)
Netting adjustments to derivative liabilities	8,717	5,634
Derivative liabilities, net	(954)	(372)
Commitments
Derivative [Line Items]
Derivative assets at fair value	388	61
Other
Derivative [Line Items]
Derivative Assets, net	63	16
Derivative liabilities, net	(63)	(144)
Not Designated as Hedging Instrument, Economic Hedge
Derivative [Line Items]
Notional or contractual amount	1,181,639	974,317
Derivative assets at fair value	8,355	6,275
Derivative liabilities at fair value	(8,648)	(4,568)
Not Designated as Hedging Instrument, Economic Hedge | CDX Swaption
Derivative [Line Items]
Notional or contractual amount	16,800	11,400
Derivative assets at fair value	9	3
Not Designated as Hedging Instrument, Economic Hedge | Interest Rate Swaps
Derivative [Line Items]
Notional or contractual amount	929,552	862,011
Derivative assets at fair value	7,904	6,198
Derivative liabilities at fair value	(7,826)	(4,298)
Not Designated as Hedging Instrument, Economic Hedge | Futures
Derivative [Line Items]
Notional or contractual amount	181,702	210,305
Derivative assets at fair value	0	0
Derivative liabilities at fair value	0	0
Not Designated as Hedging Instrument, Economic Hedge | Commitments
Derivative [Line Items]
Notional or contractual amount	219,109	93,960
Derivative assets at fair value	388	61
Derivative liabilities at fair value	(759)	(126)
Not Designated as Hedging Instrument, Economic Hedge | Credit risk transfer
Derivative [Line Items]
Notional or contractual amount	28,949	12,362
Derivative assets at fair value	61	15
Derivative liabilities at fair value	(47)	(116)
Not Designated as Hedging Instrument, Economic Hedge | Other
Derivative [Line Items]
Notional or contractual amount	4,029	5,984
Derivative assets at fair value	2	1
Derivative liabilities at fair value	(16)	(28)
Not Designated as Hedging Instrument, Economic Hedge | Written Option | Written
Derivative [Line Items]
Notional or contractual amount	18,259	10,984
Derivative assets at fair value	0	0
Derivative liabilities at fair value	(735)	(130)
Not Designated as Hedging Instrument, Economic Hedge | Purchased Options | Purchased
Derivative [Line Items]
Notional or contractual amount	169,995	152,480
Derivative assets at fair value	5,265	4,198
Derivative liabilities at fair value	0	0
Not Designated as Hedging Instrument, Economic Hedge | Forward contracts to purchase mortgage loans
Derivative [Line Items]
Notional or contractual amount	37,122	8,028
Derivative assets at fair value	183	11
Derivative liabilities at fair value	0	(8)
Not Designated as Hedging Instrument, Economic Hedge | Forward contracts to purchase mortgage-related securities
Derivative [Line Items]
Notional or contractual amount	45,185	28,194
Derivative assets at fair value	203	44
Derivative liabilities at fair value	0	(5)
Not Designated as Hedging Instrument, Economic Hedge | Forward contracts to sell mortgage-related securities
Derivative [Line Items]
Notional or contractual amount	136,802	57,738
Derivative assets at fair value	2	6
Derivative liabilities at fair value	(759)	(113)
Not Designated as Hedging Instrument, Economic Hedge | Swap
Derivative [Line Items]
Notional or contractual amount	559,596	488,242
Derivative assets at fair value	2,639	2,000
Derivative liabilities at fair value	(7,091)	(4,168)
Designated as Hedging Instrument | Fair Value Hedging
Derivative [Line Items]
Notional or contractual amount	180,686	192,366
Derivative assets at fair value	224	104
Derivative liabilities at fair value	(500)	(714)
Designated as Hedging Instrument | Fair Value Hedging | Swap
Derivative [Line Items]
Notional or contractual amount	180,686	192,366
Derivative assets at fair value	224	104
Derivative liabilities at fair value	$ (500)	$ (714)

Derivatives - Gains and Losses

Derivatives - Gains and Losses on Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	$ (5,038)	$ (4,516)	$ 1,270
Accrual of periodic settlements
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	(1,576)	(272)	(141)
Not Designated as Hedging Instrument, Economic Hedge | Derivative gains (losses) excluding accrual of periodic settlements | Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	(1,826)	(3,843)	849
Not Designated as Hedging Instrument, Economic Hedge | Derivative gains (losses) excluding accrual of periodic settlements | Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	(1,627)	(3,085)	1,422
Not Designated as Hedging Instrument, Economic Hedge | Derivative gains (losses) excluding accrual of periodic settlements | Written Option | Written
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	(161)	(235)	18
Not Designated as Hedging Instrument, Economic Hedge | Derivative gains (losses) excluding accrual of periodic settlements | Purchased Options | Purchased
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	2,404	423	(648)
Not Designated as Hedging Instrument, Economic Hedge | Derivative gains (losses) excluding accrual of periodic settlements | Futures
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	(2,442)	(946)	57
Not Designated as Hedging Instrument, Economic Hedge | Derivative gains (losses) excluding accrual of periodic settlements | Commitments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	(1,856)	(452)	606
Not Designated as Hedging Instrument, Economic Hedge | Derivative gains (losses) excluding accrual of periodic settlements | Other Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	(3,462)	(4,244)	1,411
Not Designated as Hedging Instrument, Economic Hedge | Derivative gains (losses) excluding accrual of periodic settlements | Credit Risk Contract
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	163	(1)	(38)
Not Designated as Hedging Instrument, Economic Hedge | Derivative gains (losses) excluding accrual of periodic settlements | Other
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	$ 57	$ 52	$ (6)

Derivatives - Gains and Losse_2

Derivatives - Gains and Losses on Fair Value Hedge (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Interest Expense	$ (49,569)	$ (61,047)	$ (58,033)
Interest income	62,340	72,895	70,054
Interest rate risk on held-for-investment mortgage loan [Member] | Interest income
Derivative Instruments, Gain (Loss) [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	5,071	4,569	(1,776)
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	(4,836)	(4,309)	1,091
Interest accrual on fair value hedging derivatives for held-for-investment loan	(434)	(48)	(439)
Discontinued hedge related basis adjustment amortization	(2,840)	(446)	133
Interest rate risk on debt [Member] [Member] | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(49)	(1,038)	145
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	11	1,231	155
Discontinued hedge related basis adjustment amortization	60	63	(3)
Interest accruals on fair value hedging derivatives for debt	$ 835	$ (184)	$ (313)

Derivatives - Cumulative Basis

Derivatives - Cumulative Basis Adjustment on Fair Value Hedges (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying amount mortgage loans held-for-investment hedged asset	$ 478,077	$ 470,889
Carrying amount debt hedged liability	(176,512)	(122,746)
Total basis adjustment cumulative amount for hedged asset	5,117	2,886
Total basis adjustment cumulative amount for hedged liability	(466)	(668)
Hedged Asset, Fair Value Hedge, Last-of-Layer, Cumulative Increase (Decrease)	(318)	(943)
Basis adjustment amount for hedged asset - discontinued hedge	5,435	3,829
Basis adjustment amount for hedged liability - discontinued hedge	(38)	(93)
Closed Portfolio and Beneficial Interest, Last-of-Layer, Amortized Cost	220,301	273,346
Hedged Asset, Fair Value Hedge, Last-of-Layer, Amount	$ 9,112	$ 22,747

Collateralized Agreements and_3

Collateralized Agreements and Offsetting Arrangements (Details) $ in Millions	Dec. 31, 2020USD ($)numberofcounterparties	Dec. 31, 2019USD ($)
Offsetting Assets [Line Items]
Maximum loss after applying netting agreements and collateral	$ 557	$ 359
SecuritiesPurchasedUnderAgreementsToResellAccruedInterestReceivable	2	18
Commitments
Offsetting Assets [Line Items]
Total exposure on our commitments	388	61
OTC derivatives
Offsetting Assets [Line Items]
Maximum loss after applying netting agreements and collateral	29	20
Derivatives in a net liability position	3,500
Collateral already posted, aggregate fair value	3,400
Additional Collateral, Aggregate Fair Value	100
Cash pledged to us as collateral that was invested as part of our liquidity and contingency operating portfolio	$ 2,800	2,600
OTC derivatives | Net uncollateralized exposure to derivative counterparties | SP Equivalent Investment Grade Rating
Offsetting Assets [Line Items]
Number of counterparties | numberofcounterparties	4
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell
Offsetting Assets [Line Items]
Securities Held as Collateral, at Fair Value	$ 85,800	52,400
Securities purchased under agreements to resell not executed with clearinghouse
Offsetting Assets [Line Items]
Securities Held as Collateral, at Fair Value	800	2,400
commitment securities
Offsetting Assets [Line Items]
Aggregate fair value of securities posted	$ 1,300	$ 200

Collateralized Agreements and_4

Collateralized Agreements and Offsetting Arrangements - Offsetting of Financial Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative Assets
Gross Amount Recognized	$ 9,034	$ 7,266
Counterparty netting	(5,932)	(4,470)
Cash Collateral netting	(1,897)	(1,952)
Derivative Assets, net	1,205	844
Gross Amount Not Offset in the Consolidated Balance Sheets	(648)	(485)
Net Amount	557	359
Securities Purchased under Agreements to Resell
Gross Amount Recognized	105,003	66,114
Counterparty netting	0	(9,843)
Net Amount Presented in the Consolidated Balance Sheets	105,003	56,271
Gross Amount Not Offset in the Consolidated Balance Sheets	(105,003)	(56,271)
Net Amount	0	0
Total
Gross Amount Recognized	114,037	73,380
Counterparty netting	(5,932)	(14,313)
Cash Collateral netting	(1,897)	(1,952)
Net Amount Presented in the Consolidated Balance Sheets	106,208	57,115
Gross Amount Not Offset in the Consolidated Balance Sheets	(105,651)	(56,756)
Net Amount	557	359
Other
Derivative Assets
Gross Amount Recognized	63	16
Counterparty netting	0	0
Cash Collateral netting	0	0
Derivative Assets, net	63	16
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	63	16
OTC derivatives
Derivative Assets
Gross Amount Recognized	8,566	7,045
Counterparty netting	(5,932)	(4,465)
Cash Collateral netting	(1,957)	(2,075)
Derivative Assets, net	677	505
Gross Amount Not Offset in the Consolidated Balance Sheets	(648)	(485)
Net Amount	29	20
Cleared and exchange-traded derivatives
Derivative Assets
Gross Amount Recognized	17	144
Counterparty netting	0	(5)
Cash Collateral netting	60	123
Derivative Assets, net	77	262
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	77	262
Commitments
Derivative Assets
Gross Amount Recognized	388	61
Counterparty netting	0	0
Cash Collateral netting	0	0
Derivative Assets, net	388	61
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	388	61
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell
Securities Purchased under Agreements to Resell
collateral received, obligation to return cash, offset	$ 0	$ 0

Collateralized Agreements and_5

Collateralized Agreements and Offsetting Arrangements - Offsetting of Financial Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative Liabilities:
Gross Amount Recognized	$ (9,671)	$ (6,006)
Counterparty netting	5,932	4,470
Cash collateral netting	2,785	1,164
Derivative liabilities, net	(954)	(372)
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	(954)	(372)
Securities Sold under Agreements to Repurchase [Abstract]
Gross Amount Recognized	0	(9,843)
Counterparty netting	0	9,843
Net Amount Presented in the Consolidated Balance Sheets	0	0
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	0	0
Offsetting Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned [Abstract]
Gross Amount Recognized	(9,671)	(15,849)
Counterparty netting	5,932	14,313
Cash collateral netting	2,785	1,164
Net Amount Presented in the Consolidated Balance Sheets	(954)	(372)
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	(954)	(372)
Other
Derivative Liabilities:
Gross Amount Recognized	(63)	(144)
Counterparty netting	0	0
Cash collateral netting	0	0
Derivative liabilities, net	(63)	(144)
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	(63)	(144)
OTC derivatives
Derivative Liabilities:
Gross Amount Recognized	(8,812)	(5,731)
Counterparty netting	5,932	4,465
Cash collateral netting	2,759	1,164
Derivative liabilities, net	(121)	(102)
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	(121)	(102)
Cleared and exchange-traded derivatives
Derivative Liabilities:
Gross Amount Recognized	(37)	(5)
Counterparty netting	0	5
Cash collateral netting	26	0
Derivative liabilities, net	(11)	0
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	(11)	0
Commitments
Derivative Liabilities:
Gross Amount Recognized	(759)	(126)
Counterparty netting	0	0
Cash collateral netting	0	0
Derivative liabilities, net	(759)	(126)
Gross Amount Not Offset in the Consolidated Balance Sheets	0	0
Net Amount	(759)	(126)
Securities Sold under Agreements to Repurchase
Offsetting Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned [Abstract]
Cash collateral netting	$ 0	$ 0

Collateralized Agreements and_6

Collateralized Agreements and Offsetting Arrangements - Collateral in the Form of Securities Pledged (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge	$ 3,549	$ 13,131
Derivatives
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge	2,041	3,456
Securities Sold under Agreements to Repurchase
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge	0	9,346
Other
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge	1,508	329
Debt Securities Of Consolidated Trusts
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge	466	842
Debt Securities Of Consolidated Trusts | Derivatives
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge	121	562
Debt Securities Of Consolidated Trusts | Securities Sold under Agreements to Repurchase
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge	0	0
Debt Securities Of Consolidated Trusts | Other
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge	345	280
Trading securities
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge	3,083	12,289
Trading securities | Derivatives
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge	1,920	2,894
Trading securities | Securities Sold under Agreements to Repurchase
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge	0	9,346
Trading securities | Other
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge	$ 1,163	$ 49

Collateralized Agreements and_7

Collateralized Agreements and Offsetting Arrangements - Underlying Collateral Pledged (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge	$ 3,549	$ 13,131
Overnight and continuous
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge		0
30 days or less
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge		9,081
After 30 days through 90 days
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge		265
Greater than 90 days
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge		0
Securities Sold under Agreements to Repurchase
Collateral in the Form of Securities Pledged [Line Items]
Securities pledged with the ability for the secured party to repledge	$ 0	$ 9,346

Other Assets and Other Liabil_3

Other Assets and Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Other Assets [Abstract]
Real estate owned, net	$ 198		$ 555
Guarantee asset	5,509		4,426
Servicer receivables	20,926		10,112
Advances to lenders	4,162		1,873
Secured lending	1,680		2,313
LIHTC equity investments	1,410		972
All other	5,409		2,548
Total other assets	39,294	$ 22,992	22,799
Other Liabilities [Abstract]
Guarantee obligation	5,050		4,292
All other	6,242		3,750
Other liabilities	$ 11,292	$ 8,046	$ 8,042

Stockholders' Equity and Earn_3

Stockholders' Equity and Earnings per Share (Details)	Sep. 08, 2008USD ($)shares	Dec. 31, 2020USD ($)numberofsecurities$ / sharesshares	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)numberofsecurities$ / sharesshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Mar. 31, 2021USD ($)	Dec. 31, 2017USD ($)	Jul. 08, 2010numberofsecurities
Stockholders Equity Text [Line Items]
Federal statutory tax rate				21.00%	21.00%	21.00%
Initial Liquidation Preference Of Senior Preferred Stock	$ 1,000,000,000
Increase in Senior Preferred Stock								$ 3,000,000,000
Net Worth Increase		$ 2,500,000,000	$ 2,400,000,000
Senior preferred stock, at redemption value		86,539,000,000	$ 84,100,000,000	$ 86,539,000,000	$ 79,322,000,000
Cash dividends paid on senior preferred stock				0	$ 3,142,000,000	$ 4,145,000,000
Permitted proceeds from future common stock issuance		$ 70,000,000,000		$ 70,000,000,000
Common Stock Warrant Percentage Of Securities Called By Warrants		79.90%		79.90%
Applicable capital reserve amount if we don't pay the full dividend requirement in a future period		$ 0		$ 0
Percent per annum portion of quarterly senior preferred stock dividend requirement after Capital Reserve End Date when dividend paid in full		10.00%		10.00%
Percent per annum portion of quarterly senior preferred stock dividend requirement after Capital Reserve End Date when dividend is not paid in full		12.00%		12.00%
Common stock warrant, exercise price per share | $ / shares		$ 0.00001		$ 0.00001
Common stock warrant, amount outstanding		$ 2,300,000,000		$ 2,300,000,000
Number of preferred stock classes | numberofsecurities		24		24
Number of senior preferred stock class | numberofsecurities		1		1
Antidilutive potential common shares | shares				0	0	0
Common dividends declared				$ 0	$ 0	$ 0
Dividends declared on preferred stock				0
Dividends paid on preferred stock				0
Number of preferred stock classes delisted | numberofsecurities									20
Common shares or non-cumulative preferred stock issued				0	0
Common shares or non-cumulative preferred stock repurchased				$ 0	$ 0
Subsequent Event
Stockholders Equity Text [Line Items]
Senior preferred stock, at redemption value							$ 89,100,000,000
Preferred Stock
Stockholders Equity Text [Line Items]
Preferred Stock, Shares Outstanding | shares		464,170,000		464,170,000
Senior Preferred Stock
Stockholders Equity Text [Line Items]
Senior preferred stock, shares issued | shares	1,000,000
Senior preferred stock, par value per share | $ / shares		$ 1		$ 1
Initial Liquidation Preference Of Senior Preferred Stock	$ 1,000,000,000
Initial Liquidation Preference Price Per Share | $ / shares		$ 1,000		$ 1,000
Increase in Senior Preferred Stock								$ 3,000,000,000
Senior preferred stock, at redemption value		$ 86,539,000,000		$ 86,539,000,000
Preferred Stock, Shares Outstanding | shares		1,000,000		1,000,000
Common Stock
Stockholders Equity Text [Line Items]
OTCQB Symbol				FMCC
Restricted Stock Units (RSUs)
Stockholders Equity Text [Line Items]
Restricted stock units lapsed | shares				351
Restricted stock outstanding | shares		351		351
Restricted stock
Stockholders Equity Text [Line Items]
Restricted stock outstanding | shares		41,160		41,160	41,160
Stock options
Stockholders Equity Text [Line Items]
Stock options outstanding | shares		0		0

Stockholders' Equity and Earn_4

Stockholders' Equity and Earnings per Share - Changes in AOCI by Component, Net of Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 9,122	$ 4,477	$ (312)
Total other comprehensive income (loss), net of taxes and reclassification adjustments	205	573	(613)
Ending balance	16,413	9,122	4,477
Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		0
Total other comprehensive income (loss), net of taxes and reclassification adjustments			89
Ending balance			0
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	438	(135)	389
Other comprehensive income (loss) before reclassifications	493	651	(465)
Amounts reclassified from accumulated other comprehensive income	(288)	(78)	(148)
Total other comprehensive income (loss), net of taxes and reclassification adjustments	205	573	(613)
Ending balance	643	438	(135)
Total | Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Total other comprehensive income (loss), net of taxes and reclassification adjustments			89
AOCI related to available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	618	83	662
Other comprehensive income (loss) before reclassifications	502	668	(476)
Amounts reclassified from accumulated other comprehensive income	(310)	(133)	(246)
Total other comprehensive income (loss), net of taxes and reclassification adjustments	192	535	(722)
Ending balance	810	618	83
AOCI related to available-for-sale securities | Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Total other comprehensive income (loss), net of taxes and reclassification adjustments			143
AOCI related to cash flow hedge relationships
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(244)	(315)	(356)
Other comprehensive income (loss) before reclassifications	0	0	0
Amounts reclassified from accumulated other comprehensive income	38	71	114
Total other comprehensive income (loss), net of taxes and reclassification adjustments	38	71	114
Ending balance	(206)	(244)	(315)
AOCI related to cash flow hedge relationships | Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Total other comprehensive income (loss), net of taxes and reclassification adjustments			(73)
AOCI related to defined benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	64	97	83
Other comprehensive income (loss) before reclassifications	(9)	(17)	11
Amounts reclassified from accumulated other comprehensive income	(16)	(16)	(16)
Total other comprehensive income (loss), net of taxes and reclassification adjustments	(25)	(33)	(5)
Ending balance	$ 39	$ 64	97
AOCI related to defined benefit plans | Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Total other comprehensive income (loss), net of taxes and reclassification adjustments			$ 19

Stockholders' Equity and Earn_5

Stockholders' Equity and Earnings per Share - Reclassifications from AOCI to Net Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Investment gains (losses), net	$ 1,813	$ 818	$ 1,921
Interest expense	(49,569)	(61,047)	(58,033)
Salaries and employee benefits	(1,344)	(1,434)	(1,227)
Income tax (expense) benefit	(1,903)	(1,835)	(2,239)
Net income (loss)	7,326	7,214	9,235
Total reclassifications in the period
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	288	78	148
AOCI related to available-for-sale securities | Total reclassifications in the period
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Investment gains (losses), net	393	168	312
Income tax (expense) benefit	(83)	(35)	(66)
Net income (loss)	310	133	246
AOCI related to cash flow hedge relationships | Total reclassifications in the period
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Income tax (expense) benefit	12	19	19
Net income (loss)	(38)	(71)	(114)
AOCI related to cash flow hedge relationships | Total reclassifications in the period | Held by Freddie Mac
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense	(50)	(90)	(133)
AOCI related to defined benefit plans | Total reclassifications in the period
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Salaries and employee benefits	20	20	20
Income tax (expense) benefit	(4)	(4)	(4)
Net income (loss)	$ 16	$ 16	$ 16

Stockholders' Equity and Earn_6

Stockholders' Equity and Earnings per Share - Senior Preferred Stock (Details) - USD ($)	Mar. 30, 2018	Jun. 29, 2012	Mar. 30, 2012	Dec. 30, 2011	Sep. 30, 2011	Mar. 31, 2011	Dec. 30, 2010	Sep. 30, 2010	Jun. 30, 2010	Jun. 30, 2009	Mar. 31, 2009	Nov. 24, 2008	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2018	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Dec. 31, 2017	Sep. 08, 2008
Class of Stock [Line Items]
Initial Liquidation Preference Of Senior Preferred Stock																					$ 1,000,000,000
Increase in Senior Preferred Stock																				$ 3,000,000,000
Non draw adjustment														$ 14,891,000,000
Increase in liquidation preference													$ 0		$ 312,000,000
Aggregate liquidation preference on senior preferred stock													79,322,000,000	$ 86,539,000,000		$ 84,100,000,000
Senior Preferred Stock
Class of Stock [Line Items]
Shares Authorized														1,000,000
Shares Outstanding														1,000,000
Total Par Value														$ 1,000,000
Initial Liquidation Preference Of Senior Preferred Stock																					$ 1,000,000,000
Initial Liquidation Preference Price Per Share														$ 1,000
Increase in Senior Preferred Stock																				$ 3,000,000,000
Increase in liquidation preference due to net worth increase													$ 1,848,000,000	$ 2,449,000,000		$ 1,938,000,000	$ 382,000,000	$ 2,448,000,000	$ 1,826,000,000
Increase in liquidation preference	$ 312,000,000	$ 19,000,000	$ 146,000,000	$ 5,992,000,000	$ 1,479,000,000	$ 500,000,000	$ 100,000,000	$ 1,800,000,000	$ 10,600,000,000	$ 6,100,000,000	$ 30,800,000,000	$ 13,800,000,000		71,648,000,000
Aggregate liquidation preference on senior preferred stock														$ 86,539,000,000

Stockholders' Equity and Earn_7

Stockholders' Equity and Earnings per Share - Preferred Stock (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2012	Dec. 31, 2019USD ($)
Class of Stock [Line Items]
Total Outstanding Balance	$ 14,109,000		$ 14,109,000
Preferred Stock
Class of Stock [Line Items]
Shares Authorized | shares	464,170,000
Shares Outstanding | shares	464,170,000
Total Par Value	$ 464,170
Total Outstanding Balance	$ 14,109,000
Class 1 - 1996 Variable-rate
Class of Stock [Line Items]
Shares Authorized | shares	5,000,000
Shares Outstanding | shares	5,000,000
Total Par Value	$ 5,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 250,000
OTCQB Symbol	FMCCI
Preferred Stock, Dividend Payment Terms	Dividend rate resets quarterly and is equal to the sum of three-month LIBOR plus 1% divided by 1.377, and is capped at 9.00%.
Percentage added to benchmark rate in dividend rate reset calculation	1.00%
Denominator amount in dividend rate reset calculation	1.377
Class 1 - 1996 Variable-rate | Maximum
Class of Stock [Line Items]
Preferred stock, dividend rate	9.00%
Class 2 - 5.81%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.81%
Shares Authorized | shares	3,000,000
Shares Outstanding | shares	3,000,000
Total Par Value	$ 3,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 150,000
Class 3 - 5%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.00%
Shares Authorized | shares	8,000,000
Shares Outstanding | shares	8,000,000
Total Par Value	$ 8,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 400,000
OTCQB Symbol	FMCKK
Class 4 - 1998 Variable-rate
Class of Stock [Line Items]
Shares Authorized | shares	4,400,000
Shares Outstanding | shares	4,400,000
Total Par Value	$ 4,400
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 220,000
OTCQB Symbol	FMCCG
Preferred Stock, Dividend Payment Terms	Dividend rate resets quarterly and is equal to the sum of three-month LIBOR plus 1% divided by 1.377, and is capped at 7.50%.
Percentage added to benchmark rate in dividend rate reset calculation	1.00%
Denominator amount in dividend rate reset calculation	1.377
Class 4 - 1998 Variable-rate | Maximum
Class of Stock [Line Items]
Preferred stock, dividend rate	7.50%
Class 5 - 5.10%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.10%
Shares Authorized | shares	8,000,000
Shares Outstanding | shares	8,000,000
Total Par Value	$ 8,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 400,000
OTCQB Symbol	FMCCH
Class 6 - 5.30%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.30%
Shares Authorized | shares	4,000,000
Shares Outstanding | shares	4,000,000
Total Par Value	$ 4,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 200,000
Class 7 - 5.10%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.10%
Shares Authorized | shares	3,000,000
Shares Outstanding | shares	3,000,000
Total Par Value	$ 3,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 150,000
Class 8 - 5.79%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.79%
Shares Authorized | shares	5,000,000
Shares Outstanding | shares	5,000,000
Total Par Value	$ 5,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 250,000
OTCQB Symbol	FMCCK
Class 9 - 1999 Variable-rate
Class of Stock [Line Items]
Shares Authorized | shares	5,750,000
Shares Outstanding | shares	5,750,000
Total Par Value	$ 5,750
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 287,000
OTCQB Symbol	FMCCL
Preferred Stock, Dividend Payment Terms	Dividend rate resets on January 1 every five years after January 1, 2005 based on a five-year Constant Maturity Treasury rate, and is capped at 11.00%.
Preferred Stock, Redemption Terms	Optional redemption on December 31, 2004 and on December 31 every five years thereafter.
Preferred stock dividend rate reset period	5 years
Class 9 - 1999 Variable-rate | Maximum
Class of Stock [Line Items]
Preferred stock, dividend rate	11.00%
Class 10 - 2001 Variable-rate
Class of Stock [Line Items]
Shares Authorized | shares	6,500,000
Shares Outstanding | shares	6,500,000
Total Par Value	$ 6,500
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 325,000
OTCQB Symbol	FMCCM
Preferred Stock, Dividend Payment Terms	Dividend rate resets on April 1 every two years after April 1, 2003 based on the two-year Constant Maturity Treasury rate plus 0.10%, and is capped at 11.00%.
Preferred Stock, Redemption Terms	Optional redemption on March 31, 2003 and on March 31 every two years thereafter.
Percentage added to benchmark rate in dividend rate reset calculation	0.10%
Preferred stock dividend rate reset period	2 years
Class 10 - 2001 Variable-rate | Maximum
Class of Stock [Line Items]
Preferred stock, dividend rate	11.00%
Class 11 - 2001 Variable-rate
Class of Stock [Line Items]
Shares Authorized | shares	4,600,000
Shares Outstanding | shares	4,600,000
Total Par Value	$ 4,600
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 230,000
OTCQB Symbol	FMCCN
Preferred Stock, Dividend Payment Terms	Dividend rate resets on April 1 every year based on 12-month LIBOR minus 0.20%, and is capped at 11.00%.
Preferred Stock, Redemption Terms	Optional redemption on March 31, 2003 and on March 31 every year thereafter.
Percentage deducted from benchmark rate in dividend rate reset calculation	0.20%
Class 11 - 2001 Variable-rate | Maximum
Class of Stock [Line Items]
Preferred stock, dividend rate	11.00%
Class 12 - 5.81%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.81%
Shares Authorized | shares	3,450,000
Shares Outstanding | shares	3,450,000
Total Par Value	$ 3,450
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 173,000
OTCQB Symbol	FMCCO
Class 13 - 6%
Class of Stock [Line Items]
Preferred stock, dividend rate	6.00%
Shares Authorized | shares	3,450,000
Shares Outstanding | shares	3,450,000
Total Par Value	$ 3,450
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 173,000
OTCQB Symbol	FMCCP
Class 14 - 2001 Variable-rate
Class of Stock [Line Items]
Shares Authorized | shares	4,020,000
Shares Outstanding | shares	4,020,000
Total Par Value	$ 4,020
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 201,000
OTCQB Symbol	FMCCJ
Preferred Stock, Dividend Payment Terms	Dividend rate resets on July 1 every two years after July 1, 2003 based on the two-year Constant Maturity Treasury rate plus 0.20%, and is capped at 11.00%.
Preferred Stock, Redemption Terms	Optional redemption on June 30, 2003 and on June 30 every two years thereafter.
Percentage added to benchmark rate in dividend rate reset calculation	0.20%
Preferred stock dividend rate reset period	2 years
Class 14 - 2001 Variable-rate | Maximum
Class of Stock [Line Items]
Preferred stock, dividend rate	11.00%
Class 15 - 5.70%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.70%
Shares Authorized | shares	6,000,000
Shares Outstanding | shares	6,000,000
Total Par Value	$ 6,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 300,000
OTCQB Symbol	FMCKP
Class 16 - 5.81%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.81%
Shares Authorized | shares	6,000,000
Shares Outstanding | shares	6,000,000
Total Par Value	$ 6,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 300,000
Class 17 - 2006 Variable-rate
Class of Stock [Line Items]
Shares Authorized | shares	15,000,000
Shares Outstanding | shares	15,000,000
Total Par Value	$ 15,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 750,000
OTCQB Symbol	FMCCS
Preferred Stock, Dividend Payment Terms	Dividend rate resets quarterly and is equal to the sum of three-month LIBOR plus 0.50% but not less than 4.00%.
Percentage added to benchmark rate in dividend rate reset calculation	0.50%
Class 17 - 2006 Variable-rate | Minimum
Class of Stock [Line Items]
Preferred stock, dividend rate	4.00%
Class 18 - 6.42%
Class of Stock [Line Items]
Preferred stock, dividend rate	6.42%
Shares Authorized | shares	5,000,000
Shares Outstanding | shares	5,000,000
Total Par Value	$ 5,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 250,000
OTCQB Symbol	FMCCT
Class 19 - 5.90%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.90%
Shares Authorized | shares	20,000,000
Shares Outstanding | shares	20,000,000
Total Par Value	$ 20,000
Redemption Price Per Share | $ / shares	$ 25
Total Outstanding Balance	$ 500,000
OTCQB Symbol	FMCKO
Class 20 - 5.57%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.57%
Shares Authorized | shares	44,000,000
Shares Outstanding | shares	44,000,000
Total Par Value	$ 44,000
Redemption Price Per Share | $ / shares	$ 25
Total Outstanding Balance	$ 1,100,000
OTCQB Symbol	FMCKM
Class 21 - 5.66%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.66%
Shares Authorized | shares	20,000,000
Shares Outstanding | shares	20,000,000
Total Par Value	$ 20,000
Redemption Price Per Share | $ / shares	$ 25
Total Outstanding Balance	$ 500,000
OTCQB Symbol	FMCKN
Class 22 - 6.02%
Class of Stock [Line Items]
Preferred stock, dividend rate	6.02%
Shares Authorized | shares	20,000,000
Shares Outstanding | shares	20,000,000
Total Par Value	$ 20,000
Redemption Price Per Share | $ / shares	$ 25
Total Outstanding Balance	$ 500,000
OTCQB Symbol	FMCKL
Class 23 - 6.55%
Class of Stock [Line Items]
Preferred stock, dividend rate	6.55%
Shares Authorized | shares	20,000,000
Shares Outstanding | shares	20,000,000
Total Par Value	$ 20,000
Redemption Price Per Share | $ / shares	$ 25
Total Outstanding Balance	$ 500,000
OTCQB Symbol	FMCKI
Class 24 - 2007 Fixed-to-floating rate
Class of Stock [Line Items]
Preferred stock, dividend rate		8.375%
Shares Authorized | shares	240,000,000
Shares Outstanding | shares	240,000,000
Total Par Value	$ 240,000
Redemption Price Per Share | $ / shares	$ 25
Total Outstanding Balance	$ 6,000,000
OTCQB Symbol	FMCKJ
Preferred Stock, Dividend Payment Terms	Dividend rate is set at an annual fixed rate of 8.375% from December 4, 2007 through December 31, 2012. For the period beginning on or after January 1, 2013, dividend rate resets quarterly and is equal to the higher of: (a) the sum of three-month LIBOR plus 4.16% per annum or (b) 7.875% per annum. Optional redemption on December 31, 2012 and on December 31 every five years thereafter.
Preferred Stock, Redemption Terms	Optional redemption on December 31, 2012, and on December 31 every five years thereafter.
Percentage added to benchmark rate in dividend rate reset calculation	4.16%
Class 24 - 2007 Fixed-to-floating rate | Maximum
Class of Stock [Line Items]
Preferred stock, dividend rate	7.875%

Components of Net Interest Inco

Components of Net Interest Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of Net Interest Income [Line Items]
Interest Income, Mortgage Loans	$ 59,290	$ 68,583	$ 66,037
Interest and Dividend Income, Securities, Operating	2,581	2,737	3,035
Other Interest and Dividend Income	469	1,575	982
Interest income	62,340	72,895	70,054
Provision for Loan, Lease, and Other Losses	(1,452)	746	736
Interest Expense	(49,569)	(61,047)	(58,033)
Net interest income	12,771	11,848	12,021
Net interest income after benefit (provision) for credit losses	11,319	12,594	12,757
Held by consolidated trusts
Components of Net Interest Income [Line Items]
Interest expense of debt securities	(46,281)	(53,980)	(51,529)
Held by Freddie Mac
Components of Net Interest Income [Line Items]
Interest Expense, Short-term Borrowings	(606)	(1,910)	(1,193)
Interest Expense, Long-term Debt	$ (2,682)	$ (5,157)	$ (5,311)

Investment Gains (Losses), Ne_2

Investment Gains (Losses), Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investment Gains (Losses), Net [Abstract]
Mortgage loans gains (losses)	$ 5,372	$ 4,744	$ 746
Investment securities gains (losses)	778	389	(815)
Debt gains (losses)	701	201	720
Derivative gains (losses)	(5,038)	(4,516)	1,270
Investment gains (losses), net	$ 1,813	$ 818	$ 1,921

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Valuation Allowance	$ 41,000,000	$ 37,000,000
Unrecognized Tax Benefits	$ 0

Income Taxes - Federal Income T

Income Taxes - Federal Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Current Income Tax (Expense) Benefit	$ (2,493)	$ (1,018)	$ (848)
Deferred Income Tax (Expense) Benefit	590	(817)	(1,391)
Income Tax (Expense) benefit	$ (1,903)	$ (1,835)	$ (2,239)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory to Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Income Tax Benefit (Expense), at Statutory Corporate Tax Rate	$ (1,938)	$ (1,900)	$ (2,410)
Tax-Exempt Interest	25	18	19
Tax Credits	55	48	56
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	(4)	9	(13)
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	0	0	184
Other	(41)	(10)	(75)
Income Tax (Expense) benefit	$ (1,903)	$ (1,835)	$ (2,239)
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory tax rate	21.00%	21.00%	21.00%
Tax-Exempt Interest (Percent)	(0.30%)	(0.20%)	(0.20%)
Tax Credits (Percent)	(0.60%)	(0.50%)	(0.50%)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	0.10%	(0.10%)	0.10%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	0	0	(0.016)
Other (Percent)	0.40%	0.10%	0.70%
Effective Tax Rate	20.60%	20.30%	19.50%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Deferred Tax Assets, Gross [Abstract]
Deferred fees	$ 3,354		$ 3,529
Basis differences related to derivative instruments	1,810		1,398
Credit related items and allowance for loan losses	844		79
Basis differences related to assets held for investment	999		921
Other items, net	134		56
Total deferred tax assets	7,141		5,983
Deferred Tax Liabilities [Abstract]
Unrealized gains related to Available-for-Sale Securities	(543)		(28)
Total deferred tax liabilities	(543)		(28)
Deferred Tax Assets, Valuation Allowance	(41)		(37)
Deferred tax assets, net	$ 6,557	$ 5,982	$ 5,918

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2020
Segment Reporting Information [Line Items]
Number of reportable segments	3

Segment Reporting - Segment Ear

Segment Reporting - Segment Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net income (loss)	$ 7,326	$ 7,214	$ 9,235
Comprehensive income (loss)	7,531	7,787	8,622
All Other
Segment Reporting Information [Line Items]
Net income (loss)	0	0	0
Comprehensive income (loss)	0	0	0
Single-family Guarantee | Operating segments
Segment Reporting Information [Line Items]
Net income (loss)	4,536	4,365	3,908
Comprehensive income (loss)	4,520	4,343	3,905
Multifamily | Operating segments
Segment Reporting Information [Line Items]
Net income (loss)	3,114	1,827	1,319
Comprehensive income (loss)	3,215	1,928	1,236
Capital Markets | Operating segments
Segment Reporting Information [Line Items]
Net income (loss)	(324)	1,022	4,008
Comprehensive income (loss)	(204)	1,516	3,481
Operating segments and All Other
Segment Reporting Information [Line Items]
Net income (loss)	7,326	7,214	9,235
Comprehensive income (loss)	$ 7,531	$ 7,787	$ 8,622

Segment Reporting - Segment E_2

Segment Reporting - Segment Earnings and Reconciliation to GAAP Financial Statements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net interest income	$ 12,771	$ 11,848	$ 12,021
Guarantee fee income	1,442	1,089	866
Non-interest income (loss)
Investment gains (losses), net	1,813	818	1,921
Other income (loss)	633	323	762
Benefit (provision) for credit losses	(1,452)	746	736
Non-interest expense
Administrative expense	(2,535)	(2,564)	(2,293)
Credit enhancement expense, net	(1,058)	(749)	(409)
Recoveries	323	41	(8)
REO operations (expense) income	(149)	(229)	(169)
Other expense	(2,559)	(2,274)	(1,953)
Income tax (expense) benefit	(1,903)	(1,835)	(2,239)
Net income (loss)	7,326	7,214	9,235
Changes in unrealized gains (losses) related to available-for-sale securities	192	535	(722)
Changes in unrealized gains (losses) related to cash flow hedge relationships	38	71	114
Changes in defined benefit plans	(25)	(33)	(5)
Total other comprehensive income (loss), net of tax	205	573	(613)
Comprehensive income (loss)	7,531	7,787	8,622
All Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net interest income	0	0	0
Guarantee fee income	0	0	0
Non-interest income (loss)
Investment gains (losses), net	0	0	0
Other income (loss)	0	0	0
Benefit (provision) for credit losses	0	0	0
Non-interest expense
Administrative expense	0	0	0
Credit enhancement expense, net	0	0	0
Recoveries	0	0	0
REO operations (expense) income	0	0	0
Other expense	0	0	0
Income tax (expense) benefit	0	0	0
Net income (loss)	0	0	0
Changes in unrealized gains (losses) related to available-for-sale securities	0	0	0
Changes in unrealized gains (losses) related to cash flow hedge relationships	0	0	0
Changes in defined benefit plans	0	0	0
Total other comprehensive income (loss), net of tax	0	0	0
Comprehensive income (loss)	0	0	0
Reclassifications
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net interest income	11,306	8,293	7,708
Guarantee fee income	(10,294)	(7,785)	(6,576)
Non-interest income (loss)
Investment gains (losses), net	(959)	(686)	(205)
Other income (loss)	482	524	(548)
Benefit (provision) for credit losses	360	331	264
Non-interest expense
Administrative expense	0	0	0
Credit enhancement expense, net	660	700	676
Recoveries	0	0	0
REO operations (expense) income	3	16	19
Other expense	(1,558)	(1,393)	(1,338)
Income tax (expense) benefit	0	0	0
Net income (loss)	0	0	0
Changes in unrealized gains (losses) related to available-for-sale securities	0	0	0
Changes in unrealized gains (losses) related to cash flow hedge relationships	0	0	0
Changes in defined benefit plans	0	0	0
Total other comprehensive income (loss), net of tax	0	0	0
Comprehensive income (loss)	0	0	0
Single-family Guarantee | Operating segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net interest income	0	0	0
Guarantee fee income	10,292	7,773	6,581
Non-interest income (loss)
Investment gains (losses), net	956	964	307
Other income (loss)	241	391	841
Benefit (provision) for credit losses	(1,680)	418	448
Non-interest expense
Administrative expense	(1,609)	(1,647)	(1,491)
Credit enhancement expense, net	(1,696)	(1,434)	(1,069)
Recoveries	305	41	(8)
REO operations (expense) income	(152)	(245)	(189)
Other expense	(943)	(786)	(568)
Income tax (expense) benefit	(1,178)	(1,110)	(944)
Net income (loss)	4,536	4,365	3,908
Changes in unrealized gains (losses) related to available-for-sale securities	0	0	0
Changes in unrealized gains (losses) related to cash flow hedge relationships	0	0	0
Changes in defined benefit plans	(16)	(22)	(3)
Total other comprehensive income (loss), net of tax	(16)	(22)	(3)
Comprehensive income (loss)	4,520	4,343	3,905
Multifamily | Operating segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net interest income	943	1,069	1,096
Guarantee fee income	1,444	1,101	861
Non-interest income (loss)
Investment gains (losses), net	2,047	576	16
Other income (loss)	176	108	129
Benefit (provision) for credit losses	(132)	(3)	24
Non-interest expense
Administrative expense	(514)	(503)	(437)
Credit enhancement expense, net	(22)	(15)	(16)
Recoveries	18	0	0
REO operations (expense) income	0	0	1
Other expense	(37)	(41)	(36)
Income tax (expense) benefit	(809)	(465)	(319)
Net income (loss)	3,114	1,827	1,319
Changes in unrealized gains (losses) related to available-for-sale securities	105	105	(82)
Changes in unrealized gains (losses) related to cash flow hedge relationships	0	0	0
Changes in defined benefit plans	(4)	(4)	(1)
Total other comprehensive income (loss), net of tax	101	101	(83)
Comprehensive income (loss)	3,215	1,928	1,236
Capital Markets | Operating segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net interest income	522	2,486	3,217
Guarantee fee income	0	0	0
Non-interest income (loss)
Investment gains (losses), net	(231)	(36)	1,803
Other income (loss)	(266)	(700)	340
Benefit (provision) for credit losses	0	0	0
Non-interest expense
Administrative expense	(412)	(414)	(365)
Credit enhancement expense, net	0	0	0
Recoveries	0	0	0
REO operations (expense) income	0	0	0
Other expense	(21)	(54)	(11)
Income tax (expense) benefit	84	(260)	(976)
Net income (loss)	(324)	1,022	4,008
Changes in unrealized gains (losses) related to available-for-sale securities	87	430	(640)
Changes in unrealized gains (losses) related to cash flow hedge relationships	38	71	114
Changes in defined benefit plans	(5)	(7)	(1)
Total other comprehensive income (loss), net of tax	120	494	(527)
Comprehensive income (loss)	(204)	1,516	3,481
Operating segments and All Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net interest income	1,465	3,555	4,313
Guarantee fee income	11,736	8,874	7,442
Non-interest income (loss)
Investment gains (losses), net	2,772	1,504	2,126
Other income (loss)	151	(201)	1,310
Benefit (provision) for credit losses	(1,812)	415	472
Non-interest expense
Administrative expense	(2,535)	(2,564)	(2,293)
Credit enhancement expense, net	(1,718)	(1,449)	(1,085)
Recoveries	323	41	(8)
REO operations (expense) income	(152)	(245)	(188)
Other expense	(1,001)	(881)	(615)
Income tax (expense) benefit	(1,903)	(1,835)	(2,239)
Net income (loss)	7,326	7,214	9,235
Changes in unrealized gains (losses) related to available-for-sale securities	192	535	(722)
Changes in unrealized gains (losses) related to cash flow hedge relationships	38	71	114
Changes in defined benefit plans	(25)	(33)	(5)
Total other comprehensive income (loss), net of tax	205	573	(613)
Comprehensive income (loss)	$ 7,531	$ 7,787	$ 8,622

Concentration of Credit and O_3

Concentration of Credit and Other Risks (Details)	12 Months Ended
	Dec. 31, 2020USD ($)numberofproperties	Dec. 31, 2019USD ($)numberofproperties	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Concentration Risk [Line Items]
Real estate owned, net	$ 198,000,000	$ 555,000,000
UPB of single-family credit guarantee portfolio	2,300,000,000,000	2,000,000,000,000
Securities purchased under agreements to resell used to provide financing to investors	$ 800,000,000	$ 2,400,000,000
Single-family UPB
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%
Single-family Credit Losses
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%
PMI
Concentration Risk [Line Items]
Percent of Subsequent Partial Claim Payment Cash			70.00%	67.00%
Percent of Subsequent Partial Claim Payment Deferred Payment Obligation			30.00%	33.00%
Percent of partial claim payment previously made in cash			67.00%	55.00%
Triad
Concentration Risk [Line Items]
Percent of Subsequent Partial Claim Payment Cash					75.00%
Percent of Subsequent Partial Claim Payment Deferred Payment Obligation					25.00%
Percent of partial claim payment previously made in cash					60.00%
RMIC
Concentration Risk [Line Items]
Percent of claim payment in cash				100.00%
Percent of partial claim payment previously made in cash				60.00%
Percent of partial claim payment previously made in deferred payment obligations				40.00%
PMI and Triad
Concentration Risk [Line Items]
Amount Of Cumulative Unpaid Deferred Payment Obligation	$ 400,000,000	$ 500,000,000
Seller/Servicers
Concentration Risk [Line Items]
UPB of loans subject to repurchase requests issued to Single-family Seller/Servicers	500,000,000	300,000,000
UPB of loans related to recovered losses from repurchase requests to Single-family Seller/Servicer	$ 900,000,000	$ 400,000,000
2013 to current | Single-family UPB
Concentration Risk [Line Items]
Concentration risk percentage	87.00%
Top five non-depository seller | Single-family loan purchase volume
Concentration Risk [Line Items]
Concentration risk percentage	26.00%	26.00%
Five largest non-depository servicers | Single-family UPB
Concentration Risk [Line Items]
Concentration risk percentage	18.00%	18.00%
Mortgage Insurers
Concentration Risk [Line Items]
UPB of single-family credit guarantee portfolio with mortgage insurance coverage	$ 472,900,000,000
Maximum loss limit from mortgage insurers for single-family credit guarantee portfolio	117,000,000,000
Cash and Other Investment Counterparties
Concentration Risk [Line Items]
Cash and other non-mortgage investments	163,100,000,000	$ 103,600,000,000
Single-family
Concentration Risk [Line Items]
Real estate owned, net	$ 200,000,000	$ 600,000,000
Real Estate Acquired Through Foreclosure Number Of Properties | numberofproperties	1,766	4,989
Multifamily
Concentration Risk [Line Items]
Real estate owned, net	$ 0	$ 0

Concentration of Credit and O_4

Concentration of Credit and Other Risks - Concentration of Credit Risk - Single-Family Credit Guarantee Portfolio (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 332,000,000,000
Single-Family serious delinquency rate	2.64%	0.63%
West
Concentration Risk [Line Items]
Single-Family serious delinquency rate	2.41%	0.36%
Northeast
Concentration Risk [Line Items]
Single-Family serious delinquency rate	3.16%	0.87%
North Central
Concentration Risk [Line Items]
Single-Family serious delinquency rate	2.06%	0.61%
Southeast
Concentration Risk [Line Items]
Single-Family serious delinquency rate	2.95%	0.73%
Southwest
Concentration Risk [Line Items]
Single-Family serious delinquency rate	2.59%	0.54%
CALIFORNIA
Concentration Risk [Line Items]
Single-Family serious delinquency rate	2.64%	0.34%
TEXAS
Concentration Risk [Line Items]
Single-Family serious delinquency rate	3.11%	0.54%
FLORIDA
Concentration Risk [Line Items]
Single-Family serious delinquency rate	3.70%	0.77%
NEW YORK
Concentration Risk [Line Items]
Single-Family serious delinquency rate	4.56%	1.21%
ILLINOIS
Concentration Risk [Line Items]
Single-Family serious delinquency rate	2.96%	0.85%
All Other
Concentration Risk [Line Items]
Single-Family serious delinquency rate	2.34%	0.61%
Core single-family loan portfolio
Concentration Risk [Line Items]
Single-Family serious delinquency rate	2.04%	0.26%
Legacy and relief refinance single-family loan portfolio
Concentration Risk [Line Items]
Single-Family serious delinquency rate	5.30%	1.84%
Single-family UPB
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%
Concentration risk, unpaid principal balance	$ 2,326,000,000,000	$ 1,994,000,000,000
Concentration risk, credit loss amount	$ 400,000,000	$ 1,500,000,000
Single-family UPB | West
Concentration Risk [Line Items]
Concentration risk percentage	31.00%	30.00%
Concentration risk, unpaid principal balance	$ 720,000,000,000	$ 595,000,000,000
Concentration risk, credit loss amount	$ 0	$ 200,000,000
Single-family UPB | Northeast
Concentration Risk [Line Items]
Concentration risk percentage	24.00%	24.00%
Concentration risk, unpaid principal balance	$ 549,000,000,000	$ 475,000,000,000
Concentration risk, credit loss amount	$ 200,000,000	$ 500,000,000
Single-family UPB | North Central
Concentration Risk [Line Items]
Concentration risk percentage	15.00%	16.00%
Concentration risk, unpaid principal balance	$ 357,000,000,000	$ 319,000,000,000
Concentration risk, credit loss amount	$ 100,000,000	$ 300,000,000
Single-family UPB | Southeast
Concentration Risk [Line Items]
Concentration risk percentage	16.00%	16.00%
Concentration risk, unpaid principal balance	$ 375,000,000,000	$ 326,000,000,000
Concentration risk, credit loss amount	$ 100,000,000	$ 400,000,000
Single-family UPB | Southwest
Concentration Risk [Line Items]
Concentration risk percentage	14.00%	14.00%
Concentration risk, unpaid principal balance	$ 325,000,000,000	$ 279,000,000,000
Concentration risk, credit loss amount	$ 0	$ 100,000,000
Single-family UPB | CALIFORNIA
Concentration Risk [Line Items]
Concentration risk percentage	18.00%	17.00%
Concentration risk, unpaid principal balance	$ 424,000,000,000	$ 347,000,000,000
Concentration risk, credit loss amount	$ 0	$ 100,000,000
Single-family UPB | TEXAS
Concentration Risk [Line Items]
Concentration risk percentage	6.00%	6.00%
Concentration risk, unpaid principal balance	$ 145,000,000,000	$ 123,000,000,000
Concentration risk, credit loss amount	$ 0	$ 0
Single-family UPB | FLORIDA
Concentration Risk [Line Items]
Concentration risk percentage	6.00%	6.00%
Concentration risk, unpaid principal balance	$ 135,000,000,000	$ 116,000,000,000
Concentration risk, credit loss amount	$ 0	$ 200,000,000
Single-family UPB | NEW YORK
Concentration Risk [Line Items]
Concentration risk percentage	4.00%	5.00%
Concentration risk, unpaid principal balance	$ 103,000,000,000	$ 94,000,000,000
Concentration risk, credit loss amount	$ 100,000,000	$ 100,000,000
Single-family UPB | ILLINOIS
Concentration Risk [Line Items]
Concentration risk percentage	4.00%	4.00%
Concentration risk, unpaid principal balance	$ 96,000,000,000	$ 88,000,000,000
Concentration risk, credit loss amount	$ 100,000,000	$ 200,000,000
Single-family UPB | All Other
Concentration Risk [Line Items]
Concentration risk percentage	62.00%	62.00%
Concentration risk, unpaid principal balance	$ 1,423,000,000,000	$ 1,226,000,000,000
Concentration risk, credit loss amount	$ 200,000,000	$ 900,000,000
Single-family UPB | Core single-family loan portfolio
Concentration Risk [Line Items]
Concentration risk percentage	90.00%	85.00%
Concentration risk, unpaid principal balance	$ 2,093,000,000,000	$ 1,701,000,000,000
Concentration risk, credit loss amount	$ 100,000,000	$ 300,000,000
Single-family UPB | Legacy and relief refinance single-family loan portfolio
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	15.00%
Concentration risk, unpaid principal balance	$ 233,000,000,000	$ 293,000,000,000
Concentration risk, credit loss amount	$ 300,000,000	$ 1,200,000,000
Single-family Credit Losses
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%
Single-family Credit Losses | West
Concentration Risk [Line Items]
Concentration risk percentage	5.00%	12.00%
Single-family Credit Losses | Northeast
Concentration Risk [Line Items]
Concentration risk percentage	40.00%	37.00%
Single-family Credit Losses | North Central
Concentration Risk [Line Items]
Concentration risk percentage	27.00%	19.00%
Single-family Credit Losses | Southeast
Concentration Risk [Line Items]
Concentration risk percentage	18.00%	24.00%
Single-family Credit Losses | Southwest
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	8.00%
Single-family Credit Losses | CALIFORNIA
Concentration Risk [Line Items]
Concentration risk percentage	4.00%	8.00%
Single-family Credit Losses | TEXAS
Concentration Risk [Line Items]
Concentration risk percentage	3.00%	3.00%
Single-family Credit Losses | FLORIDA
Concentration Risk [Line Items]
Concentration risk percentage	9.00%	14.00%
Single-family Credit Losses | NEW YORK
Concentration Risk [Line Items]
Concentration risk percentage	13.00%	7.00%
Single-family Credit Losses | ILLINOIS
Concentration Risk [Line Items]
Concentration risk percentage	14.00%	10.00%
Single-family Credit Losses | All Other
Concentration Risk [Line Items]
Concentration risk percentage	57.00%	58.00%
Single-family Credit Losses | Core single-family loan portfolio
Concentration Risk [Line Items]
Concentration risk percentage	33.00%	18.00%
Single-family Credit Losses | Legacy and relief refinance single-family loan portfolio
Concentration Risk [Line Items]
Concentration risk percentage	67.00%	82.00%

Concentration of Credit and O_5

Concentration of Credit and Other Risks - Certain Higher-Risk Categories in the Single-Family Credit Guarantee Portfolio (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Single-Family serious delinquency rate	2.64%	0.63%
UPB of Single-Family loans for which data was not available	$ 505	$ 555
Interest-only
Concentration Risk [Line Items]
Single-Family serious delinquency rate		2.72%
Alt-A
Concentration Risk [Line Items]
Single-Family serious delinquency rate	10.66%	3.75%
Original LTV ratio greater than 90%
Concentration Risk [Line Items]
Single-Family serious delinquency rate	4.25%	0.96%
Lower credit scores at origination (less than 620)
Concentration Risk [Line Items]
Single-Family serious delinquency rate	11.00%	4.52%
Single-family UPB
Concentration Risk [Line Items]
Percentage of Portfolio	100.00%	100.00%
Single-family UPB | Interest-only
Concentration Risk [Line Items]
Percentage of Portfolio	0.00%	1.00%
Single-family UPB | Alt-A
Concentration Risk [Line Items]
Percentage of Portfolio	1.00%	1.00%
Single-family UPB | Original LTV ratio greater than 90%
Concentration Risk [Line Items]
Percentage of Portfolio	15.00%	18.00%
Single-family UPB | Lower credit scores at origination (less than 620)
Concentration Risk [Line Items]
Percentage of Portfolio	1.00%	2.00%

Concentration of Credit and O_6

Concentration of Credit and Other Risks - Concentration of Credit Risk - Multifamily Mortgage Portfolio (Details) - USD ($) $ in Billions	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Multifamily Mortgage Portfolio UPB	$ 345.5	$ 300.1
Multifamily Delinquency Rate	0.16%	0.08%
Unsecuritized Loans
Concentration Risk [Line Items]
Multifamily Mortgage Portfolio UPB	$ 33.4	$ 29.8
Multifamily Delinquency Rate	0.04%	0.01%
Securitization related products
Concentration Risk [Line Items]
Multifamily Mortgage Portfolio UPB	$ 301.4	$ 260.3
Multifamily Delinquency Rate	0.18%	0.09%
Other mortgage-related guarantees
Concentration Risk [Line Items]
Multifamily Mortgage Portfolio UPB	$ 10.7	$ 10
Multifamily Delinquency Rate	0.06%	0.09%

Concentration of Credit and O_7

Concentration of Credit and Other Risks - Seller Concentration (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Top ten Single-family sellers | Single-family loan purchase volume
Concentration Risk [Line Items]
Concentration risk percentage	44.00%	56.00%
JPMorgan Chase Bank, N.A. | Single-family loan purchase volume
Concentration Risk [Line Items]
Concentration risk percentage	5.00%	14.00%
Other top 10 sellers | Single-family loan purchase volume
Concentration Risk [Line Items]
Concentration risk percentage	39.00%	42.00%
Top ten multifamily sellers | Multifamily loan purchase volume
Concentration Risk [Line Items]
Concentration risk percentage	82.00%	77.00%
CBRE Capital Market, Inc. | Multifamily loan purchase volume
Concentration Risk [Line Items]
Concentration risk percentage	16.00%	15.00%
Berkadia Commercial Mortgage LLC | Multifamily loan purchase volume
Concentration Risk [Line Items]
Concentration risk percentage	14.00%	15.00%
JLL Real Estate Capital LLC | Multifamily loan purchase volume
Concentration Risk [Line Items]
Concentration risk percentage	11.00%	3.00%
Walker & Dunlop LLC | Multifamily loan purchase volume
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	8.00%
Other top 10 sellers | Multifamily loan purchase volume
Concentration Risk [Line Items]
Concentration risk percentage	31.00%	36.00%

Concentration of Credit and O_8

Concentration of Credit and Other Risks - Servicer Concentration (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Single-family loan serviced | Top ten Single-family servicers
Concentration Risk [Line Items]
Concentration risk percentage	49.00%	57.00%
Single-family loan serviced | Wells Fargo Bank, N.A.
Concentration Risk [Line Items]
Concentration risk percentage	11.00%	15.00%
Single-family loan serviced | JPMorgan Chase Bank, N.A.
Concentration Risk [Line Items]
Concentration risk percentage	8.00%	10.00%
Single-family loan serviced | Other top 10 servicers
Concentration Risk [Line Items]
Concentration risk percentage	30.00%	32.00%
Multifamily loan serviced | Top ten multifamily servicers
Concentration Risk [Line Items]
Concentration risk percentage	80.00%	76.00%
Multifamily loan serviced | CBRE Capital Markets, Inc.
Concentration Risk [Line Items]
Concentration risk percentage	17.00%	17.00%
Multifamily loan serviced | Berkadia Commercial Mortgage LLC
Concentration Risk [Line Items]
Concentration risk percentage	13.00%	13.00%
Multifamily loan serviced | JLL Real Estate Capital LLC
Concentration Risk [Line Items]
Concentration risk percentage	11.00%	3.00%
Multifamily loan serviced | Other top 10 servicers
Concentration Risk [Line Items]
Concentration risk percentage	39.00%	43.00%

Concentration of Credit and O_9

Concentration of Credit and Other Risks - Mortgage Insurer Concentration (Details) - Mortgage insurance coverage	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Arch Mortgage Insurance Company
Concentration Risk [Line Items]
Concentration risk percentage	20.00%	22.00%
Radian Guaranty Inc.
Concentration Risk [Line Items]
Concentration risk percentage	19.00%	20.00%
Mortgage Guaranty Insurance Corporation
Concentration Risk [Line Items]
Concentration risk percentage	18.00%	17.00%
Genworth Mortgage Insurance Corporation
Concentration Risk [Line Items]
Concentration risk percentage	15.00%	15.00%
Essent Guaranty Inc. [Member]
Concentration Risk [Line Items]
Concentration risk percentage	16.00%	15.00%
Total
Concentration Risk [Line Items]
Concentration risk percentage	88.00%	89.00%

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets and Liabilities on Our Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	$ 15,367	$ 26,174
Mortgage Loans [Abstract]
Mortgage loans, held for sale, at fair value	14,199	15,035
Derivative Assets Net [Abstract]
Derivative Assets, net	1,205	844
Other Assets [Abstract]
Total other assets	5,775	4,627
Liabilities, Fair Value Disclosure [Abstract]
Debt securities recorded at fair value	2,592	3,938
Derivative Liabilities Net [Abstract]
Total Derivative Liabilities, net	954	372
Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt securities recorded at fair value	2,400	3,700
Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt securities recorded at fair value	205	209
Agency
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	14,304	24,887
Non agency and other
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	1,063	1,287
Fair Value, Measurements, Recurring
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	15,367	26,174
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	44,458	49,537
Total investments in securities	59,825	75,711
Mortgage Loans [Abstract]
Mortgage loans, held for sale, at fair value	14,199	15,035
Derivative Assets Net [Abstract]
Derivative assets at fair value	8,579	6,379
Netting Adjustment	(7,374)	(5,535)
Derivative Assets, net	1,205	844
Other Assets [Abstract]
Guarantee Assets	5,509	4,426
Non Derivative Purchase Commitments Assets	158	81
All Other Assets Fair Value Disclosure	108	120
Total other assets	5,775	4,627
Total Assets at Fair value	81,004	96,217
Derivative Liabilities Net [Abstract]
Derivative liabilities at fair value	9,148	5,282
Netting Adjustment	(8,194)	(4,910)
Total Derivative Liabilities, net	954	372
Other Liabilities [Abstract]
Non Derivative Purchase Commitment Liabilities	1	7
All Other Liabilities at Fair Value	3	1
Other Liabilities, Fair Value Disclosure	4	8
Total Level 3 liabilities	3,550	4,318
Fair Value, Measurements, Recurring | Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt securities recorded at fair value	2,387	3,729
Fair Value, Measurements, Recurring | Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt securities recorded at fair value	205	209
Fair Value, Measurements, Recurring | Mortage-related securities
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	17,505	22,482
Fair Value, Measurements, Recurring | Agency
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	14,304	24,887
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	17,504	22,481
Fair Value, Measurements, Recurring | Non agency and other
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	1,063	1,287
Fair Value, Measurements, Recurring | Non-agency
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	1	1
Fair Value, Measurements, Recurring | Non-mortgage-related securities
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	26,953	27,055
Fair Value, Measurements, Recurring | Level 1
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	0	0
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	26,255	25,108
Total investments in securities	26,255	25,108
Mortgage Loans [Abstract]
Mortgage loans, held for sale, at fair value	0	0
Derivative Assets Net [Abstract]
Derivative assets at fair value	0	0
Derivative Assets, net	0	0
Other Assets [Abstract]
Guarantee Assets	0	0
Non Derivative Purchase Commitments Assets	0	0
All Other Assets Fair Value Disclosure	0	0
Total other assets	0	0
Total Assets at Fair value	26,255	25,108
Derivative Liabilities Net [Abstract]
Derivative liabilities at fair value	0	0
Total Derivative Liabilities, net	0	0
Other Liabilities [Abstract]
Non Derivative Purchase Commitment Liabilities	0	0
All Other Liabilities at Fair Value	0	0
Other Liabilities, Fair Value Disclosure	0	0
Total Level 3 liabilities	0	0
Fair Value, Measurements, Recurring | Level 1 | Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt securities recorded at fair value	0	0
Fair Value, Measurements, Recurring | Level 1 | Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt securities recorded at fair value	0	0
Fair Value, Measurements, Recurring | Level 1 | Mortage-related securities
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring | Level 1 | Agency
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	0	0
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring | Level 1 | Non agency and other
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring | Level 1 | Non-agency
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring | Level 1 | Non-mortgage-related securities
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	26,255	25,108
Fair Value, Measurements, Recurring | Level 2
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	13,779	22,947
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	14,944	21,719
Total investments in securities	28,723	44,666
Mortgage Loans [Abstract]
Mortgage loans, held for sale, at fair value	14,199	15,035
Derivative Assets Net [Abstract]
Derivative assets at fair value	8,516	6,363
Derivative Assets, net	8,516	6,363
Other Assets [Abstract]
Guarantee Assets	0	0
Non Derivative Purchase Commitments Assets	158	81
All Other Assets Fair Value Disclosure	0	0
Total other assets	158	81
Total Assets at Fair value	51,596	66,145
Derivative Liabilities Net [Abstract]
Derivative liabilities at fair value	9,132	5,245
Total Derivative Liabilities, net	9,132	5,245
Other Liabilities [Abstract]
Non Derivative Purchase Commitment Liabilities	1	7
All Other Liabilities at Fair Value	0	0
Other Liabilities, Fair Value Disclosure	1	7
Total Level 3 liabilities	11,402	8,858
Fair Value, Measurements, Recurring | Level 2 | Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt securities recorded at fair value	2,267	3,600
Fair Value, Measurements, Recurring | Level 2 | Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt securities recorded at fair value	2	6
Fair Value, Measurements, Recurring | Level 2 | Mortage-related securities
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	14,246	19,772
Fair Value, Measurements, Recurring | Level 2 | Agency
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	13,778	22,927
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	14,246	19,772
Fair Value, Measurements, Recurring | Level 2 | Non agency and other
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	1	20
Fair Value, Measurements, Recurring | Level 2 | Non-agency
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring | Level 2 | Non-mortgage-related securities
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	698	1,947
Fair Value, Measurements, Recurring | Level 3
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	1,588	3,227
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	3,259	2,710
Total investments in securities	4,847	5,937
Mortgage Loans [Abstract]
Mortgage loans, held for sale, at fair value	0	0
Derivative Assets Net [Abstract]
Derivative assets at fair value	63	16
Derivative Assets, net	63	16
Other Assets [Abstract]
Guarantee Assets	5,509	4,426
Non Derivative Purchase Commitments Assets	0	0
All Other Assets Fair Value Disclosure	108	120
Total other assets	5,617	4,546
Total Assets at Fair value	10,527	10,499
Derivative Liabilities Net [Abstract]
Derivative liabilities at fair value	16	37
Total Derivative Liabilities, net	16	37
Other Liabilities [Abstract]
Non Derivative Purchase Commitment Liabilities	0	0
All Other Liabilities at Fair Value	3	1
Other Liabilities, Fair Value Disclosure	3	1
Total Level 3 liabilities	342	370
Fair Value, Measurements, Recurring | Level 3 | Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt securities recorded at fair value	120	129
Fair Value, Measurements, Recurring | Level 3 | Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt securities recorded at fair value	203	203
Fair Value, Measurements, Recurring | Level 3 | Mortage-related securities
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	3,259	2,710
Fair Value, Measurements, Recurring | Level 3 | Agency
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	526	1,960
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	3,258	2,709
Fair Value, Measurements, Recurring | Level 3 | Non agency and other
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	1,062	1,267
Fair Value, Measurements, Recurring | Level 3 | Non-agency
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	1	1
Fair Value, Measurements, Recurring | Level 3 | Non-mortgage-related securities
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	$ 0	$ 0

Fair Value Disclosures - Asse_2

Fair Value Disclosures - Assets and Liabilities on Our Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt | Held by Freddie Mac
Liabilities:
Begining Balance	$ 129	$ 134
Included in Earnings	(1)	0
Included in Other Comprehensive Income	0	0
Purchases	0	0
Issues	4	4
Sales	0	0
Settlements, Net	(12)	(9)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	120	129
Unrealized (Gains) Losses Still Held - Liabilities	(1)	0
Unrealized (Gains) Losses Still Held - Liabilities, OCI	0	0
Debt | Held by consolidated trusts
Liabilities:
Begining Balance	203	728
Included in Earnings	0	5
Included in Other Comprehensive Income	0	0
Purchases	0	0
Issues	0	0
Sales	0	0
Settlements, Net	0	(530)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	203	203
Unrealized (Gains) Losses Still Held - Liabilities	0	5
Unrealized (Gains) Losses Still Held - Liabilities, OCI	0	0
Derivatives liabilities
Liabilities:
Begining Balance	36	92
Included in Earnings	(8)	(37)
Included in Other Comprehensive Income	0	0
Purchases	0	0
Issues	2	0
Sales	0	0
Settlements, Net	(14)	(19)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	16	36
Unrealized (Gains) Losses Still Held - Liabilities	(23)	(54)
Unrealized (Gains) Losses Still Held - Liabilities, OCI	0	0
All Other Liabilities
Liabilities:
Begining Balance	1	0
Included in Earnings	0	(3)
Included in Other Comprehensive Income	0	0
Purchases	1	6
Issues	0	0
Sales	1	(2)
Settlements, Net	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	3	1
Unrealized (Gains) Losses Still Held - Liabilities	0	(5)
Unrealized (Gains) Losses Still Held - Liabilities, OCI	0	0
Available-for-sale securities
Assets:
Beginning Balance	3,227	5,775
Included in Earnings	27	105
Included in Other Comprehensive Income	(8)	107
Purchases	0	0
Issues	0	0
Sales	(218)	(2,121)
Settlements, net	(344)	(583)
Transfers into Level 3	0	2
Transfers out of Level 3	(1,096)	(58)
Ending Balance	1,588	3,227
Unrealized Gains (Losses) Still Held - Assets	15	16
Unrealized Gains (Losses) Still Held - Assets, OCI	(38)	75
Available-for-sale securities | Agency
Assets:
Beginning Balance	1,960	4,135
Included in Earnings	12	23
Included in Other Comprehensive Income	38	108
Purchases	0	0
Issues	0	0
Sales	(218)	(1,883)
Settlements, net	(170)	(367)
Transfers into Level 3	0	2
Transfers out of Level 3	(1,096)	(58)
Ending Balance	526	1,960
Unrealized Gains (Losses) Still Held - Assets	0	2
Unrealized Gains (Losses) Still Held - Assets, OCI	(2)	40
Available-for-sale securities | Non agency and other
Assets:
Beginning Balance	1,267	1,640
Included in Earnings	15	82
Included in Other Comprehensive Income	(46)	(1)
Purchases	0	0
Issues	0	0
Sales	0	(238)
Settlements, net	(174)	(216)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	1,062	1,267
Unrealized Gains (Losses) Still Held - Assets	15	14
Unrealized Gains (Losses) Still Held - Assets, OCI	(36)	35
Trading securities
Assets:
Beginning Balance	2,710	3,294
Included in Earnings	(251)	(280)
Included in Other Comprehensive Income	0	0
Purchases	1,555	596
Issues	0	0
Sales	(281)	(616)
Settlements, net	(77)	(104)
Transfers into Level 3	0	0
Transfers out of Level 3	(397)	(180)
Ending Balance	3,259	2,710
Unrealized Gains (Losses) Still Held - Assets	(241)	(248)
Unrealized Gains (Losses) Still Held - Assets, OCI	0	0
Trading securities | Agency
Assets:
Beginning Balance	2,709	3,293
Included in Earnings	(251)	(280)
Included in Other Comprehensive Income	0	0
Purchases	1,555	596
Issues	0	0
Sales	(281)	(616)
Settlements, net	(77)	(104)
Transfers into Level 3	0	0
Transfers out of Level 3	(397)	(180)
Ending Balance	3,258	2,709
Unrealized Gains (Losses) Still Held - Assets	(241)	(248)
Unrealized Gains (Losses) Still Held - Assets, OCI	0	0
Trading securities | Non-agency
Assets:
Beginning Balance	1	1
Included in Earnings	0	0
Included in Other Comprehensive Income	0	0
Purchases	0	0
Issues	0	0
Sales	0	0
Settlements, net	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	1	1
Unrealized Gains (Losses) Still Held - Assets	0	0
Unrealized Gains (Losses) Still Held - Assets, OCI	0	0
Derivative Assets
Assets:
Beginning Balance	15	1
Included in Earnings	22	14
Included in Other Comprehensive Income	0	0
Purchases	0	0
Issues	26	0
Sales	0	0
Settlements, net	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	63	15
Unrealized Gains (Losses) Still Held - Assets	21	14
Unrealized Gains (Losses) Still Held - Assets, OCI	0	0
Other Asset [Member]
Assets:
Beginning Balance	4,546	3,770
Included in Earnings	247	(5)
Included in Other Comprehensive Income	0	0
Purchases	(15)	85
Issues	1,668	1,463
Sales	(19)	(85)
Settlements, net	(810)	(682)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	5,617	4,546
Unrealized Gains (Losses) Still Held - Assets	247	(37)
Unrealized Gains (Losses) Still Held - Assets, OCI	0	0
Guarantee Asset
Assets:
Beginning Balance	4,426	3,633
Included in Earnings	250	33
Included in Other Comprehensive Income	0	0
Purchases	0	0
Issues	1,641	1,427
Sales	0	0
Settlements, net	(808)	(667)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	5,509	4,426
Unrealized Gains (Losses) Still Held - Assets	250	33
Unrealized Gains (Losses) Still Held - Assets, OCI	0	0
All Other Assets
Assets:
Beginning Balance	120	137
Included in Earnings	(3)	(38)
Included in Other Comprehensive Income	0	0
Purchases	(15)	85
Issues	27	36
Sales	(19)	(85)
Settlements, net	(2)	(15)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	108	120
Unrealized Gains (Losses) Still Held - Assets	(3)	(70)
Unrealized Gains (Losses) Still Held - Assets, OCI	$ 0	$ 0

Fair Value Disclosures - Quanti

Fair Value Disclosures - Quantitative Information about Recurring Level 3 Fair Value Measurements for Assets and Liabilities Measured on Our Consolidated Balance Sheets at Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	$ 15,367	$ 26,174
Liabilities [Abstract]
Debt securities recorded at fair value	2,592	3,938
Agency
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	14,304	24,887
Non agency and other
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	1,063	1,287
Fair Value, Measurements, Recurring
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	15,367	26,174
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	44,458	49,537
Other assets:
Guarantee Assets Fair Value Disclosure	5,509	4,426
Total level 3 assets	81,004	96,217
Liabilities [Abstract]
Total Level 3 liabilities	3,550	4,318
Fair Value, Measurements, Recurring | Mortgage-related securities
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	17,505	22,482
Fair Value, Measurements, Recurring | Agency
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	14,304	24,887
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	17,504	22,481
Fair Value, Measurements, Recurring | Non agency and other
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	1,063	1,287
Fair Value, Measurements, Recurring | Level 3
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	1,588	3,227
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	3,259	2,710
Other assets:
Guarantee Assets Fair Value Disclosure	5,509	4,426
Insignificant level3 assets	171	137
Total level 3 assets	10,527	10,499
Liabilities [Abstract]
Insignificant level3 liabilities	139	167
Total Level 3 liabilities	342	370
Fair Value, Measurements, Recurring | Level 3 | Mortgage-related securities
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	3,259	2,710
Fair Value, Measurements, Recurring | Level 3 | Agency
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	526	1,960
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	3,258	2,709
Fair Value, Measurements, Recurring | Level 3 | Agency | Single External Source
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	2,204	1,948
Fair Value, Measurements, Recurring | Level 3 | Agency | Discounted Cash Flows
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	410	1,960
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	472	761
Fair Value, Measurements, Recurring | Level 3 | Agency | Other
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	116
Trading, at Fair Value:
Trading Securities, Fair Value Disclosure	583
Fair Value, Measurements, Recurring | Level 3 | Non agency and other
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	1,062	1,267
Fair Value, Measurements, Recurring | Level 3 | Non agency and other | Median of External Sources
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	875	886
Fair Value, Measurements, Recurring | Level 3 | Non agency and other | Other
Available-For-Sale, at Fair Value:
Available-for-sale Securities, Fair Value Disclosure	$ 187	$ 381
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Agency | Minimum | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
OAS	0.90%	0.30%
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Agency | Weighted Average | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
OAS	0.90%	0.80%
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Agency | Maximum | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
OAS	0.90%	2.61%
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Non agency and other | Minimum | Median of External Sources
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	67.1	71.9
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Non agency and other | Weighted Average | Median of External Sources
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	72.8	75
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Non agency and other | Maximum | Median of External Sources
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	79.1	78.2
Fair Value, Measurements, Recurring | Level 3 | Trading securities | Agency | Minimum | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	0	0
Fair Value, Measurements, Recurring | Level 3 | Trading securities | Agency | Minimum | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
OAS	(9.51%)	(12.01%)
Fair Value, Measurements, Recurring | Level 3 | Trading securities | Agency | Weighted Average | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	947.8	36.6
Fair Value, Measurements, Recurring | Level 3 | Trading securities | Agency | Weighted Average | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
OAS	8.34%	6.11%
Fair Value, Measurements, Recurring | Level 3 | Trading securities | Agency | Maximum | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	8,894.6	100.7
Fair Value, Measurements, Recurring | Level 3 | Trading securities | Agency | Maximum | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
OAS	29.10%	80.95%
Fair Value, Measurements, Recurring | Level 3 | Guarantee Asset | Discounted Cash Flows
Other assets:
Guarantee Assets Fair Value Disclosure	$ 5,195	$ 4,141
Fair Value, Measurements, Recurring | Level 3 | Guarantee Asset | Other
Other assets:
Guarantee Assets Fair Value Disclosure	$ 314	$ 285
Fair Value, Measurements, Recurring | Level 3 | Guarantee Asset | Minimum | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
OAS	0.15%	0.17%
Fair Value, Measurements, Recurring | Level 3 | Guarantee Asset | Weighted Average | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
OAS	0.38%	0.40%
Fair Value, Measurements, Recurring | Level 3 | Guarantee Asset | Maximum | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
OAS	1.86%	1.86%
Held by consolidated trusts
Liabilities [Abstract]
Debt securities recorded at fair value	$ 205	$ 209
Held by consolidated trusts | Fair Value, Measurements, Recurring
Liabilities [Abstract]
Debt securities recorded at fair value	205	209
Held by consolidated trusts | Fair Value, Measurements, Recurring | Level 3
Liabilities [Abstract]
Debt securities recorded at fair value	203	203
Held by consolidated trusts | Fair Value, Measurements, Recurring | Level 3 | Single External Source
Liabilities [Abstract]
Debt securities recorded at fair value	$ 203	$ 203
Held by consolidated trusts | Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	101.7	101.4
Held by consolidated trusts | Fair Value, Measurements, Recurring | Level 3 | Debt | Minimum | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	97.3	99.4
Held by consolidated trusts | Fair Value, Measurements, Recurring | Level 3 | Debt | Maximum | Single External Source
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	107	103.6

Fair Value Disclosures - Asse_3

Fair Value Disclosures - Assets on Our Consolidated Balance Sheets Measured at Fair Value on a Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets, Fair Value Disclosure [Abstract]
Mortgage loans	$ 2,247	$ 4,081
Level 1
Assets, Fair Value Disclosure [Abstract]
Mortgage loans	0	0
Level 2
Assets, Fair Value Disclosure [Abstract]
Mortgage loans	6	22
Level 3
Assets, Fair Value Disclosure [Abstract]
Mortgage loans	$ 2,241	$ 4,059

Fair Value Disclosures - Quan_2

Fair Value Disclosures - Quantitative Information about Non-Recurring Level 3 Fair Value Measurements for Assets and Liabilities Measured on Our Consolidated Balance Sheets at Fair Value (Details) - Fair Value, Measurements, Nonrecurring - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Assets, Fair Value Disclosure [Abstract]
Mortgage Loans Fair Value Disclosure	$ 2,247,000,000	$ 4,081,000,000
Level 3
Assets, Fair Value Disclosure [Abstract]
Mortgage Loans Fair Value Disclosure	2,241,000,000	4,059,000,000
Minimum | Internal model | Mortgage loans | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value Inputs Historical Sale Proceeds	$ 3,001	$ 3,000
Housing Sales Index	0.66%	0.46%
Minimum | Median of External Sources | Mortgage loans | Level 3
Assets, Fair Value Disclosure [Abstract]
External Pricing Source(s)	59.5	66.5
Maximum | Internal model | Mortgage loans | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value Inputs Historical Sale Proceeds	$ 696,004	$ 765,000
Housing Sales Index	3.45%	4.20%
Maximum | Median of External Sources | Mortgage loans | Level 3
Assets, Fair Value Disclosure [Abstract]
External Pricing Source(s)	104	105.4
Weighted Average | Internal model | Mortgage loans | Level 3
Assets, Fair Value Disclosure [Abstract]
Fair Value Inputs Historical Sale Proceeds	$ 202,539	$ 186,234
Housing Sales Index	1.19%	1.12%
Weighted Average | Median of External Sources | Mortgage loans | Level 3
Assets, Fair Value Disclosure [Abstract]
External Pricing Source(s)	92.1	95

Fair Value Disclosures - Fair V

Fair Value Disclosures - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financial Assets
Securities Purchased under Agreements to Resell	$ 105,003	$ 56,271
Securities Purchased under Agreements to Resell, Liability	0	(9,843)
Investments in Securities [Abstract]
Available-for-sale, at fair value	15,367	26,174
Mortgage Loans [Abstract]
Derivative Assets, net	1,205	844
Advances to lenders	4,162	1,873
Secured lending	1,680	2,313
Financial Liabilities
Debt, net	2,592	3,938
Counterparty netting	0	(9,843)
Derivative liability, net	954	372
Total Liability Netting Adjustment	(8,194)	(14,753)
Held by Freddie Mac
Financial Liabilities
Debt, net	2,400	3,700
Held by consolidated trusts
Financial Assets
Securities Purchased under Agreements to Resell	38,487	23,137
Financial Liabilities
Debt, net	205	209
GAAP Carrying Amount
Financial Assets
Cash and Cash Equivalents	23,889	5,189
Securities Purchased under Agreements to Resell	105,003	56,271
Investments in Securities [Abstract]
Available-for-sale, at fair value	15,367	26,174
Trading, at fair value	44,458	49,537
Total investments in securities	59,825	75,711
Mortgage Loans [Abstract]
Mortgage loans	2,383,888	2,020,200
Derivative Assets, net	1,205	844
Guarantee Assets	5,509	4,426
Non Derivative Purchase Commitments Assets	158	81
Advances to lenders	4,162	1,873
Secured lending	1,680	2,313
Total Assets at Fair value	2,585,319	2,166,908
Financial Liabilities
Debt, net	2,592,546	2,169,685
Derivative liability, net	954	372
Guarantee obligation	5,050	4,292
Non Derivative Purchase Commitment Liabilities	20	7
Total Financial Liabilities	2,598,570	2,174,356
GAAP Carrying Amount | Held by Freddie Mac
Mortgage Loans [Abstract]
Mortgage loans	110,541	79,677
Financial Liabilities
Debt, net	284,370	271,330
GAAP Carrying Amount | Held by consolidated trusts
Mortgage Loans [Abstract]
Mortgage loans	2,273,347	1,940,523
Financial Liabilities
Debt, net	2,308,176	1,898,355
GAAP Carrying Amount | AmortizedCost
Mortgage Loans [Abstract]
Mortgage loans	2,400,000	2,000,000
Financial Liabilities
Debt, net	2,600,000	2,200,000
GAAP Carrying Amount | LowerOfCostOrFairValue
Mortgage Loans [Abstract]
Mortgage loans	19,500	20,300
GAAP Carrying Amount | FV - NI
Mortgage Loans [Abstract]
Mortgage loans	14,200	15,000
Financial Liabilities
Debt, net	2,600	3,900
Fair Value
Financial Assets
Cash and Cash Equivalents	23,889	5,189
Securities Purchased under Agreements to Resell	105,003	56,271
Securities Purchased under Agreements to Resell, Liability	0	(9,843)
Investments in Securities [Abstract]
Available-for-sale, at fair value	15,367	26,174
Trading, at fair value	44,458	49,537
Total investments in securities	59,825	75,711
Mortgage Loans [Abstract]
Mortgage loans	2,456,491	2,060,622
Derivative Assets, net	1,205	844
Netting Adjustment	(7,374)	(5,535)
Guarantee Assets	5,515	4,433
Non Derivative Purchase Commitments Assets	246	162
Advances to lenders	4,162	1,873
Secured lending	1,516	2,132
Total Asset Netting Adjustment	(7,374)	(15,378)
Total Assets at Fair value	2,657,852	2,207,237
Financial Liabilities
Debt, net	2,673,731	2,208,957
Counterparty netting	0	(9,843)
Derivative liability, net	954	372
Netting Adjustment	(8,194)	(4,910)
Guarantee obligation	5,378	4,527
Non Derivative Purchase Commitment Liabilities	144	74
Total Financial Liabilities	2,680,207	2,213,930
Fair Value | Held by Freddie Mac
Mortgage Loans [Abstract]
Mortgage loans	113,495	83,688
Financial Liabilities
Debt, net	290,722	276,207
Fair Value | Held by consolidated trusts
Mortgage Loans [Abstract]
Mortgage loans	2,342,996	1,976,934
Financial Liabilities
Debt, net	2,383,009	1,932,750
Fair Value | Level 1
Financial Assets
Cash and Cash Equivalents	23,889	5,189
Securities Purchased under Agreements to Resell	0	0
Investments in Securities [Abstract]
Available-for-sale, at fair value	0	0
Trading, at fair value	26,255	25,108
Total investments in securities	26,255	25,108
Mortgage Loans [Abstract]
Mortgage loans	0	0
Derivative assets at fair value	0	0
Guarantee Assets	0	0
Non Derivative Purchase Commitments Assets	0	0
Advances to lenders	0	0
Secured lending	0	0
Total Assets at Fair value	50,144	30,297
Financial Liabilities
Debt, net	0	0
Derivative liabilities at fair value	0	0
Guarantee obligation	0	0
Non Derivative Purchase Commitment Liabilities	0	0
Total Financial Liabilities	0	0
Fair Value | Level 1 | Held by Freddie Mac
Mortgage Loans [Abstract]
Mortgage loans	0	0
Financial Liabilities
Debt, net	0	0
Fair Value | Level 1 | Held by consolidated trusts
Mortgage Loans [Abstract]
Mortgage loans	0	0
Financial Liabilities
Debt, net	0	0
Fair Value | Level 2
Financial Assets
Cash and Cash Equivalents	0	0
Securities Purchased under Agreements to Resell	105,003	66,114
Investments in Securities [Abstract]
Available-for-sale, at fair value	13,779	22,947
Trading, at fair value	14,944	21,719
Total investments in securities	28,723	44,666
Mortgage Loans [Abstract]
Mortgage loans	2,157,604	1,770,534
Derivative assets at fair value	8,516	6,363
Guarantee Assets	0	0
Non Derivative Purchase Commitments Assets	246	90
Advances to lenders	0	0
Secured lending	1,427	1,874
Total Assets at Fair value	2,301,519	1,889,641
Financial Liabilities
Debt, net	2,668,791	2,213,904
Derivative liabilities at fair value	9,132	5,245
Guarantee obligation	0	0
Non Derivative Purchase Commitment Liabilities	1	7
Total Financial Liabilities	2,677,924	2,219,156
Fair Value | Level 2 | Held by Freddie Mac
Mortgage Loans [Abstract]
Mortgage loans	76,917	38,100
Financial Liabilities
Debt, net	286,634	282,431
Fair Value | Level 2 | Held by consolidated trusts
Mortgage Loans [Abstract]
Mortgage loans	2,080,687	1,732,434
Financial Liabilities
Debt, net	2,382,157	1,931,473
Fair Value | Level 3
Financial Assets
Cash and Cash Equivalents	0	0
Securities Purchased under Agreements to Resell	0	0
Investments in Securities [Abstract]
Available-for-sale, at fair value	1,588	3,227
Trading, at fair value	3,259	2,710
Total investments in securities	4,847	5,937
Mortgage Loans [Abstract]
Mortgage loans	298,887	290,088
Derivative assets at fair value	63	16
Guarantee Assets	5,515	4,433
Non Derivative Purchase Commitments Assets	0	72
Advances to lenders	4,162	1,873
Secured lending	89	258
Total Assets at Fair value	313,563	302,677
Financial Liabilities
Debt, net	4,940	4,896
Derivative liabilities at fair value	16	37
Guarantee obligation	5,378	4,527
Non Derivative Purchase Commitment Liabilities	143	67
Total Financial Liabilities	10,477	9,527
Fair Value | Level 3 | Held by Freddie Mac
Mortgage Loans [Abstract]
Mortgage loans	36,578	45,588
Financial Liabilities
Debt, net	4,088	3,619
Fair Value | Level 3 | Held by consolidated trusts
Mortgage Loans [Abstract]
Mortgage loans	262,309	244,500
Financial Liabilities
Debt, net	$ 852	$ 1,277

Fair Value Disclosures - Differ

Fair Value Disclosures - Difference between Fair Value and UPB for Certain Financial Instruments with Fair Value Option Elected (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans Held For Sale, Fair Value	$ 14,199	$ 15,035
Loans Held For Sale, Unpaid Principal Balance, With Fair Value Option Elected	13,400	14,444
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables	799	591
NonDerivativeHFSPurchaseCommitmentnet	157	74
Held by Freddie Mac
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-Term Debt, Fair Value	2,216	3,589
Long-Term Debt, Unpaid Principal Balance, with Fair Value Option Elected	2,189	3,329
Fair Value, Option, Aggregate Differences, Long-term Debt Instruments	27	260
Held by consolidated trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-Term Debt, Fair Value	203	203
Long-Term Debt, Unpaid Principal Balance, with Fair Value Option Elected	200	200
Fair Value, Option, Aggregate Differences, Long-term Debt Instruments	3	3
Interest-Only-Strip | Held by consolidated trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-Term Debt, Fair Value	$ 173	$ 146

Fair Value Disclosures - Change

Fair Value Disclosures - Changes in Fair Value under the FVO option (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loans Receivable
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ 1,247	$ 853	$ (745)
HFS loan purchase commitments
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	2,288	1,913	777
Long-term Debt | Held by Freddie Mac
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	335	136	138
Long-term Debt | Held by consolidated trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ 4	$ (4)	$ 5

Legal Contingencies (Details)

Legal Contingencies (Details) $ in Millions	Mar. 14, 2013numberofdefendants	Sep. 20, 2013USD ($)
LIBOR Lawsuit
Loss Contingencies [Line Items]
Number of defendants | numberofdefendants	16
Arrowood lawsuit | Arrowood Indemnity Company
Loss Contingencies [Line Items]
Preferred Stock, Value, Outstanding | $		$ 42

Regulatory Capital (Details)

Regulatory Capital (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2017	Sep. 08, 2008
Mortgage Banking [Abstract]
Capital Requirement For On Balance Sheet Assets	2.50%
Capital Requirement For Off Balance Sheet Obligations	0.45%
Critical Capital Requirement For On Balance Sheet Assets	1.25%
Critical Capital Requirement For Off Balance Sheet Obligations	0.25%
Number of days of net worth deficit requiring FHFA to place us into receivership	60 days
Aggregate Funding Received From Treasury Under Purchase Agreement	$ 71,600,000,000
Cash amount received as a result of issuing the initial liquidation preference	$ 0
Initial liquidation preference of senior preferred stock			$ 1,000,000,000
Increase in Senior Preferred Stock		$ 3,000,000,000

Regulatory Capital - Net Worth

Regulatory Capital - Net Worth and Minimum Capital (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Worth and Minimum Capital [Abstract]
GAAP net worth (deficit)	$ 16,413	$ 9,122	$ 4,477	$ (312)
Core capital (deficit)	(56,878)	(63,964)
Minimum capital requirement	22,694	19,123
Minimum capital surplus (deficit)	$ (79,572)	$ (83,087)