Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 11, 2023 | |
Cover [Abstract] | ||
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2023 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 650,059,553 | |
Entity Central Index Key | 0001026214 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net interest income | ||
Interest income | $ 24,987 | $ 17,740 |
Interest expense | (20,486) | (13,636) |
Net interest income | 4,501 | 4,104 |
Non-interest income | ||
Guarantee income | 466 | 70 |
Investment gains, net | (225) | 1,513 |
Other income | 85 | 159 |
Non-interest income | 326 | 1,742 |
Net revenues | 4,827 | 5,846 |
(Provision) benefit for credit losses | (395) | 837 |
Non-interest expense | ||
Salaries and employee benefits | (374) | (356) |
Credit enhancement expense | (530) | (459) |
Benefit for (decrease in) credit enhancement recoveries | 49 | (17) |
Legislative assessments expense | (735) | (759) |
Other expense | (342) | (341) |
Non-interest expense | (1,932) | (1,932) |
Income before income tax expense | 2,500 | 4,751 |
Income tax expense | (505) | (953) |
Net income | 1,995 | 3,798 |
Other comprehensive income (loss), net of taxes and reclassification adjustments | ||
Other comprehensive income (loss), net of taxes and reclassification adjustments | 54 | (120) |
Comprehensive income | 2,049 | 3,678 |
Net income | 1,995 | 3,798 |
Amounts attributable to senior preferred stock | (2,049) | (3,678) |
Net income attributable to common stockholders | $ (54) | $ 120 |
Net income (loss) per common share - basic (in dollars per share) | $ (0.02) | $ 0.04 |
Net income (loss) per common share - diluted (in dollars per share) | $ (0.02) | $ 0.04 |
Weighted average common shares outstanding - basic (in shares) | 3,234,000 | 3,234,000 |
Weighted average common shares outstanding - diluted (in shares) | 3,234,000 | 3,234,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Assets [Abstract] | ||
Cash and cash equivalents (includes $834 and $707 of restricted cash and cash equivalents) | $ 5,873 | $ 6,360 |
Securities purchased under agreements to resell | 108,036 | 87,295 |
Investments in securities, at fair value | 37,712 | 38,701 |
Mortgage loans held-for-sale (includes $2,926 and $3,218 at fair value) | 12,782 | 12,197 |
Mortgage loans held-for-investment (net of allowance for credit losses of $7,835 and $7,391 and includes $1,238 and $1,214 at fair value) | 3,024,249 | 3,022,318 |
Accrued interest receivable, net | 8,662 | 8,529 |
Deferred tax assets, net | 5,329 | 5,777 |
Other assets (includes $5,982 and $5,890 at fair value) | 22,337 | 27,156 |
Total assets | 3,224,980 | 3,208,333 |
Liabilities | ||
Accrued interest payable | 7,507 | 7,309 |
Debt (includes $2,811 and $3,047 at fair value) | 3,167,514 | 3,145,832 |
Other liabilities (includes $894 and $759 at fair value) | 10,892 | 18,174 |
Total liabilities | 3,185,913 | 3,171,315 |
Equity | ||
Senior preferred stock (liquidation preference of $109,666 and $107,878) | 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 650,059,553 shares outstanding | 0 | 0 |
Retained earnings | (43,671) | (45,666) |
AOCI, net of taxes, related to: | ||
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | (32) | (84) |
Accumulated Other Comprehensive (Income) Loss, Other, after Tax | (102) | (104) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (134) | (188) |
Treasury stock, at cost, 75,804,333 shares | (3,885) | (3,885) |
Total equity | 39,067 | 37,018 |
Total liabilities and equity | 3,224,980 | 3,208,333 |
Held by consolidated trusts | ||
Assets [Abstract] | ||
Cash and cash equivalents (includes $834 and $707 of restricted cash and cash equivalents) | 741 | 611 |
Securities purchased under agreements to resell | 10,881 | 9,703 |
Investments in securities, at fair value | 113 | 126 |
Mortgage loans held-for-investment (net of allowance for credit losses of $7,835 and $7,391 and includes $1,238 and $1,214 at fair value) | 2,977,998 | 2,971,601 |
Accrued interest receivable, net | 8,083 | 7,944 |
Other assets (includes $5,982 and $5,890 at fair value) | 5,925 | 5,019 |
Total assets | 3,003,741 | 2,995,004 |
Liabilities | ||
Accrued interest payable | 6,779 | 6,619 |
Debt (includes $2,811 and $3,047 at fair value) | 2,987,050 | 2,979,070 |
Total liabilities | $ 2,993,829 | $ 2,985,689 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Assets [Abstract] | ||
Restricted cash and cash equivalents | $ 834 | $ 707 |
Mortgage loans held-for-sale, fair value | 2,926 | 3,218 |
Mortgage Loans | 1,238 | 1,214 |
Allowance for credit losses | 7,835 | 7,391 |
Other assets, fair value | 5,982 | 5,890 |
Equity | ||
Senior preferred stock, liquidation preference | $ 109,666 | $ 107,878 |
Common stock, par value (in dollars per share) | $ 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 | 650,059,553 | 650,059,553 |
Liabilities [Abstract] | ||
Debt instrument recorded at fair value | $ 2,811 | $ 3,047 |
Other Liabilities, Fair Value | $ 894 | $ 759 |
Treasury Stock, Common, Shares | 75,804,333 | 75,804,333 |
Held by consolidated trusts | ||
Assets [Abstract] | ||
Restricted cash and cash equivalents | $ 740 | $ 610 |
Liabilities [Abstract] | ||
Debt instrument recorded at fair value | $ 2,100 | $ 1,900 |
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 | Retained Earnings | AOCI, Net of Tax | Treasury Stock, at Cost |
Beginning balance at Dec. 31, 2021 | $ 28,033 | $ 72,648 | $ 14,109 | $ 0 | $ (54,993) | $ 154 | $ (3,885) |
Beginning balance (in shares) at Dec. 31, 2021 | 1 | 464 | 650 | ||||
Comprehensive income: | |||||||
Net income | 3,798 | 3,798 | |||||
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, after Tax | (123) | (123) | |||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 1 | 1 | |||||
Other Comprehensive Income (Loss), Other, Net of Tax, Portion Attributable to Parent | 2 | 2 | |||||
Comprehensive income | 3,678 | 3,798 | (120) | ||||
Ending balance at Mar. 31, 2022 | 31,711 | $ 72,648 | $ 14,109 | $ 0 | (51,195) | 34 | (3,885) |
Ending balance (in shares) at Mar. 31, 2022 | 1 | 464 | 650 | ||||
Comprehensive income: | |||||||
Changes in net unrealized gains (losses) on available-for-sale securities, taxes | 33 | ||||||
Reclassification adjustment for gains on available-for-sale securities included in net income, taxes | 0 | ||||||
Other, taxes | 1 | ||||||
Beginning balance at Dec. 31, 2022 | 37,018 | $ 72,648 | $ 14,109 | $ 0 | (45,666) | (188) | (3,885) |
Beginning balance (in shares) at Dec. 31, 2022 | 1 | 464 | 650 | ||||
Comprehensive income: | |||||||
Net income | 1,995 | 1,995 | |||||
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, after Tax | 52 | 52 | |||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 0 | 0 | |||||
Other Comprehensive Income (Loss), Other, Net of Tax, Portion Attributable to Parent | 2 | 2 | |||||
Comprehensive income | 2,049 | 1,995 | 54 | ||||
Ending balance at Mar. 31, 2023 | 39,067 | $ 72,648 | $ 14,109 | $ 0 | $ (43,671) | $ (134) | $ (3,885) |
Ending balance (in shares) at Mar. 31, 2023 | 1 | 464 | 650 | ||||
Comprehensive income: | |||||||
Changes in net unrealized gains (losses) on available-for-sale securities, taxes | 14 | ||||||
Reclassification adjustment for gains on available-for-sale securities included in net income, taxes | 0 | ||||||
Other, taxes | $ 1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net cash provided by (used in) operating activities | $ 3,435 | $ 3,749 |
Cash flows from investing activities | ||
Purchases | (39,052) | (42,254) |
Proceeds from sales | 34,919 | 40,122 |
Proceeds from maturities and repayments | 5,464 | 1,833 |
Purchases | (19,991) | (53,755) |
Proceeds from sales | 1,661 | 329 |
Proceeds from repayments | 55,034 | 116,023 |
Advances | (22,317) | (62,351) |
Proceeds from repayments | 1 | 238 |
Net (increase) decrease in securities purchased under agreements to resell | (13,353) | (2,341) |
Cash flows related to derivatives | 61 | 826 |
Other, net | (113) | (141) |
Net cash provided by (used in) investing activities | 2,314 | (1,471) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Net increase (decrease) in securities sold under agreements to repurchase | (7,339) | 3,927 |
Other, net | (3) | (2) |
Net cash provided by (used in) financing activities | (6,236) | (1,902) |
Net increase (decrease) in cash and cash equivalents (includes restricted cash and cash equivalents) | (487) | 376 |
Cash and cash equivalents (includes restricted cash and cash equivalents) at the beginning of year | 6,360 | 10,150 |
Cash and cash equivalents (includes restricted cash and cash equivalents) at end of period | 5,873 | 10,526 |
Cash paid for: | ||
Debt interest | 20,806 | 17,996 |
Income taxes | 0 | 0 |
Held by consolidated trusts | ||
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Proceeds from issuance | 44,187 | 136,361 |
Repayments and redemptions | (55,197) | (128,700) |
Cash and cash equivalents (includes restricted cash and cash equivalents) at the beginning of year | 611 | |
Cash and cash equivalents (includes restricted cash and cash equivalents) at end of period | 741 | |
Held by Freddie Mac | ||
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Proceeds from issuance | 64,864 | 7,361 |
Repayments and redemptions | $ (52,748) | $ (20,849) |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Changes in net unrealized gains (losses) on available-for-sale securities, taxes | $ 14 | $ 33 |
Reclassification adjustment for gains on available-for-sale securities included in net income, taxes | 0 | 0 |
Other, taxes | $ 1 | $ 1 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Summary of Significant Accounting Policies Freddie Mac is a GSE chartered by Congress in 1970, with a mission 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. The conservatorship and related matters significantly affect our management, business activities, financial condition, and results of operations. In connection with our entry into conservatorship, we entered into the Purchase Agreement with Treasury, under which we issued Treasury both senior preferred stock and a warrant to purchase common stock. Our Purchase Agreement with Treasury is critical to keeping us solvent and avoiding the appointment of a receiver by FHFA under statutory mandatory receivership provisions. We believe the support provided by Treasury pursuant to the Purchase Agreement currently enables us to have adequate liquidity to conduct normal business activities. For more information on the conservatorship, the roles of FHFA and Treasury, and the Purchase Agreement, see our 2022 Annual Report. Throughout our unaudited condensed consolidated financial statements and related notes, we use certain acronyms and terms which are defined in the Glossary of our 2022 Annual Report. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in our 2022 Annual Report. Basis of Presentation The accompanying unaudited condensed 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. In the opinion of management, our unaudited condensed consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair statement of our results. Use of Estimates The preparation of our condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the financial statements. Management has made significant estimates to report the allowance for credit losses on single-family mortgage loans. Actual results could be different from these estimates. Recently Issued Accounting Guidance Recently Adopted Accounting Guidance Standard Description Date of Effect on Consolidated Financial Statements ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method The amendments in this Update provide clarifications of the guidance in ASC Topic 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. The Update amends the guidance in ASU 2017-12 that, among other things, establishes the "last-of-layer" method for making the fair value hedge accounting for these portfolios more accessible by allowing the entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. The Update provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method. January 1, 2023 The adoption of these amendments did not have a material effect on our consolidated financial statements. We adopted the guidance in this Update related to disclosures on a prospective basis. ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The amendments in this Update require disclosure of current period gross write-offs by year of origination for financing receivables within the scope of ASC Subtopic 326-20. January 1, 2023 for the amendments related to disclosure of gross write-offs by year of origination. The adoption of these amendments did not have a material effect on our consolidated financial statements. See Note 3 for additional disclosure of gross write-offs by year of origination. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Effect on Consolidated Financial Statements ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method The amendments in this Update expand the use of the proportional amortization method of accounting to equity investments in other tax credit structures that meet certain conditions. This Update also amends those conditions primarily to assess projected benefits on a discounted basis and expands the disclosure requirements of those investments. January 1, 2024 We do not expect the adoption of these amendments to have a material effect on our consolidated financial statements. |
Securitization Activities and C
Securitization Activities and Consolidation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Securitization Activities and Consolidation | Securitizations and Variable Interest Entities Nonconsolidated VIEs The following table presents the carrying amounts and classification of the assets and liabilities recorded on our condensed consolidated balance sheets that relate to our variable interests in 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 maximum exposure to loss as a result of our involvement with such VIEs, and the total assets of the VIEs. Our involvement with such VIEs primarily consists of guarantees that we have issued to the VIE, some of which are accounted for as derivative instruments, and investments in debt securities issued by the VIE. See Note 4 for additional information on our guarantees to nonconsolidated VIEs. Total assets shown in the table below represents the remaining UPB of the mortgage loans or other noncash financial assets held by the VIE and excludes cash and nonfinancial assets held by the VIE. Maximum exposure to loss shown in the table below is primarily based on the remaining UPB of the guaranteed securities issued by the VIE and represents the contractual amounts that could be lost if the assets of the VIE (including the assets in the related reference pool for CRT products) became worthless at the balance sheet date, without consideration of proceeds from related collateral liquidation and possible recoveries under credit enhancements. We do not believe the maximum exposure to loss from our involvement with nonconsolidated VIEs 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 and available credit enhancements. Table 2.1 - Nonconsolidated VIEs March 31, 2023 Carrying Amounts of the Assets and Liabilities On the Condensed Consolidated Balance Sheets Total Assets Maximum Exposure to Loss (In millions) Investment securities Accrued Interest Receivable and Other Assets (1) Liabilities (1) Single-Family: Securitization products $952 $178 $430 $31,139 $25,329 Resecuritization products (2) 5,800 64 587 116,807 116,807 CRT products (3) — 211 104 30,701 117 Total Single-Family 6,752 453 1,121 178,647 142,253 Multifamily: Securitization products (4) 7,641 4,903 4,783 357,747 316,606 CRT products (3) — 2 4 1,065 — Total Multifamily 7,641 4,905 4,787 358,812 316,606 Other — 8 5 166 440 Total $14,393 $5,366 $5,913 $537,625 $459,299 Referenced footnotes are included after the prior period table. December 31, 2022 Carrying Amounts of the Assets and Liabilities On the Condensed Consolidated Balance Sheets Total Assets Maximum Exposure to Loss (In millions) Investment securities Accrued Interest Receivable and Other Assets (1) Liabilities (1) Single-Family: Securitization products $965 $175 $436 $31,614 $25,772 Resecuritization products (2) 5,092 61 659 119,267 119,267 CRT products (3) — 197 52 30,549 105 Total Single-Family 6,057 433 1,147 181,430 145,144 Multifamily: Securitization products (4) 7,808 4,931 4,920 360,869 319,117 CRT products (3) — 2 2 972 — Total Multifamily 7,808 4,933 4,922 361,841 319,117 Other — 8 5 185 435 Total $13,865 $5,374 $6,074 $543,456 $464,696 (1) Other assets primarily include our guarantee assets. Liabilities primarily include our guarantee obligations. (2) Total assets and maximum exposure to loss are based on the UPB of Fannie Mae securities underlying commingled Freddie Mac resecuritization trusts. We exclude noncommingled resecuritization trusts from these amounts as we have already guaranteed the underlying collateral and therefore noncommingled resecuritizations do not involve any incremental assets or create any incremental exposure to credit risk. Total assets exclude $0.1 billion as of both March 31, 2023 and December 31, 2022, of Fannie Mae securities that we have guaranteed that are included in resecuritization trusts that we have consolidated as we own all of the outstanding securities issued by the VIE. (3) Maximum exposure to loss is based on our expected recovery receivables. We also have exposure to loss from our obligations to make certain payments to the VIE to support payment of the interest due on the notes issued by the VIE, which we account for as derivative instruments. The notional value of these derivative instruments is equal to the total assets of the VIE. (4) Includes total assets of $0.7 billion and $0.4 billion as of March 31, 2023 and December 31, 2022, respectively, related to VIEs in which our interest would no longer absorb significant variability as the guaranteed securities have completely paid off. |
Mortgage Loans
Mortgage Loans | 3 Months Ended |
Mar. 31, 2023 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans | 60 to 80 11,184 162,441 415,109 184,807 27,759 17,233 818,533 > 80 to 90 6,522 86,335 82,824 5,149 579 568 181,977 > 90 to 100 10,477 86,541 12,317 391 59 152 109,937 > 100 5 6,027 211 6 5 151 6,405 Total 20- and 30-year or more, amortizing fixed-rate 32,253 410,477 905,523 674,321 115,218 454,875 2,592,667 Current-period gross write-offs (1) — 3 8 2 1 12 26 15-year or less, amortizing fixed-rate ≤ 60 561 17,299 119,253 106,899 14,068 69,206 327,286 > 60 to 80 639 12,575 18,425 1,938 103 26 33,706 > 80 to 90 123 1,500 275 6 — 1 1,905 > 90 to 100 69 462 5 — — 1 537 > 100 — 12 — — — 1 13 Total 15-year or less, amortizing fixed-rate 1,392 31,848 137,958 108,843 14,171 69,235 363,447 Current-period gross write-offs (1) — — — — — 1 1 Adjustable-rate and other ≤ 60 74 1,312 2,779 1,498 615 14,915 21,193 > 60 to 80 269 2,391 1,873 200 69 447 5,249 > 80 to 90 211 1,251 173 5 2 35 1,677 > 90 to 100 207 912 13 — — 16 1,148 > 100 — 71 — — — 8 79 Total adjustable-rate and other 761 5,937 4,838 1,703 686 15,421 29,346 Current-period gross write-offs (1) — — — — — 5 5 Total for all loan product types by current LTV ratio: ≤ 60 $4,700 $87,744 $517,094 $592,365 $101,499 $520,892 $1,824,294 > 60 to 80 12,092 177,407 435,407 186,945 27,931 17,706 857,488 > 80 to 90 6,856 89,086 83,272 5,160 581 604 185,559 > 90 to 100 10,753 87,915 12,335 391 59 169 111,622 > 100 5 6,110 211 6 5 160 6,497 Total Single-Family loans $34,406 $448,262 $1,048,319 $784,867 $130,075 $539,531 $2,985,460 Total current-period gross write-offs (1) $— $3 $8 $2 $1 $18 $32 December 31, 2022 Year of Origination Total (In millions) 2022 2021 2020 2019 2018 Prior Current LTV ratio: 20- and 30-year or more, amortizing fixed-rate ≤ 60 $66,153 $394,498 $489,315 $87,188 $38,955 $407,819 $1,483,928 > 60 to 80 158,421 424,141 190,167 28,991 7,870 10,426 820,016 > 80 to 90 79,901 90,006 4,405 569 164 419 175,464 > 90 to 100 86,109 8,911 397 56 24 143 95,640 > 100 2,568 49 6 6 5 156 2,790 Total 20- and 30-year or more, amortizing fixed-rate 393,152 917,605 684,290 116,810 47,018 418,963 2,577,838 15-year or less, amortizing fixed-rate ≤ 60 16,752 119,379 109,685 14,606 5,578 68,240 334,240 > 60 to 80 13,042 22,007 2,503 132 16 16 37,716 > 80 to 90 1,601 368 7 — — 1 1,977 > 90 to 100 570 5 — — — 1 576 > 100 3 — — — — 1 4 Total 15-year or less, amortizing fixed-rate 31,968 141,759 112,195 14,738 5,594 68,259 374,513 Adjustable-rate and other ≤ 60 1,255 2,779 1,524 634 428 15,139 21,759 > 60 to 80 2,322 1,956 214 76 28 445 5,041 > 80 to 90 1,127 186 5 1 1 34 1,354 > 90 to 100 836 11 — — — 14 861 > 100 26 — — — — 9 35 Total adjustable-rate and other 5,566 4,932 1,743 711 457 15,641 29,050 Total for all loan product types by current LTV ratio: ≤ 60 $84,160 $516,656 $600,524 $102,428 $44,961 $491,198 $1,839,927 > 60 to 80 173,785 448,104 192,884 29,199 7,914 10,887 862,773 > 80 to 90 82,629 90,560 4,417 570 165 454 178,795 > 90 to 100 87,515 8,927 397 56 24 158 97,077 > 100 2,597 49 6 6 5 166 2,829 Total Single-Family loans $430,686 $1,064,296 $798,228 $132,259 $53,069 $502,863 $2,981,401 (1) Excludes write-offs related to accrued interest receivable and advances of pre-foreclosure costs. Multifamily The table below presents the amortized cost basis of our multifamily held-for-investment loans, for which we have not elected the fair value option, 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 borrower's current financial strength and debt service capacity; 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 3.7 - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator and Vintage March 31, 2023 Year of Origination Total (In millions) 2023 2022 2021 2020 2019 Prior Revolving Loans Category: Pass $1,588 $18,854 $7,733 $6,479 $4,810 $3,660 $2,242 $45,366 Special mention — — 39 73 190 17 — 319 Substandard — — 78 75 27 199 — 379 Doubtful — — — — — — — — Total $1,588 $18,854 $7,850 $6,627 $5,027 $3,876 $2,242 $46,064 December 31, 2022 Year of Origination Total (In millions) 2022 2021 2020 2019 2018 Prior Revolving Loans Category: Pass $21,854 $7,638 $6,546 $4,784 $1,077 $2,646 $1,924 $46,469 Special mention — 39 65 232 7 113 — 456 Substandard — 1 3 27 7 131 — 169 Doubtful — — — — — — — — Total $21,854 $7,678 $6,614 $5,043 $1,091 $2,890 $1,924 $47,094 Past Due Status The table below presents the amortized cost basis of our single-family and multifamily held-for-investment loans, for which we have not elected the fair value option, by payment status. Table 3.8 - Amortized Cost Basis of Held-for-Investment Loans by Payment Status March 31, 2023 (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 Interest Non-Accrual With No Allowance (2) Single-Family: 20- and 30-year or more, amortizing fixed-rate $2,560,613 $16,017 $4,017 $12,020 $2,592,667 $3,053 $499 15-year or less, amortizing fixed-rate 361,524 1,131 214 578 363,447 157 7 Adjustable-rate and other 28,650 279 75 342 29,346 28 59 Total Single-Family 2,950,787 17,427 4,306 12,940 2,985,460 3,238 565 Total Multifamily 46,008 13 2 41 46,064 — — Total Single-Family and Multifamily $2,996,795 $17,440 $4,308 $12,981 $3,031,524 $3,238 $565 Referenced footnotes are included after the prior period table. December 31, 2022 (In millions) Current One Two Three Months or (1) Total Three Months or More Past Due, and Accruing Interest Non-Accrual with No Allowance (2) Single-Family: 20- and 30-year or more, amortizing fixed-rate $2,541,057 $19,820 $4,603 $12,358 $2,577,838 $3,432 $522 15-year or less, amortizing fixed-rate 372,065 1,590 250 608 374,513 191 9 Adjustable-rate and other 28,262 325 88 375 29,050 30 67 Total Single-Family 2,941,384 21,735 4,941 13,341 2,981,401 3,653 598 Total Multifamily 47,039 13 — 42 47,094 — 42 Total Single-Family and Multifamily $2,988,423 $21,748 $4,941 $13,383 $3,028,495 $3,653 $640 (1) Includes $1.9 billion and $1.6 billion of single-family loans that were in the process of foreclosure as of March 31, 2023 and December 31, 2022, respectively. (2) Loans with no allowance for loan losses primarily represent those loans that were previously charged off and therefore 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. We exclude the amounts of allowance for credit losses on accrued interest receivable and advances of pre-foreclosure costs when determining whether a loan has an allowance for credit losses. Loan Restructurings Single-Family Loan Restructurings We offer several types of restructurings to single-family borrowers that may result in a payment delay, interest rate reduction, term extension, or combination thereof. We do not offer principal forgiveness. For purposes of the disclosure related to single-family loan restructurings involving borrowers experiencing financial difficulty, we exclude loans that were held-for-sale either at the time of restructuring or at the period end. The table below presents the amortized cost basis of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented. The amortized cost basis of loans in trial period modification plans was $1.8 billion and $3.1 billion as of March 31, 2023 and March 31, 2022, respectively . Most of these loans are 20- and 30-year or more, amortizing fixed-rate loans . Table 3.9 - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (1) 1Q 2023 (Dollars in millions) Payment Delay (2) Payment Delay and Term Extension Payment Delay, Term Extension, and Interest Rate Reduction Total Total as % of Class of Financing Receivable (3) Single-Family: 20- and 30-year or more, amortizing fixed-rate $6,357 $1,037 $86 $7,480 0.3 % 15-year or less, amortizing fixed-rate 332 19 1 352 0.1 Adjustable-rate and other 76 13 4 93 0.3 Total Single-Family loan restructurings $6,765 $1,069 $91 $7,925 0.3 1Q 2022 (Dollars in millions) Payment Delay (2) Payment Delay and Term Extension Payment Delay, Term Extension, and Interest Rate Reduction Total Total as % of Class of Financing Receivable (3) Single-Family: 20- and 30-year or more, amortizing fixed-rate $9,133 $683 $2,948 $12,764 0.5 % 15-year or less, amortizing fixed-rate 596 15 55 666 0.2 Adjustable-rate and other 212 15 78 305 1.1 Total Single-Family loan restructurings $9,941 $713 $3,081 $13,735 0.5 Referenced footnotes are on the next page. (1) Type of loan restructurings reflects the cumulative effects of the loan restructurings received during the period. Includes loan modifications in the period in which the borrower completes the trial period and the loan is permanently modified. (2) Includes $2.7 billion and $5.1 billion related to payment deferral plans for 1Q 2023 and 1Q 2022, respectively. Also includes forbearance plans, repayment plans, and loan modifications that only involve payment delays. (3) Based on the amortized cost basis as of period end, divided by the total period-end amortized cost basis of the corresponding financing receivable class of single-family held-for-investment loans. The table below shows the financial effect of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented. Table 3.10 – Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (1) 1Q 2023 (Dollars in thousands) Weighted-Average Interest Rate Reduction Weighted-Average Months of Term Extension Weighted-Average Payment Deferral or Principal Forbearance (2) Single-Family: 20- and 30-year or more, amortizing fixed-rate 0.9 % 180 $16 15-year or less, amortizing fixed-rate 0.4 354 16 Adjustable-rate and other 2.0 206 19 1Q 2022 (Dollars in thousands) Weighted-Average Interest Rate Reduction Weighted-Average Months of Term Extension Weighted-Average Payment Deferral or Principal Forbearance (2) Single-Family: 20- and 30-year or more, amortizing fixed-rate 1.6 % 186 $24 15-year or less, amortizing fixed-rate 0.8 366 25 Adjustable-rate and other 2.2 226 27 (1) Averages are based on payment deferral plans and loan modifications completed during the periods presented. The financial effects of forbearance plans and repayment plans consist of a payment delay of between one and twelve months. In addition, the financial effect of a forbearance plan is included at the time the forbearance plan is completed if the borrower exits forbearance by entering into a payment deferral plan or loan modification. (2) Primarily related to payment deferral plans. Amounts are based on non-interest-bearing principal balances on the restructured loans. The following table provides the amortized cost basis of single-family held-for-investment loans that had a payment default (i.e., loans that became two months delinquent) during the periods presented and had been restructured within the previous 12 months preceding the payment default, when the borrower was experiencing financial difficulty at the time of the restructuring. Since we adopted ASU 2022-02 prospectively, single-family held-for-investment loans that were restructured prior to January 1, 2022, the date we adopted such guidance, have been excluded from the disclosures related to loan restructurings. Table 3.11 - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty (1) 1Q 2023 (In millions) Payment Delay Payment Delay and Term Extension Payment Delay, Term Extension, and Interest Rate Reduction Total Single-Family: 20- and 30-year or more, amortizing fixed-rate $704 $175 $206 $1,085 15-year or less, amortizing fixed-rate 32 — — 32 Adjustable-rate and other 10 2 5 17 Total Single-Family $746 $177 $211 $1,134 Referenced footnote is included after the prior period table. 1Q 2022 (In millions) Payment Delay Payment Delay and Term Extension Payment Delay, Term Extension, and Interest Rate Reduction Total Single-Family: 20- and 30-year or more, amortizing fixed-rate $391 $7 $7 $405 15-year or less, amortizing fixed-rate 28 — — 28 Adjustable-rate and other 16 — — 16 Total Single-Family $435 $7 $7 $449 (1) Excludes forbearance plans and repayment plans as borrowers are typically past due based on the loan's original contractual terms at the time the borrowers enter into these plans. The following table provides the single-family held-for-investment loan performance in the 12 months after a restructuring involving borrowers experiencing financial difficulty. While a single-family loan is in a forbearance plan or repayment plan, payments continue to be due based on the loan’s original contractual terms because the loan has not been permanently modified. As a result, we report single-family loans in forbearance plans and repayment plans as delinquent to the extent that payments are past due based on the loan’s original contractual terms. Loans that have been restructured by entering into a payment deferral plan or loan modification are reported as delinquent to the extent that payments are past due based on the loan's restructured terms. Table 3.12 - Amortized Cost Basis of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty by Payment Status March 31, 2023 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due Total Single-Family: 20- and 30-year or more, amortizing fixed-rate $16,491 $2,381 $1,572 $6,642 $27,086 15-year or less, amortizing fixed-rate 670 98 71 310 1,149 Adjustable-rate and other 227 33 17 115 392 Total Single-Family $17,388 $2,512 $1,660 $7,067 $28,627 March 31, 2022 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due Total Single-Family: 20- and 30-year or more, amortizing fixed-rate $7,887 $1,486 $1,359 $2,032 $12,764 15-year or less, amortizing fixed-rate 380 89 88 109 666 Adjustable-rate and other 191 19 16 79 305 Total Single-Family $8,458 $1,594 $1,463 $2,220 $13,735 " id="sjs-B4" xml:space="preserve">Mortgage Loans The table below provides details of the loans on our condensed consolidated balance sheets. Table 3.1 - Mortgage Loans March 31, 2023 December 31, 2022 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Held-for-sale UPB $3,373 $10,255 $13,628 $3,564 $9,544 $13,108 Cost basis and fair value adjustments, net (675) (171) (846) (696) (215) (911) Total held-for-sale loans, net 2,698 10,084 12,782 2,868 9,329 12,197 Held-for-investment UPB 2,944,949 47,353 2,992,302 2,941,505 48,379 2,989,884 Cost basis and fair value adjustments, net (1) 39,833 (51) 39,782 39,896 (71) 39,825 Allowance for credit losses (7,675) (160) (7,835) (7,314) (77) (7,391) Total held-for-investment loans, net (2) 2,977,107 47,142 3,024,249 2,974,087 48,231 3,022,318 Total mortgage loans, net $2,979,805 $57,226 $3,037,031 $2,976,955 $57,560 $3,034,515 (1) Includes ($0.7) billion of basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method hedge relationships as of March 31, 2023. (2) Includes $1.2 billion of multifamily held-for-investment loans for which we have elected the fair value option as of both March 31, 2023 and December 31, 2022 . For the purposes of certain single-family mortgage loan disclosures below, we present loans by class of financing receivable type. Financing receivable classes used for disclosure consist of: "20- and 30-year or more, amortizing fixed-rate," "15-year or less, amortizing fixed-rate," and "adjustable-rate and other." The "other" class consists of Alt-A, interest-only, and option ARM loans. The table below provides details of the UPB of loans we purchased and sold during the periods presented. Table 3.2 - Loans Purchased and Sold (In millions) 1Q 2023 1Q 2022 Single-Family: Purchases: Held-for-investment loans $58,965 $206,935 Sales of held-for-sale loans (1) — 15 Multifamily: Purchases: Held-for-investment loans 3,349 2,565 Held-for-sale loans 2,695 12,267 Sales of held-for-sale loans (2) 6,150 14,292 (1) Our sales of single-family loans reflect the sale of single-family seasoned loans. (2) Our sales of multifamily loans occur primarily through the issuance of Multifamily K Certificates. Reclassifications 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 periods presented. Table 3.3 - Loan Reclassifications (1) 1Q 2023 1Q 2022 (In millions) UPB Allowance for Credit Losses Reversed or (Established) Valuation Allowance (Established) or Reversed UPB Allowance for Credit Losses Reversed or (Established) Valuation Allowance (Established) or Reversed Single-Family reclassifications from: Held-for-investment to held-for-sale $— $— $— $248 $— $— Held-for-sale to held-for-investment (2) 48 4 4 62 (3) — Multifamily reclassifications from: Held-for-investment to held-for-sale 4,731 1 (27) 315 — — Held-for-sale to held-for-investment (2) 561 — 16 246 — — (1) Amounts exclude reclassifications related to loans for which we have elected the fair value option. (2) Allowance for credit losses established upon loan reclassifications from held-for-sale to held-for-investment to reflect the net amount we expect to collect on the loan. Loans with prior charge-offs may have a negative allowance for credit losses established upon reclassification. Interest Income The table below presents the amortized cost basis of non-accrual loans as of the beginning and the end of the periods presented, including the interest income recognized for the period that is related to the loans on non-accrual status as of the period end. Table 3.4 - Amortized Cost Basis of Held-for-Investment Loans on Non-Accrual Non-Accrual Amortized Cost Basis Interest Income Recognized (1) (In millions) December 31, 2022 March 31, 2023 1Q 2023 Single-Family: 20- and 30-year or more, amortizing fixed-rate $9,307 $9,348 $28 15-year or less, amortizing fixed-rate 427 434 1 Adjustable-rate and other 361 332 1 Total Single-Family 10,095 10,114 30 Total Multifamily 42 41 1 Total Single-Family and Multifamily $10,137 $10,155 $31 Non-Accrual Amortized Cost Basis Interest Income Recognized (1) (In millions) December 31, 2021 March 31, 2022 1Q 2022 Single-Family: 20- and 30-year or more, amortizing fixed-rate $17,013 $13,831 $49 15-year or less, amortizing fixed-rate 844 684 1 Adjustable-rate and other 793 580 1 Total Single-Family 18,650 15,095 51 Total Multifamily — 42 — Total Single-Family and Multifamily $18,650 $15,137 $51 (1) Represents the amount of payments received during the period, including those received while the loans were on accrual status, for the held-for-investment loans on non-accrual status as of period end. The table below provides the amount of accrued interest receivable, net presented on our condensed consolidated balance sheets and the amount of accrued interest receivable related to loans on non-accrual status at the end of the periods that was charged off. Table 3.5 - Accrued Interest Receivable, Net and Related Charge-Offs Accrued Interest Receivable, Net Accrued Interest Receivable Related Charge-Offs (In millions) March 31, 2023 December 31, 2022 1Q 2023 1Q 2022 Single-Family loans $8,090 $7,967 ($48) ($87) Multifamily loans 228 220 — — 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 our relief refinance programs) or to sell the property for an amount at or above the balance of the outstanding loan. The table below presents 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 period presented. For reporting purposes: n Alt-A loans continue to be presented in the "adjustable-rate and other" category following modification, even though the borrower may have provided full documentation of assets and income to complete the modification and n Option ARM loans continue to be presented in the "adjustable-rate and other" category following modification, even though the modified loan no longer provides for optional payment provisions. Table 3.6 - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratio and Vintage March 31, 2023 Year of Origination Total (In millions) 2023 2022 2021 2020 2019 Prior Current LTV ratio: 20- and 30-year or more, amortizing fixed-rate ≤ 60 $4,065 $69,133 $395,062 $483,968 $86,816 $436,771 $1,475,815 > 60 to 80 11,184 162,441 415,109 184,807 27,759 17,233 818,533 > 80 to 90 6,522 86,335 82,824 5,149 579 568 181,977 > 90 to 100 10,477 86,541 12,317 391 59 152 109,937 > 100 5 6,027 211 6 5 151 6,405 Total 20- and 30-year or more, amortizing fixed-rate 32,253 410,477 905,523 674,321 115,218 454,875 2,592,667 Current-period gross write-offs (1) — 3 8 2 1 12 26 15-year or less, amortizing fixed-rate ≤ 60 561 17,299 119,253 106,899 14,068 69,206 327,286 > 60 to 80 639 12,575 18,425 1,938 103 26 33,706 > 80 to 90 123 1,500 275 6 — 1 1,905 > 90 to 100 69 462 5 — — 1 537 > 100 — 12 — — — 1 13 Total 15-year or less, amortizing fixed-rate 1,392 31,848 137,958 108,843 14,171 69,235 363,447 Current-period gross write-offs (1) — — — — — 1 1 Adjustable-rate and other ≤ 60 74 1,312 2,779 1,498 615 14,915 21,193 > 60 to 80 269 2,391 1,873 200 69 447 5,249 > 80 to 90 211 1,251 173 5 2 35 1,677 > 90 to 100 207 912 13 — — 16 1,148 > 100 — 71 — — — 8 79 Total adjustable-rate and other 761 5,937 4,838 1,703 686 15,421 29,346 Current-period gross write-offs (1) — — — — — 5 5 Total for all loan product types by current LTV ratio: ≤ 60 $4,700 $87,744 $517,094 $592,365 $101,499 $520,892 $1,824,294 > 60 to 80 12,092 177,407 435,407 186,945 27,931 17,706 857,488 > 80 to 90 6,856 89,086 83,272 5,160 581 604 185,559 > 90 to 100 10,753 87,915 12,335 391 59 169 111,622 > 100 5 6,110 211 6 5 160 6,497 Total Single-Family loans $34,406 $448,262 $1,048,319 $784,867 $130,075 $539,531 $2,985,460 Total current-period gross write-offs (1) $— $3 $8 $2 $1 $18 $32 December 31, 2022 Year of Origination Total (In millions) 2022 2021 2020 2019 2018 Prior Current LTV ratio: 20- and 30-year or more, amortizing fixed-rate ≤ 60 $66,153 $394,498 $489,315 $87,188 $38,955 $407,819 $1,483,928 > 60 to 80 158,421 424,141 190,167 28,991 7,870 10,426 820,016 > 80 to 90 79,901 90,006 4,405 569 164 419 175,464 > 90 to 100 86,109 8,911 397 56 24 143 95,640 > 100 2,568 49 6 6 5 156 2,790 Total 20- and 30-year or more, amortizing fixed-rate 393,152 917,605 684,290 116,810 47,018 418,963 2,577,838 15-year or less, amortizing fixed-rate ≤ 60 16,752 119,379 109,685 14,606 5,578 68,240 334,240 > 60 to 80 13,042 22,007 2,503 132 16 16 37,716 > 80 to 90 1,601 368 7 — — 1 1,977 > 90 to 100 570 5 — — — 1 576 > 100 3 — — — — 1 4 Total 15-year or less, amortizing fixed-rate 31,968 141,759 112,195 14,738 5,594 68,259 374,513 Adjustable-rate and other ≤ 60 1,255 2,779 1,524 634 428 15,139 21,759 > 60 to 80 2,322 1,956 214 76 28 445 5,041 > 80 to 90 1,127 186 5 1 1 34 1,354 > 90 to 100 836 11 — — — 14 861 > 100 26 — — — — 9 35 Total adjustable-rate and other 5,566 4,932 1,743 711 457 15,641 29,050 Total for all loan product types by current LTV ratio: ≤ 60 $84,160 $516,656 $600,524 $102,428 $44,961 $491,198 $1,839,927 > 60 to 80 173,785 448,104 192,884 29,199 7,914 10,887 862,773 > 80 to 90 82,629 90,560 4,417 570 165 454 178,795 > 90 to 100 87,515 8,927 397 56 24 158 97,077 > 100 2,597 49 6 6 5 166 2,829 Total Single-Family loans $430,686 $1,064,296 $798,228 $132,259 $53,069 $502,863 $2,981,401 (1) Excludes write-offs related to accrued interest receivable and advances of pre-foreclosure costs. Multifamily The table below presents the amortized cost basis of our multifamily held-for-investment loans, for which we have not elected the fair value option, 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 borrower's current financial strength and debt service capacity; 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 3.7 - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator and Vintage March 31, 2023 Year of Origination Total (In millions) 2023 2022 2021 2020 2019 Prior Revolving Loans Category: Pass $1,588 $18,854 $7,733 $6,479 $4,810 $3,660 $2,242 $45,366 Special mention — — 39 73 190 17 — 319 Substandard — — 78 75 27 199 — 379 Doubtful — — — — — — — — Total $1,588 $18,854 $7,850 $6,627 $5,027 $3,876 $2,242 $46,064 December 31, 2022 Year of Origination Total (In millions) 2022 2021 2020 2019 2018 Prior Revolving Loans Category: Pass $21,854 $7,638 $6,546 $4,784 $1,077 $2,646 $1,924 $46,469 Special mention — 39 65 232 7 113 — 456 Substandard — 1 3 27 7 131 — 169 Doubtful — — — — — — — — Total $21,854 $7,678 $6,614 $5,043 $1,091 $2,890 $1,924 $47,094 Past Due Status The table below presents the amortized cost basis of our single-family and multifamily held-for-investment loans, for which we have not elected the fair value option, by payment status. Table 3.8 - Amortized Cost Basis of Held-for-Investment Loans by Payment Status March 31, 2023 (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 Interest Non-Accrual With No Allowance (2) Single-Family: 20- and 30-year or more, amortizing fixed-rate $2,560,613 $16,017 $4,017 $12,020 $2,592,667 $3,053 $499 15-year or less, amortizing fixed-rate 361,524 1,131 214 578 363,447 157 7 Adjustable-rate and other 28,650 279 75 342 29,346 28 59 Total Single-Family 2,950,787 17,427 4,306 12,940 2,985,460 3,238 565 Total Multifamily 46,008 13 2 41 46,064 — — Total Single-Family and Multifamily $2,996,795 $17,440 $4,308 $12,981 $3,031,524 $3,238 $565 Referenced footnotes are included after the prior period table. December 31, 2022 (In millions) Current One Two Three Months or (1) Total Three Months or More Past Due, and Accruing Interest Non-Accrual with No Allowance (2) Single-Family: 20- and 30-year or more, amortizing fixed-rate $2,541,057 $19,820 $4,603 $12,358 $2,577,838 $3,432 $522 15-year or less, amortizing fixed-rate 372,065 1,590 250 608 374,513 191 9 Adjustable-rate and other 28,262 325 88 375 29,050 30 67 Total Single-Family 2,941,384 21,735 4,941 13,341 2,981,401 3,653 598 Total Multifamily 47,039 13 — 42 47,094 — 42 Total Single-Family and Multifamily $2,988,423 $21,748 $4,941 $13,383 $3,028,495 $3,653 $640 (1) Includes $1.9 billion and $1.6 billion of single-family loans that were in the process of foreclosure as of March 31, 2023 and December 31, 2022, respectively. (2) Loans with no allowance for loan losses primarily represent those loans that were previously charged off and therefore 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. We exclude the amounts of allowance for credit losses on accrued interest receivable and advances of pre-foreclosure costs when determining whether a loan has an allowance for credit losses. Loan Restructurings Single-Family Loan Restructurings We offer several types of restructurings to single-family borrowers that may result in a payment delay, interest rate reduction, term extension, or combination thereof. We do not offer principal forgiveness. For purposes of the disclosure related to single-family loan restructurings involving borrowers experiencing financial difficulty, we exclude loans that were held-for-sale either at the time of restructuring or at the period end. The table below presents the amortized cost basis of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented. The amortized cost basis of loans in trial period modification plans was $1.8 billion and $3.1 billion as of March 31, 2023 and March 31, 2022, respectively . Most of these loans are 20- and 30-year or more, amortizing fixed-rate loans . Table 3.9 - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (1) 1Q 2023 (Dollars in millions) Payment Delay (2) Payment Delay and Term Extension Payment Delay, Term Extension, and Interest Rate Reduction Total Total as % of Class of Financing Receivable (3) Single-Family: 20- and 30-year or more, amortizing fixed-rate $6,357 $1,037 $86 $7,480 0.3 % 15-year or less, amortizing fixed-rate 332 19 1 352 0.1 Adjustable-rate and other 76 13 4 93 0.3 Total Single-Family loan restructurings $6,765 $1,069 $91 $7,925 0.3 1Q 2022 (Dollars in millions) Payment Delay (2) Payment Delay and Term Extension Payment Delay, Term Extension, and Interest Rate Reduction Total Total as % of Class of Financing Receivable (3) Single-Family: 20- and 30-year or more, amortizing fixed-rate $9,133 $683 $2,948 $12,764 0.5 % 15-year or less, amortizing fixed-rate 596 15 55 666 0.2 Adjustable-rate and other 212 15 78 305 1.1 Total Single-Family loan restructurings $9,941 $713 $3,081 $13,735 0.5 Referenced footnotes are on the next page. (1) Type of loan restructurings reflects the cumulative effects of the loan restructurings received during the period. Includes loan modifications in the period in which the borrower completes the trial period and the loan is permanently modified. (2) Includes $2.7 billion and $5.1 billion related to payment deferral plans for 1Q 2023 and 1Q 2022, respectively. Also includes forbearance plans, repayment plans, and loan modifications that only involve payment delays. (3) Based on the amortized cost basis as of period end, divided by the total period-end amortized cost basis of the corresponding financing receivable class of single-family held-for-investment loans. The table below shows the financial effect of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented. Table 3.10 – Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (1) 1Q 2023 (Dollars in thousands) Weighted-Average Interest Rate Reduction Weighted-Average Months of Term Extension Weighted-Average Payment Deferral or Principal Forbearance (2) Single-Family: 20- and 30-year or more, amortizing fixed-rate 0.9 % 180 $16 15-year or less, amortizing fixed-rate 0.4 354 16 Adjustable-rate and other 2.0 206 19 1Q 2022 (Dollars in thousands) Weighted-Average Interest Rate Reduction Weighted-Average Months of Term Extension Weighted-Average Payment Deferral or Principal Forbearance (2) Single-Family: 20- and 30-year or more, amortizing fixed-rate 1.6 % 186 $24 15-year or less, amortizing fixed-rate 0.8 366 25 Adjustable-rate and other 2.2 226 27 (1) Averages are based on payment deferral plans and loan modifications completed during the periods presented. The financial effects of forbearance plans and repayment plans consist of a payment delay of between one and twelve months. In addition, the financial effect of a forbearance plan is included at the time the forbearance plan is completed if the borrower exits forbearance by entering into a payment deferral plan or loan modification. (2) Primarily related to payment deferral plans. Amounts are based on non-interest-bearing principal balances on the restructured loans. The following table provides the amortized cost basis of single-family held-for-investment loans that had a payment default (i.e., loans that became two months delinquent) during the periods presented and had been restructured within the previous 12 months preceding the payment default, when the borrower was experiencing financial difficulty at the time of the restructuring. Since we adopted ASU 2022-02 prospectively, single-family held-for-investment loans that were restructured prior to January 1, 2022, the date we adopted such guidance, have been excluded from the disclosures related to loan restructurings. Table 3.11 - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty (1) 1Q 2023 (In millions) Payment Delay Payment Delay and Term Extension Payment Delay, Term Extension, and Interest Rate Reduction Total Single-Family: 20- and 30-year or more, amortizing fixed-rate $704 $175 $206 $1,085 15-year or less, amortizing fixed-rate 32 — — 32 Adjustable-rate and other 10 2 5 17 Total Single-Family $746 $177 $211 $1,134 Referenced footnote is included after the prior period table. 1Q 2022 (In millions) Payment Delay Payment Delay and Term Extension Payment Delay, Term Extension, and Interest Rate Reduction Total Single-Family: 20- and 30-year or more, amortizing fixed-rate $391 $7 $7 $405 15-year or less, amortizing fixed-rate 28 — — 28 Adjustable-rate and other 16 — — 16 Total Single-Family $435 $7 $7 $449 (1) Excludes forbearance plans and repayment plans as borrowers are typically past due based on the loan's original contractual terms at the time the borrowers enter into these plans. The following table provides the single-family held-for-investment loan performance in the 12 months after a restructuring involving borrowers experiencing financial difficulty. While a single-family loan is in a forbearance plan or repayment plan, payments continue to be due based on the loan’s original contractual terms because the loan has not been permanently modified. As a result, we report single-family loans in forbearance plans and repayment plans as delinquent to the extent that payments are past due based on the loan’s original contractual terms. Loans that have been restructured by entering into a payment deferral plan or loan modification are reported as delinquent to the extent that payments are past due based on the loan's restructured terms. Table 3.12 - Amortized Cost Basis of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty by Payment Status March 31, 2023 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due Total Single-Family: 20- and 30-year or more, amortizing fixed-rate $16,491 $2,381 $1,572 $6,642 $27,086 15-year or less, amortizing fixed-rate 670 98 71 310 1,149 Adjustable-rate and other 227 33 17 115 392 Total Single-Family $17,388 $2,512 $1,660 $7,067 $28,627 March 31, 2022 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due Total Single-Family: 20- and 30-year or more, amortizing fixed-rate $7,887 $1,486 $1,359 $2,032 $12,764 15-year or less, amortizing fixed-rate 380 89 88 109 666 Adjustable-rate and other 191 19 16 79 305 Total Single-Family $8,458 $1,594 $1,463 $2,220 $13,735 |
Guarantees and Other Off-Balanc
Guarantees and Other Off-Balance Sheet Credit Exposures | 3 Months Ended |
Mar. 31, 2023 | |
Guarantees [Abstract] | |
Guarantees and Other Off-Balance Sheet Credit Exposures | Guarantees and Other Off-Balance Sheet Credit ExposuresGuarantee Activities The table below shows information about our mortgage-related guarantees and guarantees of Fannie Mae securities, including the UPB of the loans or securities underlying the guarantee, the maximum potential amount of future payments that we could be required to make under the guarantee, the liability we have recognized on our condensed consolidated balance sheets for the guarantee, and the maximum remaining term of the guarantee. 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. We do not believe the potential amount of future payments we could be required to make is representative of the actual payments we will be required to make or 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. Table 4.1 - Financial Guarantees March 31, 2023 ( Dollars in millions , terms in years) UPB Maximum Exposure Recognized Liability (1) Maximum Remaining Term Single-Family mortgage-related guarantees: Nonconsolidated securitization products (2) $31,130 $25,329 $385 40 Other mortgage-related guarantees 9,290 9,290 192 29 Total Single-Family mortgage-related guarantees 40,420 34,619 577 Multifamily mortgage-related guarantees: Nonconsolidated securitization products (2)(3) 357,747 316,606 4,751 37 Other mortgage-related guarantees 10,684 10,684 378 36 Total Multifamily mortgage-related guarantees 368,431 327,290 5,129 Guarantees of Fannie Mae securities (4) 116,807 116,807 — 39 Other 166 440 — 30 December 31, 2022 ( Dollars in millions , terms in years) UPB Maximum Exposure Recognized Liability (1) Maximum Remaining Term Single-Family mortgage-related guarantees: Nonconsolidated securitization products (2) $31,604 $25,772 $391 40 Other mortgage-related guarantees 9,476 9,476 203 29 Total Single-Family mortgage-related guarantees 41,080 35,248 594 Multifamily mortgage-related guarantees: Nonconsolidated securitization products (2)(3) 360,869 319,117 4,889 37 Other mortgage-related guarantees 10,510 10,510 379 36 Total Multifamily mortgage-related guarantees 371,379 329,627 5,268 Guarantees of Fannie Mae securities (4) 119,267 119,267 — 39 Other 185 435 — 29 (1) Excludes allowance for credit losses on off-balance sheet credit exposures. See Note 5 for additional information on our allowance for credit losses on off-balance sheet credit exposures. (2) Maximum exposure is based on remaining UPB of the guaranteed securities issued by the VIE. (3) Includes UPB of $0.7 billion and $0.4 billion as of March 31, 2023 and December 31, 2022, respectively, related to VIEs in which our interest would no longer absorb significant variability as the guaranteed securities have completely paid off. In addition, includes guarantees that are accounted for as derivatives with UPB of $2.1 billion as of both March 31, 2023 and December 31, 2022. (4) Excludes $0.1 billion as of both March 31, 2023 and December 31, 2022, of Fannie Mae securities that we have guaranteed that are included in resecuritization trusts that we have consolidated as we own all of the outstanding securities issued by the VIE. The table below shows the payment status of the mortgage loans underlying our mortgage-related guarantees. Table 4.2 – UPB of Loans Underlying Our Mortgage-Related Guarantees by Payment Status March 31, 2023 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due, or in Foreclosure Total Single-Family $35,753 $2,075 $729 $1,863 $40,420 Multifamily 367,681 251 21 478 368,431 Total $403,434 $2,326 $750 $2,341 $408,851 December 31, 2022 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due, or in Foreclosure Total Single-Family $36,241 $2,072 $748 $2,019 $41,080 Multifamily 370,911 23 12 433 371,379 Total $407,152 $2,095 $760 $2,452 $412,459 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. 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. Most of these commitments expire in less than one year. See Note 5 for additional discussion of our allowance for credit losses on our off-balance sheet credit exposures. The table below shows our other off-balance sheet credit exposures. Table 4.3 – Other Off-Balance Sheet Credit Exposures (In millions) March 31, 2023 December 31, 2022 Mortgage loan purchase commitments (1) $11,249 $9,609 Other commitments (2) 34,923 22,293 Total $46,172 $31,902 (1) Includes $2.1 billion and $0.5 billion of commitments for which we have elected the fair value option as of March 31, 2023 and December 31, 2022, respectively. Excludes mortgage loan purchase commitments accounted for as derivative instruments. See Note 8 for additional information on commitments accounted for as derivative instruments. (2) Consists of unfunded portion of revolving lines of credit, liquidity guarantees, and other commitments. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses The table below summarizes changes in our allowance for credit losses. Table 5.1 - Details of the Allowance for Credit Losses 1Q 2023 1Q 2022 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Beginning balance $7,746 $147 $7,893 $5,440 $78 $5,518 Provision (benefit) for credit losses 318 77 395 (831) (6) (837) Charge-offs (90) — (90) (173) — (173) Recoveries collected 32 — 32 52 — 52 Other (1) 91 — 91 361 — 361 Ending balance $8,097 $224 $8,321 $4,849 $72 $4,921 Components of the ending balance of the allowance for credit losses: Mortgage loans held-for-investment $7,675 $160 $7,835 $4,358 $31 $4,389 Other (2) 422 64 486 491 41 532 Total ending balance $8,097 $224 $8,321 $4,849 $72 $4,921 (1) Primarily includes capitalization of past due interest related to non-accrual loans that receive payment deferral plans and loan modifications. (2) Includes allowance for credit losses related to advances of pre-foreclosure costs, accrued interest receivable, and off-balance sheet credit exposures. n 1Q 2023 vs. 1Q 2022 - Provision for credit losses for 1Q 2023 was driven by a modest credit reserve build primarily attributable to new acquisitions in Single-Family. The benefit for credit losses for 1Q 2022 was driven by a credit reserve release due to higher estimated house prices and an improvement in forecasted economic conditions. In addition, charge-offs decreased year-over-year primarily due to a decrease in charge-offs of accrued interest receivable during 1Q 2023. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment 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) March 31, 2023 December 31, 2022 Trading securities $31,343 $32,167 Available-for-sale securities 6,369 6,534 Total fair value of investment securities $37,712 $38,701 Trading Securities The table below presents the fair values of our trading securities by major security type. Our non-mortgage-related securities primarily consist of investments in U.S. Treasury securities. Table 6.2 - Trading Securities (In millions) March 31, 2023 December 31, 2022 Mortgage-related securities $9,074 $8,334 Non-mortgage-related securities 22,269 23,833 Total fair value of trading securities $31,343 $32,167 For trading securities held at March 31, 2023 and March 31, 2022, we recorded net unrealized losses of $0.2 billion and $1.0 billion during 1Q 2023 and 1Q 2022, respectively. Available-for-Sale Securities The table below provides details of the securities classified as available-for-sale on our condensed consolidated balance sheets. At March 31, 2023 and December 31, 2022, all available-for-sale securities were mortgage-related securities. Table 6.3 - Available-for-Sale Securities March 31, 2023 Amortized Gross Unrealized Gains in Other Comprehensive Income Gross Unrealized Fair Value Accrued Interest Receivable (In millions) Agency mortgage-related securities $6,006 $14 ($238) $5,782 $13 Other mortgage-related securities 408 182 (3) 587 3 Total available-for-sale securities $6,414 $196 ($241) $6,369 $16 December 31, 2022 Amortized Gross Unrealized Gains in Other Comprehensive Income Gross Unrealized Fair Value Accrued Interest Receivable (In millions) Agency mortgage-related securities $6,215 $6 ($301) $5,920 $12 Other mortgage-related securities 429 188 (3) 614 3 Total available-for-sale securities $6,644 $194 ($304) $6,534 $15 The fair value of our available-for-sale securities held at March 31, 2023 scheduled to contractually mature after ten years was $1.5 billion, with an additional $4.0 billion scheduled to contractually mature after five years through ten years. The table below presents available-for-sale securities in a gross unrealized loss position and whether such securities have been in an 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 March 31, 2023 Less than 12 Months 12 Months or Greater (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Agency mortgage-related securities $3,038 ($80) $1,696 ($158) Other mortgage-related securities 28 (2) 13 (1) Total available-for-sale securities in a gross unrealized loss position $3,066 ($82) $1,709 ($159) December 31, 2022 Less than 12 Months 12 Months or Greater (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Agency mortgage-related securities $5,086 ($253) $325 ($48) Other mortgage-related securities 46 (3) 5 — Total available-for-sale securities in a gross unrealized loss position $5,132 ($256) $330 ($48) At March 31, 2023, the gross unrealized losses relate to 187 securities. The table below summarizes the gross realized gains and gross realized losses from sales of available-for-sale securities. Table 6.5 - Gross Realized Gains and Gross Realized Losses from Sales of Available-for-Sale Securities (In millions) 1Q 2023 1Q 2022 Gross realized gains $2 $— Gross realized losses (2) (1) Net realized gains $— ($1) Non-Cash Investing and Financing Activities During 1Q 2023 and 1Q 2022, we recognized $0.6 billion and $3.1 billion, respectively, of investment securities in exchange for the issuance of debt of consolidated trusts through partial sales of commingled single-class resecuritization products that were previously consolidated. During 1Q 2023 and 1Q 2022, we derecognized $1.4 billion and $1.5 billion of mortgage-related securities and debt of consolidated trusts where we were no longer deemed the primary beneficiary. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | DebtThe table below summarizes the balances of total debt on our condensed consolidated balance sheets Table 7.1 - Total Debt (In millions) March 31, 2023 December 31, 2022 Debt of consolidated trusts $2,987,050 $2,979,070 Debt of Freddie Mac: Short-term debt 8,681 7,712 Long-term debt 171,783 159,050 Total debt of Freddie Mac 180,464 166,762 Total debt $3,167,514 $3,145,832 As of March 31, 2023, our aggregate indebtedness pursuant to the Purchase Agreement was $190.1 billion, which was below the current $270.0 billion debt cap limit. Our aggregate indebtedness calculation primarily includes the par value of short- and long-term debt. Debt of Consolidated Trusts The table below summarizes the debt of consolidated trusts based on underlying loan product type. Table 7.2 - Debt of Consolidated Trusts March 31, 2023 December 31, 2022 (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: 20-and 30-year or more, fixed-rate 2023 - 2061 $2,522,559 $2,564,677 2.82 % 2023 - 2061 $2,507,235 $2,550,137 2.76 % 15-year or less, fixed-rate 2023 - 2038 357,248 363,390 2.15 2023 - 2038 367,844 374,339 2.14 Adjustable-rate and other 2023 - 2053 23,834 24,402 3.29 2023 - 2053 23,561 24,153 3.04 Total Single-Family 2,903,641 2,952,469 2,898,640 2,948,629 Multifamily 2024 - 2053 35,080 34,581 2.88 2023 - 2052 30,927 30,441 2.66 Total debt of consolidated trusts $2,938,721 $2,987,050 $2,929,567 $2,979,070 (1) Includes $2.1 billion and $1.9 billion as of March 31, 2023 and December 31, 2022, respectively, of debt of consolidated trusts that represents the fair value of debt for which the fair value option was elected. (2) The effective interest rate for debt of consolidated trusts was 2.47% and 2.39% as of March 31, 2023 and December 31, 2022, respectively. March 31, 2023 December 31, 2022 (Dollars in millions) Par Value Carrying Amount Weighted Par Value Carrying Amount Weighted Short-term debt: Discount notes and Reference Bills ® $8,051 $8,016 4.56 % $6,826 $6,822 3.71 % Medium-term notes 665 665 1.91 890 890 1.81 Securities sold under agreements to repurchase 4,652 4,652 4.58 11,991 11,991 3.86 Offsetting arrangements (1) (4,652) (4,652) (11,991) (11,991) Total short-term debt $8,716 $8,681 4.36 % $7,716 $7,712 3.49 % |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives 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. We use derivatives primarily to hedge interest-rate sensitivity mismatches between our financial assets and liabilities. We designate certain derivatives as hedging instruments in qualifying hedge accounting relationships. Interest-rate risk management derivatives that are not designated in qualifying hedge accounting relationships are economic hedges of financial instruments measured at fair value on a recurring basis or of other transactions or instruments that expose us to interest-rate risk. We apply fair value hedge accounting to certain single-family mortgage loans and certain issuances of debt where we hedge the changes in fair value of these items attributable to the designated benchmark interest rate, using interest-rate swaps. Derivative Assets and Liabilities at Fair Value The table below presents the notional value and fair value of derivatives reported on our condensed consolidated balance sheets. Table 8.1 - Derivative Assets and Liabilities at Fair Value March 31, 2023 December 31, 2022 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 $445,598 $1,427 ($604) $480,824 $1,762 ($526) Written options 49,745 — (1,550) 46,101 — (1,857) Purchased options (1) 87,065 3,703 — 92,010 4,302 — Futures 134,295 — — 182,330 — — Total interest-rate risk management derivatives 716,703 5,130 (2,154) 801,265 6,064 (2,383) Mortgage commitment derivatives 39,505 19 (6) 29,354 12 (11) CRT-related derivatives (2) 31,888 — (110) 31,647 — (55) Other 14,090 3 (539) 14,426 2 (624) Total derivatives not designated as hedges 802,186 5,152 (2,809) 876,692 6,078 (3,073) Designated as fair value hedges Interest-rate risk management derivatives: Swaps 189,974 328 (6,648) 181,298 321 (7,847) Total derivatives designated as fair value hedges 189,974 328 (6,648) 181,298 321 (7,847) Receivables (payables) 1 (214) 35 (25) Netting adjustments (3) (5,090) 8,778 (6,127) 10,187 Total derivative portfolio, net $992,160 $391 ($893) $1,057,990 $307 ($758) (1) Includes swaptions on credit indices with a notional or contractual amount of $6.9 billion and $10.1 billion at March 31, 2023 and December 31, 2022, respectively, and a fair value of $2.0 million as of both March 31, 2023 and December 31, 2022. (2) Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements. (3) Represents counterparty netting and cash collateral netting. Gains and Losses on Derivatives The table below presents the gains and losses on derivatives not designated in qualifying hedge relationships. These amounts are reported on our condensed consolidated statements of income as investment gains, net. Table 8.2 - Gains and Losses on Derivatives (1) (In millions) 1Q 2023 1Q 2022 Not designated as hedges Interest-rate risk management derivatives: Swaps $29 $390 Written options 195 (364) Purchased options (504) 717 Futures (307) 868 Total interest-rate risk management derivatives fair value gains (losses) (587) 1,611 Mortgage commitment derivatives (80) 1,839 CRT-related derivatives (2) (76) 12 Other 61 (39) Total derivatives not designated as hedges fair value gains (losses) ($682) $3,423 (1) Accrual of periodic cash settlements on swaps is included in the respective gain (loss) of the derivative and is no longer presented separately. Certain prior period amounts have been reclassified to conform to the current period presentation. Fair Value Hedges The table below presents the effects of fair value hedge accounting by condensed consolidated statements of income line item, 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 8.3 - Gains and Losses on Fair Value Hedges 1Q 2023 1Q 2022 (In millions) Interest Income Interest Expense Interest Income Interest Expense Total amounts of income and expense line items presented in our condensed consolidated statements of income in which the effects of fair value hedges are recorded: $24,987 ($20,486) $17,740 ($13,636) Interest contracts on mortgage loans held-for-investment: Gain (loss) on fair value hedging relationships: Hedged items 1,123 — (2,627) — Derivatives designated as hedging instruments (1,073) — 2,055 — Interest accruals on hedging instruments 211 — (267) — Discontinued hedge related basis adjustments amortization 31 — (124) — Interest contracts on debt: Gain (loss) on fair value hedging relationships: Hedged items — (1,535) — 3,861 Derivatives designated as hedging instruments — 1,534 — (3,896) Interest accruals on hedging instruments — (1,051) — 144 Discontinued hedge related basis adjustment amortization — (38) — 10 The table below presents the cumulative basis adjustments and the carrying amounts of the hedged item by its respective balance sheet line item. Table 8.4 - Cumulative Basis Adjustments Due to Fair Value Hedging March 31, 2023 Carrying Amount Assets / (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying Amount Closed Portfolio Under the Portfolio Layer Method (In millions) Total Under the Portfolio Layer Method Discontinued - Hedge Related Total Amount by Amortized Cost Basis Designated Amount by UPB Mortgage loans held-for-investment $1,126,852 ($1,967) ($678) ($1,289) $77,275 $11,516 Mortgage loans held-for-sale 56 1 — 1 — — Debt (156,649) 7,714 — 187 — — December 31, 2022 Carrying Amount Assets / (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying Amount Closed Portfolio Under the Portfolio Layer Method (In millions) Total Under the Portfolio Layer Method Discontinued - Hedge Related Total Amount by Amortized Cost Basis Designated Amount by UPB Mortgage loans held-for-investment $1,108,098 ($3,122) ($959) ($2,163) $79,070 $11,516 Mortgage loans held-for-sale 67 1 — 1 — — Debt (142,511) 9,384 — 123 — — |
Collateralized Agreements and O
Collateralized Agreements and Offsetting Arrangements | 3 Months Ended |
Mar. 31, 2023 | |
Offsetting [Abstract] | |
Collateralized Agreements and Offsetting Arrangements | Collateralized Agreements and Offsetting Arrangements Offsetting of Financial Assets and Liabilities The table below presents 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 9.1 - Offsetting and Collateral Information of Financial Assets and Liabilities March 31, 2023 Gross Amount Recognized Amount Net Amount Gross Amount Not Offset in the Condensed Consolidated Balance Sheets (2) Net Amount (In millions) Counterparty Netting Cash Collateral Netting (1) Assets: Derivatives: OTC derivatives $5,459 ($4,052) ($1,038) $369 ($180) $189 Cleared and exchange-traded derivatives — — — — — — Mortgage commitment derivatives 19 — — 19 — 19 Other 3 — — 3 — 3 Total derivatives 5,481 (4,052) (1,038) 391 (180) 211 Securities purchased under agreements to resell 112,688 (4,652) — 108,036 (108,036) — Total $118,169 ($8,704) ($1,038) $108,427 ($108,216) $211 Liabilities: Derivatives: OTC derivatives ($8,790) $4,052 $4,669 ($69) $26 ($43) Cleared and exchange-traded derivatives (199) — 57 (142) 142 — Mortgage commitment derivatives (33) — — (33) — (33) Other (649) — — (649) — (649) Total derivatives (9,671) 4,052 4,726 (893) 168 (725) Securities sold under agreements to repurchase (4,652) 4,652 — — — — Total ($14,323) $8,704 $4,726 ($893) $168 ($725) Referenced footnotes are included after the next table. December 31, 2022 Gross Amount Recognized Amount Net Amount Gross Amount Not Offset in the Condensed Consolidated Balance Sheets (2) Net Amount (In millions) Counterparty Netting Cash Collateral Netting (1) Assets: Derivatives: OTC derivatives $6,385 ($4,468) ($1,681) $236 ($214) $22 Cleared and exchange-traded derivatives 28 — 22 50 — 50 Mortgage commitment derivatives 19 — — 19 (4) 15 Other 2 — — 2 — 2 Total derivatives 6,434 (4,468) (1,659) 307 (218) 89 Securities purchased under agreements to resell 99,286 (11,991) — 87,295 (87,295) — Total $105,720 ($16,459) ($1,659) $87,602 ($87,513) $89 Liabilities: Derivatives: OTC derivatives ($10,230) $4,468 $5,702 ($60) $23 ($37) Cleared and exchange-traded derivatives (25) — 17 (8) 8 — Mortgage commitment derivatives (11) — — (11) — (11) Other (679) — — (679) — (679) Total derivatives (10,945) 4,468 5,719 (758) 31 (727) Securities sold under agreements to repurchase (11,991) 11,991 — — — — Total ($22,936) $16,459 $5,719 ($758) $31 ($727) (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 condensed consolidated balance sheets. For securities purchased under agreements to resell, includes $112.6 billion and $54.7 billion of collateral that we had the right to repledge as of March 31, 2023 and December 31, 2022, respectively. We repledged less than $0.1 billion of collateral as of both March 31, 2023 and December 31, 2022. Table 9.2 - Collateral in the Form of Securities Pledged March 31, 2023 (In millions) Derivatives Securities Sold Under Agreements to Repurchase Other (1) Total Debt of consolidated trusts (2) $— $— $183 $183 Trading securities 2,351 4,619 2,056 9,026 Total securities pledged $2,351 $4,619 $2,239 $9,209 December 31, 2022 (In millions) Derivatives Securities Sold Under Agreements to Repurchase Other (1) Total Trading securities $1,533 $2,910 $1,347 $5,790 Other assets — 6,543 — 6,543 Total securities pledged $1,533 $9,453 $1,347 $12,333 (1) Includes other collateralized borrowings and collateral related to transactions with certain clearinghouses. (2) Represents debt of consolidated trusts held by us in our mortgage-related investments portfolio which is recorded as a reduction to debt of consolidated trusts on our condensed consolidated balance sheets. The table below presents the remaining contractual maturity of our gross obligations for securities sold under agreements to repurchase. The collateral for such obligations consisted primarily of U.S. Treasury securities. Table 9.3 - Remaining Contractual Maturity March 31, 2023 (In millions) Overnight and Continuous 30 Days or Less After 30 Days Through 90 Days Greater Than 90 Days Total Securities sold under agreements to repurchase $— $1,165 $3,487 $— $4,652 December 31, 2022 (In millions) Overnight and Continuous 30 Days or Less After 30 Days Through 90 Days Greater Than 90 Days Total Securities sold under agreements to repurchase $— $11,991 $— $— $11,991 |
Net Interest Income
Net Interest Income | 3 Months Ended |
Mar. 31, 2023 | |
Components of Net Interest Income [Abstract] | |
Net Interest Income | The table below presents the components of net interest income per our condensed consolidated statements of income and comprehensive income. Table 10.1 - Components of Net Interest Income (In millions) 1Q 2023 1Q 2022 Interest income: Mortgage loans $23,304 $17,310 Investment securities 316 384 Other 1,367 46 Total interest income 24,987 17,740 Interest expense: Debt of consolidated trusts (18,261) (13,249) Debt of Freddie Mac: Short-term debt (154) — Long-term debt (2,071) (387) Total interest expense (20,486) (13,636) Net interest income 4,501 4,104 (Provision) benefit for credit losses (395) 837 Net interest income after (provision) benefit for credit losses $4,106 $4,941 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | The table below presents the financial results for our Single-Family and Multifamily segments. Table 11.1 - Segment Financial Results 1Q 2023 1Q 2022 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Net interest income $4,296 $205 $4,501 $3,806 $298 $4,104 Non-interest income Guarantee income 32 434 466 30 40 70 Investment gains, net (179) (46) (225) 1,252 261 1,513 Other income 54 31 85 126 33 159 Non-interest income (93) 419 326 1,408 334 1,742 Net revenues 4,203 624 4,827 5,214 632 5,846 (Provision) benefit for credit losses (318) (77) (395) 831 6 837 Non-interest expense (1,783) (149) (1,932) (1,778) (154) (1,932) Income before income tax expense 2,102 398 2,500 4,267 484 4,751 Income tax expense (425) (80) (505) (856) (97) (953) Net income 1,677 318 1,995 3,411 387 3,798 Other comprehensive income (loss), net of taxes and reclassification adjustments (1) 55 54 (12) (108) (120) Comprehensive income $1,676 $373 $2,049 $3,399 $279 $3,678 The table below presents total assets for our Single-Family and Multifamily segments. Table 11.2 - Segment Assets (In millions) March 31, 2023 December 31, 2022 Single-Family $2,988,635 $2,986,045 Multifamily 426,039 429,302 Total segment assets 3,414,674 3,415,347 Reconciling items (1) (189,694) (207,014) Total assets per condensed consolidated balance sheets $3,224,980 $3,208,333 |
Concentration of Credit and Oth
Concentration of Credit and Other Risks | 3 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit and Other Risks | Concentration of Credit and Other Risks Single-Family Mortgage Portfolio The table below summarizes the concentration by geographic area of our Single-Family mortgage portfolio. See Note 2 , Note 3 , and Note 5 for more information about credit risk associated with single-family loans that we hold or guarantee. Table 12.1 - Concentration of Credit Risk of Our Single-Family Mortgage Portfolio March 31, 2023 December 31, 2022 (Dollars in millions) Portfolio UPB (1) % of Portfolio SDQ Rate Portfolio UPB (1) % of Portfolio SDQ Rate Region: (2) West $905,823 30 % 0.46 % $906,123 30 % 0.49 % Northeast 694,781 23 0.76 695,944 23 0.82 North Central 435,435 15 0.61 436,294 15 0.65 Southeast 514,825 17 0.67 512,495 17 0.73 Southwest 437,497 15 0.58 434,907 15 0.63 Total $2,988,361 100 % 0.62 $2,985,763 100 % 0.66 State: California $515,908 17 % 0.47 $516,891 17 % 0.51 Texas 203,128 7 0.58 200,807 7 0.64 Florida 192,552 6 0.78 191,009 6 0.84 New York 130,010 4 1.08 129,935 4 1.16 Illinois 112,289 4 0.83 112,784 4 0.90 All other 1,834,474 62 0.58 1,834,337 62 0.63 Total $2,988,361 100 % 0.62 $2,985,763 100 % 0.66 (1) Excludes UPB of loans underlying certain securitization products for which data was not available. (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). Multifamily Mortgage Portfolio The table below summarizes the concentration by geographic area of our Multifamily mortgage portfolio. See Note 2 , Note 3 , Note 4 , and Note 5 for more information about credit risk associated with multifamily loans that we hold or guarantee. Table 12.2 - Concentration of Credit Risk of Our Multifamily Mortgage Portfolio March 31, 2023 December 31, 2022 (Dollars in millions) Portfolio UPB % of Portfolio Delinquency Rate (1) Portfolio UPB % of Portfolio Delinquency Rate (1) Region (2)(3) : West $106,840 25 % 0.04 % $107,260 25 % 0.04 % Northeast 104,627 25 0.30 106,478 25 0.28 North Central 40,555 10 0.16 40,524 9 0.16 Southeast 84,801 20 0.04 85,438 20 0.04 Southwest 89,216 20 0.13 89,602 21 0.08 Total $426,039 100 % 0.13 $429,302 100 % 0.12 (1) Based on loans two monthly payments or more delinquent or in foreclosure. (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). (3) The UPB of loans collateralized by properties located in multiple regions are reported entirely in the region with the largest underlying collateral UPB as of origination. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures 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. Assets and Liabilities Measured at Fair Value on a Recurring Basis The table below presents our assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis subsequent to initial recognition, including instruments where we have elected the fair value option. Table 13.1 - Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2023 (In millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Total Assets: Investment securities: Available-for-sale $— $5,516 $853 $— $6,369 Trading: Mortgage-related securities — 6,169 2,905 — 9,074 Non-mortgage-related securities 21,884 385 — — 22,269 Total trading securities 21,884 6,554 2,905 — 31,343 Total investment securities 21,884 12,070 3,758 — 37,712 Mortgage loans held-for-sale — 2,579 347 — 2,926 Mortgage loans held-for-investment — 1,174 64 — 1,238 Other assets: Guarantee assets — — 5,432 — 5,432 Derivative assets, net — 5,477 3 (5,089) 391 Other assets — 34 125 — 159 Total other assets — 5,511 5,560 (5,089) 5,982 Total assets carried at fair value on a recurring basis $21,884 $21,334 $9,729 ($5,089) $47,858 Liabilities: Debt: Debt of consolidated trusts $— $1,858 $290 $— $2,148 Debt of Freddie Mac — 569 94 — 663 Total debt — 2,427 384 — 2,811 Other liabilities: Derivative liabilities, net 13 9,367 77 (8,564) 893 Other liabilities — 1 — — 1 Total other liabilities 13 9,368 77 (8,564) 894 Total liabilities carried at fair value on a recurring basis $13 $11,795 $461 ($8,564) $3,705 Referenced footnote is included after the prior period table. December 31, 2022 (In millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Total Assets: Investment securities: Available-for-sale $— $5,640 $894 $— $6,534 Trading: Mortgage-related securities — 5,603 2,731 — 8,334 Non-mortgage-related securities 23,453 380 — — 23,833 Total trading securities 23,453 5,983 2,731 — 32,167 Total investment securities 23,453 11,623 3,625 — 38,701 Mortgage loans held-for-sale — 2,908 310 — 3,218 Mortgage loans held-for-investment — 1,104 110 — 1,214 Other assets: Guarantee assets — — 5,442 — 5,442 Derivative assets, net — 6,397 2 (6,092) 307 Other assets — 12 129 — 141 Total other assets — 6,409 5,573 (6,092) 5,890 Total assets carried at fair value on a recurring basis $23,453 $22,044 $9,618 ($6,092) $49,023 Liabilities: Debt: Debt of consolidated trusts $— $1,656 $288 $— $1,944 Debt of Freddie Mac — 1,003 100 — 1,103 Total debt — 2,659 388 — 3,047 Other liabilities: Derivative liabilities, net — 10,823 97 (10,162) 758 Other liabilities — 1 — — 1 Total other liabilities — 10,824 97 (10,162) 759 Total liabilities carried at fair value on a recurring basis $— $13,483 $485 ($10,162) $3,806 Level 3 Fair Value Measurements The table below presents a reconciliation of all assets and liabilities measured on our condensed 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 table also presents gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our condensed consolidated statements of income for Level 3 assets and liabilities. Table 13.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs 1Q 2023 Balance, Total Realized/Unrealized Gains (Losses) (1) Purchases Issues Sales Settlements, Transfers Transfers Balance, Change in Unrealized Gains/Losses (1) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2023 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2023 (In millions) Included in Included in Other Assets Investment securities: Available-for-sale $894 $1 ($3) $— $— $— ($39) $— $— $853 $— ($3) Trading 2,731 (139) — 324 — — (11) — — 2,905 33 — Total investment securities 3,625 (138) (3) 324 — — (50) — — 3,758 33 (3) Mortgage loans held-for-sale 310 1 — 26 — — (1) 11 — 347 — — Mortgage loans held-for-investment 110 2 — — — — — — (48) 64 2 — Other assets: Guarantee assets 5,442 85 — — 127 — (222) — — 5,432 85 — Other assets 131 16 — (10) — — (9) — — 128 16 — Total other assets 5,573 101 — (10) 127 — (231) — — 5,560 101 — Total assets $9,618 ($34) ($3) $340 $127 $— ($282) $11 ($48) $9,729 $136 ($3) Liabilities Debt $388 ($12) $— $— $12 $— ($4) $— $— $384 ($8) $— Other liabilities 97 (18) — — — — (2) — — 77 (19) — Total liabilities $485 ($30) $— $— $12 $— ($6) $— $— $461 ($27) $— 1Q 2022 Balance, Total Realized/Unrealized Gains (Losses) (1) Purchases Issues Sales Settlements, Transfers Transfers Balance, Change in Unrealized Gains/Losses (1) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2022 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2022 (In millions) Included in Included in Other Assets Investment securities: Available-for-sale $1,286 ($1) ($36) $— $— $— ($91) $30 $— $1,188 ($1) ($29) Trading 3,386 (426) — 243 — — (18) — (20) 3,165 (256) — Total investment securities 4,672 (427) (36) 243 — — (109) 30 (20) 4,353 (257) (29) Other assets: Guarantee assets 5,919 (316) — — 333 — (240) — — 5,696 (316) — Other assets 101 16 — (4) 3 — (2) — — 114 16 — Total other assets 6,020 (300) — (4) 336 — (242) — — 5,810 (300) — Total assets $10,692 ($727) ($36) $239 $336 $— ($351) $30 ($20) $10,163 ($557) ($29) Liabilities Debt $294 $23 $— $— $86 $— ($1) $— $— $402 $33 $— Other liabilities 24 24 — — — — (1) — — 47 24 — Total liabilities $318 $47 $— $— $86 $— ($2) $— $— $449 $57 $— (1) For assets, increase and decrease in earnings and other comprehensive income is shown as gains and (losses), respectively. For liabilities, increase and decrease in earnings and comprehensive income is shown as (gains) and losses, respectively. (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 March 31, 2023 and March 31, 2022. The table below provides valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis. Table 13.3 - Quantitative Information about Recurring Level 3 Fair Value Measurements March 31, 2023 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) Assets Investment securities: Available-for-sale $533 Median of external sources External pricing sources $58.2 - $72.8 $68.2 320 Other Trading 2,023 Single external source External pricing source $0.0 - $5,410.0 $210.0 882 Other Mortgage loans held-for-sale 347 Single external source External pricing source $39.6 - $98.6 $78.7 Guarantee assets 5,074 Discounted cash flows OAS 17 - 186 bps 46 bps 358 Other Insignificant Level 3 assets (2) 192 Total level 3 assets $9,729 Liabilities Insignificant Level 3 liabilities (2) 461 Total level 3 liabilities $461 December 31, 2022 Level 3 Predominant Unobservable Inputs (Dollars in millions, except for certain unobservable inputs as shown) Type Range Weighted Average (1) Assets Investment securities: Available-for-sale $557 Median of external sources External pricing sources $66.3 - $74.6 $70.5 337 Other Trading 2,080 Single external source External pricing source $0.0 - $5,702.4 $224.8 651 Other Mortgage loans held-for-sale 310 Single external source External pricing source $39.6 - $98.1 $76.6 Mortgage loans held-for-investment 110 Single external source External pricing source $76.9 - $87.5 $80.6 Guarantee assets 5,084 Discounted cash flows OAS 17 - 186 bps 45 bps 358 Other Insignificant Level 3 assets (2) 131 Total level 3 assets $9,618 Liabilities Insignificant Level 3 liabilities (2) 485 Total level 3 liabilities $485 (1) Unobservable inputs were weighted primarily by the relative fair value of the financial instruments. (2) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. 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 measurement of impairment based on the fair value of the underlying collateral. Certain fair values in the tables below were not obtained as of period end, but were obtained during the period. The table below presents assets measured on our condensed consolidated balance sheets at fair value on a non-recurring basis. Table 13.4 - Assets Measured at Fair Value on a Non-Recurring Basis March 31, 2023 December 31, 2022 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Mortgage loans (1) $— $454 $2,170 $2,624 $— $386 $1,758 $2,144 (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 table below provides valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets measured on our condensed consolidated balance sheets at fair value on a non-recurring basis. Table 13.5 - Quantitative Information About Non-Recurring Level 3 Fair Value Measurements March 31, 2023 Level 3 Fair Value Predominant Valuation Technique(s) Unobservable Inputs ( Dollars in millions, except for unobservable inputs as shown) Type Range Weighted Average (1) Mortgage loans $1,520 Median of external sources External pricing sources $75.3 - $97.3 $85.5 650 Other Total $2,170 December 31, 2022 Level 3 Fair Value Predominant Valuation Technique(s) Unobservable Inputs ( Dollars in millions, except for unobservable inputs as shown) Type Range Weighted Average (1) Mortgage loans $1,657 Median of external sources External pricing sources $74.8 - $98.6 $86.3 101 Other Total $1,758 (1) Unobservable inputs were weighted primarily by the relative fair value of the financial instruments. Fair Value of Financial Instruments The table below presents 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, and certain debt, the carrying value on our condensed consolidated balance sheets approximates fair value, as these assets and liabilities are short-term in nature and have limited fair value volatility. Table 13.6 - Fair Value of Financial Instruments March 31, 2023 GAAP Measurement Category (1) Carrying Amount Fair Value (In millions) Level 1 Level 2 Level 3 Netting Adjustments (2) Total Financial Assets Cash and cash equivalents Amortized cost $5,873 $5,873 $— $— $— $5,873 Securities purchased under agreements to resell Amortized cost 108,036 — 112,688 — (4,652) 108,036 Investment securities: Available-for-sale FV - OCI 6,369 — 5,516 853 — 6,369 Trading FV - NI 31,343 21,884 6,554 2,905 — 31,343 Total investment securities 37,712 21,884 12,070 3,758 — 37,712 Mortgage loans: Loans held by consolidated trusts 2,977,998 — 2,337,448 276,492 — 2,613,940 Loans held by Freddie Mac 59,711 — 25,534 30,236 — 55,770 Total mortgage loans (3) Various (4) 3,037,709 — 2,362,982 306,728 — 2,669,710 Other assets: Guarantee assets FV - NI 5,432 — — 5,435 — 5,435 Derivative assets, net FV - NI 391 — 5,477 3 (5,089) 391 Other assets (5) Various 2,805 — 931 1,880 — 2,811 Total other assets 8,628 — 6,408 7,318 (5,089) 8,637 Total financial assets $3,197,958 $27,757 $2,494,148 $317,804 ($9,741) $2,829,968 Financial Liabilities Debt: Debt of consolidated trusts $2,987,050 $— $2,610,811 $696 $— $2,611,507 Debt of Freddie Mac 180,464 — 182,379 3,306 (4,652) 181,033 Total debt Various (6) 3,167,514 — 2,793,190 4,002 (4,652) 2,792,540 Other liabilities: Guarantee obligations Amortized cost 5,639 — — 6,018 — 6,018 Derivative liabilities, net FV - NI 893 13 9,367 77 (8,564) 893 Other liabilities (5) FV - NI 12 — 828 155 — 983 Total other liabilities 6,544 13 10,195 6,250 (8,564) 7,894 Total financial liabilities $3,174,058 $13 $2,803,385 $10,252 ($13,216) $2,800,434 Referenced footnotes are included after the prior period table. December 31, 2022 GAAP Measurement Category (1) Carrying Amount Fair Value (In millions) Level 1 Level 2 Level 3 Netting Adjustments (2) Total Financial Assets Cash and cash equivalents Amortized cost $6,360 $6,360 $— $— $— $6,360 Securities purchased under agreements to resell Amortized cost 87,295 — 99,286 — (11,991) 87,295 Investment securities: Available-for-sale FV - OCI 6,534 — 5,640 894 — 6,534 Trading FV - NI 32,167 23,453 5,983 2,731 — 32,167 Total investment securities 38,701 23,453 11,623 3,625 — 38,701 Mortgage loans: Loans held by consolidated trusts 2,971,601 — 2,331,969 244,045 — 2,576,014 Loans held by Freddie Mac 62,914 — 25,921 32,460 — 58,381 Total mortgage loans Various (4) 3,034,515 — 2,357,890 276,505 — 2,634,395 Other assets: Guarantee assets FV - NI 5,442 — — 5,445 — 5,445 Derivative assets, net FV - NI 307 — 6,397 2 (6,092) 307 Other assets (5) Various 1,739 — 907 835 — 1,742 Total other assets 7,488 — 7,304 6,282 (6,092) 7,494 Total financial assets $3,174,359 $29,813 $2,476,103 $286,412 ($18,083) $2,774,245 Financial Liabilities Debt: Debt of consolidated trusts $2,979,070 $— $2,564,323 $701 $— $2,565,024 Debt of Freddie Mac 166,762 — 175,673 3,162 (11,991) 166,844 Total debt Various (6) 3,145,832 — 2,739,996 3,863 (11,991) 2,731,868 Other liabilities: Guarantee obligations Amortized cost 5,779 — — 6,016 — 6,016 Derivative liabilities, net FV - NI 758 — 10,823 97 (10,162) 758 Other liabilities (5) FV - NI 20 — 1,025 211 — 1,236 Total other liabilities 6,557 — 11,848 6,324 (10,162) 8,010 Total financial liabilities $3,152,389 $— $2,751,844 $10,187 ($22,153) $2,739,878 (1) FV - NI denotes fair value through net income. FV - OCI denotes fair value through other comprehensive income. (2) Represents counterparty netting and cash collateral netting. (3) Excludes basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method hedge relationships as of March 31, 2023. See Note 3 for additional information on basis adjustments associated with closed portfolios during existing portfolio layer method hedges. (4) The GAAP carrying amounts measured at amortized cost, lower-of-cost-or-fair-value, and FV - NI were $3.0 trillion, $9.9 billion, and $4.2 billion as of March 31, 2023, respectively, and $3.0 trillion, $9.0 billion and $4.4 billion as of December 31, 2022, respectively. (5) For other assets, includes advances to lenders, secured lending, and loan commitments. For other liabilities, includes loan commitments. Fair Value Option We elected the fair value option for certain mortgage loans and loan commitments and certain debt issuances. The table below presents the fair value and UPB related to multifamily loan purchase commitments and loans and debt for which we have elected the fair value option. Table 13.7 - Difference between Fair Value and UPB for Certain Financial Instruments with Fair Value Option Elected (1) March 31, 2023 December 31, 2022 (In millions) Fair value UPB Difference Fair value UPB Difference Mortgage loans held-for-sale $2,926 $3,063 ($137) $3,218 $3,421 ($203) Mortgage loans held-for-investment 1,238 1,367 (129) 1,214 1,368 (154) Debt of Freddie Mac 460 453 7 892 881 11 Debt of consolidated trusts 1,858 1,981 (123) 1,656 1,833 (177) Other assets/other liabilities 33 N/A N/A 11 N/A N/A (1) Excludes interest-only securities related to debt of consolidated trusts and debt of Freddie Mac with a fair value of $0.5 billion as of both March 31, 2023 and December 31, 2022. Changes in Fair Value Under the Fair Value Option Election The table below presents the changes in fair value related to items for which we have elected the fair value option. These amounts are included in investment gains, net, on our condensed consolidated statements of income. Table 13.8 - Changes in Fair Value Under the Fair Value Option Election 1Q 2023 1Q 2022 (In millions) Gains (Losses) Mortgage loans held-for-sale $4 ($676) Mortgage loans held-for-investment 26 — Debt of Freddie Mac 14 (11) Debt of consolidated trusts (35) 72 Other assets/other liabilities 55 (36) Changes in fair value attributable to instrument-specific credit risk were not material for the periods presented for assets or liabilities for which we elected the fair value option. |
Legal Contingencies
Legal Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Contingencies | Legal Contingencies We are involved, directly or indirectly, 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) and in connection with the conservatorship and Purchase Agreement. 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 claims and proceedings of all types are subject to many uncertainties (including appeals and procedural filings), and there can be no assurance as to the ultimate outcome of those actions (including the matters described below). 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. The actual costs of resolving legal actions may be substantially higher or lower than the amounts accrued for those actions. It is not possible for us to predict the actions the U.S. government (including Treasury and FHFA) might take in response to any ruling or finding in any of these lawsuits or any future lawsuits. However, it is possible that we could be adversely affected by these events, including, for example, by changes to the Purchase Agreement, or any resulting actual or perceived changes in the level of U.S. government support for our business. 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 August 2018, the District Court denied the plaintiff's motion for class certification, and in January 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 in the Sixth Circuit. On April 6, 2023, the Sixth Circuit reversed the District Court’s September 17, 2020 decision and remanded the case to the District Court for further proceedings. Litigation Concerning the Purchase Agreement 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 is a consolidated class action lawsuit filed by private individual and institutional investors (collectively, "Class Plaintiffs") against FHFA, Fannie Mae, and Freddie Mac. Fairholme Funds, Inc., et al. v. FHFA, et al. This is an individual plaintiffs’ lawsuit by certain institutional investors (“Individual Plaintiffs”) against FHFA, Fannie Mae, and Freddie Mac. Plaintiffs in each of the District of Columbia lawsuits filed an amended complaint on November 1, 2017 alleging claims for breach of contract, breach of the implied covenant of good faith and fair dealing, breach of fiduciary duties, and violation of Delaware and Virginia corporate law. Additionally, the Class Plaintiffs brought derivative claims against FHFA for breach of fiduciary duties and the Individual Plaintiffs brought claims under the Administrative Procedure Act. Both sets of claims are generally based on allegations that the net worth sweep dividend provisions of the senior preferred stock that were implemented pursuant to the August 2012 amendments nullified certain of the shareholders’ rights, including the rights to receive dividends and a liquidation preference. On September 28, 2018, the District Court dismissed all of the claims except those for breach of the implied covenant of good faith and fair dealing. The cases were consolidated for trial. |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2023 | |
Compliance with Regulatory Capital Requirements - ERCF [Abstract] | |
Regulatory Capital | Regulatory Capital The table below presents our capital metrics under the ERCF. Table 15.1 - ERCF Available Capital and Capital Requirements (In billions) March 31, 2023 December 31, 2022 Adjusted total assets $3,716 $3,710 Risk-weighted assets (standardized approach) 908 899 March 31, 2023 Amounts Ratios (Dollars in billions) Available Capital (Deficit) Minimum Capital Requirement (Including Buffer (1) ) Available Capital (Deficit) Ratio (2) Minimum Capital Requirement Ratio (2) Capital Requirement Ratio (2) (Including Buffer (1) ) Risk-based capital: Total capital ($25) $73 $73 (2.8) % 8.0 % 8.0 % CET1 capital (53) 41 91 (5.8) 4.5 10.1 Tier 1 capital (39) 54 104 (4.3) 6.0 11.6 Adjusted total capital (39) 73 123 (4.3) 8.0 13.6 Leverage capital: Core capital ($33) $93 $93 (0.9) % 2.5 % 2.5 % Tier 1 capital (39) 93 104 (1.0) 2.5 2.8 December 31, 2022 Amounts Ratios (Dollars in billions) Available Capital (Deficit) Minimum Capital Requirement (Including Buffer (1) ) Available Capital (Deficit) Ratio (2) Minimum Capital Requirement Ratio (2) Capital Requirement Ratio (2) (Including Buffer (1) ) Risk-based capital: Total capital ($27) $72 $72 (3.1) % 8.0 % 8.0 % CET1 capital (55) 40 90 (6.2) 4.5 10.1 Tier 1 capital (41) 54 104 (4.6) 6.0 11.6 Adjusted total capital (41) 72 122 (4.6) 8.0 13.6 Leverage capital: Core capital ($35) $93 $93 (1.0) % 2.5 % 2.5 % Tier 1 capital (41) 93 104 (1.1) 2.5 2.8 (1) PCCBA for risk-based capital and PLBA for leverage capital. (2) As a percentage of RWA for risk-based capital and ATA for leverage capital. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed 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. |
Use of Estimates | Use of Estimates The preparation of our condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the financial statements. Management has made significant estimates to report the allowance for credit losses on single-family mortgage loans. Actual results could be different from these estimates. |
Other Significant Accounting Policies | Recently Issued Accounting Guidance Recently Adopted Accounting Guidance Standard Description Date of Effect on Consolidated Financial Statements ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method The amendments in this Update provide clarifications of the guidance in ASC Topic 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. The Update amends the guidance in ASU 2017-12 that, among other things, establishes the "last-of-layer" method for making the fair value hedge accounting for these portfolios more accessible by allowing the entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. The Update provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method. January 1, 2023 The adoption of these amendments did not have a material effect on our consolidated financial statements. We adopted the guidance in this Update related to disclosures on a prospective basis. ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The amendments in this Update require disclosure of current period gross write-offs by year of origination for financing receivables within the scope of ASC Subtopic 326-20. January 1, 2023 for the amendments related to disclosure of gross write-offs by year of origination. The adoption of these amendments did not have a material effect on our consolidated financial statements. See Note 3 for additional disclosure of gross write-offs by year of origination. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Effect on Consolidated Financial Statements ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method The amendments in this Update expand the use of the proportional amortization method of accounting to equity investments in other tax credit structures that meet certain conditions. This Update also amends those conditions primarily to assess projected benefits on a discounted basis and expands the disclosure requirements of those investments. January 1, 2024 We do not expect the adoption of these amendments to have a material effect on our consolidated financial statements. |
Loan Restructurings | The following table provides the amortized cost basis of single-family held-for-investment loans that had a payment default (i.e., loans that became two months delinquent) during the periods presented and had been restructured within the previous 12 months preceding the payment default, when the borrower was experiencing financial difficulty at the time of the restructuring. Since we adopted ASU 2022-02 prospectively, single-family held-for-investment loans that were restructured prior to January 1, 2022, the date we adopted such guidance, have been excluded from the disclosures related to loan restructurings. |
Hedge Accounting | We apply fair value hedge accounting to certain single-family mortgage loans and certain issuances of debt where we hedge the changes in fair value of these items attributable to the designated benchmark interest rate, using interest-rate swaps. |
Fair Value of Financial Instruments | 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. |
Securitization Activities and_2
Securitization Activities and Consolidation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Table - Schedule of Various Interest Entities | The following table presents the carrying amounts and classification of the assets and liabilities recorded on our condensed consolidated balance sheets that relate to our variable interests in 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 maximum exposure to loss as a result of our involvement with such VIEs, and the total assets of the VIEs. Our involvement with such VIEs primarily consists of guarantees that we have issued to the VIE, some of which are accounted for as derivative instruments, and investments in debt securities issued by the VIE. See Note 4 for additional information on our guarantees to nonconsolidated VIEs. Total assets shown in the table below represents the remaining UPB of the mortgage loans or other noncash financial assets held by the VIE and excludes cash and nonfinancial assets held by the VIE. Maximum exposure to loss shown in the table below is primarily based on the remaining UPB of the guaranteed securities issued by the VIE and represents the contractual amounts that could be lost if the assets of the VIE (including the assets in the related reference pool for CRT products) became worthless at the balance sheet date, without consideration of proceeds from related collateral liquidation and possible recoveries under credit enhancements. We do not believe the maximum exposure to loss from our involvement with nonconsolidated VIEs 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 and available credit enhancements. Table 2.1 - Nonconsolidated VIEs March 31, 2023 Carrying Amounts of the Assets and Liabilities On the Condensed Consolidated Balance Sheets Total Assets Maximum Exposure to Loss (In millions) Investment securities Accrued Interest Receivable and Other Assets (1) Liabilities (1) Single-Family: Securitization products $952 $178 $430 $31,139 $25,329 Resecuritization products (2) 5,800 64 587 116,807 116,807 CRT products (3) — 211 104 30,701 117 Total Single-Family 6,752 453 1,121 178,647 142,253 Multifamily: Securitization products (4) 7,641 4,903 4,783 357,747 316,606 CRT products (3) — 2 4 1,065 — Total Multifamily 7,641 4,905 4,787 358,812 316,606 Other — 8 5 166 440 Total $14,393 $5,366 $5,913 $537,625 $459,299 Referenced footnotes are included after the prior period table. December 31, 2022 Carrying Amounts of the Assets and Liabilities On the Condensed Consolidated Balance Sheets Total Assets Maximum Exposure to Loss (In millions) Investment securities Accrued Interest Receivable and Other Assets (1) Liabilities (1) Single-Family: Securitization products $965 $175 $436 $31,614 $25,772 Resecuritization products (2) 5,092 61 659 119,267 119,267 CRT products (3) — 197 52 30,549 105 Total Single-Family 6,057 433 1,147 181,430 145,144 Multifamily: Securitization products (4) 7,808 4,931 4,920 360,869 319,117 CRT products (3) — 2 2 972 — Total Multifamily 7,808 4,933 4,922 361,841 319,117 Other — 8 5 185 435 Total $13,865 $5,374 $6,074 $543,456 $464,696 (1) Other assets primarily include our guarantee assets. Liabilities primarily include our guarantee obligations. (2) Total assets and maximum exposure to loss are based on the UPB of Fannie Mae securities underlying commingled Freddie Mac resecuritization trusts. We exclude noncommingled resecuritization trusts from these amounts as we have already guaranteed the underlying collateral and therefore noncommingled resecuritizations do not involve any incremental assets or create any incremental exposure to credit risk. Total assets exclude $0.1 billion as of both March 31, 2023 and December 31, 2022, of Fannie Mae securities that we have guaranteed that are included in resecuritization trusts that we have consolidated as we own all of the outstanding securities issued by the VIE. (3) Maximum exposure to loss is based on our expected recovery receivables. We also have exposure to loss from our obligations to make certain payments to the VIE to support payment of the interest due on the notes issued by the VIE, which we account for as derivative instruments. The notional value of these derivative instruments is equal to the total assets of the VIE. |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 condensed consolidated balance sheets. Table 3.1 - Mortgage Loans March 31, 2023 December 31, 2022 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Held-for-sale UPB $3,373 $10,255 $13,628 $3,564 $9,544 $13,108 Cost basis and fair value adjustments, net (675) (171) (846) (696) (215) (911) Total held-for-sale loans, net 2,698 10,084 12,782 2,868 9,329 12,197 Held-for-investment UPB 2,944,949 47,353 2,992,302 2,941,505 48,379 2,989,884 Cost basis and fair value adjustments, net (1) 39,833 (51) 39,782 39,896 (71) 39,825 Allowance for credit losses (7,675) (160) (7,835) (7,314) (77) (7,391) Total held-for-investment loans, net (2) 2,977,107 47,142 3,024,249 2,974,087 48,231 3,022,318 Total mortgage loans, net $2,979,805 $57,226 $3,037,031 $2,976,955 $57,560 $3,034,515 (1) Includes ($0.7) billion of basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method hedge relationships as of March 31, 2023. (2) Includes $1.2 billion of multifamily held-for-investment loans for which we have elected the fair value option as of both March 31, 2023 and December 31, 2022 . The table below provides details of the UPB of loans we purchased and sold during the periods presented. Table 3.2 - Loans Purchased and Sold (In millions) 1Q 2023 1Q 2022 Single-Family: Purchases: Held-for-investment loans $58,965 $206,935 Sales of held-for-sale loans (1) — 15 Multifamily: Purchases: Held-for-investment loans 3,349 2,565 Held-for-sale loans 2,695 12,267 Sales of held-for-sale loans (2) 6,150 14,292 (1) Our sales of single-family loans reflect the sale of single-family seasoned loans. (2) Our sales of multifamily loans occur primarily through the issuance of Multifamily K 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 periods presented. Table 3.3 - Loan Reclassifications (1) 1Q 2023 1Q 2022 (In millions) UPB Allowance for Credit Losses Reversed or (Established) Valuation Allowance (Established) or Reversed UPB Allowance for Credit Losses Reversed or (Established) Valuation Allowance (Established) or Reversed Single-Family reclassifications from: Held-for-investment to held-for-sale $— $— $— $248 $— $— Held-for-sale to held-for-investment (2) 48 4 4 62 (3) — Multifamily reclassifications from: Held-for-investment to held-for-sale 4,731 1 (27) 315 — — Held-for-sale to held-for-investment (2) 561 — 16 246 — — (1) Amounts exclude reclassifications related to loans for which we have elected the fair value option. (2) Allowance for credit losses established upon loan reclassifications from held-for-sale to held-for-investment to reflect the net amount we expect to collect on the loan. Loans with prior charge-offs may have a negative allowance for credit losses established upon reclassification. |
Table - Held-for-Investment Loans on Non-accrual | The table below presents the amortized cost basis of non-accrual loans as of the beginning and the end of the periods presented, including the interest income recognized for the period that is related to the loans on non-accrual status as of the period end. Table 3.4 - Amortized Cost Basis of Held-for-Investment Loans on Non-Accrual Non-Accrual Amortized Cost Basis Interest Income Recognized (1) (In millions) December 31, 2022 March 31, 2023 1Q 2023 Single-Family: 20- and 30-year or more, amortizing fixed-rate $9,307 $9,348 $28 15-year or less, amortizing fixed-rate 427 434 1 Adjustable-rate and other 361 332 1 Total Single-Family 10,095 10,114 30 Total Multifamily 42 41 1 Total Single-Family and Multifamily $10,137 $10,155 $31 Non-Accrual Amortized Cost Basis Interest Income Recognized (1) (In millions) December 31, 2021 March 31, 2022 1Q 2022 Single-Family: 20- and 30-year or more, amortizing fixed-rate $17,013 $13,831 $49 15-year or less, amortizing fixed-rate 844 684 1 Adjustable-rate and other 793 580 1 Total Single-Family 18,650 15,095 51 Total Multifamily — 42 — Total Single-Family and Multifamily $18,650 $15,137 $51 (1) Represents the amount of payments received during the period, including those received while the loans were on accrual status, for the held-for-investment loans on non-accrual status as of period end. The table below provides the amount of accrued interest receivable, net presented on our condensed consolidated balance sheets and the amount of accrued interest receivable related to loans on non-accrual status at the end of the periods that was charged off. Table 3.5 - Accrued Interest Receivable, Net and Related Charge-Offs Accrued Interest Receivable, Net Accrued Interest Receivable Related Charge-Offs (In millions) March 31, 2023 December 31, 2022 1Q 2023 1Q 2022 Single-Family loans $8,090 $7,967 ($48) ($87) Multifamily loans 228 220 — — |
Table - Amortized Cost Basis of Held-For-Investment Mortgage Loans, by Credit Quality Indicator and Vintage | 60 to 80 11,184 162,441 415,109 184,807 27,759 17,233 818,533 > 80 to 90 6,522 86,335 82,824 5,149 579 568 181,977 > 90 to 100 10,477 86,541 12,317 391 59 152 109,937 > 100 5 6,027 211 6 5 151 6,405 Total 20- and 30-year or more, amortizing fixed-rate 32,253 410,477 905,523 674,321 115,218 454,875 2,592,667 Current-period gross write-offs (1) — 3 8 2 1 12 26 15-year or less, amortizing fixed-rate ≤ 60 561 17,299 119,253 106,899 14,068 69,206 327,286 > 60 to 80 639 12,575 18,425 1,938 103 26 33,706 > 80 to 90 123 1,500 275 6 — 1 1,905 > 90 to 100 69 462 5 — — 1 537 > 100 — 12 — — — 1 13 Total 15-year or less, amortizing fixed-rate 1,392 31,848 137,958 108,843 14,171 69,235 363,447 Current-period gross write-offs (1) — — — — — 1 1 Adjustable-rate and other ≤ 60 74 1,312 2,779 1,498 615 14,915 21,193 > 60 to 80 269 2,391 1,873 200 69 447 5,249 > 80 to 90 211 1,251 173 5 2 35 1,677 > 90 to 100 207 912 13 — — 16 1,148 > 100 — 71 — — — 8 79 Total adjustable-rate and other 761 5,937 4,838 1,703 686 15,421 29,346 Current-period gross write-offs (1) — — — — — 5 5 Total for all loan product types by current LTV ratio: ≤ 60 $4,700 $87,744 $517,094 $592,365 $101,499 $520,892 $1,824,294 > 60 to 80 12,092 177,407 435,407 186,945 27,931 17,706 857,488 > 80 to 90 6,856 89,086 83,272 5,160 581 604 185,559 > 90 to 100 10,753 87,915 12,335 391 59 169 111,622 > 100 5 6,110 211 6 5 160 6,497 Total Single-Family loans $34,406 $448,262 $1,048,319 $784,867 $130,075 $539,531 $2,985,460 Total current-period gross write-offs (1) $— $3 $8 $2 $1 $18 $32 December 31, 2022 Year of Origination Total (In millions) 2022 2021 2020 2019 2018 Prior Current LTV ratio: 20- and 30-year or more, amortizing fixed-rate ≤ 60 $66,153 $394,498 $489,315 $87,188 $38,955 $407,819 $1,483,928 > 60 to 80 158,421 424,141 190,167 28,991 7,870 10,426 820,016 > 80 to 90 79,901 90,006 4,405 569 164 419 175,464 > 90 to 100 86,109 8,911 397 56 24 143 95,640 > 100 2,568 49 6 6 5 156 2,790 Total 20- and 30-year or more, amortizing fixed-rate 393,152 917,605 684,290 116,810 47,018 418,963 2,577,838 15-year or less, amortizing fixed-rate ≤ 60 16,752 119,379 109,685 14,606 5,578 68,240 334,240 > 60 to 80 13,042 22,007 2,503 132 16 16 37,716 > 80 to 90 1,601 368 7 — — 1 1,977 > 90 to 100 570 5 — — — 1 576 > 100 3 — — — — 1 4 Total 15-year or less, amortizing fixed-rate 31,968 141,759 112,195 14,738 5,594 68,259 374,513 Adjustable-rate and other ≤ 60 1,255 2,779 1,524 634 428 15,139 21,759 > 60 to 80 2,322 1,956 214 76 28 445 5,041 > 80 to 90 1,127 186 5 1 1 34 1,354 > 90 to 100 836 11 — — — 14 861 > 100 26 — — — — 9 35 Total adjustable-rate and other 5,566 4,932 1,743 711 457 15,641 29,050 Total for all loan product types by current LTV ratio: ≤ 60 $84,160 $516,656 $600,524 $102,428 $44,961 $491,198 $1,839,927 > 60 to 80 173,785 448,104 192,884 29,199 7,914 10,887 862,773 > 80 to 90 82,629 90,560 4,417 570 165 454 178,795 > 90 to 100 87,515 8,927 397 56 24 158 97,077 > 100 2,597 49 6 6 5 166 2,829 Total Single-Family loans $430,686 $1,064,296 $798,228 $132,259 $53,069 $502,863 $2,981,401 (1) Excludes write-offs related to accrued interest receivable and advances of pre-foreclosure costs. Multifamily The table below presents the amortized cost basis of our multifamily held-for-investment loans, for which we have not elected the fair value option, 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 borrower's current financial strength and debt service capacity; 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 3.7 - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator and Vintage March 31, 2023 Year of Origination Total (In millions) 2023 2022 2021 2020 2019 Prior Revolving Loans Category: Pass $1,588 $18,854 $7,733 $6,479 $4,810 $3,660 $2,242 $45,366 Special mention — — 39 73 190 17 — 319 Substandard — — 78 75 27 199 — 379 Doubtful — — — — — — — — Total $1,588 $18,854 $7,850 $6,627 $5,027 $3,876 $2,242 $46,064 December 31, 2022 Year of Origination Total (In millions) 2022 2021 2020 2019 2018 Prior Revolving Loans Category: Pass $21,854 $7,638 $6,546 $4,784 $1,077 $2,646 $1,924 $46,469 Special mention — 39 65 232 7 113 — 456 Substandard — 1 3 27 7 131 — 169 Doubtful — — — — — — — — Total $21,854 $7,678 $6,614 $5,043 $1,091 $2,890 $1,924 $47,094 " id="sjs-B6" xml:space="preserve">The table below presents 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 period presented. For reporting purposes: n Alt-A loans continue to be presented in the "adjustable-rate and other" category following modification, even though the borrower may have provided full documentation of assets and income to complete the modification and n Option ARM loans continue to be presented in the "adjustable-rate and other" category following modification, even though the modified loan no longer provides for optional payment provisions. Table 3.6 - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratio and Vintage March 31, 2023 Year of Origination Total (In millions) 2023 2022 2021 2020 2019 Prior Current LTV ratio: 20- and 30-year or more, amortizing fixed-rate ≤ 60 $4,065 $69,133 $395,062 $483,968 $86,816 $436,771 $1,475,815 > 60 to 80 11,184 162,441 415,109 184,807 27,759 17,233 818,533 > 80 to 90 6,522 86,335 82,824 5,149 579 568 181,977 > 90 to 100 10,477 86,541 12,317 391 59 152 109,937 > 100 5 6,027 211 6 5 151 6,405 Total 20- and 30-year or more, amortizing fixed-rate 32,253 410,477 905,523 674,321 115,218 454,875 2,592,667 Current-period gross write-offs (1) — 3 8 2 1 12 26 15-year or less, amortizing fixed-rate ≤ 60 561 17,299 119,253 106,899 14,068 69,206 327,286 > 60 to 80 639 12,575 18,425 1,938 103 26 33,706 > 80 to 90 123 1,500 275 6 — 1 1,905 > 90 to 100 69 462 5 — — 1 537 > 100 — 12 — — — 1 13 Total 15-year or less, amortizing fixed-rate 1,392 31,848 137,958 108,843 14,171 69,235 363,447 Current-period gross write-offs (1) — — — — — 1 1 Adjustable-rate and other ≤ 60 74 1,312 2,779 1,498 615 14,915 21,193 > 60 to 80 269 2,391 1,873 200 69 447 5,249 > 80 to 90 211 1,251 173 5 2 35 1,677 > 90 to 100 207 912 13 — — 16 1,148 > 100 — 71 — — — 8 79 Total adjustable-rate and other 761 5,937 4,838 1,703 686 15,421 29,346 Current-period gross write-offs (1) — — — — — 5 5 Total for all loan product types by current LTV ratio: ≤ 60 $4,700 $87,744 $517,094 $592,365 $101,499 $520,892 $1,824,294 > 60 to 80 12,092 177,407 435,407 186,945 27,931 17,706 857,488 > 80 to 90 6,856 89,086 83,272 5,160 581 604 185,559 > 90 to 100 10,753 87,915 12,335 391 59 169 111,622 > 100 5 6,110 211 6 5 160 6,497 Total Single-Family loans $34,406 $448,262 $1,048,319 $784,867 $130,075 $539,531 $2,985,460 Total current-period gross write-offs (1) $— $3 $8 $2 $1 $18 $32 December 31, 2022 Year of Origination Total (In millions) 2022 2021 2020 2019 2018 Prior Current LTV ratio: 20- and 30-year or more, amortizing fixed-rate ≤ 60 $66,153 $394,498 $489,315 $87,188 $38,955 $407,819 $1,483,928 > 60 to 80 158,421 424,141 190,167 28,991 7,870 10,426 820,016 > 80 to 90 79,901 90,006 4,405 569 164 419 175,464 > 90 to 100 86,109 8,911 397 56 24 143 95,640 > 100 2,568 49 6 6 5 156 2,790 Total 20- and 30-year or more, amortizing fixed-rate 393,152 917,605 684,290 116,810 47,018 418,963 2,577,838 15-year or less, amortizing fixed-rate ≤ 60 16,752 119,379 109,685 14,606 5,578 68,240 334,240 > 60 to 80 13,042 22,007 2,503 132 16 16 37,716 > 80 to 90 1,601 368 7 — — 1 1,977 > 90 to 100 570 5 — — — 1 576 > 100 3 — — — — 1 4 Total 15-year or less, amortizing fixed-rate 31,968 141,759 112,195 14,738 5,594 68,259 374,513 Adjustable-rate and other ≤ 60 1,255 2,779 1,524 634 428 15,139 21,759 > 60 to 80 2,322 1,956 214 76 28 445 5,041 > 80 to 90 1,127 186 5 1 1 34 1,354 > 90 to 100 836 11 — — — 14 861 > 100 26 — — — — 9 35 Total adjustable-rate and other 5,566 4,932 1,743 711 457 15,641 29,050 Total for all loan product types by current LTV ratio: ≤ 60 $84,160 $516,656 $600,524 $102,428 $44,961 $491,198 $1,839,927 > 60 to 80 173,785 448,104 192,884 29,199 7,914 10,887 862,773 > 80 to 90 82,629 90,560 4,417 570 165 454 178,795 > 90 to 100 87,515 8,927 397 56 24 158 97,077 > 100 2,597 49 6 6 5 166 2,829 Total Single-Family loans $430,686 $1,064,296 $798,228 $132,259 $53,069 $502,863 $2,981,401 (1) Excludes write-offs related to accrued interest receivable and advances of pre-foreclosure costs. Multifamily The table below presents the amortized cost basis of our multifamily held-for-investment loans, for which we have not elected the fair value option, 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 borrower's current financial strength and debt service capacity; 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 3.7 - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator and Vintage March 31, 2023 Year of Origination Total (In millions) 2023 2022 2021 2020 2019 Prior Revolving Loans Category: Pass $1,588 $18,854 $7,733 $6,479 $4,810 $3,660 $2,242 $45,366 Special mention — — 39 73 190 17 — 319 Substandard — — 78 75 27 199 — 379 Doubtful — — — — — — — — Total $1,588 $18,854 $7,850 $6,627 $5,027 $3,876 $2,242 $46,064 December 31, 2022 Year of Origination Total (In millions) 2022 2021 2020 2019 2018 Prior Revolving Loans Category: Pass $21,854 $7,638 $6,546 $4,784 $1,077 $2,646 $1,924 $46,469 Special mention — 39 65 232 7 113 — 456 Substandard — 1 3 27 7 131 — 169 Doubtful — — — — — — — — Total $21,854 $7,678 $6,614 $5,043 $1,091 $2,890 $1,924 $47,094 |
Table - Payment Status of Mortgage Loans | Past Due Status The table below presents the amortized cost basis of our single-family and multifamily held-for-investment loans, for which we have not elected the fair value option, by payment status. Table 3.8 - Amortized Cost Basis of Held-for-Investment Loans by Payment Status March 31, 2023 (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 Interest Non-Accrual With No Allowance (2) Single-Family: 20- and 30-year or more, amortizing fixed-rate $2,560,613 $16,017 $4,017 $12,020 $2,592,667 $3,053 $499 15-year or less, amortizing fixed-rate 361,524 1,131 214 578 363,447 157 7 Adjustable-rate and other 28,650 279 75 342 29,346 28 59 Total Single-Family 2,950,787 17,427 4,306 12,940 2,985,460 3,238 565 Total Multifamily 46,008 13 2 41 46,064 — — Total Single-Family and Multifamily $2,996,795 $17,440 $4,308 $12,981 $3,031,524 $3,238 $565 Referenced footnotes are included after the prior period table. December 31, 2022 (In millions) Current One Two Three Months or (1) Total Three Months or More Past Due, and Accruing Interest Non-Accrual with No Allowance (2) Single-Family: 20- and 30-year or more, amortizing fixed-rate $2,541,057 $19,820 $4,603 $12,358 $2,577,838 $3,432 $522 15-year or less, amortizing fixed-rate 372,065 1,590 250 608 374,513 191 9 Adjustable-rate and other 28,262 325 88 375 29,050 30 67 Total Single-Family 2,941,384 21,735 4,941 13,341 2,981,401 3,653 598 Total Multifamily 47,039 13 — 42 47,094 — 42 Total Single-Family and Multifamily $2,988,423 $21,748 $4,941 $13,383 $3,028,495 $3,653 $640 (1) Includes $1.9 billion and $1.6 billion of single-family loans that were in the process of foreclosure as of March 31, 2023 and December 31, 2022, respectively. (2) Loans with no allowance for loan losses primarily represent those loans that were previously charged off and therefore 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. We exclude the amounts of allowance for credit losses on accrued interest receivable and advances of pre-foreclosure costs when determining whether a loan has an allowance for credit losses. |
Table - Loan Restructuring | The table below presents the amortized cost basis of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented. The amortized cost basis of loans in trial period modification plans was $1.8 billion and $3.1 billion as of March 31, 2023 and March 31, 2022, respectively . Most of these loans are 20- and 30-year or more, amortizing fixed-rate loans . Table 3.9 - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (1) 1Q 2023 (Dollars in millions) Payment Delay (2) Payment Delay and Term Extension Payment Delay, Term Extension, and Interest Rate Reduction Total Total as % of Class of Financing Receivable (3) Single-Family: 20- and 30-year or more, amortizing fixed-rate $6,357 $1,037 $86 $7,480 0.3 % 15-year or less, amortizing fixed-rate 332 19 1 352 0.1 Adjustable-rate and other 76 13 4 93 0.3 Total Single-Family loan restructurings $6,765 $1,069 $91 $7,925 0.3 1Q 2022 (Dollars in millions) Payment Delay (2) Payment Delay and Term Extension Payment Delay, Term Extension, and Interest Rate Reduction Total Total as % of Class of Financing Receivable (3) Single-Family: 20- and 30-year or more, amortizing fixed-rate $9,133 $683 $2,948 $12,764 0.5 % 15-year or less, amortizing fixed-rate 596 15 55 666 0.2 Adjustable-rate and other 212 15 78 305 1.1 Total Single-Family loan restructurings $9,941 $713 $3,081 $13,735 0.5 Referenced footnotes are on the next page. (1) Type of loan restructurings reflects the cumulative effects of the loan restructurings received during the period. Includes loan modifications in the period in which the borrower completes the trial period and the loan is permanently modified. (2) Includes $2.7 billion and $5.1 billion related to payment deferral plans for 1Q 2023 and 1Q 2022, respectively. Also includes forbearance plans, repayment plans, and loan modifications that only involve payment delays. (3) Based on the amortized cost basis as of period end, divided by the total period-end amortized cost basis of the corresponding financing receivable class of single-family held-for-investment loans. The table below shows the financial effect of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented. Table 3.10 – Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (1) 1Q 2023 (Dollars in thousands) Weighted-Average Interest Rate Reduction Weighted-Average Months of Term Extension Weighted-Average Payment Deferral or Principal Forbearance (2) Single-Family: 20- and 30-year or more, amortizing fixed-rate 0.9 % 180 $16 15-year or less, amortizing fixed-rate 0.4 354 16 Adjustable-rate and other 2.0 206 19 1Q 2022 (Dollars in thousands) Weighted-Average Interest Rate Reduction Weighted-Average Months of Term Extension Weighted-Average Payment Deferral or Principal Forbearance (2) Single-Family: 20- and 30-year or more, amortizing fixed-rate 1.6 % 186 $24 15-year or less, amortizing fixed-rate 0.8 366 25 Adjustable-rate and other 2.2 226 27 (1) Averages are based on payment deferral plans and loan modifications completed during the periods presented. The financial effects of forbearance plans and repayment plans consist of a payment delay of between one and twelve months. In addition, the financial effect of a forbearance plan is included at the time the forbearance plan is completed if the borrower exits forbearance by entering into a payment deferral plan or loan modification. (2) Primarily related to payment deferral plans. Amounts are based on non-interest-bearing principal balances on the restructured loans. The following table provides the amortized cost basis of single-family held-for-investment loans that had a payment default (i.e., loans that became two months delinquent) during the periods presented and had been restructured within the previous 12 months preceding the payment default, when the borrower was experiencing financial difficulty at the time of the restructuring. Since we adopted ASU 2022-02 prospectively, single-family held-for-investment loans that were restructured prior to January 1, 2022, the date we adopted such guidance, have been excluded from the disclosures related to loan restructurings. Table 3.11 - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty (1) 1Q 2023 (In millions) Payment Delay Payment Delay and Term Extension Payment Delay, Term Extension, and Interest Rate Reduction Total Single-Family: 20- and 30-year or more, amortizing fixed-rate $704 $175 $206 $1,085 15-year or less, amortizing fixed-rate 32 — — 32 Adjustable-rate and other 10 2 5 17 Total Single-Family $746 $177 $211 $1,134 Referenced footnote is included after the prior period table. 1Q 2022 (In millions) Payment Delay Payment Delay and Term Extension Payment Delay, Term Extension, and Interest Rate Reduction Total Single-Family: 20- and 30-year or more, amortizing fixed-rate $391 $7 $7 $405 15-year or less, amortizing fixed-rate 28 — — 28 Adjustable-rate and other 16 — — 16 Total Single-Family $435 $7 $7 $449 (1) Excludes forbearance plans and repayment plans as borrowers are typically past due based on the loan's original contractual terms at the time the borrowers enter into these plans. The following table provides the single-family held-for-investment loan performance in the 12 months after a restructuring involving borrowers experiencing financial difficulty. While a single-family loan is in a forbearance plan or repayment plan, payments continue to be due based on the loan’s original contractual terms because the loan has not been permanently modified. As a result, we report single-family loans in forbearance plans and repayment plans as delinquent to the extent that payments are past due based on the loan’s original contractual terms. Loans that have been restructured by entering into a payment deferral plan or loan modification are reported as delinquent to the extent that payments are past due based on the loan's restructured terms. Table 3.12 - Amortized Cost Basis of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty by Payment Status March 31, 2023 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due Total Single-Family: 20- and 30-year or more, amortizing fixed-rate $16,491 $2,381 $1,572 $6,642 $27,086 15-year or less, amortizing fixed-rate 670 98 71 310 1,149 Adjustable-rate and other 227 33 17 115 392 Total Single-Family $17,388 $2,512 $1,660 $7,067 $28,627 March 31, 2022 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due Total Single-Family: 20- and 30-year or more, amortizing fixed-rate $7,887 $1,486 $1,359 $2,032 $12,764 15-year or less, amortizing fixed-rate 380 89 88 109 666 Adjustable-rate and other 191 19 16 79 305 Total Single-Family $8,458 $1,594 $1,463 $2,220 $13,735 |
Guarantees and Other Off-Bala_2
Guarantees and Other Off-Balance Sheet Credit Exposures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Guarantees [Abstract] | |
Table - Financial Guarantees | The table below shows information about our mortgage-related guarantees and guarantees of Fannie Mae securities, including the UPB of the loans or securities underlying the guarantee, the maximum potential amount of future payments that we could be required to make under the guarantee, the liability we have recognized on our condensed consolidated balance sheets for the guarantee, and the maximum remaining term of the guarantee. 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. We do not believe the potential amount of future payments we could be required to make is representative of the actual payments we will be required to make or 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. Table 4.1 - Financial Guarantees March 31, 2023 ( Dollars in millions , terms in years) UPB Maximum Exposure Recognized Liability (1) Maximum Remaining Term Single-Family mortgage-related guarantees: Nonconsolidated securitization products (2) $31,130 $25,329 $385 40 Other mortgage-related guarantees 9,290 9,290 192 29 Total Single-Family mortgage-related guarantees 40,420 34,619 577 Multifamily mortgage-related guarantees: Nonconsolidated securitization products (2)(3) 357,747 316,606 4,751 37 Other mortgage-related guarantees 10,684 10,684 378 36 Total Multifamily mortgage-related guarantees 368,431 327,290 5,129 Guarantees of Fannie Mae securities (4) 116,807 116,807 — 39 Other 166 440 — 30 December 31, 2022 ( Dollars in millions , terms in years) UPB Maximum Exposure Recognized Liability (1) Maximum Remaining Term Single-Family mortgage-related guarantees: Nonconsolidated securitization products (2) $31,604 $25,772 $391 40 Other mortgage-related guarantees 9,476 9,476 203 29 Total Single-Family mortgage-related guarantees 41,080 35,248 594 Multifamily mortgage-related guarantees: Nonconsolidated securitization products (2)(3) 360,869 319,117 4,889 37 Other mortgage-related guarantees 10,510 10,510 379 36 Total Multifamily mortgage-related guarantees 371,379 329,627 5,268 Guarantees of Fannie Mae securities (4) 119,267 119,267 — 39 Other 185 435 — 29 (1) Excludes allowance for credit losses on off-balance sheet credit exposures. See Note 5 for additional information on our allowance for credit losses on off-balance sheet credit exposures. (2) Maximum exposure is based on remaining UPB of the guaranteed securities issued by the VIE. (3) Includes UPB of $0.7 billion and $0.4 billion as of March 31, 2023 and December 31, 2022, respectively, related to VIEs in which our interest would no longer absorb significant variability as the guaranteed securities have completely paid off. In addition, includes guarantees that are accounted for as derivatives with UPB of $2.1 billion as of both March 31, 2023 and December 31, 2022. (4) Excludes $0.1 billion as of both March 31, 2023 and December 31, 2022, of Fannie Mae securities that we have guaranteed that are included in resecuritization trusts that we have consolidated as we own all of the outstanding securities issued by the VIE. The table below shows the payment status of the mortgage loans underlying our mortgage-related guarantees. Table 4.2 – UPB of Loans Underlying Our Mortgage-Related Guarantees by Payment Status March 31, 2023 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due, or in Foreclosure Total Single-Family $35,753 $2,075 $729 $1,863 $40,420 Multifamily 367,681 251 21 478 368,431 Total $403,434 $2,326 $750 $2,341 $408,851 December 31, 2022 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due, or in Foreclosure Total Single-Family $36,241 $2,072 $748 $2,019 $41,080 Multifamily 370,911 23 12 433 371,379 Total $407,152 $2,095 $760 $2,452 $412,459 Table 4.3 – Other Off-Balance Sheet Credit Exposures (In millions) March 31, 2023 December 31, 2022 Mortgage loan purchase commitments (1) $11,249 $9,609 Other commitments (2) 34,923 22,293 Total $46,172 $31,902 (1) Includes $2.1 billion and $0.5 billion of commitments for which we have elected the fair value option as of March 31, 2023 and December 31, 2022, respectively. Excludes mortgage loan purchase commitments accounted for as derivative instruments. See Note 8 for additional information on commitments accounted for as derivative instruments. (2) Consists of unfunded portion of revolving lines of credit, liquidity guarantees, and other commitments. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Credit Loss [Abstract] | |
Table - Details of the Allowance for Credit Losses | The table below summarizes changes in our allowance for credit losses. Table 5.1 - Details of the Allowance for Credit Losses 1Q 2023 1Q 2022 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Beginning balance $7,746 $147 $7,893 $5,440 $78 $5,518 Provision (benefit) for credit losses 318 77 395 (831) (6) (837) Charge-offs (90) — (90) (173) — (173) Recoveries collected 32 — 32 52 — 52 Other (1) 91 — 91 361 — 361 Ending balance $8,097 $224 $8,321 $4,849 $72 $4,921 Components of the ending balance of the allowance for credit losses: Mortgage loans held-for-investment $7,675 $160 $7,835 $4,358 $31 $4,389 Other (2) 422 64 486 491 41 532 Total ending balance $8,097 $224 $8,321 $4,849 $72 $4,921 (1) Primarily includes capitalization of past due interest related to non-accrual loans that receive payment deferral plans and loan modifications. (2) Includes allowance for credit losses related to advances of pre-foreclosure costs, accrued interest receivable, and off-balance sheet credit exposures. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Table - Investment Securities | The table below summarizes the fair values of our investments in debt securities by classification. Table 6.1 - Investment Securities (In millions) March 31, 2023 December 31, 2022 Trading securities $31,343 $32,167 Available-for-sale securities 6,369 6,534 Total fair value of investment securities $37,712 $38,701 |
Table - Trading Securities | The table below presents the fair values of our trading securities by major security type. Our non-mortgage-related securities primarily consist of investments in U.S. Treasury securities. Table 6.2 - Trading Securities (In millions) March 31, 2023 December 31, 2022 Mortgage-related securities $9,074 $8,334 Non-mortgage-related securities 22,269 23,833 Total fair value of trading securities $31,343 $32,167 |
Table - Available-For-Sale Securities | The table below provides details of the securities classified as available-for-sale on our condensed consolidated balance sheets. At March 31, 2023 and December 31, 2022, all available-for-sale securities were mortgage-related securities. Table 6.3 - Available-for-Sale Securities March 31, 2023 Amortized Gross Unrealized Gains in Other Comprehensive Income Gross Unrealized Fair Value Accrued Interest Receivable (In millions) Agency mortgage-related securities $6,006 $14 ($238) $5,782 $13 Other mortgage-related securities 408 182 (3) 587 3 Total available-for-sale securities $6,414 $196 ($241) $6,369 $16 December 31, 2022 Amortized Gross Unrealized Gains in Other Comprehensive Income Gross Unrealized Fair Value Accrued Interest Receivable (In millions) Agency mortgage-related securities $6,215 $6 ($301) $5,920 $12 Other mortgage-related securities 429 188 (3) 614 3 Total available-for-sale securities $6,644 $194 ($304) $6,534 $15 |
Table - Available-For-Sale Securities in a Gross Unrealized Loss Position | The table below presents available-for-sale securities in a gross unrealized loss position and whether such securities have been in an 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 March 31, 2023 Less than 12 Months 12 Months or Greater (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Agency mortgage-related securities $3,038 ($80) $1,696 ($158) Other mortgage-related securities 28 (2) 13 (1) Total available-for-sale securities in a gross unrealized loss position $3,066 ($82) $1,709 ($159) December 31, 2022 Less than 12 Months 12 Months or Greater (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Agency mortgage-related securities $5,086 ($253) $325 ($48) Other mortgage-related securities 46 (3) 5 — Total available-for-sale securities in a gross unrealized loss position $5,132 ($256) $330 ($48) |
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 sales of available-for-sale securities. Table 6.5 - Gross Realized Gains and Gross Realized Losses from Sales of Available-for-Sale Securities (In millions) 1Q 2023 1Q 2022 Gross realized gains $2 $— Gross realized losses (2) (1) Net realized gains $— ($1) |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Table - Total Debt | The table below summarizes the balances of total debt on our condensed consolidated balance sheets Table 7.1 - Total Debt (In millions) March 31, 2023 December 31, 2022 Debt of consolidated trusts $2,987,050 $2,979,070 Debt of Freddie Mac: Short-term debt 8,681 7,712 Long-term debt 171,783 159,050 Total debt of Freddie Mac 180,464 166,762 Total debt $3,167,514 $3,145,832 |
Table - Debt of Consolidated Trusts | The table below summarizes the debt of consolidated trusts based on underlying loan product type. Table 7.2 - Debt of Consolidated Trusts March 31, 2023 December 31, 2022 (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: 20-and 30-year or more, fixed-rate 2023 - 2061 $2,522,559 $2,564,677 2.82 % 2023 - 2061 $2,507,235 $2,550,137 2.76 % 15-year or less, fixed-rate 2023 - 2038 357,248 363,390 2.15 2023 - 2038 367,844 374,339 2.14 Adjustable-rate and other 2023 - 2053 23,834 24,402 3.29 2023 - 2053 23,561 24,153 3.04 Total Single-Family 2,903,641 2,952,469 2,898,640 2,948,629 Multifamily 2024 - 2053 35,080 34,581 2.88 2023 - 2052 30,927 30,441 2.66 Total debt of consolidated trusts $2,938,721 $2,987,050 $2,929,567 $2,979,070 (1) Includes $2.1 billion and $1.9 billion as of March 31, 2023 and December 31, 2022, respectively, of debt of consolidated trusts that represents the fair value of debt for which the fair value option was elected. (2) The effective interest rate for debt of consolidated trusts was 2.47% and 2.39% as of March 31, 2023 and December 31, 2022, respectively. |
Table - Short-term Debt | The table below summarizes the balances and effective interest rates for short-term debt. Table 7.3 - Short-Term Debt March 31, 2023 December 31, 2022 (Dollars in millions) Par Value Carrying Amount Weighted Par Value Carrying Amount Weighted Short-term debt: Discount notes and Reference Bills ® $8,051 $8,016 4.56 % $6,826 $6,822 3.71 % Medium-term notes 665 665 1.91 890 890 1.81 Securities sold under agreements to repurchase 4,652 4,652 4.58 11,991 11,991 3.86 Offsetting arrangements (1) (4,652) (4,652) (11,991) (11,991) Total short-term debt $8,716 $8,681 4.36 % $7,716 $7,712 3.49 % |
Table - Long-term Debt | The table below summarizes our long-term debt. Table 7.4 - Long-Term Debt March 31, 2023 December 31, 2022 (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 2023 - 2050 $115,743 $115,680 2.35 % 2023 - 2050 $103,584 $103,528 1.96 % Medium-term notes — non-callable 2023 - 2028 2,481 2,481 0.78 2023 - 2028 2,747 2,747 0.73 Reference Notes securities — non-callable 2023 - 2032 49,801 49,839 2.04 2023 - 2032 49,801 49,832 1.76 SCR debt notes 2031 - 2032 86 86 13.00 2031 - 2032 90 93 13.00 Variable-rate: Medium-term notes — callable 2023 - 2028 4,941 4,939 4.04 2023 - 2027 4,691 4,689 3.95 Medium-term notes — non-callable 2026 47 47 8.10 2026 47 47 8.10 STACR 2023 - 2042 3,449 3,342 9.40 2023 - 2042 4,562 4,448 8.79 Zero-coupon: Medium-term notes — non-callable 2024 - 2039 4,836 2,955 6.12 2023 - 2039 4,841 2,913 6.11 Other 2047 - 2053 — 128 0.85 2047 - 2052 — 137 0.82 Hedging-related basis adjustments N/A (7,714) N/A (9,384) Total long-term debt $181,384 $171,783 2.49 % $170,363 $159,050 2.20 % (1) Represents par value, net of associated discounts or premiums and issuance cost. Includes $0.7 billion and $1.1 billion at March 31, 2023 and December 31, 2022, respectively, of long-term debt that represents the fair value of debt for which the fair value option was elected. (2) Based on carrying amount. |
Table - Contractual Maturity of Long-Term Debt | The table below summarizes the contractual maturities of long-term debt. Table 7.5 - Contractual Maturities of Long-Term Debt March 31, 2023 (In millions) Amounts Annual Maturities Long-term debt (excluding STACR and SCR debt notes): 2024 $40,271 2025 33,340 2026 58,018 2027 10,097 2028 7,793 Thereafter 28,330 Debt of consolidated trusts, STACR, and SCR debt notes (1) 2,942,256 Total 3,120,105 Net discounts, premiums, debt issuance costs, hedge-related, and other basis adjustments (2) 38,728 Total debt of consolidated trusts, STACR, SCR, and long-term debt $3,158,833 (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 generally 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) | 3 Months Ended |
Mar. 31, 2023 | |
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 condensed consolidated balance sheets. Table 8.1 - Derivative Assets and Liabilities at Fair Value March 31, 2023 December 31, 2022 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 $445,598 $1,427 ($604) $480,824 $1,762 ($526) Written options 49,745 — (1,550) 46,101 — (1,857) Purchased options (1) 87,065 3,703 — 92,010 4,302 — Futures 134,295 — — 182,330 — — Total interest-rate risk management derivatives 716,703 5,130 (2,154) 801,265 6,064 (2,383) Mortgage commitment derivatives 39,505 19 (6) 29,354 12 (11) CRT-related derivatives (2) 31,888 — (110) 31,647 — (55) Other 14,090 3 (539) 14,426 2 (624) Total derivatives not designated as hedges 802,186 5,152 (2,809) 876,692 6,078 (3,073) Designated as fair value hedges Interest-rate risk management derivatives: Swaps 189,974 328 (6,648) 181,298 321 (7,847) Total derivatives designated as fair value hedges 189,974 328 (6,648) 181,298 321 (7,847) Receivables (payables) 1 (214) 35 (25) Netting adjustments (3) (5,090) 8,778 (6,127) 10,187 Total derivative portfolio, net $992,160 $391 ($893) $1,057,990 $307 ($758) (1) Includes swaptions on credit indices with a notional or contractual amount of $6.9 billion and $10.1 billion at March 31, 2023 and December 31, 2022, respectively, and a fair value of $2.0 million as of both March 31, 2023 and December 31, 2022. (2) Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements. (3) Represents counterparty netting and cash collateral netting. |
Table - Gains and Losses on Derivatives | The table below presents the gains and losses on derivatives not designated in qualifying hedge relationships. These amounts are reported on our condensed consolidated statements of income as investment gains, net. Table 8.2 - Gains and Losses on Derivatives (1) (In millions) 1Q 2023 1Q 2022 Not designated as hedges Interest-rate risk management derivatives: Swaps $29 $390 Written options 195 (364) Purchased options (504) 717 Futures (307) 868 Total interest-rate risk management derivatives fair value gains (losses) (587) 1,611 Mortgage commitment derivatives (80) 1,839 CRT-related derivatives (2) (76) 12 Other 61 (39) Total derivatives not designated as hedges fair value gains (losses) ($682) $3,423 (1) Accrual of periodic cash settlements on swaps is included in the respective gain (loss) of the derivative and is no longer presented separately. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Table - Gains and Losses on Fair Value Hedge | The table below presents the effects of fair value hedge accounting by condensed consolidated statements of income line item, 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 8.3 - Gains and Losses on Fair Value Hedges 1Q 2023 1Q 2022 (In millions) Interest Income Interest Expense Interest Income Interest Expense Total amounts of income and expense line items presented in our condensed consolidated statements of income in which the effects of fair value hedges are recorded: $24,987 ($20,486) $17,740 ($13,636) Interest contracts on mortgage loans held-for-investment: Gain (loss) on fair value hedging relationships: Hedged items 1,123 — (2,627) — Derivatives designated as hedging instruments (1,073) — 2,055 — Interest accruals on hedging instruments 211 — (267) — Discontinued hedge related basis adjustments amortization 31 — (124) — Interest contracts on debt: Gain (loss) on fair value hedging relationships: Hedged items — (1,535) — 3,861 Derivatives designated as hedging instruments — 1,534 — (3,896) Interest accruals on hedging instruments — (1,051) — 144 Discontinued hedge related basis adjustment amortization — (38) — 10 |
Table - Cumulative Basis Adjustments Due to Fair Value Hedging | The table below presents the cumulative basis adjustments and the carrying amounts of the hedged item by its respective balance sheet line item. Table 8.4 - Cumulative Basis Adjustments Due to Fair Value Hedging March 31, 2023 Carrying Amount Assets / (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying Amount Closed Portfolio Under the Portfolio Layer Method (In millions) Total Under the Portfolio Layer Method Discontinued - Hedge Related Total Amount by Amortized Cost Basis Designated Amount by UPB Mortgage loans held-for-investment $1,126,852 ($1,967) ($678) ($1,289) $77,275 $11,516 Mortgage loans held-for-sale 56 1 — 1 — — Debt (156,649) 7,714 — 187 — — December 31, 2022 Carrying Amount Assets / (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying Amount Closed Portfolio Under the Portfolio Layer Method (In millions) Total Under the Portfolio Layer Method Discontinued - Hedge Related Total Amount by Amortized Cost Basis Designated Amount by UPB Mortgage loans held-for-investment $1,108,098 ($3,122) ($959) ($2,163) $79,070 $11,516 Mortgage loans held-for-sale 67 1 — 1 — — Debt (142,511) 9,384 — 123 — — |
Collateralized Agreements and_2
Collateralized Agreements and Offsetting Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Offsetting [Abstract] | |
Table - Offsetting and Collateral Information of Financial Assets and Liabilities | The table below presents 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 9.1 - Offsetting and Collateral Information of Financial Assets and Liabilities March 31, 2023 Gross Amount Recognized Amount Net Amount Gross Amount Not Offset in the Condensed Consolidated Balance Sheets (2) Net Amount (In millions) Counterparty Netting Cash Collateral Netting (1) Assets: Derivatives: OTC derivatives $5,459 ($4,052) ($1,038) $369 ($180) $189 Cleared and exchange-traded derivatives — — — — — — Mortgage commitment derivatives 19 — — 19 — 19 Other 3 — — 3 — 3 Total derivatives 5,481 (4,052) (1,038) 391 (180) 211 Securities purchased under agreements to resell 112,688 (4,652) — 108,036 (108,036) — Total $118,169 ($8,704) ($1,038) $108,427 ($108,216) $211 Liabilities: Derivatives: OTC derivatives ($8,790) $4,052 $4,669 ($69) $26 ($43) Cleared and exchange-traded derivatives (199) — 57 (142) 142 — Mortgage commitment derivatives (33) — — (33) — (33) Other (649) — — (649) — (649) Total derivatives (9,671) 4,052 4,726 (893) 168 (725) Securities sold under agreements to repurchase (4,652) 4,652 — — — — Total ($14,323) $8,704 $4,726 ($893) $168 ($725) Referenced footnotes are included after the next table. December 31, 2022 Gross Amount Recognized Amount Net Amount Gross Amount Not Offset in the Condensed Consolidated Balance Sheets (2) Net Amount (In millions) Counterparty Netting Cash Collateral Netting (1) Assets: Derivatives: OTC derivatives $6,385 ($4,468) ($1,681) $236 ($214) $22 Cleared and exchange-traded derivatives 28 — 22 50 — 50 Mortgage commitment derivatives 19 — — 19 (4) 15 Other 2 — — 2 — 2 Total derivatives 6,434 (4,468) (1,659) 307 (218) 89 Securities purchased under agreements to resell 99,286 (11,991) — 87,295 (87,295) — Total $105,720 ($16,459) ($1,659) $87,602 ($87,513) $89 Liabilities: Derivatives: OTC derivatives ($10,230) $4,468 $5,702 ($60) $23 ($37) Cleared and exchange-traded derivatives (25) — 17 (8) 8 — Mortgage commitment derivatives (11) — — (11) — (11) Other (679) — — (679) — (679) Total derivatives (10,945) 4,468 5,719 (758) 31 (727) Securities sold under agreements to repurchase (11,991) 11,991 — — — — Total ($22,936) $16,459 $5,719 ($758) $31 ($727) (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 condensed consolidated balance sheets. For securities purchased under agreements to resell, includes $112.6 billion and $54.7 billion of collateral that we had the right to repledge as of March 31, 2023 and December 31, 2022, respectively. We repledged less than $0.1 billion of collateral as of both March 31, 2023 and December 31, 2022. |
Table - Offsetting and Collateral Information of Financial Assets and Liabilities | The table below presents 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 9.1 - Offsetting and Collateral Information of Financial Assets and Liabilities March 31, 2023 Gross Amount Recognized Amount Net Amount Gross Amount Not Offset in the Condensed Consolidated Balance Sheets (2) Net Amount (In millions) Counterparty Netting Cash Collateral Netting (1) Assets: Derivatives: OTC derivatives $5,459 ($4,052) ($1,038) $369 ($180) $189 Cleared and exchange-traded derivatives — — — — — — Mortgage commitment derivatives 19 — — 19 — 19 Other 3 — — 3 — 3 Total derivatives 5,481 (4,052) (1,038) 391 (180) 211 Securities purchased under agreements to resell 112,688 (4,652) — 108,036 (108,036) — Total $118,169 ($8,704) ($1,038) $108,427 ($108,216) $211 Liabilities: Derivatives: OTC derivatives ($8,790) $4,052 $4,669 ($69) $26 ($43) Cleared and exchange-traded derivatives (199) — 57 (142) 142 — Mortgage commitment derivatives (33) — — (33) — (33) Other (649) — — (649) — (649) Total derivatives (9,671) 4,052 4,726 (893) 168 (725) Securities sold under agreements to repurchase (4,652) 4,652 — — — — Total ($14,323) $8,704 $4,726 ($893) $168 ($725) Referenced footnotes are included after the next table. December 31, 2022 Gross Amount Recognized Amount Net Amount Gross Amount Not Offset in the Condensed Consolidated Balance Sheets (2) Net Amount (In millions) Counterparty Netting Cash Collateral Netting (1) Assets: Derivatives: OTC derivatives $6,385 ($4,468) ($1,681) $236 ($214) $22 Cleared and exchange-traded derivatives 28 — 22 50 — 50 Mortgage commitment derivatives 19 — — 19 (4) 15 Other 2 — — 2 — 2 Total derivatives 6,434 (4,468) (1,659) 307 (218) 89 Securities purchased under agreements to resell 99,286 (11,991) — 87,295 (87,295) — Total $105,720 ($16,459) ($1,659) $87,602 ($87,513) $89 Liabilities: Derivatives: OTC derivatives ($10,230) $4,468 $5,702 ($60) $23 ($37) Cleared and exchange-traded derivatives (25) — 17 (8) 8 — Mortgage commitment derivatives (11) — — (11) — (11) Other (679) — — (679) — (679) Total derivatives (10,945) 4,468 5,719 (758) 31 (727) Securities sold under agreements to repurchase (11,991) 11,991 — — — — Total ($22,936) $16,459 $5,719 ($758) $31 ($727) (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 condensed consolidated balance sheets. For securities purchased under agreements to resell, includes $112.6 billion and $54.7 billion of collateral that we had the right to repledge as of March 31, 2023 and December 31, 2022, respectively. We repledged less than $0.1 billion of collateral as of both March 31, 2023 and December 31, 2022. |
Table - Collateral in the Form of Securities Pledged | Table 9.2 - Collateral in the Form of Securities Pledged March 31, 2023 (In millions) Derivatives Securities Sold Under Agreements to Repurchase Other (1) Total Debt of consolidated trusts (2) $— $— $183 $183 Trading securities 2,351 4,619 2,056 9,026 Total securities pledged $2,351 $4,619 $2,239 $9,209 December 31, 2022 (In millions) Derivatives Securities Sold Under Agreements to Repurchase Other (1) Total Trading securities $1,533 $2,910 $1,347 $5,790 Other assets — 6,543 — 6,543 Total securities pledged $1,533 $9,453 $1,347 $12,333 (1) Includes other collateralized borrowings and collateral related to transactions with certain clearinghouses. (2) Represents debt of consolidated trusts held by us in our mortgage-related investments portfolio which is recorded as a reduction to debt of consolidated trusts on our condensed consolidated balance sheets. |
Table - Remaining Contractual Pledged | Table 9.3 - Remaining Contractual Maturity March 31, 2023 (In millions) Overnight and Continuous 30 Days or Less After 30 Days Through 90 Days Greater Than 90 Days Total Securities sold under agreements to repurchase $— $1,165 $3,487 $— $4,652 December 31, 2022 (In millions) Overnight and Continuous 30 Days or Less After 30 Days Through 90 Days Greater Than 90 Days Total Securities sold under agreements to repurchase $— $11,991 $— $— $11,991 |
Net Interest Income (Tables)
Net Interest Income (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Components of Net Interest Income [Abstract] | |
Components of Net Interest Income | The table below presents the components of net interest income per our condensed consolidated statements of income and comprehensive income. Table 10.1 - Components of Net Interest Income (In millions) 1Q 2023 1Q 2022 Interest income: Mortgage loans $23,304 $17,310 Investment securities 316 384 Other 1,367 46 Total interest income 24,987 17,740 Interest expense: Debt of consolidated trusts (18,261) (13,249) Debt of Freddie Mac: Short-term debt (154) — Long-term debt (2,071) (387) Total interest expense (20,486) (13,636) Net interest income 4,501 4,104 (Provision) benefit for credit losses (395) 837 Net interest income after (provision) benefit for credit losses $4,106 $4,941 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Table - Segment Earnings and Reconciliation to GAAP Condensed Consolidated Statements of Comprehensive Income | The table below presents the financial results for our Single-Family and Multifamily segments. Table 11.1 - Segment Financial Results 1Q 2023 1Q 2022 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Net interest income $4,296 $205 $4,501 $3,806 $298 $4,104 Non-interest income Guarantee income 32 434 466 30 40 70 Investment gains, net (179) (46) (225) 1,252 261 1,513 Other income 54 31 85 126 33 159 Non-interest income (93) 419 326 1,408 334 1,742 Net revenues 4,203 624 4,827 5,214 632 5,846 (Provision) benefit for credit losses (318) (77) (395) 831 6 837 Non-interest expense (1,783) (149) (1,932) (1,778) (154) (1,932) Income before income tax expense 2,102 398 2,500 4,267 484 4,751 Income tax expense (425) (80) (505) (856) (97) (953) Net income 1,677 318 1,995 3,411 387 3,798 Other comprehensive income (loss), net of taxes and reclassification adjustments (1) 55 54 (12) (108) (120) Comprehensive income $1,676 $373 $2,049 $3,399 $279 $3,678 |
Reconciliation of Assets from Segment to Consolidated | The table below presents total assets for our Single-Family and Multifamily segments. Table 11.2 - Segment Assets (In millions) March 31, 2023 December 31, 2022 Single-Family $2,988,635 $2,986,045 Multifamily 426,039 429,302 Total segment assets 3,414,674 3,415,347 Reconciling items (1) (189,694) (207,014) Total assets per condensed consolidated balance sheets $3,224,980 $3,208,333 |
Concentration of Credit and O_2
Concentration of Credit and Other Risks (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Table - Concentration of Credit Risk | The table below summarizes the concentration by geographic area of our Single-Family mortgage portfolio. See Note 2 , Note 3 , and Note 5 for more information about credit risk associated with single-family loans that we hold or guarantee. Table 12.1 - Concentration of Credit Risk of Our Single-Family Mortgage Portfolio March 31, 2023 December 31, 2022 (Dollars in millions) Portfolio UPB (1) % of Portfolio SDQ Rate Portfolio UPB (1) % of Portfolio SDQ Rate Region: (2) West $905,823 30 % 0.46 % $906,123 30 % 0.49 % Northeast 694,781 23 0.76 695,944 23 0.82 North Central 435,435 15 0.61 436,294 15 0.65 Southeast 514,825 17 0.67 512,495 17 0.73 Southwest 437,497 15 0.58 434,907 15 0.63 Total $2,988,361 100 % 0.62 $2,985,763 100 % 0.66 State: California $515,908 17 % 0.47 $516,891 17 % 0.51 Texas 203,128 7 0.58 200,807 7 0.64 Florida 192,552 6 0.78 191,009 6 0.84 New York 130,010 4 1.08 129,935 4 1.16 Illinois 112,289 4 0.83 112,784 4 0.90 All other 1,834,474 62 0.58 1,834,337 62 0.63 Total $2,988,361 100 % 0.62 $2,985,763 100 % 0.66 (1) Excludes UPB of loans underlying certain securitization products for which data was not available. (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 by geographic area of our Multifamily mortgage portfolio. See Note 2 , Note 3 , Note 4 , and Note 5 for more information about credit risk associated with multifamily loans that we hold or guarantee. Table 12.2 - Concentration of Credit Risk of Our Multifamily Mortgage Portfolio March 31, 2023 December 31, 2022 (Dollars in millions) Portfolio UPB % of Portfolio Delinquency Rate (1) Portfolio UPB % of Portfolio Delinquency Rate (1) Region (2)(3) : West $106,840 25 % 0.04 % $107,260 25 % 0.04 % Northeast 104,627 25 0.30 106,478 25 0.28 North Central 40,555 10 0.16 40,524 9 0.16 Southeast 84,801 20 0.04 85,438 20 0.04 Southwest 89,216 20 0.13 89,602 21 0.08 Total $426,039 100 % 0.13 $429,302 100 % 0.12 (1) Based on loans two monthly payments or more delinquent or in foreclosure. (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). (3) The UPB of loans collateralized by properties located in multiple regions are reported entirely in the region with the largest underlying collateral UPB as of origination. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Table - Assets and Liabilities Measured at Fair Value on a Recurring Basis | The table below presents our assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis subsequent to initial recognition, including instruments where we have elected the fair value option. Table 13.1 - Assets and Liabilities Measured at Fair Value on a Recurring Basis March 31, 2023 (In millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Total Assets: Investment securities: Available-for-sale $— $5,516 $853 $— $6,369 Trading: Mortgage-related securities — 6,169 2,905 — 9,074 Non-mortgage-related securities 21,884 385 — — 22,269 Total trading securities 21,884 6,554 2,905 — 31,343 Total investment securities 21,884 12,070 3,758 — 37,712 Mortgage loans held-for-sale — 2,579 347 — 2,926 Mortgage loans held-for-investment — 1,174 64 — 1,238 Other assets: Guarantee assets — — 5,432 — 5,432 Derivative assets, net — 5,477 3 (5,089) 391 Other assets — 34 125 — 159 Total other assets — 5,511 5,560 (5,089) 5,982 Total assets carried at fair value on a recurring basis $21,884 $21,334 $9,729 ($5,089) $47,858 Liabilities: Debt: Debt of consolidated trusts $— $1,858 $290 $— $2,148 Debt of Freddie Mac — 569 94 — 663 Total debt — 2,427 384 — 2,811 Other liabilities: Derivative liabilities, net 13 9,367 77 (8,564) 893 Other liabilities — 1 — — 1 Total other liabilities 13 9,368 77 (8,564) 894 Total liabilities carried at fair value on a recurring basis $13 $11,795 $461 ($8,564) $3,705 Referenced footnote is included after the prior period table. December 31, 2022 (In millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Total Assets: Investment securities: Available-for-sale $— $5,640 $894 $— $6,534 Trading: Mortgage-related securities — 5,603 2,731 — 8,334 Non-mortgage-related securities 23,453 380 — — 23,833 Total trading securities 23,453 5,983 2,731 — 32,167 Total investment securities 23,453 11,623 3,625 — 38,701 Mortgage loans held-for-sale — 2,908 310 — 3,218 Mortgage loans held-for-investment — 1,104 110 — 1,214 Other assets: Guarantee assets — — 5,442 — 5,442 Derivative assets, net — 6,397 2 (6,092) 307 Other assets — 12 129 — 141 Total other assets — 6,409 5,573 (6,092) 5,890 Total assets carried at fair value on a recurring basis $23,453 $22,044 $9,618 ($6,092) $49,023 Liabilities: Debt: Debt of consolidated trusts $— $1,656 $288 $— $1,944 Debt of Freddie Mac — 1,003 100 — 1,103 Total debt — 2,659 388 — 3,047 Other liabilities: Derivative liabilities, net — 10,823 97 (10,162) 758 Other liabilities — 1 — — 1 Total other liabilities — 10,824 97 (10,162) 759 Total liabilities carried at fair value on a recurring basis $— $13,483 $485 ($10,162) $3,806 |
Table - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs | The table below presents a reconciliation of all assets and liabilities measured on our condensed 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 table also presents gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our condensed consolidated statements of income for Level 3 assets and liabilities. Table 13.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs 1Q 2023 Balance, Total Realized/Unrealized Gains (Losses) (1) Purchases Issues Sales Settlements, Transfers Transfers Balance, Change in Unrealized Gains/Losses (1) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2023 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2023 (In millions) Included in Included in Other Assets Investment securities: Available-for-sale $894 $1 ($3) $— $— $— ($39) $— $— $853 $— ($3) Trading 2,731 (139) — 324 — — (11) — — 2,905 33 — Total investment securities 3,625 (138) (3) 324 — — (50) — — 3,758 33 (3) Mortgage loans held-for-sale 310 1 — 26 — — (1) 11 — 347 — — Mortgage loans held-for-investment 110 2 — — — — — — (48) 64 2 — Other assets: Guarantee assets 5,442 85 — — 127 — (222) — — 5,432 85 — Other assets 131 16 — (10) — — (9) — — 128 16 — Total other assets 5,573 101 — (10) 127 — (231) — — 5,560 101 — Total assets $9,618 ($34) ($3) $340 $127 $— ($282) $11 ($48) $9,729 $136 ($3) Liabilities Debt $388 ($12) $— $— $12 $— ($4) $— $— $384 ($8) $— Other liabilities 97 (18) — — — — (2) — — 77 (19) — Total liabilities $485 ($30) $— $— $12 $— ($6) $— $— $461 ($27) $— 1Q 2022 Balance, Total Realized/Unrealized Gains (Losses) (1) Purchases Issues Sales Settlements, Transfers Transfers Balance, Change in Unrealized Gains/Losses (1) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2022 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2022 (In millions) Included in Included in Other Assets Investment securities: Available-for-sale $1,286 ($1) ($36) $— $— $— ($91) $30 $— $1,188 ($1) ($29) Trading 3,386 (426) — 243 — — (18) — (20) 3,165 (256) — Total investment securities 4,672 (427) (36) 243 — — (109) 30 (20) 4,353 (257) (29) Other assets: Guarantee assets 5,919 (316) — — 333 — (240) — — 5,696 (316) — Other assets 101 16 — (4) 3 — (2) — — 114 16 — Total other assets 6,020 (300) — (4) 336 — (242) — — 5,810 (300) — Total assets $10,692 ($727) ($36) $239 $336 $— ($351) $30 ($20) $10,163 ($557) ($29) Liabilities Debt $294 $23 $— $— $86 $— ($1) $— $— $402 $33 $— Other liabilities 24 24 — — — — (1) — — 47 24 — Total liabilities $318 $47 $— $— $86 $— ($2) $— $— $449 $57 $— (1) For assets, increase and decrease in earnings and other comprehensive income is shown as gains and (losses), respectively. For liabilities, increase and decrease in earnings and comprehensive income is shown as (gains) and losses, respectively. |
Table - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs | The table below presents a reconciliation of all assets and liabilities measured on our condensed 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 table also presents gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our condensed consolidated statements of income for Level 3 assets and liabilities. Table 13.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs 1Q 2023 Balance, Total Realized/Unrealized Gains (Losses) (1) Purchases Issues Sales Settlements, Transfers Transfers Balance, Change in Unrealized Gains/Losses (1) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2023 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2023 (In millions) Included in Included in Other Assets Investment securities: Available-for-sale $894 $1 ($3) $— $— $— ($39) $— $— $853 $— ($3) Trading 2,731 (139) — 324 — — (11) — — 2,905 33 — Total investment securities 3,625 (138) (3) 324 — — (50) — — 3,758 33 (3) Mortgage loans held-for-sale 310 1 — 26 — — (1) 11 — 347 — — Mortgage loans held-for-investment 110 2 — — — — — — (48) 64 2 — Other assets: Guarantee assets 5,442 85 — — 127 — (222) — — 5,432 85 — Other assets 131 16 — (10) — — (9) — — 128 16 — Total other assets 5,573 101 — (10) 127 — (231) — — 5,560 101 — Total assets $9,618 ($34) ($3) $340 $127 $— ($282) $11 ($48) $9,729 $136 ($3) Liabilities Debt $388 ($12) $— $— $12 $— ($4) $— $— $384 ($8) $— Other liabilities 97 (18) — — — — (2) — — 77 (19) — Total liabilities $485 ($30) $— $— $12 $— ($6) $— $— $461 ($27) $— 1Q 2022 Balance, Total Realized/Unrealized Gains (Losses) (1) Purchases Issues Sales Settlements, Transfers Transfers Balance, Change in Unrealized Gains/Losses (1) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2022 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2022 (In millions) Included in Included in Other Assets Investment securities: Available-for-sale $1,286 ($1) ($36) $— $— $— ($91) $30 $— $1,188 ($1) ($29) Trading 3,386 (426) — 243 — — (18) — (20) 3,165 (256) — Total investment securities 4,672 (427) (36) 243 — — (109) 30 (20) 4,353 (257) (29) Other assets: Guarantee assets 5,919 (316) — — 333 — (240) — — 5,696 (316) — Other assets 101 16 — (4) 3 — (2) — — 114 16 — Total other assets 6,020 (300) — (4) 336 — (242) — — 5,810 (300) — Total assets $10,692 ($727) ($36) $239 $336 $— ($351) $30 ($20) $10,163 ($557) ($29) Liabilities Debt $294 $23 $— $— $86 $— ($1) $— $— $402 $33 $— Other liabilities 24 24 — — — — (1) — — 47 24 — Total liabilities $318 $47 $— $— $86 $— ($2) $— $— $449 $57 $— (1) For assets, increase and decrease in earnings and other comprehensive income is shown as gains and (losses), respectively. For liabilities, increase and decrease in earnings and comprehensive income is shown as (gains) and losses, respectively. |
Table - Quantitative Information about Recurring Level 3 Fair Value Measurements | The table below provides valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis. Table 13.3 - Quantitative Information about Recurring Level 3 Fair Value Measurements March 31, 2023 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) Assets Investment securities: Available-for-sale $533 Median of external sources External pricing sources $58.2 - $72.8 $68.2 320 Other Trading 2,023 Single external source External pricing source $0.0 - $5,410.0 $210.0 882 Other Mortgage loans held-for-sale 347 Single external source External pricing source $39.6 - $98.6 $78.7 Guarantee assets 5,074 Discounted cash flows OAS 17 - 186 bps 46 bps 358 Other Insignificant Level 3 assets (2) 192 Total level 3 assets $9,729 Liabilities Insignificant Level 3 liabilities (2) 461 Total level 3 liabilities $461 December 31, 2022 Level 3 Predominant Unobservable Inputs (Dollars in millions, except for certain unobservable inputs as shown) Type Range Weighted Average (1) Assets Investment securities: Available-for-sale $557 Median of external sources External pricing sources $66.3 - $74.6 $70.5 337 Other Trading 2,080 Single external source External pricing source $0.0 - $5,702.4 $224.8 651 Other Mortgage loans held-for-sale 310 Single external source External pricing source $39.6 - $98.1 $76.6 Mortgage loans held-for-investment 110 Single external source External pricing source $76.9 - $87.5 $80.6 Guarantee assets 5,084 Discounted cash flows OAS 17 - 186 bps 45 bps 358 Other Insignificant Level 3 assets (2) 131 Total level 3 assets $9,618 Liabilities Insignificant Level 3 liabilities (2) 485 Total level 3 liabilities $485 (1) Unobservable inputs were weighted primarily by the relative fair value of the financial instruments. (2) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. |
Table - Assets Measured at Fair Value on a Nonrecurring Basis | The table below presents assets measured on our condensed consolidated balance sheets at fair value on a non-recurring basis. Table 13.4 - Assets Measured at Fair Value on a Non-Recurring Basis March 31, 2023 December 31, 2022 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Mortgage loans (1) $— $454 $2,170 $2,624 $— $386 $1,758 $2,144 (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 table below provides valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets measured on our condensed consolidated balance sheets at fair value on a non-recurring basis. Table 13.5 - Quantitative Information About Non-Recurring Level 3 Fair Value Measurements March 31, 2023 Level 3 Fair Value Predominant Valuation Technique(s) Unobservable Inputs ( Dollars in millions, except for unobservable inputs as shown) Type Range Weighted Average (1) Mortgage loans $1,520 Median of external sources External pricing sources $75.3 - $97.3 $85.5 650 Other Total $2,170 December 31, 2022 Level 3 Fair Value Predominant Valuation Technique(s) Unobservable Inputs ( Dollars in millions, except for unobservable inputs as shown) Type Range Weighted Average (1) Mortgage loans $1,657 Median of external sources External pricing sources $74.8 - $98.6 $86.3 101 Other Total $1,758 (1) Unobservable inputs were weighted primarily by the relative fair value of the financial instruments. |
Table - Fair Value of Financial Instruments | The table below presents 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, and certain debt, the carrying value on our condensed consolidated balance sheets approximates fair value, as these assets and liabilities are short-term in nature and have limited fair value volatility. Table 13.6 - Fair Value of Financial Instruments March 31, 2023 GAAP Measurement Category (1) Carrying Amount Fair Value (In millions) Level 1 Level 2 Level 3 Netting Adjustments (2) Total Financial Assets Cash and cash equivalents Amortized cost $5,873 $5,873 $— $— $— $5,873 Securities purchased under agreements to resell Amortized cost 108,036 — 112,688 — (4,652) 108,036 Investment securities: Available-for-sale FV - OCI 6,369 — 5,516 853 — 6,369 Trading FV - NI 31,343 21,884 6,554 2,905 — 31,343 Total investment securities 37,712 21,884 12,070 3,758 — 37,712 Mortgage loans: Loans held by consolidated trusts 2,977,998 — 2,337,448 276,492 — 2,613,940 Loans held by Freddie Mac 59,711 — 25,534 30,236 — 55,770 Total mortgage loans (3) Various (4) 3,037,709 — 2,362,982 306,728 — 2,669,710 Other assets: Guarantee assets FV - NI 5,432 — — 5,435 — 5,435 Derivative assets, net FV - NI 391 — 5,477 3 (5,089) 391 Other assets (5) Various 2,805 — 931 1,880 — 2,811 Total other assets 8,628 — 6,408 7,318 (5,089) 8,637 Total financial assets $3,197,958 $27,757 $2,494,148 $317,804 ($9,741) $2,829,968 Financial Liabilities Debt: Debt of consolidated trusts $2,987,050 $— $2,610,811 $696 $— $2,611,507 Debt of Freddie Mac 180,464 — 182,379 3,306 (4,652) 181,033 Total debt Various (6) 3,167,514 — 2,793,190 4,002 (4,652) 2,792,540 Other liabilities: Guarantee obligations Amortized cost 5,639 — — 6,018 — 6,018 Derivative liabilities, net FV - NI 893 13 9,367 77 (8,564) 893 Other liabilities (5) FV - NI 12 — 828 155 — 983 Total other liabilities 6,544 13 10,195 6,250 (8,564) 7,894 Total financial liabilities $3,174,058 $13 $2,803,385 $10,252 ($13,216) $2,800,434 Referenced footnotes are included after the prior period table. December 31, 2022 GAAP Measurement Category (1) Carrying Amount Fair Value (In millions) Level 1 Level 2 Level 3 Netting Adjustments (2) Total Financial Assets Cash and cash equivalents Amortized cost $6,360 $6,360 $— $— $— $6,360 Securities purchased under agreements to resell Amortized cost 87,295 — 99,286 — (11,991) 87,295 Investment securities: Available-for-sale FV - OCI 6,534 — 5,640 894 — 6,534 Trading FV - NI 32,167 23,453 5,983 2,731 — 32,167 Total investment securities 38,701 23,453 11,623 3,625 — 38,701 Mortgage loans: Loans held by consolidated trusts 2,971,601 — 2,331,969 244,045 — 2,576,014 Loans held by Freddie Mac 62,914 — 25,921 32,460 — 58,381 Total mortgage loans Various (4) 3,034,515 — 2,357,890 276,505 — 2,634,395 Other assets: Guarantee assets FV - NI 5,442 — — 5,445 — 5,445 Derivative assets, net FV - NI 307 — 6,397 2 (6,092) 307 Other assets (5) Various 1,739 — 907 835 — 1,742 Total other assets 7,488 — 7,304 6,282 (6,092) 7,494 Total financial assets $3,174,359 $29,813 $2,476,103 $286,412 ($18,083) $2,774,245 Financial Liabilities Debt: Debt of consolidated trusts $2,979,070 $— $2,564,323 $701 $— $2,565,024 Debt of Freddie Mac 166,762 — 175,673 3,162 (11,991) 166,844 Total debt Various (6) 3,145,832 — 2,739,996 3,863 (11,991) 2,731,868 Other liabilities: Guarantee obligations Amortized cost 5,779 — — 6,016 — 6,016 Derivative liabilities, net FV - NI 758 — 10,823 97 (10,162) 758 Other liabilities (5) FV - NI 20 — 1,025 211 — 1,236 Total other liabilities 6,557 — 11,848 6,324 (10,162) 8,010 Total financial liabilities $3,152,389 $— $2,751,844 $10,187 ($22,153) $2,739,878 (1) FV - NI denotes fair value through net income. FV - OCI denotes fair value through other comprehensive income. (2) Represents counterparty netting and cash collateral netting. (3) Excludes basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method hedge relationships as of March 31, 2023. See Note 3 for additional information on basis adjustments associated with closed portfolios during existing portfolio layer method hedges. (4) The GAAP carrying amounts measured at amortized cost, lower-of-cost-or-fair-value, and FV - NI were $3.0 trillion, $9.9 billion, and $4.2 billion as of March 31, 2023, respectively, and $3.0 trillion, $9.0 billion and $4.4 billion as of December 31, 2022, respectively. (5) For other assets, includes advances to lenders, secured lending, and loan commitments. For other liabilities, includes loan commitments. |
Table - Difference between Fair Value and UPB for Certain Financial Instruments with Fair Value Option Elected | The table below presents the fair value and UPB related to multifamily loan purchase commitments and loans and debt for which we have elected the fair value option. Table 13.7 - Difference between Fair Value and UPB for Certain Financial Instruments with Fair Value Option Elected (1) March 31, 2023 December 31, 2022 (In millions) Fair value UPB Difference Fair value UPB Difference Mortgage loans held-for-sale $2,926 $3,063 ($137) $3,218 $3,421 ($203) Mortgage loans held-for-investment 1,238 1,367 (129) 1,214 1,368 (154) Debt of Freddie Mac 460 453 7 892 881 11 Debt of consolidated trusts 1,858 1,981 (123) 1,656 1,833 (177) Other assets/other liabilities 33 N/A N/A 11 N/A N/A (1) Excludes interest-only securities related to debt of consolidated trusts and debt of Freddie Mac with a fair value of $0.5 billion as of both March 31, 2023 and December 31, 2022. The table below presents the changes in fair value related to items for which we have elected the fair value option. These amounts are included in investment gains, net, on our condensed consolidated statements of income. Table 13.8 - Changes in Fair Value Under the Fair Value Option Election 1Q 2023 1Q 2022 (In millions) Gains (Losses) Mortgage loans held-for-sale $4 ($676) Mortgage loans held-for-investment 26 — Debt of Freddie Mac 14 (11) Debt of consolidated trusts (35) 72 Other assets/other liabilities 55 (36) |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Compliance with Regulatory Capital Requirements - ERCF [Abstract] | |
Table - ERCF Capital Requirements | The table below presents our capital metrics under the ERCF. Table 15.1 - ERCF Available Capital and Capital Requirements (In billions) March 31, 2023 December 31, 2022 Adjusted total assets $3,716 $3,710 Risk-weighted assets (standardized approach) 908 899 March 31, 2023 Amounts Ratios (Dollars in billions) Available Capital (Deficit) Minimum Capital Requirement (Including Buffer (1) ) Available Capital (Deficit) Ratio (2) Minimum Capital Requirement Ratio (2) Capital Requirement Ratio (2) (Including Buffer (1) ) Risk-based capital: Total capital ($25) $73 $73 (2.8) % 8.0 % 8.0 % CET1 capital (53) 41 91 (5.8) 4.5 10.1 Tier 1 capital (39) 54 104 (4.3) 6.0 11.6 Adjusted total capital (39) 73 123 (4.3) 8.0 13.6 Leverage capital: Core capital ($33) $93 $93 (0.9) % 2.5 % 2.5 % Tier 1 capital (39) 93 104 (1.0) 2.5 2.8 December 31, 2022 Amounts Ratios (Dollars in billions) Available Capital (Deficit) Minimum Capital Requirement (Including Buffer (1) ) Available Capital (Deficit) Ratio (2) Minimum Capital Requirement Ratio (2) Capital Requirement Ratio (2) (Including Buffer (1) ) Risk-based capital: Total capital ($27) $72 $72 (3.1) % 8.0 % 8.0 % CET1 capital (55) 40 90 (6.2) 4.5 10.1 Tier 1 capital (41) 54 104 (4.6) 6.0 11.6 Adjusted total capital (41) 72 122 (4.6) 8.0 13.6 Leverage capital: Core capital ($35) $93 $93 (1.0) % 2.5 % 2.5 % Tier 1 capital (41) 93 104 (1.1) 2.5 2.8 (1) PCCBA for risk-based capital and PLBA for leverage capital. (2) As a percentage of RWA for risk-based capital and ATA for leverage capital. |
Securitization Activities and_3
Securitization Activities and Consolidation - Non-Consolidated VIEs (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Assets [Abstract] | ||
Investments in securities, at fair value | $ 37,712 | $ 38,701 |
Other Assets | 22,337 | 27,156 |
Assets | 3,224,980 | 3,208,333 |
Fannie Mae Collateral Included In Freddie Mac Commingled Security | 100 | 100 |
Assets in VIE in which we do not have a variable interest in | 700 | 400 |
Liabilities [Abstract] | ||
Other Liabilities | 10,892 | 18,174 |
Variable Interest Entity, Not Primary Beneficiary | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 14,393 | 13,865 |
Other Assets | 5,366 | 5,374 |
Assets | 537,625 | 543,456 |
Maximum Exposure to Loss | 459,299 | 464,696 |
Liabilities [Abstract] | ||
Other Liabilities | 5,913 | 6,074 |
Variable Interest Entity, Not Primary Beneficiary | Other | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 0 | 0 |
Other Assets | 8 | 8 |
Assets | 166 | 185 |
Maximum Exposure to Loss | 440 | 435 |
Liabilities [Abstract] | ||
Other Liabilities | 5 | 5 |
Variable Interest Entity, Not Primary Beneficiary | Single Family Guarantee Segment | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 6,752 | 6,057 |
Other Assets | 453 | 433 |
Assets | 178,647 | 181,430 |
Maximum Exposure to Loss | 142,253 | 145,144 |
Liabilities [Abstract] | ||
Other Liabilities | 1,121 | 1,147 |
Variable Interest Entity, Not Primary Beneficiary | Single Family Guarantee Segment | Securitization products | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 952 | 965 |
Other Assets | 178 | 175 |
Assets | 31,139 | 31,614 |
Maximum Exposure to Loss | 25,329 | 25,772 |
Liabilities [Abstract] | ||
Other Liabilities | 430 | 436 |
Variable Interest Entity, Not Primary Beneficiary | Single Family Guarantee Segment | Guarantees of Fannie Mae securities | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 5,800 | 5,092 |
Other Assets | 64 | 61 |
Assets | 116,807 | 119,267 |
Maximum Exposure to Loss | 116,807 | 119,267 |
Liabilities [Abstract] | ||
Other Liabilities | 587 | 659 |
Variable Interest Entity, Not Primary Beneficiary | Single Family Guarantee Segment | CRT products | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 0 | 0 |
Other Assets | 211 | 197 |
Assets | 30,701 | 30,549 |
Maximum Exposure to Loss | 117 | 105 |
Liabilities [Abstract] | ||
Other Liabilities | 104 | 52 |
Variable Interest Entity, Not Primary Beneficiary | Multifamily | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 7,641 | 7,808 |
Other Assets | 4,905 | 4,933 |
Assets | 358,812 | 361,841 |
Maximum Exposure to Loss | 316,606 | 319,117 |
Liabilities [Abstract] | ||
Other Liabilities | 4,787 | 4,922 |
Variable Interest Entity, Not Primary Beneficiary | Multifamily | Securitization products | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 7,641 | 7,808 |
Other Assets | 4,903 | 4,931 |
Assets | 357,747 | 360,869 |
Maximum Exposure to Loss | 316,606 | 319,117 |
Liabilities [Abstract] | ||
Other Liabilities | 4,783 | 4,920 |
Variable Interest Entity, Not Primary Beneficiary | Multifamily | CRT products | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 0 | 0 |
Other Assets | 2 | 2 |
Assets | 1,065 | 972 |
Maximum Exposure to Loss | 0 | 0 |
Liabilities [Abstract] | ||
Other Liabilities | $ 4 | $ 2 |
Mortgage Loans (Details)
Mortgage Loans (Details) - USD ($) $ in Billions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | ||
Amortized cost basis of SF HFI loans in trial period modification plans | $ 1.8 | $ 3.1 |
Noncash acquisition, mortgage loans held-for-investment acquired in exchange for issuance of debt securities of consolidated trusts | 42.5 | 153.3 |
Transfers from advances to lenders to loans HFI | $ 21.3 | $ 61.5 |
Mortgage Loans - Mortgage Loans
Mortgage Loans - Mortgage Loans (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivables [Line Items] | ||
UPB of mortgage loans - HFS | $ 13,628 | $ 13,108 |
Cost basis and fair value adjustments, net HFS | (846) | (911) |
Total held-for-sale loans, net | 12,782 | 12,197 |
UPB of mortgage loans - HFI | 2,992,302 | 2,989,884 |
Cost basis adjustment HFI | 39,782 | 39,825 |
Allowance for credit losses | (7,835) | (7,391) |
Total held-for-investment mortgage loans, net | 3,024,249 | 3,022,318 |
Total mortgage loans, net | 3,037,031 | 3,034,515 |
Hedged Asset, Fair Value Hedge, Portfolio Layer, Cumulative Increase (Decrease) | (700) | |
Mortgage Loans | 1,238 | 1,214 |
Single-family | ||
Accounts, Notes, Loans and Financing Receivables [Line Items] | ||
UPB of mortgage loans - HFS | 3,373 | 3,564 |
Cost basis and fair value adjustments, net HFS | (675) | (696) |
Total held-for-sale loans, net | 2,698 | 2,868 |
UPB of mortgage loans - HFI | 2,944,949 | 2,941,505 |
Cost basis adjustment HFI | 39,833 | 39,896 |
Allowance for credit losses | (7,675) | (7,314) |
Total held-for-investment mortgage loans, net | 2,977,107 | 2,974,087 |
Total mortgage loans, net | 2,979,805 | 2,976,955 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivables [Line Items] | ||
UPB of mortgage loans - HFS | 10,255 | 9,544 |
Cost basis and fair value adjustments, net HFS | (171) | (215) |
Total held-for-sale loans, net | 10,084 | 9,329 |
UPB of mortgage loans - HFI | 47,353 | 48,379 |
Cost basis adjustment HFI | (51) | (71) |
Allowance for credit losses | (160) | (77) |
Total held-for-investment mortgage loans, net | 47,142 | 48,231 |
Total mortgage loans, net | $ 57,226 | $ 57,560 |
Mortgage Loans - Loans Purchase
Mortgage Loans - Loans Purchased and Sold (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Single-family | Held for Investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchases | $ 58,965 | $ 206,935 |
Single-family | Held-for-Sale | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Sales | 0 | 15 |
Multifamily | Held for Investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchases | 3,349 | 2,565 |
Multifamily | Held-for-Sale | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchases | 2,695 | 12,267 |
Sales | $ 6,150 | $ 14,292 |
Mortgage Loans - Loan Reclassif
Mortgage Loans - Loan Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Held for Investment | Single-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Single-family reclassifications from held-for-investment to held-for sale, UPB | $ 0 | $ 248 |
Single-family reclassifications from held-for-investment to held-for sale, allowance for credit losses reverse or (established) | 0 | 0 |
Single-family reclassifications from held-for-sale to held-for-investment, valuation allowance (established) or reversed | 0 | 0 |
Held for Investment | Multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Single-family reclassifications from held-for-investment to held-for sale, UPB | 4,731 | 315 |
Single-family reclassifications from held-for-investment to held-for sale, allowance for credit losses reverse or (established) | 1 | 0 |
Single-family reclassifications from held-for-sale to held-for-investment, valuation allowance (established) or reversed | (27) | 0 |
Held-for-Sale | Single-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Single-family reclassifications from held-for-sale to held-for-investment, UPB | 48 | 62 |
Single-family reclassifications from held-for-investment to held-for sale, allowance for credit losses reverse or (established) | 4 | (3) |
Single-family reclassifications from held-for-sale to held-for-investment, valuation allowance (established) or reversed | 4 | 0 |
Held-for-Sale | Multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Single-family reclassifications from held-for-sale to held-for-investment, UPB | 561 | 246 |
Single-family reclassifications from held-for-investment to held-for sale, allowance for credit losses reverse or (established) | 0 | 0 |
Single-family reclassifications from held-for-sale to held-for-investment, valuation allowance (established) or reversed | $ 16 | $ 0 |
Mortgage Loans - Amortized Cost
Mortgage Loans - Amortized Cost Basis of Held-for-Investment Loans on Nonaccrual (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-Accrual Amortized Cost Basis | $ 10,155 | $ 15,137 | $ 10,137 | $ 18,650 |
Interest Income Recognized | 31 | 51 | ||
Single family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-Accrual Amortized Cost Basis | 10,114 | 15,095 | 10,095 | 18,650 |
Interest Income Recognized | 30 | 51 | ||
20- and 30-year or more, amortizing fixed-rate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-Accrual Amortized Cost Basis | 9,348 | 13,831 | 9,307 | 17,013 |
Interest Income Recognized | 28 | 49 | ||
15-year or less, amortizing fixed-rate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-Accrual Amortized Cost Basis | 434 | 684 | 427 | 844 |
Interest Income Recognized | 1 | 1 | ||
Adjustable-rate and other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-Accrual Amortized Cost Basis | 332 | 580 | 361 | 793 |
Interest Income Recognized | 1 | 1 | ||
Multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non-Accrual Amortized Cost Basis | 41 | 42 | $ 42 | $ 0 |
Interest Income Recognized | $ 1 | $ 0 |
Mortgage Loans - Accrued Intere
Mortgage Loans - Accrued Interest Receivable and Related Charge-Offs (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Single family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Accrued Interest Receivable, Net | $ 8,090 | $ 7,967 | |
Accrued Interest Receivable Related Charge-Offs | (48) | $ (87) | |
Multifamily | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Accrued Interest Receivable, Net | 228 | $ 220 | |
Accrued Interest Receivable Related Charge-Offs | $ 0 | $ 0 |
Mortgage Loans - Amortized Co_2
Mortgage Loans - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratios and Vintage (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year, write-offs | $ 0 | |
Fiscal year before current fiscal year, write-offs | 3 | |
Two years before current fiscal Year, write-offs | 8 | |
Three years before current fiscal year, write-offs | 2 | |
Four years before current fiscal year, write-offs | 1 | |
More than five years before current fiscal Year, write-offs | 18 | |
Total | 3,031,524 | $ 3,028,495 |
Total current-period gross write-offs | 32 | |
20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 32,253 | 393,152 |
Current fiscal year, write-offs | 0 | |
One year before current fiscal year | 410,477 | 917,605 |
Fiscal year before current fiscal year, write-offs | 3 | |
Two years before current fiscal year | 905,523 | 684,290 |
Two years before current fiscal Year, write-offs | 8 | |
Three years before current fiscal year | 674,321 | 116,810 |
Three years before current fiscal year, write-offs | 2 | |
Four years before current fiscal year | 115,218 | 47,018 |
Four years before current fiscal year, write-offs | 1 | |
Five years before current fiscal year | 454,875 | 418,963 |
More than five years before current fiscal Year, write-offs | 12 | |
Total | 2,592,667 | 2,577,838 |
Total current-period gross write-offs | 26 | |
15-year or less, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,392 | 31,968 |
Current fiscal year, write-offs | 0 | |
One year before current fiscal year | 31,848 | 141,759 |
Fiscal year before current fiscal year, write-offs | 0 | |
Two years before current fiscal year | 137,958 | 112,195 |
Two years before current fiscal Year, write-offs | 0 | |
Three years before current fiscal year | 108,843 | 14,738 |
Three years before current fiscal year, write-offs | 0 | |
Four years before current fiscal year | 14,171 | 5,594 |
Four years before current fiscal year, write-offs | 0 | |
Five years before current fiscal year | 69,235 | 68,259 |
More than five years before current fiscal Year, write-offs | 1 | |
Total | 363,447 | 374,513 |
Total current-period gross write-offs | 1 | |
Adjustable-rate and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 761 | 5,566 |
Current fiscal year, write-offs | 0 | |
One year before current fiscal year | 5,937 | 4,932 |
Fiscal year before current fiscal year, write-offs | 0 | |
Two years before current fiscal year | 4,838 | 1,743 |
Two years before current fiscal Year, write-offs | 0 | |
Three years before current fiscal year | 1,703 | 711 |
Three years before current fiscal year, write-offs | 0 | |
Four years before current fiscal year | 686 | 457 |
Four years before current fiscal year, write-offs | 0 | |
Five years before current fiscal year | 15,421 | 15,641 |
More than five years before current fiscal Year, write-offs | 5 | |
Total | 29,346 | 29,050 |
Total current-period gross write-offs | 5 | |
Single family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 34,406 | 430,686 |
One year before current fiscal year | 448,262 | 1,064,296 |
Two years before current fiscal year | 1,048,319 | 798,228 |
Three years before current fiscal year | 784,867 | 132,259 |
Four years before current fiscal year | 130,075 | 53,069 |
Five years before current fiscal year | 539,531 | 502,863 |
Total | 2,985,460 | 2,981,401 |
CLTV ratio less than or equal to 60 percent | 20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 4,065 | 66,153 |
One year before current fiscal year | 69,133 | 394,498 |
Two years before current fiscal year | 395,062 | 489,315 |
Three years before current fiscal year | 483,968 | 87,188 |
Four years before current fiscal year | 86,816 | 38,955 |
Five years before current fiscal year | 436,771 | 407,819 |
Total | 1,475,815 | 1,483,928 |
CLTV ratio less than or equal to 60 percent | 15-year or less, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 561 | 16,752 |
One year before current fiscal year | 17,299 | 119,379 |
Two years before current fiscal year | 119,253 | 109,685 |
Three years before current fiscal year | 106,899 | 14,606 |
Four years before current fiscal year | 14,068 | 5,578 |
Five years before current fiscal year | 69,206 | 68,240 |
Total | 327,286 | 334,240 |
CLTV ratio less than or equal to 60 percent | Adjustable-rate and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 74 | 1,255 |
One year before current fiscal year | 1,312 | 2,779 |
Two years before current fiscal year | 2,779 | 1,524 |
Three years before current fiscal year | 1,498 | 634 |
Four years before current fiscal year | 615 | 428 |
Five years before current fiscal year | 14,915 | 15,139 |
Total | 21,193 | 21,759 |
CLTV ratio less than or equal to 60 percent | Single family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 4,700 | 84,160 |
One year before current fiscal year | 87,744 | 516,656 |
Two years before current fiscal year | 517,094 | 600,524 |
Three years before current fiscal year | 592,365 | 102,428 |
Four years before current fiscal year | 101,499 | 44,961 |
Five years before current fiscal year | 520,892 | 491,198 |
Total | 1,824,294 | 1,839,927 |
CLTV ratio greater than 60 to 80 percent | 20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 11,184 | 158,421 |
One year before current fiscal year | 162,441 | 424,141 |
Two years before current fiscal year | 415,109 | 190,167 |
Three years before current fiscal year | 184,807 | 28,991 |
Four years before current fiscal year | 27,759 | 7,870 |
Five years before current fiscal year | 17,233 | 10,426 |
Total | 818,533 | 820,016 |
CLTV ratio greater than 60 to 80 percent | 15-year or less, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 639 | 13,042 |
One year before current fiscal year | 12,575 | 22,007 |
Two years before current fiscal year | 18,425 | 2,503 |
Three years before current fiscal year | 1,938 | 132 |
Four years before current fiscal year | 103 | 16 |
Five years before current fiscal year | 26 | 16 |
Total | 33,706 | 37,716 |
CLTV ratio greater than 60 to 80 percent | Adjustable-rate and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 269 | 2,322 |
One year before current fiscal year | 2,391 | 1,956 |
Two years before current fiscal year | 1,873 | 214 |
Three years before current fiscal year | 200 | 76 |
Four years before current fiscal year | 69 | 28 |
Five years before current fiscal year | 447 | 445 |
Total | 5,249 | 5,041 |
CLTV ratio greater than 60 to 80 percent | Single family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 12,092 | 173,785 |
One year before current fiscal year | 177,407 | 448,104 |
Two years before current fiscal year | 435,407 | 192,884 |
Three years before current fiscal year | 186,945 | 29,199 |
Four years before current fiscal year | 27,931 | 7,914 |
Five years before current fiscal year | 17,706 | 10,887 |
Total | 857,488 | 862,773 |
CLTV ratio greater than 80 to 90 Percent | 20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6,522 | 79,901 |
One year before current fiscal year | 86,335 | 90,006 |
Two years before current fiscal year | 82,824 | 4,405 |
Three years before current fiscal year | 5,149 | 569 |
Four years before current fiscal year | 579 | 164 |
Five years before current fiscal year | 568 | 419 |
Total | 181,977 | 175,464 |
CLTV ratio greater than 80 to 90 Percent | 15-year or less, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 123 | 1,601 |
One year before current fiscal year | 1,500 | 368 |
Two years before current fiscal year | 275 | 7 |
Three years before current fiscal year | 6 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 1 | 1 |
Total | 1,905 | 1,977 |
CLTV ratio greater than 80 to 90 Percent | Adjustable-rate and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 211 | 1,127 |
One year before current fiscal year | 1,251 | 186 |
Two years before current fiscal year | 173 | 5 |
Three years before current fiscal year | 5 | 1 |
Four years before current fiscal year | 2 | 1 |
Five years before current fiscal year | 35 | 34 |
Total | 1,677 | 1,354 |
CLTV ratio greater than 80 to 90 Percent | Single family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6,856 | 82,629 |
One year before current fiscal year | 89,086 | 90,560 |
Two years before current fiscal year | 83,272 | 4,417 |
Three years before current fiscal year | 5,160 | 570 |
Four years before current fiscal year | 581 | 165 |
Five years before current fiscal year | 604 | 454 |
Total | 185,559 | 178,795 |
CLTV ratio greater than 90 to 100 percent | 20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 10,477 | 86,109 |
One year before current fiscal year | 86,541 | 8,911 |
Two years before current fiscal year | 12,317 | 397 |
Three years before current fiscal year | 391 | 56 |
Four years before current fiscal year | 59 | 24 |
Five years before current fiscal year | 152 | 143 |
Total | 109,937 | 95,640 |
CLTV ratio greater than 90 to 100 percent | 15-year or less, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 69 | 570 |
One year before current fiscal year | 462 | 5 |
Two years before current fiscal year | 5 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 1 | 1 |
Total | 537 | 576 |
CLTV ratio greater than 90 to 100 percent | Adjustable-rate and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 207 | 836 |
One year before current fiscal year | 912 | 11 |
Two years before current fiscal year | 13 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 16 | 14 |
Total | 1,148 | 861 |
CLTV ratio greater than 90 to 100 percent | Single family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 10,753 | 87,515 |
One year before current fiscal year | 87,915 | 8,927 |
Two years before current fiscal year | 12,335 | 397 |
Three years before current fiscal year | 391 | 56 |
Four years before current fiscal year | 59 | 24 |
Five years before current fiscal year | 169 | 158 |
Total | 111,622 | 97,077 |
CLTV ratio greater than 100 percent | 20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 5 | 2,568 |
One year before current fiscal year | 6,027 | 49 |
Two years before current fiscal year | 211 | 6 |
Three years before current fiscal year | 6 | 6 |
Four years before current fiscal year | 5 | 5 |
Five years before current fiscal year | 151 | 156 |
Total | 6,405 | 2,790 |
CLTV ratio greater than 100 percent | 15-year or less, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 3 |
One year before current fiscal year | 12 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 1 | 1 |
Total | 13 | 4 |
CLTV ratio greater than 100 percent | Adjustable-rate and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 26 |
One year before current fiscal year | 71 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 8 | 9 |
Total | 79 | 35 |
CLTV ratio greater than 100 percent | Single family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 5 | 2,597 |
One year before current fiscal year | 6,110 | 49 |
Two years before current fiscal year | 211 | 6 |
Three years before current fiscal year | 6 | 6 |
Four years before current fiscal year | 5 | 5 |
Five years before current fiscal year | 160 | 166 |
Total | $ 6,497 | $ 2,829 |
Mortgage Loans - Amortized Co_3
Mortgage Loans - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator by Vintage (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 3,031,524 | $ 3,028,495 |
Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,588 | 21,854 |
One year before current fiscal year | 18,854 | 7,678 |
Two years before current fiscal year | 7,850 | 6,614 |
Three years before current fiscal year | 6,627 | 5,043 |
Four years before current fiscal year | 5,027 | 1,091 |
Five years before current fiscal year | 3,876 | 2,890 |
Revolving Loans | 2,242 | 1,924 |
Total | 46,064 | 47,094 |
Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,588 | 21,854 |
One year before current fiscal year | 18,854 | 7,638 |
Two years before current fiscal year | 7,733 | 6,546 |
Three years before current fiscal year | 6,479 | 4,784 |
Four years before current fiscal year | 4,810 | 1,077 |
Five years before current fiscal year | 3,660 | 2,646 |
Revolving Loans | 2,242 | 1,924 |
Total | 45,366 | 46,469 |
Multifamily | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 39 |
Two years before current fiscal year | 39 | 65 |
Three years before current fiscal year | 73 | 232 |
Four years before current fiscal year | 190 | 7 |
Five years before current fiscal year | 17 | 113 |
Revolving Loans | 0 | 0 |
Total | 319 | 456 |
Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 1 |
Two years before current fiscal year | 78 | 3 |
Three years before current fiscal year | 75 | 27 |
Four years before current fiscal year | 27 | 7 |
Five years before current fiscal year | 199 | 131 |
Revolving Loans | 0 | 0 |
Total | 379 | 169 |
Multifamily | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | $ 0 | $ 0 |
Mortgage Loans - Amortized Co_4
Mortgage Loans - Amortized Cost Basis of Held-for-Investment Loans by Payment Status (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 3,031,524 | $ 3,028,495 |
Three months or more past due and accruing | 3,238 | 3,653 |
Non-Accrual with no allowance | 565 | 640 |
Mortgage Loans in Process of Foreclosure, Amount | 1,900 | 1,600 |
20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,592,667 | 2,577,838 |
Three months or more past due and accruing | 3,053 | 3,432 |
Non-Accrual with no allowance | 499 | 522 |
15-year or less, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 363,447 | 374,513 |
Three months or more past due and accruing | 157 | 191 |
Non-Accrual with no allowance | 7 | 9 |
Adjustable-rate and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 29,346 | 29,050 |
Three months or more past due and accruing | 28 | 30 |
Non-Accrual with no allowance | 59 | 67 |
Single-family | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,985,460 | 2,981,401 |
Three months or more past due and accruing | 3,238 | 3,653 |
Non-Accrual with no allowance | 565 | 598 |
Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 46,064 | 47,094 |
Three months or more past due and accruing | 0 | 0 |
Non-Accrual with no allowance | 0 | 42 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,996,795 | 2,988,423 |
Current | 20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,560,613 | 2,541,057 |
Current | 15-year or less, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 361,524 | 372,065 |
Current | Adjustable-rate and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 28,650 | 28,262 |
Current | Single-family | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,950,787 | 2,941,384 |
Current | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 46,008 | 47,039 |
One Month Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 17,440 | 21,748 |
One Month Past Due | 20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 16,017 | 19,820 |
One Month Past Due | 15-year or less, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,131 | 1,590 |
One Month Past Due | Adjustable-rate and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 279 | 325 |
One Month Past Due | Single-family | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 17,427 | 21,735 |
One Month Past Due | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13 | 13 |
Two Months Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,308 | 4,941 |
Two Months Past Due | 20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,017 | 4,603 |
Two Months Past Due | 15-year or less, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 214 | 250 |
Two Months Past Due | Adjustable-rate and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 75 | 88 |
Two Months Past Due | Single-family | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,306 | 4,941 |
Two Months Past Due | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2 | 0 |
Three Months or More Past Due, or in Foreclosure(1) | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 12,981 | 13,383 |
Three Months or More Past Due, or in Foreclosure(1) | 20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 12,020 | 12,358 |
Three Months or More Past Due, or in Foreclosure(1) | 15-year or less, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 578 | 608 |
Three Months or More Past Due, or in Foreclosure(1) | Adjustable-rate and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 342 | 375 |
Three Months or More Past Due, or in Foreclosure(1) | Single-family | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 12,940 | 13,341 |
Three Months or More Past Due, or in Foreclosure(1) | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 41 | $ 42 |
Mortgage Loans - Single-Family
Mortgage Loans - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Single family | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | $ 7,925 | $ 13,735 |
Percentage of class of financing receivable | 0.30% | 0.50% |
Amortized cost basis of loans in payment deferral plans | $ 2,700 | $ 5,100 |
20- and 30-year or more, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | $ 7,480 | $ 12,764 |
Percentage of class of financing receivable | 0.30% | 0.50% |
15-year or less, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | $ 352 | $ 666 |
Percentage of class of financing receivable | 0.10% | 0.20% |
Adjustable-rate and other | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | $ 93 | $ 305 |
Percentage of class of financing receivable | 0.30% | 1.10% |
payment delay [Member] | Single family | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | $ 6,765 | $ 9,941 |
payment delay [Member] | 20- and 30-year or more, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | 6,357 | 9,133 |
payment delay [Member] | 15-year or less, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | 332 | 596 |
payment delay [Member] | Adjustable-rate and other | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | 76 | 212 |
payment delay and term extension [Member] | Single family | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | 1,069 | 713 |
payment delay and term extension [Member] | 20- and 30-year or more, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | 1,037 | 683 |
payment delay and term extension [Member] | 15-year or less, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | 19 | 15 |
payment delay and term extension [Member] | Adjustable-rate and other | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | 13 | 15 |
payment delay, interest rate reduction, and term extension [Member] | Single family | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | 91 | 3,081 |
payment delay, interest rate reduction, and term extension [Member] | 20- and 30-year or more, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | 86 | 2,948 |
payment delay, interest rate reduction, and term extension [Member] | 15-year or less, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | 1 | 55 |
payment delay, interest rate reduction, and term extension [Member] | Adjustable-rate and other | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Accumulated | $ 4 | $ 78 |
Mortgage Loans - Financial Effe
Mortgage Loans - Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
20- and 30-year or more, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Weighted average interest rate reduction | 0.90% | 1.60% |
Weighted average term extension | 180 | 186 |
Weighted average payment deferral or principal forbearance | $ 16,000 | $ 24,000 |
15-year or less, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Weighted average interest rate reduction | 0.40% | 0.80% |
Weighted average term extension | 354 | 366 |
Weighted average payment deferral or principal forbearance | $ 16,000 | $ 25,000 |
Adjustable-rate and other | ||
financing receivable, loan restructuring [Line Items] | ||
Weighted average interest rate reduction | 2% | 2.20% |
Weighted average term extension | 206 | 226 |
Weighted average payment deferral or principal forbearance | $ 19,000 | $ 27,000 |
Mortgage Loans - Subsequent Def
Mortgage Loans - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Single family | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | $ 1,134 | $ 449 |
Single family | payment delay [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 746 | 435 |
Single family | payment delay and term extension [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 177 | 7 |
Single family | payment delay, interest rate reduction, and term extension [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 211 | 7 |
20- and 30-year or more, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 1,085 | 405 |
20- and 30-year or more, amortizing fixed-rate | payment delay [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 704 | 391 |
20- and 30-year or more, amortizing fixed-rate | payment delay and term extension [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 175 | 7 |
20- and 30-year or more, amortizing fixed-rate | payment delay, interest rate reduction, and term extension [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 206 | 7 |
15-year or less, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 32 | 28 |
15-year or less, amortizing fixed-rate | payment delay [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 32 | 28 |
15-year or less, amortizing fixed-rate | payment delay and term extension [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 0 | 0 |
15-year or less, amortizing fixed-rate | payment delay, interest rate reduction, and term extension [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 0 | 0 |
Adjustable-rate and other | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 17 | 16 |
Adjustable-rate and other | payment delay [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 10 | 16 |
Adjustable-rate and other | payment delay and term extension [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 2 | 0 |
Adjustable-rate and other | payment delay, interest rate reduction, and term extension [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | $ 5 | $ 0 |
Mortgage Loans - Payment Status
Mortgage Loans - Payment Status of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Single family | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | $ 28,627 | $ 13,735 |
Single family | Current | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 17,388 | 8,458 |
Single family | One Month Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 2,512 | 1,594 |
Single family | Two Months Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 1,660 | 1,463 |
Single family | Three Months or More Past Due, or in Foreclosure(1) | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 7,067 | 2,220 |
20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 27,086 | 12,764 |
20- and 30-year or more, amortizing fixed-rate | Current | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 16,491 | 7,887 |
20- and 30-year or more, amortizing fixed-rate | One Month Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 2,381 | 1,486 |
20- and 30-year or more, amortizing fixed-rate | Two Months Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 1,572 | 1,359 |
20- and 30-year or more, amortizing fixed-rate | Three Months or More Past Due, or in Foreclosure(1) | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 6,642 | 2,032 |
15-year or less, amortizing fixed-rate | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 1,149 | 666 |
15-year or less, amortizing fixed-rate | Current | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 670 | 380 |
15-year or less, amortizing fixed-rate | One Month Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 98 | 89 |
15-year or less, amortizing fixed-rate | Two Months Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 71 | 88 |
15-year or less, amortizing fixed-rate | Three Months or More Past Due, or in Foreclosure(1) | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 310 | 109 |
Adjustable-rate and other | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 392 | 305 |
Adjustable-rate and other | Current | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 227 | 191 |
Adjustable-rate and other | One Month Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 33 | 19 |
Adjustable-rate and other | Two Months Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 17 | 16 |
Adjustable-rate and other | Three Months or More Past Due, or in Foreclosure(1) | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | $ 115 | $ 79 |
Financial Guarantees (Details)
Financial Guarantees (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Guarantor Obligations [Line Items] | ||
Assets in VIE in which we do not have a variable interest in | $ 700 | $ 400 |
Fannie Mae Collateral Included In Freddie Mac Commingled Security | 100 | 100 |
CRT Related Derivatives | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | 2,100 | 2,100 |
Guarantees of Fannie Mae securities | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | 116,807 | 119,267 |
Maximum exposure | 116,807 | 119,267 |
Recognized Liability | $ 0 | $ 0 |
Maximum Remaining Term | 39 years | 39 years |
Other Guarantees | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | $ 166 | $ 185 |
Maximum exposure | 440 | 435 |
Recognized Liability | $ 0 | $ 0 |
Maximum Remaining Term | 30 years | 29 years |
Single-family | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | $ 40,420 | $ 41,080 |
Maximum exposure | 34,619 | 35,248 |
Recognized Liability | 577 | 594 |
Single-family | Securitization products | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | 31,130 | 31,604 |
Maximum exposure | 25,329 | 25,772 |
Recognized Liability | $ 385 | $ 391 |
Maximum Remaining Term | 40 years | 40 years |
Single-family | Other mortgage-related guarantees | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | $ 9,290 | $ 9,476 |
Maximum exposure | 9,290 | 9,476 |
Recognized Liability | $ 192 | $ 203 |
Maximum Remaining Term | 29 years | 29 years |
Multifamily | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | $ 368,431 | $ 371,379 |
Maximum exposure | 327,290 | 329,627 |
Recognized Liability | 5,129 | 5,268 |
Multifamily | Securitization products | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | 357,747 | 360,869 |
Maximum exposure | 316,606 | 319,117 |
Recognized Liability | $ 4,751 | $ 4,889 |
Maximum Remaining Term | 37 years | 37 years |
Multifamily | Other mortgage-related guarantees | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | $ 10,684 | $ 10,510 |
Maximum exposure | 10,684 | 10,510 |
Recognized Liability | $ 378 | $ 379 |
Maximum Remaining Term | 36 years | 36 years |
UPB of Loans Underlying Our Gua
UPB of Loans Underlying Our Guarantees by Payment Status (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Guarantor Obligations [Line Items] | ||
Current | $ 403,434 | $ 407,152 |
One Month Past Due | 2,326 | 2,095 |
Two Months Past Due | 750 | 760 |
Three Months or More Past Due, or in Foreclosure | 2,341 | 2,452 |
Total | 408,851 | 412,459 |
Single family | ||
Guarantor Obligations [Line Items] | ||
Current | 35,753 | 36,241 |
One Month Past Due | 2,075 | 2,072 |
Two Months Past Due | 729 | 748 |
Three Months or More Past Due, or in Foreclosure | 1,863 | 2,019 |
Total | 40,420 | 41,080 |
Multifamily | ||
Guarantor Obligations [Line Items] | ||
Current | 367,681 | 370,911 |
One Month Past Due | 251 | 23 |
Two Months Past Due | 21 | 12 |
Three Months or More Past Due, or in Foreclosure | 478 | 433 |
Total | $ 368,431 | $ 371,379 |
Guarantees and Other Off-Bala_3
Guarantees and Other Off-Balance Sheet Credit Exposures (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Guarantor Obligations [Line Items] | ||
Mortgage loan purchase commitments | $ 11,249 | $ 9,609 |
Other Loan Commitments | 34,923 | 22,293 |
Unpaid Principal Balance Of off-Balance Sheet Credit Exposure | 46,172 | 31,902 |
Commitments with FVO election | $ 2,100 | $ 500 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | $ 8,321 | $ 4,921 |
Allowance for credit loss | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 7,893 | 5,518 |
Provision (benefit) for credit losses | 395 | (837) |
Charge-offs | (90) | (173) |
Recoveries collected | 32 | 52 |
Other(1) | 91 | 361 |
Held for Investment | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | 7,835 | 4,389 |
Other Allowance for Credit Losses | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | 486 | 532 |
Single family | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | 8,097 | 4,849 |
Single family | Allowance for credit loss | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 7,746 | 5,440 |
Provision (benefit) for credit losses | 318 | (831) |
Charge-offs | (90) | (173) |
Recoveries collected | 32 | 52 |
Other(1) | 91 | 361 |
Single family | Held for Investment | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | 7,675 | 4,358 |
Single family | Other Allowance for Credit Losses | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | 422 | 491 |
Multifamily | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | 224 | 72 |
Multifamily | Allowance for credit loss | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 147 | 78 |
Provision (benefit) for credit losses | 77 | (6) |
Charge-offs | 0 | 0 |
Recoveries collected | 0 | 0 |
Other(1) | 0 | 0 |
Multifamily | Held for Investment | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | 160 | 31 |
Multifamily | Other Allowance for Credit Losses | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | $ 64 | $ 41 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net unrealized gains (losses) on trading securities held at balance sheets date | $ 200 | $ 1,000 |
Available-for-sale securities scheduled to contractually mature after ten years | 1,500 | |
Available-for-sale securities scheduled to contractually mature after five years through ten years | 4,000 | |
Investment securities in exchange for issuance of debt securities of consolidated trusts | 600 | 3,100 |
Deconsolidation Of Investments | $ 1,400 | $ 1,500 |
Investment Securities - Investm
Investment Securities - Investment Securities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Trading securities | $ 31,343 | $ 32,167 |
Available-for-Sale, at fair value | 6,369 | 6,534 |
Total fair value of investment securities | $ 37,712 | $ 38,701 |
Investment Securities - Trading
Investment Securities - Trading Securities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Trading Securities [Line Items] | ||
Total fair value of trading securities | $ 31,343 | $ 32,167 |
Mortage-related securities | ||
Trading Securities [Line Items] | ||
Total fair value of trading securities | 9,074 | 8,334 |
Non-mortgage-related securities | ||
Trading Securities [Line Items] | ||
Total fair value of trading securities | $ 22,269 | $ 23,833 |
Investment Securities - Availab
Investment Securities - Available-For-Sale Securities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | $ 6,414 | $ 6,644 |
Gross Unrealized Gains in Other Comprehensive Income | 196 | 194 |
Gross Unrealized Losses in Other Comprehensive Income | (241) | (304) |
Available-for-sale security, at fair value | 6,369 | 6,534 |
Accrued Interest Receivable | 16 | 15 |
Agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 6,006 | 6,215 |
Gross Unrealized Gains in Other Comprehensive Income | 14 | 6 |
Gross Unrealized Losses in Other Comprehensive Income | (238) | (301) |
Available-for-sale security, at fair value | 5,782 | 5,920 |
Accrued Interest Receivable | 13 | 12 |
Other mortgage-related securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 408 | 429 |
Gross Unrealized Gains in Other Comprehensive Income | 182 | 188 |
Gross Unrealized Losses in Other Comprehensive Income | (3) | (3) |
Available-for-sale security, at fair value | 587 | 614 |
Accrued Interest Receivable | $ 3 | $ 3 |
Investment Securities - Avail_2
Investment Securities - Available-For-Sale Securities in a Gross Unrealized Loss Position (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | $ 3,066 | $ 5,132 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (82) | (256) |
12 Months or Greater Fair Value | 1,709 | 330 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (159) | (48) |
Agency | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 3,038 | 5,086 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (80) | (253) |
12 Months or Greater Fair Value | 1,696 | 325 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (158) | (48) |
Other mortgage-related securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 28 | 46 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2) | (3) |
12 Months or Greater Fair Value | 13 | 5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (1) | $ 0 |
Investment Securities - Gross R
Investment Securities - Gross Realized Gains and Gross Realized Losses on Sales of Available-For-Sale Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized gains | $ 2 | $ 0 |
Gross realized losses | (2) | (1) |
Net realized gains | $ 0 | $ (1) |
Debt Text (Details)
Debt Text (Details) $ in Billions | Mar. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Aggregate indebtedness | $ 190.1 |
Debt cap limit under Purchase Agreement | $ 270 |
Debt - Total Debt (Details)
Debt - Total Debt (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Net [Abstract] | ||
Long-term debt carrying amount | $ 3,158,833 | |
Total debt | 3,167,514 | $ 3,145,832 |
Held by consolidated trusts | ||
Debt Net [Abstract] | ||
Total debt | 2,987,050 | 2,979,070 |
Held by Freddie Mac | ||
Debt Net [Abstract] | ||
Short-term Debt | 8,681 | 7,712 |
Long-term debt carrying amount | 171,783 | 159,050 |
Total debt | $ 180,464 | $ 166,762 |
Debt - Debt of Consolidated Tru
Debt - Debt of Consolidated Trusts (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Carrying Amount | $ 3,167,514 | $ 3,145,832 |
Debt instrument recorded at fair value | 2,811 | 3,047 |
Held by consolidated trusts | ||
Debt Instrument [Line Items] | ||
UPB | 2,938,721 | 2,929,567 |
Carrying Amount | 2,987,050 | 2,979,070 |
Debt instrument recorded at fair value | $ 2,100 | $ 1,900 |
Effective rate for debt securities of consolidated trusts held by third parties | 2.47% | 2.39% |
Held by consolidated trusts | Single-family | ||
Debt Instrument [Line Items] | ||
UPB | $ 2,903,641 | $ 2,898,640 |
Carrying Amount | 2,952,469 | 2,948,629 |
Held by consolidated trusts | Multifamily | ||
Debt Instrument [Line Items] | ||
UPB | 35,080 | 30,927 |
Carrying Amount | $ 34,581 | $ 30,441 |
Weighted Average Coupon | 2.88% | 2.66% |
Held by consolidated trusts | Single-family 20- and 30-year or more, fixed-rate | Single-family | ||
Debt Instrument [Line Items] | ||
UPB | $ 2,522,559 | $ 2,507,235 |
Carrying Amount | $ 2,564,677 | $ 2,550,137 |
Weighted Average Coupon | 2.82% | 2.76% |
Held by consolidated trusts | Single-family 15-year or less, fixed-rate | Single-family | ||
Debt Instrument [Line Items] | ||
UPB | $ 357,248 | $ 367,844 |
Carrying Amount | $ 363,390 | $ 374,339 |
Weighted Average Coupon | 2.15% | 2.14% |
Held by consolidated trusts | Adjustable-rate and other | Single-family | ||
Debt Instrument [Line Items] | ||
UPB | $ 23,834 | $ 23,561 |
Carrying Amount | $ 24,402 | $ 24,153 |
Weighted Average Coupon | 3.29% | 3.04% |
Debt - Short-Term Debt (Details
Debt - Short-Term Debt (Details) - Held by Freddie Mac - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Short-term Debt [Abstract] | ||
Short-term debt par value | $ 8,716 | $ 7,716 |
Short-term Debt | $ 8,681 | $ 7,712 |
Short-term debt weighted average effective rate | 4.36% | 3.49% |
Discount notes and Reference Bills | ||
Short-term Debt [Abstract] | ||
Short-term debt par value | $ 8,051 | $ 6,826 |
Short-term Debt | $ 8,016 | $ 6,822 |
Short-term debt weighted average effective rate | 4.56% | 3.71% |
Medium-term notes | ||
Short-term Debt [Abstract] | ||
Short-term debt par value | $ 665 | $ 890 |
Short-term Debt | $ 665 | $ 890 |
Short-term debt weighted average effective rate | 1.91% | 1.81% |
Securities sold under agreements to repurchase | ||
Short-term Debt [Abstract] | ||
Short-term debt par value | $ 4,652 | $ 11,991 |
Short-term Debt | $ 4,652 | $ 11,991 |
Short-term debt weighted average effective rate | 4.58% | 3.86% |
Offsetting arrangements | ||
Short-term Debt [Abstract] | ||
Short-term debt par value | $ (4,652) | $ (11,991) |
Short-term Debt | $ (4,652) | $ (11,991) |
Debt - Long-Term Debt (Details)
Debt - Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 3,158,833 | |
Debt instrument recorded at fair value | 2,811 | $ 3,047 |
Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | 181,384 | 170,363 |
Long-term Debt | $ 171,783 | $ 159,050 |
Long-term debt weighted average effective rate | 2.49% | 2.20% |
Debt instrument recorded at fair value | $ 700 | $ 1,100 |
Callable Medium Term Notes | Fixed Rate | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | 115,743 | 103,584 |
Long-term Debt | $ 115,680 | $ 103,528 |
Long-term debt weighted average effective rate | 2.35% | 1.96% |
Callable Medium Term Notes | Variable Rate | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | $ 4,941 | $ 4,691 |
Long-term Debt | $ 4,939 | $ 4,689 |
Long-term debt weighted average effective rate | 4.04% | 3.95% |
Non Callable Medium Term Notes | Fixed Rate | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | $ 2,481 | $ 2,747 |
Long-term Debt | $ 2,481 | $ 2,747 |
Long-term debt weighted average effective rate | 0.78% | 0.73% |
Non Callable Medium Term Notes | Variable Rate | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | $ 47 | $ 47 |
Long-term Debt | $ 47 | $ 47 |
Long-term debt weighted average effective rate | 8.10% | 8.10% |
Non Callable Medium Term Notes | Zero Coupon | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | $ 4,836 | $ 4,841 |
Long-term Debt | $ 2,955 | $ 2,913 |
Long-term debt weighted average effective rate | 6.12% | 6.11% |
Non Callable US Dollar Reference Notes Securities | Fixed Rate | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | $ 49,801 | $ 49,801 |
Long-term Debt | $ 49,839 | $ 49,832 |
Long-term debt weighted average effective rate | 2.04% | 1.76% |
CRT products | Fixed Rate | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | $ 86 | $ 90 |
Long-term Debt | $ 86 | $ 93 |
Long-term debt weighted average effective rate | 13% | 13% |
CRT products | Variable Rate | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | $ 3,449 | $ 4,562 |
Long-term Debt | $ 3,342 | $ 4,448 |
Long-term debt weighted average effective rate | 9.40% | 8.79% |
Other | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | $ 0 | $ 0 |
Long-term Debt | $ 128 | $ 137 |
Long-term debt weighted average effective rate | 0.85% | 0.82% |
Hedging-Related Basis Adjustments | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ (7,714) | $ (9,384) |
Debt - Contractual Maturity of
Debt - Contractual Maturity of Long-term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Contractual maturities of long term debt | ||
Debt of consolidated trusts held by third parties, STACR, and SCR debt notes | $ 2,942,256 | |
Par Value Of Total Long Term Debt | 3,120,105 | |
Net discounts, premiums, debt issuance costs, hedge-related, and other basis adjustments | 38,728 | |
Long-term Debt | 3,158,833 | |
Held by Freddie Mac | ||
Contractual maturities of long term debt | ||
Long-term debt - 2024 | 40,271 | |
Long-term debt - 2025 | 33,340 | |
Long-term debt - 2026 | 58,018 | |
Long-term debt - 2027 | 10,097 | |
Long-term debt - 2028 | 7,793 | |
Long-Term Debt, Maturity, after Year Five | 28,330 | |
Long-term Debt | $ 171,783 | $ 159,050 |
Derivatives - Derivative Assets
Derivatives - Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Notional or contractual amount | $ 992,160 | $ 1,057,990 |
Derivative interest receivable and other | 1 | 35 |
Netting adjustments to derivative assets | (5,090) | (6,127) |
Derivative Asset | 391 | 307 |
Derivative interest payable and other | (214) | (25) |
Netting adjustments to derivative liabilities | 8,778 | 10,187 |
Derivative liabilities, net | (893) | (758) |
Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Asset | 3 | 2 |
Derivative liabilities, net | (649) | (679) |
Not Designated as Hedging Instrument, Economic Hedge | ||
Derivative [Line Items] | ||
Notional or contractual amount | 802,186 | 876,692 |
Derivative assets at fair value | 5,152 | 6,078 |
Derivative liabilities at fair value | (2,809) | (3,073) |
Not Designated as Hedging Instrument, Economic Hedge | CDX swaption | ||
Derivative [Line Items] | ||
Notional or contractual amount | 6,900 | 10,100 |
Derivative assets at fair value | 2 | 2 |
Not Designated as Hedging Instrument, Economic Hedge | Swaps | ||
Derivative [Line Items] | ||
Notional or contractual amount | 445,598 | 480,824 |
Derivative assets at fair value | 1,427 | 1,762 |
Derivative liabilities at fair value | (604) | (526) |
Not Designated as Hedging Instrument, Economic Hedge | Written options | Written | ||
Derivative [Line Items] | ||
Notional or contractual amount | 49,745 | 46,101 |
Derivative assets at fair value | 0 | 0 |
Derivative liabilities at fair value | (1,550) | (1,857) |
Not Designated as Hedging Instrument, Economic Hedge | Purchased options | Purchased | ||
Derivative [Line Items] | ||
Notional or contractual amount | 87,065 | 92,010 |
Derivative assets at fair value | 3,703 | 4,302 |
Derivative liabilities at fair value | 0 | 0 |
Not Designated as Hedging Instrument, Economic Hedge | Futures | ||
Derivative [Line Items] | ||
Notional or contractual amount | 134,295 | 182,330 |
Derivative assets at fair value | 0 | 0 |
Derivative liabilities at fair value | 0 | 0 |
Not Designated as Hedging Instrument, Economic Hedge | Interest-rate risk management derivatives | ||
Derivative [Line Items] | ||
Notional or contractual amount | 716,703 | 801,265 |
Derivative assets at fair value | 5,130 | 6,064 |
Derivative liabilities at fair value | (2,154) | (2,383) |
Not Designated as Hedging Instrument, Economic Hedge | Mortgage commitment derivatives | ||
Derivative [Line Items] | ||
Notional or contractual amount | 39,505 | 29,354 |
Derivative assets at fair value | 19 | 12 |
Derivative liabilities at fair value | (6) | (11) |
Not Designated as Hedging Instrument, Economic Hedge | Credit risk transfer [Member] | ||
Derivative [Line Items] | ||
Notional or contractual amount | 31,888 | 31,647 |
Derivative assets at fair value | 0 | 0 |
Derivative liabilities at fair value | (110) | (55) |
Not Designated as Hedging Instrument, Economic Hedge | Other Contract [Member] | ||
Derivative [Line Items] | ||
Notional or contractual amount | 14,090 | 14,426 |
Derivative assets at fair value | 3 | 2 |
Derivative liabilities at fair value | (539) | (624) |
Designated as Hedging Instrument | Fair Value Hedging | ||
Derivative [Line Items] | ||
Notional or contractual amount | 189,974 | 181,298 |
Derivative assets at fair value | 328 | 321 |
Derivative liabilities at fair value | (6,648) | (7,847) |
Designated as Hedging Instrument | Fair Value Hedging | Swaps | ||
Derivative [Line Items] | ||
Notional or contractual amount | 189,974 | 181,298 |
Derivative assets at fair value | 328 | 321 |
Derivative liabilities at fair value | $ (6,648) | $ (7,847) |
Derivatives - Derivative Gains
Derivatives - Derivative Gains and Losses (Details) - Not Designated as Hedging Instrument, Economic Hedge - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | $ (682) | $ 3,423 |
Gain (Loss) on Derivative Instruments | Interest-rate management derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | (587) | 1,611 |
Gain (Loss) on Derivative Instruments | Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | 29 | 390 |
Gain (Loss) on Derivative Instruments | Written options | Written | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | 195 | (364) |
Gain (Loss) on Derivative Instruments | Purchased options | Purchased | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | (504) | 717 |
Gain (Loss) on Derivative Instruments | Futures | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | (307) | 868 |
Gain (Loss) on Derivative Instruments | Mortgage commitment derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | (80) | 1,839 |
Gain (Loss) on Derivative Instruments | CRT-Related Derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | (76) | 12 |
Gain (Loss) on Derivative Instruments | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | $ 61 | $ (39) |
Derivatives Derivatives - Gains
Derivatives Derivatives - Gains and Losses on Fair Value Hedge (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest income | $ 24,987 | $ 17,740 |
Total interest expense | (20,486) | (13,636) |
Interest rate risk on held-for-investment mortgage loans | Interest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on fair value hedging relationships - hedged items | 1,123 | (2,627) |
Gain (loss) on fair value hedging relationships - derivatives designated as hedging instruments | (1,073) | 2,055 |
Interest accrual on fair value hedging derivatives for held-for-investment loan | 211 | (267) |
Discontinued hedge related basis adjustments amortization | 31 | (124) |
Interest rate risk on debt | Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on fair value hedging relationships - hedged items | (1,535) | 3,861 |
Gain (loss) on fair value hedging relationships - derivatives designated as hedging instruments | 1,534 | (3,896) |
Interest accrual on fair value hedging derivatives for debt | (1,051) | 144 |
Discontinued hedge related basis adjustments amortization | $ (38) | $ 10 |
Derivatives Derivatives - Cumul
Derivatives Derivatives - Cumulative Basis Adjustment due to Fair Value Hedges (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Cumulative Basis Adjustments Due to Fair Value Hedging [Line Items] | ||
Carrying amount debt hedged liability | $ (156,649) | $ (142,511) |
Total basis adjustment cumulative amount for hedged liability | 7,714 | 9,384 |
Hedged Asset, Fair Value Hedge, Portfolio Layer, Cumulative Increase (Decrease) | (700) | |
Basis adjustment amount for hedged liability - discontinued hedge | 187 | 123 |
Mortgage loans held-for-investment | ||
Cumulative Basis Adjustments Due to Fair Value Hedging [Line Items] | ||
Carrying amount mortgage loans held-for-investment hedged asset | 1,126,852 | 1,108,098 |
Total basis adjustment cumulative amount for hedged asset | (1,967) | (3,122) |
Hedged Asset, Fair Value Hedge, Portfolio Layer, Cumulative Increase (Decrease) | (678) | (959) |
Basis adjustment amount for hedged asset - discontinued hedge | (1,289) | (2,163) |
Closed Portfolio and Beneficial Interest, Portfolio Layer, Amortized Cost | 77,275 | 79,070 |
Hedged Asset, Fair Value Hedge, Portfolio Layer, Amount | 11,516 | 11,516 |
Mortgage loans held-for-sale | ||
Cumulative Basis Adjustments Due to Fair Value Hedging [Line Items] | ||
Carrying amount mortgage loans held-for-investment hedged asset | 56 | 67 |
Total basis adjustment cumulative amount for hedged asset | 1 | 1 |
Hedged Asset, Fair Value Hedge, Portfolio Layer, Cumulative Increase (Decrease) | 0 | 0 |
Basis adjustment amount for hedged asset - discontinued hedge | 1 | 1 |
Closed Portfolio and Beneficial Interest, Portfolio Layer, Amortized Cost | 0 | 0 |
Hedged Asset, Fair Value Hedge, Portfolio Layer, Amount | $ 0 | $ 0 |
Collateralized Agreements and_3
Collateralized Agreements and Offsetting Arrangements - Offsetting of Financial Assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative Assets: | ||
Gross Amount Recognized | $ 5,481 | $ 6,434 |
Counterparty netting | (4,052) | (4,468) |
Cash Collateral netting | (1,038) | (1,659) |
Derivative Asset, Total | 391 | 307 |
Gross Amount Not Offset in the Consolidated Balance Sheets | (180) | (218) |
Net Amount | 211 | 89 |
Securities purchased under agreements to resell: | ||
Gross Amount Recognized | 112,688 | 99,286 |
Counterparty netting | (4,652) | (11,991) |
Net Amount Presented in the Consolidated Balance Sheets | 108,036 | 87,295 |
Gross Amount Not Offset in the Consolidated Balance Sheets | (108,036) | (87,295) |
Net Amount | 0 | 0 |
Total: | ||
Gross Amount Recognized | 118,169 | 105,720 |
Counterparty netting | (8,704) | (16,459) |
Cash collateral netting | (1,038) | (1,659) |
Net Amount Presented in the Consolidated Balance Sheets | 108,427 | 87,602 |
Gross Amount Not Offset in the Consolidated Balance Sheets | (108,216) | (87,513) |
Net Amount | 211 | 89 |
Collateral Securities Repledged, Delivered, or Used | 100 | 100 |
Other | ||
Derivative Assets: | ||
Gross Amount Recognized | 3 | 2 |
Counterparty netting | 0 | 0 |
Cash Collateral netting | 0 | 0 |
Derivative Asset, Total | 3 | 2 |
Gross Amount Not Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amount | 3 | 2 |
OTC derivatives | ||
Derivative Assets: | ||
Gross Amount Recognized | 5,459 | 6,385 |
Counterparty netting | (4,052) | (4,468) |
Cash Collateral netting | (1,038) | (1,681) |
Derivative Asset, Total | 369 | 236 |
Gross Amount Not Offset in the Consolidated Balance Sheets | (180) | (214) |
Net Amount | 189 | 22 |
Cleared and exchange-traded derivatives | ||
Derivative Assets: | ||
Gross Amount Recognized | 0 | 28 |
Counterparty netting | 0 | 0 |
Cash Collateral netting | 0 | 22 |
Derivative Asset, Total | 0 | 50 |
Gross Amount Not Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amount | 0 | 50 |
Mortgage commitment derivatives | ||
Derivative Assets: | ||
Gross Amount Recognized | 19 | 19 |
Counterparty netting | 0 | 0 |
Cash Collateral netting | 0 | 0 |
Derivative Asset, Total | 19 | 19 |
Gross Amount Not Offset in the Consolidated Balance Sheets | 0 | (4) |
Net Amount | 19 | 15 |
Securities purchased under agreements to resell | ||
Securities purchased under agreements to resell: | ||
Cash Collateral Netting | 0 | 0 |
Total: | ||
Securities Purchased under Agreements to Resell, Fair Value of Collateral | $ 112,600 | $ 54,700 |
Collateralized Agreements and_4
Collateralized Agreements and Offsetting Arrangements - Offsetting of Financial Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative Liabilities: | ||
Gross Amount Recognized | $ (9,671) | $ (10,945) |
Counterparty netting | 4,052 | 4,468 |
Cash collateral netting | 4,726 | 5,719 |
Derivative liabilities, net | (893) | (758) |
Gross Amount Not Offset in the Consolidated Balance Sheets | 168 | 31 |
Net Amount | (725) | (727) |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Gross Amount Recognized | (4,652) | (11,991) |
Counterparty netting | 4,652 | 11,991 |
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 | (14,323) | (22,936) |
Counterparty netting | 8,704 | 16,459 |
Cash collateral netting | 4,726 | 5,719 |
Net Amount Presented in the Consolidated Balance Sheets | (893) | (758) |
Gross Amount Not Offset in the Consolidated Balance Sheets | 168 | 31 |
Net Amount | (725) | (727) |
Other | ||
Derivative Liabilities: | ||
Gross Amount Recognized | (649) | (679) |
Counterparty netting | 0 | 0 |
Cash collateral netting | 0 | 0 |
Derivative liabilities, net | (649) | (679) |
Gross Amount Not Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amount | (649) | (679) |
OTC derivatives | ||
Derivative Liabilities: | ||
Gross Amount Recognized | (8,790) | (10,230) |
Counterparty netting | 4,052 | 4,468 |
Cash collateral netting | 4,669 | 5,702 |
Derivative liabilities, net | (69) | (60) |
Gross Amount Not Offset in the Consolidated Balance Sheets | 26 | 23 |
Net Amount | (43) | (37) |
Cleared and exchange-traded derivatives | ||
Derivative Liabilities: | ||
Gross Amount Recognized | (199) | (25) |
Counterparty netting | 0 | 0 |
Cash collateral netting | 57 | 17 |
Derivative liabilities, net | (142) | (8) |
Gross Amount Not Offset in the Consolidated Balance Sheets | 142 | 8 |
Net Amount | 0 | 0 |
Mortgage commitment derivatives | ||
Derivative Liabilities: | ||
Gross Amount Recognized | (33) | (11) |
Counterparty netting | 0 | 0 |
Cash collateral netting | 0 | 0 |
Derivative liabilities, net | (33) | (11) |
Gross Amount Not Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amount | (33) | (11) |
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_5
Collateralized Agreements and Offsetting Arrangements - Collateral in the Form of Securities Pledged (Details) - Asset Pledged as Collateral - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | $ 9,209 | $ 12,333 |
Derivative | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 2,351 | 1,533 |
Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 4,619 | 9,453 |
Other | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 2,239 | 1,347 |
Debt of consolidated trusts | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 183 | |
Debt of consolidated trusts | Derivative | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | |
Debt of consolidated trusts | Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | |
Debt of consolidated trusts | Other | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 183 | |
Trading securities | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 9,026 | 5,790 |
Trading securities | Derivative | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 2,351 | 1,533 |
Trading securities | Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 4,619 | 2,910 |
Trading securities | Other | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | $ 2,056 | 1,347 |
Notes Receivable | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 6,543 | |
Notes Receivable | Derivative | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | |
Notes Receivable | Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 6,543 | |
Notes Receivable | Other | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | $ 0 |
Collateralized Agreements and_6
Collateralized Agreements and Offsetting Arrangements - Underlying Collateral Pledged (Details) - Asset Pledged as Collateral - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | $ 9,209 | $ 12,333 |
Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 4,619 | 9,453 |
U.S Treasury securities and other | Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 4,652 | 11,991 |
U.S Treasury securities and other | Overnight and continuous | Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
U.S Treasury securities and other | 30 days or less | Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 1,165 | 11,991 |
U.S Treasury securities and other | After 30 days through 90 days | Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 3,487 | 0 |
U.S Treasury securities and other | Greater than 90 days | Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | $ 0 | $ 0 |
Net Interest Income (Details)
Net Interest Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest income: | ||
Mortgage loans | $ 23,304 | $ 17,310 |
Investment securities | 316 | 384 |
Other | 1,367 | 46 |
Interest income | 24,987 | 17,740 |
Interest expense: | ||
Total interest expense | (20,486) | (13,636) |
Net interest income | 4,501 | 4,104 |
(Provision) benefit for credit losses | (395) | 837 |
Net interest income after (provision) benefit for credit losses | 4,106 | 4,941 |
Held by consolidated trusts | ||
Interest expense: | ||
Debt of consolidated trusts | (18,261) | (13,249) |
Held by Freddie Mac | ||
Interest expense: | ||
Short-term debt | (154) | 0 |
Long-term debt | $ (2,071) | $ (387) |
Segment Reporting (Details)
Segment Reporting (Details) | 3 Months Ended |
Mar. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting - Segment Ear
Segment Reporting - Segment Earnings and Reconciliation to GAAP Condensed Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Net interest income | $ 4,501 | $ 4,104 |
Non-interest income | ||
Guarantee income | 466 | 70 |
Investment gains, net | (225) | 1,513 |
Other income | 85 | 159 |
Non-interest income | 326 | 1,742 |
Net revenues | 4,827 | 5,846 |
(Provision) benefit for credit losses | (395) | 837 |
Non-interest expense | ||
Noninterest Expense | (1,932) | (1,932) |
Income before income tax expense | 2,500 | 4,751 |
Income tax expense | (505) | (953) |
Net income | 1,995 | 3,798 |
Other comprehensive income (loss), net of taxes and reclassification adjustments | 54 | (120) |
Comprehensive income | 2,049 | 3,678 |
Single Family Guarantee Segment | Operating segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Net interest income | 4,296 | 3,806 |
Non-interest income | ||
Guarantee income | 32 | 30 |
Investment gains, net | (179) | 1,252 |
Other income | 54 | 126 |
Non-interest income | (93) | 1,408 |
Net revenues | 4,203 | 5,214 |
(Provision) benefit for credit losses | (318) | 831 |
Non-interest expense | ||
Noninterest Expense | (1,783) | (1,778) |
Income before income tax expense | 2,102 | 4,267 |
Income tax expense | (425) | (856) |
Net income | 1,677 | 3,411 |
Other comprehensive income (loss), net of taxes and reclassification adjustments | (1) | (12) |
Comprehensive income | 1,676 | 3,399 |
Multifamily | Operating segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Net interest income | 205 | 298 |
Non-interest income | ||
Guarantee income | 434 | 40 |
Investment gains, net | (46) | 261 |
Other income | 31 | 33 |
Non-interest income | 419 | 334 |
Net revenues | 624 | 632 |
(Provision) benefit for credit losses | (77) | 6 |
Non-interest expense | ||
Noninterest Expense | (149) | (154) |
Income before income tax expense | 398 | 484 |
Income tax expense | (80) | (97) |
Net income | 318 | 387 |
Other comprehensive income (loss), net of taxes and reclassification adjustments | 55 | 279 |
Comprehensive income | $ 373 | $ (108) |
Segment Reporting - Segment Ass
Segment Reporting - Segment Assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 3,224,980 | $ 3,208,333 |
Reconciling items | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | (189,694) | (207,014) |
Single Family Guarantee Segment | Operating segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 2,988,635 | 2,986,045 |
Multifamily | Operating segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 426,039 | 429,302 |
Operating segments | Operating segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 3,414,674 | $ 3,415,347 |
Concentration of Credit and O_3
Concentration of Credit and Other Risks - Concentration of Credit Risk - Single-Family Mortgage Portfolio (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Concentration Risk [Line Items] | ||
Single-Family serious delinquency rate | 0.62% | 0.66% |
West | ||
Concentration Risk [Line Items] | ||
Single-Family serious delinquency rate | 0.46% | 0.49% |
Northeast | ||
Concentration Risk [Line Items] | ||
Single-Family serious delinquency rate | 0.76% | 0.82% |
North Central | ||
Concentration Risk [Line Items] | ||
Single-Family serious delinquency rate | 0.61% | 0.65% |
Southeast | ||
Concentration Risk [Line Items] | ||
Single-Family serious delinquency rate | 0.67% | 0.73% |
Southwest | ||
Concentration Risk [Line Items] | ||
Single-Family serious delinquency rate | 0.58% | 0.63% |
California | ||
Concentration Risk [Line Items] | ||
Single-Family serious delinquency rate | 0.47% | 0.51% |
Texas | ||
Concentration Risk [Line Items] | ||
Single-Family serious delinquency rate | 0.58% | 0.64% |
Florida | ||
Concentration Risk [Line Items] | ||
Single-Family serious delinquency rate | 0.78% | 0.84% |
New York | ||
Concentration Risk [Line Items] | ||
Single-Family serious delinquency rate | 1.08% | 1.16% |
Illinois | ||
Concentration Risk [Line Items] | ||
Single-Family serious delinquency rate | 0.83% | 0.90% |
All Other | ||
Concentration Risk [Line Items] | ||
Single-Family serious delinquency rate | 0.58% | 0.63% |
Geographic Concentration Risk | Single-family UPB | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 2,988,361 | $ 2,985,763 |
Concentration risk percentage | 100% | 100% |
Geographic Concentration Risk | Single-family UPB | West | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 905,823 | $ 906,123 |
Concentration risk percentage | 30% | 30% |
Geographic Concentration Risk | Single-family UPB | Northeast | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 694,781 | $ 695,944 |
Concentration risk percentage | 23% | 23% |
Geographic Concentration Risk | Single-family UPB | North Central | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 435,435 | $ 436,294 |
Concentration risk percentage | 15% | 15% |
Geographic Concentration Risk | Single-family UPB | Southeast | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 514,825 | $ 512,495 |
Concentration risk percentage | 17% | 17% |
Geographic Concentration Risk | Single-family UPB | Southwest | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 437,497 | $ 434,907 |
Concentration risk percentage | 15% | 15% |
Geographic Concentration Risk | Single-family UPB | California | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 515,908 | $ 516,891 |
Concentration risk percentage | 17% | 17% |
Geographic Concentration Risk | Single-family UPB | Texas | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 203,128 | $ 200,807 |
Concentration risk percentage | 7% | 7% |
Geographic Concentration Risk | Single-family UPB | Florida | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 192,552 | $ 191,009 |
Concentration risk percentage | 6% | 6% |
Geographic Concentration Risk | Single-family UPB | New York | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 130,010 | $ 129,935 |
Concentration risk percentage | 4% | 4% |
Geographic Concentration Risk | Single-family UPB | Illinois | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 112,289 | $ 112,784 |
Concentration risk percentage | 4% | 4% |
Geographic Concentration Risk | Single-family UPB | All Other | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 1,834,474 | $ 1,834,337 |
Concentration risk percentage | 62% | 62% |
Concentration of Credit and O_4
Concentration of Credit and Other Risks - Concentration of Credit Risk - Multifamily Mortgage Portfolio (Details)(Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Concentration Risk [Line Items] | ||
Multifamily Delinquency Rate | 0.13% | 0.12% |
West | ||
Concentration Risk [Line Items] | ||
Multifamily Delinquency Rate | 0.04% | 0.04% |
Northeast | ||
Concentration Risk [Line Items] | ||
Multifamily Delinquency Rate | 0.30% | 0.28% |
North Central | ||
Concentration Risk [Line Items] | ||
Multifamily Delinquency Rate | 0.16% | 0.16% |
Southeast | ||
Concentration Risk [Line Items] | ||
Multifamily Delinquency Rate | 0.04% | 0.04% |
Southwest | ||
Concentration Risk [Line Items] | ||
Multifamily Delinquency Rate | 0.13% | 0.08% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 426,039 | $ 429,302 |
Unpaid Principal Balance, Percent Of Portfolio | 100% | 100% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | West | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 106,840 | $ 107,260 |
Unpaid Principal Balance, Percent Of Portfolio | 25% | 25% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | Northeast | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 104,627 | $ 106,478 |
Unpaid Principal Balance, Percent Of Portfolio | 25% | 25% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | North Central | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 40,555 | $ 40,524 |
Unpaid Principal Balance, Percent Of Portfolio | 10% | 9% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | Southeast | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 84,801 | $ 85,438 |
Unpaid Principal Balance, Percent Of Portfolio | 20% | 20% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | Southwest | ||
Concentration Risk [Line Items] | ||
Portfolio UPB | $ 89,216 | $ 89,602 |
Unpaid Principal Balance, Percent Of Portfolio | 20% | 21% |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Available-For-Sale, at Fair Value: | ||
Debt Securities, Available-for-sale | $ 6,369 | $ 6,534 |
Mortgage Loans [Abstract] | ||
Held-for-sale, at fair value | 2,926 | 3,218 |
Mortgage loans held-for-investment | 1,238 | 1,214 |
Derivative Assets Net [Abstract] | ||
Derivative Asset, Total | 391 | 307 |
Other Assets [Abstract] | ||
Total other assets | 5,982 | 5,890 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 2,811 | 3,047 |
Other liabilities | ||
Total other liabilities | 894 | 759 |
Held by consolidated trusts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 2,100 | 1,900 |
Held by Freddie Mac | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 700 | 1,100 |
Fair Value, Measurements, Recurring | ||
Available-For-Sale, at Fair Value: | ||
Debt Securities, Available-for-sale | 6,369 | 6,534 |
Trading, at Fair Value: | ||
Trading securities, at fair value | 31,343 | 32,167 |
Total investments in securities | 37,712 | 38,701 |
Mortgage Loans [Abstract] | ||
Held-for-sale, at fair value | 2,926 | 3,218 |
Mortgage loans held-for-investment | 1,238 | 1,214 |
Derivative Assets Net [Abstract] | ||
Derivative assets, net | 391 | 307 |
Other Assets [Abstract] | ||
Guarantee Assets | 5,432 | 5,442 |
Derivative assets, net | 391 | 307 |
All Other Assets | 159 | 141 |
Netting adjustments | (5,089) | (6,092) |
Total other assets | 5,982 | 5,890 |
Total assets carried at fair value on a recurring basis | 47,858 | 49,023 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 2,811 | 3,047 |
Other liabilities | ||
Derivative liabilities, net | 893 | 758 |
All other, at fair value | 1 | 1 |
Netting Adjustment | (8,564) | (10,162) |
Total other liabilities | 894 | 759 |
Total liabilities carried at fair value on a recurring basis | 3,705 | 3,806 |
Fair Value, Measurements, Recurring | Held by consolidated trusts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 2,148 | 1,944 |
Fair Value, Measurements, Recurring | Held by Freddie Mac | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 663 | 1,103 |
Fair Value, Measurements, Recurring | Mortage-related securities | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | 9,074 | 8,334 |
Fair Value, Measurements, Recurring | Non-mortgage-related securities | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | 22,269 | 23,833 |
Fair Value, Measurements, Recurring | Level 1 | ||
Available-For-Sale, at Fair Value: | ||
Debt Securities, Available-for-sale | 0 | 0 |
Trading, at Fair Value: | ||
Trading securities, at fair value | 21,884 | 23,453 |
Total investments in securities | 21,884 | 23,453 |
Mortgage Loans [Abstract] | ||
Held-for-sale, at fair value | 0 | 0 |
Mortgage loans held-for-investment | 0 | 0 |
Derivative Assets Net [Abstract] | ||
Derivative assets, net | 0 | 0 |
Other Assets [Abstract] | ||
Guarantee Assets | 0 | 0 |
Derivative assets, net | 0 | 0 |
All Other Assets | 0 | 0 |
Total other assets | 0 | 0 |
Total assets carried at fair value on a recurring basis | 21,884 | 23,453 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 0 | 0 |
Other liabilities | ||
Derivative liabilities, net | 13 | 0 |
All other, at fair value | 0 | 0 |
Total other liabilities | 13 | 0 |
Total liabilities carried at fair value on a recurring basis | 13 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Held by consolidated trusts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Held by Freddie Mac | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Mortage-related securities | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Non-mortgage-related securities | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | 21,884 | 23,453 |
Fair Value, Measurements, Recurring | Level 2 | ||
Available-For-Sale, at Fair Value: | ||
Debt Securities, Available-for-sale | 5,516 | 5,640 |
Trading, at Fair Value: | ||
Trading securities, at fair value | 6,554 | 5,983 |
Total investments in securities | 12,070 | 11,623 |
Mortgage Loans [Abstract] | ||
Held-for-sale, at fair value | 2,579 | 2,908 |
Mortgage loans held-for-investment | 1,174 | 1,104 |
Derivative Assets Net [Abstract] | ||
Derivative assets, net | 5,477 | 6,397 |
Other Assets [Abstract] | ||
Guarantee Assets | 0 | 0 |
Derivative assets, net | 5,477 | 6,397 |
All Other Assets | 34 | 12 |
Total other assets | 5,511 | 6,409 |
Total assets carried at fair value on a recurring basis | 21,334 | 22,044 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 2,427 | 2,659 |
Other liabilities | ||
Derivative liabilities, net | 9,367 | 10,823 |
All other, at fair value | 1 | 1 |
Total other liabilities | 9,368 | 10,824 |
Total liabilities carried at fair value on a recurring basis | 11,795 | 13,483 |
Fair Value, Measurements, Recurring | Level 2 | Held by consolidated trusts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 1,858 | 1,656 |
Fair Value, Measurements, Recurring | Level 2 | Held by Freddie Mac | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 569 | 1,003 |
Fair Value, Measurements, Recurring | Level 2 | Mortage-related securities | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | 6,169 | 5,603 |
Fair Value, Measurements, Recurring | Level 2 | Non-mortgage-related securities | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | 385 | 380 |
Fair Value, Measurements, Recurring | Level 3 | ||
Available-For-Sale, at Fair Value: | ||
Debt Securities, Available-for-sale | 853 | 894 |
Trading, at Fair Value: | ||
Trading securities, at fair value | 2,905 | 2,731 |
Total investments in securities | 3,758 | 3,625 |
Mortgage Loans [Abstract] | ||
Held-for-sale, at fair value | 347 | 310 |
Mortgage loans held-for-investment | 64 | 110 |
Derivative Assets Net [Abstract] | ||
Derivative assets, net | 3 | 2 |
Other Assets [Abstract] | ||
Guarantee Assets | 5,432 | 5,442 |
Derivative assets, net | 3 | 2 |
All Other Assets | 125 | 129 |
Total other assets | 5,560 | 5,573 |
Total assets carried at fair value on a recurring basis | 9,729 | 9,618 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 384 | 388 |
Other liabilities | ||
Derivative liabilities, net | 77 | 97 |
All other, at fair value | 0 | 0 |
Total other liabilities | 77 | 97 |
Total liabilities carried at fair value on a recurring basis | 461 | 485 |
Fair Value, Measurements, Recurring | Level 3 | Held by consolidated trusts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 290 | 288 |
Fair Value, Measurements, Recurring | Level 3 | Held by Freddie Mac | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 94 | 100 |
Fair Value, Measurements, Recurring | Level 3 | Mortage-related securities | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | 2,905 | 2,731 |
Fair Value, Measurements, Recurring | Level 3 | Non-mortgage-related securities | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | $ 0 | $ 0 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Liabilities: | ||
Beginning Balance | $ 485 | $ 318 |
Included in Earnings | (30) | 47 |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | 0 | 0 |
Issues | 12 | 86 |
Sales | 0 | 0 |
Settlements, Net | (6) | (2) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 461 | 449 |
Unrealized Gains (Losses) Still Held - Liabilities | (27) | 57 |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Assets: | ||
Beginning Balance | 9,618 | 10,692 |
Included in Earnings | (34) | (727) |
Included in Other Comprehensive Income | (3) | (36) |
Purchases | 340 | 239 |
Issues | 127 | 336 |
Sales | 0 | 0 |
Settlements, net | (282) | (351) |
Transfers into Level 3 | 11 | 30 |
Transfers out of Level 3 | (48) | (20) |
Ending Balance | 9,729 | 10,163 |
Unrealized Gains (Losses) Still Held - Assets | 136 | (557) |
Unrealized Gains (Losses) Still Held, Assets, OCI | (3) | (29) |
Debt | ||
Liabilities: | ||
Beginning Balance | 388 | 294 |
Included in Earnings | (12) | 23 |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | 0 | 0 |
Issues | 12 | 86 |
Sales | 0 | 0 |
Settlements, Net | (4) | (1) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 384 | 402 |
Unrealized Gains (Losses) Still Held - Liabilities | (8) | 33 |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Other Liabilities | ||
Liabilities: | ||
Beginning Balance | 97 | 24 |
Included in Earnings | (18) | 24 |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | 0 | 0 |
Issues | 0 | 0 |
Sales | 0 | 0 |
Settlements, Net | (2) | (1) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 77 | 47 |
Unrealized Gains (Losses) Still Held - Liabilities | (19) | 24 |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Available-for-sale securities | ||
Assets: | ||
Beginning Balance | 894 | 1,286 |
Included in Earnings | 1 | (1) |
Included in Other Comprehensive Income | (3) | (36) |
Purchases | 0 | 0 |
Issues | 0 | 0 |
Sales | 0 | 0 |
Settlements, net | (39) | (91) |
Transfers into Level 3 | 0 | 30 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 853 | 1,188 |
Unrealized Gains (Losses) Still Held - Assets | 0 | (1) |
Unrealized Gains (Losses) Still Held, Assets, OCI | (3) | (29) |
Trading securities | ||
Assets: | ||
Beginning Balance | 2,731 | 3,386 |
Included in Earnings | (139) | (426) |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | 324 | 243 |
Issues | 0 | 0 |
Sales | 0 | 0 |
Settlements, net | (11) | (18) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | (20) |
Ending Balance | 2,905 | 3,165 |
Unrealized Gains (Losses) Still Held - Assets | 33 | (256) |
Unrealized Gains (Losses) Still Held, Assets, OCI | 0 | 0 |
Investments securities | ||
Assets: | ||
Beginning Balance | 3,625 | 4,672 |
Included in Earnings | (138) | (427) |
Included in Other Comprehensive Income | (3) | (36) |
Purchases | 324 | 243 |
Issues | 0 | 0 |
Sales | 0 | 0 |
Settlements, net | (50) | (109) |
Transfers into Level 3 | 0 | 30 |
Transfers out of Level 3 | 0 | (20) |
Ending Balance | 3,758 | 4,353 |
Unrealized Gains (Losses) Still Held - Assets | 33 | (257) |
Unrealized Gains (Losses) Still Held, Assets, OCI | (3) | (29) |
Mortgage loans held-for-sale | ||
Assets: | ||
Beginning Balance | 310 | |
Included in Earnings | 1 | |
Included in Other Comprehensive Income | 0 | |
Purchases | 26 | |
Issues | 0 | |
Sales | 0 | |
Settlements, net | (1) | |
Transfers into Level 3 | 11 | |
Transfers out of Level 3 | 0 | |
Ending Balance | 347 | |
Unrealized Gains (Losses) Still Held - Assets | 0 | |
Unrealized Gains (Losses) Still Held, Assets, OCI | 0 | |
Mortgage loans held-for-investment | ||
Assets: | ||
Beginning Balance | 110 | |
Included in Earnings | 2 | |
Included in Other Comprehensive Income | 0 | |
Purchases | 0 | |
Issues | 0 | |
Sales | 0 | |
Settlements, net | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | (48) | |
Ending Balance | 64 | |
Unrealized Gains (Losses) Still Held - Assets | 2 | |
Unrealized Gains (Losses) Still Held, Assets, OCI | 0 | |
Other Asset | ||
Assets: | ||
Beginning Balance | 5,573 | 6,020 |
Included in Earnings | 101 | (300) |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | (10) | (4) |
Issues | 127 | 336 |
Sales | 0 | 0 |
Settlements, net | (231) | (242) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 5,560 | 5,810 |
Unrealized Gains (Losses) Still Held - Assets | 101 | (300) |
Unrealized Gains (Losses) Still Held, Assets, OCI | 0 | 0 |
Guarantee Asset | ||
Assets: | ||
Beginning Balance | 5,442 | 5,919 |
Included in Earnings | 85 | (316) |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | 0 | 0 |
Issues | 127 | 333 |
Sales | 0 | 0 |
Settlements, net | (222) | (240) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 5,432 | 5,696 |
Unrealized Gains (Losses) Still Held - Assets | 85 | (316) |
Unrealized Gains (Losses) Still Held, Assets, OCI | 0 | 0 |
All Other, at fair value | ||
Assets: | ||
Beginning Balance | 131 | 101 |
Included in Earnings | 16 | 16 |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | (10) | (4) |
Issues | 0 | 3 |
Sales | 0 | 0 |
Settlements, net | (9) | (2) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 128 | 114 |
Unrealized Gains (Losses) Still Held - Assets | 16 | 16 |
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 (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale | $ 6,369 | $ 6,534 |
Mortgage Loans [Abstract] | ||
Mortgage loans held-for-sale | 2,926 | 3,218 |
Mortgage loans held-for-investment | 1,238 | 1,214 |
Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale | 6,369 | 6,534 |
Trading, at Fair Value: | ||
Trading securities, at fair value | 31,343 | 32,167 |
Mortgage Loans [Abstract] | ||
Mortgage loans held-for-sale | 2,926 | 3,218 |
Mortgage loans held-for-investment | 1,238 | 1,214 |
Other assets: | ||
Guarantee Assets | 5,432 | 5,442 |
Total Assets carried at fair value on a recurring basis | 47,858 | 49,023 |
Liabilities [Abstract] | ||
Total liabilities carried at fair value on a recurring basis | 3,705 | 3,806 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale | 853 | 894 |
Trading, at Fair Value: | ||
Trading securities, at fair value | 2,905 | 2,731 |
Mortgage Loans [Abstract] | ||
Mortgage loans held-for-sale | 347 | 310 |
Mortgage loans held-for-investment | 64 | 110 |
Other assets: | ||
Guarantee Assets | 5,432 | 5,442 |
Insignificant level3 assets | 192 | 131 |
Total Assets carried at fair value on a recurring basis | 9,729 | 9,618 |
Liabilities [Abstract] | ||
Insignificant level3 liabilities | 461 | 485 |
Total liabilities carried at fair value on a recurring basis | 461 | 485 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Median of external sources | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale | 533 | 557 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Single External Source | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | 2,023 | 2,080 |
Mortgage Loans [Abstract] | ||
Mortgage loans held-for-sale | 347 | 310 |
Mortgage loans held-for-investment | 110 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Discounted Cash Flows | ||
Other assets: | ||
Guarantee Assets | 5,074 | 5,084 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale | 320 | 337 |
Trading, at Fair Value: | ||
Trading securities, at fair value | 882 | 651 |
Other assets: | ||
Guarantee Assets | $ 358 | $ 358 |
Fair Value, Measurements, Recurring | Available-for-sale securities | Fair Value, Inputs, Level 3 | Weighted Average | Median of external sources | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
External Pricing Source(s) | 68.2 | 70.5 |
Fair Value, Measurements, Recurring | Available-for-sale securities | Fair Value, Inputs, Level 3 | Minimum | Median of external sources | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
External Pricing Source(s) | 58.2 | 66.3 |
Fair Value, Measurements, Recurring | Available-for-sale securities | Fair Value, Inputs, Level 3 | Maximum | Median of external sources | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
External Pricing Source(s) | 72.8 | 74.6 |
Fair Value, Measurements, Recurring | Trading securities | Fair Value, Inputs, Level 3 | Weighted Average | Single External Source | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
External Pricing Source(s) | 210 | 224.8 |
Fair Value, Measurements, Recurring | Trading securities | Fair Value, Inputs, Level 3 | Minimum | Single External Source | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
External Pricing Source(s) | 0 | 0 |
Fair Value, Measurements, Recurring | Trading securities | Fair Value, Inputs, Level 3 | Maximum | Single External Source | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
External Pricing Source(s) | 5,410 | 5,702.4 |
Fair Value, Measurements, Recurring | Mortgage loans held-for-sale | Fair Value, Inputs, Level 3 | Weighted Average | Single External Source | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
External Pricing Source(s) | 78.7 | 76.6 |
Fair Value, Measurements, Recurring | Mortgage loans held-for-sale | Fair Value, Inputs, Level 3 | Minimum | Single External Source | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
External Pricing Source(s) | 39.6 | 39.6 |
Fair Value, Measurements, Recurring | Mortgage loans held-for-sale | Fair Value, Inputs, Level 3 | Maximum | Single External Source | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
External Pricing Source(s) | 98.6 | 98.1 |
Fair Value, Measurements, Recurring | Mortgage loans held-for-investment | Fair Value, Inputs, Level 3 | Weighted Average | Single External Source | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
External Pricing Source(s) | 80.6 | |
Fair Value, Measurements, Recurring | Mortgage loans held-for-investment | Fair Value, Inputs, Level 3 | Minimum | Single External Source | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
External Pricing Source(s) | 76.9 | |
Fair Value, Measurements, Recurring | Mortgage loans held-for-investment | Fair Value, Inputs, Level 3 | Maximum | Single External Source | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
External Pricing Source(s) | 87.5 | |
Fair Value, Measurements, Recurring | Guarantee Asset | Fair Value, Inputs, Level 3 | Weighted Average | Discounted Cash Flows | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
OAS | 0.46% | 0.45% |
Fair Value, Measurements, Recurring | Guarantee Asset | Fair Value, Inputs, Level 3 | Minimum | Discounted Cash Flows | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
OAS | 0.17% | 0.17% |
Fair Value, Measurements, Recurring | Guarantee Asset | Fair Value, Inputs, Level 3 | Maximum | Discounted Cash Flows | ||
Fair Value Measurement Inputs and Valuation Techniques [Abstract] | ||
OAS | 1.86% | 1.86% |
Fair Value Disclosures - Asse_2
Fair Value Disclosures - Assets Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | $ 1,238 | $ 1,214 |
Fair Value, Measurements, Nonrecurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | 2,624 | 2,144 |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | 454 | 386 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | $ 2,170 | $ 1,758 |
Fair Value Disclosures - Fair_2
Fair Value Disclosures - Fair Value Assets Measured on Nonrecurring Basis Valuation Techniques (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | $ 1,238 | $ 1,214 |
Fair Value, Measurements, Nonrecurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | 2,624 | 2,144 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | 2,170 | 1,758 |
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Median of external sources | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | 1,520 | 1,657 |
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Other Valuation Techniques | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | $ 650 | $ 101 |
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Minimum | Median of external sources | ||
Assets, Fair Value Disclosure [Abstract] | ||
External Pricing Source(s) | 75.3 | 74.8 |
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Maximum | Median of external sources | ||
Assets, Fair Value Disclosure [Abstract] | ||
External Pricing Source(s) | 97.3 | 98.6 |
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Weighted Average | Median of external sources | ||
Assets, Fair Value Disclosure [Abstract] | ||
External Pricing Source(s) | 85.5 | 86.3 |
Fair Value Disclosures - Fair_3
Fair Value Disclosures - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Assets | ||
Securities Purchased under Agreements to Resell | $ 108,036 | $ 87,295 |
Counterparty netting | (4,652) | (11,991) |
Investments in Securities [Abstract] | ||
Debt Securities, Available-for-sale | 6,369 | 6,534 |
Mortgage Loans [Abstract] | ||
Mortgage Loans | 1,238 | 1,214 |
Derivative Asset | 391 | 307 |
Other Assets | 5,982 | 5,890 |
Financial Liabilities | ||
Debt | 2,811 | 3,047 |
Counterparty netting | (4,652) | (11,991) |
Derivative Liability | 893 | 758 |
Other Liabilities | 10,892 | 18,174 |
Other Liabilities, Fair Value | 894 | 759 |
Held by Freddie Mac | ||
Financial Liabilities | ||
Debt | 700 | 1,100 |
Held by consolidated trusts | ||
Financial Assets | ||
Securities Purchased under Agreements to Resell | 10,881 | 9,703 |
Financial Liabilities | ||
Debt | 2,100 | 1,900 |
GAAP Carrying Amount | ||
Financial Assets | ||
Cash and Cash Equivalents | 5,873 | 6,360 |
Securities Purchased under Agreements to Resell | 108,036 | 87,295 |
Investments in Securities [Abstract] | ||
Debt Securities, Available-for-sale | 6,369 | 6,534 |
Trading, at fair value | 31,343 | 32,167 |
Total investments in securities | 37,712 | 38,701 |
Mortgage Loans [Abstract] | ||
Mortgage Loans | 3,037,709 | 3,034,515 |
Guarantee assets | 5,432 | 5,442 |
Derivative Asset | 391 | 307 |
All Other Assets | 2,805 | 1,739 |
Other Assets | 8,628 | 7,488 |
Total assets carried at fair value on a recurring basis | 3,197,958 | 3,174,359 |
Financial Liabilities | ||
Debt | 3,167,514 | 3,145,832 |
Guarantee obligation | 5,639 | 5,779 |
Derivative Liability | 893 | 758 |
Other Liabilities | 12 | 20 |
Other Liabilities, Fair Value | 6,544 | 6,557 |
Total Financial Liabilities | 3,174,058 | 3,152,389 |
GAAP Carrying Amount | Held by Freddie Mac | ||
Mortgage Loans [Abstract] | ||
Mortgage Loans | 59,711 | 62,914 |
Financial Liabilities | ||
Debt | 180,464 | 166,762 |
GAAP Carrying Amount | Held by consolidated trusts | ||
Mortgage Loans [Abstract] | ||
Mortgage Loans | 2,977,998 | 2,971,601 |
Financial Liabilities | ||
Debt | 2,987,050 | 2,979,070 |
GAAP Carrying Amount | AmortizedCost | ||
Mortgage Loans [Abstract] | ||
Mortgage Loans | 3,000,000 | 3,000,000 |
Financial Liabilities | ||
Debt | 3,200,000 | 3,100,000 |
GAAP Carrying Amount | Lower Of Cost Or Fair Value | ||
Mortgage Loans [Abstract] | ||
Mortgage Loans | 9,900 | 9,000 |
GAAP Carrying Amount | FV - NI | ||
Mortgage Loans [Abstract] | ||
Mortgage Loans | 4,200 | 4,400 |
Financial Liabilities | ||
Debt | 2,800 | 3,000 |
Fair Value | ||
Financial Assets | ||
Cash and Cash Equivalents | 5,873 | 6,360 |
Securities Purchased under Agreements to Resell | 108,036 | 87,295 |
Counterparty netting | (4,652) | (11,991) |
Investments in Securities [Abstract] | ||
Debt Securities, Available-for-sale | 6,369 | 6,534 |
Trading, at fair value | 31,343 | 32,167 |
Total investments in securities | 37,712 | 38,701 |
Mortgage Loans [Abstract] | ||
Mortgage Loans | 2,669,710 | 2,634,395 |
Guarantee assets | 5,435 | 5,445 |
Derivative Asset | 391 | 307 |
Netting adjustments | (5,089) | (6,092) |
All Other Assets | 2,811 | 1,742 |
Other Assets | 8,637 | 7,494 |
Total Asset Netting Adjustment | (9,741) | (18,083) |
Total assets carried at fair value on a recurring basis | 2,829,968 | 2,774,245 |
Financial Liabilities | ||
Debt | 2,792,540 | 2,731,868 |
Counterparty netting | (4,652) | (11,991) |
Guarantee obligation | 6,018 | 6,016 |
Derivative Liability | 893 | 758 |
Netting Adjustment | (8,564) | (10,162) |
Other Liabilities | 983 | 1,236 |
Other Liabilities, Fair Value | 7,894 | 8,010 |
Total Liability Netting Adjustment | (13,216) | (22,153) |
Total Financial Liabilities | 2,800,434 | 2,739,878 |
Fair Value | Held by Freddie Mac | ||
Mortgage Loans [Abstract] | ||
Mortgage Loans | 55,770 | 58,381 |
Financial Liabilities | ||
Debt | 181,033 | 166,844 |
Fair Value | Held by consolidated trusts | ||
Mortgage Loans [Abstract] | ||
Mortgage Loans | 2,613,940 | 2,576,014 |
Financial Liabilities | ||
Debt | 2,611,507 | 2,565,024 |
Fair Value | Level 1 | ||
Financial Assets | ||
Cash and Cash Equivalents | 5,873 | 6,360 |
Securities Purchased under Agreements to Resell | 0 | 0 |
Investments in Securities [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Trading, at fair value | 21,884 | 23,453 |
Total investments in securities | 21,884 | 23,453 |
Mortgage Loans [Abstract] | ||
Mortgage Loans | 0 | 0 |
Guarantee assets | 0 | 0 |
Derivative assets, net | 0 | 0 |
All Other Assets | 0 | 0 |
Other Assets | 0 | 0 |
Total assets carried at fair value on a recurring basis | 27,757 | 29,813 |
Financial Liabilities | ||
Debt | 0 | 0 |
Guarantee obligation | 0 | 0 |
Derivative liabilities, net | 13 | 0 |
Other Liabilities | 0 | 0 |
Other Liabilities, Fair Value | 13 | 0 |
Total Financial Liabilities | 13 | 0 |
Fair Value | Level 1 | Held by Freddie Mac | ||
Mortgage Loans [Abstract] | ||
Mortgage Loans | 0 | 0 |
Financial Liabilities | ||
Debt | 0 | 0 |
Fair Value | Level 1 | Held by consolidated trusts | ||
Mortgage Loans [Abstract] | ||
Mortgage Loans | 0 | 0 |
Financial Liabilities | ||
Debt | 0 | 0 |
Fair Value | Level 2 | ||
Financial Assets | ||
Cash and Cash Equivalents | 0 | 0 |
Securities Purchased under Agreements to Resell | 112,688 | 99,286 |
Investments in Securities [Abstract] | ||
Debt Securities, Available-for-sale | 5,516 | 5,640 |
Trading, at fair value | 6,554 | 5,983 |
Total investments in securities | 12,070 | 11,623 |
Mortgage Loans [Abstract] | ||
Mortgage Loans | 2,362,982 | 2,357,890 |
Guarantee assets | 0 | 0 |
Derivative assets, net | 5,477 | 6,397 |
All Other Assets | 931 | 907 |
Other Assets | 6,408 | 7,304 |
Total assets carried at fair value on a recurring basis | 2,494,148 | 2,476,103 |
Financial Liabilities | ||
Debt | 2,793,190 | 2,739,996 |
Guarantee obligation | 0 | 0 |
Derivative liabilities, net | 9,367 | 10,823 |
Other Liabilities | 828 | 1,025 |
Other Liabilities, Fair Value | 10,195 | 11,848 |
Total Financial Liabilities | 2,803,385 | 2,751,844 |
Fair Value | Level 2 | Held by Freddie Mac | ||
Mortgage Loans [Abstract] | ||
Mortgage Loans | 25,534 | 25,921 |
Financial Liabilities | ||
Debt | 182,379 | 175,673 |
Fair Value | Level 2 | Held by consolidated trusts | ||
Mortgage Loans [Abstract] | ||
Mortgage Loans | 2,337,448 | 2,331,969 |
Financial Liabilities | ||
Debt | 2,610,811 | 2,564,323 |
Fair Value | Level 3 | ||
Financial Assets | ||
Cash and Cash Equivalents | 0 | 0 |
Securities Purchased under Agreements to Resell | 0 | 0 |
Investments in Securities [Abstract] | ||
Debt Securities, Available-for-sale | 853 | 894 |
Trading, at fair value | 2,905 | 2,731 |
Total investments in securities | 3,758 | 3,625 |
Mortgage Loans [Abstract] | ||
Mortgage Loans | 306,728 | 276,505 |
Guarantee assets | 5,435 | 5,445 |
Derivative assets, net | 3 | 2 |
All Other Assets | 1,880 | 835 |
Other Assets | 7,318 | 6,282 |
Total assets carried at fair value on a recurring basis | 317,804 | 286,412 |
Financial Liabilities | ||
Debt | 4,002 | 3,863 |
Guarantee obligation | 6,018 | 6,016 |
Derivative liabilities, net | 77 | 97 |
Other Liabilities | 155 | 211 |
Other Liabilities, Fair Value | 6,250 | 6,324 |
Total Financial Liabilities | 10,252 | 10,187 |
Fair Value | Level 3 | Held by Freddie Mac | ||
Mortgage Loans [Abstract] | ||
Mortgage Loans | 30,236 | 32,460 |
Financial Liabilities | ||
Debt | 3,306 | 3,162 |
Fair Value | Level 3 | Held by consolidated trusts | ||
Mortgage Loans [Abstract] | ||
Mortgage Loans | 276,492 | 244,045 |
Financial Liabilities | ||
Debt | $ 696 | $ 701 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Held-for-sale, at fair value | $ 2,926 | $ 3,218 |
Loans Held For Investment Fair Value Disclosure | 1,238 | 1,214 |
Other assets and other liabilities | 33 | 11 |
Held by Freddie Mac | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | 7 | 11 |
Debt, Fair Value | 460 | 892 |
Debt, Unpaid Principal Balance, with Fair Value Option Elected | 453 | 881 |
Held by consolidated trusts | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | (123) | (177) |
Debt, Fair Value | 1,858 | 1,656 |
Debt, Unpaid Principal Balance, with Fair Value Option Elected | 1,981 | 1,833 |
Interest-Only | Held by consolidated trusts | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt, Fair Value | 500 | 500 |
Held-for-Sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | (137) | (203) |
Loans, Unpaid Principal Balance, with Fair Value Elected | 3,063 | 3,421 |
Mortgage loans held-for-investment | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | (129) | (154) |
Loans, Unpaid Principal Balance, with Fair Value Elected | $ 1,367 | $ 1,368 |
Fair Value Disclosures Fair Val
Fair Value Disclosures Fair Value Disclosures - Changes in Fair Value under the FVO option (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Mortgage loans held-for-sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 4 | $ (676) |
Mortgage loans held-for-investment | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 26 | 0 |
Debt | Held by Freddie Mac | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 14 | (11) |
Debt | Held by consolidated trusts | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (35) | 72 |
Other assets/other liabilities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 55 | $ (36) |
Legal Contingencies (Details)
Legal Contingencies (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency, Damages Sought, Value | $ 832 |
Estimated Pre-judgment Interest | 6% |
Regulatory Capital Table - ERCF
Regulatory Capital Table - ERCF Capital Requirements (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Compliance with Regulatory Capital Requirements - ERCF [Abstract] | ||
Adjustedtotalassets | $ 3,716,000 | $ 3,710,000 |
Risk-weighted assets (standardized approach) | 908,000 | 899,000 |
Minimum Capital Requirement [Member] | ||
Risk-based capital amounts [Abstract] | ||
Total capital (statutory) | 73,000 | 72,000 |
CET1 capital | 41,000 | 40,000 |
Tier 1 capital | 54,000 | 54,000 |
Adjusted total capital | $ 73,000 | $ 72,000 |
Risk-based capital ratios [Abstract] | ||
Total capital (statutory) | 8% | 8% |
CET1 capital | 4.50% | 4.50% |
Tier 1 capital | 6% | 6% |
Adjusted total capital | 8% | 8% |
Leverage capital amounts: [Abstract] | ||
Core capital (statutory) | $ 93,000 | $ 93,000 |
Tier 1 capital | $ 93,000 | $ 93,000 |
Leverage capital ratios [Abstract] | ||
Core capital (statutory) | 2.50% | 2.50% |
Tier 1 capital | 2.50% | 2.50% |
Capital Requirement Including Buffer [Member] | ||
Risk-based capital amounts [Abstract] | ||
Total capital (statutory) | $ 73,000 | $ 72,000 |
CET1 capital | 91,000 | 90,000 |
Tier 1 capital | 104,000 | 104,000 |
Adjusted total capital | $ 123,000 | $ 122,000 |
Risk-based capital ratios [Abstract] | ||
Total capital (statutory) | 8% | 8% |
CET1 capital | 10.10% | 10.10% |
Tier 1 capital | 11.60% | 11.60% |
Adjusted total capital | 13.60% | 13.60% |
Leverage capital amounts: [Abstract] | ||
Core capital (statutory) | $ 93,000 | $ 93,000 |
Tier 1 capital | $ 104,000 | $ 104,000 |
Leverage capital ratios [Abstract] | ||
Core capital (statutory) | 2.50% | 2.50% |
Tier 1 capital | 2.80% | 2.80% |
Available Capital (Deficit) [Member] | ||
Risk-based capital amounts [Abstract] | ||
Total capital (statutory) | $ (25,000) | $ (27,000) |
CET1 capital | (53,000) | (55,000) |
Tier 1 capital | (39,000) | (41,000) |
Adjusted total capital | $ (39,000) | $ (41,000) |
Risk-based capital ratios [Abstract] | ||
Total capital (statutory) | (2.80%) | (3.10%) |
CET1 capital | (5.80%) | (6.20%) |
Tier 1 capital | (4.30%) | (4.60%) |
Adjusted total capital | (4.30%) | (4.60%) |
Leverage capital amounts: [Abstract] | ||
Core capital (statutory) | $ (33,000) | $ (35,000) |
Tier 1 capital | $ (39,000) | $ (41,000) |
Leverage capital ratios [Abstract] | ||
Core capital (statutory) | (0.90%) | (1.00%) |
Tier 1 capital | (1.00%) | (1.10%) |