Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 09, 2024 | |
Document Information [Line Items] | ||
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2024 | |
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 | 2024 | |
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, 2024 | Mar. 31, 2023 | |
Net interest income | ||
Interest income | $ 28,385 | $ 24,987 |
Interest expense | (23,626) | (20,486) |
Net interest income | 4,759 | 4,501 |
Non-interest income | ||
Guarantee income | 496 | 466 |
Investment gains, net | 405 | (225) |
Other income | 97 | 85 |
Non-interest income | 998 | 326 |
Net revenues | 5,757 | 4,827 |
(Provision) benefit for credit losses | (181) | (395) |
Non-interest expense | ||
Salaries and employee benefits | (421) | (374) |
Credit enhancement expense | (597) | (530) |
Benefit for (decrease in) credit enhancement recoveries | 1 | 49 |
Legislative assessments expense | (754) | (735) |
Other expense | (351) | (342) |
Non-interest expense | (2,122) | (1,932) |
Income before income tax expense | 3,454 | 2,500 |
Income tax expense | (688) | (505) |
Net income | 2,766 | 1,995 |
Other comprehensive income (loss), net of taxes and reclassification adjustments | ||
Other comprehensive income (loss), net of taxes and reclassification adjustments | (25) | 54 |
Comprehensive income | 2,741 | 2,049 |
Net income | 2,766 | 1,995 |
Amounts attributable to senior preferred stock | (2,741) | (2,049) |
Net income attributable to common stockholders | $ 25 | $ (54) |
Net income (loss) per common share - basic (in dollars per share) | $ 0.01 | $ (0.02) |
Net income (loss) per common share - diluted (in dollars per share) | $ 0.01 | $ (0.02) |
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, 2024 | Dec. 31, 2023 |
Assets [Abstract] | ||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | $ 3,531 | $ 6,019 |
Securities purchased under agreements to resell | 102,257 | 95,148 |
Investments in securities, at fair value | 41,400 | 43,275 |
Mortgage loans held-for-sale (includes $7,926 and $7,356 at fair value) | 12,034 | 12,941 |
Mortgage loans held-for-investment | 3,088,687 | 3,083,665 |
Accrued interest receivable, net | 10,047 | 9,925 |
Deferred tax assets, net | 4,227 | 4,076 |
Other Assets | 25,190 | 25,927 |
Total assets | 3,287,373 | 3,280,976 |
Liabilities [Abstract] | ||
Accrued interest payable | 8,712 | 8,812 |
Debt | 3,211,742 | 3,208,346 |
Other liabilities (includes $1,053 and $873 at fair value) | 16,456 | 16,096 |
Total liabilities | 3,236,910 | 3,233,254 |
Equity | ||
Senior preferred stock (liquidation preference of $120,370 and $117,309) | 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 | (32,362) | (35,128) |
AOCI, net of taxes, related to: | ||
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | 51 | 72 |
Accumulated Other Comprehensive (Income) Loss, Other, after Tax | (98) | (94) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (47) | (22) |
Treasury stock, at cost, 75,804,333 shares | (3,885) | (3,885) |
Total equity | 50,463 | 47,722 |
Total liabilities and equity | 3,287,373 | 3,280,976 |
Held by consolidated trusts | ||
Assets [Abstract] | ||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | 1,484 | 891 |
Securities purchased under agreements to resell | 10,777 | 9,396 |
Investments in securities, at fair value | 0 | 65 |
Mortgage loans held-for-investment | 3,044,215 | 3,039,461 |
Accrued interest receivable, net | 9,051 | 8,885 |
Other Assets | 5,525 | 4,858 |
Total assets | 3,071,052 | 3,063,556 |
Liabilities [Abstract] | ||
Accrued interest payable | 7,702 | 7,527 |
Debt | 3,050,038 | 3,041,927 |
Total liabilities | $ 3,057,740 | $ 3,049,454 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Assets [Abstract] | ||
Restricted cash and cash equivalents | $ 1,584 | $ 978 |
Mortgage loans held-for-sale, fair value | 7,926 | 7,356 |
Mortgage Loans | 1,931 | 1,806 |
Allowance for credit losses | 6,570 | 6,383 |
Other assets, fair value | 5,849 | 6,095 |
Equity | ||
Senior preferred stock, liquidation preference | $ 120,370 | $ 117,309 |
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 | $ 2,696 | $ 2,476 |
Other Liabilities, Fair Value | $ 1,053 | $ 873 |
Treasury Stock, Common, Shares | 75,804,333 | 75,804,333 |
Held by consolidated trusts | ||
Assets [Abstract] | ||
Restricted cash and cash equivalents | $ 1,483 | $ 890 |
Liabilities [Abstract] | ||
Debt instrument recorded at fair value | $ 2,300 | $ 2,100 |
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, 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 | |||||
Changes in net unrealized gains on available-for-sale securities (net of taxes) | 52 | 52 | |||||
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income (net of taxes) | 0 | 0 | |||||
Other (net of taxes) | 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 | ||||
Beginning balance at Dec. 31, 2023 | 47,722 | $ 72,648 | $ 14,109 | $ 0 | (35,128) | (22) | (3,885) |
Beginning balance (in shares) at Dec. 31, 2023 | 1 | 464 | 650 | ||||
Comprehensive income: | |||||||
Net income | 2,766 | 2,766 | |||||
Changes in net unrealized gains on available-for-sale securities (net of taxes) | (25) | (25) | |||||
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income (net of taxes) | 4 | 4 | |||||
Other (net of taxes) | (4) | (4) | |||||
Comprehensive income | 2,741 | 2,766 | (25) | ||||
Ending balance at Mar. 31, 2024 | $ 50,463 | $ 72,648 | $ 14,109 | $ 0 | $ (32,362) | $ (47) | $ (3,885) |
Ending balance (in shares) at Mar. 31, 2024 | 1 | 464 | 650 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net cash provided by (used in) operating activities | $ 2,894 | $ 3,435 |
Cash flows from investing activities | ||
Purchases | (15,067) | (39,052) |
Proceeds from sales | 16,257 | 34,919 |
Proceeds from maturities and repayments | 1,595 | 5,464 |
Purchases | (23,751) | (19,991) |
Proceeds from sales | 714 | 1,661 |
Proceeds from repayments | 57,248 | 55,034 |
Advances under secured lending arrangements | (19,544) | (22,317) |
Net (increase) decrease in securities purchased under agreements to resell | (10,736) | (13,353) |
Cash flows related to derivatives | 1,890 | 61 |
Other, net | 320 | (112) |
Net cash provided by (used in) investing activities | 8,926 | 2,314 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Net increase (decrease) in securities sold under agreements to repurchase | 3,555 | (7,339) |
Other, net | (1) | (3) |
Net cash provided by (used in) financing activities | (14,308) | (6,236) |
Net increase (decrease) in cash and cash equivalents (includes restricted cash and cash equivalents) | (2,488) | (487) |
Cash and cash equivalents (includes restricted cash and cash equivalents) at the beginning of year | 6,019 | 6,360 |
Cash and cash equivalents (includes restricted cash and cash equivalents) at end of period | 3,531 | 5,873 |
Cash paid for: | ||
Debt interest | 24,220 | 20,806 |
Income taxes | 0 | 0 |
Held by consolidated trusts | ||
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Proceeds from issuance | 43,851 | 44,187 |
Repayments and redemptions | (57,074) | (55,197) |
Cash and cash equivalents (includes restricted cash and cash equivalents) at the beginning of year | 891 | |
Cash and cash equivalents (includes restricted cash and cash equivalents) at end of period | 1,484 | |
Held by Freddie Mac | ||
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Proceeds from issuance | 32,281 | 64,864 |
Repayments and redemptions | $ (36,920) | $ (52,748) |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Changes in net unrealized gains (losses) on available-for-sale securities, taxes | $ 7 | $ 14 |
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income, taxes | 1 | 0 |
Other, taxes | $ 1 | $ 1 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 2023 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 2023 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 2023 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. Consolidation and Equity Investments For each entity with which we are involved, we determine whether the entity should be consolidated in our financial statements. We consolidate entities in which we have a controlling financial interest. The method for determining whether a controlling financial interest exists varies depending on whether the entity is a VIE. For entities that are not VIEs, we hold a controlling financial interest in entities where we hold a majority of the voting rights or a majority of a limited partnership's kick-out rights through voting interests. We do not currently consolidate any entities which are not VIEs. We use the equity method to account for our interests in entities in which we do not have a controlling financial interest, but over which we have significant influence. We invest in LIHTC partnerships to support and preserve the supply of affordable housing. We have elected to account for these investments using the proportional amortization method when applicable. The carrying amount of our investments in LIHTC partnerships is presented in other assets on our condensed consolidated balance sheets and totaled $3.6 billion as of March 31, 2024. Recently Issued Accounting Guidance Recently Adopted Accounting Guidance 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 The adoption of these amendments did not have a material effect on our consolidated financial statements. See the preceding section Consolidation and Equity Investments for further information. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Effect on Consolidated Financial Statements ASU 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this Update require the disclosure of more detailed quantitative and qualitative information about significant segment expenses that are regularly provided to the CODM and included in each reported measure of segment profit or loss. December 31, 2024 We do not expect the adoption of ASU 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments in this Update require annual disclosure of more detailed tax rate reconciliation categories and income taxes paid by geography and jurisdiction. January 1, 2025 We do not expect the adoption of |
Securitization Activities and C
Securitization Activities and Consolidation | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 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 $1,576 $168 $440 $30,434 $24,762 Resecuritization products (2) 4,774 65 708 109,215 109,215 CRT products (3) — 90 284 29,116 10 Total Single-Family 6,350 323 1,432 168,765 133,987 Multifamily: Securitization products (4) 5,775 5,097 4,519 361,164 321,905 CRT products (3) — 14 15 1,355 11 Total Multifamily 5,775 5,111 4,534 362,519 321,916 Other — 7 5 112 483 Total $12,125 $5,441 $5,971 $531,396 $456,386 Referenced footnotes are included after the prior period table. December 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 $1,272 $172 $427 $30,298 $24,600 Resecuritization products (2) 4,952 67 626 110,320 110,320 CRT products (3) — 92 220 29,126 14 Total Single-Family 6,224 331 1,273 169,744 134,934 Multifamily: Securitization products (4) 5,985 5,082 4,652 360,928 321,262 CRT products (3) — 11 7 1,359 8 Total Multifamily 5,985 5,093 4,659 362,287 321,270 Other — 7 5 117 468 Total $12,209 $5,431 $5,937 $532,148 $456,672 (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 less than $0.1 billion and $0.1 billion as of March 31, 2024 and December 31, 2023, respectively, 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 and excludes 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
Mortgage Loans | 3 Months Ended |
Mar. 31, 2024 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans | Mortgage Loans The table below provides details of the loans on our condensed consolidated balance sheets. Table 3.1 - Mortgage Loans March 31, 2024 December 31, 2023 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Held-for-sale UPB $3,104 $9,446 $12,550 $3,527 $9,905 $13,432 Cost basis and fair value adjustments, net (618) 102 (516) (712) 221 (491) Total held-for-sale loans, net 2,486 9,548 12,034 2,815 10,126 12,941 Held-for-investment UPB 3,001,013 61,757 3,062,770 2,996,509 59,203 3,055,712 Cost basis and fair value adjustments, net (1) 32,804 (317) 32,487 34,627 (291) 34,336 Allowance for credit losses (6,189) (381) (6,570) (6,057) (326) (6,383) Total held-for-investment loans, net (2) 3,027,628 61,059 3,088,687 3,025,079 58,586 3,083,665 Total mortgage loans, net $3,030,114 $70,607 $3,100,721 $3,027,894 $68,712 $3,096,606 (1) Includes ($0.5) billion and ($0.2) billion of basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method hedge relationships as of March 31, 2024 and December 31, 2023, respectively. (2) Includes $1.9 billion and $1.8 billion of multifamily held-for-investment loans for which we have elected the fair value option as of March 31, 2024 and December 31, 2023, respectively . 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 2024 1Q 2023 Single-Family: Purchases: Held-for-investment loans $62,269 $58,965 Sales of held-for-sale loans (1) 618 — Multifamily: Purchases: Held-for-investment loans 2,625 3,349 Held-for-sale loans 6,459 2,695 Sales of held-for-sale loans (2) 6,603 6,150 (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 2024 1Q 2023 (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 $376 $8 $— $— $— $— Held-for-sale to held-for-investment (2) 50 4 4 48 4 4 Multifamily reclassifications from: Held-for-investment to held-for-sale 264 1 (5) 4,731 1 (27) Held-for-sale to held-for-investment (2) 369 — 3 561 — 16 (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 (1) Non-Accrual Amortized Cost Basis Interest Income Recognized (2) (In millions) March 31, 2024 December 31, 2023 1Q 2024 Single-Family: 20- and 30-year or more, amortizing fixed-rate $12,189 $12,682 $31 15-year or less, amortizing fixed-rate 485 519 1 Adjustable-rate and other 247 257 1 Total Single-Family 12,921 13,458 33 Total Multifamily 103 64 1 Total Single-Family and Multifamily $13,024 $13,522 $34 Non-Accrual Amortized Cost Basis Interest Income Recognized (2) (In millions) March 31, 2023 December 31, 2022 1Q 2023 Single-Family: 20- and 30-year or more, amortizing fixed-rate $9,348 $9,307 $28 15-year or less, amortizing fixed-rate 434 427 1 Adjustable-rate and other 332 361 1 Total Single-Family 10,114 10,095 30 Total Multifamily 41 42 1 Total Single-Family and Multifamily $10,155 $10,137 $31 (1) Excludes amounts related to loans for which we have elected the fair value option. (2) 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, 2024 December 31, 2023 1Q 2024 1Q 2023 Single-Family loans $8,980 $8,833 ($46) ($48) Multifamily loans 297 287 (1) — 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 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. Table 3.6 - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratio and Vintage March 31, 2024 Year of Origination Total (In millions) 2024 2023 2022 2021 2020 Prior Current LTV ratio: 20- and 30-year or more, amortizing fixed-rate ≤ 60 $5,993 $42,364 $95,196 $520,140 $539,594 $495,830 $1,699,117 > 60 to 80 16,569 108,193 181,642 301,741 87,998 18,128 714,271 > 80 to 90 6,969 63,047 86,453 25,075 1,309 467 183,320 > 90 to 100 10,954 52,215 21,489 1,673 106 94 86,531 > 100 7 79 971 55 12 85 1,209 Total 20- and 30-year or more, amortizing fixed-rate 40,492 265,898 385,751 848,684 629,019 514,604 2,684,448 Current period gross charge-offs (1) — 1 9 10 6 29 55 15-year or less, amortizing fixed-rate ≤ 60 681 4,466 20,462 119,250 95,360 64,690 304,909 > 60 to 80 734 3,925 7,361 3,364 209 19 15,612 > 80 to 90 108 627 376 20 — 1 1,132 > 90 to 100 68 164 28 — — — 260 > 100 — — — — — 1 1 Total 15-year or less, amortizing fixed-rate 1,591 9,182 28,227 122,634 95,569 64,711 321,914 Current period gross charge-offs (1) — — — — — 1 1 Adjustable-rate and other ≤ 60 55 422 1,670 3,314 1,432 12,960 19,853 > 60 to 80 220 1,296 2,603 1,019 87 240 5,465 > 80 to 90 109 796 997 45 3 17 1,967 > 90 to 100 84 356 246 3 — 8 697 > 100 — — 15 — — 4 19 Total adjustable-rate and other 468 2,870 5,531 4,381 1,522 13,229 28,001 Current period gross charge-offs (1) — — — — — — — Total for all loan product types by current LTV ratio: ≤ 60 6,729 47,252 117,328 642,704 636,386 573,480 2,023,879 > 60 to 80 17,523 113,414 191,606 306,124 88,294 18,387 735,348 > 80 to 90 7,186 64,470 87,826 25,140 1,312 485 186,419 > 90 to 100 11,106 52,735 21,763 1,676 106 102 87,488 > 100 7 79 986 55 12 90 1,229 Total Single-Family loans $42,551 $277,950 $419,509 $975,699 $726,110 $592,544 $3,034,363 Total current period gross charge-offs (1) $— $1 $9 $10 $6 $30 $56 Referenced footnotes are included after the prior period table. December 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 $39,500 $93,279 $513,267 $542,449 $94,348 $411,663 $1,694,506 > 60 to 80 105,384 183,251 318,965 95,102 12,402 7,296 722,400 > 80 to 90 55,973 90,785 27,750 1,272 213 262 176,255 > 90 to 100 51,994 23,460 1,542 71 16 77 77,160 > 100 28 912 24 9 5 88 1,066 Total 20- and 30-year or more, amortizing fixed-rate 252,879 391,687 861,548 638,903 106,984 419,386 2,671,387 Full-year gross charge-offs (1) — 12 37 43 45 243 380 15-year or less, amortizing fixed-rate ≤ 60 4,221 20,246 121,709 98,338 12,488 56,493 313,495 > 60 to 80 3,973 8,314 4,491 278 19 5 17,080 > 80 to 90 623 509 25 — — — 1,157 > 90 to 100 198 33 1 — — — 232 > 100 1 1 — — — 1 3 Total 15-year or less, amortizing fixed-rate 9,016 29,103 126,226 98,616 12,507 56,499 331,967 Full-year gross charge-offs (1) — 1 2 1 — 2 6 Adjustable-rate and other ≤ 60 356 1,650 3,325 1,465 586 12,950 20,332 > 60 to 80 1,153 2,651 1,105 89 25 227 5,250 > 80 to 90 689 1,040 48 3 — 18 1,798 > 90 to 100 317 276 2 — — 8 603 > 100 — 16 — — — 4 20 Total adjustable-rate and other 2,515 5,633 4,480 1,557 611 13,207 28,003 Full-year gross charge-offs (1) — — — — — 1 1 Total for all loan product types by current LTV ratio: ≤ 60 44,077 115,175 638,301 642,252 107,422 481,106 2,028,333 > 60 to 80 110,510 194,216 324,561 95,469 12,446 7,528 744,730 > 80 to 90 57,285 92,334 27,823 1,275 213 280 179,210 > 90 to 100 52,509 23,769 1,545 71 16 85 77,995 > 100 29 929 24 9 5 93 1,089 Total Single-Family loans $264,410 $426,423 $992,254 $739,076 $120,102 $489,092 $3,031,357 Total full-year gross charge-offs (1) $— $13 $39 $44 $45 $246 $387 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, 2024 Year of Origination Total (In millions) 2024 2023 2022 2021 2020 Prior Revolving Loans Category: Pass $1,512 $14,753 $17,617 $7,264 $6,208 $7,602 $2,289 $57,245 Special mention — 20 307 63 35 410 — 835 Substandard — — 96 299 319 680 — 1,394 Doubtful — — 35 — — — — 35 Total $1,512 $14,773 $18,055 $7,626 $6,562 $8,692 $2,289 $59,509 December 31, 2023 Year of Origination Total (In millions) 2023 2022 2021 2020 2019 Prior Revolving Loans Category: Pass $13,804 $17,845 $7,430 $6,345 $4,420 $3,254 $2,266 $55,364 Special mention 20 85 28 43 294 106 — 576 Substandard — 33 188 259 223 464 — 1,167 Doubtful — — — — — — — — Total $13,824 $17,963 $7,646 $6,647 $4,937 $3,824 $2,266 $57,107 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 (1) March 31, 2024 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due, or in Foreclosure (2) Total Non-Accrual With No Allowance (3) Single-Family: 20- and 30-year or more, amortizing fixed-rate $2,645,711 $21,872 $5,066 $11,799 $2,684,448 $396 15-year or less, amortizing fixed-rate 319,876 1,335 231 472 321,914 4 Adjustable-rate and other 27,350 331 81 239 28,001 47 Total Single-Family 2,992,937 23,538 5,378 12,510 3,034,363 447 Total Multifamily 59,396 6 4 103 59,509 16 Total Single-Family and Multifamily $3,052,333 $23,544 $5,382 $12,613 $3,093,872 $463 December 31, 2023 (In millions) Current One Two Three Months or (2) Total Non-Accrual with No Allowance (3) Single-Family: 20- and 30-year or more, amortizing fixed-rate $2,627,763 $25,528 $5,787 $12,309 $2,671,387 $406 15-year or less, amortizing fixed-rate 329,601 1,589 270 507 331,967 4 Adjustable-rate and other 27,317 342 95 249 28,003 49 Total Single-Family 2,984,681 27,459 6,152 13,065 3,031,357 459 Total Multifamily 57,031 12 — 64 57,107 23 Total Single-Family and Multifamily $3,041,712 $27,471 $6,152 $13,129 $3,088,464 $482 Referenced footnotes are on the next page. (1) There were no held-for-investment loans that were three months or more past due and accruing interest as of both March 31, 2024 and December 31, 2023. (2) Includes $2.0 billion of single-family loans that were in the process of foreclosure as of both March 31, 2024 and December 31, 2023. (3) Loans with no allowance for loan losses primarily represent loans that were previously charged off and for which the amount we expect to collect 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 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 $2.2 billion and $1.8 billion as of both March 31, 2024 and March 31, 2023, 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 2024 (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 $5,461 $1,311 $6 $6,778 0.3 % 15-year or less, amortizing fixed-rate 222 — — 222 0.1 Adjustable-rate and other 57 4 1 62 0.2 Total Single-Family loan restructurings $5,740 $1,315 $7 $7,062 0.2 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 (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 $2.6 billion and $2.7 billion related to payment deferral plans for 1Q 2024 and 1Q 2023, 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 2024 (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 1.2 % 171 $16 15-year or less, amortizing fixed-rate — 22 14 Adjustable-rate and other 0.8 217 16 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 (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. Table 3.11 - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty (1) 1Q 2024 (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 $798 $397 $5 $1,200 15-year or less, amortizing fixed-rate 30 — — 30 Adjustable-rate and other 9 — — 9 Total Single-Family $837 $397 $5 $1,239 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 (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, 2024 (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 $11,438 $2,559 $1,363 $5,201 $20,561 15-year or less, amortizing fixed-rate 394 84 49 191 718 Adjustable-rate and other 102 19 14 53 188 Total Single-Family $11,934 $2,662 $1,426 $5,445 $21,467 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 Non-Cash Investing and Financing Activities |
Guarantees and Other Off-Balanc
Guarantees and Other Off-Balance Sheet Credit Exposures | 3 Months Ended |
Mar. 31, 2024 | |
Guarantees [Abstract] | |
Guarantees and Other Off-Balance Sheet Credit Exposures | Guarantees and Other Off-Balance Sheet Credit Exposures Guarantee Activities The table below presents 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, 2024 ( Dollars in millions , terms in years) UPB Maximum Exposure Recognized Liability (1) Maximum Remaining Term Single-Family mortgage-related guarantees: Nonconsolidated securitization products (2) $30,434 $24,762 $395 40 Other mortgage-related guarantees 8,511 8,511 152 28 Total Single-Family mortgage-related guarantees 38,945 33,273 547 Multifamily mortgage-related guarantees: Nonconsolidated securitization products (2)(3) 361,164 321,905 4,451 36 Other mortgage-related guarantees 10,720 10,720 363 35 Total Multifamily mortgage-related guarantees 371,884 332,625 4,814 Guarantees of Fannie Mae securities (4) 109,215 109,215 — 38 Other 112 483 — 30 December 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) $30,289 $24,600 $382 40 Other mortgage-related guarantees 8,692 8,692 161 28 Total Single-Family mortgage-related guarantees 38,981 33,292 543 Multifamily mortgage-related guarantees: Nonconsolidated securitization products (2)(3) 360,928 321,262 4,577 36 Other mortgage-related guarantees 10,761 10,761 383 35 Total Multifamily mortgage-related guarantees 371,689 332,023 4,960 Guarantees of Fannie Mae securities (4) 110,320 110,320 — 38 Other 117 468 — 30 (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 $0.3 billion as of March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023. (4) Excludes less than $0.1 billion and $0.1 billion as of March 31, 2024 and December 31, 2023, respectively, 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 presents 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, 2024 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due, or in Foreclosure Total Single-Family $34,447 $2,208 $835 $1,455 $38,945 Multifamily 370,265 298 125 1,196 371,884 Total $404,712 $2,506 $960 $2,651 $410,829 December 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 $34,524 $2,172 $827 $1,458 $38,981 Multifamily 369,785 850 98 956 371,689 Total $404,309 $3,022 $925 $2,414 $410,670 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 presents our other off-balance sheet credit exposures. Table 4.3 – Other Off-Balance Sheet Credit Exposures (In millions) March 31, 2024 December 31, 2023 Mortgage loan purchase commitments (1) $12,523 $10,378 Unsettled securities purchased under agreements to resell, net (2) 29,896 22,276 Other commitments (3) 4,640 4,701 Total $47,059 $37,355 (1) Includes $2.8 billion and $1.9 billion of commitments for which we have elected the fair value option as of March 31, 2024 and December 31, 2023, 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) Net of $4.0 billion of unsettled securities sold under agreements to repurchase as of both March 31, 2024 and December 31, 2023. (3) 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, 2024 | |
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 2024 1Q 2023 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Beginning balance $6,402 $447 $6,849 $7,746 $147 $7,893 Provision (benefit) for credit losses 120 61 181 318 77 395 Charge-offs (123) — (123) (90) — (90) Recoveries collected 26 — 26 32 — 32 Other (1) 83 — 83 91 — 91 Ending balance $6,508 $508 $7,016 $8,097 $224 $8,321 Components of the ending balance of the allowance for credit losses: Mortgage loans held-for-investment $6,189 $381 $6,570 $7,675 $160 $7,835 Other (2) 319 127 446 422 64 486 Total ending balance $6,508 $508 $7,016 $8,097 $224 $8,321 (1) Primarily includes capitalization of past due interest related to non-accrual loans that received payment deferral plans and loan modifications. (2) Primarily includes allowance for credit losses related to advances of pre-foreclosure costs and off-balance sheet credit exposures. n 1Q 2024 vs. 1Q 2023 - The provision for credit losses for 1Q 2024 was primarily driven by a modest credit reserve build in Single-Family attributable to new acquisitions and increasing mortgage interest rates. The provision for credit losses for 1Q 2023 was driven by a modest credit reserve build primarily attributable to new acquisitions in Single-Family. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Trading securities $36,671 $38,385 Available-for-sale securities 4,729 4,890 Total fair value of investment securities $41,400 $43,275 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, 2024 December 31, 2023 Mortgage-related securities $8,118 $8,113 Non-mortgage-related securities 28,553 30,272 Total fair value of trading securities $36,671 $38,385 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, 2024 and December 31, 2023, all available-for-sale securities were mortgage-related securities. Table 6.3 - Available-for-Sale Securities March 31, 2024 Amortized Gross Unrealized Gains in Other Comprehensive Income Gross Unrealized Fair Value Accrued Interest Receivable (In millions) Agency mortgage-related securities $4,355 $7 ($126) $4,236 $10 Other mortgage-related securities 317 187 (11) 493 3 Total available-for-sale securities $4,672 $194 ($137) $4,729 $13 December 31, 2023 Amortized Gross Unrealized Gains in Other Comprehensive Income Gross Unrealized Fair Value Accrued Interest Receivable (In millions) Agency mortgage-related securities $4,467 $13 ($110) $4,370 $10 Other mortgage-related securities 340 188 (8) 520 3 Total available-for-sale securities $4,807 $201 ($118) $4,890 $13 The fair value of our available-for-sale securities held at March 31, 2024 scheduled to contractually mature after ten years was $1.3 billion, with an additional $2.0 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, 2024 Less than 12 Months 12 Months or Greater (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Agency mortgage-related securities $575 ($6) $2,842 ($120) Other mortgage-related securities 14 (3) 40 (8) Total available-for-sale securities in a gross unrealized loss position $589 ($9) $2,882 ($128) December 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 $374 ($1) $3,006 ($108) Other mortgage-related securities 23 (4) 23 (5) Total available-for-sale securities in a gross unrealized loss position $397 ($5) $3,029 ($113) At March 31, 2024, the gross unrealized losses relate to 185 securities. The table below summarizes the total proceeds, gross realized gains and gross realized losses from sales of available-for-sale securities. Table 6.5 - Total Proceeds, Gross Realized Gains and Gross Realized Losses from Sales of Available-for-Sale Securities (In millions) 1Q 2024 1Q 2023 Total Proceeds $399 $459 Gross realized gains $1 $2 Gross realized losses (6) (2) Net realized gains (losses) ($5) $— Non-Cash Investing and Financing Activities During 1Q 2023, we recognized $0.6 billion 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 2024 and 1Q 2023, we derecognized $0.5 billion and $1.4 billion, respectively, of mortgage-related securities and debt of consolidated trusts where we were no longer deemed the primary beneficiary. During 1Q 2024, we purchased $5.0 billion and sold $4.0 billion of non-mortgage-related securities that were traded, but not settled at March 31, 2024. We settled our purchase and sale obligations during 2Q 2024. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt Table 7.1 - Total Debt (In millions) March 31, 2024 December 31, 2023 Debt of consolidated trusts $3,050,038 $3,041,927 Debt of Freddie Mac: Short-term debt 8,887 5,976 Long-term debt 152,817 160,443 Total debt of Freddie Mac 161,704 166,419 Total debt $3,211,742 $3,208,346 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, 2024 December 31, 2023 (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 2024 - 2061 $2,616,819 $2,653,655 3.12 % 2024 - 2061 $2,603,100 $2,640,550 3.06 % 15-year or less, fixed-rate 2024 - 2039 317,001 321,732 2.22 2024 - 2039 326,242 331,291 2.20 Adjustable-rate and other 2024 - 2054 23,490 23,973 4.10 2024 - 2054 23,251 23,749 3.93 Total Single-Family 2,957,310 2,999,360 2,952,593 2,995,590 Multifamily 2024 - 2053 51,767 50,678 3.46 2024 - 2053 47,300 46,337 3.35 Total debt of consolidated trusts $3,009,077 $3,050,038 $2,999,893 $3,041,927 (1) Includes $2.3 billion and $2.1 billion as of March 31, 2024 and December 31, 2023, 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 2.79% and 2.73% as of March 31, 2024 and December 31, 2023, respectively. The table below summarizes the balances and effective interest rates for short-term debt. Table 7.3 - Short-Term Debt March 31, 2024 December 31, 2023 (Dollars in millions) Par Value Carrying Amount Weighted Par Value Carrying Amount Weighted Discount notes and Reference Bills ® $8,931 $8,887 5.37 % $6,032 $5,976 5.39 % Long-Term Debt The table below summarizes our long-term debt. Table 7.4 - Long-Term Debt March 31, 2024 December 31, 2023 (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 2024 - 2050 $132,076 $131,981 3.04 % 2024 - 2050 $139,344 $139,257 3.13 % Medium-term notes — non-callable 2024 - 2028 1,573 1,574 0.98 2024 - 2028 1,573 1,574 0.98 Reference Notes securities — non-callable 2025 - 2032 18,162 18,209 3.19 2025 - 2032 18,162 18,209 3.19 SCR debt notes 2031 - 2032 80 82 13.00 2031 - 2032 82 83 13.00 Variable-rate: Medium-term notes — callable 2024 - 2029 1,729 1,727 4.60 2024 - 2028 1,869 1,867 4.81 Medium-term notes — non-callable 2026 47 47 8.10 2026 47 47 8.10 STACR 2024 - 2042 1,969 1,885 11.60 2024 - 2042 2,095 2,006 11.45 Zero-coupon: Medium-term notes — non-callable 2024 - 2039 4,835 3,148 6.19 2024 - 2039 4,836 3,100 6.17 Other 2047 - 2053 — 122 0.83 2047 - 2053 — 121 0.84 Hedging-related basis adjustments N/A (5,958) N/A (5,821) Total long-term debt $160,471 $152,817 3.23 % $168,008 $160,443 3.30 % (1) Represents par value, net of associated discounts or premiums and issuance cost. Includes $0.4 billion at both March 31, 2024 and December 31, 2023 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 7.5 - Contractual Maturities of Long-Term Debt and Debt Securities March 31, 2024 (In millions) Amounts Annual Maturities Long-term debt (excluding STACR and SCR debt notes): 2024 $27,525 2025 57,582 2026 17,711 2027 13,738 2028 10,248 Thereafter 31,618 Debt of consolidated trusts, STACR, and SCR debt notes (1) 3,011,126 Total 3,169,548 Net discounts, premiums, debt issuance costs, hedge-related, and other basis adjustments (2) 33,307 Total debt of consolidated trusts, STACR, SCR, and long-term debt $3,202,855 (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
Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
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. When we use derivatives to mitigate our exposures, we consider a number of factors, including cost, exposure to counterparty credit risk, and our overall risk management strategy. We 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, 2024 December 31, 2023 Notional or Derivative Assets Derivative Liabilities Notional or Derivative Assets Derivative Liabilities (In millions) Not designated as hedges Interest-rate risk management derivatives: Swaps $308,358 $1,896 ($394) $351,193 $1,638 ($462) Written options 45,423 — (1,690) 48,227 — (1,746) Purchased options (1) 82,160 4,107 — 89,790 4,251 — Futures 90,146 — — 132,982 — — Total interest-rate risk management derivatives 526,087 6,003 (2,084) 622,192 5,889 (2,208) Mortgage commitment derivatives 45,803 15 (8) 26,911 43 (10) CRT-related derivatives (2) 30,535 — (300) 30,578 — (228) Other 15,777 33 (656) 14,572 3 (567) Total derivatives not designated as hedges 618,202 6,051 (3,048) 694,253 5,935 (3,013) Designated as fair value hedges Interest-rate risk management derivatives: Swaps 169,942 187 (5,797) 172,202 276 (5,658) Total derivatives designated as fair value hedges 169,942 187 (5,797) 172,202 276 (5,658) Receivables (payables) 6 (17) 17 (36) Netting adjustments (3) (5,952) 7,810 (5,742) 7,834 Total derivative portfolio, net $788,144 $292 ($1,052) $866,455 $486 ($873) (1) Includes swaptions on credit indices with a notional or contractual amount of $7.3 billion and $6.4 billion at March 31, 2024 and December 31, 2023, respectively, and a fair value of $2.0 million and $1.0 million at March 31, 2024 and December 31, 2023, respectively. (2) Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements. (3) Represents counterparty netting and cash collateral netting. The table below presents offsetting and collateral information related to derivatives which are subject to enforceable master netting agreements or similar arrangements. Table 8.2 - Offsetting of Derivatives March 31, 2024 December 31, 2023 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (In millions) OTC derivatives $6,191 ($7,877) $6,165 ($7,866) Cleared and exchange-traded derivatives 2 (21) 13 (36) Mortgage commitment derivatives 18 (8) 47 (10) Other 33 (956) 3 (795) Total derivatives 6,244 (8,862) 6,228 (8,707) Counterparty netting (4,141) 4,141 (4,210) 4,210 Cash collateral netting (1) (1,811) 3,669 (1,532) 3,624 Net amount presented in the consolidated balance sheets 292 (1,052) 486 (873) Gross amount not offset in the consolidated balance sheets (2) (159) 42 (366) 47 Net amount $133 ($1,010) $120 ($826) (1) Excess cash collateral held is presented as a derivative liability, while excess cash collateral posted is presented as a derivative asset. (2) 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 8.3 - Gains and Losses on Derivatives (In millions) 1Q 2024 1Q 2023 Not designated as hedges Interest-rate risk management derivatives: Swaps $262 $29 Written options 37 195 Purchased options 56 (504) Futures 374 (307) Total interest-rate risk management derivatives fair value gains (losses) 729 (587) Mortgage commitment derivatives 40 (80) CRT-related derivatives (1) (43) (76) Other (108) 61 Total derivatives not designated as hedges fair value gains (losses) $618 ($682) (1) 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 8.4 - Gains and Losses on Fair Value Hedges 1Q 2024 1Q 2023 (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: $28,385 ($23,626) $24,987 ($20,486) Interest contracts on mortgage loans held-for-investment: Gain (loss) on fair value hedging relationships: Hedged items (995) — 1,123 — Derivatives designated as hedging instruments 953 — (1,073) — Interest accruals on hedging instruments 234 — 211 — Discontinued hedge related basis adjustments amortization 43 — 31 — Interest contracts on debt: Gain (loss) on fair value hedging relationships: Hedged items — 134 — (1,535) Derivatives designated as hedging instruments — (127) — 1,534 Interest accruals on hedging instruments — (929) — (1,051) Discontinued hedge related basis adjustment amortization — (2) — (38) The table below presents the cumulative basis adjustments and the carrying amounts of the hedged item by its respective balance sheet line item. Table 8.5 - Cumulative Basis Adjustments Due to Fair Value Hedging March 31, 2024 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 $1,107,342 ($3,205) ($546) ($2,659) $59,281 $11,845 Mortgage loans held-for-sale 131 1 — 1 — — Debt (132,323) 5,958 — 26 — — December 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 $1,115,454 ($2,253) ($220) ($2,033) $59,786 $11,670 Mortgage loans held-for-sale 128 1 — 1 — — Debt (143,407) 5,821 — 29 — — |
Collateralized Agreements and O
Collateralized Agreements and Offsetting Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Offsetting [Abstract] | |
Collateralized Agreements and Offsetting Arrangements | Collateralized Agreements Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Table 9.1 - Offsetting and Collateral Information of Certain Financial Assets and Liabilities March 31, 2024 (In millions) Gross Amount Recognized Amount Net Amount Gross Amount Not Offset in the Condensed Consolidated Balance Sheets (1) Net Amount Assets: Securities purchased under agreements to resell $116,057 ($13,800) $102,257 ($102,257) $— Liabilities: Securities sold under agreements to repurchase (13,800) 13,800 — — — December 31, 2023 (In millions) Gross Amount Recognized Amount Net Amount Gross Amount Not Offset in the Condensed Consolidated Balance Sheets (1) Net Amount Assets: Securities purchased under agreements to resell $105,393 ($10,245) $95,148 ($95,148) $— Liabilities: Securities sold under agreements to repurchase (10,245) 10,245 — — — (1) 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 9.2 - Remaining Contractual Maturity March 31, 2024 (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 $10,434 $3,366 $— $— $13,800 December 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 $— $10,245 $— $— $10,245 The table below summarizes the carrying value of the collateral pledged by us for derivatives and collateralized borrowing transactions, including securities that the secured party may repledge. Table 9.3 - Collateral in the Form of Securities Pledged March 31, 2024 (In millions) Derivatives Securities Sold Under Agreements to Repurchase Other (1) Total Cash equivalents (2) $— $75 $— $75 Trading securities 1,903 5,500 2,330 9,733 Other assets — 4,002 — 4,002 Total securities pledged $1,903 $9,577 $2,330 $13,810 December 31, 2023 (In millions) Derivatives Securities Sold Under Agreements to Repurchase Other (1) Total Trading securities $1,866 $3,666 $2,370 $7,902 Other assets — 4,555 — 4,555 Total securities pledged $1,866 $8,221 $2,370 $12,457 (1) Includes other collateralized borrowings and collateral related to transactions with certain clearinghouses. (2) Represents U.S. Treasury securities accounted for as cash equivalents. |
Net Interest Income
Net Interest Income | 3 Months Ended |
Mar. 31, 2024 | |
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 Table 10.1 - Components of Net Interest Income (In millions) 1Q 2024 1Q 2023 Interest income: Mortgage loans $26,229 $23,304 Investment securities 470 316 Securities purchased under agreements to resell 1,532 1,220 Other 154 147 Total interest income 28,385 24,987 Interest expense: Debt of consolidated trusts (21,122) (18,261) Debt of Freddie Mac: Short-term debt (256) (154) Long-term debt (2,248) (2,071) Total interest expense (23,626) (20,486) Net interest income 4,759 4,501 (Provision) benefit for credit losses (181) (395) Net interest income after (provision) benefit for credit losses $4,578 $4,106 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting As shown in the table below, we have two reportable segments, Single-Family and Multifamily. Segment Description Single-Family Reflects results from our purchase, securitization, and guarantee of single-family loans, our investments in single-family loans and mortgage-related securities, the management of Single-Family mortgage credit risk and market risk, and any results of our treasury function that are not allocated to each segment. Multifamily Reflects results from our purchase, securitization, and guarantee of multifamily loans, our investments in multifamily loans and mortgage-related securities, and the management of Multifamily mortgage credit risk and market risk. The table below presents the financial results for our Single-Family and Multifamily segments. Table 11.1 - Segment Financial Results 1Q 2024 1Q 2023 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Net interest income $4,488 $271 $4,759 $4,296 $205 $4,501 Non-interest income Guarantee income 19 477 496 32 434 466 Investment gains, net (86) 491 405 (179) (46) (225) Other income 53 44 97 54 31 85 Non-interest income (14) 1,012 998 (93) 419 326 Net revenues 4,474 1,283 5,757 4,203 624 4,827 (Provision) benefit for credit losses (120) (61) (181) (318) (77) (395) Non-interest expense (1,925) (197) (2,122) (1,783) (149) (1,932) Income before income tax expense 2,429 1,025 3,454 2,102 398 2,500 Income tax expense (484) (204) (688) (425) (80) (505) Net income 1,945 821 2,766 1,677 318 1,995 Other comprehensive income (loss), net of taxes and reclassification adjustments (5) (20) (25) (1) 55 54 Comprehensive income $1,940 $801 $2,741 $1,676 $373 $2,049 The table below presents total assets for our Single-Family and Multifamily segments. Table 11.2 - Segment Assets (In millions) March 31, 2024 December 31, 2023 Single-Family $3,042,952 $3,038,910 Multifamily 443,087 440,797 Total segment assets 3,486,039 3,479,707 Reconciling items (1) (198,666) (198,731) Total assets per condensed consolidated balance sheets $3,287,373 $3,280,976 (1) |
Concentration of Credit and Oth
Concentration of Credit and Other Risks | 3 Months Ended |
Mar. 31, 2024 | |
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 , Note 4 , and Note 5 for additional 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, 2024 (Dollars in millions) Portfolio UPB (1) % of Portfolio SDQ Rate Region: (2) West $909,769 30 % 0.41 % Northeast 704,001 23 0.61 Southeast 532,815 17 0.54 Southwest 453,381 15 0.51 North Central 442,742 15 0.52 Total $3,042,708 100 % 0.52 State: California $513,997 17 % 0.41 Texas 214,630 7 0.54 Florida 201,175 7 0.61 New York 132,747 4 0.89 Illinois 113,777 4 0.69 All other 1,866,382 61 0.49 Total $3,042,708 100 % 0.52 (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); Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, VI); Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI). 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 additional 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, 2024 (Dollars in millions) Portfolio UPB % of Portfolio Delinquency Rate (1) Region (2)(3) : West $110,321 25 % 0.10 % Northeast 107,670 24 0.72 Southwest 91,795 21 0.32 Southeast 89,530 20 0.16 North Central 43,771 10 0.41 Total $443,087 100 % 0.34 State (3) : California $58,752 13 % 0.03 Texas 56,448 13 0.34 Florida 39,019 9 0.12 New York 33,941 8 1.87 Georgia 18,316 4 0.11 All other 236,611 53 0.25 Total $443,087 100 % 0.34 (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); Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY); Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, VI); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI). (3) The UPB of loans collateralized by properties located in multiple regions or states are reported entirely in the region or state with the largest underlying collateral UPB as of origination. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 (In millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Total Assets: Investment securities: Available-for-sale $— $4,092 $637 $— $4,729 Trading: Mortgage-related securities — 5,116 3,002 — 8,118 Non-mortgage-related securities 28,136 417 — — 28,553 Total trading securities 28,136 5,533 3,002 — 36,671 Total investment securities 28,136 9,625 3,639 — 41,400 Mortgage loans held-for-sale — 7,139 787 — 7,926 Mortgage loans held-for-investment — 1,236 695 — 1,931 Other assets: Guarantee assets — — 5,341 — 5,341 Derivative assets, net — 6,206 32 (5,946) 292 Other assets — 49 167 — 216 Total other assets — 6,255 5,540 (5,946) 5,849 Total assets carried at fair value on a recurring basis $28,136 $24,255 $10,661 ($5,946) $57,106 Liabilities: Debt: Debt of consolidated trusts $— $1,951 $360 $— $2,311 Debt of Freddie Mac — 295 90 — 385 Total debt — 2,246 450 — 2,696 Other liabilities: Derivative liabilities, net 4 8,763 78 (7,793) 1,052 Other liabilities — — 1 — 1 Total other liabilities 4 8,763 79 (7,793) 1,053 Total liabilities carried at fair value on a recurring basis $4 $11,009 $529 ($7,793) $3,749 Referenced footnote is included after the prior period table. December 31, 2023 (In millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Total Assets: Investment securities: Available-for-sale $— $4,212 $678 $— $4,890 Trading: Mortgage-related securities — 5,342 2,771 — 8,113 Non-mortgage-related securities 29,854 418 — — 30,272 Total trading securities 29,854 5,760 2,771 — 38,385 Total investment securities 29,854 9,972 3,449 — 43,275 Mortgage loans held-for-sale — 6,460 896 — 7,356 Mortgage loans held-for-investment — 1,333 473 — 1,806 Other assets: Guarantee assets — — 5,351 — 5,351 Derivative assets, net — 6,209 2 (5,725) 486 Other assets — 92 166 — 258 Total other assets — 6,301 5,519 (5,725) 6,095 Total assets carried at fair value on a recurring basis $29,854 $24,066 $10,337 ($5,725) $58,532 Liabilities: Debt: Debt of consolidated trusts $— $1,707 $343 $— $2,050 Debt of Freddie Mac — 336 90 — 426 Total debt — 2,043 433 — 2,476 Other liabilities: Derivative liabilities, net — 8,608 63 (7,798) 873 Other liabilities — — — — — Total other liabilities — 8,608 63 (7,798) 873 Total liabilities carried at fair value on a recurring basis $— $10,651 $496 ($7,798) $3,349 (1) Represents counterparty netting and cash collateral netting. 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 2024 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, 2024 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2024 (In millions) Included in Included in Other Assets Investment securities: Available-for-sale $678 $— ($5) $— $— $— ($36) $— $— $637 $— ($4) Trading 2,771 (112) — 359 — — (16) — — 3,002 19 — Total investment securities 3,449 (112) (5) 359 — — (52) — — 3,639 19 (4) Mortgage loans held-for-sale 896 (6) — 294 — (273) — 35 (159) 787 (7) — Mortgage loans held-for-investment 473 (24) — — — — (47) 298 (5) 695 (29) — Other assets: Guarantee assets 5,351 111 — — 105 — (226) — — 5,341 111 — Other assets 168 20 — (10) 1 (5) 25 — — 199 19 — Total other assets 5,519 131 — (10) 106 (5) (201) — — 5,540 130 — Total assets 10,337 (11) (5) 643 106 (278) (300) 333 (164) 10,661 113 (4) Liabilities Debt $433 $5 $— ($4) $19 $— ($3) $— $— $450 $10 $— Other liabilities 63 15 — 2 — — (1) — — 79 16 — Total liabilities $496 $20 $— ($2) $19 $— ($4) $— $— $529 $26 $— 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) $— (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, 2024 and March 31, 2023. 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, 2024 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 $469 Median of external sources External pricing sources $59.7 - $70.6 $65.5 169 Other Trading 2,235 Single external source External pricing source $0.0 - $4,251.3 $129.4 767 Other Mortgage loans held-for-sale 787 Single external source External pricing source $64.9 - $108.3 $100.3 Mortgage loans held-for-investment 695 Single external source External pricing source $29.5 - $100.0 $80.8 Guarantee assets 5,012 Discounted cash flows OAS 17 - 233 bps 47 bps 329 Other Insignificant Level 3 assets (2) 198 Total level 3 assets $10,661 Liabilities Insignificant Level 3 liabilities (2) 529 Total level 3 liabilities $529 December 31, 2023 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 $489 Median of external sources External pricing sources $61.2 - $71.6 $66.7 189 Other Trading 2,085 Single external source External pricing source $0.0 - $4,471.7 $147.3 686 Other Mortgage loans held-for-sale 896 Single external source External pricing source $59.3 - $110.4 $100.3 Mortgage loans held-for-investment 473 Single external source External pricing source $24.7 - $99.2 $74.7 Guarantee assets 5,014 Discounted cash flows OAS 17 - 233 bps 47 bps 337 Other Insignificant Level 3 assets (2) 168 Total level 3 assets $10,337 Liabilities Insignificant Level 3 liabilities (2) 496 Total level 3 liabilities $496 (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, 2024 December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Mortgage loans (1) $— $407 $1,280 $1,687 $— $640 $1,578 $2,218 (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, 2024 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) Mortgage loans $1,076 Median of external sources External pricing sources $74.8 - $98.6 $83.2 204 Other Total $1,280 December 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) Mortgage loans $1,394 Median of external sources External pricing sources $72.9 - $98.8 $82.4 184 Other Total $1,578 (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, 2024 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 $3,531 $3,531 $— $— $— $3,531 Securities purchased under agreements to resell Amortized cost 102,257 — 116,057 — (13,800) 102,257 Investment securities: Available-for-sale FV - OCI 4,729 — 4,092 637 — 4,729 Trading FV - NI 36,671 28,136 5,533 3,002 — 36,671 Total investment securities 41,400 28,136 9,625 3,639 — 41,400 Mortgage loans: Mortgage loans held-for-sale 12,034 — 8,826 3,383 — 12,209 Mortgage loans held-for-investment, net of allowance for credit losses 3,088,687 — 2,412,334 267,683 — 2,680,017 Total mortgage loans Various (3) 3,100,721 — 2,421,160 271,066 — 2,692,226 Other assets: Guarantee assets FV - NI 5,341 — — 5,343 — 5,343 Derivative assets, net FV - NI 292 — 6,206 32 (5,946) 292 Other assets (4) Various 2,910 — 434 2,482 — 2,916 Total other assets 8,543 — 6,640 7,857 (5,946) 8,551 Total financial assets $3,256,452 $31,667 $2,553,482 $282,562 ($19,746) $2,847,965 Financial Liabilities Debt: Debt of consolidated trusts $3,050,038 $— $2,632,804 $737 $— $2,633,541 Debt of Freddie Mac 161,704 — 172,726 3,361 (13,800) 162,287 Total debt Various (5) 3,211,742 — 2,805,530 4,098 (13,800) 2,795,828 Other liabilities: Guarantee obligations Amortized cost 5,302 — 102 6,348 — 6,450 Derivative liabilities, net FV - NI 1,052 4 8,763 78 (7,793) 1,052 Other liabilities (4) FV - NI 14 — 423 169 — 592 Total other liabilities 6,368 4 9,288 6,595 (7,793) 8,094 Total financial liabilities $3,218,110 $4 $2,814,818 $10,693 ($21,593) $2,803,922 Referenced footnotes are included after the prior period table. December 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 $6,019 $6,019 $— $— $— $6,019 Securities purchased under agreements to resell Amortized cost 95,148 — 105,393 — (10,245) 95,148 Investment securities: Available-for-sale FV - OCI 4,890 — 4,212 678 — 4,890 Trading FV - NI 38,385 29,854 5,760 2,771 — 38,385 Total investment securities 43,275 29,854 9,972 3,449 — 43,275 Mortgage loans: Mortgage loans held-for-sale 12,941 — 9,276 3,868 — 13,144 Mortgage loans held-for-investment, net of allowance for credit losses 3,083,665 — 2,466,127 254,877 — 2,721,004 Total mortgage loans Various (3) 3,096,606 — 2,475,403 258,745 — 2,734,148 Other assets: Guarantee assets FV - NI 5,351 — — 5,353 — 5,353 Derivative assets, net FV - NI 486 — 6,209 2 (5,725) 486 Other assets (4) Various 2,107 — 946 1,165 — 2,111 Total other assets 7,944 — 7,155 6,520 (5,725) 7,950 Total financial assets $3,248,992 $35,873 $2,597,923 $268,714 ($15,970) $2,886,540 Financial Liabilities Debt: Debt of consolidated trusts $3,041,927 $— $2,673,019 $727 $— $2,673,746 Debt of Freddie Mac 166,419 — 173,877 3,391 (10,245) 167,023 Total debt Various (5) 3,208,346 — 2,846,896 4,118 (10,245) 2,840,769 Other liabilities: Guarantee obligations Amortized cost 5,451 — 103 6,023 — 6,126 Derivative liabilities, net FV - NI 873 — 8,608 63 (7,798) 873 Other liabilities (4) FV - NI 14 — 465 194 — 659 Total other liabilities 6,338 — 9,176 6,280 (7,798) 7,658 Total financial liabilities $3,214,684 $— $2,856,072 $10,398 ($18,043) $2,848,427 (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) The GAAP carrying amounts measured at amortized cost, lower-of-cost-or-fair-value, and FV - NI were $3.1 trillion, $4.1 billion, and $9.9 billion as of March 31, 2024, respectively, and $3.1 trillion, $5.6 billion and $9.2 billion as of December 31, 2023, respectively. (4) For other assets, includes advances to lenders, secured lending, and loan commitments. For other liabilities, includes loan commitments. (5) 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 items 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, 2024 December 31, 2023 (In millions) Fair value UPB Difference Fair value UPB Difference Mortgage loans held-for-sale $7,926 $7,793 $133 $7,356 $7,080 $276 Mortgage loans held-for-investment 1,931 2,227 (296) 1,806 2,095 (289) Debt of Freddie Mac 200 194 6 240 234 6 Debt of consolidated trusts 1,950 2,070 (120) 1,705 1,799 (94) Other assets (other liabilities) 48 N/A N/A 95 N/A N/A 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 2024 1Q 2023 (In millions) Gains (Losses) Mortgage loans held-for-sale ($159) $4 Mortgage loans held-for-investment (31) 26 Debt of Freddie Mac 1 14 Debt of consolidated trusts 9 (35) Other assets/other liabilities 143 55 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, 2024 | |
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 connection with any of these lawsuits or any future lawsuits. However, it is possible that we could be adversely affected by these actions, 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. On April 6, 2023, the Sixth Circuit reversed the District Court's September 17, 2020 decision to grant the plaintiff's request for summary judgment and enter final judgment in favor of Freddie Mac and other defendants. The Sixth Circuit remanded the case to the District Court for further proceedings. The District Court scheduled the trial to begin on October 21, 2024. 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, 2024 | |
Compliance with Regulatory Capital Requirements - ERCF [Abstract] | |
Regulatory Capital | Regulatory Capital ERCF The table below presents our capital metrics under the ERCF. Table 15.1 - ERCF Available Capital and Capital Requirements (In billions) March 31, 2024 December 31, 2023 Adjusted total assets $3,786 $3,775 Risk-weighted assets (standardized approach) 1,018 1,009 March 31, 2024 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 ($16) $81 $81 (1.5) % 8.0 % 8.0 % CET1 capital (41) 46 103 (4.0) 4.5 10.1 Tier 1 capital (27) 61 118 (2.6) 6.0 11.6 Adjusted total capital (27) 81 138 (2.6) 8.0 13.6 Leverage capital: Core capital ($23) $95 $95 (0.6) % 2.5 % 2.5 % Tier 1 capital (27) 95 109 (0.7) 2.5 2.9 December 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 ($18) $81 $81 (1.8) % 8.0 % 8.0 % CET1 capital (43) 45 96 (4.3) 4.5 9.5 Tier 1 capital (29) 60 111 (2.9) 6.0 11.0 Adjusted total capital (29) 81 132 (2.9) 8.0 13.0 Leverage capital: Core capital ($25) $95 $95 (0.7) % 2.5 % 2.5 % Tier 1 capital (29) 95 106 (0.8) 2.5 2.8 (1) PCCBA for risk-based capital and PLBA for leverage capital. (2) As a percentage of RWA for risk-based capital and ATA for leverage capital. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 2,766 | $ 1,995 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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. |
Consolidation and Equity Method Accounting | Consolidation and Equity Investments For each entity with which we are involved, we determine whether the entity should be consolidated in our financial statements. We consolidate entities in which we have a controlling financial interest. The method for determining whether a controlling financial interest exists varies depending on whether the entity is a VIE. For entities that are not VIEs, we hold a controlling financial interest in entities where we hold a majority of the voting rights or a majority of a limited partnership's kick-out rights through voting interests. We do not currently consolidate any entities which are not VIEs. We use the equity method to account for our interests in entities in which we do not have a controlling financial interest, but over which we have significant influence. |
Other Significant Accounting Policies | Recently Issued Accounting Guidance Recently Adopted Accounting Guidance 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 The adoption of these amendments did not have a material effect on our consolidated financial statements. See the preceding section Consolidation and Equity Investments for further information. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Effect on Consolidated Financial Statements ASU 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this Update require the disclosure of more detailed quantitative and qualitative information about significant segment expenses that are regularly provided to the CODM and included in each reported measure of segment profit or loss. December 31, 2024 We do not expect the adoption of ASU 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments in this Update require annual disclosure of more detailed tax rate reconciliation categories and income taxes paid by geography and jurisdiction. January 1, 2025 We do not expect the adoption of |
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. |
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, 2024 | |
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, 2024 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 $1,576 $168 $440 $30,434 $24,762 Resecuritization products (2) 4,774 65 708 109,215 109,215 CRT products (3) — 90 284 29,116 10 Total Single-Family 6,350 323 1,432 168,765 133,987 Multifamily: Securitization products (4) 5,775 5,097 4,519 361,164 321,905 CRT products (3) — 14 15 1,355 11 Total Multifamily 5,775 5,111 4,534 362,519 321,916 Other — 7 5 112 483 Total $12,125 $5,441 $5,971 $531,396 $456,386 Referenced footnotes are included after the prior period table. December 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 $1,272 $172 $427 $30,298 $24,600 Resecuritization products (2) 4,952 67 626 110,320 110,320 CRT products (3) — 92 220 29,126 14 Total Single-Family 6,224 331 1,273 169,744 134,934 Multifamily: Securitization products (4) 5,985 5,082 4,652 360,928 321,262 CRT products (3) — 11 7 1,359 8 Total Multifamily 5,985 5,093 4,659 362,287 321,270 Other — 7 5 117 468 Total $12,209 $5,431 $5,937 $532,148 $456,672 (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 less than $0.1 billion and $0.1 billion as of March 31, 2024 and December 31, 2023, respectively, 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 and excludes 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, 2024 | |
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, 2024 December 31, 2023 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Held-for-sale UPB $3,104 $9,446 $12,550 $3,527 $9,905 $13,432 Cost basis and fair value adjustments, net (618) 102 (516) (712) 221 (491) Total held-for-sale loans, net 2,486 9,548 12,034 2,815 10,126 12,941 Held-for-investment UPB 3,001,013 61,757 3,062,770 2,996,509 59,203 3,055,712 Cost basis and fair value adjustments, net (1) 32,804 (317) 32,487 34,627 (291) 34,336 Allowance for credit losses (6,189) (381) (6,570) (6,057) (326) (6,383) Total held-for-investment loans, net (2) 3,027,628 61,059 3,088,687 3,025,079 58,586 3,083,665 Total mortgage loans, net $3,030,114 $70,607 $3,100,721 $3,027,894 $68,712 $3,096,606 (1) Includes ($0.5) billion and ($0.2) billion of basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method hedge relationships as of March 31, 2024 and December 31, 2023, respectively. (2) Includes $1.9 billion and $1.8 billion of multifamily held-for-investment loans for which we have elected the fair value option as of March 31, 2024 and December 31, 2023, respectively . 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 2024 1Q 2023 Single-Family: Purchases: Held-for-investment loans $62,269 $58,965 Sales of held-for-sale loans (1) 618 — Multifamily: Purchases: Held-for-investment loans 2,625 3,349 Held-for-sale loans 6,459 2,695 Sales of held-for-sale loans (2) 6,603 6,150 (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 2024 1Q 2023 (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 $376 $8 $— $— $— $— Held-for-sale to held-for-investment (2) 50 4 4 48 4 4 Multifamily reclassifications from: Held-for-investment to held-for-sale 264 1 (5) 4,731 1 (27) Held-for-sale to held-for-investment (2) 369 — 3 561 — 16 (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 (1) Non-Accrual Amortized Cost Basis Interest Income Recognized (2) (In millions) March 31, 2024 December 31, 2023 1Q 2024 Single-Family: 20- and 30-year or more, amortizing fixed-rate $12,189 $12,682 $31 15-year or less, amortizing fixed-rate 485 519 1 Adjustable-rate and other 247 257 1 Total Single-Family 12,921 13,458 33 Total Multifamily 103 64 1 Total Single-Family and Multifamily $13,024 $13,522 $34 Non-Accrual Amortized Cost Basis Interest Income Recognized (2) (In millions) March 31, 2023 December 31, 2022 1Q 2023 Single-Family: 20- and 30-year or more, amortizing fixed-rate $9,348 $9,307 $28 15-year or less, amortizing fixed-rate 434 427 1 Adjustable-rate and other 332 361 1 Total Single-Family 10,114 10,095 30 Total Multifamily 41 42 1 Total Single-Family and Multifamily $10,155 $10,137 $31 (1) Excludes amounts related to loans for which we have elected the fair value option. (2) 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, 2024 December 31, 2023 1Q 2024 1Q 2023 Single-Family loans $8,980 $8,833 ($46) ($48) Multifamily loans 297 287 (1) — |
Table - Amortized Cost Basis of Held-For-Investment Mortgage Loans, by Credit Quality Indicator and Vintage | 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. Table 3.6 - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratio and Vintage March 31, 2024 Year of Origination Total (In millions) 2024 2023 2022 2021 2020 Prior Current LTV ratio: 20- and 30-year or more, amortizing fixed-rate ≤ 60 $5,993 $42,364 $95,196 $520,140 $539,594 $495,830 $1,699,117 > 60 to 80 16,569 108,193 181,642 301,741 87,998 18,128 714,271 > 80 to 90 6,969 63,047 86,453 25,075 1,309 467 183,320 > 90 to 100 10,954 52,215 21,489 1,673 106 94 86,531 > 100 7 79 971 55 12 85 1,209 Total 20- and 30-year or more, amortizing fixed-rate 40,492 265,898 385,751 848,684 629,019 514,604 2,684,448 Current period gross charge-offs (1) — 1 9 10 6 29 55 15-year or less, amortizing fixed-rate ≤ 60 681 4,466 20,462 119,250 95,360 64,690 304,909 > 60 to 80 734 3,925 7,361 3,364 209 19 15,612 > 80 to 90 108 627 376 20 — 1 1,132 > 90 to 100 68 164 28 — — — 260 > 100 — — — — — 1 1 Total 15-year or less, amortizing fixed-rate 1,591 9,182 28,227 122,634 95,569 64,711 321,914 Current period gross charge-offs (1) — — — — — 1 1 Adjustable-rate and other ≤ 60 55 422 1,670 3,314 1,432 12,960 19,853 > 60 to 80 220 1,296 2,603 1,019 87 240 5,465 > 80 to 90 109 796 997 45 3 17 1,967 > 90 to 100 84 356 246 3 — 8 697 > 100 — — 15 — — 4 19 Total adjustable-rate and other 468 2,870 5,531 4,381 1,522 13,229 28,001 Current period gross charge-offs (1) — — — — — — — Total for all loan product types by current LTV ratio: ≤ 60 6,729 47,252 117,328 642,704 636,386 573,480 2,023,879 > 60 to 80 17,523 113,414 191,606 306,124 88,294 18,387 735,348 > 80 to 90 7,186 64,470 87,826 25,140 1,312 485 186,419 > 90 to 100 11,106 52,735 21,763 1,676 106 102 87,488 > 100 7 79 986 55 12 90 1,229 Total Single-Family loans $42,551 $277,950 $419,509 $975,699 $726,110 $592,544 $3,034,363 Total current period gross charge-offs (1) $— $1 $9 $10 $6 $30 $56 Referenced footnotes are included after the prior period table. December 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 $39,500 $93,279 $513,267 $542,449 $94,348 $411,663 $1,694,506 > 60 to 80 105,384 183,251 318,965 95,102 12,402 7,296 722,400 > 80 to 90 55,973 90,785 27,750 1,272 213 262 176,255 > 90 to 100 51,994 23,460 1,542 71 16 77 77,160 > 100 28 912 24 9 5 88 1,066 Total 20- and 30-year or more, amortizing fixed-rate 252,879 391,687 861,548 638,903 106,984 419,386 2,671,387 Full-year gross charge-offs (1) — 12 37 43 45 243 380 15-year or less, amortizing fixed-rate ≤ 60 4,221 20,246 121,709 98,338 12,488 56,493 313,495 > 60 to 80 3,973 8,314 4,491 278 19 5 17,080 > 80 to 90 623 509 25 — — — 1,157 > 90 to 100 198 33 1 — — — 232 > 100 1 1 — — — 1 3 Total 15-year or less, amortizing fixed-rate 9,016 29,103 126,226 98,616 12,507 56,499 331,967 Full-year gross charge-offs (1) — 1 2 1 — 2 6 Adjustable-rate and other ≤ 60 356 1,650 3,325 1,465 586 12,950 20,332 > 60 to 80 1,153 2,651 1,105 89 25 227 5,250 > 80 to 90 689 1,040 48 3 — 18 1,798 > 90 to 100 317 276 2 — — 8 603 > 100 — 16 — — — 4 20 Total adjustable-rate and other 2,515 5,633 4,480 1,557 611 13,207 28,003 Full-year gross charge-offs (1) — — — — — 1 1 Total for all loan product types by current LTV ratio: ≤ 60 44,077 115,175 638,301 642,252 107,422 481,106 2,028,333 > 60 to 80 110,510 194,216 324,561 95,469 12,446 7,528 744,730 > 80 to 90 57,285 92,334 27,823 1,275 213 280 179,210 > 90 to 100 52,509 23,769 1,545 71 16 85 77,995 > 100 29 929 24 9 5 93 1,089 Total Single-Family loans $264,410 $426,423 $992,254 $739,076 $120,102 $489,092 $3,031,357 Total full-year gross charge-offs (1) $— $13 $39 $44 $45 $246 $387 (1) Excludes charge-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, 2024 Year of Origination Total (In millions) 2024 2023 2022 2021 2020 Prior Revolving Loans Category: Pass $1,512 $14,753 $17,617 $7,264 $6,208 $7,602 $2,289 $57,245 Special mention — 20 307 63 35 410 — 835 Substandard — — 96 299 319 680 — 1,394 Doubtful — — 35 — — — — 35 Total $1,512 $14,773 $18,055 $7,626 $6,562 $8,692 $2,289 $59,509 December 31, 2023 Year of Origination Total (In millions) 2023 2022 2021 2020 2019 Prior Revolving Loans Category: Pass $13,804 $17,845 $7,430 $6,345 $4,420 $3,254 $2,266 $55,364 Special mention 20 85 28 43 294 106 — 576 Substandard — 33 188 259 223 464 — 1,167 Doubtful — — — — — — — — Total $13,824 $17,963 $7,646 $6,647 $4,937 $3,824 $2,266 $57,107 |
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 (1) March 31, 2024 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due, or in Foreclosure (2) Total Non-Accrual With No Allowance (3) Single-Family: 20- and 30-year or more, amortizing fixed-rate $2,645,711 $21,872 $5,066 $11,799 $2,684,448 $396 15-year or less, amortizing fixed-rate 319,876 1,335 231 472 321,914 4 Adjustable-rate and other 27,350 331 81 239 28,001 47 Total Single-Family 2,992,937 23,538 5,378 12,510 3,034,363 447 Total Multifamily 59,396 6 4 103 59,509 16 Total Single-Family and Multifamily $3,052,333 $23,544 $5,382 $12,613 $3,093,872 $463 December 31, 2023 (In millions) Current One Two Three Months or (2) Total Non-Accrual with No Allowance (3) Single-Family: 20- and 30-year or more, amortizing fixed-rate $2,627,763 $25,528 $5,787 $12,309 $2,671,387 $406 15-year or less, amortizing fixed-rate 329,601 1,589 270 507 331,967 4 Adjustable-rate and other 27,317 342 95 249 28,003 49 Total Single-Family 2,984,681 27,459 6,152 13,065 3,031,357 459 Total Multifamily 57,031 12 — 64 57,107 23 Total Single-Family and Multifamily $3,041,712 $27,471 $6,152 $13,129 $3,088,464 $482 Referenced footnotes are on the next page. (1) There were no held-for-investment loans that were three months or more past due and accruing interest as of both March 31, 2024 and December 31, 2023. (2) Includes $2.0 billion of single-family loans that were in the process of foreclosure as of both March 31, 2024 and December 31, 2023. (3) Loans with no allowance for loan losses primarily represent loans that were previously charged off and for which the amount we expect to collect 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 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 $2.2 billion and $1.8 billion as of both March 31, 2024 and March 31, 2023, 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 2024 (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 $5,461 $1,311 $6 $6,778 0.3 % 15-year or less, amortizing fixed-rate 222 — — 222 0.1 Adjustable-rate and other 57 4 1 62 0.2 Total Single-Family loan restructurings $5,740 $1,315 $7 $7,062 0.2 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 (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 $2.6 billion and $2.7 billion related to payment deferral plans for 1Q 2024 and 1Q 2023, 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 2024 (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 1.2 % 171 $16 15-year or less, amortizing fixed-rate — 22 14 Adjustable-rate and other 0.8 217 16 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 (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. Table 3.11 - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty (1) 1Q 2024 (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 $798 $397 $5 $1,200 15-year or less, amortizing fixed-rate 30 — — 30 Adjustable-rate and other 9 — — 9 Total Single-Family $837 $397 $5 $1,239 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 (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, 2024 (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 $11,438 $2,559 $1,363 $5,201 $20,561 15-year or less, amortizing fixed-rate 394 84 49 191 718 Adjustable-rate and other 102 19 14 53 188 Total Single-Family $11,934 $2,662 $1,426 $5,445 $21,467 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 |
Guarantees and Other Off-Bala_2
Guarantees and Other Off-Balance Sheet Credit Exposures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Guarantees [Abstract] | |
Table - Financial Guarantees | The table below presents 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, 2024 ( Dollars in millions , terms in years) UPB Maximum Exposure Recognized Liability (1) Maximum Remaining Term Single-Family mortgage-related guarantees: Nonconsolidated securitization products (2) $30,434 $24,762 $395 40 Other mortgage-related guarantees 8,511 8,511 152 28 Total Single-Family mortgage-related guarantees 38,945 33,273 547 Multifamily mortgage-related guarantees: Nonconsolidated securitization products (2)(3) 361,164 321,905 4,451 36 Other mortgage-related guarantees 10,720 10,720 363 35 Total Multifamily mortgage-related guarantees 371,884 332,625 4,814 Guarantees of Fannie Mae securities (4) 109,215 109,215 — 38 Other 112 483 — 30 December 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) $30,289 $24,600 $382 40 Other mortgage-related guarantees 8,692 8,692 161 28 Total Single-Family mortgage-related guarantees 38,981 33,292 543 Multifamily mortgage-related guarantees: Nonconsolidated securitization products (2)(3) 360,928 321,262 4,577 36 Other mortgage-related guarantees 10,761 10,761 383 35 Total Multifamily mortgage-related guarantees 371,689 332,023 4,960 Guarantees of Fannie Mae securities (4) 110,320 110,320 — 38 Other 117 468 — 30 (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 $0.3 billion as of March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023. (4) Excludes less than $0.1 billion and $0.1 billion as of March 31, 2024 and December 31, 2023, respectively, 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 presents 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, 2024 (In millions) Current One Month Past Due Two Months Past Due Three Months or More Past Due, or in Foreclosure Total Single-Family $34,447 $2,208 $835 $1,455 $38,945 Multifamily 370,265 298 125 1,196 371,884 Total $404,712 $2,506 $960 $2,651 $410,829 December 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 $34,524 $2,172 $827 $1,458 $38,981 Multifamily 369,785 850 98 956 371,689 Total $404,309 $3,022 $925 $2,414 $410,670 Table 4.3 – Other Off-Balance Sheet Credit Exposures (In millions) March 31, 2024 December 31, 2023 Mortgage loan purchase commitments (1) $12,523 $10,378 Unsettled securities purchased under agreements to resell, net (2) 29,896 22,276 Other commitments (3) 4,640 4,701 Total $47,059 $37,355 (1) Includes $2.8 billion and $1.9 billion of commitments for which we have elected the fair value option as of March 31, 2024 and December 31, 2023, 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) Net of $4.0 billion of unsettled securities sold under agreements to repurchase as of both March 31, 2024 and December 31, 2023. (3) 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, 2024 | |
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 2024 1Q 2023 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Beginning balance $6,402 $447 $6,849 $7,746 $147 $7,893 Provision (benefit) for credit losses 120 61 181 318 77 395 Charge-offs (123) — (123) (90) — (90) Recoveries collected 26 — 26 32 — 32 Other (1) 83 — 83 91 — 91 Ending balance $6,508 $508 $7,016 $8,097 $224 $8,321 Components of the ending balance of the allowance for credit losses: Mortgage loans held-for-investment $6,189 $381 $6,570 $7,675 $160 $7,835 Other (2) 319 127 446 422 64 486 Total ending balance $6,508 $508 $7,016 $8,097 $224 $8,321 (1) Primarily includes capitalization of past due interest related to non-accrual loans that received payment deferral plans and loan modifications. (2) Primarily includes allowance for credit losses related to advances of pre-foreclosure costs and off-balance sheet credit exposures. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Trading securities $36,671 $38,385 Available-for-sale securities 4,729 4,890 Total fair value of investment securities $41,400 $43,275 |
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, 2024 December 31, 2023 Mortgage-related securities $8,118 $8,113 Non-mortgage-related securities 28,553 30,272 Total fair value of trading securities $36,671 $38,385 |
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, 2024 and December 31, 2023, all available-for-sale securities were mortgage-related securities. Table 6.3 - Available-for-Sale Securities March 31, 2024 Amortized Gross Unrealized Gains in Other Comprehensive Income Gross Unrealized Fair Value Accrued Interest Receivable (In millions) Agency mortgage-related securities $4,355 $7 ($126) $4,236 $10 Other mortgage-related securities 317 187 (11) 493 3 Total available-for-sale securities $4,672 $194 ($137) $4,729 $13 December 31, 2023 Amortized Gross Unrealized Gains in Other Comprehensive Income Gross Unrealized Fair Value Accrued Interest Receivable (In millions) Agency mortgage-related securities $4,467 $13 ($110) $4,370 $10 Other mortgage-related securities 340 188 (8) 520 3 Total available-for-sale securities $4,807 $201 ($118) $4,890 $13 |
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, 2024 Less than 12 Months 12 Months or Greater (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Agency mortgage-related securities $575 ($6) $2,842 ($120) Other mortgage-related securities 14 (3) 40 (8) Total available-for-sale securities in a gross unrealized loss position $589 ($9) $2,882 ($128) December 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 $374 ($1) $3,006 ($108) Other mortgage-related securities 23 (4) 23 (5) Total available-for-sale securities in a gross unrealized loss position $397 ($5) $3,029 ($113) |
Table - Gross Realized Gains and Gross Realized Losses on Sales of Available-For-Sale Securities | The table below summarizes the total proceeds, gross realized gains and gross realized losses from sales of available-for-sale securities. Table 6.5 - Total Proceeds, Gross Realized Gains and Gross Realized Losses from Sales of Available-for-Sale Securities (In millions) 1Q 2024 1Q 2023 Total Proceeds $399 $459 Gross realized gains $1 $2 Gross realized losses (6) (2) Net realized gains (losses) ($5) $— |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Debt of consolidated trusts $3,050,038 $3,041,927 Debt of Freddie Mac: Short-term debt 8,887 5,976 Long-term debt 152,817 160,443 Total debt of Freddie Mac 161,704 166,419 Total debt $3,211,742 $3,208,346 |
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, 2024 December 31, 2023 (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 2024 - 2061 $2,616,819 $2,653,655 3.12 % 2024 - 2061 $2,603,100 $2,640,550 3.06 % 15-year or less, fixed-rate 2024 - 2039 317,001 321,732 2.22 2024 - 2039 326,242 331,291 2.20 Adjustable-rate and other 2024 - 2054 23,490 23,973 4.10 2024 - 2054 23,251 23,749 3.93 Total Single-Family 2,957,310 2,999,360 2,952,593 2,995,590 Multifamily 2024 - 2053 51,767 50,678 3.46 2024 - 2053 47,300 46,337 3.35 Total debt of consolidated trusts $3,009,077 $3,050,038 $2,999,893 $3,041,927 (1) Includes $2.3 billion and $2.1 billion as of March 31, 2024 and December 31, 2023, 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 2.79% and 2.73% as of March 31, 2024 and December 31, 2023, respectively. |
Table - Short-term Debt | 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, 2024 December 31, 2023 (Dollars in millions) Par Value Carrying Amount Weighted Par Value Carrying Amount Weighted Discount notes and Reference Bills ® $8,931 $8,887 5.37 % $6,032 $5,976 5.39 % |
Table - Long-term Debt | The table below summarizes our long-term debt. Table 7.4 - Long-Term Debt March 31, 2024 December 31, 2023 (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 2024 - 2050 $132,076 $131,981 3.04 % 2024 - 2050 $139,344 $139,257 3.13 % Medium-term notes — non-callable 2024 - 2028 1,573 1,574 0.98 2024 - 2028 1,573 1,574 0.98 Reference Notes securities — non-callable 2025 - 2032 18,162 18,209 3.19 2025 - 2032 18,162 18,209 3.19 SCR debt notes 2031 - 2032 80 82 13.00 2031 - 2032 82 83 13.00 Variable-rate: Medium-term notes — callable 2024 - 2029 1,729 1,727 4.60 2024 - 2028 1,869 1,867 4.81 Medium-term notes — non-callable 2026 47 47 8.10 2026 47 47 8.10 STACR 2024 - 2042 1,969 1,885 11.60 2024 - 2042 2,095 2,006 11.45 Zero-coupon: Medium-term notes — non-callable 2024 - 2039 4,835 3,148 6.19 2024 - 2039 4,836 3,100 6.17 Other 2047 - 2053 — 122 0.83 2047 - 2053 — 121 0.84 Hedging-related basis adjustments N/A (5,958) N/A (5,821) Total long-term debt $160,471 $152,817 3.23 % $168,008 $160,443 3.30 % (1) Represents par value, net of associated discounts or premiums and issuance cost. Includes $0.4 billion at both March 31, 2024 and December 31, 2023 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 | Table 7.5 - Contractual Maturities of Long-Term Debt and Debt Securities March 31, 2024 (In millions) Amounts Annual Maturities Long-term debt (excluding STACR and SCR debt notes): 2024 $27,525 2025 57,582 2026 17,711 2027 13,738 2028 10,248 Thereafter 31,618 Debt of consolidated trusts, STACR, and SCR debt notes (1) 3,011,126 Total 3,169,548 Net discounts, premiums, debt issuance costs, hedge-related, and other basis adjustments (2) 33,307 Total debt of consolidated trusts, STACR, SCR, and long-term debt $3,202,855 (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, 2024 | |
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, 2024 December 31, 2023 Notional or Derivative Assets Derivative Liabilities Notional or Derivative Assets Derivative Liabilities (In millions) Not designated as hedges Interest-rate risk management derivatives: Swaps $308,358 $1,896 ($394) $351,193 $1,638 ($462) Written options 45,423 — (1,690) 48,227 — (1,746) Purchased options (1) 82,160 4,107 — 89,790 4,251 — Futures 90,146 — — 132,982 — — Total interest-rate risk management derivatives 526,087 6,003 (2,084) 622,192 5,889 (2,208) Mortgage commitment derivatives 45,803 15 (8) 26,911 43 (10) CRT-related derivatives (2) 30,535 — (300) 30,578 — (228) Other 15,777 33 (656) 14,572 3 (567) Total derivatives not designated as hedges 618,202 6,051 (3,048) 694,253 5,935 (3,013) Designated as fair value hedges Interest-rate risk management derivatives: Swaps 169,942 187 (5,797) 172,202 276 (5,658) Total derivatives designated as fair value hedges 169,942 187 (5,797) 172,202 276 (5,658) Receivables (payables) 6 (17) 17 (36) Netting adjustments (3) (5,952) 7,810 (5,742) 7,834 Total derivative portfolio, net $788,144 $292 ($1,052) $866,455 $486 ($873) (1) Includes swaptions on credit indices with a notional or contractual amount of $7.3 billion and $6.4 billion at March 31, 2024 and December 31, 2023, respectively, and a fair value of $2.0 million and $1.0 million at March 31, 2024 and December 31, 2023, respectively. (2) Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements. (3) Represents counterparty netting and cash collateral netting. |
Table - Offsetting of Derivatives | The table below presents offsetting and collateral information related to derivatives which are subject to enforceable master netting agreements or similar arrangements. Table 8.2 - Offsetting of Derivatives March 31, 2024 December 31, 2023 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (In millions) OTC derivatives $6,191 ($7,877) $6,165 ($7,866) Cleared and exchange-traded derivatives 2 (21) 13 (36) Mortgage commitment derivatives 18 (8) 47 (10) Other 33 (956) 3 (795) Total derivatives 6,244 (8,862) 6,228 (8,707) Counterparty netting (4,141) 4,141 (4,210) 4,210 Cash collateral netting (1) (1,811) 3,669 (1,532) 3,624 Net amount presented in the consolidated balance sheets 292 (1,052) 486 (873) Gross amount not offset in the consolidated balance sheets (2) (159) 42 (366) 47 Net amount $133 ($1,010) $120 ($826) (1) Excess cash collateral held is presented as a derivative liability, while excess cash collateral posted is presented as a derivative asset. (2) |
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 8.3 - Gains and Losses on Derivatives (In millions) 1Q 2024 1Q 2023 Not designated as hedges Interest-rate risk management derivatives: Swaps $262 $29 Written options 37 195 Purchased options 56 (504) Futures 374 (307) Total interest-rate risk management derivatives fair value gains (losses) 729 (587) Mortgage commitment derivatives 40 (80) CRT-related derivatives (1) (43) (76) Other (108) 61 Total derivatives not designated as hedges fair value gains (losses) $618 ($682) (1) |
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 8.4 - Gains and Losses on Fair Value Hedges 1Q 2024 1Q 2023 (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: $28,385 ($23,626) $24,987 ($20,486) Interest contracts on mortgage loans held-for-investment: Gain (loss) on fair value hedging relationships: Hedged items (995) — 1,123 — Derivatives designated as hedging instruments 953 — (1,073) — Interest accruals on hedging instruments 234 — 211 — Discontinued hedge related basis adjustments amortization 43 — 31 — Interest contracts on debt: Gain (loss) on fair value hedging relationships: Hedged items — 134 — (1,535) Derivatives designated as hedging instruments — (127) — 1,534 Interest accruals on hedging instruments — (929) — (1,051) Discontinued hedge related basis adjustment amortization — (2) — (38) |
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 8.5 - Cumulative Basis Adjustments Due to Fair Value Hedging March 31, 2024 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 $1,107,342 ($3,205) ($546) ($2,659) $59,281 $11,845 Mortgage loans held-for-sale 131 1 — 1 — — Debt (132,323) 5,958 — 26 — — December 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 $1,115,454 ($2,253) ($220) ($2,033) $59,786 $11,670 Mortgage loans held-for-sale 128 1 — 1 — — Debt (143,407) 5,821 — 29 — — |
Collateralized Agreements and_2
Collateralized Agreements and Offsetting Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Offsetting [Abstract] | |
Table - Offsetting and Collateral Information of Financial Assets and Liabilities | Table 9.1 - Offsetting and Collateral Information of Certain Financial Assets and Liabilities March 31, 2024 (In millions) Gross Amount Recognized Amount Net Amount Gross Amount Not Offset in the Condensed Consolidated Balance Sheets (1) Net Amount Assets: Securities purchased under agreements to resell $116,057 ($13,800) $102,257 ($102,257) $— Liabilities: Securities sold under agreements to repurchase (13,800) 13,800 — — — December 31, 2023 (In millions) Gross Amount Recognized Amount Net Amount Gross Amount Not Offset in the Condensed Consolidated Balance Sheets (1) Net Amount Assets: Securities purchased under agreements to resell $105,393 ($10,245) $95,148 ($95,148) $— Liabilities: Securities sold under agreements to repurchase (10,245) 10,245 — — — (1) |
Table - Offsetting and Collateral Information of Financial Assets and Liabilities | Table 9.1 - Offsetting and Collateral Information of Certain Financial Assets and Liabilities March 31, 2024 (In millions) Gross Amount Recognized Amount Net Amount Gross Amount Not Offset in the Condensed Consolidated Balance Sheets (1) Net Amount Assets: Securities purchased under agreements to resell $116,057 ($13,800) $102,257 ($102,257) $— Liabilities: Securities sold under agreements to repurchase (13,800) 13,800 — — — December 31, 2023 (In millions) Gross Amount Recognized Amount Net Amount Gross Amount Not Offset in the Condensed Consolidated Balance Sheets (1) Net Amount Assets: Securities purchased under agreements to resell $105,393 ($10,245) $95,148 ($95,148) $— Liabilities: Securities sold under agreements to repurchase (10,245) 10,245 — — — (1) |
Table - Remaining Contractual Pledged | Table 9.2 - Remaining Contractual Maturity March 31, 2024 (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 $10,434 $3,366 $— $— $13,800 December 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 $— $10,245 $— $— $10,245 |
Table - Collateral in the Form of Securities Pledged | Table 9.3 - Collateral in the Form of Securities Pledged March 31, 2024 (In millions) Derivatives Securities Sold Under Agreements to Repurchase Other (1) Total Cash equivalents (2) $— $75 $— $75 Trading securities 1,903 5,500 2,330 9,733 Other assets — 4,002 — 4,002 Total securities pledged $1,903 $9,577 $2,330 $13,810 December 31, 2023 (In millions) Derivatives Securities Sold Under Agreements to Repurchase Other (1) Total Trading securities $1,866 $3,666 $2,370 $7,902 Other assets — 4,555 — 4,555 Total securities pledged $1,866 $8,221 $2,370 $12,457 (1) Includes other collateralized borrowings and collateral related to transactions with certain clearinghouses. (2) Represents U.S. Treasury securities accounted for as cash equivalents. |
Net Interest Income (Tables)
Net Interest Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 Table 10.1 - Components of Net Interest Income (In millions) 1Q 2024 1Q 2023 Interest income: Mortgage loans $26,229 $23,304 Investment securities 470 316 Securities purchased under agreements to resell 1,532 1,220 Other 154 147 Total interest income 28,385 24,987 Interest expense: Debt of consolidated trusts (21,122) (18,261) Debt of Freddie Mac: Short-term debt (256) (154) Long-term debt (2,248) (2,071) Total interest expense (23,626) (20,486) Net interest income 4,759 4,501 (Provision) benefit for credit losses (181) (395) Net interest income after (provision) benefit for credit losses $4,578 $4,106 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 1Q 2023 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Net interest income $4,488 $271 $4,759 $4,296 $205 $4,501 Non-interest income Guarantee income 19 477 496 32 434 466 Investment gains, net (86) 491 405 (179) (46) (225) Other income 53 44 97 54 31 85 Non-interest income (14) 1,012 998 (93) 419 326 Net revenues 4,474 1,283 5,757 4,203 624 4,827 (Provision) benefit for credit losses (120) (61) (181) (318) (77) (395) Non-interest expense (1,925) (197) (2,122) (1,783) (149) (1,932) Income before income tax expense 2,429 1,025 3,454 2,102 398 2,500 Income tax expense (484) (204) (688) (425) (80) (505) Net income 1,945 821 2,766 1,677 318 1,995 Other comprehensive income (loss), net of taxes and reclassification adjustments (5) (20) (25) (1) 55 54 Comprehensive income $1,940 $801 $2,741 $1,676 $373 $2,049 |
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, 2024 December 31, 2023 Single-Family $3,042,952 $3,038,910 Multifamily 443,087 440,797 Total segment assets 3,486,039 3,479,707 Reconciling items (1) (198,666) (198,731) Total assets per condensed consolidated balance sheets $3,287,373 $3,280,976 (1) |
Concentration of Credit and O_2
Concentration of Credit and Other Risks (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 , Note 4 , and Note 5 for additional 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, 2024 (Dollars in millions) Portfolio UPB (1) % of Portfolio SDQ Rate Region: (2) West $909,769 30 % 0.41 % Northeast 704,001 23 0.61 Southeast 532,815 17 0.54 Southwest 453,381 15 0.51 North Central 442,742 15 0.52 Total $3,042,708 100 % 0.52 State: California $513,997 17 % 0.41 Texas 214,630 7 0.54 Florida 201,175 7 0.61 New York 132,747 4 0.89 Illinois 113,777 4 0.69 All other 1,866,382 61 0.49 Total $3,042,708 100 % 0.52 (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); Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, VI); Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI). 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 additional 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, 2024 (Dollars in millions) Portfolio UPB % of Portfolio Delinquency Rate (1) Region (2)(3) : West $110,321 25 % 0.10 % Northeast 107,670 24 0.72 Southwest 91,795 21 0.32 Southeast 89,530 20 0.16 North Central 43,771 10 0.41 Total $443,087 100 % 0.34 State (3) : California $58,752 13 % 0.03 Texas 56,448 13 0.34 Florida 39,019 9 0.12 New York 33,941 8 1.87 Georgia 18,316 4 0.11 All other 236,611 53 0.25 Total $443,087 100 % 0.34 (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); Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY); Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, VI); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI). (3) The UPB of loans collateralized by properties located in multiple regions or states are reported entirely in the region or state with the largest underlying collateral UPB as of origination. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 (In millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Total Assets: Investment securities: Available-for-sale $— $4,092 $637 $— $4,729 Trading: Mortgage-related securities — 5,116 3,002 — 8,118 Non-mortgage-related securities 28,136 417 — — 28,553 Total trading securities 28,136 5,533 3,002 — 36,671 Total investment securities 28,136 9,625 3,639 — 41,400 Mortgage loans held-for-sale — 7,139 787 — 7,926 Mortgage loans held-for-investment — 1,236 695 — 1,931 Other assets: Guarantee assets — — 5,341 — 5,341 Derivative assets, net — 6,206 32 (5,946) 292 Other assets — 49 167 — 216 Total other assets — 6,255 5,540 (5,946) 5,849 Total assets carried at fair value on a recurring basis $28,136 $24,255 $10,661 ($5,946) $57,106 Liabilities: Debt: Debt of consolidated trusts $— $1,951 $360 $— $2,311 Debt of Freddie Mac — 295 90 — 385 Total debt — 2,246 450 — 2,696 Other liabilities: Derivative liabilities, net 4 8,763 78 (7,793) 1,052 Other liabilities — — 1 — 1 Total other liabilities 4 8,763 79 (7,793) 1,053 Total liabilities carried at fair value on a recurring basis $4 $11,009 $529 ($7,793) $3,749 Referenced footnote is included after the prior period table. December 31, 2023 (In millions) Level 1 Level 2 Level 3 Netting Adjustments (1) Total Assets: Investment securities: Available-for-sale $— $4,212 $678 $— $4,890 Trading: Mortgage-related securities — 5,342 2,771 — 8,113 Non-mortgage-related securities 29,854 418 — — 30,272 Total trading securities 29,854 5,760 2,771 — 38,385 Total investment securities 29,854 9,972 3,449 — 43,275 Mortgage loans held-for-sale — 6,460 896 — 7,356 Mortgage loans held-for-investment — 1,333 473 — 1,806 Other assets: Guarantee assets — — 5,351 — 5,351 Derivative assets, net — 6,209 2 (5,725) 486 Other assets — 92 166 — 258 Total other assets — 6,301 5,519 (5,725) 6,095 Total assets carried at fair value on a recurring basis $29,854 $24,066 $10,337 ($5,725) $58,532 Liabilities: Debt: Debt of consolidated trusts $— $1,707 $343 $— $2,050 Debt of Freddie Mac — 336 90 — 426 Total debt — 2,043 433 — 2,476 Other liabilities: Derivative liabilities, net — 8,608 63 (7,798) 873 Other liabilities — — — — — Total other liabilities — 8,608 63 (7,798) 873 Total liabilities carried at fair value on a recurring basis $— $10,651 $496 ($7,798) $3,349 (1) Represents counterparty netting and cash collateral netting. |
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 2024 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, 2024 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2024 (In millions) Included in Included in Other Assets Investment securities: Available-for-sale $678 $— ($5) $— $— $— ($36) $— $— $637 $— ($4) Trading 2,771 (112) — 359 — — (16) — — 3,002 19 — Total investment securities 3,449 (112) (5) 359 — — (52) — — 3,639 19 (4) Mortgage loans held-for-sale 896 (6) — 294 — (273) — 35 (159) 787 (7) — Mortgage loans held-for-investment 473 (24) — — — — (47) 298 (5) 695 (29) — Other assets: Guarantee assets 5,351 111 — — 105 — (226) — — 5,341 111 — Other assets 168 20 — (10) 1 (5) 25 — — 199 19 — Total other assets 5,519 131 — (10) 106 (5) (201) — — 5,540 130 — Total assets 10,337 (11) (5) 643 106 (278) (300) 333 (164) 10,661 113 (4) Liabilities Debt $433 $5 $— ($4) $19 $— ($3) $— $— $450 $10 $— Other liabilities 63 15 — 2 — — (1) — — 79 16 — Total liabilities $496 $20 $— ($2) $19 $— ($4) $— $— $529 $26 $— 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) $— (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) |
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 2024 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, 2024 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2024 (In millions) Included in Included in Other Assets Investment securities: Available-for-sale $678 $— ($5) $— $— $— ($36) $— $— $637 $— ($4) Trading 2,771 (112) — 359 — — (16) — — 3,002 19 — Total investment securities 3,449 (112) (5) 359 — — (52) — — 3,639 19 (4) Mortgage loans held-for-sale 896 (6) — 294 — (273) — 35 (159) 787 (7) — Mortgage loans held-for-investment 473 (24) — — — — (47) 298 (5) 695 (29) — Other assets: Guarantee assets 5,351 111 — — 105 — (226) — — 5,341 111 — Other assets 168 20 — (10) 1 (5) 25 — — 199 19 — Total other assets 5,519 131 — (10) 106 (5) (201) — — 5,540 130 — Total assets 10,337 (11) (5) 643 106 (278) (300) 333 (164) 10,661 113 (4) Liabilities Debt $433 $5 $— ($4) $19 $— ($3) $— $— $450 $10 $— Other liabilities 63 15 — 2 — — (1) — — 79 16 — Total liabilities $496 $20 $— ($2) $19 $— ($4) $— $— $529 $26 $— 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) $— (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) |
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, 2024 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 $469 Median of external sources External pricing sources $59.7 - $70.6 $65.5 169 Other Trading 2,235 Single external source External pricing source $0.0 - $4,251.3 $129.4 767 Other Mortgage loans held-for-sale 787 Single external source External pricing source $64.9 - $108.3 $100.3 Mortgage loans held-for-investment 695 Single external source External pricing source $29.5 - $100.0 $80.8 Guarantee assets 5,012 Discounted cash flows OAS 17 - 233 bps 47 bps 329 Other Insignificant Level 3 assets (2) 198 Total level 3 assets $10,661 Liabilities Insignificant Level 3 liabilities (2) 529 Total level 3 liabilities $529 December 31, 2023 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 $489 Median of external sources External pricing sources $61.2 - $71.6 $66.7 189 Other Trading 2,085 Single external source External pricing source $0.0 - $4,471.7 $147.3 686 Other Mortgage loans held-for-sale 896 Single external source External pricing source $59.3 - $110.4 $100.3 Mortgage loans held-for-investment 473 Single external source External pricing source $24.7 - $99.2 $74.7 Guarantee assets 5,014 Discounted cash flows OAS 17 - 233 bps 47 bps 337 Other Insignificant Level 3 assets (2) 168 Total level 3 assets $10,337 Liabilities Insignificant Level 3 liabilities (2) 496 Total level 3 liabilities $496 (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, 2024 December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Mortgage loans (1) $— $407 $1,280 $1,687 $— $640 $1,578 $2,218 (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, 2024 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) Mortgage loans $1,076 Median of external sources External pricing sources $74.8 - $98.6 $83.2 204 Other Total $1,280 December 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) Mortgage loans $1,394 Median of external sources External pricing sources $72.9 - $98.8 $82.4 184 Other Total $1,578 (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, 2024 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 $3,531 $3,531 $— $— $— $3,531 Securities purchased under agreements to resell Amortized cost 102,257 — 116,057 — (13,800) 102,257 Investment securities: Available-for-sale FV - OCI 4,729 — 4,092 637 — 4,729 Trading FV - NI 36,671 28,136 5,533 3,002 — 36,671 Total investment securities 41,400 28,136 9,625 3,639 — 41,400 Mortgage loans: Mortgage loans held-for-sale 12,034 — 8,826 3,383 — 12,209 Mortgage loans held-for-investment, net of allowance for credit losses 3,088,687 — 2,412,334 267,683 — 2,680,017 Total mortgage loans Various (3) 3,100,721 — 2,421,160 271,066 — 2,692,226 Other assets: Guarantee assets FV - NI 5,341 — — 5,343 — 5,343 Derivative assets, net FV - NI 292 — 6,206 32 (5,946) 292 Other assets (4) Various 2,910 — 434 2,482 — 2,916 Total other assets 8,543 — 6,640 7,857 (5,946) 8,551 Total financial assets $3,256,452 $31,667 $2,553,482 $282,562 ($19,746) $2,847,965 Financial Liabilities Debt: Debt of consolidated trusts $3,050,038 $— $2,632,804 $737 $— $2,633,541 Debt of Freddie Mac 161,704 — 172,726 3,361 (13,800) 162,287 Total debt Various (5) 3,211,742 — 2,805,530 4,098 (13,800) 2,795,828 Other liabilities: Guarantee obligations Amortized cost 5,302 — 102 6,348 — 6,450 Derivative liabilities, net FV - NI 1,052 4 8,763 78 (7,793) 1,052 Other liabilities (4) FV - NI 14 — 423 169 — 592 Total other liabilities 6,368 4 9,288 6,595 (7,793) 8,094 Total financial liabilities $3,218,110 $4 $2,814,818 $10,693 ($21,593) $2,803,922 Referenced footnotes are included after the prior period table. December 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 $6,019 $6,019 $— $— $— $6,019 Securities purchased under agreements to resell Amortized cost 95,148 — 105,393 — (10,245) 95,148 Investment securities: Available-for-sale FV - OCI 4,890 — 4,212 678 — 4,890 Trading FV - NI 38,385 29,854 5,760 2,771 — 38,385 Total investment securities 43,275 29,854 9,972 3,449 — 43,275 Mortgage loans: Mortgage loans held-for-sale 12,941 — 9,276 3,868 — 13,144 Mortgage loans held-for-investment, net of allowance for credit losses 3,083,665 — 2,466,127 254,877 — 2,721,004 Total mortgage loans Various (3) 3,096,606 — 2,475,403 258,745 — 2,734,148 Other assets: Guarantee assets FV - NI 5,351 — — 5,353 — 5,353 Derivative assets, net FV - NI 486 — 6,209 2 (5,725) 486 Other assets (4) Various 2,107 — 946 1,165 — 2,111 Total other assets 7,944 — 7,155 6,520 (5,725) 7,950 Total financial assets $3,248,992 $35,873 $2,597,923 $268,714 ($15,970) $2,886,540 Financial Liabilities Debt: Debt of consolidated trusts $3,041,927 $— $2,673,019 $727 $— $2,673,746 Debt of Freddie Mac 166,419 — 173,877 3,391 (10,245) 167,023 Total debt Various (5) 3,208,346 — 2,846,896 4,118 (10,245) 2,840,769 Other liabilities: Guarantee obligations Amortized cost 5,451 — 103 6,023 — 6,126 Derivative liabilities, net FV - NI 873 — 8,608 63 (7,798) 873 Other liabilities (4) FV - NI 14 — 465 194 — 659 Total other liabilities 6,338 — 9,176 6,280 (7,798) 7,658 Total financial liabilities $3,214,684 $— $2,856,072 $10,398 ($18,043) $2,848,427 (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) The GAAP carrying amounts measured at amortized cost, lower-of-cost-or-fair-value, and FV - NI were $3.1 trillion, $4.1 billion, and $9.9 billion as of March 31, 2024, respectively, and $3.1 trillion, $5.6 billion and $9.2 billion as of December 31, 2023, respectively. (4) For other assets, includes advances to lenders, secured lending, and loan commitments. For other liabilities, includes loan commitments. (5) |
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 items 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, 2024 December 31, 2023 (In millions) Fair value UPB Difference Fair value UPB Difference Mortgage loans held-for-sale $7,926 $7,793 $133 $7,356 $7,080 $276 Mortgage loans held-for-investment 1,931 2,227 (296) 1,806 2,095 (289) Debt of Freddie Mac 200 194 6 240 234 6 Debt of consolidated trusts 1,950 2,070 (120) 1,705 1,799 (94) Other assets (other liabilities) 48 N/A N/A 95 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, 2024 and December 31, 2023. 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 2024 1Q 2023 (In millions) Gains (Losses) Mortgage loans held-for-sale ($159) $4 Mortgage loans held-for-investment (31) 26 Debt of Freddie Mac 1 14 Debt of consolidated trusts 9 (35) Other assets/other liabilities 143 55 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Adjusted total assets $3,786 $3,775 Risk-weighted assets (standardized approach) 1,018 1,009 March 31, 2024 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 ($16) $81 $81 (1.5) % 8.0 % 8.0 % CET1 capital (41) 46 103 (4.0) 4.5 10.1 Tier 1 capital (27) 61 118 (2.6) 6.0 11.6 Adjusted total capital (27) 81 138 (2.6) 8.0 13.6 Leverage capital: Core capital ($23) $95 $95 (0.6) % 2.5 % 2.5 % Tier 1 capital (27) 95 109 (0.7) 2.5 2.9 December 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 ($18) $81 $81 (1.8) % 8.0 % 8.0 % CET1 capital (43) 45 96 (4.3) 4.5 9.5 Tier 1 capital (29) 60 111 (2.9) 6.0 11.0 Adjusted total capital (29) 81 132 (2.9) 8.0 13.0 Leverage capital: Core capital ($25) $95 $95 (0.7) % 2.5 % 2.5 % Tier 1 capital (29) 95 106 (0.8) 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_3
Summary of Significant Accounting Policies (Details) $ in Billions | Mar. 31, 2024 USD ($) |
Accounting Policies [Abstract] | |
Amortization Method Qualified Affordable Housing Project Investments | $ 3.6 |
Securitization Activities and_3
Securitization Activities and Consolidation - Non-Consolidated VIEs (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Assets [Abstract] | ||
Investments in securities, at fair value | $ 41,400 | $ 43,275 |
Other Assets | 25,190 | 25,927 |
Assets | 3,287,373 | 3,280,976 |
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 | 300 |
Liabilities [Abstract] | ||
Other Liabilities | 16,456 | 16,096 |
Variable Interest Entity, Not Primary Beneficiary | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 12,125 | 12,209 |
Other Assets | 5,441 | 5,431 |
Assets | 531,396 | 532,148 |
Maximum Exposure to Loss | 456,386 | 456,672 |
Liabilities [Abstract] | ||
Other Liabilities | 5,971 | 5,937 |
Variable Interest Entity, Not Primary Beneficiary | Other | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 0 | 0 |
Other Assets | 7 | 7 |
Assets | 112 | 117 |
Maximum Exposure to Loss | 483 | 468 |
Liabilities [Abstract] | ||
Other Liabilities | 5 | 5 |
Variable Interest Entity, Not Primary Beneficiary | Single Family Guarantee Segment | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 6,350 | 6,224 |
Other Assets | 323 | 331 |
Assets | 168,765 | 169,744 |
Maximum Exposure to Loss | 133,987 | 134,934 |
Liabilities [Abstract] | ||
Other Liabilities | 1,432 | 1,273 |
Variable Interest Entity, Not Primary Beneficiary | Single Family Guarantee Segment | Securitization products | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 1,576 | 1,272 |
Other Assets | 168 | 172 |
Assets | 30,434 | 30,298 |
Maximum Exposure to Loss | 24,762 | 24,600 |
Liabilities [Abstract] | ||
Other Liabilities | 440 | 427 |
Variable Interest Entity, Not Primary Beneficiary | Single Family Guarantee Segment | Guarantees of Fannie Mae securities | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 4,774 | 4,952 |
Other Assets | 65 | 67 |
Assets | 109,215 | 110,320 |
Maximum Exposure to Loss | 109,215 | 110,320 |
Liabilities [Abstract] | ||
Other Liabilities | 708 | 626 |
Variable Interest Entity, Not Primary Beneficiary | Single Family Guarantee Segment | CRT products | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 0 | 0 |
Other Assets | 90 | 92 |
Assets | 29,116 | 29,126 |
Maximum Exposure to Loss | 10 | 14 |
Liabilities [Abstract] | ||
Other Liabilities | 284 | 220 |
Variable Interest Entity, Not Primary Beneficiary | Multifamily | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 5,775 | 5,985 |
Other Assets | 5,111 | 5,093 |
Assets | 362,519 | 362,287 |
Maximum Exposure to Loss | 321,916 | 321,270 |
Liabilities [Abstract] | ||
Other Liabilities | 4,534 | 4,659 |
Variable Interest Entity, Not Primary Beneficiary | Multifamily | Securitization products | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 5,775 | 5,985 |
Other Assets | 5,097 | 5,082 |
Assets | 361,164 | 360,928 |
Maximum Exposure to Loss | 321,905 | 321,262 |
Liabilities [Abstract] | ||
Other Liabilities | 4,519 | 4,652 |
Variable Interest Entity, Not Primary Beneficiary | Multifamily | CRT products | ||
Assets [Abstract] | ||
Investments in securities, at fair value | 0 | 0 |
Other Assets | 14 | 11 |
Assets | 1,355 | 1,359 |
Maximum Exposure to Loss | 11 | 8 |
Liabilities [Abstract] | ||
Other Liabilities | $ 15 | $ 7 |
Mortgage Loans (Details)
Mortgage Loans (Details) - USD ($) $ in Billions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 | $ 2.2 | $ 1.8 |
Noncash acquisition, mortgage loans held-for-investment acquired in exchange for issuance of debt securities of consolidated trusts | 41.5 | 42.5 |
Transfers from advances to lenders to loans HFI | $ 18.2 | $ 21.3 |
Mortgage Loans - Mortgage Loans
Mortgage Loans - Mortgage Loans (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivables [Line Items] | ||
UPB of mortgage loans - HFS | $ 12,550 | $ 13,432 |
Cost basis and fair value adjustments, net HFS | (516) | (491) |
Total held-for-sale loans, net | 12,034 | 12,941 |
UPB of mortgage loans - HFI | 3,062,770 | 3,055,712 |
Cost basis adjustment HFI | 32,487 | 34,336 |
Allowance for credit losses | (6,570) | (6,383) |
Total held-for-investment mortgage loans, net | 3,088,687 | 3,083,665 |
Mortgage Loans Net | 3,100,721 | 3,096,606 |
Hedged Asset, Fair Value Hedge, Portfolio Layer, Cumulative Increase (Decrease) | (500) | (200) |
Mortgage loans FVO held-for-investment | 1,931 | 1,806 |
Single-family | ||
Accounts, Notes, Loans and Financing Receivables [Line Items] | ||
UPB of mortgage loans - HFS | 3,104 | 3,527 |
Cost basis and fair value adjustments, net HFS | (618) | (712) |
Total held-for-sale loans, net | 2,486 | 2,815 |
UPB of mortgage loans - HFI | 3,001,013 | 2,996,509 |
Cost basis adjustment HFI | 32,804 | 34,627 |
Allowance for credit losses | (6,189) | (6,057) |
Total held-for-investment mortgage loans, net | 3,027,628 | 3,025,079 |
Mortgage Loans Net | 3,030,114 | 3,027,894 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivables [Line Items] | ||
UPB of mortgage loans - HFS | 9,446 | 9,905 |
Cost basis and fair value adjustments, net HFS | 102 | 221 |
Total held-for-sale loans, net | 9,548 | 10,126 |
UPB of mortgage loans - HFI | 61,757 | 59,203 |
Cost basis adjustment HFI | (317) | (291) |
Allowance for credit losses | (381) | (326) |
Total held-for-investment mortgage loans, net | 61,059 | 58,586 |
Mortgage Loans Net | $ 70,607 | $ 68,712 |
Mortgage Loans - Loans Purchase
Mortgage Loans - Loans Purchased and Sold (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Single-family | Held for Investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchases | $ 62,269 | $ 58,965 |
Single-family | Held-for-Sale | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Sales | 618 | 0 |
Multifamily | Held for Investment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchases | 2,625 | 3,349 |
Multifamily | Held-for-Sale | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Purchases | 6,459 | 2,695 |
Sales | $ 6,603 | $ 6,150 |
Mortgage Loans - Loan Reclassif
Mortgage Loans - Loan Reclassifications (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Held for Investment | Single-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Reclassifications from held-for-investment to held-for sale, UPB | $ 376 | $ 0 |
Reclassifications from held-for-investment to held-for sale, allowance for credit losses reverse or (established) | 8 | 0 |
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] | ||
Reclassifications from held-for-investment to held-for sale, UPB | 264 | 4,731 |
Reclassifications from held-for-investment to held-for sale, allowance for credit losses reverse or (established) | 1 | 1 |
Reclassifications from held-for-sale to held-for-investment, valuation allowance (established) or reversed | (5) | (27) |
Held-for-Sale | Single-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Reclassifications from held-for-sale to held-for-investment, UPB | 50 | 48 |
Reclassifications from held-for-investment to held-for sale, allowance for credit losses reverse or (established) | 4 | 4 |
Reclassifications from held-for-sale to held-for-investment, valuation allowance (established) or reversed | 4 | 4 |
Held-for-Sale | Multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Reclassifications from held-for-sale to held-for-investment, UPB | 369 | 561 |
Reclassifications from held-for-investment to held-for sale, allowance for credit losses reverse or (established) | 0 | 0 |
Reclassifications from held-for-sale to held-for-investment, valuation allowance (established) or reversed | $ 3 | $ 16 |
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, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | $ 13,024 | $ 10,155 | $ 13,522 | $ 10,137 |
Interest Income Recognized | 34 | 31 | ||
Single family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | 12,921 | 10,114 | 13,458 | 10,095 |
Interest Income Recognized | 33 | 30 | ||
20- and 30-year or more, amortizing fixed-rate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | 12,189 | 9,348 | 12,682 | 9,307 |
Interest Income Recognized | 31 | 28 | ||
15-year or less, amortizing fixed-rate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | 485 | 434 | 519 | 427 |
Interest Income Recognized | 1 | 1 | ||
Adjustable-rate and other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | 247 | 332 | 257 | 361 |
Interest Income Recognized | 1 | 1 | ||
Multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | 103 | 41 | $ 64 | $ 42 |
Interest Income Recognized | $ 1 | $ 1 |
Mortgage Loans - Accrued Intere
Mortgage Loans - Accrued Interest Receivable and Related Charge-Offs (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Single family | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Accrued Interest Receivable, Net | $ 8,980 | $ 8,833 | |
Financing Receivable, Accrued Interest, Writeoff | (46) | $ (48) | |
Multifamily | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Accrued Interest Receivable, Net | 297 | $ 287 | |
Financing Receivable, Accrued Interest, Writeoff | $ (1) | $ 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 | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year, year-to-date write-offs | $ 0 | $ 0 |
Fiscal year before current fiscal year, year-to-date write-offs | 1 | 13 |
Two years before current fiscal Year, year-to-date write-offs | 9 | 39 |
Three years before current fiscal year, year-to-date write-offs | 10 | 44 |
Four years before current fiscal year, year-to-date write-offs | 6 | 45 |
More than five years before current fiscal Year, year-to-date write-offs | 30 | 246 |
Financing Receivable, before Allowance for Credit Loss | 3,093,872 | 3,088,464 |
Total current-period year-to-date gross write-offs | 56 | 387 |
20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 40,492 | 252,879 |
Current fiscal year, year-to-date write-offs | 0 | 0 |
One year before current fiscal year | 265,898 | 391,687 |
Fiscal year before current fiscal year, year-to-date write-offs | 1 | 12 |
Two years before current fiscal year | 385,751 | 861,548 |
Two years before current fiscal Year, year-to-date write-offs | 9 | 37 |
Three years before current fiscal year | 848,684 | 638,903 |
Three years before current fiscal year, year-to-date write-offs | 10 | 43 |
Four years before current fiscal year | 629,019 | 106,984 |
Four years before current fiscal year, year-to-date write-offs | 6 | 45 |
Five years before current fiscal year | 514,604 | 419,386 |
More than five years before current fiscal Year, year-to-date write-offs | 29 | 243 |
Financing Receivable, before Allowance for Credit Loss | 2,684,448 | 2,671,387 |
Total current-period year-to-date gross write-offs | 55 | 380 |
15-year or less, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,591 | 9,016 |
Current fiscal year, year-to-date write-offs | 0 | 0 |
One year before current fiscal year | 9,182 | 29,103 |
Fiscal year before current fiscal year, year-to-date write-offs | 0 | 1 |
Two years before current fiscal year | 28,227 | 126,226 |
Two years before current fiscal Year, year-to-date write-offs | 0 | 2 |
Three years before current fiscal year | 122,634 | 98,616 |
Three years before current fiscal year, year-to-date write-offs | 0 | 1 |
Four years before current fiscal year | 95,569 | 12,507 |
Four years before current fiscal year, year-to-date write-offs | 0 | 0 |
Five years before current fiscal year | 64,711 | 56,499 |
More than five years before current fiscal Year, year-to-date write-offs | 1 | 2 |
Financing Receivable, before Allowance for Credit Loss | 321,914 | 331,967 |
Total current-period year-to-date gross write-offs | 1 | 6 |
Adjustable-rate and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 468 | 2,515 |
Current fiscal year, year-to-date write-offs | 0 | 0 |
One year before current fiscal year | 2,870 | 5,633 |
Fiscal year before current fiscal year, year-to-date write-offs | 0 | 0 |
Two years before current fiscal year | 5,531 | 4,480 |
Two years before current fiscal Year, year-to-date write-offs | 0 | 0 |
Three years before current fiscal year | 4,381 | 1,557 |
Three years before current fiscal year, year-to-date write-offs | 0 | 0 |
Four years before current fiscal year | 1,522 | 611 |
Four years before current fiscal year, year-to-date write-offs | 0 | 0 |
Five years before current fiscal year | 13,229 | 13,207 |
More than five years before current fiscal Year, year-to-date write-offs | 0 | 1 |
Financing Receivable, before Allowance for Credit Loss | 28,001 | 28,003 |
Total current-period year-to-date gross write-offs | 0 | 1 |
Single family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 42,551 | 264,410 |
One year before current fiscal year | 277,950 | 426,423 |
Two years before current fiscal year | 419,509 | 992,254 |
Three years before current fiscal year | 975,699 | 739,076 |
Four years before current fiscal year | 726,110 | 120,102 |
Five years before current fiscal year | 592,544 | 489,092 |
Financing Receivable, before Allowance for Credit Loss | 3,034,363 | 3,031,357 |
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 | 5,993 | 39,500 |
One year before current fiscal year | 42,364 | 93,279 |
Two years before current fiscal year | 95,196 | 513,267 |
Three years before current fiscal year | 520,140 | 542,449 |
Four years before current fiscal year | 539,594 | 94,348 |
Five years before current fiscal year | 495,830 | 411,663 |
Financing Receivable, before Allowance for Credit Loss | 1,699,117 | 1,694,506 |
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 | 681 | 4,221 |
One year before current fiscal year | 4,466 | 20,246 |
Two years before current fiscal year | 20,462 | 121,709 |
Three years before current fiscal year | 119,250 | 98,338 |
Four years before current fiscal year | 95,360 | 12,488 |
Five years before current fiscal year | 64,690 | 56,493 |
Financing Receivable, before Allowance for Credit Loss | 304,909 | 313,495 |
CLTV ratio less than or equal to 60 percent | Adjustable-rate and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 55 | 356 |
One year before current fiscal year | 422 | 1,650 |
Two years before current fiscal year | 1,670 | 3,325 |
Three years before current fiscal year | 3,314 | 1,465 |
Four years before current fiscal year | 1,432 | 586 |
Five years before current fiscal year | 12,960 | 12,950 |
Financing Receivable, before Allowance for Credit Loss | 19,853 | 20,332 |
CLTV ratio less than or equal to 60 percent | Single family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 6,729 | 44,077 |
One year before current fiscal year | 47,252 | 115,175 |
Two years before current fiscal year | 117,328 | 638,301 |
Three years before current fiscal year | 642,704 | 642,252 |
Four years before current fiscal year | 636,386 | 107,422 |
Five years before current fiscal year | 573,480 | 481,106 |
Financing Receivable, before Allowance for Credit Loss | 2,023,879 | 2,028,333 |
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 | 16,569 | 105,384 |
One year before current fiscal year | 108,193 | 183,251 |
Two years before current fiscal year | 181,642 | 318,965 |
Three years before current fiscal year | 301,741 | 95,102 |
Four years before current fiscal year | 87,998 | 12,402 |
Five years before current fiscal year | 18,128 | 7,296 |
Financing Receivable, before Allowance for Credit Loss | 714,271 | 722,400 |
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 | 734 | 3,973 |
One year before current fiscal year | 3,925 | 8,314 |
Two years before current fiscal year | 7,361 | 4,491 |
Three years before current fiscal year | 3,364 | 278 |
Four years before current fiscal year | 209 | 19 |
Five years before current fiscal year | 19 | 5 |
Financing Receivable, before Allowance for Credit Loss | 15,612 | 17,080 |
CLTV ratio greater than 60 to 80 percent | Adjustable-rate and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 220 | 1,153 |
One year before current fiscal year | 1,296 | 2,651 |
Two years before current fiscal year | 2,603 | 1,105 |
Three years before current fiscal year | 1,019 | 89 |
Four years before current fiscal year | 87 | 25 |
Five years before current fiscal year | 240 | 227 |
Financing Receivable, before Allowance for Credit Loss | 5,465 | 5,250 |
CLTV ratio greater than 60 to 80 percent | Single family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 17,523 | 110,510 |
One year before current fiscal year | 113,414 | 194,216 |
Two years before current fiscal year | 191,606 | 324,561 |
Three years before current fiscal year | 306,124 | 95,469 |
Four years before current fiscal year | 88,294 | 12,446 |
Five years before current fiscal year | 18,387 | 7,528 |
Financing Receivable, before Allowance for Credit Loss | 735,348 | 744,730 |
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 | 6,969 | 55,973 |
One year before current fiscal year | 63,047 | 90,785 |
Two years before current fiscal year | 86,453 | 27,750 |
Three years before current fiscal year | 25,075 | 1,272 |
Four years before current fiscal year | 1,309 | 213 |
Five years before current fiscal year | 467 | 262 |
Financing Receivable, before Allowance for Credit Loss | 183,320 | 176,255 |
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 | 108 | 623 |
One year before current fiscal year | 627 | 509 |
Two years before current fiscal year | 376 | 25 |
Three years before current fiscal year | 20 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 1 | 0 |
Financing Receivable, before Allowance for Credit Loss | 1,132 | 1,157 |
CLTV ratio greater than 80 to 90 Percent | Adjustable-rate and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 109 | 689 |
One year before current fiscal year | 796 | 1,040 |
Two years before current fiscal year | 997 | 48 |
Three years before current fiscal year | 45 | 3 |
Four years before current fiscal year | 3 | 0 |
Five years before current fiscal year | 17 | 18 |
Financing Receivable, before Allowance for Credit Loss | 1,967 | 1,798 |
CLTV ratio greater than 80 to 90 Percent | Single family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 7,186 | 57,285 |
One year before current fiscal year | 64,470 | 92,334 |
Two years before current fiscal year | 87,826 | 27,823 |
Three years before current fiscal year | 25,140 | 1,275 |
Four years before current fiscal year | 1,312 | 213 |
Five years before current fiscal year | 485 | 280 |
Financing Receivable, before Allowance for Credit Loss | 186,419 | 179,210 |
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 | 10,954 | 51,994 |
One year before current fiscal year | 52,215 | 23,460 |
Two years before current fiscal year | 21,489 | 1,542 |
Three years before current fiscal year | 1,673 | 71 |
Four years before current fiscal year | 106 | 16 |
Five years before current fiscal year | 94 | 77 |
Financing Receivable, before Allowance for Credit Loss | 86,531 | 77,160 |
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 | 68 | 198 |
One year before current fiscal year | 164 | 33 |
Two years before current fiscal year | 28 | 1 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 260 | 232 |
CLTV ratio greater than 90 to 100 percent | Adjustable-rate and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 84 | 317 |
One year before current fiscal year | 356 | 276 |
Two years before current fiscal year | 246 | 2 |
Three years before current fiscal year | 3 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 8 | 8 |
Financing Receivable, before Allowance for Credit Loss | 697 | 603 |
CLTV ratio greater than 90 to 100 percent | Single family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 11,106 | 52,509 |
One year before current fiscal year | 52,735 | 23,769 |
Two years before current fiscal year | 21,763 | 1,545 |
Three years before current fiscal year | 1,676 | 71 |
Four years before current fiscal year | 106 | 16 |
Five years before current fiscal year | 102 | 85 |
Financing Receivable, before Allowance for Credit Loss | 87,488 | 77,995 |
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 | 7 | 28 |
One year before current fiscal year | 79 | 912 |
Two years before current fiscal year | 971 | 24 |
Three years before current fiscal year | 55 | 9 |
Four years before current fiscal year | 12 | 5 |
Five years before current fiscal year | 85 | 88 |
Financing Receivable, before Allowance for Credit Loss | 1,209 | 1,066 |
CLTV ratio greater than 100 percent | 15-year or less, amortizing fixed-rate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 1 |
One year before current fiscal year | 0 | 1 |
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 |
Financing Receivable, before Allowance for Credit Loss | 1 | 3 |
CLTV ratio greater than 100 percent | Adjustable-rate and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 16 |
Two years before current fiscal year | 15 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Five years before current fiscal year | 4 | 4 |
Financing Receivable, before Allowance for Credit Loss | 19 | 20 |
CLTV ratio greater than 100 percent | Single family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 7 | 29 |
One year before current fiscal year | 79 | 929 |
Two years before current fiscal year | 986 | 24 |
Three years before current fiscal year | 55 | 9 |
Four years before current fiscal year | 12 | 5 |
Five years before current fiscal year | 90 | 93 |
Financing Receivable, before Allowance for Credit Loss | $ 1,229 | $ 1,089 |
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, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | $ 3,093,872 | $ 3,088,464 |
Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,512 | 13,824 |
One year before current fiscal year | 14,773 | 17,963 |
Two years before current fiscal year | 18,055 | 7,646 |
Three years before current fiscal year | 7,626 | 6,647 |
Four years before current fiscal year | 6,562 | 4,937 |
Five years before current fiscal year | 8,692 | 3,824 |
Revolving Loans | 2,289 | 2,266 |
Financing Receivable, before Allowance for Credit Loss, Total | 59,509 | 57,107 |
Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 1,512 | 13,804 |
One year before current fiscal year | 14,753 | 17,845 |
Two years before current fiscal year | 17,617 | 7,430 |
Three years before current fiscal year | 7,264 | 6,345 |
Four years before current fiscal year | 6,208 | 4,420 |
Five years before current fiscal year | 7,602 | 3,254 |
Revolving Loans | 2,289 | 2,266 |
Financing Receivable, before Allowance for Credit Loss, Total | 57,245 | 55,364 |
Multifamily | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 20 |
One year before current fiscal year | 20 | 85 |
Two years before current fiscal year | 307 | 28 |
Three years before current fiscal year | 63 | 43 |
Four years before current fiscal year | 35 | 294 |
Five years before current fiscal year | 410 | 106 |
Revolving Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss, Total | 835 | 576 |
Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current fiscal year | 0 | 0 |
One year before current fiscal year | 0 | 33 |
Two years before current fiscal year | 96 | 188 |
Three years before current fiscal year | 299 | 259 |
Four years before current fiscal year | 319 | 223 |
Five years before current fiscal year | 680 | 464 |
Revolving Loans | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss, Total | 1,394 | 1,167 |
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 | 35 | 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 |
Financing Receivable, before Allowance for Credit Loss, Total | $ 35 | $ 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, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 3,093,872 | $ 3,088,464 |
Financing Receivable, Nonaccrual, No Allowance | 463 | 482 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Mortgage Loans in Process of Foreclosure, Amount | 2,000 | 2,000 |
Single-family | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,034,363 | 3,031,357 |
Financing Receivable, Nonaccrual, No Allowance | 447 | 459 |
20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,684,448 | 2,671,387 |
Financing Receivable, Nonaccrual, No Allowance | 396 | 406 |
15-year or less, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 321,914 | 331,967 |
Financing Receivable, Nonaccrual, No Allowance | 4 | 4 |
Adjustable-rate and other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 28,001 | 28,003 |
Financing Receivable, Nonaccrual, No Allowance | 47 | 49 |
Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 59,509 | 57,107 |
Financing Receivable, Nonaccrual, No Allowance | 16 | 23 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 3,052,333 | 3,041,712 |
Current | Single-family | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 2,992,937 | 2,984,681 |
Current | 20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 2,645,711 | 2,627,763 |
Current | 15-year or less, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 319,876 | 329,601 |
Current | Adjustable-rate and other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 27,350 | 27,317 |
Current | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 59,396 | 57,031 |
One Month Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 23,544 | 27,471 |
One Month Past Due | Single-family | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 23,538 | 27,459 |
One Month Past Due | 20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 21,872 | 25,528 |
One Month Past Due | 15-year or less, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 1,335 | 1,589 |
One Month Past Due | Adjustable-rate and other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 331 | 342 |
One Month Past Due | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 6 | 12 |
Two Months Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 5,382 | 6,152 |
Two Months Past Due | Single-family | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 5,378 | 6,152 |
Two Months Past Due | 20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 5,066 | 5,787 |
Two Months Past Due | 15-year or less, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 231 | 270 |
Two Months Past Due | Adjustable-rate and other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 81 | 95 |
Two Months Past Due | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 4 | 0 |
Three Months or More Past Due, or in Foreclosure(2) | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 12,613 | 13,129 |
Three Months or More Past Due, or in Foreclosure(2) | Single-family | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 12,510 | 13,065 |
Three Months or More Past Due, or in Foreclosure(2) | 20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 11,799 | 12,309 |
Three Months or More Past Due, or in Foreclosure(2) | 15-year or less, amortizing fixed-rate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 472 | 507 |
Three Months or More Past Due, or in Foreclosure(2) | Adjustable-rate and other | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | 239 | 249 |
Three Months or More Past Due, or in Foreclosure(2) | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable 1 | $ 103 | $ 64 |
Mortgage Loans - Single-Family
Mortgage Loans - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Single family | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | $ 7,062 | $ 7,925 |
Amortized cost basis of loans in payment deferral plans | $ 2,600 | $ 2,700 |
Financing Receivable, Excluding Accrued Interest, Modified in Period, to Total Financing Receivables, Percentage | 0.20% | 0.30% |
20- and 30-year or more, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | $ 6,778 | $ 7,480 |
Financing Receivable, Excluding Accrued Interest, Modified in Period, to Total Financing Receivables, Percentage | 0.30% | 0.30% |
15-year or less, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | $ 222 | $ 352 |
Financing Receivable, Excluding Accrued Interest, Modified in Period, to Total Financing Receivables, Percentage | 0.10% | 0.10% |
Adjustable-rate and other | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | $ 62 | $ 93 |
Financing Receivable, Excluding Accrued Interest, Modified in Period, to Total Financing Receivables, Percentage | 0.20% | 0.30% |
payment delay [Member] | Single family | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | $ 5,740 | $ 6,765 |
payment delay [Member] | 20- and 30-year or more, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | 5,461 | 6,357 |
payment delay [Member] | 15-year or less, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | 222 | 332 |
payment delay [Member] | Adjustable-rate and other | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | 57 | 76 |
payment delay and term extension [Member] | Single family | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | 1,315 | 1,069 |
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 in Period, Amount | 1,311 | 1,037 |
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 in Period, Amount | 0 | 19 |
payment delay and term extension [Member] | Adjustable-rate and other | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | 4 | 13 |
payment delay, interest rate reduction, and term extension [Member] | Single family | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | 7 | 91 |
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 in Period, Amount | 6 | 86 |
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 in Period, Amount | 0 | 1 |
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 in Period, Amount | $ 1 | $ 4 |
Mortgage Loans - Financial Effe
Mortgage Loans - Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
20- and 30-year or more, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 1.20% | 0.90% |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 171 months | 180 months |
Weighted average payment deferral or principal forbearance | $ 16 | $ 16 |
15-year or less, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0% | 0.40% |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 22 months | 354 months |
Weighted average payment deferral or principal forbearance | $ 14 | $ 16 |
Adjustable-rate and other | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0.80% | 2% |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 217 months | 206 months |
Weighted average payment deferral or principal forbearance | $ 16 | $ 19 |
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, 2024 | Mar. 31, 2023 | |
Single family | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | $ 1,239 | $ 1,134 |
Single family | payment delay [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 837 | 746 |
Single family | payment delay and term extension [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 397 | 177 |
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 | 5 | 211 |
20- and 30-year or more, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 1,200 | 1,085 |
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 | 798 | 704 |
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 | 397 | 175 |
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 | 5 | 206 |
15-year or less, amortizing fixed-rate | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 30 | 32 |
15-year or less, amortizing fixed-rate | payment delay [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 30 | 32 |
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 | 9 | 17 |
Adjustable-rate and other | payment delay [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 9 | 10 |
Adjustable-rate and other | payment delay and term extension [Member] | ||
financing receivable, loan restructuring [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 0 | 2 |
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 | $ 0 | $ 5 |
Mortgage Loans - Payment Status
Mortgage Loans - Payment Status of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
Single family | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | $ 21,467 | $ 28,627 |
Single family | Current | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 11,934 | 17,388 |
Single family | One Month Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 2,662 | 2,512 |
Single family | Two Months Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 1,426 | 1,660 |
Single family | Three Months or More Past Due, or in Foreclosure(2) | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 5,445 | 7,067 |
20- and 30-year or more, amortizing fixed-rate | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 20,561 | 27,086 |
20- and 30-year or more, amortizing fixed-rate | Current | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 11,438 | 16,491 |
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 | 2,559 | 2,381 |
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 | 1,363 | 1,572 |
20- and 30-year or more, amortizing fixed-rate | Three Months or More Past Due, or in Foreclosure(2) | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 5,201 | 6,642 |
15-year or less, amortizing fixed-rate | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 718 | 1,149 |
15-year or less, amortizing fixed-rate | Current | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 394 | 670 |
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 | 84 | 98 |
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 | 49 | 71 |
15-year or less, amortizing fixed-rate | Three Months or More Past Due, or in Foreclosure(2) | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 191 | 310 |
Adjustable-rate and other | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 188 | 392 |
Adjustable-rate and other | Current | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 102 | 227 |
Adjustable-rate and other | One Month Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 19 | 33 |
Adjustable-rate and other | Two Months Past Due | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 14 | 17 |
Adjustable-rate and other | Three Months or More Past Due, or in Foreclosure(2) | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | $ 53 | $ 115 |
Financial Guarantees (Details)
Financial Guarantees (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Guarantor Obligations [Line Items] | ||
Assets in VIE in which we do not have a variable interest in | $ 700 | $ 300 |
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 | 109,215 | 110,320 |
Maximum exposure | 109,215 | 110,320 |
Recognized Liability | $ 0 | $ 0 |
Maximum Remaining Term | 38 years | 38 years |
Other Guarantees | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | $ 112 | $ 117 |
Maximum exposure | 483 | 468 |
Recognized Liability | $ 0 | $ 0 |
Maximum Remaining Term | 30 years | 30 years |
Single-family | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | $ 38,945 | $ 38,981 |
Maximum exposure | 33,273 | 33,292 |
Recognized Liability | 547 | 543 |
Single-family | Securitization products | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | 30,434 | 30,289 |
Maximum exposure | 24,762 | 24,600 |
Recognized Liability | $ 395 | $ 382 |
Maximum Remaining Term | 40 years | 40 years |
Single-family | Other mortgage-related guarantees | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | $ 8,511 | $ 8,692 |
Maximum exposure | 8,511 | 8,692 |
Recognized Liability | $ 152 | $ 161 |
Maximum Remaining Term | 28 years | 28 years |
Multifamily | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | $ 371,884 | $ 371,689 |
Maximum exposure | 332,625 | 332,023 |
Recognized Liability | 4,814 | 4,960 |
Multifamily | Securitization products | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | 361,164 | 360,928 |
Maximum exposure | 321,905 | 321,262 |
Recognized Liability | $ 4,451 | $ 4,577 |
Maximum Remaining Term | 36 years | 36 years |
Multifamily | Other mortgage-related guarantees | ||
Guarantor Obligations [Line Items] | ||
Unpaid Principal Balance | $ 10,720 | $ 10,761 |
Maximum exposure | 10,720 | 10,761 |
Recognized Liability | $ 363 | $ 383 |
Maximum Remaining Term | 35 years | 35 years |
UPB of Loans Underlying Our Gua
UPB of Loans Underlying Our Guarantees by Payment Status (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Guarantor Obligations [Line Items] | ||
Current | $ 404,712 | $ 404,309 |
One Month Past Due | 2,506 | 3,022 |
Two Months Past Due | 960 | 925 |
Three Months or More Past Due, or in Foreclosure | 2,651 | 2,414 |
Total | 410,829 | 410,670 |
Single family | ||
Guarantor Obligations [Line Items] | ||
Current | 34,447 | 34,524 |
One Month Past Due | 2,208 | 2,172 |
Two Months Past Due | 835 | 827 |
Three Months or More Past Due, or in Foreclosure | 1,455 | 1,458 |
Total | 38,945 | 38,981 |
Multifamily | ||
Guarantor Obligations [Line Items] | ||
Current | 370,265 | 369,785 |
One Month Past Due | 298 | 850 |
Two Months Past Due | 125 | 98 |
Three Months or More Past Due, or in Foreclosure | 1,196 | 956 |
Total | $ 371,884 | $ 371,689 |
Guarantees and Other Off-Bala_3
Guarantees and Other Off-Balance Sheet Credit Exposures (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Guarantor Obligations [Line Items] | ||
Mortgage loan purchase commitments | $ 12,523 | $ 10,378 |
Unsettled securities purchased under agreements to resell, net | 29,896 | 22,276 |
Other Loan Commitments | 4,640 | 4,701 |
Unpaid Principal Balance Of off-Balance Sheet Credit Exposure | 47,059 | 37,355 |
Commitments with FVO election | 2,800 | 1,900 |
Unsettled SSUAR | $ 4,000 | $ 4,000 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | $ 7,016 | $ 8,321 |
Allowance for credit loss | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 6,849 | 7,893 |
Provision (benefit) for credit losses | 181 | 395 |
Charge-offs | (123) | (90) |
Recoveries collected | 26 | 32 |
Other | 83 | 91 |
Held for Investment | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | 6,570 | 7,835 |
Other Allowance for Credit Losses | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | 446 | 486 |
Single family | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | 6,508 | 8,097 |
Single family | Allowance for credit loss | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 6,402 | 7,746 |
Provision (benefit) for credit losses | 120 | 318 |
Charge-offs | (123) | (90) |
Recoveries collected | 26 | 32 |
Other | 83 | 91 |
Single family | Held for Investment | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | 6,189 | 7,675 |
Single family | Other Allowance for Credit Losses | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | 319 | 422 |
Multifamily | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | 508 | 224 |
Multifamily | Allowance for credit loss | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning balance | 447 | 147 |
Provision (benefit) for credit losses | 61 | 77 |
Charge-offs | 0 | 0 |
Recoveries collected | 0 | 0 |
Other | 0 | 0 |
Multifamily | Held for Investment | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | 381 | 160 |
Multifamily | Other Allowance for Credit Losses | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Ending balance | $ 127 | $ 64 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Billions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net unrealized gains (losses) on trading securities held at balance sheets date | $ 0.2 | $ 0.2 |
Available-for-sale securities scheduled to contractually mature after ten years | 1.3 | |
Available-for-sale securities scheduled to contractually mature after five years through ten years | 2 | |
Investment securities in exchange for issuance of debt securities of consolidated trusts | 0.6 | |
Deconsolidation Of Investments | 0.5 | $ 1.4 |
Non-mortgage-related securities purchased but not settled | 5 | |
Non-mortgage-related securities sold but not settled | $ 4 |
Investment Securities - Investm
Investment Securities - Investment Securities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Trading securities | $ 36,671 | $ 38,385 |
Available-for-Sale, at fair value | 4,729 | 4,890 |
Total fair value of investment securities | $ 41,400 | $ 43,275 |
Investment Securities - Trading
Investment Securities - Trading Securities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Trading Securities [Line Items] | ||
Total fair value of trading securities | $ 36,671 | $ 38,385 |
Mortage-related securities | ||
Trading Securities [Line Items] | ||
Total fair value of trading securities | 8,118 | 8,113 |
Non-mortgage-related securities | ||
Trading Securities [Line Items] | ||
Total fair value of trading securities | $ 28,553 | $ 30,272 |
Investment Securities - Availab
Investment Securities - Available-For-Sale Securities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | $ 4,672 | $ 4,807 |
Gross Unrealized Gains in Other Comprehensive Income | 194 | 201 |
Gross Unrealized Losses in Other Comprehensive Income | (137) | (118) |
Available-for-Sale, at fair value | 4,729 | 4,890 |
Accrued Interest Receivable | 13 | 13 |
Agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 4,355 | 4,467 |
Gross Unrealized Gains in Other Comprehensive Income | 7 | 13 |
Gross Unrealized Losses in Other Comprehensive Income | (126) | (110) |
Available-for-Sale, at fair value | 4,236 | 4,370 |
Accrued Interest Receivable | 10 | 10 |
Other mortgage-related securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 317 | 340 |
Gross Unrealized Gains in Other Comprehensive Income | 187 | 188 |
Gross Unrealized Losses in Other Comprehensive Income | (11) | (8) |
Available-for-Sale, at fair value | 493 | 520 |
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, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | $ 589 | $ 397 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (9) | (5) |
12 Months or Greater Fair Value | 2,882 | 3,029 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (128) | (113) |
Agency | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 575 | 374 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (6) | (1) |
12 Months or Greater Fair Value | 2,842 | 3,006 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (120) | (108) |
Other mortgage-related securities [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 14 | 23 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3) | (4) |
12 Months or Greater Fair Value | 40 | 23 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (8) | $ (5) |
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, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from Sale of Available-for-sale Securities | $ 399 | $ 459 |
Gross realized gains | 1 | 2 |
Gross realized losses | (6) | (2) |
Net realized gains (losses) | $ (5) | $ 0 |
Debt - Total Debt (Details)
Debt - Total Debt (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Net [Abstract] | ||
Long-term debt carrying amount | $ 3,202,855 | |
Total debt | 3,211,742 | $ 3,208,346 |
Held by consolidated trusts | ||
Debt Net [Abstract] | ||
Total debt | 3,050,038 | 3,041,927 |
Held by Freddie Mac | ||
Debt Net [Abstract] | ||
Short-term Debt | 8,887 | 5,976 |
Long-term debt carrying amount | 152,817 | 160,443 |
Total debt | $ 161,704 | $ 166,419 |
Debt - Debt of Consolidated Tru
Debt - Debt of Consolidated Trusts (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Carrying Amount | $ 3,211,742 | $ 3,208,346 |
Debt instrument recorded at fair value | 2,696 | 2,476 |
Held by consolidated trusts | ||
Debt Instrument [Line Items] | ||
UPB | 3,009,077 | 2,999,893 |
Carrying Amount | 3,050,038 | 3,041,927 |
Debt instrument recorded at fair value | $ 2,300 | $ 2,100 |
Effective rate for debt securities of consolidated trusts held by third parties | 2.79% | 2.73% |
Held by consolidated trusts | Single-family | ||
Debt Instrument [Line Items] | ||
UPB | $ 2,957,310 | $ 2,952,593 |
Carrying Amount | 2,999,360 | 2,995,590 |
Held by consolidated trusts | Multifamily | ||
Debt Instrument [Line Items] | ||
UPB | 51,767 | 47,300 |
Carrying Amount | $ 50,678 | $ 46,337 |
Weighted Average Coupon | 3.46% | 3.35% |
Held by consolidated trusts | Single-family 20- and 30-year or more, fixed-rate | Single-family | ||
Debt Instrument [Line Items] | ||
UPB | $ 2,616,819 | $ 2,603,100 |
Carrying Amount | $ 2,653,655 | $ 2,640,550 |
Weighted Average Coupon | 3.12% | 3.06% |
Held by consolidated trusts | Single-family 15-year or less, fixed-rate | Single-family | ||
Debt Instrument [Line Items] | ||
UPB | $ 317,001 | $ 326,242 |
Carrying Amount | $ 321,732 | $ 331,291 |
Weighted Average Coupon | 2.22% | 2.20% |
Held by consolidated trusts | Adjustable-rate and other | Single-family | ||
Debt Instrument [Line Items] | ||
UPB | $ 23,490 | $ 23,251 |
Carrying Amount | $ 23,973 | $ 23,749 |
Weighted Average Coupon | 4.10% | 3.93% |
Debt - Short-Term Debt (Details
Debt - Short-Term Debt (Details) - Held by Freddie Mac - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Short-term Debt [Abstract] | ||
Short-term Debt | $ 8,887 | $ 5,976 |
Discount notes and Reference Bills | ||
Short-term Debt [Abstract] | ||
Short-term debt par value | 8,931 | 6,032 |
Short-term Debt | $ 8,887 | $ 5,976 |
Short-term debt weighted average effective rate | 5.37% | 5.39% |
Debt - Long-Term Debt (Details)
Debt - Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 3,202,855 | |
Debt instrument recorded at fair value | 2,696 | $ 2,476 |
Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | 160,471 | 168,008 |
Long-term Debt | $ 152,817 | $ 160,443 |
Long-term debt weighted average effective rate | 3.23% | 3.30% |
Debt instrument recorded at fair value | $ 400 | $ 400 |
Callable Medium Term Notes | Fixed Rate | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | 132,076 | 139,344 |
Long-term Debt | $ 131,981 | $ 139,257 |
Long-term debt weighted average effective rate | 3.04% | 3.13% |
Callable Medium Term Notes | Variable Rate | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | $ 1,729 | $ 1,869 |
Long-term Debt | $ 1,727 | $ 1,867 |
Long-term debt weighted average effective rate | 4.60% | 4.81% |
Non Callable Medium Term Notes | Fixed Rate | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | $ 1,573 | $ 1,573 |
Long-term Debt | $ 1,574 | $ 1,574 |
Long-term debt weighted average effective rate | 0.98% | 0.98% |
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 | $ 4,835 | $ 4,836 |
Long-term Debt | $ 3,148 | $ 3,100 |
Long-term debt weighted average effective rate | 6.19% | 6.17% |
Non Callable US Dollar Reference Notes Securities | Fixed Rate | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | $ 18,162 | $ 18,162 |
Long-term Debt | $ 18,209 | $ 18,209 |
Long-term debt weighted average effective rate | 3.19% | 3.19% |
CRT products | Fixed Rate | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | $ 80 | $ 82 |
Long-term Debt | $ 82 | $ 83 |
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 | $ 1,969 | $ 2,095 |
Long-term Debt | $ 1,885 | $ 2,006 |
Long-term debt weighted average effective rate | 11.60% | 11.45% |
Other | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Par Value Of Long Term Debt | $ 0 | $ 0 |
Long-term Debt | $ 122 | $ 121 |
Long-term debt weighted average effective rate | 0.83% | 0.84% |
Hedging-Related Basis Adjustments | Held by Freddie Mac | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ (5,958) | $ (5,821) |
Debt - Contractual Maturity of
Debt - Contractual Maturity of Long-term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Contractual maturities of long term debt | ||
Debt of consolidated trusts held by third parties, STACR, and SCR debt notes | $ 3,011,126 | |
Par Value Of Total Long Term Debt | 3,169,548 | |
Net discounts, premiums, debt issuance costs, hedge-related, and other basis adjustments | 33,307 | |
Long-term Debt | 3,202,855 | |
Held by Freddie Mac | ||
Contractual maturities of long term debt | ||
Long-term debt - 2024 | 27,525 | |
Long-term debt - 2025 | 57,582 | |
Long-term debt - 2026 | 17,711 | |
Long-term debt - 2027 | 13,738 | |
Long-term debt - 2028 | 10,248 | |
Long-Term Debt, Maturity, after Year Five | 31,618 | |
Long-term Debt | $ 152,817 | $ 160,443 |
Derivatives - Derivative Assets
Derivatives - Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Notional or contractual amount | $ 788,144 | $ 866,455 |
Derivative interest receivable and other | 6 | 17 |
Netting adjustments to derivative assets | (5,952) | (5,742) |
Derivative Asset | 292 | 486 |
Derivative interest payable and other | (17) | (36) |
Netting adjustments to derivative liabilities | 7,810 | 7,834 |
Derivative liabilities, net | (1,052) | (873) |
Not Designated as Hedging Instrument, Economic Hedge | ||
Derivative [Line Items] | ||
Notional or contractual amount | 618,202 | 694,253 |
Derivative assets at fair value | 6,051 | 5,935 |
Derivative liabilities at fair value | (3,048) | (3,013) |
Not Designated as Hedging Instrument, Economic Hedge | CDX swaption | ||
Derivative [Line Items] | ||
Notional or contractual amount | 7,300 | 6,400 |
Derivative assets at fair value | 2 | 1 |
Not Designated as Hedging Instrument, Economic Hedge | Swaps | ||
Derivative [Line Items] | ||
Notional or contractual amount | 308,358 | 351,193 |
Derivative assets at fair value | 1,896 | 1,638 |
Derivative liabilities at fair value | (394) | (462) |
Not Designated as Hedging Instrument, Economic Hedge | Written options | Written | ||
Derivative [Line Items] | ||
Notional or contractual amount | 45,423 | 48,227 |
Derivative assets at fair value | 0 | 0 |
Derivative liabilities at fair value | (1,690) | (1,746) |
Not Designated as Hedging Instrument, Economic Hedge | Purchased options | Purchased | ||
Derivative [Line Items] | ||
Notional or contractual amount | 82,160 | 89,790 |
Derivative assets at fair value | 4,107 | 4,251 |
Derivative liabilities at fair value | 0 | 0 |
Not Designated as Hedging Instrument, Economic Hedge | Futures | ||
Derivative [Line Items] | ||
Notional or contractual amount | 90,146 | 132,982 |
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 | 526,087 | 622,192 |
Derivative assets at fair value | 6,003 | 5,889 |
Derivative liabilities at fair value | (2,084) | (2,208) |
Not Designated as Hedging Instrument, Economic Hedge | Mortgage commitment derivatives | ||
Derivative [Line Items] | ||
Notional or contractual amount | 45,803 | 26,911 |
Derivative assets at fair value | 15 | 43 |
Derivative liabilities at fair value | (8) | (10) |
Not Designated as Hedging Instrument, Economic Hedge | Credit risk transfer [Member] | ||
Derivative [Line Items] | ||
Notional or contractual amount | 30,535 | 30,578 |
Derivative assets at fair value | 0 | 0 |
Derivative liabilities at fair value | (300) | (228) |
Not Designated as Hedging Instrument, Economic Hedge | Other Contract [Member] | ||
Derivative [Line Items] | ||
Notional or contractual amount | 15,777 | 14,572 |
Derivative assets at fair value | 33 | 3 |
Derivative liabilities at fair value | (656) | (567) |
Designated as Hedging Instrument | Fair Value Hedging | ||
Derivative [Line Items] | ||
Notional or contractual amount | 169,942 | 172,202 |
Derivative assets at fair value | 187 | 276 |
Derivative liabilities at fair value | (5,797) | (5,658) |
Designated as Hedging Instrument | Fair Value Hedging | Swaps | ||
Derivative [Line Items] | ||
Notional or contractual amount | 169,942 | 172,202 |
Derivative assets at fair value | 187 | 276 |
Derivative liabilities at fair value | $ (5,797) | $ (5,658) |
Offsetting of Derivatives (Deta
Offsetting of Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Offsetting Assets [Line Items] | ||
Derivative Fair Value Of Derivative Asset Gross | $ 6,244 | $ 6,228 |
Netting adjustments | (4,141) | (4,210) |
Obligation to Return Securities Received as Collateral | (1,811) | (1,532) |
Derivative Asset | 292 | 486 |
Derivative, Collateral, Obligation to Return Securities | (159) | (366) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 133 | 120 |
Derivative Fair Value Of Derivative Liability Gross | (8,862) | (8,707) |
Derivative liabilities, net | 4,141 | 4,210 |
Cash collateral netting | 3,669 | 3,624 |
Derivative Liability | (1,052) | (873) |
Derivative, Collateral, Right to Reclaim Securities | 42 | 47 |
Derivative Liability, Including Not Subject to Master Netting Arrangement, after Offset and Deduction | (1,010) | (826) |
Offsetting Liabilities [Line Items] | ||
Gross Amount Recognized | (8,862) | (8,707) |
Derivative liabilities, net | 4,141 | 4,210 |
Cash collateral netting | 3,669 | 3,624 |
Derivative Liability | (1,052) | (873) |
Derivative, Collateral, Right to Reclaim Securities | 42 | 47 |
Derivative Liability, Including Not Subject to Master Netting Arrangement, after Offset and Deduction | (1,010) | (826) |
OTC derivatives | ||
Offsetting Assets [Line Items] | ||
Derivative Fair Value Of Derivative Asset Gross | 6,191 | 6,165 |
Derivative Fair Value Of Derivative Liability Gross | (7,877) | (7,866) |
Offsetting Liabilities [Line Items] | ||
Gross Amount Recognized | (7,877) | (7,866) |
Cleared and exchange-traded derivatives | ||
Offsetting Assets [Line Items] | ||
Derivative Fair Value Of Derivative Asset Gross | 2 | 13 |
Derivative Fair Value Of Derivative Liability Gross | (21) | (36) |
Offsetting Liabilities [Line Items] | ||
Gross Amount Recognized | (21) | (36) |
Commitment [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Fair Value Of Derivative Asset Gross | 18 | 47 |
Derivative Fair Value Of Derivative Liability Gross | (8) | (10) |
Offsetting Liabilities [Line Items] | ||
Gross Amount Recognized | (8) | (10) |
Other Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Fair Value Of Derivative Asset Gross | 33 | 3 |
Derivative Fair Value Of Derivative Liability Gross | (956) | (795) |
Offsetting Liabilities [Line Items] | ||
Gross Amount Recognized | $ (956) | $ (795) |
Derivatives - Derivative Gains
Derivatives - Derivative Gains and Losses (Details) - Not Designated as Hedging Instrument, Economic Hedge - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | $ 618 | $ (682) |
Gain (Loss) on Derivative Instruments | Interest-rate management derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | 729 | (587) |
Gain (Loss) on Derivative Instruments | Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | 262 | 29 |
Gain (Loss) on Derivative Instruments | Written options | Written | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | 37 | 195 |
Gain (Loss) on Derivative Instruments | Purchased options | Purchased | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | 56 | (504) |
Gain (Loss) on Derivative Instruments | Futures | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | 374 | (307) |
Gain (Loss) on Derivative Instruments | Mortgage commitment derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | 40 | (80) |
Gain (Loss) on Derivative Instruments | CRT-Related Derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | (43) | (76) |
Gain (Loss) on Derivative Instruments | Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative gains (losses) | $ (108) | $ 61 |
Derivatives Derivatives - Gains
Derivatives Derivatives - Gains and Losses on Fair Value Hedge (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest income | $ 28,385 | $ 24,987 |
Total interest expense | (23,626) | (20,486) |
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 | (995) | 1,123 |
Gain (loss) on fair value hedging relationships - derivatives designated as hedging instruments | 953 | (1,073) |
Interest accrual on fair value hedging derivatives for held-for-investment loan | 234 | 211 |
Discontinued hedge related basis adjustments amortization | 43 | 31 |
Interest rate risk on debt | Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on fair value hedging relationships - hedged items | 134 | (1,535) |
Gain (loss) on fair value hedging relationships - derivatives designated as hedging instruments | (127) | 1,534 |
Interest accrual on fair value hedging derivatives for debt | (929) | (1,051) |
Discontinued hedge related basis adjustments amortization | $ (2) | $ (38) |
Derivatives Derivatives - Cumul
Derivatives Derivatives - Cumulative Basis Adjustment due to Fair Value Hedges (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Cumulative Basis Adjustments Due to Fair Value Hedging [Line Items] | ||
Carrying amount debt hedged liability | $ (132,323) | $ (143,407) |
Total basis adjustment cumulative amount for hedged liability | 5,958 | 5,821 |
Hedged Asset, Fair Value Hedge, Portfolio Layer, Cumulative Increase (Decrease) | (500) | (200) |
Basis adjustment amount for hedged liability - discontinued hedge | 26 | 29 |
Mortgage loans held-for-investment | ||
Cumulative Basis Adjustments Due to Fair Value Hedging [Line Items] | ||
Carrying amount mortgage loans held-for-investment hedged asset | 1,107,342 | 1,115,454 |
Total basis adjustment cumulative amount for hedged asset | (3,205) | (2,253) |
Hedged Asset, Fair Value Hedge, Portfolio Layer, Cumulative Increase (Decrease) | (546) | (220) |
Basis adjustment amount for hedged asset - discontinued hedge | (2,659) | (2,033) |
Closed Portfolio and Beneficial Interest, Portfolio Layer, Amortized Cost | 59,281 | 59,786 |
Hedged Asset, Fair Value Hedge, Portfolio Layer, Amount | 11,845 | 11,670 |
Mortgage loans held-for-sale | ||
Cumulative Basis Adjustments Due to Fair Value Hedging [Line Items] | ||
Carrying amount mortgage loans held-for-investment hedged asset | 131 | 128 |
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, 2024 | Dec. 31, 2023 |
Offsetting Assets [Line Items] | ||
Collateral Securities Repledged, Delivered, or Used | $ 500 | $ 400 |
Securities purchased under agreements to resell: | ||
Gross Amount Recognized | 116,057 | 105,393 |
Counterparty netting | (13,800) | (10,245) |
Securities Purchased under Agreements to Resell | 102,257 | 95,148 |
Gross Amount Not Offset in the Consolidated Balance Sheets | (102,257) | (95,148) |
Securities Purchased under Agreements to Resell, Amount Offset Against Collateral | 0 | 0 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell [Member] | ||
Offsetting Assets [Line Items] | ||
Securities Purchased under Agreements to Resell, Fair Value of Collateral | $ 112,600 | $ 104,200 |
Collateralized Agreements and_4
Collateralized Agreements and Offsetting Arrangements - Offsetting of Financial Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Gross Amount Recognized | $ (13,800) | $ (10,245) |
Counterparty netting | 13,800 | 10,245 |
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 |
Collateralized Agreements and_5
Collateralized Agreements and Offsetting Arrangements - Remaining Contractual Maturity (Details) - Asset Pledged as Collateral - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | $ 13,810 | $ 12,457 |
Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 9,577 | 8,221 |
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 | 13,800 | 10,245 |
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 | 10,434 | 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 | 3,366 | 10,245 |
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 | 0 | 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 |
Collateralized Agreements and_6
Collateralized Agreements and Offsetting Arrangements - Collateral in the Form of Securities Pledged (Details) - Asset Pledged as Collateral - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | $ 13,810 | $ 12,457 |
Derivative | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 1,903 | 1,866 |
Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 9,577 | 8,221 |
Other | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 2,330 | 2,370 |
Cash equivalents | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 75 | |
Cash equivalents | Derivative | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | |
Cash equivalents | Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 75 | |
Cash equivalents | Other | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | |
Trading securities | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 9,733 | 7,902 |
Trading securities | Derivative | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 1,903 | 1,866 |
Trading securities | Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 5,500 | 3,666 |
Trading securities | Other | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 2,330 | 2,370 |
Other assets | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 4,002 | 4,555 |
Other assets | Derivative | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 0 | 0 |
Other assets | Securities sold under agreements to repurchase | ||
Collateral in the Form of Securities Pledged [Line Items] | ||
Financial Instruments, Owned, at Fair Value | 4,002 | 4,555 |
Other assets | Other | ||
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, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Mortgage loans | $ 26,229 | $ 23,304 |
Investment securities | 470 | 316 |
Other | 154 | 147 |
Interest income | 28,385 | 24,987 |
Interest expense: | ||
Total interest expense | (23,626) | (20,486) |
Net interest income | 4,759 | 4,501 |
(Provision) benefit for credit losses | (181) | (395) |
Net interest income after (provision) benefit for credit losses | 4,578 | 4,106 |
Interest Income, Securities Purchased under Agreements to Resell | 1,532 | 1,220 |
Held by consolidated trusts | ||
Interest expense: | ||
Debt of consolidated trusts | (21,122) | (18,261) |
Held by Freddie Mac | ||
Interest expense: | ||
Short-term debt | (256) | (154) |
Long-term debt | $ (2,248) | $ (2,071) |
Segment Reporting (Details)
Segment Reporting (Details) | 3 Months Ended |
Mar. 31, 2024 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, 2024 | Mar. 31, 2023 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Net interest income | $ 4,759 | $ 4,501 |
Non-interest income | ||
Guarantee income | 496 | 466 |
Investment gains, net | 405 | (225) |
Other income | 97 | 85 |
Non-interest income | 998 | 326 |
Net revenues | 5,757 | 4,827 |
(Provision) benefit for credit losses | (181) | (395) |
Non-interest expense | ||
Noninterest Expense | (2,122) | (1,932) |
Income before income tax expense | 3,454 | 2,500 |
Income tax expense | (688) | (505) |
Net income | 2,766 | 1,995 |
Other comprehensive income (loss), net of taxes and reclassification adjustments | (25) | 54 |
Comprehensive income | 2,741 | 2,049 |
Single Family Guarantee Segment | Operating segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Net interest income | 4,488 | 4,296 |
Non-interest income | ||
Guarantee income | 19 | 32 |
Investment gains, net | (86) | (179) |
Other income | 53 | 54 |
Non-interest income | (14) | (93) |
Net revenues | 4,474 | 4,203 |
(Provision) benefit for credit losses | (120) | (318) |
Non-interest expense | ||
Noninterest Expense | (1,925) | (1,783) |
Income before income tax expense | 2,429 | 2,102 |
Income tax expense | (484) | (425) |
Net income | 1,945 | 1,677 |
Other comprehensive income (loss), net of taxes and reclassification adjustments | (5) | (1) |
Comprehensive income | 1,940 | 1,676 |
Multifamily | Operating segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Net interest income | 271 | 205 |
Non-interest income | ||
Guarantee income | 477 | 434 |
Investment gains, net | 491 | (46) |
Other income | 44 | 31 |
Non-interest income | 1,012 | 419 |
Net revenues | 1,283 | 624 |
(Provision) benefit for credit losses | (61) | (77) |
Non-interest expense | ||
Noninterest Expense | (197) | (149) |
Income before income tax expense | 1,025 | 398 |
Income tax expense | (204) | (80) |
Net income | 821 | 318 |
Other comprehensive income (loss), net of taxes and reclassification adjustments | (20) | 55 |
Comprehensive income | $ 801 | $ 373 |
Segment Reporting - Segment Ass
Segment Reporting - Segment Assets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 3,287,373 | $ 3,280,976 |
Reconciling items | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | (198,666) | (198,731) |
Single Family Guarantee Segment | Operating segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 3,042,952 | 3,038,910 |
Multifamily | Operating segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | 443,087 | 440,797 |
Operating segments | Operating segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total Assets | $ 3,486,039 | $ 3,479,707 |
Concentration of Credit and O_3
Concentration of Credit and Other Risks - Concentration of Credit Risk - Single-Family Mortgage Portfolio (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Concentration Risk [Line Items] | |
Single-Family serious delinquency rate | 0.52% |
West | |
Concentration Risk [Line Items] | |
Single-Family serious delinquency rate | 0.41% |
Northeast | |
Concentration Risk [Line Items] | |
Single-Family serious delinquency rate | 0.61% |
Southeast | |
Concentration Risk [Line Items] | |
Single-Family serious delinquency rate | 0.54% |
Southwest | |
Concentration Risk [Line Items] | |
Single-Family serious delinquency rate | 0.51% |
North Central | |
Concentration Risk [Line Items] | |
Single-Family serious delinquency rate | 0.52% |
California | |
Concentration Risk [Line Items] | |
Single-Family serious delinquency rate | 0.41% |
Texas | |
Concentration Risk [Line Items] | |
Single-Family serious delinquency rate | 0.54% |
Florida | |
Concentration Risk [Line Items] | |
Single-Family serious delinquency rate | 0.61% |
New York | |
Concentration Risk [Line Items] | |
Single-Family serious delinquency rate | 0.89% |
Illinois | |
Concentration Risk [Line Items] | |
Single-Family serious delinquency rate | 0.69% |
All Other | |
Concentration Risk [Line Items] | |
Single-Family serious delinquency rate | 0.49% |
Geographic Concentration Risk | Single-family UPB | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 3,042,708 |
Concentration risk percentage | 100% |
Geographic Concentration Risk | Single-family UPB | West | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 909,769 |
Concentration risk percentage | 30% |
Geographic Concentration Risk | Single-family UPB | Northeast | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 704,001 |
Concentration risk percentage | 23% |
Geographic Concentration Risk | Single-family UPB | Southeast | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 532,815 |
Concentration risk percentage | 17% |
Geographic Concentration Risk | Single-family UPB | Southwest | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 453,381 |
Concentration risk percentage | 15% |
Geographic Concentration Risk | Single-family UPB | North Central | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 442,742 |
Concentration risk percentage | 15% |
Geographic Concentration Risk | Single-family UPB | California | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 513,997 |
Concentration risk percentage | 17% |
Geographic Concentration Risk | Single-family UPB | Texas | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 214,630 |
Concentration risk percentage | 7% |
Geographic Concentration Risk | Single-family UPB | Florida | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 201,175 |
Concentration risk percentage | 7% |
Geographic Concentration Risk | Single-family UPB | New York | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 132,747 |
Concentration risk percentage | 4% |
Geographic Concentration Risk | Single-family UPB | Illinois | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 113,777 |
Concentration risk percentage | 4% |
Geographic Concentration Risk | Single-family UPB | All Other | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 1,866,382 |
Concentration risk percentage | 61% |
Concentration of Credit and O_4
Concentration of Credit and Other Risks - Concentration of Credit Risk - Multifamily Mortgage Portfolio (Details)(Details) $ in Millions | Mar. 31, 2024 USD ($) |
Concentration Risk [Line Items] | |
Multifamily Delinquency Rate | 0.34% |
West | |
Concentration Risk [Line Items] | |
Multifamily Delinquency Rate | 0.10% |
Northeast | |
Concentration Risk [Line Items] | |
Multifamily Delinquency Rate | 0.72% |
Southwest | |
Concentration Risk [Line Items] | |
Multifamily Delinquency Rate | 0.32% |
Southeast | |
Concentration Risk [Line Items] | |
Multifamily Delinquency Rate | 0.16% |
North Central | |
Concentration Risk [Line Items] | |
Multifamily Delinquency Rate | 0.41% |
California | |
Concentration Risk [Line Items] | |
Multifamily Delinquency Rate | 0.03% |
Texas | |
Concentration Risk [Line Items] | |
Multifamily Delinquency Rate | 0.34% |
Florida | |
Concentration Risk [Line Items] | |
Multifamily Delinquency Rate | 0.12% |
New York | |
Concentration Risk [Line Items] | |
Multifamily Delinquency Rate | 1.87% |
GEORGIA | |
Concentration Risk [Line Items] | |
Multifamily Delinquency Rate | 0.11% |
All Other | |
Concentration Risk [Line Items] | |
Multifamily Delinquency Rate | 0.25% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 443,087 |
Unpaid Principal Balance, Percent Of Portfolio | 100% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | West | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 110,321 |
Unpaid Principal Balance, Percent Of Portfolio | 25% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | Northeast | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 107,670 |
Unpaid Principal Balance, Percent Of Portfolio | 24% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | Southwest | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 91,795 |
Unpaid Principal Balance, Percent Of Portfolio | 21% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | Southeast | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 89,530 |
Unpaid Principal Balance, Percent Of Portfolio | 20% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | North Central | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 43,771 |
Unpaid Principal Balance, Percent Of Portfolio | 10% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | California | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 58,752 |
Unpaid Principal Balance, Percent Of Portfolio | 13% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | Texas | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 56,448 |
Unpaid Principal Balance, Percent Of Portfolio | 13% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | Florida | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 39,019 |
Unpaid Principal Balance, Percent Of Portfolio | 9% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | New York | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 33,941 |
Unpaid Principal Balance, Percent Of Portfolio | 8% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | GEORGIA | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 18,316 |
Unpaid Principal Balance, Percent Of Portfolio | 4% |
Geographic Concentration Risk | Multifamily Unpaid Principal Balance [Member] | All Other | |
Concentration Risk [Line Items] | |
Portfolio UPB | $ 236,611 |
Unpaid Principal Balance, Percent Of Portfolio | 53% |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Mortgage Loans [Abstract] | ||
Held-for-sale, at fair value | $ 7,926 | $ 7,356 |
Mortgage loans FVO held-for-investment | 1,931 | 1,806 |
Derivative Assets Net [Abstract] | ||
Derivative Asset | 292 | 486 |
Other Assets [Abstract] | ||
Netting adjustments | (4,141) | (4,210) |
Total other assets | 5,849 | 6,095 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 2,696 | 2,476 |
Other liabilities | ||
Netting Adjustment | (4,141) | (4,210) |
Total other liabilities | 1,053 | 873 |
Held by consolidated trusts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 2,300 | 2,100 |
Held by Freddie Mac | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 400 | 400 |
Fair Value, Measurements, Recurring | ||
Available-For-Sale, at Fair Value: | ||
Debt Securities, Available-for-sale | 4,729 | 4,890 |
Trading, at Fair Value: | ||
Trading securities, at fair value | 36,671 | 38,385 |
Total investments in securities | 41,400 | 43,275 |
Mortgage Loans [Abstract] | ||
Held-for-sale, at fair value | 7,926 | 7,356 |
Mortgage loans FVO held-for-investment | 1,931 | 1,806 |
Derivative Assets Net [Abstract] | ||
Derivative assets, net | 292 | 486 |
Other Assets [Abstract] | ||
Guarantee Assets | 5,341 | 5,351 |
Derivative assets, net | 292 | 486 |
All Other Assets | 216 | 258 |
Netting adjustments | (5,946) | (5,725) |
Total other assets | 5,849 | 6,095 |
Total Assets carried at fair value on a recurring basis | 57,106 | 58,532 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 2,696 | 2,476 |
Other liabilities | ||
Derivative liabilities, net | 1,052 | 873 |
All other, at fair value | 1 | 0 |
Netting Adjustment | (7,793) | (7,798) |
Total other liabilities | 1,053 | 873 |
Total liabilities carried at fair value on a recurring basis | 3,749 | 3,349 |
Fair Value, Measurements, Recurring | Held by consolidated trusts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 2,311 | 2,050 |
Fair Value, Measurements, Recurring | Held by Freddie Mac | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 385 | 426 |
Fair Value, Measurements, Recurring | Mortage-related securities | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | 8,118 | 8,113 |
Fair Value, Measurements, Recurring | Non-mortgage-related securities | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | 28,553 | 30,272 |
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 | 28,136 | 29,854 |
Total investments in securities | 28,136 | 29,854 |
Mortgage Loans [Abstract] | ||
Held-for-sale, at fair value | 0 | 0 |
Mortgage loans FVO 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 | 28,136 | 29,854 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 0 | 0 |
Other liabilities | ||
Derivative liabilities, net | 4 | 0 |
All other, at fair value | 0 | 0 |
Total other liabilities | 4 | 0 |
Total liabilities carried at fair value on a recurring basis | 4 | 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 | 28,136 | 29,854 |
Fair Value, Measurements, Recurring | Level 2 | ||
Available-For-Sale, at Fair Value: | ||
Debt Securities, Available-for-sale | 4,092 | 4,212 |
Trading, at Fair Value: | ||
Trading securities, at fair value | 5,533 | 5,760 |
Total investments in securities | 9,625 | 9,972 |
Mortgage Loans [Abstract] | ||
Held-for-sale, at fair value | 7,139 | 6,460 |
Mortgage loans FVO held-for-investment | 1,236 | 1,333 |
Derivative Assets Net [Abstract] | ||
Derivative assets, net | 6,206 | 6,209 |
Other Assets [Abstract] | ||
Guarantee Assets | 0 | 0 |
Derivative assets, net | 6,206 | 6,209 |
All Other Assets | 49 | 92 |
Total other assets | 6,255 | 6,301 |
Total Assets carried at fair value on a recurring basis | 24,255 | 24,066 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 2,246 | 2,043 |
Other liabilities | ||
Derivative liabilities, net | 8,763 | 8,608 |
All other, at fair value | 0 | 0 |
Total other liabilities | 8,763 | 8,608 |
Total liabilities carried at fair value on a recurring basis | 11,009 | 10,651 |
Fair Value, Measurements, Recurring | Level 2 | Held by consolidated trusts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 1,951 | 1,707 |
Fair Value, Measurements, Recurring | Level 2 | Held by Freddie Mac | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 295 | 336 |
Fair Value, Measurements, Recurring | Level 2 | Mortage-related securities | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | 5,116 | 5,342 |
Fair Value, Measurements, Recurring | Level 2 | Non-mortgage-related securities | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | 417 | 418 |
Fair Value, Measurements, Recurring | Level 3 | ||
Available-For-Sale, at Fair Value: | ||
Debt Securities, Available-for-sale | 637 | 678 |
Trading, at Fair Value: | ||
Trading securities, at fair value | 3,002 | 2,771 |
Total investments in securities | 3,639 | 3,449 |
Mortgage Loans [Abstract] | ||
Held-for-sale, at fair value | 787 | 896 |
Mortgage loans FVO held-for-investment | 695 | 473 |
Derivative Assets Net [Abstract] | ||
Derivative assets, net | 32 | 2 |
Other Assets [Abstract] | ||
Guarantee Assets | 5,341 | 5,351 |
Derivative assets, net | 32 | 2 |
All Other Assets | 167 | 166 |
Total other assets | 5,540 | 5,519 |
Total Assets carried at fair value on a recurring basis | 10,661 | 10,337 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 450 | 433 |
Other liabilities | ||
Derivative liabilities, net | 78 | 63 |
All other, at fair value | 1 | 0 |
Total other liabilities | 79 | 63 |
Total liabilities carried at fair value on a recurring basis | 529 | 496 |
Fair Value, Measurements, Recurring | Level 3 | Held by consolidated trusts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 360 | 343 |
Fair Value, Measurements, Recurring | Level 3 | Held by Freddie Mac | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Debt instrument recorded at fair value | 90 | 90 |
Fair Value, Measurements, Recurring | Level 3 | Mortage-related securities | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | 3,002 | 2,771 |
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, 2024 | Mar. 31, 2023 | |
Liabilities: | ||
Beginning Balance | $ 496 | $ 485 |
Included in Earnings | 20 | (30) |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | (2) | 0 |
Issues | 19 | 12 |
Sales | 0 | 0 |
Settlements, Net | (4) | (6) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 529 | 461 |
Unrealized Gains (Losses) Still Held - Liabilities | 26 | (27) |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Assets: | ||
Beginning Balance | 10,337 | 9,618 |
Included in Earnings | (11) | (34) |
Included in Other Comprehensive Income | (5) | (3) |
Purchases | 643 | 340 |
Issues | 106 | 127 |
Sales | (278) | 0 |
Settlements, net | (300) | (282) |
Transfers into Level 3 | 333 | 11 |
Transfers out of Level 3 | (164) | (48) |
Ending Balance | 10,661 | 9,729 |
Unrealized Gains (Losses) Still Held - Assets | 113 | 136 |
Unrealized Gains (Losses) Still Held, Assets, OCI | (4) | (3) |
Debt | ||
Liabilities: | ||
Beginning Balance | 433 | 388 |
Included in Earnings | 5 | (12) |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | (4) | 0 |
Issues | 19 | 12 |
Sales | 0 | 0 |
Settlements, Net | (3) | (4) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 450 | 384 |
Unrealized Gains (Losses) Still Held - Liabilities | 10 | (8) |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Other Liabilities | ||
Liabilities: | ||
Beginning Balance | 63 | 97 |
Included in Earnings | 15 | (18) |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | 2 | 0 |
Issues | 0 | 0 |
Sales | 0 | 0 |
Settlements, Net | (1) | (2) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 79 | 77 |
Unrealized Gains (Losses) Still Held - Liabilities | 16 | (19) |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Available-for-sale securities | ||
Assets: | ||
Beginning Balance | 678 | 894 |
Included in Earnings | 0 | 1 |
Included in Other Comprehensive Income | (5) | (3) |
Purchases | 0 | 0 |
Issues | 0 | 0 |
Sales | 0 | 0 |
Settlements, net | (36) | (39) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 637 | 853 |
Unrealized Gains (Losses) Still Held - Assets | 0 | 0 |
Unrealized Gains (Losses) Still Held, Assets, OCI | (4) | (3) |
Trading securities | ||
Assets: | ||
Beginning Balance | 2,771 | 2,731 |
Included in Earnings | (112) | (139) |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | 359 | 324 |
Issues | 0 | 0 |
Sales | 0 | 0 |
Settlements, net | (16) | (11) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 3,002 | 2,905 |
Unrealized Gains (Losses) Still Held - Assets | 19 | 33 |
Unrealized Gains (Losses) Still Held, Assets, OCI | 0 | 0 |
Investments securities | ||
Assets: | ||
Beginning Balance | 3,449 | 3,625 |
Included in Earnings | (112) | (138) |
Included in Other Comprehensive Income | (5) | (3) |
Purchases | 359 | 324 |
Issues | 0 | 0 |
Sales | 0 | 0 |
Settlements, net | (52) | (50) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 3,639 | 3,758 |
Unrealized Gains (Losses) Still Held - Assets | 19 | 33 |
Unrealized Gains (Losses) Still Held, Assets, OCI | (4) | (3) |
Mortgage loans held-for-sale | ||
Assets: | ||
Beginning Balance | 896 | 310 |
Included in Earnings | (6) | 1 |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | 294 | 26 |
Issues | 0 | 0 |
Sales | (273) | 0 |
Settlements, net | 0 | (1) |
Transfers into Level 3 | 35 | 11 |
Transfers out of Level 3 | (159) | 0 |
Ending Balance | 787 | 347 |
Unrealized Gains (Losses) Still Held - Assets | (7) | 0 |
Unrealized Gains (Losses) Still Held, Assets, OCI | 0 | 0 |
Mortgage loans held-for-investment | ||
Assets: | ||
Beginning Balance | 473 | 110 |
Included in Earnings | (24) | 2 |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | 0 | 0 |
Issues | 0 | 0 |
Sales | 0 | 0 |
Settlements, net | (47) | 0 |
Transfers into Level 3 | 298 | 0 |
Transfers out of Level 3 | (5) | (48) |
Ending Balance | 695 | 64 |
Unrealized Gains (Losses) Still Held - Assets | (29) | 2 |
Unrealized Gains (Losses) Still Held, Assets, OCI | 0 | 0 |
Other Asset | ||
Assets: | ||
Beginning Balance | 5,519 | 5,573 |
Included in Earnings | 131 | 101 |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | (10) | (10) |
Issues | 106 | 127 |
Sales | (5) | 0 |
Settlements, net | (201) | (231) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 5,540 | 5,560 |
Unrealized Gains (Losses) Still Held - Assets | 130 | 101 |
Unrealized Gains (Losses) Still Held, Assets, OCI | 0 | 0 |
Guarantee Asset | ||
Assets: | ||
Beginning Balance | 5,351 | 5,442 |
Included in Earnings | 111 | 85 |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | 0 | 0 |
Issues | 105 | 127 |
Sales | 0 | 0 |
Settlements, net | (226) | (222) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 5,341 | 5,432 |
Unrealized Gains (Losses) Still Held - Assets | 111 | 85 |
Unrealized Gains (Losses) Still Held, Assets, OCI | 0 | 0 |
All Other, at fair value | ||
Assets: | ||
Beginning Balance | 168 | 131 |
Included in Earnings | 20 | 16 |
Included in Other Comprehensive Income | 0 | 0 |
Purchases | (10) | (10) |
Issues | 1 | 0 |
Sales | (5) | 0 |
Settlements, net | 25 | (9) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending Balance | 199 | 128 |
Unrealized Gains (Losses) Still Held - Assets | 19 | 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, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Mortgage Loans [Abstract] | ||
Mortgage loans held-for-sale | $ 7,926 | $ 7,356 |
Mortgage loans FVO held-for-investment | 1,931 | 1,806 |
Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale | 4,729 | 4,890 |
Trading, at Fair Value: | ||
Trading securities, at fair value | 36,671 | 38,385 |
Mortgage Loans [Abstract] | ||
Mortgage loans held-for-sale | 7,926 | 7,356 |
Mortgage loans FVO held-for-investment | 1,931 | 1,806 |
Other assets: | ||
Guarantee Assets | 5,341 | 5,351 |
Total Assets carried at fair value on a recurring basis | 57,106 | 58,532 |
Liabilities [Abstract] | ||
Total liabilities carried at fair value on a recurring basis | 3,749 | 3,349 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale | 637 | 678 |
Trading, at Fair Value: | ||
Trading securities, at fair value | 3,002 | 2,771 |
Mortgage Loans [Abstract] | ||
Mortgage loans held-for-sale | 787 | 896 |
Mortgage loans FVO held-for-investment | 695 | 473 |
Other assets: | ||
Guarantee Assets | 5,341 | 5,351 |
Insignificant level3 assets | 198 | 168 |
Total Assets carried at fair value on a recurring basis | 10,661 | 10,337 |
Liabilities [Abstract] | ||
Insignificant level3 liabilities | 529 | 496 |
Total liabilities carried at fair value on a recurring basis | 529 | 496 |
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 | 469 | 489 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Single External Source | ||
Trading, at Fair Value: | ||
Trading securities, at fair value | 2,235 | 2,085 |
Mortgage Loans [Abstract] | ||
Mortgage loans held-for-sale | 787 | 896 |
Mortgage loans FVO held-for-investment | 695 | 473 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Discounted Cash Flows | ||
Other assets: | ||
Guarantee Assets | 5,012 | 5,014 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale | 169 | 189 |
Trading, at Fair Value: | ||
Trading securities, at fair value | 767 | 686 |
Other assets: | ||
Guarantee Assets | $ 329 | $ 337 |
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) | 65.5 | 66.7 |
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) | 59.7 | 61.2 |
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) | 70.6 | 71.6 |
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) | 129.4 | 147.3 |
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) | 4,251.3 | 4,471.7 |
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) | 100.3 | 100.3 |
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) | 64.9 | 59.3 |
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) | 108.3 | 110.4 |
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) | 80.8 | 74.7 |
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) | 29.5 | 24.7 |
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) | 100 | 99.2 |
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 | 0.47% | 0.47% |
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 | 2.33% | 2.33% |
Fair Value Disclosures - Asse_2
Fair Value Disclosures - Assets Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | $ 1,931 | $ 1,806 |
Fair Value, Measurements, Nonrecurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | 1,687 | 2,218 |
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 | 407 | 640 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | $ 1,280 | $ 1,578 |
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, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | $ 1,931 | $ 1,806 |
Fair Value, Measurements, Nonrecurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | 1,687 | 2,218 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | 1,280 | 1,578 |
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Median of external sources | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | 1,076 | 1,394 |
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Other Valuation Techniques | ||
Assets, Fair Value Disclosure [Abstract] | ||
Mortgage Loans | $ 204 | $ 184 |
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Minimum | Median of external sources | ||
Assets, Fair Value Disclosure [Abstract] | ||
External Pricing Source(s) | 74.8 | 72.9 |
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Maximum | Median of external sources | ||
Assets, Fair Value Disclosure [Abstract] | ||
External Pricing Source(s) | 98.6 | 98.8 |
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage loans | Weighted Average | Median of external sources | ||
Assets, Fair Value Disclosure [Abstract] | ||
External Pricing Source(s) | 83.2 | 82.4 |
Fair Value Disclosures - Fair_3
Fair Value Disclosures - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financial Assets | ||
Securities Purchased under Agreements to Resell | $ 102,257 | $ 95,148 |
Counterparty netting | (13,800) | (10,245) |
Mortgage Loans [Abstract] | ||
Mortgage Loans Held-for-sale | 12,034 | 12,941 |
Total held-for-investment mortgage loans, net | 3,088,687 | 3,083,665 |
Mortgage Loans Net | 3,100,721 | 3,096,606 |
Derivative Asset | 292 | 486 |
Netting adjustments | (4,141) | (4,210) |
Other Assets | 5,849 | 6,095 |
Financial Liabilities | ||
Debt | 2,696 | 2,476 |
Counterparty netting | (13,800) | (10,245) |
Derivative Liability | 1,052 | 873 |
Netting Adjustment | (4,141) | (4,210) |
Other Liabilities | 16,456 | 16,096 |
Other Liabilities, Fair Value | 1,053 | 873 |
Mortgage Loans | 1,931 | 1,806 |
Held by Freddie Mac | ||
Financial Liabilities | ||
Debt | 400 | 400 |
Held by consolidated trusts | ||
Financial Assets | ||
Securities Purchased under Agreements to Resell | 10,777 | 9,396 |
Mortgage Loans [Abstract] | ||
Total held-for-investment mortgage loans, net | 3,044,215 | 3,039,461 |
Financial Liabilities | ||
Debt | 2,300 | 2,100 |
GAAP Carrying Amount | ||
Financial Assets | ||
Cash and Cash Equivalents | 3,531 | 6,019 |
Securities Purchased under Agreements to Resell | 102,257 | 95,148 |
Investments in Securities [Abstract] | ||
Debt Securities, Available-for-sale | 4,729 | 4,890 |
Trading, at fair value | 36,671 | 38,385 |
Total investments in securities | 41,400 | 43,275 |
Mortgage Loans [Abstract] | ||
Mortgage Loans Held-for-sale | 12,034 | 12,941 |
Total held-for-investment mortgage loans, net | 3,088,687 | 3,083,665 |
Mortgage Loans Net | 3,100,721 | 3,096,606 |
Guarantee Assets | 5,341 | 5,351 |
Derivative Asset | 292 | 486 |
All Other Assets | 2,910 | 2,107 |
Other Assets | 8,543 | 7,944 |
Total Assets carried at fair value on a recurring basis | 3,256,452 | 3,248,992 |
Financial Liabilities | ||
Debt | 3,211,742 | 3,208,346 |
Guarantee obligation | 5,302 | 5,451 |
Derivative Liability | 1,052 | 873 |
Other Liabilities | 14 | 14 |
Other Liabilities, Fair Value | 6,368 | 6,338 |
Total Financial Liabilities | 3,218,110 | 3,214,684 |
GAAP Carrying Amount | Held by Freddie Mac | ||
Financial Liabilities | ||
Debt | 161,704 | 166,419 |
GAAP Carrying Amount | Held by consolidated trusts | ||
Financial Liabilities | ||
Debt | 3,050,038 | 3,041,927 |
GAAP Carrying Amount | AmortizedCost | ||
Financial Liabilities | ||
Debt | 3,200,000 | 3,200,000 |
Mortgage Loans | 3,100,000 | 3,100,000 |
GAAP Carrying Amount | Lower Of Cost Or Fair Value | ||
Financial Liabilities | ||
Mortgage Loans | 4,100 | 5,600 |
GAAP Carrying Amount | FV - NI | ||
Financial Liabilities | ||
Debt | 2,700 | 2,500 |
Mortgage Loans | 9,900 | 9,200 |
Fair Value | ||
Financial Assets | ||
Cash and Cash Equivalents | 3,531 | 6,019 |
Securities Purchased under Agreements to Resell | 102,257 | 95,148 |
Counterparty netting | (13,800) | (10,245) |
Investments in Securities [Abstract] | ||
Debt Securities, Available-for-sale | 4,729 | 4,890 |
Trading, at fair value | 36,671 | 38,385 |
Total investments in securities | 41,400 | 43,275 |
Mortgage Loans [Abstract] | ||
Mortgage Loans Held-for-sale | 12,209 | 13,144 |
Total held-for-investment mortgage loans, net | 2,680,017 | 2,721,004 |
Mortgage Loans Net | 2,692,226 | 2,734,148 |
Guarantee Assets | 5,343 | 5,353 |
Derivative Asset | 292 | 486 |
Netting adjustments | (5,946) | (5,725) |
All Other Assets | 2,916 | 2,111 |
Other Assets | 8,551 | 7,950 |
Total Asset Netting Adjustment | (19,746) | (15,970) |
Total Assets carried at fair value on a recurring basis | 2,847,965 | 2,886,540 |
Financial Liabilities | ||
Debt | 2,795,828 | 2,840,769 |
Counterparty netting | (13,800) | (10,245) |
Guarantee obligation | 6,450 | 6,126 |
Derivative Liability | 1,052 | 873 |
Netting Adjustment | (7,793) | (7,798) |
Other Liabilities | 592 | 659 |
Other Liabilities, Fair Value | 8,094 | 7,658 |
Total Liability Netting Adjustment | (21,593) | (18,043) |
Total Financial Liabilities | 2,803,922 | 2,848,427 |
Fair Value | Held by Freddie Mac | ||
Financial Liabilities | ||
Debt | 162,287 | 167,023 |
Fair Value | Held by consolidated trusts | ||
Financial Liabilities | ||
Debt | 2,633,541 | 2,673,746 |
Fair Value | Level 1 | ||
Financial Assets | ||
Cash and Cash Equivalents | 3,531 | 6,019 |
Securities Purchased under Agreements to Resell | 0 | 0 |
Investments in Securities [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Trading, at fair value | 28,136 | 29,854 |
Total investments in securities | 28,136 | 29,854 |
Mortgage Loans [Abstract] | ||
Mortgage Loans Held-for-sale | 0 | 0 |
Total held-for-investment mortgage loans, net | 0 | 0 |
Mortgage Loans Net | 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 | 31,667 | 35,873 |
Financial Liabilities | ||
Debt | 0 | 0 |
Guarantee obligation | 0 | 0 |
Derivative liabilities, net | 4 | 0 |
Other Liabilities | 0 | 0 |
Other Liabilities, Fair Value | 4 | 0 |
Total Financial Liabilities | 4 | 0 |
Fair Value | Level 1 | Held by Freddie Mac | ||
Financial Liabilities | ||
Debt | 0 | 0 |
Fair Value | Level 1 | Held by consolidated trusts | ||
Financial Liabilities | ||
Debt | 0 | 0 |
Fair Value | Level 2 | ||
Financial Assets | ||
Cash and Cash Equivalents | 0 | 0 |
Securities Purchased under Agreements to Resell | 116,057 | 105,393 |
Investments in Securities [Abstract] | ||
Debt Securities, Available-for-sale | 4,092 | 4,212 |
Trading, at fair value | 5,533 | 5,760 |
Total investments in securities | 9,625 | 9,972 |
Mortgage Loans [Abstract] | ||
Mortgage Loans Held-for-sale | 8,826 | 9,276 |
Total held-for-investment mortgage loans, net | 2,412,334 | 2,466,127 |
Mortgage Loans Net | 2,421,160 | 2,475,403 |
Guarantee Assets | 0 | 0 |
Derivative assets, net | 6,206 | 6,209 |
All Other Assets | 434 | 946 |
Other Assets | 6,640 | 7,155 |
Total Assets carried at fair value on a recurring basis | 2,553,482 | 2,597,923 |
Financial Liabilities | ||
Debt | 2,805,530 | 2,846,896 |
Guarantee obligation | 102 | 103 |
Derivative liabilities, net | 8,763 | 8,608 |
Other Liabilities | 423 | 465 |
Other Liabilities, Fair Value | 9,288 | 9,176 |
Total Financial Liabilities | 2,814,818 | 2,856,072 |
Fair Value | Level 2 | Held by Freddie Mac | ||
Financial Liabilities | ||
Debt | 172,726 | 173,877 |
Fair Value | Level 2 | Held by consolidated trusts | ||
Financial Liabilities | ||
Debt | 2,632,804 | 2,673,019 |
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 | 637 | 678 |
Trading, at fair value | 3,002 | 2,771 |
Total investments in securities | 3,639 | 3,449 |
Mortgage Loans [Abstract] | ||
Mortgage Loans Held-for-sale | 3,383 | 3,868 |
Total held-for-investment mortgage loans, net | 267,683 | 254,877 |
Mortgage Loans Net | 271,066 | 258,745 |
Guarantee Assets | 5,343 | 5,353 |
Derivative assets, net | 32 | 2 |
All Other Assets | 2,482 | 1,165 |
Other Assets | 7,857 | 6,520 |
Total Assets carried at fair value on a recurring basis | 282,562 | 268,714 |
Financial Liabilities | ||
Debt | 4,098 | 4,118 |
Guarantee obligation | 6,348 | 6,023 |
Derivative liabilities, net | 78 | 63 |
Other Liabilities | 169 | 194 |
Other Liabilities, Fair Value | 6,595 | 6,280 |
Total Financial Liabilities | 10,693 | 10,398 |
Fair Value | Level 3 | Held by Freddie Mac | ||
Financial Liabilities | ||
Debt | 3,361 | 3,391 |
Fair Value | Level 3 | Held by consolidated trusts | ||
Financial Liabilities | ||
Debt | $ 737 | $ 727 |
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, 2024 | Dec. 31, 2023 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Held-for-sale, at fair value | $ 7,926 | $ 7,356 |
Loans Held For Investment Fair Value Disclosure | 1,931 | 1,806 |
Other assets and other liabilities | 48 | 95 |
Held by Freddie Mac | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | 6 | 6 |
Debt, Fair Value | 200 | 240 |
Debt, Unpaid Principal Balance, with Fair Value Option Elected | 194 | 234 |
Held by consolidated trusts | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | (120) | (94) |
Debt, Fair Value | 1,950 | 1,705 |
Debt, Unpaid Principal Balance, with Fair Value Option Elected | 2,070 | 1,799 |
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 | 133 | 276 |
Loans, Unpaid Principal Balance, with Fair Value Elected | 7,793 | 7,080 |
Mortgage loans held-for-investment | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | (296) | (289) |
Loans, Unpaid Principal Balance, with Fair Value Elected | $ 2,227 | $ 2,095 |
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, 2024 | Mar. 31, 2023 | |
Mortgage loans held-for-sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (159) | $ 4 |
Mortgage loans held-for-investment | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (31) | 26 |
Debt | Held by Freddie Mac | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 1 | 14 |
Debt | Held by consolidated trusts | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 9 | (35) |
Other assets/other liabilities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 143 | $ 55 |
Legal Contingencies (Details)
Legal Contingencies (Details) - USD ($) $ in Millions | Aug. 14, 2023 | Nov. 07, 2022 | Sep. 30, 2023 |
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual | $ (313) | ||
Pending Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Damages Sought, Value | $ 832 | ||
Judicial Ruling [Member] | Junior Preferred Shareholder [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Damages Awarded, Value | $ 282 | ||
Judicial Ruling [Member] | Common Shareholder [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Damages Awarded, Value | $ 31 |
Regulatory Capital Table - ERCF
Regulatory Capital Table - ERCF Capital Requirements (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Compliance with Regulatory Capital Requirements - ERCF [Abstract] | ||
Adjustedtotalassets | $ 3,786,000 | $ 3,775,000 |
Risk-weighted assets (standardized approach) | 1,018,000 | 1,009,000 |
Minimum Capital Requirement [Member] | ||
Risk-based capital amounts [Abstract] | ||
Total capital (statutory) | 81,000 | 81,000 |
CET1 capital | 46,000 | 45,000 |
Tier 1 capital | 61,000 | 60,000 |
Adjusted total capital | $ 81,000 | $ 81,000 |
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) | $ 95,000 | $ 95,000 |
Tier 1 capital | $ 95,000 | $ 95,000 |
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) | $ 81,000 | $ 81,000 |
CET1 capital | 103,000 | 96,000 |
Tier 1 capital | 118,000 | 111,000 |
Adjusted total capital | $ 138,000 | $ 132,000 |
Risk-based capital ratios [Abstract] | ||
Total capital (statutory) | 8% | 8% |
CET1 capital | 10.10% | 9.50% |
Tier 1 capital | 11.60% | 11% |
Adjusted total capital | 13.60% | 13% |
Leverage capital amounts: [Abstract] | ||
Core capital (statutory) | $ 95,000 | $ 95,000 |
Tier 1 capital | $ 109,000 | $ 106,000 |
Leverage capital ratios [Abstract] | ||
Core capital (statutory) | 2.50% | 2.50% |
Tier 1 capital | 2.90% | 2.80% |
Available Capital (Deficit) [Member] | ||
Risk-based capital amounts [Abstract] | ||
Total capital (statutory) | $ (16,000) | $ (18,000) |
CET1 capital | (41,000) | (43,000) |
Tier 1 capital | (27,000) | (29,000) |
Adjusted total capital | $ (27,000) | $ (29,000) |
Risk-based capital ratios [Abstract] | ||
Total capital (statutory) | (1.50%) | (1.80%) |
CET1 capital | (4.00%) | (4.30%) |
Tier 1 capital | (2.60%) | (2.90%) |
Adjusted total capital | (2.60%) | (2.90%) |
Leverage capital amounts: [Abstract] | ||
Core capital (statutory) | $ (23,000) | $ (25,000) |
Tier 1 capital | $ (27,000) | $ (29,000) |
Leverage capital ratios [Abstract] | ||
Core capital (statutory) | (0.60%) | (0.70%) |
Tier 1 capital | (0.70%) | (0.80%) |