Federal Home Loan Mortgage (FMCC) 10-K 13 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Jan. 31, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34139
Entity Registrant Name	Federal Home Loan Mortgage Corporation
Entity Incorporation, State or Country Code	X1
Entity Tax Identification Number	52-0904874
Entity Address, Address Line One	8200 Jones Branch Drive
Entity Address, City or Town	McLean,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102-3110
City Area Code	(703)
Local Phone Number	903-2000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 900
Entity Common Stock, Shares Outstanding		650,059,553
Documents Incorporated by Reference	None
Entity Central Index Key	0001026214
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Voting Common Stock, no par value per share
Document Information [Line Items]
Title of 12(g) Security	Voting Common Stock, no par value per share
Trading Symbol	FMCC
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCI
5% Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5% Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKK
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCG
5.1% Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5.1% Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCH
5.79% Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5.79% Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCK
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCL
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCM
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCN
5.81% Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5.81% Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCO
6% Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	6% Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCP
Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCJ
5.7% Non-Cumulative Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5.7% Non-Cumulative Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKP
Variable Rate, Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Variable Rate, Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCS
6.42% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	6.42% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCCT
5.9% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5.9% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKO
5.57% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5.57% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKM
5.66% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	5.66% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKN
6.02% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	6.02% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKL
6.55% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	6.55% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKI
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Document Information [Line Items]
Title of 12(g) Security	Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
Trading Symbol	FMCKJ

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Washington, District of Columbia

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Interest Income
Interest income	$ 117,877	$ 105,363	$ 83,458
Interest Expense, Operating	(98,140)	(86,821)	(65,453)
Net interest income	19,737	18,542	18,005
Non-interest income
Guarantee income	1,611	1,615	783
Investment gains, net	2,076	707	1,969
Other income	488	365	507
Non-interest income	4,175	2,687	3,259
Net revenues	23,912	21,229	21,264
(Provision) benefit for credit losses	(476)	872	(1,841)
Non-interest expense
Salaries and employee benefits	(1,677)	(1,606)	(1,509)
Professional services, technology, and occupancy	(1,166)	(1,189)	(1,079)
Credit enhancement expense	(2,345)	(2,339)	(2,118)
Benefit for (decrease in) credit enhancement recoveries	(36)	(189)	236
Legislative and regulatory assessments	(3,233)	(3,131)	(3,131)
Other expense	(201)	(448)	(218)
Non-interest expense	(8,658)	(8,902)	(7,819)
Income before income tax expense	14,778	13,199	11,604
Income tax expense	(2,920)	(2,661)	(2,277)
Net income	11,858	10,538	9,327
Other comprehensive income (loss), net of taxes and reclassification adjustments	(5)	166	(342)
Comprehensive income	11,853	10,704	8,985
Net income	11,858	10,538	9,327
Amounts attributable to senior preferred stock	(11,853)	(10,704)	(8,985)
Net income (loss) attributable to common stockholders - basic	5	(166)	342
Net income (loss) attributable to common stockholders - diluted	$ 5	$ (166)	$ 342
Net income (loss) per common share - basic	$ 0	$ (0.05)	$ 0.11
Net income (loss) per common share - diluted	$ 0	$ (0.05)	$ 0.11
Weighted average common shares outstanding - basic	3,234	3,234	3,234
Weighted average common shares outstanding - diluted	3,234	3,234	3,234

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 5,534	$ 6,019
Securities purchased under agreements to resell	100,118	95,148
Investment securities, at fair value	55,771	43,275
Mortgage loans held-for-sale	15,560	12,941
Mortgage loans held-for-investment, net	3,172,329	3,083,665
Accrued interest receivable	11,029	9,925
Deferred tax assets, net	5,018	4,076
Other Assets	$ 21,333	$ 25,927
Hedged Asset, Statement of Financial Position [Extensible Enumeration]	Mortgage loans held-for-investment, net	Mortgage loans held-for-investment, net
Investment, Proportional Amortization Method, Elected, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Total assets	$ 3,386,692	$ 3,280,976
Liabilities
Accrued interest payable	9,822	8,812
Debt, Long-Term and Short-Term, Combined Amount	3,304,949	3,208,346
Other Liabilities	$ 12,346	$ 16,096
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Hedged Liability, Statement of Financial Position [Extensible Enumeration]	Debt, Long-Term and Short-Term, Combined Amount	Debt, Long-Term and Short-Term, Combined Amount
Total liabilities	$ 3,327,117	$ 3,233,254
Equity
Senior Preferred Stock	72,648	72,648
Preferred stock, at redemption value	14,109	14,109
Common Stock, Value, Issued	0	0
Retained earnings	(23,270)	(35,128)
AOCI, net of taxes, related to:
Available-for-sale securities	66	72
Other	(93)	(94)
AOCI, net of taxes	(27)	(22)
Treasury Stock, Value	(3,885)	(3,885)
Total equity	59,575	47,722
Total liabilities and equity	3,386,692	3,280,976
Held by consolidated trusts
Assets
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	1,056	891
Securities purchased under agreements to resell	12,764	9,396
Investment securities, at fair value	1	65
Mortgage loans held-for-investment, net	3,114,937	3,039,461
Accrued interest receivable	9,900	8,885
Other Assets	5,881	4,858
Total assets	3,144,539	3,063,556
Liabilities
Accrued interest payable	8,469	7,527
Debt, Long-Term and Short-Term, Combined Amount	3,122,941	3,041,927
Total liabilities	$ 3,131,410	$ 3,049,454

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets [Abstract]
Restricted cash and cash equivalents	$ 1,165	$ 978
Mortgages held-for-sale, fair value	11,394	7,356
Mortgage Loans held-for-investment, net	$ 3,172,329	$ 3,083,665
Hedged Asset, Statement of Financial Position [Extensible Enumeration]	Mortgage Loans held-for-investment, net	Mortgage Loans held-for-investment, net
Mortgage loans held-for-investment, allowance for credit losses	$ 6,774	$ 6,383
Mortgage loans FVO held-for-investment	2,413	1,806
Accrued Interest Receivable	11,029	9,925
Other Assets	5,870	6,095
Equity [Abstract]
Senior preferred stock, liquidation preference	$ 129,038	$ 117,309
Common stock, par value (in usd per share)	$ 0	$ 0
Common stock, authorized (in shares)	4,000,000,000	4,000,000,000
Common stock, issued (in shares)	725,863,886	725,863,886
Common stock, outstanding (in shares)	650,059,553	650,059,553
Treasury stock (in shares)	75,804,333	75,804,333
Liabilities [Abstract]
Debt instruments recorded at fair value	$ 2,339	$ 2,476
Other liabilities, fair value	$ 978	$ 873
Hedged Liability, Statement of Financial Position [Extensible Enumeration]	Debt	Debt
Debt	$ 3,304,949	$ 3,208,346
Held by consolidated trusts
Assets [Abstract]
Restricted cash and cash equivalents	1,055	890
Mortgage Loans held-for-investment, net	3,114,937	3,039,461
Accrued Interest Receivable	9,900	8,885
Liabilities [Abstract]
Debt instruments recorded at fair value	2,000	2,100
Debt	$ 3,122,941	$ 3,041,927

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions	Total	Senior Preferred Stock	Preferred Stock, at Redemption Value	Common Stock, at Par Value	Retained Earnings	AOCI, Net of Tax	Treasury Stock, at Cost
Beginning balance at Dec. 31, 2021	$ 28,033	$ 72,648	$ 14,109	$ 0	$ (54,993)	$ 154	$ (3,885)
Beginning balance, Shares at Dec. 31, 2021		1	464	650
Comprehensive income (loss):
Net income	9,327				9,327
Changes in net unrealized gains (losses) on available-for-sale securities, net of taxes	(362)					(362)
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income, net of taxes	(19)					(19)
Other, net of taxes	39					39
Comprehensive income	8,985				9,327	(342)
Ending balance at Dec. 31, 2022	37,018	$ 72,648	$ 14,109	$ 0	(45,666)	(188)	(3,885)
Ending balance, Shares at Dec. 31, 2022		1	464	650
Comprehensive income (loss):
Net income	10,538				10,538
Changes in net unrealized gains (losses) on available-for-sale securities, net of taxes	18					18
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income, net of taxes	138					138
Other, net of taxes	10					10
Comprehensive income	10,704				10,538	166
Ending balance at Dec. 31, 2023	47,722	$ 72,648	$ 14,109	$ 0	(35,128)	(22)	(3,885)
Ending balance, Shares at Dec. 31, 2023		1	464	650
Comprehensive income (loss):
Net income	11,858				11,858
Changes in net unrealized gains (losses) on available-for-sale securities, net of taxes	(4)					(4)
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income, net of taxes	(2)					(2)
Other, net of taxes	1					1
Comprehensive income	11,853				11,858	(5)
Ending balance at Dec. 31, 2024	$ 59,575	$ 72,648	$ 14,109	$ 0	$ (23,270)	$ (27)	$ (3,885)
Ending balance, Shares at Dec. 31, 2024		1	464	650

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income	$ 11,858	$ 10,538	$ 9,327
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of cost basis adjustments	726	827	(1,264)
Provision (benefit) for credit losses	476	(872)	1,841
Investment gains, net	(2,433)	(1,853)	(2,763)
Deferred income tax expense and changes in income taxes receivable/payable	255	1,762	(223)
Purchases	(31,496)	(29,339)	(45,093)
Proceeds from sales and repayments	27,661	27,347	49,389
Accrued interest receivable	(1,103)	(1,389)	(1,038)
Accrued interest payable	1,020	1,507	1,041
Other, net	(337)	(913)	708
Net cash provided by (used in) operating activities	6,627	7,615	11,925
Cash flows from investing activities
Purchases	(94,394)	(101,238)	(132,913)
Proceeds from sales	68,572	78,799	122,442
Proceeds from maturities and repayments	10,811	14,247	13,821
Purchases	(146,854)	(101,262)	(160,884)
Proceeds from sales	3,009	7,581	3,438
Proceeds from repayments	278,965	245,037	352,204
Advances under secured lending arrangements	(113,097)	(96,666)	(170,456)
Net (increase) decrease in securities purchased under agreements to resell	(2,945)	(6,107)	(20,750)
Cash flows related to derivatives	5,728	4,326	4,769
Other, net	(171)	(464)	(273)
Net cash provided by (used in) investing activities	9,624	44,253	11,398
Cash flows from financing activities
Net increase (decrease) in securities sold under agreements to repurchase	(2,025)	(1,746)	4,658
Other, net	(9)	(145)	87
Net cash provided by (used in) financing activities	(16,736)	(52,209)	(27,113)
Net increase (decrease) in cash and cash equivalents (includes restricted cash and cash equivalents)	(485)	(341)	(3,790)
Cash and cash equivalents (includes restricted cash and cash equivalents) at the beginning of year	6,019	6,360	10,150
Cash and cash equivalents (includes restricted cash and cash equivalents) at end of period	5,534	6,019	6,360
Cash paid for:
Debt interest	100,136	87,610	75,441
Income taxes	2,750	900	2,500
Held by consolidated trusts
Cash flows from financing activities
Proceeds from issuance of debt	253,894	205,523	359,806
Repayments of debt	(282,087)	(251,762)	(388,033)
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	1,056	891
Held by Freddie Mac
Cash flows from financing activities
Proceeds from issuance of debt	207,529	146,506	137,339
Repayments of debt	$ (194,038)	$ (150,585)	$ (140,970)

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Changes in net unrealized gains (losses) on available-for-sale securities, taxes	$ 1	$ 5	$ 96
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income, taxes	1	36	5
Other, taxes	$ 0	$ 2	$ 10

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 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. For additional information on the roles of FHFA and Treasury, see Note 2 . Throughout our consolidated financial statements and related notes, we use certain acronyms and terms which are defined in the Glossary . Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with GAAP and include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated. We are operating under the basis that we will realize assets and satisfy liabilities in the normal course of business as a going concern and in accordance with the authority provided by FHFA to our Board of Directors to oversee management's conduct of our business operations. Use of Estimates The preparation of our 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. 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. Significant Accounting Policies Cash and Cash Equivalents Highly liquid investment securities that have an original maturity of three months or less are accounted for as cash equivalents. Original maturity means the original maturity to us when we acquire the investment, not the original maturity of the instrument itself. Cash collateral accepted from counterparties that we do not have the right to use for general corporate purposes is classified as restricted cash and cash equivalents on our consolidated balance sheets. Restricted cash and cash equivalents includes cash remittances received from servicers of the underlying assets of our consolidated trusts which are deposited into a separate custodial account. We invest the cash held in the custodial account in short-term investments; and we are entitled to the interest income earned on these short-term investments, which is recorded as interest income on our consolidated statements of income. Comprehensive Income Comprehensive income includes all changes in equity during a period, except those resulting from investments by, or distributions to, stockholders. Comprehensive income consists of net income plus other comprehensive income, including unrealized gains and losses on available-for-sale securities. Other Significant Accounting Policies The table below identifies our other significant accounting policies and the related note in which information about each policy can be found. Note Accounting Policy Note 3 Securitization and Consolidation Note 4 Mortgage Loans Note 5 Guarantees and Other Off-Balance Sheet Credit Exposures Note 6 Allowance for Credit Losses Note 7 Investment Securities Note 8 Debt Note 9 Derivatives Note 10 Collateralized Agreements Note 11 Stockholders' Equity Note 11 Earnings Per Share Note 13 Income Taxes Note 14 Segment Reporting Note 16 Fair Value Disclosures Recently Adopted Accounting Guidance Standard Description Date of Adoption 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 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 The adoption of these amendments did not have a material effect on our consolidated financial statements. In connection with the adoption of these amendments, we have reclassified certain amounts within non-interest expense in our consolidated statements of income to better present the significant drivers of our non-interest expense activity. Prior period amounts have been reclassified to conform to the current period presentation. See Note 14 for the incremental disclosures required by this ASU. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Planned Adoption Effect on Consolidated Financial Statements 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 ASU 2024-03 , Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses The amendments in this Update require disaggregated disclosures for certain expense categories. December 31. 2026 We do not expect the adoption of these amendments to have a material effect on our consolidated financial statements.

Conservatorship and Related Mat

Conservatorship and Related Matters	12 Months Ended
	Dec. 31, 2024
Conservatorship and Related Matters [Abstract]
CONSERVATORSHIP AND RELATED MATTERS	Conservatorship and Related Matters Business Objectives We operate under the conservatorship that commenced on September 6, 2008, conducting our business under the direction of FHFA, as our Conservator. The conservatorship and related matters significantly affect our management, business activities, financial condition, and results of operations. Upon its appointment, FHFA, as Conservator, immediately succeeded to all rights, titles, powers, and privileges of Freddie Mac, and of any stockholder, officer, or director thereof, with respect to the company and its assets. The Conservator also succeeded to the title to all books, records, and assets of Freddie Mac held by any other legal custodian or third party. The Conservator provided for the Board of Directors to perform certain functions and to oversee management, and the Board of Directors delegated to management authority to conduct business operations so that the company can continue to operate in the ordinary course. The directors serve on behalf of, and perform such functions as provided by, the Conservator. We are subject to certain constraints on our business activities under the Purchase Agreement. However, the support provided by Treasury pursuant to the Purchase Agreement currently enables us to maintain our access to the debt markets and to have adequate liquidity to conduct our normal business activities, although the costs of our debt funding could vary. Our ability to access funds from Treasury under the Purchase Agreement is critical to keeping us solvent. Our current business objectives reflect direction we have received from the Conservator (including the Conservatorship Scorecards). At the direction of the Conservator, we have made changes to certain business practices that are designed to provide support for the mortgage market in a manner that serves our mission and other non-financial objectives but may not contribute to our profitability. Certain of these objectives are intended to help homeowners and the mortgage market and may help to mitigate future credit losses. Some of these initiatives affect our near- and long-term financial results. Given our mission and the important role the Administration and our Conservator have placed on Freddie Mac in addressing housing and mortgage market conditions, we may be required to take actions that could have a negative impact on our business, operating results, or financial condition. Under the Purchase Agreement, we cannot return capital to stockholders other than Treasury, the holder of our senior preferred stock. Our future is uncertain, and the conservatorship has no specified termination date. We do not know what changes may occur to our business model during or following conservatorship, including whether we will continue to exist. Our Conservator has not made us aware of any plans to make any significant changes that would affect our ability to continue as a going concern. Our future structure and role will be determined by the Administration, Congress, and FHFA. It is possible, and perhaps likely, that there will be significant changes to our business beyond the near term. Purchase Agreement and Warrant Overview On September 7, 2008, we, through FHFA, in its capacity as Conservator, entered into the Purchase Agreement with Treasury. The Purchase Agreement was subsequently amended and restated on September 26, 2008, and further amended on May 6, 2009, December 24, 2009, August 17, 2012, December 21, 2017, September 27, 2019, January 14, 2021, September 14, 2021, and January 2, 2025. The amount of available funding remaining under the Purchase Agreement was $140.2 billion as of December 31, 2024. This amount will be reduced by any future draws. The Purchase Agreement requires Treasury, upon the request of the Conservator, to provide funds to us after any quarter in which we have a negative net worth (that is, our total liabilities exceed our total assets, as reflected on our consolidated balance sheets). In addition, the Purchase Agreement requires Treasury, upon the request of the Conservator, to provide funds to us if the Conservator determines, at any time, that it will be mandated by law to appoint a receiver for us unless we receive these funds from Treasury. In exchange for Treasury's funding commitment, we issued to Treasury, as an aggregate initial commitment fee, one million shares of Variable Liquidation Preference Senior Preferred Stock with an initial liquidation preference of $1 billion, which we refer to as the senior preferred stock, and a warrant to purchase, for a nominal price, shares of our common stock equal to 79.9% of the total number of shares of our common stock outstanding on a fully diluted basis at the time the warrant is exercised, which we refer to as the warrant. We received no cash proceeds or other consideration from Treasury for issuing the senior preferred stock or the warrant. The amount of any draw will be added to the aggregate liquidation preference of the senior preferred stock. Deficits in our net worth have made it necessary for us to make substantial draws on Treasury's funding commitment under the Purchase Agreement. Pursuant to the December 2017 Letter Agreement, the liquidation preference of the senior preferred stock increased by $3.0 billion on December 31, 2017. Pursuant to the September 2019 Letter Agreement and January 2021 Letter Agreement, increases in the Net Worth Amount, if any, during the immediately prior fiscal quarter have been, or will be, added to the liquidation preference of the senior preferred stock at the end of each fiscal quarter, from September 30, 2019 through the Capital Reserve End Date. The liquidation preference of the senior preferred stock was $129.0 billion on December 31, 2024 and will increase to $132.2 billion on March 31, 2025 based on the increase in our Net Worth Amount during 4Q 2024. Under the Purchase Agreement, our ability to repay the liquidation preference of the senior preferred stock is limited, and we will not be able to do so for the foreseeable future, if at all. In addition to increases based on quarterly increases in our Net Worth Amount, as discussed above, the liquidation preference will increase if we receive additional draws under the Purchase Agreement or if any dividends or quarterly commitment fees payable under the Purchase Agreement are not paid in cash. Treasury, as the holder of the senior preferred stock, is entitled to receive quarterly cash dividends, when, as, and if declared by our Board of Directors. The dividends we have paid to Treasury on the senior preferred stock have been declared by, and paid at the direction of, the Conservator, acting as successor to the rights, titles, powers, and privileges of the Board of Directors. Through December 31, 2012, the senior preferred stock accrued quarterly cumulative dividends at a rate of 10% per year. Under the August 2012 amendment to the Purchase Agreement, the fixed dividend rate was replaced with a net worth sweep dividend beginning in the first quarter of 2013. Accordingly, our cash dividend requirement for each quarter from January 1, 2013 until the Capital Reserve End Date is the amount, if any, by which our Net Worth Amount at the end of the immediately preceding fiscal quarter, less the applicable Capital Reserve Amount, exceeds zero. The term Net Worth Amount is defined as the total assets of Freddie Mac (excluding Treasury's commitment and any unfunded amounts thereof), less our total liabilities (excluding any obligation in respect of capital stock), in each case as reflected on our consolidated balance sheets prepared in accordance with GAAP. If the calculation of the dividend payment for a quarter does not exceed zero, then no dividend will accrue or be payable for that quarter. The applicable Capital Reserve Amount is currently the amount of adjusted total capital necessary to meet capital requirements and buffers set forth in the ERCF. This Capital Reserve Amount will remain in effect until the last day of the second consecutive fiscal quarter during which we have reached and maintained such level of capital (the Capital Reserve End Date). As a result, we will not be required to pay a dividend on the senior preferred stock to Treasury until we have built sufficient net worth to meet the capital requirements and buffers set forth in the ERCF. If for any reason we were not to pay our dividend requirement on the senior preferred stock in full in any future period until the Capital Reserve End Date, the unpaid amount would be added to the liquidation preference and the applicable Capital Reserve Amount would thereafter be zero. Based on our Net Worth Amount at December 31, 2024 and the applicable Capital Reserve Amount, we will not have a dividend requirement to Treasury in March 2025. Since the beginning of the conservatorship through December 31, 2024, we have paid cash dividends of $119.7 billion to Treasury at the direction of the Conservator. After the Capital Reserve End Date, we will be subject to a new periodic cash dividend requirement. Our quarterly senior preferred stock dividend requirement will be an amount equal to the lesser of (1) 10% per annum on the then-current liquidation preference of the senior preferred stock and (2) a quarterly amount equal to the increase in the Net Worth Amount, if any, during the immediately prior fiscal quarter. If for any reason we were not to pay our dividend requirement on the senior preferred stock in full in any future period after the Capital Reserve End Date, the unpaid amount would be added to the liquidation preference and immediately following such failure and for all dividend periods thereafter until the dividend period following the date on which we shall have paid in cash full cumulative dividends, the dividend amount will be 12% per annum on the then-current liquidation preference of the senior preferred stock. The amounts payable for dividends on the senior preferred stock could be substantial and will have an adverse impact on our financial position and net worth. The senior preferred stock is senior in liquidation preference to our common stock and all other series of preferred stock. In addition to the issuance of the senior preferred stock and warrant, we are required under the Purchase Agreement to pay a quarterly commitment fee to Treasury. Under the Purchase Agreement, the fee was to be determined in an amount mutually agreed to by us and Treasury with reference to the market value of Treasury's funding commitment as then in effect. However, pursuant to the August 2012 amendment to the Purchase Agreement, as further amended by the January 2021 Letter Agreement, for each quarter commencing January 1, 2013, no periodic commitment fee under the Purchase Agreement will be set, accrue, or be payable. Pursuant to the January 2021 Letter Agreement, by the Capital Reserve End Date, we and Treasury, in consultation with the Chairman of the Federal Reserve, will mutually agree on a periodic commitment fee that we will pay for Treasury's remaining funding commitment with respect to the five-year period commencing on the first January 1 after the Capital Reserve End Date. The Purchase Agreement includes significant restrictions on our ability to manage our business, including limits on the amount of indebtedness we can incur, the size of our mortgage-related investments portfolio, our secondary market activities, and our single-family loan acquisitions. The Purchase Agreement has an indefinite term and can terminate only in limited circumstances, which do not include the end of the conservatorship. The Purchase Agreement therefore could continue after the conservatorship ends. Treasury has the right to exercise the warrant, in whole or in part, at any time on or before September 7, 2028. Purchase Agreement Covenants The Purchase Agreement provides that, until the senior preferred stock is repaid or redeemed in full, we may not, without the prior written consent of Treasury: n Declare or pay any dividend (preferred or otherwise) or make any other distribution with respect to any Freddie Mac equity securities (other than with respect to the senior preferred stock or warrant); n Redeem, purchase, retire, or otherwise acquire any Freddie Mac equity securities (other than the senior preferred stock or warrant); n Sell or issue any Freddie Mac equity securities (other than the senior preferred stock, warrant, and common stock issuable upon exercise of the warrant and certain issuance(s) of common stock after the occurrence of both Treasury's exercise in full of its warrant to acquire 79.9% of our common stock and resolution of currently pending material litigation relating to our conservatorship and the Purchase Agreement); n Terminate the conservatorship (other than in connection with a mandatory receivership); n Sell, transfer, lease, or otherwise dispose of any assets, other than dispositions for fair market value: l To a limited life regulated entity (in the context of a receivership); l Of assets and properties in the ordinary course of business, consistent with past practice; l Of assets and properties having fair market value individually or in aggregate less than $250 million in one transaction or a series of related transactions; l In connection with our liquidation by a receiver; l Of cash or cash equivalents for cash or cash equivalents; or l To the extent necessary to comply with the covenant described below relating to the reduction of our mortgage-related investments portfolio. n Issue any subordinated debt; n Enter into a corporate reorganization, recapitalization, merger, acquisition, or similar event; or n Engage in transactions with affiliates unless the transaction is: l Pursuant to the Purchase Agreement, the senior preferred stock, or the warrant; l Upon arm's length terms; or l A transaction undertaken in the ordinary course or pursuant to a contractual obligation or customary employment arrangement in existence on the date of the Purchase Agreement. Effective January 2, 2025, the Purchase Agreement requires us to comply with the ERCF, as amended from time to time. For additional information on the ERCF, see Note 18 . The Purchase Agreement limits the size of our mortgage-related investments portfolio to a maximum amount of $225 billion. The calculation of mortgage assets subject to the Purchase Agreement cap includes the UPB of mortgage assets and 10% of the notional value of interest-only securities. Our mortgage-related investments portfolio for purposes of the FHFA and Purchase Agreement caps was $123.5 billion at December 31, 2024, including $22.5 billion representing 10% of the notional amount of the interest-only securities we held as of December 31, 2024. Our ability to acquire and sell mortgage assets continues to be significantly constrained by limitations imposed by the Purchase Agreement and FHFA. With respect to the composition of our mortgage-related investments portfolio, FHFA has instructed us to (1) hold no more than $20 billion in Single-Family agency MBS with all dollar caps to be based on UPB and (2) hold no CMOs, which are also sometimes referred to as REMICs. We will have a holding period limit to sell any new CMO tranches created but not sold at issuance. CMOs do not include tranches initially retained from reperforming loans senior subordinate securitizations. Under the Purchase Agreement, we also may not, without the prior written consent of Treasury, incur indebtedness that would result in the par value of our aggregate indebtedness exceeding 120% of the amount of mortgage assets we are permitted to own on December 31 of the immediately preceding calendar year. Our debt cap under the Purchase Agreement was $270 billion on January 1, 2023 as a result of the decrease in the mortgage assets limit under the Purchase Agreement to $225 billion on December 31, 2022. The mortgage asset and indebtedness limitations are determined without giving effect to the changes to the accounting guidance for transfers of financial assets and consolidation of VIEs, under which we consolidated certain VIEs in our consolidated financial statements as of January 1, 2010. As of December 31, 2024, our aggregate indebtedness for purposes of the debt cap was $187.7 billion. Our aggregate indebtedness calculation primarily includes the par value of short- and long-term debt. In addition, the Purchase Agreement provides that we may not enter into any new compensation arrangements or increase amounts or benefits payable under existing compensation arrangements of any named executive officer or other executive officer (as such terms are defined by SEC rules) without the consent of the Director of FHFA, in consultation with the Secretary of the Treasury. The Purchase Agreement also provides that, on an annual basis, we are required to deliver a risk management plan to Treasury setting out our strategy for reducing our enterprise-wide risk profile and the actions we will take to reduce the financial and operational risk associated with each of our reportable business segments. The Purchase Agreement also restricts our secondary market activities and single-family loan acquisitions: n Secondary Market Activities - We cannot vary the pricing or any other term of the acquisition of a single-family loan based on the size, charter type, or volume of business of the seller of the loan and are required to: l Offer to purchase loans for cash consideration and operate this cash window with non-discriminatory pricing; and l Comply with directives, regulations, restrictions, or other requirements prescribed by FHFA related to equitable secondary market access by community lenders. n Subject to such exceptions as FHFA may prescribe to permit us to acquire single-family mortgage loans that are currently eligible for acquisition, we are required to implement a program reasonably designed to ensure that each single-family mortgage is: l A qualified mortgage; l Expressly exempt from the CFPB’s ability-to-repay requirements; l Secured by an investment property; l A refinancing with streamlined underwriting for high LTV ratios; l A loan with temporary underwriting flexibilities due to exigent circumstances, as determined in consultation with FHFA; or l Secured by manufactured housing. Warrant Covenants The warrant we issued to Treasury includes, among others, the following covenants: n Our SEC filings under the Exchange Act will comply in all material respects as to form with the Exchange Act and the rules and regulations thereunder; n Without the prior written consent of Treasury, we may not permit any of our significant subsidiaries to issue capital stock or equity securities, or securities convertible into or exchangeable for such securities, or any stock appreciation rights or other profit participation rights to any person other than Freddie Mac or its wholly-owned subsidiaries; n We may not take any action that will result in an increase in the par value of our common stock; n Unless waived or consented to in writing by Treasury, we may not take any action to avoid the observance or performance of the terms of the warrant and we must take all actions necessary or appropriate to protect Treasury's rights against impairment or dilution; and n We must provide Treasury with prior notice of specified actions relating to our common stock, such as setting a record date for a dividend payment, granting subscription or purchase rights, authorizing a recapitalization, reclassification, merger or similar transaction, commencing a liquidation of the company, or any other action that would trigger an adjustment in the exercise price or number or amount of shares subject to the warrant. Termination Provisions The Purchase Agreement provides that the Treasury's funding commitment will terminate under any of the following circumstances: n The completion of our liquidation and fulfillment of Treasury's obligations under its funding commitment at that time; n The payment in full of, or reasonable provision for, all of our liabilities (whether or not contingent, including mortgage guarantee obligations); and n The funding by Treasury of the maximum amount of the commitment under the Purchase Agreement. In addition, Treasury may terminate its funding commitment and declare the Purchase Agreement null and void if a court vacates, modifies, amends, conditions, enjoins, stays, or otherwise affects the appointment of the Conservator or otherwise curtails the Conservator's powers. Treasury may not terminate its funding commitment under the Purchase Agreement solely by reason of our being in conservatorship, receivership or other insolvency proceeding, or due to our financial condition or any adverse change in our financial condition. Waivers and Amendments The Purchase Agreement provides that most provisions of the agreement may be waived or amended by mutual written agreement of the parties; however, no waiver or amendment of the agreement is permitted that would decrease Treasury's aggregate funding commitment or add conditions to Treasury's funding commitment if the waiver or amendment would adversely affect in any material respect the holders of our debt securities or mortgage guarantee obligations. Third-Party Enforcement Rights In the event of our default on payments with respect to our debt securities or mortgage guarantee obligations, if Treasury fails to perform its obligations under its funding commitment and if we and/or the Conservator are not diligently pursuing remedies in respect of that failure, the holders of these debt securities or mortgage guarantee obligations may file a claim in the United States Court of Federal Claims for relief requiring Treasury to fund to us the lesser of: n The amount necessary to cure the payment defaults on our debt securities and mortgage guarantee obligations and n The lesser of: l The deficiency amount and l The maximum amount of the commitment less the aggregate amount of funding previously provided under the commitment. Any payment that Treasury makes under those circumstances will be treated for all purposes as a draw under the Purchase Agreement that will increase the liquidation preference of the senior preferred stock. See Note 11 for additional information on the conservatorship and the Purchase Agreement. Related Parties as a Result of Conservatorship As a result of our issuance to Treasury of the warrant to purchase shares of our common stock equal to 79.9% of the total number of shares of our common stock outstanding, on a fully diluted basis, we are deemed a related party to the U.S. government. During the years ended December 31, 2024, 2023, and 2022, no transactions outside of normal business activities have occurred between us and the U.S. government (or any of its related parties), except for the following: n The transactions with Treasury discussed above in Purchase Agreement and Warrant ; n The transactions entered into whereby we and Fannie Mae, in conjunction with Treasury, provided assistance to state and local HFAs. Treasury will reimburse Freddie Mac for initial guarantee losses on these transactions; n The allocation or transfer of 4.2 bps of each dollar of new business purchases to certain housing funds as required under the GSE Act. During the years ended December 31, 2024, 2023, and 2022, we recognized $0.2 billion, $0.1 billion, and $0.3 billion, respectively, of expense related to the affordable housing funds. These amounts are included in legislative and regulatory assessments on our consolidated statements of income; and n The legislated guarantee fees on single-family loans that are remitted to Treasury as required by law. During the years ended December 31, 2024, 2023, and 2022, we recognized $2.9 billion, $2.9 billion, and $2.8 billion, respectively, of expense related to the legislated guarantee fees. These amounts are included in legislative and regulatory assessments on our consolidated statements of income. In addition, we are deemed a related party with Fannie Mae as both we and Fannie Mae have the same relationships with FHFA and Treasury. All transactions between us and Fannie Mae have occurred in the normal course of business in conservatorship other than our relationship with CSS discussed below. In October 2013, FHFA announced the formation of CSS. CSS is a limited liability company equally-owned by Freddie Mac and Fannie Mae, and CSS is also deemed a related party. In connection with the formation of CSS, we and Fannie Mae signed governance and operating agreements for CSS, including an updated customer services agreement with Fannie Mae and CSS. We have also entered into an agreement with Fannie Mae regarding the commingling of certain of our mortgage securities and related indemnification obligations. During the year ended December 31, 2024, we contributed $68 million of capital to CSS, and we have contributed $938 million since the fourth quarter of 2014. The carrying value of our investment in CSS was ($5) million and ($1) million as of December 31, 2024 and December 31, 2023. respectively.

Securitizations and Variable In

Securitizations and Variable Interest Entities	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SECURITIZATION ACTIVITIES AND CONSOLIDATION	Securitization and Consolidation 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. Our primary business activities in the Single-Family and Multifamily segments involve the securitization of loans or other mortgage-related assets using trusts that are VIEs. These trusts issue beneficial interests in the loans or other mortgage-related assets that they own. We guarantee the principal and interest payments on some or all of the issued beneficial interests in substantially all of our securitization transactions. We also use trusts that are VIEs in certain CRT products. Consolidated VIEs We consolidate VIEs when we have a controlling financial interest in the VIE and are therefore considered the primary beneficiary of the VIE. We are the primary beneficiary of a VIE when we have both the power to direct the activities of the VIE that most significantly impact its economic performance and exposure to losses or benefits of the VIE that could potentially be significant to the VIE. We evaluate whether we are the primary beneficiary of VIEs in which we have interests at both inception and on an ongoing basis, and the primary beneficiary determination may change over time as our interest in the VIE changes. Generally, the assets of our consolidated VIEs can be used only to settle obligations of the VIE, and the creditors of our consolidated VIEs have recourse to the general credit of Freddie Mac only to the extent that we have provided a guarantee to the VIE. When we consolidate a VIE, we recognize the assets and liabilities of the VIE on our consolidated balance sheets and account for those assets and liabilities based on the applicable GAAP for each specific type of asset or liability. Assets and liabilities that we transfer to a VIE at, after, or shortly before the date we become the primary beneficiary of the VIE are initially measured at the same amounts that they would have been measured if they had not been transferred, and no gain or loss is recognized on these transfers. For all other VIEs that we consolidate, we recognize the assets and liabilities of the VIE at fair value, and we recognize a gain or loss for the difference between: n The sum of the fair value of the consideration paid, the fair value of any noncontrolling interests, and the reported amount of any previously held interests and n The fair value of the net identifiable assets recognized. Single-Family Securitization Products Level 1 Securitization Products Level 1 Securitization Products consist of UMBS, 55-day MBS, ARM PCs and Gold PCs, which are all pass-through debt securities that represent undivided beneficial interests in a pool of loans held by a securitization trust. All Level 1 Securitization Products are backed only by mortgage loans we have acquired. We serve as both administrator and guarantor for these trusts. As administrator, we have the right to establish servicing terms and direct loss mitigation activities for the loans held by these trusts. As guarantor, we guarantee the payment of principal and interest on these securities in exchange for a guarantee fee, and we have the right to purchase delinquent loans from the trust to help improve the economic performance of the trust. We absorb all credit losses of these trusts through our guarantee of the principal and interest payments. The economic performance of these trusts is most significantly affected by the performance of the underlying loans. Our rights as administrator and guarantor provide us with the power to direct the activities that most significantly affect the performance of the underlying loans. We also have the obligation to absorb losses of these trusts that could potentially be significant through our guarantee of principal and interest payments. Accordingly, we concluded that we are the primary beneficiary of and, therefore, consolidate these trusts. Loans held by these trusts are recognized on our consolidated balance sheets as mortgage loans held-for-investment. The corresponding securities held by third parties are recognized on our consolidated balance sheets as debt. We extinguish the outstanding debt of the related consolidated trust and recognize gains or losses on debt extinguishment for the difference between the consideration paid and the debt carrying value when we purchase these securities as investments in our mortgage-related investments portfolio. Sales of these securities that were previously held as investments in our mortgage-related investments portfolio are accounted for as debt issuances. We were the primary beneficiary of and, therefore, consolidated Level 1 securitization trusts with assets totaling $3.0 trillion at both December 31, 2024 and December 31, 2023. Our exposure for guarantees to consolidated securitization trusts is generally equal to the UPB of the loans recorded on our consolidated balance sheets. Other Securitization Products We are the primary beneficiary of and, therefore, consolidate the trusts used to issue certain of our Single-Family other securitization products when we have the ability to direct the activities that most significantly affect the economic performance of the trusts and we have the obligation to absorb credit losses through our guarantee of some or all of the issued securities. As a result, we consolidated trusts used to issue these products with underlying assets totaling $4.1 billion and $4.5 billion at December 31, 2024 and December 31, 2023, respectively. Multifamily Securitization Products Multifamily PCs Multifamily PCs are fully guaranteed pass-through securities with a 55-day payment delay that are collateralized by a single underlying mortgage loan held by a securitization trust. We serve as both administrator and guarantor for these trusts. As administrator, we have the right to establish servicing terms and direct loss mitigation activities for the loans held by these trusts. As guarantor, we guarantee the payment of principal and interest on these securities in exchange for a guarantee fee, and we have the right to purchase a delinquent loan from the trust. We absorb all credit losses of these trusts through our guarantee of the principal and interest payments. The economic performance of these trusts is most significantly affected by the performance of the underlying loans. Our rights as administrator and guarantor provide us with the power to direct the activities that most significantly affect the performance of the underlying loans. We also have the obligation to absorb losses of these trusts that could potentially be significant through our guarantee of principal and interest payments. Accordingly, we concluded that we are the primary beneficiary of and, therefore, consolidate these trusts. We consolidated VIEs used in these securitizations with underlying assets totaling $64.8 billion and $44.1 billion at December 31, 2024 and December 31, 2023, respectively. K Certificates and Other Securitization Products We are the primary beneficiary of and, therefore, consolidate the trusts used to issue fully guaranteed K Certificates and certain of our Multifamily other securitization products when we have the ability to direct the activities that most significantly affect the economic performance of the VIEs and we have the obligation to absorb credit losses through our guarantee of the issued securities. We consolidated VIEs used in these securitizations with underlying assets totaling $5.7 billion and $3.2 billion at December 31, 2024 and December 31, 2023, respectively. WI K-Deal Certificates In a WI K-Deal Certificate transaction, we forward sell a K Certificate to be issued in the future to WI K Certificate investors thereby reducing our exposure to future changes in interest rates and K Certificate spreads. The WI K-Deal trust simultaneously issues guaranteed securities (WI Certificates). The economic performance of our WI K-Deal trusts is most significantly affected by the performance of the underlying assets. We manage the underlying assets of the trust prior to the delivery of the K Certificate and determine which K Certificate will be delivered into the trust. Therefore, we have the power to direct the activities that are most significant to the WI K-Deal trust. We also initially have economic exposure to the variability of the trust through our guarantee of the issued WI Certificates. As a result, we are the primary beneficiary of and, therefore, initially consolidate the trusts used to issue WI Certificates. Upon delivering the K Certificate into the trust, we no longer have a variable interest and therefore deconsolidate the WI K-Deal trust. During 2024 and 2023, we issued $2.9 billion and $4.9 billion, respectively, of WI Certificates, and initially consolidated the trusts. Nonconsolidated VIEs Single-Family Securitization Products We do not consolidate certain of our Single-Family other securitization products, including senior subordinate securitizations backed by seasoned loans, because we do not have the ability to direct the loss mitigation activities of the underlying loans, which is the most significant activity affecting the economic performance of the VIE. When we sell loans in this type of transaction, we derecognize the transferred loans and account for our guarantee to the nonconsolidated VIE. We account for our investments in the beneficial interests issued by the nonconsolidated VIE, if any, as investments in debt securities. We also do not consolidate the trusts used to issue certain other types of our Single-Family other securitization products when we do not have the ability to direct the activities that most significantly affect the economic performance of the VIE. Resecuritization Products We create resecuritization products primarily by using Level 1 Securitization Products, our previously issued resecuritization products, or similar TBA-eligible products issued and guaranteed by Fannie Mae as the underlying collateral. In a typical resecuritization transaction, previously issued Level 1 Securitization Products or resecuritization products are transferred to a resecuritization trust that issues beneficial interests in the underlying collateral. We establish parameters that define eligibility standards for assets that may be used as collateral for each of our resecuritization programs. Resecuritization products can then be created based on the parameters that we have established. Similar to our Level 1 Securitization Products, we guarantee the payment of principal and interest to the investors in our resecuritization products. The main types of resecuritization products we create are single-class resecuritization products (Supers, Giant MBS, and Giant PCs) and multiclass resecuritization products (REMICs and Strips). n Single-class resecuritization products - These securities are direct pass-throughs of the cash flows of the underlying collateral, which may be previously issued Level 1 Securitization Products, single-class resecuritization products, or similar TBA-eligible products issued and guaranteed by Fannie Mae. We do not consolidate the trusts used in these transactions unless we have the unilateral ability to liquidate the trust (for example if we own all of the trust's issued beneficial interests), as these transactions do not result in any new or incremental risk to the holders of the securities issued by the resecuritization trust and because we are not exposed to any incremental rights to receive benefits or obligations to absorb losses that could be significant to the resecuritization trust. We account for purchases of single-class resecuritization products that we issue that are substantially the same as the underlying collateral as debt extinguishment of a pro-rata portion of the underlying Level 1 Securitization Product. We account for purchases of single-class resecuritization products that we issue that are not considered substantially the same as the underlying collateral as investments in debt securities. Single-class resecuritization products that we issue that are backed entirely by Freddie Mac collateral are considered substantially the same as the underlying collateral, while commingled single-class resecuritization products that we issue are not considered substantially the same as the underlying collateral. n Multiclass resecuritization products - These securities are multiclass resecuritizations of the cash flows of the underlying collateral, which may be previously issued Level 1 Securitization Products, single-class resecuritization products, multiclass resecuritization products, or similar TBA-eligible products issued and guaranteed by Fannie Mae. The activity that most significantly impacts the economic performance of our multiclass resecuritization trusts is typically the initial design and structuring of the trust. Substantially all multiclass resecuritization trusts are created as part of transactions in which an investor or dealer participates in the decisions made during the design and establishment of the trust. As a result, we do not have the unilateral ability to direct the activities of our multiclass resecuritization trusts that most significantly impact the economic performance of those trusts. In addition, unless we retain a portion of the issued multiclass resecuritization products, we do not have the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts because we have already provided a guarantee on the underlying assets. As a result, we have concluded that we are not the primary beneficiary of our multiclass resecuritization trusts and, therefore, do not consolidate those trusts unless we have the unilateral ability to liquidate the trust. When we purchase a multiclass resecuritization product as an investment in our mortgage-related investments portfolio, we record the security as an investment in debt securities rather than extinguishment of debt since we are investing in the debt securities of a nonconsolidated entity. Similarly, sales of multiclass resecuritization products previously held as investments in our mortgage-related investments portfolio are accounted for as sales of investments in debt securities. See Note 7 for additional information on accounting for investments in debt securities. With the exception of commingled securities, our investments in, and guarantees of, securities issued by resecuritization trusts do not create any incremental exposure to loss because we already guarantee the underlying collateral. As a result, we do not receive any incremental guarantee fees in exchange for our guarantee, and, accordingly, we do not recognize any additional guarantee assets, guarantee obligations, or reserves for guarantee losses related to resecuritization trusts. In a typical multiclass resecuritization, we receive a one-time transaction fee which represents compensation for both the structuring and creation of the securities and for our ongoing administrative responsibilities to service the securities. We recognize the portion of the transaction fee related to creation of the securities immediately in earnings. We defer the portion of the fee related to ongoing administrative responsibilities and amortize it over the life of the associated trust. When we issue commingled resecuritization products, our guarantee of the Fannie Mae securities used as collateral creates incremental exposure to loss because our guarantee covers timely payment of principal and interest on such products from underlying Fannie Mae securities. If Fannie Mae were to fail to make a payment on a Fannie Mae security that we resecuritized, we would be responsible for making the payment. However, we view the likelihood of being required to perform on our guarantee of Fannie Mae securities as remote due to both Freddie Mac and Fannie Mae being under the common control of FHFA, and due to Fannie Mae’s status as a GSE and the funding commitment available to it through its senior preferred stock purchase agreement with Treasury. We did not charge an incremental fee for commingled securities issued prior to July 1, 2022; however, effective July 1, 2022, we began to charge a fee for any commingled security issued after that date. CRT Products We transfer credit risk exposure on certain mortgage loans that we own or guarantee using CRT products, including STACR Trust notes. In STACR Trust notes transactions, a trust issues credit-linked notes whose repayments are based on the credit performance of a reference pool of mortgage loans. The trust uses the proceeds from the issuance of the notes to purchase short-term eligible investments and makes periodic payments of principal and interest on the notes to investors. We make payments to the trust to support payment of the interest due on the notes, and we receive payments from the trust that otherwise would have been made to the noteholders to the extent there are credit events on the mortgages in the reference pool. The note balances are reduced by the amount of the payments to us. The trust was designed to create and pass along to its interest holders the variability related to the credit risk of the mortgages in the reference pool. We do not have a variable interest in the risk that the trust was designed to create and pass along to its interest holders or the power to direct the activities that most significantly affect the economic performance of the VIE. As a result, we do not consolidate the trusts used in the STACR Trust note transactions. We account for our obligations to make certain payments to the STACR Trust note VIEs to support payment of the interest due on the notes as derivative instruments. We account for our rights to receive payments from the STACR Trust note VIEs to the extent there are credit events on the mortgages in the reference pool as freestanding credit enhancement contracts. Freestanding contracts are entered into separately and apart from any other financial instrument or in conjunction with some other transaction and are legally detachable and separately exercisable. We recognize the payments we make to transfer credit risk under freestanding credit enhancements, which primarily consist of STACR Trust notes and ACIS transactions in Single-Family, in credit enhancement expense in our consolidated statements of income when they are incurred. We recognize expected recoveries from such transactions in other assets with an offsetting reduction to non-interest expense, at the same time that we recognize an allowance for credit losses on the covered loans, measured on the same basis as the allowance for credit losses on the covered loans. Credit enhancements that are not freestanding contracts are considered when measuring our allowance for credit losses. See Note 6 for additional information on credit enhancements that are not freestanding contracts. Multifamily Securitization Products K Certificates In a senior subordinate K Certificate transaction, we sell multifamily loans to a non-Freddie Mac trust that issues senior and subordinate securities, and simultaneously purchase and place the senior securities into a Freddie Mac trust that issues guaranteed K Certificates. In these transactions, we guarantee the senior securities issued by the non-Freddie Mac trust but do not issue or guarantee the subordinate securities. We receive a guarantee fee in exchange for our guarantee. In certain of our K Certificate securitizations, we may also serve as master servicer. However, in contrast to most single-family transactions, the rights to direct loss mitigation activities of the underlying loans and to purchase delinquent loans from the securitization trust are generally held by the investor in the most subordinate remaining securities issued by the non-Freddie Mac trust, and therefore we do not have the power to direct those activities unless we are the investor in the most subordinate remaining securities. We do not typically invest in the subordinate securities issued in our K Certificate transactions. The economic performance of our K Certificate trusts is most significantly affected by the performance of the underlying loans. We do not consolidate our K Certificate securitization trusts that have subordination because we do not have the ability to direct the loss mitigation activities of the underlying loans, which is the most significant activity affecting the economic performance of the VIE. When we sell loans in a senior subordinate K Certificate transaction, we derecognize the transferred loans and account for our guarantee to the nonconsolidated VIE. We account for our investments in the beneficial interests issued by the trusts used in our senior subordinate K Certificate transactions as investments in debt securities. Other Securitization Products We do not consolidate the trusts used to issue our other securitization products when we do not have the ability to direct the activities that most significantly affect the economic performance of the VIE. For those products, we account for our guarantee to the nonconsolidated VIE. We account for our investments in the beneficial interests issued by the trusts used in our other securitization products as investments in debt securities. CRT Products In Multifamily, we may transfer credit risk on certain mortgage loans that we own or guarantee by entering into MSCR note transactions, which are similar to STACR Trust note transactions in Single-Family. We do not consolidate the trusts used in MSCR note transactions and account for MSCR note transactions in the same manner as we account for STACR Trust note transactions. Assets and Liabilities of Nonconsolidated VIEs The following table presents the carrying amounts and classification of the assets and liabilities recorded on our 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 5 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. M aximum 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 3.1 - Nonconsolidated VIEs December 31, 2024 Carrying Amounts of the Assets and Liabilities On the 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 $1,633 $157 $458 $30,038 $24,470 Resecuritization products (2) 5,159 69 701 104,120 104,120 CRT products (3) — 89 171 27,224 7 Total Single-Family 6,792 315 1,330 161,382 128,597 Multifamily: Securitization products (4) 5,263 5,171 4,374 355,108 317,611 CRT products (3) — 29 15 1,738 22 Total Multifamily 5,263 5,200 4,389 356,846 317,633 Other — 7 5 79 472 Total $12,055 $5,522 $5,724 $518,307 $446,702 December 31, 2023 Carrying Amounts of the Assets and Liabilities On the 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 December 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. (4) Includes total assets of $0.7 billion and $0.3 billion as of December 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. We also obtain interests in various other entities created by third parties through the normal course of business that may be VIEs, such as through purchases of multifamily loans, guarantees of multifamily housing revenue bonds, as a derivative counterparty, or through other activities. To the extent that we were not involved in the design or creation of these VIEs, they are excluded from the table above. Our interests in these VIEs are generally passive in nature and are not expected to result in us obtaining a controlling financial interest in these VIEs in the future. As a result, we do not consolidate these VIEs and we account for our interests in these VIEs in the same manner that we account for our interests in other third-party transactions. Investments in Low Income Housing Tax Credits We invest in LIHTC partnerships to support and preserve the supply of affordable housing. These investments do not provide us with a controlling financial interest in the underlying partnerships and we therefore do not consolidate these entities. 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 consolidated balance sheets and totaled $4.3 billion as of December 31, 2024, and $3.5 billion as of December 31, 2023.
Investment Program, Proportional Amortization Method, Elected	Investments in Low Income Housing Tax Credits We invest in LIHTC partnerships to support and preserve the supply of affordable housing. These investments do not provide us with a controlling financial interest in the underlying partnerships and we therefore do not consolidate these entities. 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 consolidated balance sheets and totaled $4.3 billion as of December 31, 2024, and $3.5 billion as of December 31, 2023.

Mortgage Loans

Mortgage Loans	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Text Block]	Mortgage Loans The table below provides details of the loans on our consolidated balance sheets. Table 4.1 - Mortgage Loans December 31, 2024 December 31, 2023 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Held-for-sale UPB $2,984 $13,265 $16,249 $3,527 $9,905 $13,432 Cost basis and fair value adjustments, net (586) (103) (689) (712) 221 (491) Total held-for-sale loans, net 2,398 13,162 15,560 2,815 10,126 12,941 Held-for-investment UPB 3,063,211 87,416 3,150,627 2,996,509 59,203 3,055,712 Cost basis and fair value adjustments, net (1) 28,926 (450) 28,476 34,627 (291) 34,336 Allowance for credit losses (6,381) (393) (6,774) (6,057) (326) (6,383) Total held-for-investment loans, net (2) 3,085,756 86,573 3,172,329 3,025,079 58,586 3,083,665 Total mortgage loans, net $3,088,154 $99,735 $3,187,889 $3,027,894 $68,712 $3,096,606 (1) Includes ($0.7) billion and ($0.2) billion of basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method fair value hedge relationships as of December 31, 2024 and December 31, 2023, respectively. (2) Includes $2.4 billion and $1.8 billion of multifamily held-for-investment loans for which we have elected the fair value option as of December 31, 2024 and December 31, 2023, respectively. We own both single-family loans, which are secured by one- to four-unit residential properties, and multifamily loans, which are secured by properties with five or more residential rental units. Our single-family loans are predominantly first lien, fixed-rate loans secured by the borrower's primary residence. We do not typically acquire loans that have experienced more-than-insignificant deterioration in credit quality since origination as of our acquisition date, although we may acquire such loans in connection with certain of our securitization activities or other mortgage-related guarantees. Upon acquisition, we classify a loan as either held-for-investment or held-for-sale. Loans that we have the ability and intent to hold for the foreseeable future, including loans held by consolidated trusts and loans we intend to securitize using an entity we will consolidate, are classified as held-for-investment. Loans that we intend to sell are classified as held-for-sale. Held-for-investment loans for which we have not elected the fair value option are reported on our consolidated balance sheets at their amortized cost basis, net of the allowance for credit losses. The amortized cost basis is based on a loan's outstanding UPB, net of deferred fees and other cost basis adjustments (including unamortized premiums and discounts, fees we receive or pay when we acquire loans, commitment-related derivative basis adjustments, hedge accounting-related basis adjustments, and other pricing adjustments), excluding accrued interest receivable. Accrued interest receivable for both held-for-investment and held-for-sale loans is separately presented on our consolidated balance sheets and excluded for the purposes of disclosure of the amortized cost basis of mortgage loans held-for-investment. Held-for-sale loans for which we have not elected the fair value option are reported at lower-of-cost-or-fair-value determined on an individual loan basis on our consolidated balance sheets. Any excess of a held-for-sale loan's cost over its fair value is recognized as a valuation allowance in investment gains, net on our consolidated statements of income, with subsequent changes in this valuation allowance also being recorded in investment gains, net. Premiums, discounts, and other cost basis adjustments (including lower-of-cost-or-fair-value adjustments) are deferred and not amortized. We elect the fair value option for certain multifamily loans. Loans for which we have elected the fair value option are measured at fair value on a recurring basis, with subsequent gains or losses related to changes in fair value reported in investment gains, net on our consolidated statements of income. All fees, upfront costs, and other cost basis adjustments are recognized in earnings as incurred. Cash flows related to loans originally classified as held-for-investment are classified as either investing activities (e.g., principal repayments) or operating activities (e.g., interest payments received from borrowers included within net income) on our consolidated statements of cash flows. Cash flows related to loans originally classified as held-for-sale are classified as operating activities on our consolidated statements of cash flows. The table below provides details of the UPB of loans we purchased and sold during the periods presented. Table 4.2 - Loans Purchased and Sold Year Ended December 31, (In millions) 2024 2023 2022 Single-Family: Purchases: Held-for-investment loans $346,408 $299,886 $540,472 Sales of held-for-sale loans (1) 2,072 1,253 2,211 Multifamily: Purchases: Held-for-investment loans 30,003 16,814 25,052 Held-for-sale loans 31,712 29,415 44,997 Sales of held-for-sale loans (2) 27,883 34,034 50,280 (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 We reclassify loans from held-for-investment to held-for-sale depending on our intent and ability to hold the loan for the foreseeable future. Upon reclassification from held-for-investment to held-for-sale, we perform a collectability assessment. When we determine that a loan to be reclassified has experienced more-than-insignificant deterioration in credit quality since origination, the excess of the loan’s amortized cost basis over its fair value is written off against the allowance for credit losses prior to the reclassification. If the charge-off amount exceeds the existing allowance for credit losses amount, an additional provision for credit losses is recognized. Any remaining allowance for credit losses after the charge-off is reversed through provision for credit losses. We reclassify loans from held-for-sale to held-for-investment when we have both the intent and ability to hold the loan for the foreseeable future. Upon reclassification from held-for-sale to held-for-investment, we reverse the loan’s held-for-sale valuation allowance, if any, and establish an allowance for credit losses as needed. 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 4.3 - Loan Reclassifications (1) 2024 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 $2,285 $75 $— $1,968 $37 $— Held-for-sale to held-for-investment (2) 233 19 19 191 16 20 Multifamily reclassifications from: Held-for-investment to held-for-sale 1,322 12 (61) 6,760 4 (58) Held-for-sale to held-for-investment 833 — 10 861 (1) 19 (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 We recognize interest income on an accrual basis except when we believe the collection of principal and interest in full is not reasonably assured, which generally occurs when a loan is three monthly payments or more past due, at which point we place the loan on non-accrual status unless the loan is well secured and in the process of collection based upon an individual loan assessment. A loan is considered past due if a full payment of principal and interest is not received within one month of its due date. We charge off outstanding accrued interest receivable through interest income when loans are placed on non-accrual status and recognize interest income on a cash basis while a loan is on non-accrual status. Cost basis adjustments on held-for-investment loans are amortized into interest income over the contractual life of the loan using the effective interest method. No amortization is recognized during periods in which a loan is on non-accrual status. A non-accrual loan is returned to accrual status when the collectability of principal and interest in full is reasonably assured. For single-family loans, we generally determine that collectability is reasonably assured when the loan returns to current payment status. For multifamily loans, the collectability of principal and interest is considered reasonably assured based on an analysis of the factors specific to the loan being assessed. Upon a loan's return to accrual status, all previously reversed interest income is recognized and amortization of any basis adjustments into interest income is resumed. 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 4.4 - Amortized Cost Basis of Held-for-Investment Loans on Non-Accrual (1) Non-Accrual Amortized Cost Basis Interest Income Recognized (2) (In millions) December 31, 2024 December 31, 2023 Year Ended December 31, 2024 Single-Family: 20- and 30-year or more, amortizing fixed-rate $15,157 $12,682 $307 15-year or less, amortizing fixed-rate 511 519 8 Adjustable-rate and other 240 257 5 Total Single-Family 15,908 13,458 320 Total Multifamily 125 64 3 Total Single-Family and Multifamily $16,033 $13,522 $323 Non-Accrual Amortized Cost Basis Interest Income Recognized (2) (In millions) December 31, 2023 December 31, 2022 Year Ended December 31, 2023 Single-Family: 20- and 30-year or more, amortizing fixed-rate $12,682 $9,307 $256 15-year or less, amortizing fixed-rate 519 427 7 Adjustable-rate and other 257 361 5 Total Single-Family 13,458 10,095 268 Total Multifamily 64 42 3 Total Single-Family and Multifamily $13,522 $10,137 $271 (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 presented on our 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 4.5 - Accrued Interest Receivable and Related Charge-offs Accrued Interest Receivable Accrued Interest Receivable Related Charge-offs (In millions) December 31, 2024 December 31, 2023 Year Ended December 31, 2024 Year Ended December 31, 2023 Single-Family loans $9,776 $8,833 ($223) ($232) Multifamily loans 431 287 (1) (2) 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 tables below present the amortized cost basis of single-family held-for-investment loans by current LTV ratio. Our current LTV ratios are estimates based on available data through the end of each period presented. Table 4.6 - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratio and Vintage December 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 $47,642 $42,978 $109,174 $566,114 $544,209 $465,059 $1,775,176 > 60 to 80 125,634 106,407 182,774 225,774 48,905 9,859 699,353 > 80 to 90 52,612 69,714 61,282 10,650 813 311 195,382 > 90 to 100 70,104 20,274 8,820 949 124 74 100,345 > 100 168 435 777 59 19 56 1,514 Total 20- and 30-year or more, amortizing fixed-rate 296,160 239,808 362,827 803,546 594,070 475,359 2,771,770 Gross charge-offs for the period (1) 1 10 40 45 35 222 353 15-year or less, amortizing fixed-rate ≤ 60 5,664 4,353 21,308 110,094 85,662 52,305 279,386 > 60 to 80 5,326 3,012 3,986 927 44 7 13,302 > 80 to 90 856 338 103 7 — — 1,304 > 90 to 100 377 19 10 — — — 406 > 100 2 — — — — — 2 Total 15-year or less, amortizing fixed-rate 12,225 7,722 25,407 111,028 85,706 52,312 294,400 Gross charge-offs for the period (1) — — 1 1 1 2 5 Adjustable-rate and other ≤ 60 384 438 1,793 3,355 1,338 11,123 18,431 > 60 to 80 1,065 1,309 2,457 661 49 139 5,680 > 80 to 90 466 766 767 17 1 12 2,029 > 90 to 100 241 150 112 2 — 3 508 > 100 — 2 11 — — 1 14 Total adjustable-rate and other 2,156 2,665 5,140 4,035 1,388 11,278 26,662 Gross charge-offs for the period (1) — — — 1 — 1 2 Total for all loan product types by current LTV ratio: ≤ 60 53,690 47,769 132,275 679,563 631,209 528,487 2,072,993 > 60 to 80 132,025 110,728 189,217 227,362 48,998 10,005 718,335 > 80 to 90 53,934 70,818 62,152 10,674 814 323 198,715 > 90 to 100 70,722 20,443 8,942 951 124 77 101,259 > 100 170 437 788 59 19 57 1,530 Total Single-Family loans $310,541 $250,195 $393,374 $918,609 $681,164 $538,949 $3,092,832 Total gross charge-offs for the period (1) $1 $10 $41 $47 $36 $225 $360 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 Gross charge-offs for the period (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 Gross charge-offs for the period (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 Gross charge-offs for the period (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 gross charge-offs for the period (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 4.7 - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator and Vintage December 31, 2024 Year of Origination Total (In millions) 2024 2023 2022 2021 2020 Prior Revolving Loans Category: Pass $27,713 $14,471 $16,548 $7,179 $6,201 $7,921 $2,426 $82,459 Special mention 50 76 239 39 86 327 — 817 Substandard — 29 444 329 200 276 — 1,278 Doubtful — — — — — — — — Total $27,763 $14,576 $17,231 $7,547 $6,487 $8,524 $2,426 $84,554 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. We report single-family loans in forbearance as past due during the forbearance period to the extent that payments are past due based on the loan's original contractual terms, irrespective of the forbearance plan, based on the information reported to us by our servicers. We report multifamily loans in forbearance as current as long as the borrower is in compliance with the forbearance agreement, including the agreed upon repayment plan, even if payments are past due based on the loan's original contractual terms. Table 4.8 - Amortized Cost Basis of Held-for-Investment Loans by Payment Status (1) December 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 $2,722,336 $27,090 $7,588 $14,756 $2,771,770 $465 15-year or less, amortizing fixed-rate 292,207 1,404 291 498 294,400 5 Adjustable-rate and other 26,019 309 101 233 26,662 33 Total Single-Family 3,040,562 28,803 7,980 15,487 3,092,832 503 Total Multifamily 84,288 60 80 126 84,554 75 Total Single-Family and Multifamily $3,124,850 $28,863 $8,060 $15,613 $3,177,386 $578 December 31, 2023 (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 $2,627,763 $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 (1) There were no held-for-investment loans that were three months or more past due and accruing interest as of both December 31, 2024 and December 31, 2023. (2) Includes $2.6 billion and $2.0 billion of single-family loans that were in the process of foreclosure as of December 31, 2024 and December 31, 2023, respectively. (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. At the instruction of FHFA, we purchase single-family loans from trusts when they reach 24 months of delinquency, except for loans that meet certain criteria (e.g., permanently modified or foreclosure referral), which may be purchased sooner. Many delinquent single-family loans are purchased from trusts before they reach 24 months of delinquency under one of the exceptions provided. We must obtain FHFA’s approval to implement changes to our policy to purchase loans from trusts. Loan Restructurings We evaluate all loan restructurings according to the accounting guidance for loan refinancing and restructuring to determine whether the restructuring should be accounted for as a new loan or a continuation of the existing loan. We derecognize the existing loan and account for the restructured loan as a new loan if the effective yield on the restructured loan is at least equal to the effective yield for comparable loans with similar collection risks and the modifications to the original loan are more than minor. If a loan restructuring does not meet these conditions, we carryforward the existing loan’s amortized cost basis and account for the restructured loan as a continuation of the existing loan. Substantially all of our loan restructurings involving borrowers experiencing financial difficulty are accounted for as a continuation of the existing loan. The discounted cash flow model we use in measuring our Single-Family allowance for credit losses forecasts cash flows we expect to collect using our historical experience, including the effects of our loss mitigation activities involving borrowers experiencing financial difficulty. When we account for a loan restructuring as a continuation of the existing loan, we update the loan’s effective interest rate based on the restructured terms and recognize interest income prospectively using the new effective rate. We also update the prepayment-adjusted effective interest rate used to discount cash flows in measuring our allowance for credit losses to reflect the loan’s restructured terms. For loans that were restructured and accounted for as TDRs prior to our adoption of ASU 2022-02, and that have not been subsequently restructured, we continue to use the loan's prepayment-adjusted effective interest rate just prior to restructuring, with no adjustments for changes resulting from the restructuring. As a result, we continue to measure an allowance for credit losses for the economic concession granted to a borrower for changes in the timing and amount of contractual cash flows for such legacy TDR loans. 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. We offer the following types of restructurings to single-family borrowers that result in only a payment delay: n Forbearance plans - Arrangements that require reduced or no payments during a defined period that provides borrowers additional time to return to compliance with the original mortgage terms or to implement another type of loan workout option. Borrowers may exit forbearance by repaying all past due amounts thus fully reinstating the loan, paying off the loan in full, or entering into a repayment plan, a payment deferral plan, or a trial period plan pursuant to a loan modification. We offer forbearance of up to 12 months to single-family borrowers experiencing financial difficulty. Borrowers may receive an initial forbearance term of one to six months and, if necessary, one or more forbearance term extensions of one to six months, as long as the delinquency of the mortgage does not exceed 12 months. n Repayment plans - Contractual plans that allow borrowers a specific period of time to return to current status by paying the normal monthly payment plus additional agreed upon delinquent amounts. Repayment plans must have a term greater than one month and less than or equal to 12 months and the monthly repayment plan payment amount must not exceed 150% of the contractual mortgage payment amount. n Payment deferral plans - Arrangements that allow borrowers to return to current status by deferring delinquent principal and interest into a non-interest-bearing principal balance that is due at the earlier of the payoff date, maturity date, or sale of the property. The remaining mortgage term, interest rate, payment schedule, and maturity date remain unchanged, and no trial period plan is required. The number of months of payments deferred varies based upon the type of hardship the borrower is experiencing. In addition, we also offer single-family borrowers loan modifications, which are contractual plans that may involve changing the terms of the loan such as payment delays, interest rate reductions, term extensions, or a combination of these items. Payment delays in our loan modification programs most commonly consist of adding outstanding indebtedness, such as delinquent interest, to the UPB of the loan, and may also include principal forbearance, in which a portion of the principal balance becomes non-interest-bearing and is due at the earlier of the payoff date, maturity date, or sale of the property. Our modification programs generally require completion of a trial period of at least three months prior to receiving the modification. During the loan modification trial period, borrowers make payments that are an estimate of the anticipated modified payment amount, which is generally lower than the amount required by the loan's original contractual terms. As a result, loans in these modifications are granted a delay in the payment due under the original contractual terms during the trial period. We continue to report single-family loans in loan modification trial period plans as delinquent to the extent that payments are past due based on the loan’s original contractual terms. Most of our modifications involve a combination of: (1) a payment delay in the form of adding outstanding indebtedness to the UPB of the loan and (2) an interest rate reduction, a term extension, or both. 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 period-end amortized cost basis of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented. Table 4.9 - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (1) 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 $18,526 $5,640 $78 $24,244 0.9 % 15-year or less, amortizing fixed-rate 723 — — 723 0.2 Adjustable-rate and other 177 13 2 192 0.7 Total Single-Family loan restructurings $19,426 $5,653 $80 $25,159 0.8 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 $16,774 $4,051 $128 $20,953 0.8 % 15-year or less, amortizing fixed-rate 798 — — 798 0.2 Adjustable-rate and other 179 19 5 203 0.7 Total Single-Family loan restructurings $17,751 $4,070 $133 $21,954 0.7 (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. The amortized cost basis of loans in the trial period modification plans was $2.4 billion and $1.7 billion as of December 31, 2024 and December 31, 2023, respectively. Most of these loans are 20- and 30-year or more, amortizing fixed-rate loans. (2) Includes $8.0 billion and $8.3 billion related to payment deferral plans for 2024 and 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 4.10 – Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (1) 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 0.5 % 168 $16 15-year or less, amortizing fixed-rate — 10 12 Adjustable-rate and other 1.0 229 15 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 1.0 % 175 $16 15-year or less, amortizing fixed-rate — 0 15 Adjustable-rate and other 1.6 202 17 (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 4.11 - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty (1) 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 $3,287 $1,669 $21 $4,977 15-year or less, amortizing fixed-rate 104 — — 104 Adjustable-rate and other 36 2 — 38 Total Single-Family $3,427 $1,671 $21 $5,119 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 $2,488 $905 $302 $3,695 15-year or less, amortizing fixed-rate 97 — — 97 Adjustable-rate and other 30 6 6 42 Total Single-Family $2,615 $911 $308 $3,834 (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 4.12 - Amortized Cost Basis of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty by Payment Status December 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 $11,011 $3,501 $2,685 $7,047 $24,244 15-

Guarantees and Other Off-Balanc

Guarantees and Other Off-Balance Sheet Credit Exposures	12 Months Ended
	Dec. 31, 2024
Guarantees [Abstract]
GUARANTEES AND OTHER OFF-BALANCE SHEET CREDIT EXPOSURES	Guarantees and Other Off-Balance Sheet Credit Exposures Our guarantee activities primarily consist of mortgage-related guarantees in which we agree to absorb the credit risk of mortgage loans or other mortgage-related assets. In exchange for providing this guarantee, we receive an upfront or ongoing guarantee fee that is designed to be commensurate with the risks assumed and that will, over the long-term, provide us with cash flows that are expected to exceed the credit-related and administrative expenses of the underlying financial instruments. The profitability of our guarantee activities may vary and will depend on a number of factors, including our guarantee fee and the actual credit performance of the underlying financial instruments that we have guaranteed. We do not separately recognize guarantees to consolidated VIEs as we have already recognized the assets and liabilities of those VIEs on our consolidated balance sheets. When we issue a guarantee to a nonconsolidated VIE or other third party that exposes us to incremental credit risk, we recognize both a guarantee obligation at fair value and the consideration we receive for providing the guarantee, which typically consists of a guarantee asset that represents the fair value of future guarantee fees. As a practical expedient, the measurement of the fair value of the guarantee obligation is set equal to the consideration we receive to provide the guarantee, and no gain or loss is recognized upon issuance of the guarantee. Subsequently, we recognize changes in the fair value of the guarantee asset in current period earnings and amortize the guarantee obligation into earnings as we are released from risk under the guarantee. We also recognize an allowance for expected credit losses over the contractual period in which we are exposed to credit risk. See Note 6 for additional information on our allowance for credit losses on financial guarantees and other off-balance sheet credit exposures. Guarantee Activities Mortgage-Related Guarantees Nonconsolidated Securitization Products The majority of our mortgage-related guarantees involve securitizations of multifamily mortgage loans where we do not consolidate the securitization trust. In these transactions, we guarantee the principal and interest payments on the senior classes of beneficial interests issued by the securitization trust(s). Our maximum exposure on these guarantees is generally limited to the UPB of the beneficial interests that we have guaranteed. We have credit protection in the form of subordination that will absorb losses prior to us having to absorb losses under our guarantee, thereby reducing our expected credit losses related to such guarantees. See Note 3 for additional information on nonconsolidated VIEs. Other Mortgage-Related Guarantees In certain circumstances, we provide a credit guarantee of mortgage-related assets held by third parties, in exchange for a guarantee fee, without securitizing those assets. These guarantees consist of the following: n Long-term standby commitments of single-family loans which obligate us to purchase the covered loans when they become seriously delinquent. Periodically, certain of our customers seek to terminate long-term standby commitments and simultaneously enter into guarantor swap transactions to obtain our securities backed by many of the same loans. n Guarantees of the timely payment of principal and interest for certain multifamily bonds, which primarily consist of multifamily housing revenue bonds that were issued by HFAs. Our maximum exposure on these guarantees is limited to the UPB of the mortgage-related assets that we have guaranteed. Guarantees of Fannie Mae Securities We have the ability to commingle TBA-eligible Fannie Mae collateral in certain of our resecuritization products. We extend our guarantee of these products to cover principal and interest that are payable from the underlying Fannie Mae collateral. Because both Freddie Mac and Fannie Mae are under the common control of FHFA, and due to Fannie Mae’s status as a GSE and the funding commitment available to it through its senior preferred stock purchase agreement with Treasury, we view the likelihood of being required to perform on our guarantee of Fannie Mae collateral as remote. See Note 3 for additional information on guarantees of Fannie Mae securities. 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 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 5.1 - Financial Guarantees December 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) $30,038 $24,470 $413 39 Other mortgage-related guarantees 7,941 7,941 127 27 Total Single-Family mortgage-related guarantees 37,979 32,411 540 Multifamily mortgage-related guarantees: Nonconsolidated securitization products (2)(3) $355,108 $317,611 $4,219 35 Other mortgage-related guarantees 10,846 10,831 364 34 Total Multifamily mortgage-related guarantees 365,954 328,442 4,583 Guarantees of Fannie Mae securities (4) $104,120 $104,120 $— 37 Other 79 472 — 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 6 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 December 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 $2.0 billion and $2.1 billion as of December 31, 2024 and December 31, 2023, respectively. (4) Excludes less than $0.1 billion and $0.1 billion as of December 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 5.2 – UPB of Loans Underlying Our Mortgage-Related Guarantees by Payment Status December 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 $33,454 $2,183 $852 $1,490 $37,979 Multifamily 363,983 335 117 1,519 365,954 Total $397,437 $2,518 $969 $3,009 $403,933 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 Guarantees We also enter into certain transactions that are accounted for as derivative instruments and are also considered guarantees under GAAP. These transactions include our obligation to make certain payments to VIEs to support payment of the interest due on the notes issued by those VIEs in certain CRT transactions, certain interest-rate guarantees related to our securitization and resecuritization products, certain market value guarantees, and guarantees of third-party derivative instruments. These transactions generally provide for no limitation on the maximum potential future payments under the guarantee, and we generally reduce our exposure to such guarantees through separate derivative contracts with third parties. The approximate remaining term of these guarantees varies and in many cases is based on the maturity of the underlying mortgage loans. See Note 9 for additional information on derivative instruments. Indemnifications In connection with certain business transactions, we may provide indemnification to counterparties for claims arising out of breaches of certain obligations (e.g., those arising from representations and warranties) in contracts entered into in the normal course of business. Our assessment is that the risk of any material loss from such a claim for indemnification is remote and there are no significant probable and estimable losses associated with these contracts. In addition, we provided indemnification for litigation defense costs to certain former officers who are subject to ongoing litigation. See Note 17 for information on ongoing litigation. The recognized liabilities on our consolidated balance sheets related to indemnifications were not significant at both December 31, 2024 and December 31, 2023. 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 6 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 5.3 - Other Off-Balance Sheet Credit Exposures (In millions) December 31, 2024 December 31, 2023 Mortgage loan purchase commitments (1) $12,416 $10,378 Unsettled securities purchased under agreements to resell, net (2) 10,650 22,276 Other commitments (3) 4,248 4,701 Total $27,314 $37,355 (1) Includes $2.0 billion and $1.9 billion of commitments for which we have elected the fair value option as of December 31, 2024 and December 31, 2023, respectively. Excludes mortgage loan purchase commitments accounted for as derivative instruments. See Note 9 for additional information on commitments accounted for as derivative instruments. (2) Net of $0.4 billion and $4.0 billion of unsettled securities sold under agreements to repurchase as of December 31, 2024 and December 31, 2023, respectively. (3) Consists of unfunded portion of revolving lines of credit, liquidity guarantees, and other commitments.

Allowance for Credit Losses

Allowance for Credit Losses	12 Months Ended
	Dec. 31, 2024
Credit Loss [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses For financial assets measured at amortized cost, we recognize an allowance for credit losses that is deducted from or added to the amortized cost basis of the financial asset to present the net amount expected to be collected on the financial asset on the balance sheet. The table below summarizes changes in our allowance for credit losses. Table 6.1 - Details of the Allowance for Credit Losses December 31, 2024 December 31, 2023 December 31, 2022 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Single-Family Multifamily Total Beginning balance $6,402 $447 $6,849 $7,746 $147 $7,893 $5,440 $78 $5,518 Provision (benefit) for credit losses 374 102 476 (1,172) 300 (872) 1,772 69 1,841 Charge-offs (511) (2) (513) (643) — (643) (505) — (505) Recoveries collected 115 — 115 144 — 144 148 — 148 Other (1) 311 1 312 327 — 327 891 — 891 Ending balance $6,691 $548 $7,239 $6,402 $447 $6,849 $7,746 $147 $7,893 Components of the ending balance of the allowance for credit losses: Mortgage loans held-for-investment $6,381 $393 $6,774 $6,057 $326 $6,383 $7,314 $77 $7,391 Other (2) 310 155 465 345 121 466 432 70 502 Total ending balance $6,691 $548 $7,239 $6,402 $447 $6,849 $7,746 $147 $7,893 (1) Primarily includes capitalization of past due interest related to non-accrual loans that received payment deferral plans and loan modifications. (2) Includes allowance for credit losses related to advances of pre-foreclosure costs and off-balance sheet credit exposures. n 2024 vs. 2023 - The provision for credit losses for 2024 was primarily driven by a credit reserve build in Single-Family attributable to new acquisitions. n 2023 vs. 2022 - The benefit for credit losses for 2023 was primarily driven by a credit reserve release in Single-Family due to improvements in house prices. In addition, charge-offs decreased in 2024 compared to 2023 primarily due to a decrease in charge-offs of accrued interest receivable. Charge-offs increased in 2023 compared to 2022 due to a higher volume of transfers of single-family loans from held-for-investment to held-for-sale and the lower fair value of these loans as a result of higher mortgage interest rates. Allowance for Credit Losses Methodology We recognize changes in the allowance for credit losses through provision or benefit for credit losses on our consolidated statements of income. Mortgage Loans Held-for-Investment Our allowance for credit losses on mortgage loans pertains to single-family and multifamily loans classified as held-for-investment for which we have not elected the fair value option. We measure the allowance for credit losses on a pooled basis when our loans share similar risk characteristics. We record charge-offs in the period in which a loan is deemed uncollectible. Proceeds received in excess of amounts previously written off are recorded as a decrease to non-interest expense on our consolidated statements of income. Single-Family We estimate the allowance for credit losses for single-family loans on a pooled basis using a discounted cash flow model that evaluates a variety of factors to estimate the cash flows we expect to collect. If we determine that foreclosure on the underlying collateral is probable, we measure the allowance for credit losses for single-family loans based upon the fair value of the collateral, less costs to sell, adjusted for estimated proceeds from credit enhancements that are not freestanding contracts. The discounted cash flow model we use to estimate the single-family loan allowance for credit losses forecasts cash flows over the loan’s remaining contractual term, adjusted for expectations of prepayments. As a result, we do not revert to historical loss information for single-family loans. Cash flow estimates are discounted at the loan’s prepayment-adjusted effective interest rate, which is adjusted for projections in the underlying benchmark interest rate for adjustable-rate loans. We project cash flows we expect to collect using our historical experience (which includes the effects of natural disasters), such as historical default rates and severity of loss, based on loan characteristics, such as current LTV ratios, delinquency status, geography, and borrowers' credit scores. These cash flow estimates incorporate probability of default and severity of losses and are adjusted for current and forecasted economic conditions, such as current and forecasted interest rates and house price growth rates, and estimated recoveries from loss mitigation activities, credit enhancements that are not freestanding contracts, and disposition of collateral, less estimated disposition costs. Our estimate of expected credit losses is sensitive to changes in forecasted house price growth rates, which affect both the probability of default and severity of expected credit losses, and changes in forecasted interest rates, as declining (increasing) interest rates typically result in higher (lower) expected prepayments and a shorter (longer) estimated loan life, and therefore lower (higher) expected credit losses. Our forecast of house price growth rates leverages an internally based model and uses a nationwide house price growth forecast for the next three years. A Monte Carlo simulation generates many possible house price scenarios for up to 40 years for each MSA. These scenarios are used to estimate loan-level expected future cash flows and credit losses based on each loan’s individual characteristics. Our forecast of interest rates incorporates various interest rate scenarios over the remaining contractual life of the loan based on current interest rates and implied market volatilities. These projections require significant management judgment. We rely on third parties to provide certain model inputs used in our projections. At loan delivery, the seller provides us with loan data, which includes borrower and loan characteristics and underwriting information. Each subsequent month, the servicers provide us with monthly loan-level servicing data, including delinquency and loss information. We review the outputs of our model by considering qualitative factors such as current economic events and other external factors to determine whether the model outputs are consistent with our expectations. Further management adjustments may be necessary to take into consideration the qualitative factors that have occurred but that are not yet reflected in the factors used to derive the model outputs or the uncertainty inherent in our projections. Significant judgment is exercised in making these adjustments. Credit enhancements that are not freestanding contracts are obtained contemporaneously with, and in contemplation of, the origination of a financial instrument, and effectively travel with the financial instrument upon sale. Credit enhancements that are not freestanding contracts include primary mortgage insurance, which provides us with loan-level protection up to a specified percentage. Expected recoveries from credit enhancements that are not freestanding contracts are considered in determining the allowance for loan losses as discussed above, resulting in a reduction in the recognized provision for credit losses by the amount of the expected recoveries. Subsequent to foreclosure and charge-off of the allowance for credit losses, we reclassify expected recoveries from credit enhancements that were not freestanding contracts and were previously offset against the allowance for credit losses as separate receivables. We do not consider potential recoveries from freestanding credit enhancement contracts when measuring our allowance for credit losses. Multifamily We estimate the allowance for credit losses for multifamily loans using a loss-rate method to estimate the net amount of cash flows we expect to collect over the loan's remaining contractual terms, adjusted for expectations of prepayments. As a result, we do not revert to historical loss information for multifamily loans. The loss-rate method is based on a probability of default and loss given default framework that estimates credit losses by considering a loan’s underlying characteristics, our historical experience (which includes the effects of natural disasters), and current and forecasted economic conditions. Loan characteristics considered by our model include vintage, loan term, current DSCR, current NOI, current LTV ratio, interest rate type, underlying property type, and property location. We simulate multiple forecast paths of economic variables, property values, and NOI over the loan's remaining contractual life. We also consider as model inputs expected prepayments and expected recoveries from credit enhancements that are not freestanding contracts. Our loss rates incorporate our own historical loan performance data, along with published historical commercial loan performance data where our data might be limited. Except for cases of fraud and certain other types of borrower defaults, most multifamily loans are nonrecourse to the borrower. As a result, the cash flows of the underlying property (including any credit enhancements that are not freestanding contracts) serve as the primary source of funds for repayment of the loan. For loans where we determined that the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the operation or sale of the collateral, we measure the allowance for credit losses using the fair value of the underlying collateral, less estimated costs to sell, adjusted for estimated proceeds from credit enhancements that are not freestanding contracts. Factors considered by management in determining whether a borrower is experiencing financial difficulty include the borrower’s current payment status and an evaluation of the underlying property's operating performance as represented by its current DSCR, its available credit enhancements, the current LTV ratio, the management of the underlying property, and the property's geographic location. We review the outputs of our model considering qualitative factors such as current economic events and other factors not considered within the model to determine whether the model outputs are consistent with our expectations. Further management adjustments may be necessary to take into consideration the qualitative factors that have occurred but that are not yet reflected in the factors used to derive the model outputs or the uncertainty inherent in our projections. Significant judgment is exercised in making these adjustments. Advances of Pre-foreclosure Costs We may incur expenses related to a mortgage loan subsequent to its original acquisition but prior to foreclosure (pre-foreclosure costs). These expenses are incurred generally to protect or preserve our interest or legal right in or to the property prior to foreclosure, such as property taxes or homeowner's insurance premiums owed by the borrower. Many of these expenses are advanced by the servicer and are reimbursable from the borrower. If the borrower ultimately defaults, we reimburse the servicer for the advances it has made. Upon advance by the servicer, we recognize a receivable for the amounts due from the borrower and a payable for amounts due to the servicer. We recognize an allowance for credit losses for amounts that we do not ultimately expect to collect from the borrower. Off-Balance Sheet Credit Exposures We recognize an allowance for credit losses on off-balance sheet credit exposures for our guarantees that are not measured at fair value and other off-balance sheet arrangements based on expected credit losses over the contractual period in which we are exposed to credit risk through a present contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. We include this allowance for credit losses on off-balance sheet credit exposures within other liabilities on our consolidated balance sheets, with changes recognized through provision or benefit for credit losses on our consolidated statements of income. Our methodologies for estimating the allowance for credit losses on off-balance sheet credit exposures for our Single-Family and Multifamily guarantees are generally consistent with our methodologies for estimating the allowance for credit losses for single-family mortgage loans and multifamily mortgage loans, respectively. We obtain credit enhancements for certain of our guarantees through the creation of unguaranteed subordinated securities issued by nonconsolidated securitization trusts that absorb first losses prior to us having to perform on our guarantee of the senior securities. We consider the effect of subordination and other credit enhancements that are not freestanding contracts when measuring the allowance for credit losses on off-balance sheet credit exposures and, as a result, recognize such an allowance only if expected credit losses exceed the remaining amount of subordination. For many of our guarantees, expected credit losses do not exceed the remaining amount of subordination. We have not recorded an allowance for credit losses on our guarantees of Fannie Mae securities due to the support provided to Fannie Mae by the U.S. government, the importance of Fannie Mae to the liquidity and stability of the U.S. housing market, and the long history of zero credit losses on Fannie Mae securities.

Investment Securities

Investment Securities	12 Months Ended
	Dec. 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 7.1 - Investment Securities (In millions) December 31, 2024 December 31, 2023 Trading securities $51,872 $38,385 Available-for-sale securities 3,899 4,890 Total fair value of investment securities $55,771 $43,275 We currently classify and account for our securities as either available-for-sale or trading. Securities classified as trading are reported at fair value with changes in fair value included in investment gains, net, in our consolidated statements of income. Securities classified as available-for-sale are reported at fair value with changes in fair value included in AOCI, net of taxes. See Note 16 for additional information on how we determine the fair value of securities. We record purchases and sales of non-mortgage-related securities on the trade date. We record purchases and sales of mortgage-related securities on the expected settlement date, with a corresponding derivative recorded on the trade date. We recognize interest income using the effective interest method, which considers the contractual terms of the security. Deferred items, including premiums, discounts, and other basis adjustments, are amortized into interest income over the contractual lives of the securities. We recognize interest income using the prospective effective interest method for securities that can contractually be prepaid or otherwise settled in such a way that we may not recover substantially all of our recorded investment. Under this method, we recognize as interest income, over the expected life of the securities, the excess of the cash flows expected to be collected over the securities' carrying value. We update our estimates of expected cash flows periodically and recognize changes in the calculated effective interest rate on a prospective basis. We classify the cash flows related to both available-for-sale and trading securities as investing activities because we hold these securities for investment purposes. In cases where the transfer of a security represents a secured borrowing, we classify the related cash flows as financing activities. Trading Securities The table below presents the 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 7.2 - Trading Securities (In millions) December 31, 2024 December 31, 2023 Mortgage-related securities $9,158 $8,113 Non-mortgage-related securities 42,714 30,272 Total fair value of trading securities $51,872 $38,385 The table below provides details of our net trading gains (losses) recognized during the periods presented. Table 7.3 - Net Trading Gains (Losses) Year Ended December 31, (In millions) 2024 2023 2022 Net trading gains (losses) $256 $440 ($3,531) Less: Net trading gains (losses) on securities sold 38 105 (1,685) Net trading gains (losses) related to securities still held at period end $218 $335 ($1,846) Available-for-Sale Securities At both December 31, 2024 and December 31, 2023, all available-for-sale securities were mortgage-related securities. The table below provides details of the securities classified as available-for-sale on our consolidated balance sheets. Table 7.4 - Available-for-Sale Securities December 31, 2024 Amortized Gross Unrealized Gains in Other Comprehensive Income Gross Unrealized Fair Value Accrued Interest Receivable (In millions) Agency mortgage-related securities $3,528 $4 ($100) $3,432 $7 Other mortgage-related securities 287 194 (14) 467 3 Total available-for-sale securities $3,815 $198 ($114) $3,899 $10 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 December 31, 2024 scheduled to contractually mature after ten years was $1.3 billion, with an additional $1.4 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 7.5 - Available-for-Sale Securities in a Gross Unrealized Loss Position December 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 $448 ($6) $2,198 ($95) Other mortgage-related securities 33 — 31 (13) Total available-for-sale securities in a gross unrealized loss position $481 ($6) $2,229 ($108) 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 December 31, 2024, the gross unrealized losses relate to 146 securities. Gains and losses on the sale of securities are included in investment gains, net, including those gains (losses) reclassified into earnings from AOCI. We use the specific identification method for determining the cost basis of a security in computing the gain or loss. The table below summarizes the total proceeds, gross realized gains, and gross realized losses from sales of available-for-sale securities. Table 7.6 - Total Proceeds, Gross Realized Gains and Gross Realized Losses from Sales of Available-for-Sale Securities Year Ended December 31, (In millions) 2024 2023 2022 Gross realized gains $9 $9 $34 Gross realized losses (13) (183) (10) Net realized gains (losses) ($4) ($174) $24 Total proceeds $1,175 $3,164 $1,371 Non-Cash Investing and Financing Activities During the years ended December 31, 2024, December 31, 2023, and December 31, 2022, we recognized $0.6 billion, $1.7 billion, and $9.0 billion, respectively, of investments in 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 the years ended December 31, 2024, December 31, 2023, and December 31, 2022, we derecognized $3.4 billion, $4.8 billion, and $13.3 billion respectively, of mortgage-related securities and debt of consolidated trusts where we were no longer deemed the primary beneficiary.

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
DEBT	Debt The table below summarizes the balances of total debt on our consolidated balance sheets. Table 8.1 - Total Debt December 31, (In millions) 2024 2023 Debt of consolidated trusts $3,122,941 $3,041,927 Debt of Freddie Mac: Short-term debt 14,675 5,976 Long-term debt 167,333 160,443 Total debt of Freddie Mac 182,008 166,419 Total debt $3,304,949 $3,208,346 Debt securities that we issue are classified as either debt of consolidated trusts held by third parties or debt of Freddie Mac. We issue debt of Freddie Mac to fund our operations. Our debt is reported at amortized cost, with the exception of certain debt for which we elected the fair value option. Deferred items, including premiums, discounts, issuance costs, and hedge accounting-related basis adjustments, are reported as a component of total debt. These items are amortized and reported through interest expense using the effective interest method over the contractual life of the related indebtedness. Amortization of premiums, discounts, and issuance costs begins at the time of debt issuance. Amortization of hedge accounting-related basis adjustments begins upon the discontinuation of the related hedge relationship. We elected the fair value option on debt that contains embedded derivatives and certain other debt issuances. Changes in the fair value of these debt obligations are recorded in investment gains, net, with any upfront costs and fees incurred or received in exchange for the issuance of the debt being recognized in earnings as incurred and not deferred. Related interest expense continues to be reported as interest expense based on the stated terms of the debt securities. For additional information on our election of the fair value option, see Note 16 . When we repurchase or call outstanding debt securities, we recognize the difference between the amount paid to redeem the debt security and the carrying value in earnings as a component of investment gains, net. Contemporaneous transfers of cash between us and a creditor in connection with the issuance of a new debt security and satisfaction of an existing debt security are accounted for as either an extinguishment or a modification of an existing debt security. If the debt securities have substantially different terms, the transaction is accounted for as an extinguishment of the existing debt security. The issuance of a new debt security is recorded at fair value, fees paid to the creditor are expensed as incurred, and fees paid to third parties are deferred and amortized into interest expense over the life of the new debt security using the effective interest method. If the terms of the existing debt security and the new debt security are not substantially different, the transaction is accounted for as a modification of the existing debt. Fees paid to the creditor are deferred and amortized into interest expense over the life of the modified debt security using the effective interest method and fees paid to third parties are expensed as incurred. We also engage in transactions whereby we enter into an agreement to sell and subsequently repurchase (or purchase and subsequently resell) agency securities. When these transactions involve securities issued by consolidated entities, they are treated as issuances and extinguishments of debt. The Purchase Agreement limits the par value of our aggregate indebtedness, which may restrict the amount of debt we are allowed to issue to fund our operations. See Note 2 for information regarding restrictions on the amount of our indebtedness under the Purchase Agreement. Debt of Consolidated Trusts Debt of consolidated trusts held by third parties represent our liability to third parties that hold beneficial interests in our consolidated trusts. Debt of consolidated trusts held by third parties are subject to prepayment risk as their payments are based upon the performance of the underlying mortgage loans that may be prepaid by the related mortgage borrower at any time generally without penalty. The table below summarizes the debt of consolidated trusts based on underlying loan product type. Table 8.2 - Debt of Consolidated Trusts December 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 2025 - 2061 $2,701,936 $2,736,057 3.34 % 2024 - 2061 $2,603,100 $2,640,550 3.06 % 15-year or less, fixed-rate 2025 - 2040 291,054 294,875 2.30 2024 - 2039 326,242 331,291 2.20 Adjustable-rate and other 2025 - 2055 22,861 23,224 4.42 2024 - 2054 23,251 23,749 3.93 Total Single-Family 3,015,851 3,054,156 2,952,593 2,995,590 Multifamily 2025 - 2054 70,130 68,785 3.58 2024 - 2053 47,300 46,337 3.35 Total debt of consolidated trusts $3,085,981 $3,122,941 $2,999,893 $3,041,927 (1) Includes $2.0 billion and $2.1 billion at December 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 3.01% and 2.73% as of December 31, 2024 and December 31, 2023, respectively. Short-Term Debt The table below summarizes the balances and effective interest rates for our short-term debt (debt with original maturities of one year or less). Table 8.3 - Short-Term Debt Year Ended December 31, (Dollars in millions) 2024 2023 Par value $14,716 $6,032 Carrying amount 14,675 5,976 Weighted average effective rate 4.59 % 5.39 % Long-Term Debt The table below summarizes our long-term debt. Table 8.4 - Long-Term Debt December 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) Fixed-rate (3) 2025 - 2054 $130,965 $126,815 3.09 % 2024 - 2050 $159,079 $153,176 3.12 % Variable-rate (4) 2025 - 2034 35,906 35,893 5.16 2024 - 2028 1,916 1,908 4.89 Zero-coupon 2025 - 2039 4,748 3,254 6.22 2024 - 2039 4,836 3,149 6.17 Other (5) 2025 - 2053 1,324 1,371 10.90 2024 - 2053 2,177 2,210 10.93 Total long-term debt $172,943 $167,333 3.65 % $168,008 $160,443 3.30 % (1) Represents par value, net of associated discounts or premiums and issuance costs. Includes $0.3 billion and $0.4 billion at December 31, 2024 and December 31, 2023, respectively, of long-term debt that represents the fair value of debt for which the fair value option was elected. Includes hedge-related basis adjustments. (2) Based on carrying amount. Excludes hedge-related basis adjustments. (3) Includes $112.6 billion and $139.3 billion of callable debt as of December 31, 2024 and December 31, 2023, respectively. (4) Includes $1.3 billion and $1.9 billion of callable debt as of December 31, 2024 and December 31, 2023, respectively. (5) Includes STACR, SCR debt notes, and IO debt. A portion of our long-term debt is callable. Callable debt gives us the option to redeem the debt security at par on one or more specified call dates or at any time on or after a specified call date. The table below summarizes contractual maturities of long-term debt securities at December 31, 2024. Table 8.5 - Contractual Maturities of Long-Term Debt (1) (In millions) Par Value 2025 $48,235 2026 45,007 2027 20,068 2028 8,307 2029 28,579 Thereafter 21,423 Total $171,619 (1) Excludes $1.2 billion of STACR and $0.1 billion of SCR debt notes. 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 borrowers at any time generally without penalty.

Derivatives

Derivatives	12 Months Ended
	Dec. 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 principally use interest-rate swaps, purchased or written options (including swaptions), and exchange-traded futures in our interest-rate risk management activities. 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 routinely enter into commitments to purchase and sell investments in mortgage-related securities, purchase and sell mortgage loans, and purchase and extinguish or issue debt of our consolidated trusts. Most of these commitments meet the definition of a derivative and, therefore, are subject to the accounting guidance for derivatives and hedging. We also enter into certain types of guarantees that are accounted for as derivatives. These guarantees primarily include our obligation to support payment of the interest due on the notes issued by VIEs used in certain CRT transactions. We evaluate whether financial instruments that we purchase or issue contain embedded derivatives. We generally elect to measure newly acquired or issued financial instruments that contain embedded derivatives at fair value, with changes in fair value recorded in earnings. On our consolidated statements of cash flows, cash flows related to derivatives are classified as either operating activities (such as periodic settlements of interest payments) or investing activities (such as variation margin payments and cash flows related to the acquisition and termination of derivatives) depending on the nature of the activity. Cash flows related to physical settlement of forward commitments accounted for as derivative instruments are classified as operating, investing, or financing activities depending on the financial instruments to which they relate. Derivative Assets and Liabilities at Fair Value Derivatives are reported at their fair value on our consolidated balance sheets. Derivatives in a net asset position, including net derivative interest receivable or payable, are reported as derivative assets, net, which is included in other assets on our consolidated balance sheets. Similarly, derivatives in a net liability position, including net derivative interest receivable or payable, are reported as derivative liabilities, net, which is included in other liabilities on our consolidated balance sheets. The table below presents the notional value and fair value of derivatives reported on our consolidated balance sheets. Table 9.1 - Derivative Assets and Liabilities at Fair Value December 31, 2024 December 31, 2023 Notional or Derivative Assets Derivative Liabilities Notional or Contractual Amount Derivative Assets Derivative Liabilities (In millions) Not designated as hedges Interest-rate risk management derivatives: Swaps $382,761 $1,512 ($340) $351,193 $1,638 ($462) Written options 33,117 — (1,826) 48,227 — (1,746) Purchased options (1) 126,750 4,649 — 89,790 4,251 — Futures 165,894 — — 132,982 — — Total interest-rate risk management derivatives 708,522 6,161 (2,166) 622,192 5,889 (2,208) Mortgage commitment derivatives 37,407 26 (40) 26,911 43 (10) CRT-related derivatives (2) 28,962 — (186) 30,578 — (228) Other 20,505 94 (695) 14,572 3 (567) Total derivatives not designated as hedges 795,396 6,281 (3,087) 694,253 5,935 (3,013) Designated as fair value hedges Interest-rate risk management derivatives: Swaps 159,086 209 (4,149) 172,202 276 (5,658) Total derivatives designated as fair value hedges 159,086 209 (4,149) 172,202 276 (5,658) Receivables (payables) 91 — 17 (36) Netting adjustments (3) (6,080) 6,282 (5,742) 7,834 Total derivative portfolio, net $954,482 $501 ($954) $866,455 $486 ($873) (1) Includes swaptions on credit indices with a notional or contractual amount of $6.8 billion and $6.4 billion at December 31, 2024 and December 31, 2023, respectively, and a fair value of $1.0 million at both December 31, 2024 and December 31, 2023. (2) Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements. (3) Represents counterparty netting and cash collateral netting. Derivative Counterparty Credit Risk Cleared derivatives refer to interest-rate swaps that the U.S. Commodity Futures Trading Commission has determined are subject to the central clearing requirement of the Dodd-Frank Act. Exchange-traded derivatives refer to standardized interest-rate futures contracts and options on futures contracts. OTC derivatives refer to those derivatives that are bilaterally negotiated with counterparties and settled with those counterparties. Our use of cleared derivatives, exchange-traded derivatives, and OTC derivatives exposes us to counterparty credit risk in the event our counterparties fail to meet their contractual obligations. We are required to post margin in connection with our derivatives transactions. The use of cleared and exchange-traded derivatives decreases our credit risk exposure to individual counterparties because a central counterparty is substituted for individual counterparties. OTC derivatives expose us to the credit risk of individual counterparties because transactions are executed and settled between us and each counterparty, exposing us to potential losses if a counterparty fails to meet its obligations. Our use of interest-rate swaps and option-based derivatives is subject to internal credit and legal reviews. On an ongoing basis, we review the credit fundamentals of all of our derivative counterparties, clearinghouses, and clearing members to confirm that they continue to meet our internal risk management standards. The majority of our interest-rate swaps are subject to the central clearing requirement. Changes in the value of open exchange- traded contracts and cleared derivatives are settled daily via payments made through the clearinghouse. We net our exposure to cleared derivatives by clearinghouse and clearing member. A downgrade in our credit ratings could cause the clearing members we use for our cleared and exchange-traded derivatives to demand additional collateral. Many of our transactions involving forward purchase and sale commitments of mortgage-related securities utilize the MBSD/ FICC as a clearinghouse. As a clearing member of the clearinghouse, we post margin to the MBSD/FICC and are exposed to the counterparty credit risk of the organization (including its clearing members). In the event a clearing member fails and causes losses to the MBSD/FICC clearing system, we could be subject to loss, as members are generally required to cover losses caused by defaulting members on a pro rata basis. It is difficult to estimate our maximum exposure under these transactions, as this would require an assessment of transactions that we and other members of the MBSD/FICC may execute in the future. We use master netting and collateral agreements to reduce our credit risk exposure to our OTC derivative counterparties for interest-rate swap and option-based derivatives. Master netting agreements provide for the netting of amounts receivable and payable from an individual counterparty, as well as posting of collateral in the form of cash, Treasury securities or agency mortgage-related or debt securities, or a combination of both by either the counterparty or us, depending on which party is in a liability position. On a daily basis, the market value of each counterparty's derivatives outstanding is calculated to determine the amount of our net credit exposure, which is equal to the market value of derivatives in a net gain position by counterparty after giving consideration to collateral posted. In the event a counterparty defaults on its obligations under the derivatives agreement and the default is not remedied in the manner prescribed in the agreement, we have the right under the agreement to sell the collateral. As a result, our use of master netting and collateral agreements reduces our exposure to our counterparties in the event of default. We offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting agreement. Non-cash collateral held is not recognized on our consolidated balance sheets as we do not obtain effective control over the collateral, and non-cash collateral posted is not derecognized from our consolidated balance sheets as we do not relinquish effective control over the collateral. Therefore, non-cash collateral held or posted is not presented as an offset against derivative assets or derivative liabilities on our consolidated balance sheets. See Note 10 for additional information on our collateralized arrangements. Although it is our practice not to repledge assets held as collateral, these agreements may allow us or our counterparties to repledge all or a portion of the collateral. A significant majority of our net uncollateralized exposure to OTC derivative counterparties is concentrated with three counterparties, all of which were investment grade as of December 31, 2024. We regularly review the market value of securities pledged as collateral and derivative counterparty collateral posting thresholds, where applicable, in an effort to manage our exposure to losses. For certain OTC derivatives, the amount of collateral we pledge to counterparties related to our derivative instruments is determined after giving consideration to our credit rating. None of our OTC derivative instruments containing credit-risk related contingent features, netted by counterparty, were in a liability position at December 31, 2024 or December 31, 2023 and, as a result, we did not post cash or non-cash collateral in the normal course of business. Therefore, as of both December 31, 2024 and December 31, 2023, a downgrade in our credit ratings would not have required us to post additional collateral to our counterparties. The table below presents offsetting and collateral information related to derivatives which are subject to enforceable master netting agreements or similar arrangements. Table 9.2 - Offsetting of Derivatives December 31, 2024 December 31, 2023 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (In millions) OTC derivatives $6,360 ($6,315) $6,165 ($7,866) Cleared and exchange-traded derivatives 74 — 13 (36) Mortgage commitment derivatives 53 (40) 47 (10) Other 94 (881) 3 (795) Total derivatives 6,581 (7,236) 6,228 (8,707) Counterparty netting (3,906) 3,906 (4,210) 4,210 Cash collateral netting (1) (2,174) 2,376 (1,532) 3,624 Net amount presented in the consolidated balance sheets 501 (954) 486 (873) Gross amount not offset in the consolidated balance sheets (2) (190) 11 (366) 47 Net amount $311 ($943) $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) Does not include the fair value amount of non-cash collateral posted or held that exceeds the associated net asset or liability, netted by counterparty, presented on the consolidated balance sheets. 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 consolidated statements of income as investment gains, net. Table 9.3 - Gains and Losses on Derivatives Year Ended December 31, (In millions) 2024 2023 2022 Interest-rate risk management derivatives: Swaps $514 $359 $970 Written options (134) 170 (903) Purchased options 452 (335) 1,794 Futures 556 197 2,249 Total interest-rate risk management derivatives fair value gains (losses) 1,388 391 4,110 Mortgage commitment derivatives 103 17 2,743 CRT-related derivatives (1) 75 (176) (172) Other (134) 11 (225) Total derivatives not designated as hedges fair value gains (losses) $1,432 $243 $6,456 (1) Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements. Hedge Accounting We apply fair value hedge accounting to certain single-family mortgage loans where we hedge the changes in fair value of these loans attributable to the designated benchmark interest rate, using interest-rate swaps. We also apply fair value hedge accounting to certain issuances of debt where we hedge the changes in fair value of the debt attributable to the designated benchmark interest rate, using interest-rate swaps. Under the portfolio layer method fair value hedge accounting strategy, we hedge the changes in fair value of a portion of a closed pool of single-family mortgage loans that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. As part of this strategy, we have also elected to measure the change in fair value of the hedged item on the basis of the benchmark rate component of the contractual coupon cash flows determined at the hedge inception and by assuming the hedged item has a term that reflects only the designated cash flows being hedged. We apply hedge accounting to qualifying hedge relationships. A qualifying hedge relationship exists when changes in the fair value of a derivative hedging instrument are expected to be highly effective in offsetting changes in the fair value of the hedged item attributable to the risk being hedged during the term of the hedge relationship. No amounts have been excluded from the assessment of hedge effectiveness. To assess hedge effectiveness, we use a statistical regression analysis. At inception of the hedge relationship, we prepare formal contemporaneous documentation of our risk management objective and strategies for undertaking the hedge. If a hedge relationship qualifies for fair value hedge accounting, all changes in fair value of the derivative hedging instrument, including interest accruals, are recognized in the same consolidated statements of income line item used to present the earnings effect of the hedged item. Therefore, changes in the fair value of the hedged item, mortgage loans and debt, attributable to the risk being hedged are recognized in interest income and interest expense, respectively, along with the changes in the fair value of the respective derivative hedging instruments. Changes in the fair value of the hedged item attributable to the risk being hedged are recognized as a cumulative basis adjustment against the mortgage loans and debt. The cumulative basis adjustments are amortized to the same consolidated statements of income line item used to present the changes in fair value of the hedged item using the effective interest method considering the contractual terms of the hedged item, with amortization beginning no later than the period in which hedge accounting was discontinued. The table below presents the effects of fair value hedge accounting by 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 9.4 - Gains and Losses on Fair Value Hedges Year Ended December 31, 2024 2023 2022 (In millions) Interest Income Interest Expense Interest Income Interest Expense Interest Income Interest Expense Total amounts of income and expense line items presented in our consolidated statements of income in which the effects of fair value hedges are recorded: $117,877 ($98,140) $105,363 ($86,821) $83,458 ($65,453) Interest contracts on mortgage loans held-for-investment: Gain (loss) on fair value hedging relationships: Hedged items (1,857) — 671 — (5,817) — Derivatives designated as hedging instruments 1,650 — (854) — 5,000 — Interest accruals on hedging instruments 874 — 948 — (294) — Discontinued hedge related basis adjustments amortization 202 — 198 — (79) — Interest contracts on debt: Gain (loss) on fair value hedging relationships: Hedged items — (1,816) — (3,080) — 7,130 Derivatives designated as hedging instruments — 1,831 — 3,084 — (7,267) Interest accruals on hedging instruments — (3,261) — (4,065) — (1,053) Discontinued hedge related basis adjustment amortization — (8) — (377) — (8) Total impact of fair value hedge accounting $869 ($3,254) $963 ($4,438) ($1,190) ($1,198) The table below presents the cumulative basis adjustments and the carrying amounts of the hedged item by its respective balance sheet line item. Table 9.5 - Cumulative Basis Adjustments Due to Fair Value Hedging December 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 $1,117,060 ($3,909) ($695) ($3,214) $56,394 $12,070 Debt (107,241) 4,050 — 19 — — 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

Collateralized Agreements	12 Months Ended
	Dec. 31, 2024
Offsetting [Abstract]
COLLATERALIZED AGREEMENTS AND OFFSETTING ARRANGEMENTS	NOTE 10 Collateralized Agreements Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase As an investor, we enter into arrangements to purchase securities under agreements to subsequently resell the identical or substantially the same securities to our counterparty. Our counterparties to these transactions are required to pledge the purchased securities as collateral for their obligation to repurchase those securities at a later date. While such transactions involve the legal transfer of securities, they are accounted for as secured financings because the transferor does not relinquish effective control over the securities transferred. These agreements may allow us to repledge all, or a portion, of the collateral pledged to us, and we may repledge such collateral periodically, although it is not typically our practice to repledge collateral that has been pledged to us. We consider the types of securities being pledged to us as collateral when determining how much we lend in transactions involving securities purchased under agreements to resell. Additionally, we regularly review the market values of these securities compared to amounts loaned in an effort to manage our exposure to losses and we reasonably expect the borrower to continue to replenish the collateral to meet the requirements of the contract. As of December 31, 2024, all of our securities purchased under agreements to resell were fully collateralized. We utilize the GSD/FICC as a clearinghouse to transact many of our trades involving securities purchased under agreements to resell, securities sold under agreements to repurchase, and other non-mortgage related securities. As a clearing member of GSD/FICC, we are required to post initial and variation margin payments and are exposed to the counterparty credit risk of GSD/FICC (including its clearing members). In the event a clearing member fails and causes losses to the GSD/FICC clearing system, we could be subject to the loss of the margin that we have posted to the GSD/FICC. Moreover, our exposure could exceed that amount, as members are generally required to cover losses caused by defaulting members on a pro rata basis. It is difficult to estimate our maximum exposure under these transactions, as this would require an assessment of transactions that we and other members of the GSD/FICC may execute in the future. We provide financing to investors in Freddie Mac securities to increase liquidity and expand the investor base for those securities. These transactions differ from the securities purchased under agreements to resell that we use for liquidity purposes as the counterparties we face may not be major financial institutions and we are exposed to greater counterparty credit risk for these institutions. As of December 31, 2024 and December 31, 2023, $2.8 billion and $1.1 billion, respectively, of our securities purchased under agreements to resell were used to provide financing to investors in Freddie Mac securities. Securities sold under agreements to repurchase are effectively collateralized borrowings where we sell securities with an agreement to repurchase such securities at a future date. We are required to pledge the sold securities to the counterparties to these transactions as collateral for our obligation to repurchase these securities at a later date. Similar to the securities purchased under agreements to resell transactions, these transactions involve the legal transfer of securities. However, they are accounted for as secured financings because the transferor does not relinquish effective control over the securities transferred. These agreements may allow our counterparties to repledge all or a portion of the collateral. We offset payables related to securities sold under agreements to repurchase against receivables related to securities purchased under agreements to resell when such amounts meet the conditions for balance sheet offsetting. The table below presents offsetting and collateral information related to securities purchased under agreements to resell, and securities sold under agreements to repurchase which are subject to enforceable master netting agreements or similar arrangements. Table 10.1 - Offsetting and Collateral Information of Certain Financial Assets and Liabilities December 31, 2024 December 31, 2023 Assets Liabilities Assets Liabilities (In millions) Securities purchased under agreements to resell Securities sold under agreements to repurchase Securities purchased under agreements to resell Securities sold under agreements to repurchase Gross amount recognized $108,338 ($8,220) $105,393 ($10,245) Amount offset in the consolidated balance sheets (8,220) 8,220 (10,245) 10,245 Net amount presented in the consolidated balance sheets 100,118 — 95,148 — Gross amount not offset in the consolidated balance sheets (1) (100,118) — (95,148) — Net amount $— $— $— $— (1) The table below presents the remaining contractual maturity of our gross obligations for our securities sold under agreements to repurchase. The collateral for such obligations consisted primarily of U.S. Treasury securities. Table 10.2 - Remaining Contractual Maturity December 31, (In millions) 2024 2023 Overnight and continuous $— $— 30 days or less 8,220 10,245 After 30 days through 90 days — — Greater than 90 days — — Total $8,220 $10,245 Collateral Pledged The table below summarizes the fair value of the securities pledged as collateral by us for derivatives and collateralized borrowing transactions, including securities that the secured party may repledge. Table 10.3 - Collateral in the Form of Securities Pledged December 31, (In millions) 2024 2023 Trading securities $9,559 $7,902 Other assets — 4,555 Total $9,559 $12,457

Stockholders' Equity and Earnin

Stockholders' Equity and Earnings per Share	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE	Stockholders' Equity and Earnings Per Share Senior Preferred Stock Pursuant to the Purchase Agreement described in Note 2 , we issued one million shares of senior preferred stock to Treasury on September 8, 2008, in partial consideration of Treasury's commitment to provide funds to us. Shares of the senior preferred stock have a par value of $1 and have a stated value and initial liquidation preference of $1 billion, or $1,000 per share. The liquidation preference of the senior preferred stock is subject to adjustment. See Note 2 for a detailed discussion of the liquidation preference of the senior preferred stock. Treasury, as the holder of the senior preferred stock, is entitled to receive quarterly cash dividends, when, as, and if declared by our Board of Directors. The dividends we have paid to Treasury on the senior preferred stock have been declared by, and paid at the direction of, the Conservator, acting as successor to the rights, titles, powers, and privileges of the Board of Directors. See Note 2 for additional information concerning our senior preferred stock dividends. The senior preferred stock is senior to our common stock and all other outstanding series of our preferred stock, as well as any capital stock we issue in the future, as to both dividends and rights upon liquidation. The senior preferred stock provides that we may not, at any time, declare or pay dividends on, make distributions with respect to, redeem, purchase or acquire, or make a liquidation payment with respect to, any common stock or other securities ranking junior to the senior preferred stock unless: n Full cumulative dividends on the outstanding senior preferred stock (including any unpaid dividends added to the liquidation preference) have been declared and paid in cash and n All amounts required to be paid with the net proceeds of any issuance of capital stock for cash (as described below) have been paid in cash. Shares of the senior preferred stock are not convertible. Shares of the senior preferred stock have no general or special voting rights, other than those set forth in the certificate of designation for the senior preferred stock or otherwise required by law. The consent of holders of at least two-thirds of all outstanding shares of senior preferred stock is generally required to amend the terms of the senior preferred stock or to create any class or series of stock that ranks prior to or on parity with the senior preferred stock. We are not permitted to redeem the senior preferred stock prior to the termination of Treasury's funding commitment set forth in the Purchase Agreement; however, we are permitted to pay down the liquidation preference of the outstanding shares of senior preferred stock to the extent of accrued and unpaid dividends previously added to the liquidation preference and not previously paid down and quarterly commitment fees previously added to the liquidation preference and not previously paid down. Pursuant to the January 2021 Letter Agreement, we are permitted to issue common stock with aggregate gross proceeds of up to $70 billion after Treasury's exercise in full of its warrant to acquire 79.9% of our common stock and resolution of currently pending material litigation related to our conservatorship and the Purchase Agreement, and we are permitted to use the net proceeds of such issuance(s) to build capital. If we issue any other shares of capital stock for cash while the senior preferred stock is outstanding, the net proceeds of such issuances must be used to pay down the liquidation preference of the senior preferred stock; however, the liquidation preference of each share of senior preferred stock may not be paid down below $1,000 per share prior to the termination of Treasury's funding commitment. Following the termination of Treasury's funding commitment, we may pay down the liquidation preference of all outstanding shares of senior preferred stock at any time, in whole or in part. If, after termination of Treasury's funding commitment, we pay down the liquidation preference of each outstanding share of senior preferred stock in full, the shares will be deemed to have been redeemed as of the payment date. The table below provides a summary of our senior preferred stock outstanding at December 31, 2024. Table 11.1 - Senior Preferred Stock ( In millions , except initial liquidation preference price per share) Shares Authorized Shares Outstanding Total Par Value Initial Liquidation Preference Price per Share Total Liquidation Preference Non-draw Adjustments: 2008 1.00 1.00 $1.00 $1,000 $1,000 2017 — — — N/A 3,000 2019 — — — N/A 3,674 2020 — — — N/A 7,217 2021 — — — N/A 11,420 2022 — — — N/A 9,919 2023 — — — N/A 9,431 2024 — — — N/A 11,729 Total non-draw adjustments 1.00 1.00 1.00 57,390 Draw Adjustments: 2008 — — — N/A 13,800 2009 — — — N/A 36,900 2010 — — — N/A 12,500 2011 — — — N/A 7,971 2012 — — — N/A 165 2018 — — — N/A 312 Total draw adjustments — — — 71,648 Total senior preferred stock 1.00 1.00 $1.00 $129,038 No cash was received from Treasury under the Purchase Agreement in 2024 because we had positive net worth at December 31, 2023, March 31, 2024, June 30, 2024, and September 30, 2024 and, consequently, FHFA did not request a draw on our behalf in 2024. At December 31, 2024, our assets exceeded our liabilities under GAAP; therefore, no draw is being requested from Treasury under the Purchase Agreement. Common Stock Warrant Pursuant to the Purchase Agreement described in Note 2 , on September 7, 2008, we issued a warrant to purchase common stock to Treasury, in partial consideration of Treasury's commitment to provide funds to us. The warrant may be exercised in whole or in part at any time on or before September 7, 2028, by delivery to us of a notice of exercise, payment of the exercise price of $0.00001 per share, and the warrant. If the market price of one share of our common stock is greater than the exercise price, then, instead of paying the exercise price, Treasury may elect to receive shares equal to the value of the warrant (or portion thereof being canceled) pursuant to the formula specified in the warrant. Upon exercise of the warrant, Treasury may assign the right to receive the shares of common stock issuable upon exercise to any other person. We account for the warrant in permanent equity. At issuance on September 7, 2008, we recognized the warrant at fair value, and we do not recognize subsequent changes in fair value while the warrant remains classified in equity. We recorded an aggregate fair value of $2.3 billion for the warrant as a component of additional paid-in-capital. We derived the fair value of the warrant using a modified Black-Scholes model. If the warrant is exercised, the stated value of the common stock issued will be reclassified to common stock on our consolidated balance sheets. The warrant was determined to be in-substance non-voting common stock, because the warrant's exercise price of $0.00001 per share is considered non-substantive (compared to the market price of our common stock). As a result, the shares associated with the warrant are included in the computation of basic and diluted earnings per share. The weighted average shares of common stock for the years ended December 31, 2024, 2023, and 2022 included shares of common stock that would be issuable upon full exercise of the warrant issued to Treasury. Preferred Stock We have the option to redeem our preferred stock on specified dates, at their redemption price plus dividends accrued through the redemption date. However, without the consent of Treasury, we are restricted from making payments to purchase or redeem preferred stock as well as paying any preferred dividends, other than dividends on the senior preferred stock. All 24 classes of preferred stock are perpetual and non-cumulative, and carry no significant voting rights or rights to purchase additional Freddie Mac stock or securities. Costs incurred in connection with the issuance of preferred stock are charged to additional paid-in capital. The table below provides a summary of our preferred stock outstanding at their redemption values at December 31, 2024. Table 11.2 - Preferred Stock ( In millions , except redemption price per share) Issue Date Shares Authorized Shares Outstanding Total Par Value Redemption Price per Share Total Outstanding Balance Redeemable On or After OTCQB Symbol Preferred stock: 1996 Variable-rate (1)(2) April 26, 1996 5.00 5.00 $5.00 $50.00 $250 June 30, 2001 FMCCI 5.81% October 27, 1997 3.00 3.00 3.00 50.00 150 October 27, 1998 (3) 5% March 23, 1998 8.00 8.00 8.00 50.00 400 March 31, 2003 FMCKK 1998 Variable-rate (1)(4) September 23 and 29, 1998 4.40 4.40 4.40 50.00 220 September 30, 2003 FMCCG 5.10% September 23, 1998 8.00 8.00 8.00 50.00 400 September 30, 2003 FMCCH 5.30% October 28, 1998 4.00 4.00 4.00 50.00 200 October 30, 2000 (3) 5.10% March 19, 1999 3.00 3.00 3.00 50.00 150 March 31, 2004 (3) 5.79% July 21, 1999 5.00 5.00 5.00 50.00 250 June 30, 2009 FMCCK 1999 Variable-rate (5) November 5, 1999 5.75 5.75 5.75 50.00 287 December 31, 2004 FMCCL 2001 Variable-rate (6) January 26, 2001 6.50 6.50 6.50 50.00 325 March 31, 2003 FMCCM 2001 Variable-rate (1)(7) March 23, 2001 4.60 4.60 4.60 50.00 230 March 31, 2003 FMCCN 5.81% March 23, 2001 3.45 3.45 3.45 50.00 173 March 31, 2011 FMCCO 6% May 30, 2001 3.45 3.45 3.45 50.00 173 June 30, 2006 FMCCP 2001 Variable-rate (8) May 30, 2001 4.02 4.02 4.02 50.00 201 June 30, 2003 FMCCJ 5.70% October 30, 2001 6.00 6.00 6.00 50.00 300 December 31, 2006 FMCKP 5.81% January 29, 2002 6.00 6.00 6.00 50.00 300 March 31, 2007 (3) 2006 Variable-rate (1)(9) July 17, 2006 15.00 15.00 15.00 50.00 750 June 30, 2011 FMCCS 6.42% July 17, 2006 5.00 5.00 5.00 50.00 250 June 30, 2011 FMCCT 5.90% October 16, 2006 20.00 20.00 20.00 25.00 500 September 30, 2011 FMCKO 5.57% January 16, 2007 44.00 44.00 44.00 25.00 1,100 December 31, 2011 FMCKM 5.66% April 16, 2007 20.00 20.00 20.00 25.00 500 March 31, 2012 FMCKN 6.02% July 24, 2007 20.00 20.00 20.00 25.00 500 June 30, 2012 FMCKL 6.55% September 28, 2007 20.00 20.00 20.00 25.00 500 September 30, 2017 FMCKI 2007 Fixed-to-floating rate (1)(10) December 4, 2007 240.00 240.00 240.00 25.00 6,000 December 31, 2012 FMCKJ Total, preferred stock 464.17 464.17 $464.17 $14,109 (1) On May 11, 2023, we posted fallback information on our legacy LIBOR-indexed securities, including the classes of our Preferred Stock that used either three-month LIBOR or 12-month LIBOR as their reference rates. Beginning on July 1, 2023, those classes transitioned from three-month LIBOR and 12-month LIBOR to spread-adjusted three-month CME Term SOFR and spread-adjusted 12-month CME Term SOFR, respectively. (2) Dividend rate resets quarterly and is equal to the sum of spread-adjusted three-month CME Term SOFR plus 1% divided by 1.377, and is capped at 9.00%. (3) Issued through private placement. (4) Dividend rate resets quarterly and is equal to the sum of spread-adjusted three-month CME Term SOFR plus 1% divided by 1.377, and is capped at 7.50%. (5) Dividend rate resets on January 1 every five years after January 1, 2005 based on a five-year Constant Maturity Treasury rate, and is capped at 11.00%. Optional redemption on December 31, 2004 and on December 31 every five years thereafter. (6) Dividend rate resets on April 1 every two years after April 1, 2003 based on the two-year Constant Maturity Treasury rate plus 0.10%, and is capped at 11.00%. Optional redemption on March 31, 2003 and on March 31 every two years thereafter. (7) Dividend rate resets on April 1 every year based on spread-adjusted 12-month CME Term SOFR minus 0.20%, and is capped at 11.00%. Optional redemption on March 31, 2003 and on March 31 every year thereafter. (8) Dividend rate resets on July 1 every two years after July 1, 2003 based on the two-year Constant Maturity Treasury rate plus 0.20%, and is capped at 11.00%. Optional redemption on June 30, 2003 and on June 30 every two years thereafter. (9) Dividend rate resets quarterly and is equal to the sum of spread-adjusted three-month CME Term SOFR plus 0.50% but not less than 4.00% . (10) Dividend rate is set at an annual fixed rate of 8.375% from December 4, 2007 through December 31, 2012. For the period beginning on or after January 1, 2013, dividend rate resets quarterly and is equal to the higher of: (a) the sum of spread-adjusted three-month CME Term SOFR plus 4.16% per annum; or (b) 7.875% per annum. Optional redemption on December 31, 2012 and on December 31 every five years thereafter . Stock-Based Compensation Following the implementation of the conservatorship in September 2008, we suspended the operation of and/or ceased making grants under our stock-based compensation plans. Under the Purchase Agreement, we cannot issue any new options, rights to purchase, participations or other equity interests without Treasury's prior approval. We did not repurchase or issue any of our common shares or non-cumulative preferred stock during 2024 and 2023. At both December 31, 2024 and December 31, 2023, no RSUs or stock options were outstanding. There were 41,160 shares of restricted stock outstanding at both December 31, 2024 and December 31, 2023. Earnings Per Share Basic earnings per common share is computed as net income attributable to common stockholders divided by the weighted average common shares for the period. The weighted average common shares for the period includes the weighted average number of shares that are associated with the warrant for our common stock issued to Treasury pursuant to the Purchase Agreement. These shares are included since the warrant is unconditionally exercisable by the holder at a minimal cost. We deduct dividends or increases in liquidation preference attributable to the senior preferred stock from net income attributable to common stockholders in the period in which such amounts are determinable. Our diluted earnings per common share is the same as our basic earnings per common share because we had no common equivalent shares outstanding during the periods presented which could have had a dilutive or antidilutive effect. Dividends and Dividend Restrictions We did not declare or pay any dividends in 2024, 2023, and 2022 on our common stock, senior preferred stock, or any other outstanding series of Freddie Mac preferred stock. Our payment of dividends is subject to the following restrictions: n Restrictions Relating to the Conservatorship - The Conservator has prohibited us from paying any dividends on our common stock or on any series of our preferred stock (other than the senior preferred stock). FHFA has instructed our Board of Directors that it should consult with and obtain the approval of FHFA before taking actions involving dividends. In addition, FHFA has adopted a regulation prohibiting us from making capital distributions during conservatorship, except as authorized by the Director of FHFA. n Restrictions Under the Purchase Agreement - The Purchase Agreement prohibits us and any of our subsidiaries from declaring or paying any dividends on Freddie Mac equity securities (other than with respect to the senior preferred stock or warrant) without the prior written consent of Treasury. n Restrictions Under the GSE Act - Under the GSE Act, FHFA has authority to prohibit capital distributions, including payment of dividends, if we fail to meet applicable capital requirements. However, our capital requirements have been suspended during conservatorship. n Restrictions Under our Charter - Without regard to our capital classification, we must obtain prior written approval of FHFA to make any capital distribution that would decrease total capital to an amount less than the risk-based capital level or that would decrease core capital to an amount less than the minimum capital level. As noted above, our capital requirements have been suspended during conservatorship. n Restrictions Relating to Preferred Stock - Payment of dividends on our common stock is also subject to the prior payment of dividends on our 24 series of preferred stock and one series of senior preferred stock, representing an aggregate of 464,170,000 shares and 1,000,000 shares outstanding, respectively, as of December 31, 2024. Payment of dividends on all outstanding preferred stock, other than the senior preferred stock, is subject to the prior payment of dividends on the senior preferred stock. Delisting of Common Stock and Preferred Stock from NYSE On July 8, 2010, we delisted our common stock and 20 previously listed classes of preferred stock from the NYSE as directed by our Conservator. Our common stock and the classes of preferred stock that were previously listed on the NYSE are traded exclusively in the OTCQB Marketplace. Shares of our common stock trade under the ticker symbol FMCC . We expect that our common stock and the previously listed classes of preferred stock will continue to trade in the OTCQB Marketplace so long as market makers demonstrate an interest in trading the common and preferred stock.

Net Interest Income

Net Interest Income	12 Months Ended
	Dec. 31, 2024
Components of Net Interest Income [Abstract]
Net Interest Income	Net Interest Income The table below presents the components of net interest income per our consolidated statements of income. Table 12.1 - Components of Net Interest Income Year Ended December 31, (In millions) 2024 2023 2022 Interest income Mortgage loans $109,117 $96,985 $79,826 Investment securities 2,069 1,571 1,640 Securities purchased under agreements to resell 6,083 6,135 1,718 Other 608 672 274 Total interest income 117,877 105,363 83,458 Interest expense Debt of consolidated trusts (88,227) (76,703) (61,404) Debt of Freddie Mac: Short-term debt (966) (789) (238) Long-term debt (8,947) (9,329) (3,811) Total interest expense (98,140) (86,821) (65,453) Net interest income 19,737 18,542 18,005 (Provision) benefit for credit losses (476) 872 (1,841) Net interest income after (provision) benefit for credit losses $19,261 $19,414 $16,164

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	Income Taxes Income Tax Expense Total income tax expense includes: n Current income tax expense, which represents the amount of federal tax paid or payable to (or refundable from) the Internal Revenue Service, including interest and penalties and amounts accrued for unrecognized tax benefits, if any, and n Deferred income tax expense, which represents the net change in the deferred tax asset or liability balance during the year, including any change in the valuation allowance. The table below presents the components of our federal income tax expense for the past three years. We are exempt from state and local income taxes. Table 13.1 - Federal Income Tax Expense Year Ended December 31, (In millions) 2024 2023 2022 Current income tax expense ($3,862) ($1,003) ($1,749) Deferred income tax expense 942 (1,658) (528) Total income tax expense ($2,920) ($2,661) ($2,277) Income tax expense increased from both 2023 to 2024 and 2022 to 2023 primarily due to an increase in pre-tax book income. The table below presents the reconciliation between our federal statutory income tax rate and our effective tax rate for the past three years. Table 13.2 - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate Year Ended December 31, 2024 2023 2022 (Dollars in millions) Amount Percent Amount Percent Amount Percent Statutory corporate tax rate ($3,103) 21.0 % ($2,772) 21.0 % ($2,437) 21.0 % Tax-exempt interest 8 (0.1) 10 (0.1) 7 (0.1) Tax credits 340 (2.3) 242 (1.8) 190 (1.6) Valuation allowance — — 16 (0.1) 18 (0.2) Proportional amortization of LIHTC investments (253) 1.7 (184) 1.4 (143) 1.2 Other 88 (0.5) 27 (0.2) 88 (0.7) Effective tax rate ($2,920) 19.8 % ($2,661) 20.2 % ($2,277) 19.6 % Deferred Tax Assets, Net We use the asset and liability method of accounting for income taxes for financial reporting purposes. Under this method, deferred tax assets and liabilities are recognized based upon the expected future tax consequences of existing temporary differences between the financial reporting and the tax reporting basis of assets and liabilities using enacted statutory tax rates as well as tax net operating loss and tax credit carryforwards, if any. To the extent tax laws change, deferred tax assets and liabilities are adjusted in the period that the tax change is enacted. The realization of our net deferred tax assets is dependent upon the generation of sufficient taxable income. The table below presents the balance of significant deferred tax assets and liabilities at December 31, 2024 and December 31, 2023. The valuation allowance relates to capital loss carryforwards included in Other items, net that we expect to expire unused. Table 13.3 - Deferred Tax Assets and Liabilities (In millions) December 31, 2024 December 31, 2023 Deferred tax assets: Deferred fees $1,699 $1,821 Basis differences related to derivative instruments 437 1,042 Credit related items and allowance for loan losses 1,360 863 Basis differences related to assets held-for-investment and held-for-sale 980 696 Other items, net 606 439 Total deferred tax assets 5,082 4,861 Deferred tax liabilities: Basis differences related to fair value hedge accounting (30) (749) Other items, net (17) (18) Total deferred tax liabilities (47) (767) Valuation allowance (17) (18) Deferred tax assets, net $5,018 $4,076 Valuation Allowance A valuation allowance is recorded to reduce the net deferred tax asset when it is more likely than not that all or part of our tax benefits will not be realized. On a quarterly basis, we determine whether a valuation allowance is necessary. In doing so, we consider all evidence available, both positive and negative, in determining whether, based on the weight of the evidence, it is more likely than not that the net deferred tax asset will be realized. We are not permitted to consider in our analysis the impacts proposed legislation may have on our business because the timing and certainty of those actions are unknown and beyond our control. Based on all positive and negative evidence available at December 31, 2024, we determined that it is more likely than not that our net deferred tax assets, except for the deferred tax asset related to our capital loss carryforwards, will be realized. A valuation allowance of $17 million has been recorded against our capital loss carryforward deferred tax asset. Unrecognized Tax Benefits We recognize a tax position taken or expected to be taken (and any associated interest and penalties) if it is more likely than not that it will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. We measure the tax position at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. We evaluated all income tax positions and determined that there were no uncertain tax positions that required reserves as of December 31, 2024.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 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. Segment Allocations and Results Our measure of segment profit and loss for each segment is net income and comprehensive income calculated using the same accounting policies we use to prepare our general purpose financial statements in conformity with GAAP. The results of each reportable segment include directly attributable revenues and expenses. We allocate interest expense and other funding and hedging-related costs and returns on certain investments to each reportable segment using a funds transfer pricing process. We fully allocate to each reportable segment administrative expenses and other centrally-incurred costs that are not directly attributable to a particular segment using various methodologies depending on the nature of the expense. As a result, the sum of each income statement line item for the two reportable segments is equal to that same income statement line item for the consolidated entity. Our CODM, a committee consisting of our CEO, President, and CFO, uses net income and comprehensive income to assess performance, such as by comparisons to expected results and results of other industry participants, and allocate resources. We measure total assets for our reportable segments based on the mortgage portfolio for each segment. We operate our business in the U.S. and its territories, and accordingly, we generate no revenue from and have no long-lived assets, other than financial instruments, in geographic locations other than the U.S. and its territories. The table below presents total assets for our Single-Family and Multifamily segments. Table 14.2 - Segment Assets (In millions) December 31, 2024 December 31, 2023 Single-Family $3,104,174 $3,038,910 Multifamily 466,635 440,797 Total segment assets 3,570,809 3,479,707 Reconciling items (1) (184,117) (198,731) Total assets per consolidated balance sheets $3,386,692 $3,280,976 (1)

Concentration of Credit and Oth

Concentration of Credit and Other Risks	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT AND OTHER RISKS	Concentration of Credit and Other Risks Concentrations of credit risk may arise when we do business with a number of customers or counterparties that engage in similar activities or have similar economic characteristics that make them vulnerable in similar ways to changes in industry conditions, which could affect their ability to meet their contractual obligations. Concentrations of credit risk may also arise when there are a limited number of counterparties in a certain industry. Based on our assessment of business conditions that could affect our financial results, we have determined that concentrations of credit risk exist among certain borrowers (including geographic concentrations), loan sellers and servicers, credit enhancement providers, and other investment counterparties. In the sections below, we discuss our concentration of credit risk for each of the groups to which we are exposed. For a discussion of our derivative counterparties, as well as related master netting and collateral agreements, see Note 9 . For a discussion of securities purchased under agreements to resell and other collateralized arrangements, see Note 10 . Single-Family Mortgage Portfolio Single-family borrowers are primarily affected by house prices and interest rates, which are influenced by economic factors. Geographic concentrations may increase the exposure of our portfolio to credit risk, as regional economic conditions may affect a borrower's ability to repay and the underlying property value. The table below summarizes the concentration by geographic area of our Single-Family mortgage portfolio. See Note 3 , Note 4 , Note 5 , and Note 6 for additional information about credit risk associated with single-family loans that we hold or guarantee. Table 15.1 - Concentration of Credit Risk of Our Single-Family Mortgage Portfolio December 31, 2024 (Dollars in millions) Portfolio UPB (1) % of Portfolio SDQ Rate Region (2) : West $918,364 30 % 0.44 % Northeast 716,810 23 0.62 Southeast 548,723 18 0.73 Southwest 466,599 15 0.63 North Central 453,343 14 0.58 Total $3,103,839 100 % 0.59 State: California $514,619 17 % 0.43 Texas 222,952 7 0.72 Florida 207,881 7 0.94 New York 135,095 4 0.88 Illinois 116,005 4 0.72 All other 1,907,287 61 0.55 Total $3,103,839 100 % 0.59 (1) Excludes UPB of loans underlying certain securitization products for which data was not available. (2) Multifamily Mortgage Portfolio Numerous factors affect the credit risk related to multifamily borrowers, including effective rents paid and capitalization rates for the mortgaged property. Effective rents paid vary among geographic regions of the United States. Geographic concentrations may increase the exposure of our portfolio to credit risk, as regional economic conditions may affect a multifamily borrower's ability to repay and the underlying property value. The a verage UPB for multifamily loans is significantly larger than for single-family loans and, therefore, individual defaults for multifamily borrowers can result in more significant losses. The table below summarizes the concentration by geographic area of our Multifamily mortgage portfolio. Table 15.2 - Concentration of Credit Risk of Our Multifamily Mortgage Portfolio December 31, 2024 (Dollars in millions) Portfolio UPB % of Portfolio Delinquency Rate (1) Region (2)(3) : Northeast $114,639 25 % 0.73 % West 113,427 24 0.16 Southwest 95,989 21 0.39 Southeast 95,681 20 0.17 North Central 46,899 10 0.67 Total $466,635 100 % 0.40 State (3) : California $60,980 13 % 0.23 Texas 60,505 13 0.45 Florida 40,332 9 0.14 New York 36,818 8 1.79 Georgia 19,752 4 0.08 All other 248,248 53 0.29 Total $466,635 100 % 0.40 (1) Based on loans two monthly payments or more delinquent or in foreclosure. (2) Region designation: Northeast (CT, DE, DC, MA, ME, MD, NH, NJ, NY, PA, RI, VT, VA, WV); West (AK, AS, AZ, CA, GU, HI, ID, MP, MT, NV, OR, UT, WA); Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY); Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, U.S. VI); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI). (3) Loans collateralized by properties located in multiple regions or states are reported entirely in the region or state with the largest UPB as of origination. In the Multifamily mortgage portfolio, concentration of credit risk depends on the legal structure of the investments we hold. Our exposure to credit risk in our senior subordinate securitization products is minimal, as the expected credit risk is generally absorbed by the subordinate tranches, which are typically sold to third-party investors. As a result, our Multifamily mortgage credit risk is primarily related to loans that have not been securitized or loans underlying our fully guaranteed securitizations. See Note 3 , Note 4 , Note 5 , and Note 6 for additional information about credit risk associated with multifamily loans that we hold or guarantee. Single-Family Sellers and Servicers We acquire a significant portion of our Single-Family loan purchase volume from several large sellers. Our top 10 sellers provided approximately 55% of our Single-Family purchase volume, including one seller that provided 10% or more of our Single-Family purchase volume during 2024. We purchase single-family loans from both depository and non-depository sellers. Non-depository institutions may not have the same financial strength or operational capacity, or be subject to the same level of regulatory oversight, as large depository institutions. Our top five non-depository sellers provided approximately 42% of our Single-Family purchase volume during 2024. If we discover that the representations or warranties related to a loan were breached (i.e., that contractual standards were not followed), we can exercise certain contractual remedies to mitigate our actual or potential credit losses. These contractual remedies may include, but are not limited to, the ability to require the seller or servicer to repurchase the loan at its current UPB, reimburse us for losses realized with respect to the loan after consideration of any other recoveries, and/or indemnify us. Our current remedies framework provides for the categorization of loan origination defects for loans with settlement dates on or after January 1, 2016. Among other items, the framework provides that "significant defects" may result in a repurchase request or a repurchase alternative, such as recourse or indemnification. We implemented a pilot program in 2024 that provides participating sellers with a fee-based alternative to performing loan repurchases. The pilot program continues to maintain the protections related to delinquent loans outlined in the selling and servicing representation and warranty framework for mortgage loans. Under our current selling and servicing representation and warranty framework for our mortgage loans, we relieve sellers of repurchase obligations for breaches of certain selling representations and warranties for certain types of loans, including: n Loans that have established an acceptable payment history for 36 months (12 months for relief refinance loans) of consecutive, on-time payments after purchase, subject to certain exclusions and n Loans that have satisfactorily completed a quality control review. Solely for the purpose of determining whether the acceptable payment history requirements are met, payments due during the COVID-19-related forbearance period are considered to have been made on time, provided that the mortgage was reported by the servicer as having entered into a COVID-19-related forbearance plan between March 13, 2020 and October 31, 2023 and met certain other criteria as described in our Guide. An independent dispute resolution process for alleged breaches of selling or servicing representations and warranties on our loans allows for a neutral third party to render a decision on demands that remain unresolved after the existing appeal and escalation processes have been exhausted. As of December 31, 2024, the UPB of loans subject to our repurchase requests issued to our Single-Family sellers and servicers was approximately $0.6 billion (this figure includes repurchase requests for which appeals were pending). During 2024, we recovered amounts with respect to $1.1 billion in UPB of loans subject to our repurchase requests. The ultimate amounts of recovery payments we receive from seller/servicers related to their repurchase obligations may be significantly less than the amount of our estimates of potential exposure to losses. Our expected credit losses for exposure to seller/servicers for their repurchase obligations are considered in our allowance for credit losses. See Note 6 for further information. We are also exposed to the risk that servicers might fail to service loans in accordance with the contractual requirements, resulting in increased credit losses. For example, our servicers have an active role in our loss mitigation efforts, and we, therefore, have exposure to them to the extent a decline in their performance results in a failure to realize the anticipated benefits of the loss mitigation plans. Since we do not have our own servicing operation, if our servicers lack appropriate controls, experience a failure in their controls, or experience an operating disruption in their ability to service loans, our business and financial results could be adversely affected. Several large servicers hold the rights to service significant portions of our single-family loans. Our top 10 servicers held the rights to service approximately 55% of our Single-Family mortgage portfolio, including one servicer that held servicing rights for 10% or more of our Single-Family mortgage portfolio as of December 31, 2024. Our servicers may choose to use sub-servicers to execute servicing on their behalf. We utilize both depository and non-depository servicers for single-family loans. Some of these non-depository servicers hold the rights to service a large share of our loans. As of December 31, 2024, approximately 29% of servicing rights for our Single-Family mortgage portfolio, excluding loans for which we do not exercise control over the associated servicing, was held by our five largest non-depository servicers, on a combined basis. We routinely monitor the performance of our largest non-depository servicers. For our mortgage-related securities, we guarantee the payment of principal and interest, and when the underlying borrowers do not make their mortgage payments, our Guide generally requires Single-Family servicers to advance the missed mortgage interest payments for up to 120 days. After this time, Freddie Mac will make the missed mortgage principal and interest payments until the mortgages are no longer held by the securitization trust. In addition to principal and interest payments, borrowers are also responsible for other expenses such as property taxes and homeowner's insurance premiums. When borrowers do not pay these expenses, our Guide generally requires Single-Family servicers to advance the funds for these expenses in order to protect or preserve our interest in or legal right to the properties. These advances are ultimately collectible from the borrowers. If the borrowers reperform through loan workout activities, the missed payments and incurred expenses will be collected from them. We will reimburse the servicers for the advanced amounts when uncollected from the borrowers at completion of foreclosures or foreclosure alternatives. On August 17, 2022, FHFA and Ginnie Mae issued a joint announcement of their updated minimum financial eligibility requirements for Enterprise seller/servicers and Ginnie Mae issuers. Freddie Mac announced the updated changes on September 21, 2022. The new requirements contain changes related to incorporating enhanced definitions of capital and liquidity, reducing the procyclicality of the current liquidity requirements, and incorporating lessons learned from the pandemic. They also require certain Ginnie Mae issuers that may also be Freddie Mac servicers to maintain a minimum risk-based capital ratio of 6%. They also include higher supplemental requirements applicable only to large non-depositories, defined as non-depositories having $50 billion or more of total single-family servicing UPB, as well as a new origination liquidity requirement for sellers that originate greater than $1 billion in single-family first lien mortgages in the most recent calendar year. The majority of the requirements became effective on September 30, 2023, while the risk-based capital ratio requirement became effective on December 31, 2024. Multifamily Sellers and Servicers We acquire a significant portion of our Multifamily loan purchase and guarantee volume from several large sellers. Our top 10 sellers provided approximately 70% of our Multifamily purchase and guarantee volume, including three sellers that each provided 10% or more of our Multifamily purchase and guarantee volume during 2024. Significant portions of our multifamily loans are serviced by several large servicers. Our top 10 servicers serviced approximately 77% of our Multifamily mortgage portfolio, including three servicers that each serviced 10% or more of our Multifamily mortgage portfolio as of December 31, 2024. Multifamily loans utilize both primary and master servicers. Primary servicers service unsecuritized mortgage loans and are also typically engaged by master servicers to service on their behalf the mortgage loans underlying securitizations. For a majority of our K Certificate securitizations, we utilize one of three large financial depository institutions as master servicer. However, one of these large depository institutions is in the process of selling their commercial mortgage servicing business (inclusive of the rights to master service certain K Certificate securitizations) to a non-depository institution with settlement expected in 2025, subject to customary closing conditions. For our other securitization products and a smaller number of K Certificate securitizations, we serve as master servicer. Multifamily primary servicers discussed above present potential operational risk and impact to the borrowers if the servicing needs to be transferred to another servicer. We also rely on master servicers of our multifamily securitization transactions to advance funds in the event of payment shortfalls, including principal and interest payments related to loans in forbearance. In instances where payment shortfalls occur, the master servicer is required to make advances as long as such advances have not been deemed unrecoverable. For multifamily loans purchased and held in our mortgage-related investments portfolio, the primary servicers are not required to advance funds in the event of payment shortfalls and, therefore, do not present significant counterparty credit risk from this source. Credit Enhancement Providers We have counterparty credit risk relating to the potential insolvency of, or nonperformance by, mortgage insurers that insure single-family loans we purchase or guarantee. We also have similar exposure to insurers and reinsurers through our ACIS and other insurance transactions where we purchase insurance policies as part of our CRT activities. We evaluate the recovery and collectability from mortgage insurers as part of the estimate of our allowance for credit losses. See Note 6 for additional information. As of December 31, 2024, mortgage insurers provided primary mortgage insurance coverage with maximum loss limits of $174.4 billion for $658.1 billion of UPB in connection with our Single-Family mortgage portfolio. These amounts are based on gross coverage without regard to netting of coverage that may exist to the extent an affected loan is covered under other types of insurance. Changes in our expectations related to recovery and collectability from our credit enhancement providers may affect our estimates of expected credit losses, perhaps significantly. The table below summarizes the concentration of mortgage insurer counterparties who provided 10% or more of our overall primary mortgage insurance coverage. Table 15.3 - Primary Mortgage Insurer Concentration Mortgage Insurance Coverage (1) Mortgage Insurer December 31, 2024 Mortgage Guaranty Insurance Corporation 18 % Radian Guaranty Inc. 17 Essent Guaranty, Inc. 17 Arch Mortgage Insurance Company 17 Enact 16 National Mortgage Insurance 15 Total 100 % (1) Coverage amounts exclude coverage primarily related to certain loans for which we do not control servicing, and may include coverage provided by affiliates and subsidiaries of the counterparty. As part of our ACIS transactions, we regularly obtain insurance coverage from global insurers and reinsurers. These transactions incorporate several features designed to increase the likelihood that we will recover on the claims we file with the insurers and reinsurers. In each transaction, we require the individual insurers and reinsurers to post collateral to cover portions of their exposure, which helps to promote certainty and timeliness of claim payment. While private mortgage insurance companies are required to be monoline (i.e., to participate solely in the mortgage insurance business, although the holding company may be a diversified insurer), many of our insurers and reinsurers in these transactions participate in multiple types of insurance businesses, which helps diversify their risk exposure. Other Investment Counterparties We are exposed to the non-performance of counterparties relating to other investments (including non-mortgage-related securities and cash equivalents) transactions, including those entered into on behalf of our securitization trusts. Our policies require that the counterparty be evaluated using our internal counterparty rating model prior to our entering such transactions. We monitor the financial strength of our counterparties to these transactions and may use collateral maintenance requirements to manage our exposure to individual counterparties. The permitted term and dollar limits for each of these transactions are also based on the counterparty's financial strength. Our other investments (including non-mortgage-related securities and cash equivalents) counterparties are primarily major institutions, including other GSEs, Treasury, the Federal Reserve Bank of New York, GSD/FICC, highly-rated supranational institutions, depository and non-depository institutions, brokers and dealers, and government money market funds. As of December 31, 2024, including amounts related to our consolidated VIEs, the balance in our other investments portfolio was $162.7 billion. The balance consists primarily of cash, securities purchased under agreements to resell, U.S. Treasury securities, cash deposited with the Federal Reserve Bank of New York, and secured lending activities.

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	NOTE 16 Fair Value Disclosures The accounting guidance for fair value measurements and disclosures defines fair value, establishes a framework for measuring fair value and sets forth disclosure requirements regarding fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or, in the absence of a principal market, in the most advantageous market for the asset or liability. We use fair value measurements for the initial recording of certain assets and liabilities and periodic remeasurement of certain assets and liabilities on a recurring or non-recurring basis. Fair Value Measurements The accounting guidance for fair value measurements and disclosures establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The levels of the fair value hierarchy are defined as follows in priority order: n Level 1 - Inputs to the valuation techniques are based on quoted prices in active markets for identical assets or liabilities. n Level 2 - Inputs to the valuation techniques are based on observable inputs other than quoted prices in active markets for identical assets or liabilities. n Level 3 - One or more inputs to the valuation technique are unobservable and significant to the fair value measurement. We use quoted market prices and valuation techniques that seek to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs. Our inputs are based on the assumptions a market participant would use in valuing the asset or liability. Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Valuation Risk and Controls Over Fair Value Measurements Valuation risk is the risk that fair values used for financial disclosures, risk metrics, and performance measures do not reasonably reflect market conditions and prices. We designed our control processes so that our fair value measurements are appropriate and reliable, that they are based on observable inputs where possible, and that our valuation approaches are consistently applied and the assumptions and inputs are reasonable. Our control processes provide a framework for segregation of duties and oversight of our fair value methodologies, techniques, validation procedures, and results. Groups within our Finance Division, independent of our business functions, execute and validate the valuation processes and are responsible for determining the fair values of the majority of our financial assets and liabilities. In determining fair value, we consider the credit risk of our counterparties in estimating the fair values of our assets and our own credit risk in estimating the fair values of our liabilities. The fair values determined by our Finance Division are further verified by an independent group within our ERM Division. The independent validation procedures performed by the ERM Division are intended to monitor that the prices we receive from third parties are consistent with our observations of market activity, and that fair value measurements developed using internal data reflect the assumptions that a market participant would use in pricing our assets and liabilities. These validation procedures include performing a daily price review and a monthly independent verification of fair value measurements through independent modeling, analytics, and comparisons to other market source data, if available. If we are unable to validate the reasonableness of a given price, we ultimately do not use that price for fair value measurements on our consolidated financial statements. These procedures are risk-based and are executed before we finalize the prices used in preparing our fair value measurements for our financial statements. In addition to performing the validation procedures noted above, the ERM Division provides independent risk governance over all valuation processes by establishing and maintaining a corporate-wide valuation risk policy. The ERM Division also independently reviews significant judgments, methodologies, and valuation techniques to monitor compliance with established policies. Our Valuation Risk Committee, which includes representation from our business lines, the ERM Division, and the Finance Division, provides senior management's governance over valuation processes, methodologies, controls, and fair value measurements. Identified exceptions are reviewed and resolved through the verification process and reviewed at the Valuation Risk Committee. Where models are employed to assist in the measurement and verification of fair values, changes made to those models during the period are reviewed and approved according to the corporate model change governance process, with material changes reviewed at the Valuation Risk Committee. Inputs used by models are regularly updated for changes in the underlying data, assumptions, valuation inputs, and market conditions and are subject to the valuation controls noted above. Use of Third-Party Pricing Data in Fair Value Measurement Many of our valuation techniques use, either directly or indirectly, data provided by third-party pricing services or dealers. The techniques used by these pricing services and dealers to develop the prices generally are either: n A comparison to recent transactions involving the instrument or transactions involving instruments with similar collateral and risk profiles, adjusted as necessary based on specific characteristics of the asset or liability being valued; or n Industry-standard modeling, such as a discounted cash flow model. The prices provided by the pricing services and dealers reflect their observations and assumptions related to market activity, including risk premiums and liquidity adjustments. The models and related assumptions used by the pricing services and dealers are owned and managed by them and, in many cases, the significant inputs used in the valuation techniques are not reasonably available to us. However, we have an understanding of the processes and assumptions used to develop the prices based on our ongoing due diligence, which includes discussions with our pricing services and dealers at least annually and often more frequently. We believe that the procedures executed by the pricing services and dealers, combined with our internal verification and analytical procedures, provide assurance that the prices used in our financial statements comply with the accounting guidance for fair value measurements and disclosures and reflect the assumptions that a market participant would use in pricing our assets and liabilities. The price quotes we receive are non-binding both to us and to our counterparties. In many cases, we receive quotes from third-party pricing services or dealers and use those prices without adjustment. For a large majority of the assets and liabilities we value using pricing services and dealers, we obtain quotes from multiple external sources and use the median of the prices to measure fair value. The significant inputs used in the fair value measurement of assets and liabilities that are valued using the external pricing sources technique are the third-party quotes. Significant increases (decreases) in any of the third-party quotes in isolation may result in a significantly higher (lower) fair value measurement. In limited circumstances, we may be able to receive pricing information from only a single external source. Valuation Techniques The following table contains a description of the valuation techniques we use for fair value measurement and disclosure; the significant inputs used in those techniques (if applicable); the classification within the fair value hierarchy; and, for those measurements that we report on our consolidated balance sheets and are classified as Level 3 of the hierarchy, a narrative description of the uncertainty of the fair value measurement to changes in significant unobservable inputs. Although the uncertainties of the unobservable inputs are discussed below in isolation, interrelationships exist among the inputs such that a change in one unobservable input can result in a change to one or more of the other inputs. For example, a common interrelationship that affects our fair value measurements is between future interest rates, prepayment speeds, and probabilities of default. Generally, a change in the assumption used for future interest rates results in a directionally opposite change in the assumption used for prepayment speeds and a directionally similar change in the assumption used for probabilities of default. Each technique discussed below may not be used in a given reporting period, depending on the composition of our assets and liabilities measured at fair value and relevant market activity during that period. Instrument Valuation Technique Classification in the Fair Value Hierarchy Investment Securities U.S. Treasury Securities Quoted prices in active markets Level 1 Mortgage-related securities Majority of mortgage-related securities External pricing sources Level 2 or 3 Certain securities with limited market activity Discounted cash flows or risk metric pricing. Level 3 Mortgage Loans Single-Family loans GSE securitization market Benchmark security pricing for actively traded mortgage-related securities with similar characteristics, adjusting for the value of our guarantee fee and our credit obligation related to performing our guarantee (see Guarantee obligations). The credit obligation is based on compensation we charge under current market pricing for loans that qualify under our current underwriting standards (Level 2) and internal credit models for loans that do not qualify under our current underwriting standards (Level 3). Level 2 or 3 Whole loan market External pricing sources, referencing market activity for deeply delinquent and modified loans, where available. Level 3 Certain held-for-investment Internal models that estimate the fair value of the underlying collateral for impaired loans. Significant inputs used by our internal models include REO disposition, short sale, and third-party sale values, combined with mortgage loan level characteristics using the repeat housing sales index to estimate the current fair value of the mortgage loan. Significant increases (decreases) in the historical average sales proceeds per mortgage loan in isolation would result in significantly higher (lower) fair value measurements. Level 3 Multifamily loans Held-for-sale Discounted cash flows based on observable K Certificate market spreads. Level 2 Market prices from a third-party pricing service using discounted cash flows incorporating credit spreads for similar loans based on the loan's LTV ratio and DSCR. Level 3 Held-for-investment Discounted cash flows based on observable K Certificate market spreads. Level 2 Market prices from a third-party pricing service using discounted cash flows incorporating credit spreads for similar loans based on the loan's LTV ratio and DSCR. Level 3 Debt Debt of consolidated trusts See Mortgage-related securities Level 2 or 3 Debt of Freddie Mac External pricing sources Level 2 Published yield matrices Instrument Valuation Technique Classification in the Fair Value Hierarchy Other Assets / Other Liabilities Derivatives Exchange-traded futures Quoted prices in active markets Level 1 Interest-rate swaps Discounted cash flows. Significant inputs include market-based interest rates. Level 2 Option-based derivatives Option-pricing models. Significant inputs include interest-rate volatility matrices. Level 2 Purchase and sale commitments See Mortgage-related securities Level 2 Loan commitments Multifamily loan purchase commitments See Multifamily loans Level 2 or 3 Guarantee assets Single-Family External pricing sources with adjustments for specific loan characteristics. Level 3 Multifamily Discounted cash flows. Significant inputs include current OAS-to-benchmark interest rates for new guarantees. Significant increases (decreases) in the OAS in isolation would result in a significantly lower (higher) fair value measurement. Level 3 Guarantee obligations Single-Family Delivery and guarantee fees that we charge under our current market pricing. Level 2 Internal credit models. Significant inputs include loan characteristics, loan performance, and status information. Level 3 Multifamily Discounted cash flows. Significant inputs are similar to those used in the valuation technique for the Multifamily guarantee assets. Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis The table below presents our assets and liabilities measured on our 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 16.1 - Assets and Liabilities Measured at Fair Value on a Recurring Basis December 31, 2024 (In millions) Level 1 Level 2 Level 3 Netting Adjustment (1) Total Assets: Investment securities: Available-for-sale $— $3,316 $583 $— $3,899 Trading: Mortgage-related securities — 6,131 3,027 — 9,158 Non-mortgage-related securities 42,289 425 — — 42,714 Total trading securities 42,289 6,556 3,027 — 51,872 Total investment securities 42,289 9,872 3,610 — 55,771 Mortgage loans held-for-sale — 10,099 1,295 — 11,394 Mortgage loans held-for-investment — 1,572 841 — 2,413 Other assets: Guarantee assets — — 5,126 — 5,126 Derivative assets, net 9 6,387 94 (5,989) 501 Other assets — 24 219 — 243 Total other assets 9 6,411 5,439 (5,989) 5,870 Total assets carried at fair value on a recurring basis $42,298 $27,954 $11,185 ($5,989) $75,448 Liabilities: Debt: Debt of consolidated trusts $— $1,996 $17 $— $2,013 Debt of Freddie Mac — 241 85 — 326 Total debt — 2,237 102 — 2,339 Other liabilities: Derivative liabilities, net — 7,116 120 (6,282) 954 Other liabilities — 5 19 — 24 Total other liabilities — 7,121 139 (6,282) 978 Total liabilities carried at fair value on a recurring basis $— $9,358 $241 ($6,282) $3,317 December 31, 2023 (In millions) Level 1 Level 2 Level 3 Netting Adjustment (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 Level 3 Fair Value Measurements The table below presents a reconciliation of all assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis using significant unobservable inputs (Level 3), including transfers into and out of Level 3. The table also presents gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our consolidated statements of income for Level 3 assets and liabilities. Table 16.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs Year Ended December 31, 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 December 31, 2024 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2024 (In millions) Included in Included in Other Assets Investment securities $3,449 ($435) ($3) $816 $— $— ($207) $— ($10) $3,610 $54 ($2) Mortgage loans held-for-sale 896 (20) — 2,156 — (1,557) (1) 35 (214) 1,295 (35) — Mortgage loans held-for-investment 473 (42) — — — — (241) 688 (37) 841 (43) — Other assets 5,519 181 — (14) 628 (14) (861) — — 5,439 172 — Total assets $10,337 ($316) ($3) $2,958 $628 ($1,571) ($1,310) $723 ($261) $11,185 $148 ($2) Liabilities Total liabilities $496 $29 $— $13 $69 $— ($41) $— ($325) $241 ($6) $— Year Ended December 31, 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 December 31, 2023 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2023 (In millions) Included in Included in Other Assets Investment securities $3,625 ($538) ($5) $634 $— $— ($225) $— ($42) $3,449 $112 ($4) Mortgage loans held-for-sale 310 6 — 2,038 — (1,152) (24) 12 (294) 896 32 — Mortgage loans held-for-investment 110 (81) — — — — (15) 530 (71) 473 (84) — Other assets 5,573 138 — (20) 736 (3) (905) — — 5,519 137 — Total assets $9,618 ($475) ($5) $2,652 $736 ($1,155) ($1,169) $542 ($407) $10,337 $197 ($4) Liabilities Total liabilities $485 ($27) $— ($3) $98 $— ($57) $— $— $496 ($51) $— Year Ended December 31, 2022 Balance, Total Realized/Unrealized Gains/Losses (1) Purchases Issues Sales Settlements, Transfers Transfers Balance, Change in Unrealized Gains/Losses (1) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2022 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2022 (In millions) Included in Included in Other Assets Investment securities $4,672 ($1,279) ($103) $894 $— ($86) ($483) $30 ($20) $3,625 ($596) ($41) Mortgage loans held-for-sale — (54) — — — (94) (26) 486 (2) 310 (53) — Mortgage loans held-for-investment — (27) — — — — (12) 149 — 110 (27) — Other assets 6,020 (721) — (13) 1,233 (10) (936) — — 5,573 (721) — Total assets $10,692 ($2,081) ($103) $881 $1,233 ($190) ($1,457) $665 ($22) $9,618 ($1,397) ($41) Liabilities Total liabilities $318 $93 $— ($20) $163 $— ($69) $— $— $485 $124 $— (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 December 31, 2024, December 31, 2023, and December 31, 2022, respectively. 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 consolidated balance sheets at fair value on a recurring basis. Table 16.3 - Quantitative Information about Recurring Level 3 Fair Value Measurements December 31, 2024 Level 3 Predominant Unobservable Inputs ( Dollars in millions , except for certain unobservable inputs as shown) Type Range Weighted (1) Assets Investment securities $2,344 External pricing sources Price $0.0 - $3,652.7 $99.1 1,266 Other Mortgage loans held-for-sale 1,295 External pricing sources Price $87.8 - $104.4 $96.4 Mortgage loans held-for-investment 841 External pricing sources Price $29.2 - $100.0 $83.1 Other assets 4,816 Discounted cash flows OAS 17 - 3,500 bps 48 bps 623 Other Total level 3 assets $11,185 Liabilities Total level 3 liabilities $241 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) Assets Investment securities $2,574 External pricing sources Price $0.0 - $4,471.7 $133.8 875 Other Mortgage loans held-for-sale 896 External pricing sources Price $59.3 - $110.4 $100.3 Mortgage loans held-for-investment 473 External pricing sources Price $24.7 - $99.2 $74.7 Other assets 5,014 Discounted cash flows OAS 17 - 233 bps 47 bps 505 Other Total level 3 assets $10,337 Liabilities Total level 3 liabilities $496 (1) Unobservable inputs were weighted primarily by the relative fair value of the financial instruments. Assets Measured at Fair Value on a Non-Recurring Basis We may be required, from time to time, to measure certain assets at fair value on a non-recurring basis. These adjustments usually result from the application of lower-of-cost-or-fair-value accounting or an allowance for credit losses based on the fair value of the underlying collateral. Certain of the fair values in the tables below were not obtained as of the period end, but were obtained during the period. The table below presents assets measured on our consolidated balance sheets at fair value on a non-recurring basis. Table 16.4 - Assets Measured at Fair Value on a Non-Recurring Basis December 31, 2024 December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Mortgage loans (1) $— $303 $1,474 $1,777 $— $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 consolidated balance sheets at fair value on a non-recurring basis. Table 16.5 - Quantitative Information about Non-Recurring Level 3 Fair Value Measurements December 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 $1,292 External pricing sources Price $74.1 - $100.4 $82.3 182 Other Total $1,474 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 External pricing sources Price $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, secured lending, and certain debt, the carrying value on our GAAP balance sheets approximates fair value, as these assets and liabilities are short-term in nature and have limited fair value volatility. Table 16.6 - Fair Value of Financial Instruments December 31, 2024 GAAP Measurement Category (1) Carrying Amount (2) Fair Value (In millions) Level 1 Level 2 Level 3 Netting Adjustments (3) Total Financial assets Cash and cash equivalents Amortized cost $5,534 $5,534 $— $— $— $5,534 Securities purchased under agreements to resell Amortized cost 100,118 — 108,338 — (8,220) 100,118 Investments securities: Available-for-sale FV - OCI 3,899 — 3,316 583 — 3,899 Trading FV - NI 51,872 42,289 6,556 3,027 — 51,872 Total investments securities 55,771 42,289 9,872 3,610 — 55,771 Mortgage loans: Mortgage loans held-for-sale 15,560 — 11,943 3,764 — 15,707 Mortgage loans held-for-investment, net of allowance for credit losses 3,172,329 — 2,469,708 286,371 — 2,756,079 Total mortgage loans Various (4) 3,187,889 — 2,481,651 290,135 — 2,771,786 Other assets: Guarantee assets FV - NI 5,126 — — 5,128 — 5,128 Derivative assets, net FV - NI 501 9 6,387 94 (5,989) 501 Other assets (5) Various 1,801 — 323 1,607 — 1,930 Total other assets 7,428 9 6,710 6,829 (5,989) 7,559 Total financial assets $3,356,740 $47,832 $2,606,571 $300,574 ($14,209) $2,940,768 Financial liabilities Debt: Debt of consolidated trusts $3,122,941 $— $2,699,412 $380 $— $2,699,792 Debt of Freddie Mac 182,008 — 187,287 3,283 (8,220) 182,350 Total debt Various (6) 3,304,949 — 2,886,699 3,663 (8,220) 2,882,142 Other liabilities: Guarantee obligations Amortized cost 5,072 — 98 6,362 — 6,460 Derivative liabilities, net FV - NI 954 — 7,116 120 (6,282) 954 Other liabilities (5) FV - NI 23 — 701 109 — 810 Total other liabilities 6,049 — 7,915 6,591 (6,282) 8,224 Total financial liabilities $3,310,998 $— $2,894,614 $10,254 ($14,502) $2,890,366 December 31, 2023 GAAP Measurement Category (1) Carrying Amount (2) Fair Value (In millions) Level 1 Level 2 Level 3 Netting Adjustments (3) 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 Investments 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 investments 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 (4) 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 (5) 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 (6) 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 (5) 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) Excludes allowance for credit losses on off-balance sheet credit exposure. (3) Represents counterparty netting and cash collateral netting, and includes accrued interest receivable and payable. (4) The GAAP carrying amounts measured at amortized cost, lower-of-cost-or-fair-value, and FV - NI were $3.2 trillion, $4.2 billion and $13.8 billion as of December 31, 2024, respectively, and $3.1 trillion, $5.6 billion and $9.2 billion as of December 31, 2023, respectively. (5) For other assets, includes advances to lenders, secured lending, and loan commitments. For other liabilities, includes loan commitments. (6) The GAAP carrying amounts measured at amortized cost and FV - NI were $3.3 trillion and $2.3 billion as of December 31, 2024, respectively, and $3.2 trillion and $2.5 billion as of December 31, 2023, respectively. Fair Value Option We elected the fair value option for certain mortgage loans and loan commitments and certain debt issuances. Mortgage Loans and Loan Commitments We elected the fair value option for certain fixed-rate multifamily loan purchase commitments and certain multifamily loans that were acquired for securitization to offset the changes in fair value of the derivatives that we use to economically hedge the interest rate risk of the loans and commitments. The multifamily loans are classified either as held-for-investment or as held-for-sale on our consolidated balance sheets based on management's intent and ability and are measured at fair value on a recurring basis, with subsequent gains or losses related to changes in fair value (net of accrued interest income) reported in investment gains, net, on our consolidated statements of income. We elected to report separately the portion of the changes in fair value of the loans related to accrued interest from the remaining changes in fair value. Related interest income continues to be reported, based on the stated terms of the loans, as interest income on our consolidated statements of income. The multifamily loan commitments are included in other assets or liabilities on our consolidated balance sheets and are measured at fair value on a recurring basis, with subsequent gains or losses related to changes in fair value included in investment gains, net, on our consolidated statements of income. Debt of Consolidated Trusts and Debt of Freddie Mac We elected the fair value option on debt that contains embedded derivatives, including certain STACR and SCR debt notes, and certain other debt issuances. Fair value changes are recorded in investment gains, net, on our consolidated statements of income. For debt where we have elected the fair value option, The table below presents the fair value and UPB related to items for which we have elected the fair value option. Table 16.7 - Difference between Fair Value and UPB for Certain Financial Instruments with Fair Value Option Elected (1) December 31, 2024 December 31, 2023 (In millions) Fair value UPB Difference Fair value UPB Difference Mortgage loans held-for-sale $11,394 $11,470 ($76) $7,356 $7,080 $276 Mortgage loans held-for-investment 2,413 2,710 (297) 1,806 2,095 (289) Debt of Freddie Mac 152 150 2 240 234 6 Debt of consolidated trusts 1,689 1,817 (128) 1,705 1,799 (94) Other assets (other liabilities) 1 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 consolidated statements of income. Table 16.8 - Changes in Fair Value under the Fair Value Option Election December 31, 2024 December 31, 2023 December 31, 2022 (In millions) Gains (losses) Mortgage loans held-for-sale ($189) ($59) ($987) Mortgage loans held-for-investment (39) (29) (154) Debt of Freddie Mac 14 30 (30) Debt of consolidated trusts 51 (6) 458 Other assets/other liabilities 516 207 (362) 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	12 Months Ended
	Dec. 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. On May 3, 2024, defendants filed motions for summary judgment, which remain pending. The trial in the District Court is scheduled to begin on October 6, 2025. 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. The Class Plaintiffs and Individual Plaintiffs (collectively "Plaintiffs") in 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. Court rulings limited the Plaintiffs’ damages theories to those based on the decline in Freddie Mac’s and Fannie Mae’s share value immediately after the Third Amendment. The Plaintiffs asserted losses based on the decline in value of Freddie Mac’s common and junior preferred stock from August 16 to August 17, 2012. During the trial in October and early November 2022, the Plaintiffs requested that the jury award $832 million plus pre-judgment interest as damages against Freddie Mac. The jury in that trial was not able to reach a unanimous verdict and on November 7, 2022 the judge declared a mistrial. The retrial started on July 24, 2023. On August 14, 2023, the jury returned a verdict against FHFA, Fannie Mae, and Freddie Mac awarding compensatory damages of $282 million to Freddie Mac junior preferred shareholders and $31 million to Freddie Mac common shareholders. The jury declined to award the Freddie Mac shareholders prejudgment interest. In 2023, we recorded a $313 million accrual in other expense on our condensed consolidated statements of income for the adverse judgment. On March 20, 2024, the District Court entered final judgment. On April 17, 2024, the defendants filed a motion requesting entry of judgment in their favor notwithstanding the jury verdict, which has been fully briefed.

Regulatory Capital

Regulatory Capital	12 Months Ended
	Dec. 31, 2024
Compliance with Regulatory Capital Requirements - ERCF [Abstract]
REGULATORY CAPITAL	ERCF The GSE Act specifies certain capital requirements for us and authorizes FHFA to establish other capital requirements as well as to increase our minimum capital levels or to establish additional capital and reserve requirements for particular purposes. In October 2008, FHFA suspended capital classification of us during conservatorship, in light of the Purchase Agreement. FHFA established the ERCF as a new enterprise regulatory capital framework for Freddie Mac and Fannie Mae in December 2020. Our current capital levels are below the levels that would be required under the ERCF. The ERCF has a transition period for compliance, and we are not required to comply with the regulatory capital requirements or the buffer requirements while in conservatorship. In general, the compliance date for the regulatory capital requirements will be the later of the date of termination of our conservatorship and any later compliance date provided in a transition order, and the compliance date for buffer requirements in the ERCF will be the date of termination of our conservatorship. With respect to the ERCF's advanced approaches requirements, the compliance date is January 1, 2028 or any later compliance date specified by FHFA. The ERCF establishes risk-based and leverage capital requirements and includes capital requirements relating to the amount and form of the capital we hold, based largely on definitions of capital used in U.S. banking regulators' regulatory capital framework. The ERCF capital requirements contain both statutory capital elements (total capital and core capital) and regulatory capital elements (CET1 capital, Tier 1 capital, and adjusted total capital). The ERCF also includes a requirement that we hold prescribed capital buffers that can be drawn down in periods of financial stress and then rebuilt over time as economic conditions improve. If we fall below the prescribed buffer amounts, we must restrict capital distributions such as stock repurchases and dividends, as well as discretionary bonus payments to executives, until the buffer amounts are restored. Risk-Based Capital Requirements Under the ERCF risk-based capital requirements, we must maintain our CET1 capital, Tier 1 capital, and adjusted total capital ratios equal to at least 4.5%, 6.0%, and 8.0%, respectively, of RWA. We must also maintain statutory total capital equivalent to at least 8.0% of the total RWA. To avoid limitations on capital distributions and discretionary bonus payments tied to executive compensation, we also must maintain CET1 capital that exceeds the risk-based capital requirements by at least the amount of the PCCBA. The PCCBA consists of three separate component buffers—a stress capital buffer, a stability capital buffer, and a countercyclical capital buffer. n The stress capital buffer must be at least 0.75% of our ATA as of the last day of the previous calendar quarter. FHFA will periodically re-size the stress capital buffer to the extent that FHFA’s eventual program for supervisory stress tests determines that our peak capital exhaustion under a severely adverse stress scenario would exceed 0.75% of ATA. n The stability capital buffer is tailored to the risk that our default or other financial distress could pose to the liquidity, efficiency, competitiveness, or resiliency of national housing finance markets. The stability capital buffer is based on our share of residential mortgage debt outstanding. As of December 31, 2024, our stability capital buffer was 0.75% of ATA. n The countercyclical capital buffer is currently set at 0.0% of our ATA. FHFA has indicated that it will adjust the countercyclical capital buffer taking into account the macro-financial environment in which we operate, such that the buffer would be deployed only when excess aggregate credit growth is judged to be associated with a build-up of system-wide risk. Leverage Capital Requirements Under the ERCF leverage capital requirements, we must maintain our Tier 1 capital ratio equal to at least 2.5% of ATA. We must also maintain our statutory core capital ratio equal to at least 2.5% of ATA. To avoid limitations on capital distributions and discretionary bonus payments tied to executive compensation, we also must maintain Tier 1 capital that exceeds the leverage capital requirements by at least the amount of the PLBA. The PLBA is equal to 50% of our stability capital buffer. Capital Metrics The table below presents our capital metrics under the ERCF. Table 18.1 - ERCF Available Capital and Capital Requirements (In billions) December 31, 2024 December 31, 2023 Adjusted total assets $3,817 $3,775 Risk-weighted assets (standardized approach) 1,118 1,009 December 31, 2024 Amounts Ratios (Dollars in billions) Available 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 ($6) $89 $89 (0.5) % 8.0 % 8.0 % CET1 capital (32) 50 107 (2.9) 4.5 9.6 Tier 1 capital (18) 67 124 (1.6) 6.0 11.1 Adjusted total capital (18) 89 146 (1.6) 8.0 13.1 Leverage capital: Core capital (13) 95 95 (0.3) 2.5 2.5 Tier 1 capital (18) 95 109 (0.5) 2.5 2.9 December 31, 2023 Amounts Ratios (Dollars in billions) Available 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 11,858	$ 10,538	$ 9,327

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Cybersecurity Risk Management and Strategy We manage cybersecurity risk using a three lines risk management model and governance structure that is integrated into our enterprise-wide Risk Framework with oversight by the Board of Directors and its committees and senior management positions, including our EVP – EO&T and Chief Information Security Officer (who reports to our EVP – EO&T). For additional information on our enterprise Risk Framework, see Risk Management – Overview , Risk Management – Enterprise Risk Framework , and Risk Management – Enterprise Risk Governance Structure . Our cybersecurity program continues to evolve based on the changing needs of our business, the evolving threat landscape, and the evolving legal and regulatory requirements. Our cybersecurity program is designed to implement a defense in depth strategy. This approach employs overlapping layers of protection at the perimeter, network, platform, application, and data levels with security incident response and identity lifecycle management employed at all levels. This strategy is designed so that if one safeguard fails then additional layers are in place to prevent, detect or mitigate risks from cybersecurity threats. Our key capabilities include solutions designed to protect our perimeter and network, manage our authentication and access, scan to identify vulnerabilities, monitor and respond to suspicious activity and protect our most sensitive data. We validate our capabilities according to the Risk Framework and use third-party vendors and service providers to help enhance our cybersecurity capabilities and to assist us with cybersecurity program assessments and testing. Our cybersecurity program is also designed to align with the National Institute of Standards and Technology 800-53 moderate baseline control framework. We exercise due diligence over our third parties and service providers, including risk assessments and contractual expectations. However, our control over the security posture of our third-party vendors and service providers and their supply chain connections is limited. Material Effects from Cybersecurity Incidents Our operations rely on the secure, accurate and timely receipt, storage, transmission, use, disclosure, and other processing of confidential and other information (including personal information) in our systems and networks. We also rely on the secure, accurate and timely receipt, storage, transmission, use, disclosure, and other processing of confidential and other information (including personal information) in the systems and networks of our customers and third parties, including suppliers, sellers and servicers, financial market utilities, and other third parties. Cybersecurity risks for companies like ours continue to increase. Like many companies and government entities, from time to time we have been, and expect to continue to be, the target of attempted cybersecurity incidents and other information security threats, including those from nation-state and nation-state supported actors. With respect to third parties, there can be no assurance that we can prevent, mitigate, or remediate the risk of any compromise or failure in the systems, networks, and other technology assets owned or controlled by our third parties. To date, we are not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect the company, including our business strategy, results of operations, or financial condition. However, there is no assurance that our cybersecurity risk management program will prevent cybersecurity incidents from having such impacts in the future. For additional information, see Risk Factors - Operational Risks - Cybersecurity threats are changing rapidly and advancing in sophistication. We may not be able to protect our systems and networks, or the confidentiality of our confidential or other information (including personal information), from cybersecurity incidents and other unauthorized access, disclosure, and disruption. Cybersecurity Governance The Board of Directors and two of its committees, the Operations and Technology and Risk Committees, oversee the company's information and cybersecurity operations and risks from cybersecurity threats by receiving periodic reports from our EVP – EO&T, the Chief Information Security Officer, and other members of management. Management Our management is responsible for assessing and managing cybersecurity risks by establishing and maintaining processes and programs designed to prevent, detect, respond to, and mitigate potential cybersecurity risks. Senior management is regularly informed by our cybersecurity personnel on cybersecurity matters. Our management also engages in periodic cybersecurity exercises and internal cybersecurity incident simulations, including tabletop exercises relating to cyberattacks, ransomware, and other security events. Escalation of specific incidents from our cybersecurity personnel to senior management follow written, risk-based procedures. Our management periodically reports to the Board of Directors, and its committees. These reports include information regarding management's ongoing efforts to manage cybersecurity risk and the steps management has taken towards addressing and mitigating the evolving cybersecurity threat environment. Management discusses cybersecurity developments with the Chairs of the Operations and Technology Committee and the Risk Committee and other Board members between Board and committee meetings, as necessary. Our cybersecurity personnel, and those senior managers who oversee them, including our EVP – EO&T and Chief Information Security Officer, possess demonstrated expertise with cybersecurity matters. For example, our Chief Information Security Officer and members of the Chief Information Security Officer’s leadership team have, on average, over 15 years of work experience in information security or cybersecurity fields and achieved such professional certifications as Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), and Factor Analysis of Information Risk (FAIR). For additional information on the background of our EVP - EO&T, see Directors, Corporate Governance, and Executive Officers - Executive Officers . Board of Directors As discussed above, the Operations and Technology Committee and Risk Committee are the committees of the Board of Directors that oversee our cybersecurity risks. Members of the Board of Directors also receive reports from management regarding certain internal and industry-wide trends and exercises relating to these matters to assist with their oversight responsibilities. The company has written, risk-based procedures to escalate information regarding certain cybersecurity incidents to the appropriate Board members in a timely fashion. Board members have also participated in cybersecurity training exercises. Additionally, certain Board members are informed of, and have an opportunity to provide feedback on management's internal cybersecurity incident simulations referenced above. The Board of Directors and its committees also have authority, as they deem appropriate, to fulfill Board or committee responsibilities, to engage outside consultants or advisors, including technology and cybersecurity experts, and oversee the company's information security program. See Directors, Corporate Governance, and Executive Officers - Corporate Governance - Board of Directors and Board Committee Information for additional information on the Board of Directors' committees.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We manage cybersecurity risk using a three lines risk management model and governance structure that is integrated into our enterprise-wide Risk Framework with oversight by the Board of Directors and its committees and senior management positions, including our EVP – EO&T and Chief Information Security Officer (who reports to our EVP – EO&T).
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance The Board of Directors and two of its committees, the Operations and Technology and Risk Committees, oversee the company's information and cybersecurity operations and risks from cybersecurity threats by receiving periodic reports from our EVP – EO&T, the Chief Information Security Officer, and other members of management. Management Our management is responsible for assessing and managing cybersecurity risks by establishing and maintaining processes and programs designed to prevent, detect, respond to, and mitigate potential cybersecurity risks. Senior management is regularly informed by our cybersecurity personnel on cybersecurity matters. Our management also engages in periodic cybersecurity exercises and internal cybersecurity incident simulations, including tabletop exercises relating to cyberattacks, ransomware, and other security events. Escalation of specific incidents from our cybersecurity personnel to senior management follow written, risk-based procedures. Our management periodically reports to the Board of Directors, and its committees. These reports include information regarding management's ongoing efforts to manage cybersecurity risk and the steps management has taken towards addressing and mitigating the evolving cybersecurity threat environment. Management discusses cybersecurity developments with the Chairs of the Operations and Technology Committee and the Risk Committee and other Board members between Board and committee meetings, as necessary. Our cybersecurity personnel, and those senior managers who oversee them, including our EVP – EO&T and Chief Information Security Officer, possess demonstrated expertise with cybersecurity matters. For example, our Chief Information Security Officer and members of the Chief Information Security Officer’s leadership team have, on average, over 15 years of work experience in information security or cybersecurity fields and achieved such professional certifications as Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), and Factor Analysis of Information Risk (FAIR). For additional information on the background of our EVP - EO&T, see Directors, Corporate Governance, and Executive Officers - Executive Officers . Board of Directors As discussed above, the Operations and Technology Committee and Risk Committee are the committees of the Board of Directors that oversee our cybersecurity risks. Members of the Board of Directors also receive reports from management regarding certain internal and industry-wide trends and exercises relating to these matters to assist with their oversight responsibilities. The company has written, risk-based procedures to escalate information regarding certain cybersecurity incidents to the appropriate Board members in a timely fashion. Board members have also participated in cybersecurity training exercises. Additionally, certain Board members are informed of, and have an opportunity to provide feedback on management's internal cybersecurity incident simulations referenced above. The Board of Directors and its committees also have authority, as they deem appropriate, to fulfill Board or committee responsibilities, to engage outside consultants or advisors, including technology and cybersecurity experts, and oversee the company's information security program. See Directors, Corporate Governance, and Executive Officers - Corporate Governance - Board of Directors and Board Committee Information
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors and two of its committees, the Operations and Technology and Risk Committees, oversee the company's information and cybersecurity operations and risks from cybersecurity threats by receiving periodic reports from our EVP – EO&T, the Chief Information Security Officer, and other members of management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management periodically reports to the Board of Directors, and its committees. These reports include information regarding management's ongoing efforts to manage cybersecurity risk and the steps management has taken towards addressing and mitigating the evolving cybersecurity threat environment. Management discusses cybersecurity developments with the Chairs of the Operations and Technology Committee and the Risk Committee and other Board members between Board and committee meetings, as necessary.Members of the Board of Directors also receive reports from management regarding certain internal and industry-wide trends and exercises relating to these matters to assist with their oversight responsibilities. The company has written, risk-based procedures to escalate information regarding certain cybersecurity incidents to the appropriate Board members in a timely fashion. Board members have also participated in cybersecurity training exercises. Additionally, certain Board members are informed of, and have an opportunity to provide feedback on management's internal cybersecurity incident simulations referenced above. The Board of Directors and its committees also have authority, as they deem appropriate, to fulfill Board or committee responsibilities, to engage outside consultants or advisors, including technology and cybersecurity experts, and oversee the company's information security program.
Cybersecurity Risk Role of Management [Text Block]	Management Our management is responsible for assessing and managing cybersecurity risks by establishing and maintaining processes and programs designed to prevent, detect, respond to, and mitigate potential cybersecurity risks. Senior management is regularly informed by our cybersecurity personnel on cybersecurity matters. Our management also engages in periodic cybersecurity exercises and internal cybersecurity incident simulations, including tabletop exercises relating to cyberattacks, ransomware, and other security events. Escalation of specific incidents from our cybersecurity personnel to senior management follow written, risk-based procedures. Our management periodically reports to the Board of Directors, and its committees. These reports include information regarding management's ongoing efforts to manage cybersecurity risk and the steps management has taken towards addressing and mitigating the evolving cybersecurity threat environment. Management discusses cybersecurity developments with the Chairs of the Operations and Technology Committee and the Risk Committee and other Board members between Board and committee meetings, as necessary. Our cybersecurity personnel, and those senior managers who oversee them, including our EVP – EO&T and Chief Information Security Officer, possess demonstrated expertise with cybersecurity matters. For example, our Chief Information Security Officer and members of the Chief Information Security Officer’s leadership team have, on average, over 15 years of work experience in information security or cybersecurity fields and achieved such professional certifications as Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), and Factor Analysis of Information Risk (FAIR). For additional information on the background of our EVP - EO&T, see Directors, Corporate Governance, and Executive Officers - Executive Officers
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity personnel, and those senior managers who oversee them, including our EVP – EO&T and Chief Information Security Officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity personnel, and those senior managers who oversee them, including our EVP – EO&T and Chief Information Security Officer, possess demonstrated expertise with cybersecurity matters. For example, our Chief Information Security Officer and members of the Chief Information Security Officer’s leadership team have, on average, over 15 years of work experience in information security or cybersecurity fields and achieved such professional certifications as Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), and Factor Analysis of Information Risk (FAIR).
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Escalation of specific incidents from our cybersecurity personnel to senior management follow written, risk-based procedures.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with GAAP and include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of our 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. 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.
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted Cash and Cash Equivalents	Cash collateral accepted from counterparties that we do not have the right to use for general corporate purposes is classified as restricted cash and cash equivalents on our consolidated balance sheets. Restricted cash and cash equivalents includes cash remittances received from servicers of the underlying assets of our consolidated trusts which are deposited into a separate custodial account. We invest the cash held in the custodial account in short-term investments; and we are entitled to the interest income earned on these short-term investments, which is recorded as interest income on our consolidated statements of income.
Comprehensive Income	Comprehensive Income
Recently Adopted or Issued Accounting Guidance	Recently Adopted Accounting Guidance Standard Description Date of Adoption 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 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 The adoption of these amendments did not have a material effect on our consolidated financial statements. In connection with the adoption of these amendments, we have reclassified certain amounts within non-interest expense in our consolidated statements of income to better present the significant drivers of our non-interest expense activity. Prior period amounts have been reclassified to conform to the current period presentation. See Note 14 for the incremental disclosures required by this ASU. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Date of Planned Adoption Effect on Consolidated Financial Statements 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 ASU 2024-03 , Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses The amendments in this Update require disaggregated disclosures for certain expense categories. December 31. 2026 We do not expect the adoption of these amendments to have a material effect on our consolidated financial statements.
Consolidation, Variable Interest Entity, Policy	Securitization and Consolidation 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. Our primary business activities in the Single-Family and Multifamily segments involve the securitization of loans or other mortgage-related assets using trusts that are VIEs. These trusts issue beneficial interests in the loans or other mortgage-related assets that they own. We guarantee the principal and interest payments on some or all of the issued beneficial interests in substantially all of our securitization transactions. We also use trusts that are VIEs in certain CRT products. Consolidated VIEs We consolidate VIEs when we have a controlling financial interest in the VIE and are therefore considered the primary beneficiary of the VIE. We are the primary beneficiary of a VIE when we have both the power to direct the activities of the VIE that most significantly impact its economic performance and exposure to losses or benefits of the VIE that could potentially be significant to the VIE. We evaluate whether we are the primary beneficiary of VIEs in which we have interests at both inception and on an ongoing basis, and the primary beneficiary determination may change over time as our interest in the VIE changes. Generally, the assets of our consolidated VIEs can be used only to settle obligations of the VIE, and the creditors of our consolidated VIEs have recourse to the general credit of Freddie Mac only to the extent that we have provided a guarantee to the VIE. When we consolidate a VIE, we recognize the assets and liabilities of the VIE on our consolidated balance sheets and account for those assets and liabilities based on the applicable GAAP for each specific type of asset or liability. Assets and liabilities that we transfer to a VIE at, after, or shortly before the date we become the primary beneficiary of the VIE are initially measured at the same amounts that they would have been measured if they had not been transferred, and no gain or loss is recognized on these transfers. For all other VIEs that we consolidate, we recognize the assets and liabilities of the VIE at fair value, and we recognize a gain or loss for the difference between: n The sum of the fair value of the consideration paid, the fair value of any noncontrolling interests, and the reported amount of any previously held interests and n The fair value of the net identifiable assets recognized. Single-Family Securitization Products Level 1 Securitization Products Level 1 Securitization Products consist of UMBS, 55-day MBS, ARM PCs and Gold PCs, which are all pass-through debt securities that represent undivided beneficial interests in a pool of loans held by a securitization trust. All Level 1 Securitization Products are backed only by mortgage loans we have acquired. We serve as both administrator and guarantor for these trusts. As administrator, we have the right to establish servicing terms and direct loss mitigation activities for the loans held by these trusts. As guarantor, we guarantee the payment of principal and interest on these securities in exchange for a guarantee fee, and we have the right to purchase delinquent loans from the trust to help improve the economic performance of the trust. We absorb all credit losses of these trusts through our guarantee of the principal and interest payments. The economic performance of these trusts is most significantly affected by the performance of the underlying loans. Our rights as administrator and guarantor provide us with the power to direct the activities that most significantly affect the performance of the underlying loans. We also have the obligation to absorb losses of these trusts that could potentially be significant through our guarantee of principal and interest payments. Accordingly, we concluded that we are the primary beneficiary of and, therefore, consolidate these trusts. Other Securitization Products Multifamily Securitization Products Multifamily PCs Multifamily PCs are fully guaranteed pass-through securities with a 55-day payment delay that are collateralized by a single underlying mortgage loan held by a securitization trust. We serve as both administrator and guarantor for these trusts. As administrator, we have the right to establish servicing terms and direct loss mitigation activities for the loans held by these trusts. As guarantor, we guarantee the payment of principal and interest on these securities in exchange for a guarantee fee, and we have the right to purchase a delinquent loan from the trust. We absorb all credit losses of these trusts through our guarantee of the principal and interest payments. The economic performance of these trusts is most significantly affected by the performance of the underlying loans. Our rights as administrator and guarantor provide us with the power to direct the activities that most significantly affect the performance of the underlying loans. We also have the obligation to absorb losses of these trusts that could potentially be significant through our guarantee of principal and interest payments. Accordingly, we concluded that we are the primary beneficiary of and, therefore, consolidate these trusts. K Certificates and Other Securitization Products We are the primary beneficiary of and, therefore, consolidate the trusts used to issue fully guaranteed K Certificates and certain of our Multifamily other securitization products when we have the ability to direct the activities that most significantly affect the economic performance of the VIEs and we have the obligation to absorb credit losses through our guarantee of the issued securities. WI K-Deal Certificates In a WI K-Deal Certificate transaction, we forward sell a K Certificate to be issued in the future to WI K Certificate investors thereby reducing our exposure to future changes in interest rates and K Certificate spreads. The WI K-Deal trust simultaneously issues guaranteed securities (WI Certificates). The economic performance of our WI K-Deal trusts is most significantly affected by the performance of the underlying assets. We manage the underlying assets of the trust prior to the delivery of the K Certificate and determine which K Certificate will be delivered into the trust. Therefore, we have the power to direct the activities that are most significant to the WI K-Deal trust. We also initially have economic exposure to the variability of the trust through our guarantee of the issued WI Certificates. As a result, we are the primary beneficiary of and, therefore, initially consolidate the trusts used to issue WI Certificates. Upon delivering the K Certificate into the trust, we no longer have a variable interest and therefore deconsolidate the WI K-Deal trust. Nonconsolidated VIEs Single-Family Securitization Products We do not consolidate certain of our Single-Family other securitization products, including senior subordinate securitizations backed by seasoned loans, because we do not have the ability to direct the loss mitigation activities of the underlying loans, which is the most significant activity affecting the economic performance of the VIE. When we sell loans in this type of transaction, we derecognize the transferred loans and account for our guarantee to the nonconsolidated VIE. We account for our investments in the beneficial interests issued by the nonconsolidated VIE, if any, as investments in debt securities. We also do not consolidate the trusts used to issue certain other types of our Single-Family other securitization products when we do not have the ability to direct the activities that most significantly affect the economic performance of the VIE. Resecuritization Products We create resecuritization products primarily by using Level 1 Securitization Products, our previously issued resecuritization products, or similar TBA-eligible products issued and guaranteed by Fannie Mae as the underlying collateral. In a typical resecuritization transaction, previously issued Level 1 Securitization Products or resecuritization products are transferred to a resecuritization trust that issues beneficial interests in the underlying collateral. We establish parameters that define eligibility standards for assets that may be used as collateral for each of our resecuritization programs. Resecuritization products can then be created based on the parameters that we have established. Similar to our Level 1 Securitization Products, we guarantee the payment of principal and interest to the investors in our resecuritization products. The main types of resecuritization products we create are single-class resecuritization products (Supers, Giant MBS, and Giant PCs) and multiclass resecuritization products (REMICs and Strips). n Single-class resecuritization products - These securities are direct pass-throughs of the cash flows of the underlying collateral, which may be previously issued Level 1 Securitization Products, single-class resecuritization products, or similar TBA-eligible products issued and guaranteed by Fannie Mae. We do not consolidate the trusts used in these transactions unless we have the unilateral ability to liquidate the trust (for example if we own all of the trust's issued beneficial interests), as these transactions do not result in any new or incremental risk to the holders of the securities issued by the resecuritization trust and because we are not exposed to any incremental rights to receive benefits or obligations to absorb losses that could be significant to the resecuritization trust. We account for purchases of single-class resecuritization products that we issue that are substantially the same as the underlying collateral as debt extinguishment of a pro-rata portion of the underlying Level 1 Securitization Product. We account for purchases of single-class resecuritization products that we issue that are not considered substantially the same as the underlying collateral as investments in debt securities. Single-class resecuritization products that we issue that are backed entirely by Freddie Mac collateral are considered substantially the same as the underlying collateral, while commingled single-class resecuritization products that we issue are not considered substantially the same as the underlying collateral. n Multiclass resecuritization products - These securities are multiclass resecuritizations of the cash flows of the underlying collateral, which may be previously issued Level 1 Securitization Products, single-class resecuritization products, multiclass resecuritization products, or similar TBA-eligible products issued and guaranteed by Fannie Mae. The activity that most significantly impacts the economic performance of our multiclass resecuritization trusts is typically the initial design and structuring of the trust. Substantially all multiclass resecuritization trusts are created as part of transactions in which an investor or dealer participates in the decisions made during the design and establishment of the trust. As a result, we do not have the unilateral ability to direct the activities of our multiclass resecuritization trusts that most significantly impact the economic performance of those trusts. In addition, unless we retain a portion of the issued multiclass resecuritization products, we do not have the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts because we have already provided a guarantee on the underlying assets. As a result, we have concluded that we are not the primary beneficiary of our multiclass resecuritization trusts and, therefore, do not consolidate those trusts unless we have the unilateral ability to liquidate the trust. When we purchase a multiclass resecuritization product as an investment in our mortgage-related investments portfolio, we record the security as an investment in debt securities rather than extinguishment of debt since we are investing in the debt securities of a nonconsolidated entity. Similarly, sales of multiclass resecuritization products previously held as investments in our mortgage-related investments portfolio are accounted for as sales of investments in debt securities. See Note 7 for additional information on accounting for investments in debt securities. CRT Products We transfer credit risk exposure on certain mortgage loans that we own or guarantee using CRT products, including STACR Trust notes. In STACR Trust notes transactions, a trust issues credit-linked notes whose repayments are based on the credit performance of a reference pool of mortgage loans. The trust uses the proceeds from the issuance of the notes to purchase short-term eligible investments and makes periodic payments of principal and interest on the notes to investors. We make payments to the trust to support payment of the interest due on the notes, and we receive payments from the trust that otherwise would have been made to the noteholders to the extent there are credit events on the mortgages in the reference pool. The note balances are reduced by the amount of the payments to us. The trust was designed to create and pass along to its interest holders the variability related to the credit risk of the mortgages in the reference pool. We do not have a variable interest in the risk that the trust was designed to create and pass along to its interest holders or the power to direct the activities that most significantly affect the economic performance of the VIE. As a result, we do not consolidate the trusts used in the STACR Trust note transactions. We account for our obligations to make certain payments to the STACR Trust note VIEs to support payment of the interest due on the notes as derivative instruments. We account for our rights to receive payments from the STACR Trust note VIEs to the extent there are credit events on the mortgages in the reference pool as freestanding credit enhancement contracts. Freestanding contracts are entered into separately and apart from any other financial instrument or in conjunction with some other transaction and are legally detachable and separately exercisable. We recognize the payments we make to transfer credit risk under freestanding credit enhancements, which primarily consist of STACR Trust notes and ACIS transactions in Single-Family, in credit enhancement expense in our consolidated statements of income when they are incurred. We recognize expected recoveries from such transactions in other assets with an offsetting reduction to non-interest expense, at the same time that we recognize an allowance for credit losses on the covered loans, measured on the same basis as the allowance for credit losses on the covered loans. Credit enhancements that are not freestanding contracts are considered when measuring our allowance for credit losses. See Note 6 for additional information on credit enhancements that are not freestanding contracts. Multifamily Securitization Products K Certificates In a senior subordinate K Certificate transaction, we sell multifamily loans to a non-Freddie Mac trust that issues senior and subordinate securities, and simultaneously purchase and place the senior securities into a Freddie Mac trust that issues guaranteed K Certificates. In these transactions, we guarantee the senior securities issued by the non-Freddie Mac trust but do not issue or guarantee the subordinate securities. We receive a guarantee fee in exchange for our guarantee. In certain of our K Certificate securitizations, we may also serve as master servicer. However, in contrast to most single-family transactions, the rights to direct loss mitigation activities of the underlying loans and to purchase delinquent loans from the securitization trust are generally held by the investor in the most subordinate remaining securities issued by the non-Freddie Mac trust, and therefore we do not have the power to direct those activities unless we are the investor in the most subordinate remaining securities. We do not typically invest in the subordinate securities issued in our K Certificate transactions. The economic performance of our K Certificate trusts is most significantly affected by the performance of the underlying loans. We do not consolidate our K Certificate securitization trusts that have subordination because we do not have the ability to direct the loss mitigation activities of the underlying loans, which is the most significant activity affecting the economic performance of the VIE. When we sell loans in a senior subordinate K Certificate transaction, we derecognize the transferred loans and account for our guarantee to the nonconsolidated VIE. We account for our investments in the beneficial interests issued by the trusts used in our senior subordinate K Certificate transactions as investments in debt securities. Other Securitization Products We do not consolidate the trusts used to issue our other securitization products when we do not have the ability to direct the activities that most significantly affect the economic performance of the VIE. For those products, we account for our guarantee to the nonconsolidated VIE. We account for our investments in the beneficial interests issued by the trusts used in our other securitization products as investments in debt securities. CRT Products In Multifamily, we may transfer credit risk on certain mortgage loans that we own or guarantee by entering into MSCR note transactions, which are similar to STACR Trust note transactions in Single-Family. We do not consolidate the trusts used in MSCR note transactions and account for MSCR note transactions in the same manner as we account for STACR Trust note transactions.
Transfers and Servicing of Financial Assets, Policy	Loans held by these trusts are recognized on our consolidated balance sheets as mortgage loans held-for-investment. The corresponding securities held by third parties are recognized on our consolidated balance sheets as debt. We extinguish the outstanding debt of the related consolidated trust and recognize gains or losses on debt extinguishment for the difference between the consideration paid and the debt carrying value when we purchase these securities as investments in our mortgage-related investments portfolio. Sales of these securities that were previously held as investments in our mortgage-related investments portfolio are accounted for as debt issuances.
Revenue from Contract with Customer	With the exception of commingled securities, our investments in, and guarantees of, securities issued by resecuritization trusts do not create any incremental exposure to loss because we already guarantee the underlying collateral. As a result, we do not receive any incremental guarantee fees in exchange for our guarantee, and, accordingly, we do not recognize any additional guarantee assets, guarantee obligations, or reserves for guarantee losses related to resecuritization trusts. In a typical multiclass resecuritization, we receive a one-time transaction fee which represents compensation for both the structuring and creation of the securities and for our ongoing administrative responsibilities to service the securities. We recognize the portion of the transaction fee related to creation of the securities immediately in earnings. We defer the portion of the fee related to ongoing administrative responsibilities and amortize it over the life of the associated trust. When we issue commingled resecuritization products, our guarantee of the Fannie Mae securities used as collateral creates incremental exposure to loss because our guarantee covers timely payment of principal and interest on such products from underlying Fannie Mae securities. If Fannie Mae were to fail to make a payment on a Fannie Mae security that we resecuritized, we would be responsible for making the payment. However, we view the likelihood of being required to perform on our guarantee of Fannie Mae securities as remote due to both Freddie Mac and Fannie Mae being under the common control of FHFA, and due to Fannie Mae’s status as a GSE and the funding commitment available to it through its senior preferred stock purchase agreement with Treasury. We did not charge an incremental fee for commingled securities issued prior to July 1, 2022; however, effective July 1, 2022, we began to charge a fee for any commingled security issued after that date.
Mortgage Loans	We own both single-family loans, which are secured by one- to four-unit residential properties, and multifamily loans, which are secured by properties with five or more residential rental units. Our single-family loans are predominantly first lien, fixed-rate loans secured by the borrower's primary residence. We do not typically acquire loans that have experienced more-than-insignificant deterioration in credit quality since origination as of our acquisition date, although we may acquire such loans in connection with certain of our securitization activities or other mortgage-related guarantees. Upon acquisition, we classify a loan as either held-for-investment or held-for-sale. Loans that we have the ability and intent to hold for the foreseeable future, including loans held by consolidated trusts and loans we intend to securitize using an entity we will consolidate, are classified as held-for-investment. Loans that we intend to sell are classified as held-for-sale. Held-for-investment loans for which we have not elected the fair value option are reported on our consolidated balance sheets at their amortized cost basis, net of the allowance for credit losses. The amortized cost basis is based on a loan's outstanding UPB, net of deferred fees and other cost basis adjustments (including unamortized premiums and discounts, fees we receive or pay when we acquire loans, commitment-related derivative basis adjustments, hedge accounting-related basis adjustments, and other pricing adjustments), excluding accrued interest receivable. Accrued interest receivable for both held-for-investment and held-for-sale loans is separately presented on our consolidated balance sheets and excluded for the purposes of disclosure of the amortized cost basis of mortgage loans held-for-investment. Held-for-sale loans for which we have not elected the fair value option are reported at lower-of-cost-or-fair-value determined on an individual loan basis on our consolidated balance sheets. Any excess of a held-for-sale loan's cost over its fair value is recognized as a valuation allowance in investment gains, net on our consolidated statements of income, with subsequent changes in this valuation allowance also being recorded in investment gains, net. Premiums, discounts, and other cost basis adjustments (including lower-of-cost-or-fair-value adjustments) are deferred and not amortized. We elect the fair value option for certain multifamily loans. Loans for which we have elected the fair value option are measured at fair value on a recurring basis, with subsequent gains or losses related to changes in fair value reported in investment gains, net on our consolidated statements of income. All fees, upfront costs, and other cost basis adjustments are recognized in earnings as incurred. Cash flows related to loans originally classified as held-for-investment are classified as either investing activities (e.g., principal repayments) or operating activities (e.g., interest payments received from borrowers included within net income) on our consolidated statements of cash flows. Cash flows related to loans originally classified as held-for-sale are classified as operating activities on our consolidated statements of cash flows. We reclassify loans from held-for-investment to held-for-sale depending on our intent and ability to hold the loan for the foreseeable future. Upon reclassification from held-for-investment to held-for-sale, we perform a collectability assessment. When we determine that a loan to be reclassified has experienced more-than-insignificant deterioration in credit quality since origination, the excess of the loan’s amortized cost basis over its fair value is written off against the allowance for credit losses prior to the reclassification. If the charge-off amount exceeds the existing allowance for credit losses amount, an additional provision for credit losses is recognized. Any remaining allowance for credit losses after the charge-off is reversed through provision for credit losses. We reclassify loans from held-for-sale to held-for-investment when we have both the intent and ability to hold the loan for the foreseeable future. Upon reclassification from held-for-sale to held-for-investment, we reverse the loan’s held-for-sale valuation allowance, if any, and establish an allowance for credit losses as needed.
Allowance for Loan Losses Policy	Allowance for Credit Losses For financial assets measured at amortized cost, we recognize an allowance for credit losses that is deducted from or added to the amortized cost basis of the financial asset to present the net amount expected to be collected on the financial asset on the balance sheet. Allowance for Credit Losses Methodology We recognize changes in the allowance for credit losses through provision or benefit for credit losses on our consolidated statements of income. Mortgage Loans Held-for-Investment Our allowance for credit losses on mortgage loans pertains to single-family and multifamily loans classified as held-for-investment for which we have not elected the fair value option. We measure the allowance for credit losses on a pooled basis when our loans share similar risk characteristics. We record charge-offs in the period in which a loan is deemed uncollectible. Proceeds received in excess of amounts previously written off are recorded as a decrease to non-interest expense on our consolidated statements of income. Single-Family We estimate the allowance for credit losses for single-family loans on a pooled basis using a discounted cash flow model that evaluates a variety of factors to estimate the cash flows we expect to collect. If we determine that foreclosure on the underlying collateral is probable, we measure the allowance for credit losses for single-family loans based upon the fair value of the collateral, less costs to sell, adjusted for estimated proceeds from credit enhancements that are not freestanding contracts. The discounted cash flow model we use to estimate the single-family loan allowance for credit losses forecasts cash flows over the loan’s remaining contractual term, adjusted for expectations of prepayments. As a result, we do not revert to historical loss information for single-family loans. Cash flow estimates are discounted at the loan’s prepayment-adjusted effective interest rate, which is adjusted for projections in the underlying benchmark interest rate for adjustable-rate loans. We project cash flows we expect to collect using our historical experience (which includes the effects of natural disasters), such as historical default rates and severity of loss, based on loan characteristics, such as current LTV ratios, delinquency status, geography, and borrowers' credit scores. These cash flow estimates incorporate probability of default and severity of losses and are adjusted for current and forecasted economic conditions, such as current and forecasted interest rates and house price growth rates, and estimated recoveries from loss mitigation activities, credit enhancements that are not freestanding contracts, and disposition of collateral, less estimated disposition costs. Our estimate of expected credit losses is sensitive to changes in forecasted house price growth rates, which affect both the probability of default and severity of expected credit losses, and changes in forecasted interest rates, as declining (increasing) interest rates typically result in higher (lower) expected prepayments and a shorter (longer) estimated loan life, and therefore lower (higher) expected credit losses. Our forecast of house price growth rates leverages an internally based model and uses a nationwide house price growth forecast for the next three years. A Monte Carlo simulation generates many possible house price scenarios for up to 40 years for each MSA. These scenarios are used to estimate loan-level expected future cash flows and credit losses based on each loan’s individual characteristics. Our forecast of interest rates incorporates various interest rate scenarios over the remaining contractual life of the loan based on current interest rates and implied market volatilities. These projections require significant management judgment. We rely on third parties to provide certain model inputs used in our projections. At loan delivery, the seller provides us with loan data, which includes borrower and loan characteristics and underwriting information. Each subsequent month, the servicers provide us with monthly loan-level servicing data, including delinquency and loss information. We review the outputs of our model by considering qualitative factors such as current economic events and other external factors to determine whether the model outputs are consistent with our expectations. Further management adjustments may be necessary to take into consideration the qualitative factors that have occurred but that are not yet reflected in the factors used to derive the model outputs or the uncertainty inherent in our projections. Significant judgment is exercised in making these adjustments. Credit enhancements that are not freestanding contracts are obtained contemporaneously with, and in contemplation of, the origination of a financial instrument, and effectively travel with the financial instrument upon sale. Credit enhancements that are not freestanding contracts include primary mortgage insurance, which provides us with loan-level protection up to a specified percentage. Expected recoveries from credit enhancements that are not freestanding contracts are considered in determining the allowance for loan losses as discussed above, resulting in a reduction in the recognized provision for credit losses by the amount of the expected recoveries. Subsequent to foreclosure and charge-off of the allowance for credit losses, we reclassify expected recoveries from credit enhancements that were not freestanding contracts and were previously offset against the allowance for credit losses as separate receivables. We do not consider potential recoveries from freestanding credit enhancement contracts when measuring our allowance for credit losses. Multifamily We estimate the allowance for credit losses for multifamily loans using a loss-rate method to estimate the net amount of cash flows we expect to collect over the loan's remaining contractual terms, adjusted for expectations of prepayments. As a result, we do not revert to historical loss information for multifamily loans. The loss-rate method is based on a probability of default and loss given default framework that estimates credit losses by considering a loan’s underlying characteristics, our historical experience (which includes the effects of natural disasters), and current and forecasted economic conditions. Loan characteristics considered by our model include vintage, loan term, current DSCR, current NOI, current LTV ratio, interest rate type, underlying property type, and property location. We simulate multiple forecast paths of economic variables, property values, and NOI over the loan's remaining contractual life. We also consider as model inputs expected prepayments and expected recoveries from credit enhancements that are not freestanding contracts. Our loss rates incorporate our own historical loan performance data, along with published historical commercial loan performance data where our data might be limited. Except for cases of fraud and certain other types of borrower defaults, most multifamily loans are nonrecourse to the borrower. As a result, the cash flows of the underlying property (including any credit enhancements that are not freestanding contracts) serve as the primary source of funds for repayment of the loan. For loans where we determined that the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the operation or sale of the collateral, we measure the allowance for credit losses using the fair value of the underlying collateral, less estimated costs to sell, adjusted for estimated proceeds from credit enhancements that are not freestanding contracts. Factors considered by management in determining whether a borrower is experiencing financial difficulty include the borrower’s current payment status and an evaluation of the underlying property's operating performance as represented by its current DSCR, its available credit enhancements, the current LTV ratio, the management of the underlying property, and the property's geographic location. We review the outputs of our model considering qualitative factors such as current economic events and other factors not considered within the model to determine whether the model outputs are consistent with our expectations. Further management adjustments may be necessary to take into consideration the qualitative factors that have occurred but that are not yet reflected in the factors used to derive the model outputs or the uncertainty inherent in our projections. Significant judgment is exercised in making these adjustments. Advances of Pre-foreclosure Costs We may incur expenses related to a mortgage loan subsequent to its original acquisition but prior to foreclosure (pre-foreclosure costs). These expenses are incurred generally to protect or preserve our interest or legal right in or to the property prior to foreclosure, such as property taxes or homeowner's insurance premiums owed by the borrower. Many of these expenses are advanced by the servicer and are reimbursable from the borrower. If the borrower ultimately defaults, we reimburse the servicer for the advances it has made. Upon advance by the servicer, we recognize a receivable for the amounts due from the borrower and a payable for amounts due to the servicer. We recognize an allowance for credit losses for amounts that we do not ultimately expect to collect from the borrower. Off-Balance Sheet Credit Exposures We recognize an allowance for credit losses on off-balance sheet credit exposures for our guarantees that are not measured at fair value and other off-balance sheet arrangements based on expected credit losses over the contractual period in which we are exposed to credit risk through a present contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. We include this allowance for credit losses on off-balance sheet credit exposures within other liabilities on our consolidated balance sheets, with changes recognized through provision or benefit for credit losses on our consolidated statements of income. Our methodologies for estimating the allowance for credit losses on off-balance sheet credit exposures for our Single-Family and Multifamily guarantees are generally consistent with our methodologies for estimating the allowance for credit losses for single-family mortgage loans and multifamily mortgage loans, respectively. We obtain credit enhancements for certain of our guarantees through the creation of unguaranteed subordinated securities issued by nonconsolidated securitization trusts that absorb first losses prior to us having to perform on our guarantee of the senior securities. We consider the effect of subordination and other credit enhancements that are not freestanding contracts when measuring the allowance for credit losses on off-balance sheet credit exposures and, as a result, recognize such an allowance only if expected credit losses exceed the remaining amount of subordination. For many of our guarantees, expected credit losses do not exceed the remaining amount of subordination. We have not recorded an allowance for credit losses on our guarantees of Fannie Mae securities due to the support provided to Fannie Mae by the U.S. government, the importance of Fannie Mae to the liquidity and stability of the U.S. housing market, and the long history of zero credit losses on Fannie Mae securities.
Non-Accrual Loans	Interest Income We recognize interest income on an accrual basis except when we believe the collection of principal and interest in full is not reasonably assured, which generally occurs when a loan is three monthly payments or more past due, at which point we place the loan on non-accrual status unless the loan is well secured and in the process of collection based upon an individual loan assessment. A loan is considered past due if a full payment of principal and interest is not received within one month of its due date. We charge off outstanding accrued interest receivable through interest income when loans are placed on non-accrual status and recognize interest income on a cash basis while a loan is on non-accrual status. Cost basis adjustments on held-for-investment loans are amortized into interest income over the contractual life of the loan using the effective interest method. No amortization is recognized during periods in which a loan is on non-accrual status. A non-accrual loan is returned to accrual status when the collectability of principal and interest in full is reasonably assured. For single-family loans, we generally determine that collectability is reasonably assured when the loan returns to current payment status. For multifamily loans, the collectability of principal and interest is considered reasonably assured based on an analysis of the factors specific to the loan being assessed. Upon a loan's return to accrual status, all previously reversed interest income is recognized and amortization of any basis adjustments into interest income is resumed.
Loan Restructurings	Loan Restructurings We evaluate all loan restructurings according to the accounting guidance for loan refinancing and restructuring to determine whether the restructuring should be accounted for as a new loan or a continuation of the existing loan. We derecognize the existing loan and account for the restructured loan as a new loan if the effective yield on the restructured loan is at least equal to the effective yield for comparable loans with similar collection risks and the modifications to the original loan are more than minor. If a loan restructuring does not meet these conditions, we carryforward the existing loan’s amortized cost basis and account for the restructured loan as a continuation of the existing loan. Substantially all of our loan restructurings involving borrowers experiencing financial difficulty are accounted for as a continuation of the existing loan. The discounted cash flow model we use in measuring our Single-Family allowance for credit losses forecasts cash flows we expect to collect using our historical experience, including the effects of our loss mitigation activities involving borrowers experiencing financial difficulty. When we account for a loan restructuring as a continuation of the existing loan, we update the loan’s effective interest rate based on the restructured terms and recognize interest income prospectively using the new effective rate. We also update the prepayment-adjusted effective interest rate used to discount cash flows in measuring our allowance for credit losses to reflect the loan’s restructured terms. For loans that were restructured and accounted for as TDRs prior to our adoption of ASU 2022-02, and that have not been subsequently restructured, we continue to use the loan's prepayment-adjusted effective interest rate just prior to restructuring, with no adjustments for changes resulting from the restructuring. As a result, we continue to measure an allowance for credit losses for the economic concession granted to a borrower for changes in the timing and amount of contractual cash flows for such legacy TDR loans.
Guarantees, Indemnifications and Warranties Policies	Guarantees and Other Off-Balance Sheet Credit Exposures Our guarantee activities primarily consist of mortgage-related guarantees in which we agree to absorb the credit risk of mortgage loans or other mortgage-related assets. In exchange for providing this guarantee, we receive an upfront or ongoing guarantee fee that is designed to be commensurate with the risks assumed and that will, over the long-term, provide us with cash flows that are expected to exceed the credit-related and administrative expenses of the underlying financial instruments. The profitability of our guarantee activities may vary and will depend on a number of factors, including our guarantee fee and the actual credit performance of the underlying financial instruments that we have guaranteed. We do not separately recognize guarantees to consolidated VIEs as we have already recognized the assets and liabilities of those VIEs on our consolidated balance sheets. When we issue a guarantee to a nonconsolidated VIE or other third party that exposes us to incremental credit risk, we recognize both a guarantee obligation at fair value and the consideration we receive for providing the guarantee, which typically consists of a guarantee asset that represents the fair value of future guarantee fees. As a practical expedient, the measurement of the fair value of the guarantee obligation is set equal to the consideration we receive to provide the guarantee, and no gain or loss is recognized upon issuance of the guarantee. Subsequently, we recognize changes in the fair value of the guarantee asset in current period earnings and amortize the guarantee obligation into earnings as we are released from risk under the guarantee. We also recognize an allowance for expected credit losses over the contractual period in which we are exposed to credit risk. See Note 6 for additional information on our allowance for credit losses on financial guarantees and other off-balance sheet credit exposures.
Investments in Securities	We currently classify and account for our securities as either available-for-sale or trading. Securities classified as trading are reported at fair value with changes in fair value included in investment gains, net, in our consolidated statements of income. Securities classified as available-for-sale are reported at fair value with changes in fair value included in AOCI, net of taxes. See Note 16 for additional information on how we determine the fair value of securities. We record purchases and sales of non-mortgage-related securities on the trade date. We record purchases and sales of mortgage-related securities on the expected settlement date, with a corresponding derivative recorded on the trade date. We recognize interest income using the effective interest method, which considers the contractual terms of the security. Deferred items, including premiums, discounts, and other basis adjustments, are amortized into interest income over the contractual lives of the securities. We recognize interest income using the prospective effective interest method for securities that can contractually be prepaid or otherwise settled in such a way that we may not recover substantially all of our recorded investment. Under this method, we recognize as interest income, over the expected life of the securities, the excess of the cash flows expected to be collected over the securities' carrying value. We update our estimates of expected cash flows periodically and recognize changes in the calculated effective interest rate on a prospective basis. We classify the cash flows related to both available-for-sale and trading securities as investing activities because we hold these securities for investment purposes. In cases where the transfer of a security represents a secured borrowing, we classify the related cash flows as financing activities. Gains and losses on the sale of securities are included in investment gains, net, including those gains (losses) reclassified into earnings from AOCI. We use the specific identification method for determining the cost basis of a security in computing the gain or loss.
Debt Securities Issued	Our debt is reported at amortized cost, with the exception of certain debt for which we elected the fair value option. Deferred items, including premiums, discounts, issuance costs, and hedge accounting-related basis adjustments, are reported as a component of total debt. These items are amortized and reported through interest expense using the effective interest method over the contractual life of the related indebtedness. Amortization of premiums, discounts, and issuance costs begins at the time of debt issuance. Amortization of hedge accounting-related basis adjustments begins upon the discontinuation of the related hedge relationship. We elected the fair value option on debt that contains embedded derivatives and certain other debt issuances. Changes in the fair value of these debt obligations are recorded in investment gains, net, with any upfront costs and fees incurred or received in exchange for the issuance of the debt being recognized in earnings as incurred and not deferred. Related interest expense continues to be reported as interest expense based on the stated terms of the debt securities. For additional information on our election of the fair value option, see Note 16 . When we repurchase or call outstanding debt securities, we recognize the difference between the amount paid to redeem the debt security and the carrying value in earnings as a component of investment gains, net. Contemporaneous transfers of cash between us and a creditor in connection with the issuance of a new debt security and satisfaction of an existing debt security are accounted for as either an extinguishment or a modification of an existing debt security. If the debt securities have substantially different terms, the transaction is accounted for as an extinguishment of the existing debt security. The issuance of a new debt security is recorded at fair value, fees paid to the creditor are expensed as incurred, and fees paid to third parties are deferred and amortized into interest expense over the life of the new debt security using the effective interest method. If the terms of the existing debt security and the new debt security are not substantially different, the transaction is accounted for as a modification of the existing debt. Fees paid to the creditor are deferred and amortized into interest expense over the life of the modified debt security using the effective interest method and fees paid to third parties are expensed as incurred. We also engage in transactions whereby we enter into an agreement to sell and subsequently repurchase (or purchase and subsequently resell) agency securities. When these transactions involve securities issued by consolidated entities, they are treated as issuances and extinguishments of debt.
Derivatives	We evaluate whether financial instruments that we purchase or issue contain embedded derivatives. We generally elect to measure newly acquired or issued financial instruments that contain embedded derivatives at fair value, with changes in fair value recorded in earnings. On our consolidated statements of cash flows, cash flows related to derivatives are classified as either operating activities (such as periodic settlements of interest payments) or investing activities (such as variation margin payments and cash flows related to the acquisition and termination of derivatives) depending on the nature of the activity. Cash flows related to physical settlement of forward commitments accounted for as derivative instruments are classified as operating, investing, or financing activities depending on the financial instruments to which they relate.
Derivatives, Methods of Accounting, Hedging Derivatives	We apply fair value hedge accounting to certain single-family mortgage loans where we hedge the changes in fair value of these loans attributable to the designated benchmark interest rate, using interest-rate swaps. We also apply fair value hedge accounting to certain issuances of debt where we hedge the changes in fair value of the debt attributable to the designated benchmark interest rate, using interest-rate swaps. Under the portfolio layer method fair value hedge accounting strategy, we hedge the changes in fair value of a portion of a closed pool of single-family mortgage loans that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. As part of this strategy, we have also elected to measure the change in fair value of the hedged item on the basis of the benchmark rate component of the contractual coupon cash flows determined at the hedge inception and by assuming the hedged item has a term that reflects only the designated cash flows being hedged. We apply hedge accounting to qualifying hedge relationships. A qualifying hedge relationship exists when changes in the fair value of a derivative hedging instrument are expected to be highly effective in offsetting changes in the fair value of the hedged item attributable to the risk being hedged during the term of the hedge relationship. No amounts have been excluded from the assessment of hedge effectiveness. To assess hedge effectiveness, we use a statistical regression analysis. At inception of the hedge relationship, we prepare formal contemporaneous documentation of our risk management objective and strategies for undertaking the hedge. If a hedge relationship qualifies for fair value hedge accounting, all changes in fair value of the derivative hedging instrument, including interest accruals, are recognized in the same consolidated statements of income line item used to present the earnings effect of the hedged item. Therefore, changes in the fair value of the hedged item, mortgage loans and debt, attributable to the risk being hedged are recognized in interest income and interest expense, respectively, along with the changes in the fair value of the respective derivative hedging instruments. Changes in the fair value of the hedged item attributable to the risk being hedged are recognized as a cumulative basis adjustment against the mortgage loans and debt. The cumulative basis adjustments are amortized to the same consolidated statements of income line item used to present the changes in fair value of the hedged item using the effective interest method considering the contractual terms of the hedged item, with amortization beginning no later than the period in which hedge accounting was discontinued.
Derivatives, Offsetting Fair Value Amounts, Policy	We use master netting and collateral agreements to reduce our credit risk exposure to our OTC derivative counterparties for interest-rate swap and option-based derivatives. Master netting agreements provide for the netting of amounts receivable and payable from an individual counterparty, as well as posting of collateral in the form of cash, Treasury securities or agency mortgage-related or debt securities, or a combination of both by either the counterparty or us, depending on which party is in a liability position. On a daily basis, the market value of each counterparty's derivatives outstanding is calculated to determine the amount of our net credit exposure, which is equal to the market value of derivatives in a net gain position by counterparty after giving consideration to collateral posted. In the event a counterparty defaults on its obligations under the derivatives agreement and the default is not remedied in the manner prescribed in the agreement, we have the right under the agreement to sell the collateral. As a result, our use of master netting and collateral agreements reduces our exposure to our counterparties in the event of default. We offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting agreement. Non-cash collateral held is not recognized on our consolidated balance sheets as we do not obtain effective control over the collateral, and non-cash collateral posted is not derecognized from our consolidated balance sheets as we do not relinquish effective control over the collateral. Therefore, non-cash collateral held or posted is not presented as an offset against derivative assets or derivative liabilities on our consolidated balance sheets. See Note 10 for additional information on our collateralized arrangements. Although it is our practice not to repledge assets held as collateral, these agreements may allow us or our counterparties to repledge all or a portion of the collateral.
Repurchase and Resale Agreements and Dollar Roll Transactions	Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase As an investor, we enter into arrangements to purchase securities under agreements to subsequently resell the identical or substantially the same securities to our counterparty. Our counterparties to these transactions are required to pledge the purchased securities as collateral for their obligation to repurchase those securities at a later date. While such transactions involve the legal transfer of securities, they are accounted for as secured financings because the transferor does not relinquish effective control over the securities transferred. These agreements may allow us to repledge all, or a portion, of the collateral pledged to us, and we may repledge such collateral periodically, although it is not typically our practice to repledge collateral that has been pledged to us. We consider the types of securities being pledged to us as collateral when determining how much we lend in transactions involving securities purchased under agreements to resell. Additionally, we regularly review the market values of these securities compared to amounts loaned in an effort to manage our exposure to losses and we reasonably expect the borrower to continue to replenish the collateral to meet the requirements of the contract. As of December 31, 2024, all of our securities purchased under agreements to resell were fully collateralized. We utilize the GSD/FICC as a clearinghouse to transact many of our trades involving securities purchased under agreements to resell, securities sold under agreements to repurchase, and other non-mortgage related securities. As a clearing member of GSD/FICC, we are required to post initial and variation margin payments and are exposed to the counterparty credit risk of GSD/FICC (including its clearing members). In the event a clearing member fails and causes losses to the GSD/FICC clearing system, we could be subject to the loss of the margin that we have posted to the GSD/FICC. Moreover, our exposure could exceed that amount, as members are generally required to cover losses caused by defaulting members on a pro rata basis. It is difficult to estimate our maximum exposure under these transactions, as this would require an assessment of transactions that we and other members of the GSD/FICC may execute in the future. We provide financing to investors in Freddie Mac securities to increase liquidity and expand the investor base for those securities. These transactions differ from the securities purchased under agreements to resell that we use for liquidity purposes as the counterparties we face may not be major financial institutions and we are exposed to greater counterparty credit risk for these institutions. As of December 31, 2024 and December 31, 2023, $2.8 billion and $1.1 billion, respectively, of our securities purchased under agreements to resell were used to provide financing to investors in Freddie Mac securities. Securities sold under agreements to repurchase are effectively collateralized borrowings where we sell securities with an agreement to repurchase such securities at a future date. We are required to pledge the sold securities to the counterparties to these transactions as collateral for our obligation to repurchase these securities at a later date. Similar to the securities purchased under agreements to resell transactions, these transactions involve the legal transfer of securities. However, they are accounted for as secured financings because the transferor does not relinquish effective control over the securities transferred. These agreements may allow our counterparties to repledge all or a portion of the collateral.
Stockholders' Equity	Treasury, as the holder of the senior preferred stock, is entitled to receive quarterly cash dividends, when, as, and if declared by our Board of Directors. The dividends we have paid to Treasury on the senior preferred stock have been declared by, and paid at the direction of, the Conservator, acting as successor to the rights, titles, powers, and privileges of the Board of Directors. See Note 2 for additional information concerning our senior preferred stock dividends. We account for the warrant in permanent equity. At issuance on September 7, 2008, we recognized the warrant at fair value, and we do not recognize subsequent changes in fair value while the warrant remains classified in equity. We recorded an aggregate fair value of $2.3 billion for the warrant as a component of additional paid-in-capital. We derived the fair value of the warrant using a modified Black-Scholes model. If the warrant is exercised, the stated value of the common stock issued will be reclassified to common stock on our consolidated balance sheets. The warrant was determined to be in-substance non-voting common stock, because the warrant's exercise price of $0.00001 per share is considered non-substantive (compared to the market price of our common stock). As a result, the shares associated with the warrant are included in the computation of basic and diluted earnings per share. The weighted average shares of common stock for the years ended December 31, 2024, 2023, and 2022 included shares of common stock that would be issuable upon full exercise of the warrant issued to Treasury.
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy	No cash was received from Treasury under the Purchase Agreement in 2024 because we had positive net worth at December 31, 2023, March 31, 2024, June 30, 2024, and September 30, 2024 and, consequently, FHFA did not request a draw on our behalf in 2024. At December 31, 2024, our assets exceeded our liabilities under GAAP; therefore, no draw is being requested from Treasury under the Purchase Agreement. Common Stock Warrant Pursuant to the Purchase Agreement described in Note 2 , on September 7, 2008, we issued a warrant to purchase common stock to Treasury, in partial consideration of Treasury's commitment to provide funds to us. The warrant may be exercised in whole or in part at any time on or before September 7, 2028, by delivery to us of a notice of exercise, payment of the exercise price of $0.00001 per share, and the warrant. If the market price of one share of our common stock is greater than the exercise price, then, instead of paying the exercise price, Treasury may elect to receive shares equal to the value of the warrant (or portion thereof being canceled) pursuant to the formula specified in the warrant. Upon exercise of the warrant, Treasury may assign the right to receive the shares of common stock issuable upon exercise to any other person. We account for the warrant in permanent equity. At issuance on September 7, 2008, we recognized the warrant at fair value, and we do not recognize subsequent changes in fair value while the warrant remains classified in equity. We recorded an aggregate fair value of $2.3 billion for the warrant as a component of additional paid-in-capital. We derived the fair value of the warrant using a modified Black-Scholes model. If the warrant is exercised, the stated value of the common stock issued will be reclassified to common stock on our consolidated balance sheets. The warrant was determined to be in-substance non-voting common stock, because the warrant's exercise price of $0.00001 per share is considered non-substantive (compared to the market price of our common stock). As a result, the shares associated with the warrant are included in the computation of basic and diluted earnings per share. The weighted average shares of common stock for the years ended December 31, 2024, 2023, and 2022 included shares of common stock that would be issuable upon full exercise of the warrant issued to Treasury. Preferred Stock We have the option to redeem our preferred stock on specified dates, at their redemption price plus dividends accrued through the redemption date. However, without the consent of Treasury, we are restricted from making payments to purchase or redeem preferred stock as well as paying any preferred dividends, other than dividends on the senior preferred stock. All 24 classes of preferred stock are perpetual and non-cumulative, and carry no significant voting rights or rights to purchase additional Freddie Mac stock or securities. Costs incurred in connection with the issuance of preferred stock are charged to additional paid-in capital.
Earnings Per Common Share	Basic earnings per common share is computed as net income attributable to common stockholders divided by the weighted average common shares for the period. The weighted average common shares for the period includes the weighted average number of shares that are associated with the warrant for our common stock issued to Treasury pursuant to the Purchase Agreement. These shares are included since the warrant is unconditionally exercisable by the holder at a minimal cost. We deduct dividends or increases in liquidation preference attributable to the senior preferred stock from net income attributable to common stockholders in the period in which such amounts are determinable. Our diluted earnings per common share is the same as our basic earnings per common share because we had no common equivalent shares outstanding during the periods presented which could have had a dilutive or antidilutive effect.
Segment Reporting	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.
Fair Value Measurements	The accounting guidance for fair value measurements and disclosures defines fair value, establishes a framework for measuring fair value and sets forth disclosure requirements regarding fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or, in the absence of a principal market, in the most advantageous market for the asset or liability. We use fair value measurements for the initial recording of certain assets and liabilities and periodic remeasurement of certain assets and liabilities on a recurring or non-recurring basis. Fair Value Measurements The accounting guidance for fair value measurements and disclosures establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The levels of the fair value hierarchy are defined as follows in priority order: n Level 1 - Inputs to the valuation techniques are based on quoted prices in active markets for identical assets or liabilities. n Level 2 - Inputs to the valuation techniques are based on observable inputs other than quoted prices in active markets for identical assets or liabilities. n Level 3 - One or more inputs to the valuation technique are unobservable and significant to the fair value measurement. We use quoted market prices and valuation techniques that seek to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs. Our inputs are based on the assumptions a market participant would use in valuing the asset or liability. Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
Income Taxes	Income Tax Expense Total income tax expense includes: n Current income tax expense, which represents the amount of federal tax paid or payable to (or refundable from) the Internal Revenue Service, including interest and penalties and amounts accrued for unrecognized tax benefits, if any, and n Deferred income tax expense, which represents the net change in the deferred tax asset or liability balance during the year, including any change in the valuation allowance. Deferred Tax Assets, Net We use the asset and liability method of accounting for income taxes for financial reporting purposes. Under this method, deferred tax assets and liabilities are recognized based upon the expected future tax consequences of existing temporary differences between the financial reporting and the tax reporting basis of assets and liabilities using enacted statutory tax rates as well as tax net operating loss and tax credit carryforwards, if any. To the extent tax laws change, deferred tax assets and liabilities are adjusted in the period that the tax change is enacted. The realization of our net deferred tax assets is dependent upon the generation of sufficient taxable income.

Securitizations and Variable _2

Securitizations and Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Table - Schedule of Various Interest Entities	Table 3.1 - Nonconsolidated VIEs December 31, 2024 Carrying Amounts of the Assets and Liabilities On the 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 $1,633 $157 $458 $30,038 $24,470 Resecuritization products (2) 5,159 69 701 104,120 104,120 CRT products (3) — 89 171 27,224 7 Total Single-Family 6,792 315 1,330 161,382 128,597 Multifamily: Securitization products (4) 5,263 5,171 4,374 355,108 317,611 CRT products (3) — 29 15 1,738 22 Total Multifamily 5,263 5,200 4,389 356,846 317,633 Other — 7 5 79 472 Total $12,055 $5,522 $5,724 $518,307 $446,702 December 31, 2023 Carrying Amounts of the Assets and Liabilities On the 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 December 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. (4) Includes total assets of $0.7 billion and $0.3 billion as of December 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.

Mortgage Loans (Tables)

Mortgage Loans (Tables)	12 Months Ended
	Dec. 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 consolidated balance sheets. Table 4.1 - Mortgage Loans December 31, 2024 December 31, 2023 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Held-for-sale UPB $2,984 $13,265 $16,249 $3,527 $9,905 $13,432 Cost basis and fair value adjustments, net (586) (103) (689) (712) 221 (491) Total held-for-sale loans, net 2,398 13,162 15,560 2,815 10,126 12,941 Held-for-investment UPB 3,063,211 87,416 3,150,627 2,996,509 59,203 3,055,712 Cost basis and fair value adjustments, net (1) 28,926 (450) 28,476 34,627 (291) 34,336 Allowance for credit losses (6,381) (393) (6,774) (6,057) (326) (6,383) Total held-for-investment loans, net (2) 3,085,756 86,573 3,172,329 3,025,079 58,586 3,083,665 Total mortgage loans, net $3,088,154 $99,735 $3,187,889 $3,027,894 $68,712 $3,096,606 (1) Includes ($0.7) billion and ($0.2) billion of basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method fair value hedge relationships as of December 31, 2024 and December 31, 2023, respectively. (2) Includes $2.4 billion and $1.8 billion of multifamily held-for-investment loans for which we have elected the fair value option as of December 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 4.2 - Loans Purchased and Sold Year Ended December 31, (In millions) 2024 2023 2022 Single-Family: Purchases: Held-for-investment loans $346,408 $299,886 $540,472 Sales of held-for-sale loans (1) 2,072 1,253 2,211 Multifamily: Purchases: Held-for-investment loans 30,003 16,814 25,052 Held-for-sale loans 31,712 29,415 44,997 Sales of held-for-sale loans (2) 27,883 34,034 50,280 (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 4.3 - Loan Reclassifications (1) 2024 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 $2,285 $75 $— $1,968 $37 $— Held-for-sale to held-for-investment (2) 233 19 19 191 16 20 Multifamily reclassifications from: Held-for-investment to held-for-sale 1,322 12 (61) 6,760 4 (58) Held-for-sale to held-for-investment 833 — 10 861 (1) 19 (1) Amounts exclude reclassifications related to loans for which we have elected the fair value option. (2)
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 4.4 - Amortized Cost Basis of Held-for-Investment Loans on Non-Accrual (1) Non-Accrual Amortized Cost Basis Interest Income Recognized (2) (In millions) December 31, 2024 December 31, 2023 Year Ended December 31, 2024 Single-Family: 20- and 30-year or more, amortizing fixed-rate $15,157 $12,682 $307 15-year or less, amortizing fixed-rate 511 519 8 Adjustable-rate and other 240 257 5 Total Single-Family 15,908 13,458 320 Total Multifamily 125 64 3 Total Single-Family and Multifamily $16,033 $13,522 $323 Non-Accrual Amortized Cost Basis Interest Income Recognized (2) (In millions) December 31, 2023 December 31, 2022 Year Ended December 31, 2023 Single-Family: 20- and 30-year or more, amortizing fixed-rate $12,682 $9,307 $256 15-year or less, amortizing fixed-rate 519 427 7 Adjustable-rate and other 257 361 5 Total Single-Family 13,458 10,095 268 Total Multifamily 64 42 3 Total Single-Family and Multifamily $13,522 $10,137 $271 (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 presented on our 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 4.5 - Accrued Interest Receivable and Related Charge-offs Accrued Interest Receivable Accrued Interest Receivable Related Charge-offs (In millions) December 31, 2024 December 31, 2023 Year Ended December 31, 2024 Year Ended December 31, 2023 Single-Family loans $9,776 $8,833 ($223) ($232) Multifamily loans 431 287 (1) (2)
Table - Amortized Cost Basis of Held-For-Investment Mortgage Loans, by Credit Quality Indicator and Vintage	The tables below present the amortized cost basis of single-family held-for-investment loans by current LTV ratio. Our current LTV ratios are estimates based on available data through the end of each period presented. Table 4.6 - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratio and Vintage December 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 $47,642 $42,978 $109,174 $566,114 $544,209 $465,059 $1,775,176 > 60 to 80 125,634 106,407 182,774 225,774 48,905 9,859 699,353 > 80 to 90 52,612 69,714 61,282 10,650 813 311 195,382 > 90 to 100 70,104 20,274 8,820 949 124 74 100,345 > 100 168 435 777 59 19 56 1,514 Total 20- and 30-year or more, amortizing fixed-rate 296,160 239,808 362,827 803,546 594,070 475,359 2,771,770 Gross charge-offs for the period (1) 1 10 40 45 35 222 353 15-year or less, amortizing fixed-rate ≤ 60 5,664 4,353 21,308 110,094 85,662 52,305 279,386 > 60 to 80 5,326 3,012 3,986 927 44 7 13,302 > 80 to 90 856 338 103 7 — — 1,304 > 90 to 100 377 19 10 — — — 406 > 100 2 — — — — — 2 Total 15-year or less, amortizing fixed-rate 12,225 7,722 25,407 111,028 85,706 52,312 294,400 Gross charge-offs for the period (1) — — 1 1 1 2 5 Adjustable-rate and other ≤ 60 384 438 1,793 3,355 1,338 11,123 18,431 > 60 to 80 1,065 1,309 2,457 661 49 139 5,680 > 80 to 90 466 766 767 17 1 12 2,029 > 90 to 100 241 150 112 2 — 3 508 > 100 — 2 11 — — 1 14 Total adjustable-rate and other 2,156 2,665 5,140 4,035 1,388 11,278 26,662 Gross charge-offs for the period (1) — — — 1 — 1 2 Total for all loan product types by current LTV ratio: ≤ 60 53,690 47,769 132,275 679,563 631,209 528,487 2,072,993 > 60 to 80 132,025 110,728 189,217 227,362 48,998 10,005 718,335 > 80 to 90 53,934 70,818 62,152 10,674 814 323 198,715 > 90 to 100 70,722 20,443 8,942 951 124 77 101,259 > 100 170 437 788 59 19 57 1,530 Total Single-Family loans $310,541 $250,195 $393,374 $918,609 $681,164 $538,949 $3,092,832 Total gross charge-offs for the period (1) $1 $10 $41 $47 $36 $225 $360 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 Gross charge-offs for the period (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 Gross charge-offs for the period (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 Gross charge-offs for the period (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 gross charge-offs for the period (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 4.7 - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator and Vintage December 31, 2024 Year of Origination Total (In millions) 2024 2023 2022 2021 2020 Prior Revolving Loans Category: Pass $27,713 $14,471 $16,548 $7,179 $6,201 $7,921 $2,426 $82,459 Special mention 50 76 239 39 86 327 — 817 Substandard — 29 444 329 200 276 — 1,278 Doubtful — — — — — — — — Total $27,763 $14,576 $17,231 $7,547 $6,487 $8,524 $2,426 $84,554 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	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. We report single-family loans in forbearance as past due during the forbearance period to the extent that payments are past due based on the loan's original contractual terms, irrespective of the forbearance plan, based on the information reported to us by our servicers. We report multifamily loans in forbearance as current as long as the borrower is in compliance with the forbearance agreement, including the agreed upon repayment plan, even if payments are past due based on the loan's original contractual terms. Table 4.8 - Amortized Cost Basis of Held-for-Investment Loans by Payment Status (1) December 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 $2,722,336 $27,090 $7,588 $14,756 $2,771,770 $465 15-year or less, amortizing fixed-rate 292,207 1,404 291 498 294,400 5 Adjustable-rate and other 26,019 309 101 233 26,662 33 Total Single-Family 3,040,562 28,803 7,980 15,487 3,092,832 503 Total Multifamily 84,288 60 80 126 84,554 75 Total Single-Family and Multifamily $3,124,850 $28,863 $8,060 $15,613 $3,177,386 $578 December 31, 2023 (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 $2,627,763 $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 (1) There were no held-for-investment loans that were three months or more past due and accruing interest as of both December 31, 2024 and December 31, 2023. (2) Includes $2.6 billion and $2.0 billion of single-family loans that were in the process of foreclosure as of December 31, 2024 and December 31, 2023, respectively. (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	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 period-end amortized cost basis of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented. Table 4.9 - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (1) 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 $18,526 $5,640 $78 $24,244 0.9 % 15-year or less, amortizing fixed-rate 723 — — 723 0.2 Adjustable-rate and other 177 13 2 192 0.7 Total Single-Family loan restructurings $19,426 $5,653 $80 $25,159 0.8 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 $16,774 $4,051 $128 $20,953 0.8 % 15-year or less, amortizing fixed-rate 798 — — 798 0.2 Adjustable-rate and other 179 19 5 203 0.7 Total Single-Family loan restructurings $17,751 $4,070 $133 $21,954 0.7 (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. The amortized cost basis of loans in the trial period modification plans was $2.4 billion and $1.7 billion as of December 31, 2024 and December 31, 2023, respectively. Most of these loans are 20- and 30-year or more, amortizing fixed-rate loans. (2) Includes $8.0 billion and $8.3 billion related to payment deferral plans for 2024 and 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 4.10 – Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (1) 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 0.5 % 168 $16 15-year or less, amortizing fixed-rate — 10 12 Adjustable-rate and other 1.0 229 15 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 1.0 % 175 $16 15-year or less, amortizing fixed-rate — 0 15 Adjustable-rate and other 1.6 202 17 (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 4.11 - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty (1) 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 $3,287 $1,669 $21 $4,977 15-year or less, amortizing fixed-rate 104 — — 104 Adjustable-rate and other 36 2 — 38 Total Single-Family $3,427 $1,671 $21 $5,119 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 $2,488 $905 $302 $3,695 15-year or less, amortizing fixed-rate 97 — — 97 Adjustable-rate and other 30 6 6 42 Total Single-Family $2,615 $911 $308 $3,834 (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 4.12 - Amortized Cost Basis of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty by Payment Status December 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 $11,011 $3,501 $2,685 $7,047 $24,244 15-year or less, amortizing fixed-rate 309 112 86 216 723 Adjustable-rate and other 73 25 19 75 192 Total Single-Family $11,393 $3,638 $2,790 $7,338 $25,159 December 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 $11,000 $2,619 $1,525 $5,809 $20,953 15-year or less, amortizing fixed-rate 432 88 57 220 797 Adjustable-rate and other 101 23 17 63 204 Total Single-Family $11,533 $2,730 $1,599 $6,092 $21,954

Guarantees and Other Off-Bala_2

Guarantees and Other Off-Balance Sheet Credit Exposures (Tables)	12 Months Ended
	Dec. 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 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 5.1 - Financial Guarantees December 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) $30,038 $24,470 $413 39 Other mortgage-related guarantees 7,941 7,941 127 27 Total Single-Family mortgage-related guarantees 37,979 32,411 540 Multifamily mortgage-related guarantees: Nonconsolidated securitization products (2)(3) $355,108 $317,611 $4,219 35 Other mortgage-related guarantees 10,846 10,831 364 34 Total Multifamily mortgage-related guarantees 365,954 328,442 4,583 Guarantees of Fannie Mae securities (4) $104,120 $104,120 $— 37 Other 79 472 — 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 6 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 December 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 $2.0 billion and $2.1 billion as of December 31, 2024 and December 31, 2023, respectively. (4) Excludes less than $0.1 billion and $0.1 billion as of December 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 5.2 – UPB of Loans Underlying Our Mortgage-Related Guarantees by Payment Status December 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 $33,454 $2,183 $852 $1,490 $37,979 Multifamily 363,983 335 117 1,519 365,954 Total $397,437 $2,518 $969 $3,009 $403,933 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 5.3 - Other Off-Balance Sheet Credit Exposures (In millions) December 31, 2024 December 31, 2023 Mortgage loan purchase commitments (1) $12,416 $10,378 Unsettled securities purchased under agreements to resell, net (2) 10,650 22,276 Other commitments (3) 4,248 4,701 Total $27,314 $37,355 (1) Includes $2.0 billion and $1.9 billion of commitments for which we have elected the fair value option as of December 31, 2024 and December 31, 2023, respectively. Excludes mortgage loan purchase commitments accounted for as derivative instruments. See Note 9 for additional information on commitments accounted for as derivative instruments. (2) Net of $0.4 billion and $4.0 billion of unsettled securities sold under agreements to repurchase as of December 31, 2024 and December 31, 2023, respectively. (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)	12 Months Ended
	Dec. 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 6.1 - Details of the Allowance for Credit Losses December 31, 2024 December 31, 2023 December 31, 2022 (In millions) Single-Family Multifamily Total Single-Family Multifamily Total Single-Family Multifamily Total Beginning balance $6,402 $447 $6,849 $7,746 $147 $7,893 $5,440 $78 $5,518 Provision (benefit) for credit losses 374 102 476 (1,172) 300 (872) 1,772 69 1,841 Charge-offs (511) (2) (513) (643) — (643) (505) — (505) Recoveries collected 115 — 115 144 — 144 148 — 148 Other (1) 311 1 312 327 — 327 891 — 891 Ending balance $6,691 $548 $7,239 $6,402 $447 $6,849 $7,746 $147 $7,893 Components of the ending balance of the allowance for credit losses: Mortgage loans held-for-investment $6,381 $393 $6,774 $6,057 $326 $6,383 $7,314 $77 $7,391 Other (2) 310 155 465 345 121 466 432 70 502 Total ending balance $6,691 $548 $7,239 $6,402 $447 $6,849 $7,746 $147 $7,893 (1) Primarily includes capitalization of past due interest related to non-accrual loans that received payment deferral plans and loan modifications. (2) Includes allowance for credit losses related to advances of pre-foreclosure costs and off-balance sheet credit exposures.

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Table - Investments Securities	The table below summarizes the fair values of our investments in debt securities by classification. Table 7.1 - Investment Securities (In millions) December 31, 2024 December 31, 2023 Trading securities $51,872 $38,385 Available-for-sale securities 3,899 4,890 Total fair value of investment securities $55,771 $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 7.2 - Trading Securities (In millions) December 31, 2024 December 31, 2023 Mortgage-related securities $9,158 $8,113 Non-mortgage-related securities 42,714 30,272 Total fair value of trading securities $51,872 $38,385
Table - Net Trading Gains and Losses	The table below provides details of our net trading gains (losses) recognized during the periods presented. Table 7.3 - Net Trading Gains (Losses) Year Ended December 31, (In millions) 2024 2023 2022 Net trading gains (losses) $256 $440 ($3,531) Less: Net trading gains (losses) on securities sold 38 105 (1,685) Net trading gains (losses) related to securities still held at period end $218 $335 ($1,846)
Table - Available-For-Sale Securities	At both December 31, 2024 and December 31, 2023, all available-for-sale securities were mortgage-related securities. The table below provides details of the securities classified as available-for-sale on our consolidated balance sheets. Table 7.4 - Available-for-Sale Securities December 31, 2024 Amortized Gross Unrealized Gains in Other Comprehensive Income Gross Unrealized Fair Value Accrued Interest Receivable (In millions) Agency mortgage-related securities $3,528 $4 ($100) $3,432 $7 Other mortgage-related securities 287 194 (14) 467 3 Total available-for-sale securities $3,815 $198 ($114) $3,899 $10 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 7.5 - Available-for-Sale Securities in a Gross Unrealized Loss Position December 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 $448 ($6) $2,198 ($95) Other mortgage-related securities 33 — 31 (13) Total available-for-sale securities in a gross unrealized loss position $481 ($6) $2,229 ($108) 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	Table 7.6 - Total Proceeds, Gross Realized Gains and Gross Realized Losses from Sales of Available-for-Sale Securities Year Ended December 31, (In millions) 2024 2023 2022 Gross realized gains $9 $9 $34 Gross realized losses (13) (183) (10) Net realized gains (losses) ($4) ($174) $24 Total proceeds $1,175 $3,164 $1,371

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Table - Total Debt, Net	The table below summarizes the balances of total debt on our consolidated balance sheets. Table 8.1 - Total Debt December 31, (In millions) 2024 2023 Debt of consolidated trusts $3,122,941 $3,041,927 Debt of Freddie Mac: Short-term debt 14,675 5,976 Long-term debt 167,333 160,443 Total debt of Freddie Mac 182,008 166,419 Total debt $3,304,949 $3,208,346
Table - Debt Securities of Consolidated Trusts Held by Third Parties	The table below summarizes the debt of consolidated trusts based on underlying loan product type. Table 8.2 - Debt of Consolidated Trusts December 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 2025 - 2061 $2,701,936 $2,736,057 3.34 % 2024 - 2061 $2,603,100 $2,640,550 3.06 % 15-year or less, fixed-rate 2025 - 2040 291,054 294,875 2.30 2024 - 2039 326,242 331,291 2.20 Adjustable-rate and other 2025 - 2055 22,861 23,224 4.42 2024 - 2054 23,251 23,749 3.93 Total Single-Family 3,015,851 3,054,156 2,952,593 2,995,590 Multifamily 2025 - 2054 70,130 68,785 3.58 2024 - 2053 47,300 46,337 3.35 Total debt of consolidated trusts $3,085,981 $3,122,941 $2,999,893 $3,041,927 (1) Includes $2.0 billion and $2.1 billion at December 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 3.01% and 2.73% as of December 31, 2024 and December 31, 2023, respectively.
Table - Other Short-term Debt	The table below summarizes the balances and effective interest rates for our short-term debt (debt with original maturities of one year or less). Table 8.3 - Short-Term Debt Year Ended December 31, (Dollars in millions) 2024 2023 Par value $14,716 $6,032 Carrying amount 14,675 5,976 Weighted average effective rate 4.59 % 5.39 %
Table - Other Long-term Debt	The table below summarizes our long-term debt. Table 8.4 - Long-Term Debt December 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) Fixed-rate (3) 2025 - 2054 $130,965 $126,815 3.09 % 2024 - 2050 $159,079 $153,176 3.12 % Variable-rate (4) 2025 - 2034 35,906 35,893 5.16 2024 - 2028 1,916 1,908 4.89 Zero-coupon 2025 - 2039 4,748 3,254 6.22 2024 - 2039 4,836 3,149 6.17 Other (5) 2025 - 2053 1,324 1,371 10.90 2024 - 2053 2,177 2,210 10.93 Total long-term debt $172,943 $167,333 3.65 % $168,008 $160,443 3.30 % (1) Represents par value, net of associated discounts or premiums and issuance costs. Includes $0.3 billion and $0.4 billion at December 31, 2024 and December 31, 2023, respectively, of long-term debt that represents the fair value of debt for which the fair value option was elected. Includes hedge-related basis adjustments. (2) Based on carrying amount. Excludes hedge-related basis adjustments. (3) Includes $112.6 billion and $139.3 billion of callable debt as of December 31, 2024 and December 31, 2023, respectively. (4) Includes $1.3 billion and $1.9 billion of callable debt as of December 31, 2024 and December 31, 2023, respectively. (5) Includes STACR, SCR debt notes, and IO debt.
Table - Contractual Maturity of Other Long-term Debt and Debt Securities of Consolidated Trusts Held by Third Parties	The table below summarizes contractual maturities of long-term debt securities at December 31, 2024. Table 8.5 - Contractual Maturities of Long-Term Debt (1) (In millions) Par Value 2025 $48,235 2026 45,007 2027 20,068 2028 8,307 2029 28,579 Thereafter 21,423 Total $171,619 (1) Excludes $1.2 billion of STACR and $0.1 billion of SCR debt notes. 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 borrowers at any time generally without penalty.

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Table - Derivative Assets and Liabilities at Fair Value	Derivative Assets and Liabilities at Fair Value Derivatives are reported at their fair value on our consolidated balance sheets. Derivatives in a net asset position, including net derivative interest receivable or payable, are reported as derivative assets, net, which is included in other assets on our consolidated balance sheets. Similarly, derivatives in a net liability position, including net derivative interest receivable or payable, are reported as derivative liabilities, net, which is included in other liabilities on our consolidated balance sheets. The table below presents the notional value and fair value of derivatives reported on our consolidated balance sheets. Table 9.1 - Derivative Assets and Liabilities at Fair Value December 31, 2024 December 31, 2023 Notional or Derivative Assets Derivative Liabilities Notional or Contractual Amount Derivative Assets Derivative Liabilities (In millions) Not designated as hedges Interest-rate risk management derivatives: Swaps $382,761 $1,512 ($340) $351,193 $1,638 ($462) Written options 33,117 — (1,826) 48,227 — (1,746) Purchased options (1) 126,750 4,649 — 89,790 4,251 — Futures 165,894 — — 132,982 — — Total interest-rate risk management derivatives 708,522 6,161 (2,166) 622,192 5,889 (2,208) Mortgage commitment derivatives 37,407 26 (40) 26,911 43 (10) CRT-related derivatives (2) 28,962 — (186) 30,578 — (228) Other 20,505 94 (695) 14,572 3 (567) Total derivatives not designated as hedges 795,396 6,281 (3,087) 694,253 5,935 (3,013) Designated as fair value hedges Interest-rate risk management derivatives: Swaps 159,086 209 (4,149) 172,202 276 (5,658) Total derivatives designated as fair value hedges 159,086 209 (4,149) 172,202 276 (5,658) Receivables (payables) 91 — 17 (36) Netting adjustments (3) (6,080) 6,282 (5,742) 7,834 Total derivative portfolio, net $954,482 $501 ($954) $866,455 $486 ($873) (1) Includes swaptions on credit indices with a notional or contractual amount of $6.8 billion and $6.4 billion at December 31, 2024 and December 31, 2023, respectively, and a fair value of $1.0 million at both December 31, 2024 and December 31, 2023. (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 9.2 - Offsetting of Derivatives December 31, 2024 December 31, 2023 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities (In millions) OTC derivatives $6,360 ($6,315) $6,165 ($7,866) Cleared and exchange-traded derivatives 74 — 13 (36) Mortgage commitment derivatives 53 (40) 47 (10) Other 94 (881) 3 (795) Total derivatives 6,581 (7,236) 6,228 (8,707) Counterparty netting (3,906) 3,906 (4,210) 4,210 Cash collateral netting (1) (2,174) 2,376 (1,532) 3,624 Net amount presented in the consolidated balance sheets 501 (954) 486 (873) Gross amount not offset in the consolidated balance sheets (2) (190) 11 (366) 47 Net amount $311 ($943) $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 consolidated statements of income as investment gains, net. Table 9.3 - Gains and Losses on Derivatives Year Ended December 31, (In millions) 2024 2023 2022 Interest-rate risk management derivatives: Swaps $514 $359 $970 Written options (134) 170 (903) Purchased options 452 (335) 1,794 Futures 556 197 2,249 Total interest-rate risk management derivatives fair value gains (losses) 1,388 391 4,110 Mortgage commitment derivatives 103 17 2,743 CRT-related derivatives (1) 75 (176) (172) Other (134) 11 (225) Total derivatives not designated as hedges fair value gains (losses) $1,432 $243 $6,456 (1)
Table - Gains and Losses on Fair Value Hedge	The table below presents the effects of fair value hedge accounting by 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 9.4 - Gains and Losses on Fair Value Hedges Year Ended December 31, 2024 2023 2022 (In millions) Interest Income Interest Expense Interest Income Interest Expense Interest Income Interest Expense Total amounts of income and expense line items presented in our consolidated statements of income in which the effects of fair value hedges are recorded: $117,877 ($98,140) $105,363 ($86,821) $83,458 ($65,453) Interest contracts on mortgage loans held-for-investment: Gain (loss) on fair value hedging relationships: Hedged items (1,857) — 671 — (5,817) — Derivatives designated as hedging instruments 1,650 — (854) — 5,000 — Interest accruals on hedging instruments 874 — 948 — (294) — Discontinued hedge related basis adjustments amortization 202 — 198 — (79) — Interest contracts on debt: Gain (loss) on fair value hedging relationships: Hedged items — (1,816) — (3,080) — 7,130 Derivatives designated as hedging instruments — 1,831 — 3,084 — (7,267) Interest accruals on hedging instruments — (3,261) — (4,065) — (1,053) Discontinued hedge related basis adjustment amortization — (8) — (377) — (8) Total impact of fair value hedge accounting $869 ($3,254) $963 ($4,438) ($1,190) ($1,198)
Table - Cumulative Basis Adjustment on Fair Value Hedges	The table below presents the cumulative basis adjustments and the carrying amounts of the hedged item by its respective balance sheet line item. Table 9.5 - Cumulative Basis Adjustments Due to Fair Value Hedging December 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 $1,117,060 ($3,909) ($695) ($3,214) $56,394 $12,070 Debt (107,241) 4,050 — 19 — — 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 (Tabl

Collateralized Agreements (Tables)	12 Months Ended
	Dec. 31, 2024
Offsetting [Abstract]
Table - Offsetting of Financial Assets and Liabilities	Table 10.1 - Offsetting and Collateral Information of Certain Financial Assets and Liabilities December 31, 2024 December 31, 2023 Assets Liabilities Assets Liabilities (In millions) Securities purchased under agreements to resell Securities sold under agreements to repurchase Securities purchased under agreements to resell Securities sold under agreements to repurchase Gross amount recognized $108,338 ($8,220) $105,393 ($10,245) Amount offset in the consolidated balance sheets (8,220) 8,220 (10,245) 10,245 Net amount presented in the consolidated balance sheets 100,118 — 95,148 — Gross amount not offset in the consolidated balance sheets (1) (100,118) — (95,148) — Net amount $— $— $— $— (1)
Table - Offsetting of Derivatives	Table 10.1 - Offsetting and Collateral Information of Certain Financial Assets and Liabilities December 31, 2024 December 31, 2023 Assets Liabilities Assets Liabilities (In millions) Securities purchased under agreements to resell Securities sold under agreements to repurchase Securities purchased under agreements to resell Securities sold under agreements to repurchase Gross amount recognized $108,338 ($8,220) $105,393 ($10,245) Amount offset in the consolidated balance sheets (8,220) 8,220 (10,245) 10,245 Net amount presented in the consolidated balance sheets 100,118 — 95,148 — Gross amount not offset in the consolidated balance sheets (1) (100,118) — (95,148) — Net amount $— $— $— $— (1)
Table - Contractual maturity of collateral pledged	The table below presents the remaining contractual maturity of our gross obligations for our securities sold under agreements to repurchase. The collateral for such obligations consisted primarily of U.S. Treasury securities. Table 10.2 - Remaining Contractual Maturity December 31, (In millions) 2024 2023 Overnight and continuous $— $— 30 days or less 8,220 10,245 After 30 days through 90 days — — Greater than 90 days — — Total $8,220 $10,245
Table - Collateral in the Form of Securities Pledged	The table below summarizes the fair value of the securities pledged as collateral by us for derivatives and collateralized borrowing transactions, including securities that the secured party may repledge. Table 10.3 - Collateral in the Form of Securities Pledged December 31, (In millions) 2024 2023 Trading securities $9,559 $7,902 Other assets — 4,555 Total $9,559 $12,457

Stockholders' Equity and Earn_2

Stockholders' Equity and Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Table - Senior Preferred Stock	The table below provides a summary of our senior preferred stock outstanding at December 31, 2024. Table 11.1 - Senior Preferred Stock ( In millions , except initial liquidation preference price per share) Shares Authorized Shares Outstanding Total Par Value Initial Liquidation Preference Price per Share Total Liquidation Preference Non-draw Adjustments: 2008 1.00 1.00 $1.00 $1,000 $1,000 2017 — — — N/A 3,000 2019 — — — N/A 3,674 2020 — — — N/A 7,217 2021 — — — N/A 11,420 2022 — — — N/A 9,919 2023 — — — N/A 9,431 2024 — — — N/A 11,729 Total non-draw adjustments 1.00 1.00 1.00 57,390 Draw Adjustments: 2008 — — — N/A 13,800 2009 — — — N/A 36,900 2010 — — — N/A 12,500 2011 — — — N/A 7,971 2012 — — — N/A 165 2018 — — — N/A 312 Total draw adjustments — — — 71,648 Total senior preferred stock 1.00 1.00 $1.00 $129,038
Table - Preferred Stock	The table below provides a summary of our preferred stock outstanding at their redemption values at December 31, 2024. Table 11.2 - Preferred Stock ( In millions , except redemption price per share) Issue Date Shares Authorized Shares Outstanding Total Par Value Redemption Price per Share Total Outstanding Balance Redeemable On or After OTCQB Symbol Preferred stock: 1996 Variable-rate (1)(2) April 26, 1996 5.00 5.00 $5.00 $50.00 $250 June 30, 2001 FMCCI 5.81% October 27, 1997 3.00 3.00 3.00 50.00 150 October 27, 1998 (3) 5% March 23, 1998 8.00 8.00 8.00 50.00 400 March 31, 2003 FMCKK 1998 Variable-rate (1)(4) September 23 and 29, 1998 4.40 4.40 4.40 50.00 220 September 30, 2003 FMCCG 5.10% September 23, 1998 8.00 8.00 8.00 50.00 400 September 30, 2003 FMCCH 5.30% October 28, 1998 4.00 4.00 4.00 50.00 200 October 30, 2000 (3) 5.10% March 19, 1999 3.00 3.00 3.00 50.00 150 March 31, 2004 (3) 5.79% July 21, 1999 5.00 5.00 5.00 50.00 250 June 30, 2009 FMCCK 1999 Variable-rate (5) November 5, 1999 5.75 5.75 5.75 50.00 287 December 31, 2004 FMCCL 2001 Variable-rate (6) January 26, 2001 6.50 6.50 6.50 50.00 325 March 31, 2003 FMCCM 2001 Variable-rate (1)(7) March 23, 2001 4.60 4.60 4.60 50.00 230 March 31, 2003 FMCCN 5.81% March 23, 2001 3.45 3.45 3.45 50.00 173 March 31, 2011 FMCCO 6% May 30, 2001 3.45 3.45 3.45 50.00 173 June 30, 2006 FMCCP 2001 Variable-rate (8) May 30, 2001 4.02 4.02 4.02 50.00 201 June 30, 2003 FMCCJ 5.70% October 30, 2001 6.00 6.00 6.00 50.00 300 December 31, 2006 FMCKP 5.81% January 29, 2002 6.00 6.00 6.00 50.00 300 March 31, 2007 (3) 2006 Variable-rate (1)(9) July 17, 2006 15.00 15.00 15.00 50.00 750 June 30, 2011 FMCCS 6.42% July 17, 2006 5.00 5.00 5.00 50.00 250 June 30, 2011 FMCCT 5.90% October 16, 2006 20.00 20.00 20.00 25.00 500 September 30, 2011 FMCKO 5.57% January 16, 2007 44.00 44.00 44.00 25.00 1,100 December 31, 2011 FMCKM 5.66% April 16, 2007 20.00 20.00 20.00 25.00 500 March 31, 2012 FMCKN 6.02% July 24, 2007 20.00 20.00 20.00 25.00 500 June 30, 2012 FMCKL 6.55% September 28, 2007 20.00 20.00 20.00 25.00 500 September 30, 2017 FMCKI 2007 Fixed-to-floating rate (1)(10) December 4, 2007 240.00 240.00 240.00 25.00 6,000 December 31, 2012 FMCKJ Total, preferred stock 464.17 464.17 $464.17 $14,109 (1) On May 11, 2023, we posted fallback information on our legacy LIBOR-indexed securities, including the classes of our Preferred Stock that used either three-month LIBOR or 12-month LIBOR as their reference rates. Beginning on July 1, 2023, those classes transitioned from three-month LIBOR and 12-month LIBOR to spread-adjusted three-month CME Term SOFR and spread-adjusted 12-month CME Term SOFR, respectively. (2) Dividend rate resets quarterly and is equal to the sum of spread-adjusted three-month CME Term SOFR plus 1% divided by 1.377, and is capped at 9.00%. (3) Issued through private placement. (4) Dividend rate resets quarterly and is equal to the sum of spread-adjusted three-month CME Term SOFR plus 1% divided by 1.377, and is capped at 7.50%. (5) Dividend rate resets on January 1 every five years after January 1, 2005 based on a five-year Constant Maturity Treasury rate, and is capped at 11.00%. Optional redemption on December 31, 2004 and on December 31 every five years thereafter. (6) Dividend rate resets on April 1 every two years after April 1, 2003 based on the two-year Constant Maturity Treasury rate plus 0.10%, and is capped at 11.00%. Optional redemption on March 31, 2003 and on March 31 every two years thereafter. (7) Dividend rate resets on April 1 every year based on spread-adjusted 12-month CME Term SOFR minus 0.20%, and is capped at 11.00%. Optional redemption on March 31, 2003 and on March 31 every year thereafter. (8) Dividend rate resets on July 1 every two years after July 1, 2003 based on the two-year Constant Maturity Treasury rate plus 0.20%, and is capped at 11.00%. Optional redemption on June 30, 2003 and on June 30 every two years thereafter. (9) Dividend rate resets quarterly and is equal to the sum of spread-adjusted three-month CME Term SOFR plus 0.50% but not less than 4.00% . (10) Dividend rate is set at an annual fixed rate of 8.375% from December 4, 2007 through December 31, 2012. For the period beginning on or after January 1, 2013, dividend rate resets quarterly and is equal to the higher of: (a) the sum of spread-adjusted three-month CME Term SOFR plus 4.16% per annum; or (b) 7.875% per annum. Optional redemption on December 31, 2012 and on December 31 every five years thereafter .

Net Interest Income (Tables)

Net Interest Income (Tables)	12 Months Ended
	Dec. 31, 2024
Components of Net Interest Income [Abstract]
Components of Net Interest Income	Table 12.1 - Components of Net Interest Income Year Ended December 31, (In millions) 2024 2023 2022 Interest income Mortgage loans $109,117 $96,985 $79,826 Investment securities 2,069 1,571 1,640 Securities purchased under agreements to resell 6,083 6,135 1,718 Other 608 672 274 Total interest income 117,877 105,363 83,458 Interest expense Debt of consolidated trusts (88,227) (76,703) (61,404) Debt of Freddie Mac: Short-term debt (966) (789) (238) Long-term debt (8,947) (9,329) (3,811) Total interest expense (98,140) (86,821) (65,453) Net interest income 19,737 18,542 18,005 (Provision) benefit for credit losses (476) 872 (1,841) Net interest income after (provision) benefit for credit losses $19,261 $19,414 $16,164

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Table - Federal Income Tax (Expense) Benefit	The table below presents the components of our federal income tax expense for the past three years. We are exempt from state and local income taxes. Table 13.1 - Federal Income Tax Expense Year Ended December 31, (In millions) 2024 2023 2022 Current income tax expense ($3,862) ($1,003) ($1,749) Deferred income tax expense 942 (1,658) (528) Total income tax expense ($2,920) ($2,661) ($2,277)
Table - Reconciliation of Statutory to Effective Tax Rate	The table below presents the reconciliation between our federal statutory income tax rate and our effective tax rate for the past three years. Table 13.2 - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate Year Ended December 31, 2024 2023 2022 (Dollars in millions) Amount Percent Amount Percent Amount Percent Statutory corporate tax rate ($3,103) 21.0 % ($2,772) 21.0 % ($2,437) 21.0 % Tax-exempt interest 8 (0.1) 10 (0.1) 7 (0.1) Tax credits 340 (2.3) 242 (1.8) 190 (1.6) Valuation allowance — — 16 (0.1) 18 (0.2) Proportional amortization of LIHTC investments (253) 1.7 (184) 1.4 (143) 1.2 Other 88 (0.5) 27 (0.2) 88 (0.7) Effective tax rate ($2,920) 19.8 % ($2,661) 20.2 % ($2,277) 19.6 %
Table - Deferred Tax Assets and Liabilities	The table below presents the balance of significant deferred tax assets and liabilities at December 31, 2024 and December 31, 2023. The valuation allowance relates to capital loss carryforwards included in Other items, net that we expect to expire unused. Table 13.3 - Deferred Tax Assets and Liabilities (In millions) December 31, 2024 December 31, 2023 Deferred tax assets: Deferred fees $1,699 $1,821 Basis differences related to derivative instruments 437 1,042 Credit related items and allowance for loan losses 1,360 863 Basis differences related to assets held-for-investment and held-for-sale 980 696 Other items, net 606 439 Total deferred tax assets 5,082 4,861 Deferred tax liabilities: Basis differences related to fair value hedge accounting (30) (749) Other items, net (17) (18) Total deferred tax liabilities (47) (767) Valuation allowance (17) (18) Deferred tax assets, net $5,018 $4,076

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Table - Segment Earnings and Reconciliation to GAAP Financial Statements	The table below presents the financial results for our Single-Family and Multifamily segments. Table 14.1 - Segment Financial Results Year Ended December 31, 2024 Single-Family Multifamily Total (In millions) Net interest income Interest income $113,681 $4,196 $117,877 Interest expense (95,168) (2,972) (98,140) Net interest income 18,513 1,224 19,737 Non-interest income Guarantee income 83 1,528 1,611 Investment gains, net 939 1,137 2,076 Other income 284 204 488 Non-interest income 1,306 2,869 4,175 Net revenues 19,819 4,093 23,912 (Provision) benefit for credit losses (374) (102) (476) Non-interest expense Administrative expense (1) (2,225) (618) (2,843) Credit enhancement expense (2,174) (171) (2,345) Benefit for (decrease in) credit enhancement recoveries (40) 4 (36) Legislative and regulatory assessments (3,178) (55) (3,233) Other expense (166) (35) (201) Non-interest expense (7,783) (875) (8,658) Income before income tax expense 11,662 3,116 14,778 Income tax expense (2,305) (615) (2,920) Net income 9,357 2,501 11,858 Other comprehensive income (loss), net of taxes and reclassification adjustments (1) (4) (5) Comprehensive income $9,356 $2,497 $11,853 Year Ended December 31, 2023 Single-Family Multifamily Total (In millions) Net interest income Interest income $102,174 $3,189 $105,363 Interest expense (84,517) (2,304) (86,821) Net interest income 17,657 885 18,542 Non-interest income Guarantee income 103 1,512 1,615 Investment gains, net 296 411 707 Other income 211 154 365 Non-interest income 610 2,077 2,687 Net revenues 18,267 2,962 21,229 (Provision) benefit for credit losses 1,172 (300) 872 Non-interest expense Administrative expense (1) (2,214) (581) (2,795) Credit enhancement expense (2,223) (116) (2,339) Benefit for (decrease in) credit enhancement recoveries (236) 47 (189) Legislative and regulatory assessments (3,085) (46) (3,131) Other expense (360) (88) (448) Non-interest expense (8,118) (784) (8,902) Income before income tax expense 11,321 1,878 13,199 Income tax expense (2,282) (379) (2,661) Net income 9,039 1,499 10,538 Other comprehensive income (loss), net of taxes and reclassification adjustments 10 156 166 Comprehensive income $9,049 $1,655 $10,704 Year Ended December 31, 2022 Single-Family Multifamily Total (In millions) Net interest income Interest income $81,360 $2,098 $83,458 Interest expense (64,293) (1,160) (65,453) Net interest income 17,067 938 18,005 Non-interest income Guarantee income 109 674 783 Investment gains, net 1,280 689 1,969 Other income 295 212 507 Non-interest income 1,684 1,575 3,259 Net revenues 18,751 2,513 21,264 (Provision) benefit for credit losses (1,772) (69) (1,841) Non-interest expense Administrative expense (1) (2,052) (536) (2,588) Credit enhancement expense (2,047) (71) (2,118) Benefit for (decrease in) credit enhancement recoveries 224 12 236 Legislative and regulatory assessments (3,076) (55) (3,131) Other expense (197) (21) (218) Non-interest expense (7,148) (671) (7,819) Income before income tax expense 9,831 1,773 11,604 Income tax expense (1,929) (348) (2,277) Net income 7,902 1,425 9,327 Other comprehensive income (loss), net of taxes and reclassification adjustments (24) (318) (342) Comprehensive income $7,878 $1,107 $8,985 (1) Includes salaries and employee benefits and professional services, technology, and occupancy.
Table - Reconciliation of Assets from Segment to Consolidated	The table below presents total assets for our Single-Family and Multifamily segments. Table 14.2 - Segment Assets (In millions) December 31, 2024 December 31, 2023 Single-Family $3,104,174 $3,038,910 Multifamily 466,635 440,797 Total segment assets 3,570,809 3,479,707 Reconciling items (1) (184,117) (198,731) Total assets per consolidated balance sheets $3,386,692 $3,280,976 (1)

Concentration of Credit and O_2

Concentration of Credit and Other Risks (Tables)	12 Months Ended
	Dec. 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 3 , Note 4 , Note 5 , and Note 6 for additional information about credit risk associated with single-family loans that we hold or guarantee. Table 15.1 - Concentration of Credit Risk of Our Single-Family Mortgage Portfolio December 31, 2024 (Dollars in millions) Portfolio UPB (1) % of Portfolio SDQ Rate Region (2) : West $918,364 30 % 0.44 % Northeast 716,810 23 0.62 Southeast 548,723 18 0.73 Southwest 466,599 15 0.63 North Central 453,343 14 0.58 Total $3,103,839 100 % 0.59 State: California $514,619 17 % 0.43 Texas 222,952 7 0.72 Florida 207,881 7 0.94 New York 135,095 4 0.88 Illinois 116,005 4 0.72 All other 1,907,287 61 0.55 Total $3,103,839 100 % 0.59 (1) Excludes UPB of loans underlying certain securitization products for which data was not available. (2) Region designation: West (AK, AS, AZ, CA, GU, HI, ID, MP, 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, U.S. 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. Table 15.2 - Concentration of Credit Risk of Our Multifamily Mortgage Portfolio December 31, 2024 (Dollars in millions) Portfolio UPB % of Portfolio Delinquency Rate (1) Region (2)(3) : Northeast $114,639 25 % 0.73 % West 113,427 24 0.16 Southwest 95,989 21 0.39 Southeast 95,681 20 0.17 North Central 46,899 10 0.67 Total $466,635 100 % 0.40 State (3) : California $60,980 13 % 0.23 Texas 60,505 13 0.45 Florida 40,332 9 0.14 New York 36,818 8 1.79 Georgia 19,752 4 0.08 All other 248,248 53 0.29 Total $466,635 100 % 0.40 (1) Based on loans two monthly payments or more delinquent or in foreclosure. (2) Region designation: Northeast (CT, DE, DC, MA, ME, MD, NH, NJ, NY, PA, RI, VT, VA, WV); West (AK, AS, AZ, CA, GU, HI, ID, MP, MT, NV, OR, UT, WA); Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY); Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, U.S. VI); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI). (3) Loans collateralized by properties located in multiple regions or states are reported entirely in the region or state with the largest UPB as of origination. The table below summarizes the concentration of mortgage insurer counterparties who provided 10% or more of our overall primary mortgage insurance coverage. Table 15.3 - Primary Mortgage Insurer Concentration Mortgage Insurance Coverage (1) Mortgage Insurer December 31, 2024 Mortgage Guaranty Insurance Corporation 18 % Radian Guaranty Inc. 17 Essent Guaranty, Inc. 17 Arch Mortgage Insurance Company 17 Enact 16 National Mortgage Insurance 15 Total 100 % (1)

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Table - Assets and Liabilities on Our Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis	Table 16.1 - Assets and Liabilities Measured at Fair Value on a Recurring Basis December 31, 2024 (In millions) Level 1 Level 2 Level 3 Netting Adjustment (1) Total Assets: Investment securities: Available-for-sale $— $3,316 $583 $— $3,899 Trading: Mortgage-related securities — 6,131 3,027 — 9,158 Non-mortgage-related securities 42,289 425 — — 42,714 Total trading securities 42,289 6,556 3,027 — 51,872 Total investment securities 42,289 9,872 3,610 — 55,771 Mortgage loans held-for-sale — 10,099 1,295 — 11,394 Mortgage loans held-for-investment — 1,572 841 — 2,413 Other assets: Guarantee assets — — 5,126 — 5,126 Derivative assets, net 9 6,387 94 (5,989) 501 Other assets — 24 219 — 243 Total other assets 9 6,411 5,439 (5,989) 5,870 Total assets carried at fair value on a recurring basis $42,298 $27,954 $11,185 ($5,989) $75,448 Liabilities: Debt: Debt of consolidated trusts $— $1,996 $17 $— $2,013 Debt of Freddie Mac — 241 85 — 326 Total debt — 2,237 102 — 2,339 Other liabilities: Derivative liabilities, net — 7,116 120 (6,282) 954 Other liabilities — 5 19 — 24 Total other liabilities — 7,121 139 (6,282) 978 Total liabilities carried at fair value on a recurring basis $— $9,358 $241 ($6,282) $3,317 December 31, 2023 (In millions) Level 1 Level 2 Level 3 Netting Adjustment (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
Table - Assets and Liabilities on Our Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs	The table below presents a reconciliation of all assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis using significant unobservable inputs (Level 3), including transfers into and out of Level 3. The table also presents gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our consolidated statements of income for Level 3 assets and liabilities. Table 16.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs Year Ended December 31, 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 December 31, 2024 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2024 (In millions) Included in Included in Other Assets Investment securities $3,449 ($435) ($3) $816 $— $— ($207) $— ($10) $3,610 $54 ($2) Mortgage loans held-for-sale 896 (20) — 2,156 — (1,557) (1) 35 (214) 1,295 (35) — Mortgage loans held-for-investment 473 (42) — — — — (241) 688 (37) 841 (43) — Other assets 5,519 181 — (14) 628 (14) (861) — — 5,439 172 — Total assets $10,337 ($316) ($3) $2,958 $628 ($1,571) ($1,310) $723 ($261) $11,185 $148 ($2) Liabilities Total liabilities $496 $29 $— $13 $69 $— ($41) $— ($325) $241 ($6) $— Year Ended December 31, 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 December 31, 2023 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2023 (In millions) Included in Included in Other Assets Investment securities $3,625 ($538) ($5) $634 $— $— ($225) $— ($42) $3,449 $112 ($4) Mortgage loans held-for-sale 310 6 — 2,038 — (1,152) (24) 12 (294) 896 32 — Mortgage loans held-for-investment 110 (81) — — — — (15) 530 (71) 473 (84) — Other assets 5,573 138 — (20) 736 (3) (905) — — 5,519 137 — Total assets $9,618 ($475) ($5) $2,652 $736 ($1,155) ($1,169) $542 ($407) $10,337 $197 ($4) Liabilities Total liabilities $485 ($27) $— ($3) $98 $— ($57) $— $— $496 ($51) $— Year Ended December 31, 2022 Balance, Total Realized/Unrealized Gains/Losses (1) Purchases Issues Sales Settlements, Transfers Transfers Balance, Change in Unrealized Gains/Losses (1) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2022 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2022 (In millions) Included in Included in Other Assets Investment securities $4,672 ($1,279) ($103) $894 $— ($86) ($483) $30 ($20) $3,625 ($596) ($41) Mortgage loans held-for-sale — (54) — — — (94) (26) 486 (2) 310 (53) — Mortgage loans held-for-investment — (27) — — — — (12) 149 — 110 (27) — Other assets 6,020 (721) — (13) 1,233 (10) (936) — — 5,573 (721) — Total assets $10,692 ($2,081) ($103) $881 $1,233 ($190) ($1,457) $665 ($22) $9,618 ($1,397) ($41) Liabilities Total liabilities $318 $93 $— ($20) $163 $— ($69) $— $— $485 $124 $— (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 - Assets and Liabilities on Our Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs	The table below presents a reconciliation of all assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis using significant unobservable inputs (Level 3), including transfers into and out of Level 3. The table also presents gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our consolidated statements of income for Level 3 assets and liabilities. Table 16.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs Year Ended December 31, 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 December 31, 2024 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2024 (In millions) Included in Included in Other Assets Investment securities $3,449 ($435) ($3) $816 $— $— ($207) $— ($10) $3,610 $54 ($2) Mortgage loans held-for-sale 896 (20) — 2,156 — (1,557) (1) 35 (214) 1,295 (35) — Mortgage loans held-for-investment 473 (42) — — — — (241) 688 (37) 841 (43) — Other assets 5,519 181 — (14) 628 (14) (861) — — 5,439 172 — Total assets $10,337 ($316) ($3) $2,958 $628 ($1,571) ($1,310) $723 ($261) $11,185 $148 ($2) Liabilities Total liabilities $496 $29 $— $13 $69 $— ($41) $— ($325) $241 ($6) $— Year Ended December 31, 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 December 31, 2023 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2023 (In millions) Included in Included in Other Assets Investment securities $3,625 ($538) ($5) $634 $— $— ($225) $— ($42) $3,449 $112 ($4) Mortgage loans held-for-sale 310 6 — 2,038 — (1,152) (24) 12 (294) 896 32 — Mortgage loans held-for-investment 110 (81) — — — — (15) 530 (71) 473 (84) — Other assets 5,573 138 — (20) 736 (3) (905) — — 5,519 137 — Total assets $9,618 ($475) ($5) $2,652 $736 ($1,155) ($1,169) $542 ($407) $10,337 $197 ($4) Liabilities Total liabilities $485 ($27) $— ($3) $98 $— ($57) $— $— $496 ($51) $— Year Ended December 31, 2022 Balance, Total Realized/Unrealized Gains/Losses (1) Purchases Issues Sales Settlements, Transfers Transfers Balance, Change in Unrealized Gains/Losses (1) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2022 (2) Change in Unrealized Gains/Losses (1) , Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2022 (In millions) Included in Included in Other Assets Investment securities $4,672 ($1,279) ($103) $894 $— ($86) ($483) $30 ($20) $3,625 ($596) ($41) Mortgage loans held-for-sale — (54) — — — (94) (26) 486 (2) 310 (53) — Mortgage loans held-for-investment — (27) — — — — (12) 149 — 110 (27) — Other assets 6,020 (721) — (13) 1,233 (10) (936) — — 5,573 (721) — Total assets $10,692 ($2,081) ($103) $881 $1,233 ($190) ($1,457) $665 ($22) $9,618 ($1,397) ($41) Liabilities Total liabilities $318 $93 $— ($20) $163 $— ($69) $— $— $485 $124 $— (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 consolidated balance sheets at fair value on a recurring basis. Table 16.3 - Quantitative Information about Recurring Level 3 Fair Value Measurements December 31, 2024 Level 3 Predominant Unobservable Inputs ( Dollars in millions , except for certain unobservable inputs as shown) Type Range Weighted (1) Assets Investment securities $2,344 External pricing sources Price $0.0 - $3,652.7 $99.1 1,266 Other Mortgage loans held-for-sale 1,295 External pricing sources Price $87.8 - $104.4 $96.4 Mortgage loans held-for-investment 841 External pricing sources Price $29.2 - $100.0 $83.1 Other assets 4,816 Discounted cash flows OAS 17 - 3,500 bps 48 bps 623 Other Total level 3 assets $11,185 Liabilities Total level 3 liabilities $241 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) Assets Investment securities $2,574 External pricing sources Price $0.0 - $4,471.7 $133.8 875 Other Mortgage loans held-for-sale 896 External pricing sources Price $59.3 - $110.4 $100.3 Mortgage loans held-for-investment 473 External pricing sources Price $24.7 - $99.2 $74.7 Other assets 5,014 Discounted cash flows OAS 17 - 233 bps 47 bps 505 Other Total level 3 assets $10,337 Liabilities Total level 3 liabilities $496 (1) Unobservable inputs were weighted primarily by the relative fair value of the financial instruments.
Table - Asset Measured at Fair Value on a Non-Recurring Basis	The table below presents assets measured on our consolidated balance sheets at fair value on a non-recurring basis. Table 16.4 - Assets Measured at Fair Value on a Non-Recurring Basis December 31, 2024 December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Mortgage loans (1) $— $303 $1,474 $1,777 $— $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 consolidated balance sheets at fair value on a non-recurring basis. Table 16.5 - Quantitative Information about Non-Recurring Level 3 Fair Value Measurements December 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 $1,292 External pricing sources Price $74.1 - $100.4 $82.3 182 Other Total $1,474 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 External pricing sources Price $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, secured lending, and certain debt, the carrying value on our GAAP balance sheets approximates fair value, as these assets and liabilities are short-term in nature and have limited fair value volatility. Table 16.6 - Fair Value of Financial Instruments December 31, 2024 GAAP Measurement Category (1) Carrying Amount (2) Fair Value (In millions) Level 1 Level 2 Level 3 Netting Adjustments (3) Total Financial assets Cash and cash equivalents Amortized cost $5,534 $5,534 $— $— $— $5,534 Securities purchased under agreements to resell Amortized cost 100,118 — 108,338 — (8,220) 100,118 Investments securities: Available-for-sale FV - OCI 3,899 — 3,316 583 — 3,899 Trading FV - NI 51,872 42,289 6,556 3,027 — 51,872 Total investments securities 55,771 42,289 9,872 3,610 — 55,771 Mortgage loans: Mortgage loans held-for-sale 15,560 — 11,943 3,764 — 15,707 Mortgage loans held-for-investment, net of allowance for credit losses 3,172,329 — 2,469,708 286,371 — 2,756,079 Total mortgage loans Various (4) 3,187,889 — 2,481,651 290,135 — 2,771,786 Other assets: Guarantee assets FV - NI 5,126 — — 5,128 — 5,128 Derivative assets, net FV - NI 501 9 6,387 94 (5,989) 501 Other assets (5) Various 1,801 — 323 1,607 — 1,930 Total other assets 7,428 9 6,710 6,829 (5,989) 7,559 Total financial assets $3,356,740 $47,832 $2,606,571 $300,574 ($14,209) $2,940,768 Financial liabilities Debt: Debt of consolidated trusts $3,122,941 $— $2,699,412 $380 $— $2,699,792 Debt of Freddie Mac 182,008 — 187,287 3,283 (8,220) 182,350 Total debt Various (6) 3,304,949 — 2,886,699 3,663 (8,220) 2,882,142 Other liabilities: Guarantee obligations Amortized cost 5,072 — 98 6,362 — 6,460 Derivative liabilities, net FV - NI 954 — 7,116 120 (6,282) 954 Other liabilities (5) FV - NI 23 — 701 109 — 810 Total other liabilities 6,049 — 7,915 6,591 (6,282) 8,224 Total financial liabilities $3,310,998 $— $2,894,614 $10,254 ($14,502) $2,890,366 December 31, 2023 GAAP Measurement Category (1) Carrying Amount (2) Fair Value (In millions) Level 1 Level 2 Level 3 Netting Adjustments (3) 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 Investments 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 investments 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 (4) 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 (5) 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 (6) 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 (5) 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) Excludes allowance for credit losses on off-balance sheet credit exposure. (3) Represents counterparty netting and cash collateral netting, and includes accrued interest receivable and payable. (4) The GAAP carrying amounts measured at amortized cost, lower-of-cost-or-fair-value, and FV - NI were $3.2 trillion, $4.2 billion and $13.8 billion as of December 31, 2024, respectively, and $3.1 trillion, $5.6 billion and $9.2 billion as of December 31, 2023, respectively. (5) For other assets, includes advances to lenders, secured lending, and loan commitments. For other liabilities, includes loan commitments. (6) The GAAP carrying amounts measured at amortized cost and FV - NI were $3.3 trillion and $2.3 billion as of December 31, 2024, respectively, and $3.2 trillion and $2.5 billion as of December 31, 2023, respectively.
Table - Difference between Fair Value and Unpaid Principal Balance for Certain Financial Instruments with Fair Value Option Elected	The table below presents the fair value and UPB related to items for which we have elected the fair value option. Table 16.7 - Difference between Fair Value and UPB for Certain Financial Instruments with Fair Value Option Elected (1) December 31, 2024 December 31, 2023 (In millions) Fair value UPB Difference Fair value UPB Difference Mortgage loans held-for-sale $11,394 $11,470 ($76) $7,356 $7,080 $276 Mortgage loans held-for-investment 2,413 2,710 (297) 1,806 2,095 (289) Debt of Freddie Mac 152 150 2 240 234 6 Debt of consolidated trusts 1,689 1,817 (128) 1,705 1,799 (94) Other assets (other liabilities) 1 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 December 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 consolidated statements of income. Table 16.8 - Changes in Fair Value under the Fair Value Option Election December 31, 2024 December 31, 2023 December 31, 2022 (In millions) Gains (losses) Mortgage loans held-for-sale ($189) ($59) ($987) Mortgage loans held-for-investment (39) (29) (154) Debt of Freddie Mac 14 30 (30) Debt of consolidated trusts 51 (6) 458 Other assets/other liabilities 516 207 (362)

Regulatory Capital (Tables)

Regulatory Capital (Tables)	12 Months Ended
	Dec. 31, 2024
Compliance with Regulatory Capital Requirements - ERCF [Abstract]
Table - ERCF Capital Requirements	The table below presents our capital metrics under the ERCF. Table 18.1 - ERCF Available Capital and Capital Requirements (In billions) December 31, 2024 December 31, 2023 Adjusted total assets $3,817 $3,775 Risk-weighted assets (standardized approach) 1,118 1,009 December 31, 2024 Amounts Ratios (Dollars in billions) Available 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 ($6) $89 $89 (0.5) % 8.0 % 8.0 % CET1 capital (32) 50 107 (2.9) 4.5 9.6 Tier 1 capital (18) 67 124 (1.6) 6.0 11.1 Adjusted total capital (18) 89 146 (1.6) 8.0 13.1 Leverage capital: Core capital (13) 95 95 (0.3) 2.5 2.5 Tier 1 capital (18) 95 109 (0.5) 2.5 2.9 December 31, 2023 Amounts Ratios (Dollars in billions) Available 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.

Conservatorship and Related M_2

Conservatorship and Related Matters (Details) - USD ($)		12 Months Ended				123 Months Ended
	Sep. 08, 2008	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2012	Dec. 31, 2024	Mar. 31, 2025	Jan. 01, 2023	Jun. 30, 2022	Dec. 31, 2017	Dec. 31, 2008
Conservatorship and related matters line items
Remaining funding available under Purchase Agreement		$ 140,200,000,000				$ 140,200,000,000
Stock Issued During Period, Shares, New Issues		0	0
Initial liquidation preference of senior preferred stock	$ 1,000,000,000
Common stock warrant, percentage of common stock shares that can be purchased		79.90%				79.90%
Cash Proceeds Received Upon Issuing The Senior Preferred Stock	$ 0
Increase in senior preferred stock										$ 3,000,000,000
Aggregate liquidation preference on senior preferred stock		$ 129,000,000,000				$ 129,000,000,000
Applicable capital reserve amount if we don't pay the full dividend requirement in a future period		0				0
Aggregate dividend payments since conservatorship began		$ 119,700,000,000				$ 119,700,000,000
Percent per annum portion of quarterly senior preferred stock dividend requirement after Capital Reserve End Date when dividend paid in full		10%				10%
Percent per annum portion of quarterly senior preferred stock dividend requirement after Capital Reserve End Date when dividend is not paid in full		12%				12%
Allowance of non-ordinary course asset sales		$ 250,000,000				$ 250,000,000
Mortgage Related Investments Portfolio Limit Under Purchase Agreement		225,000,000,000		$ 225,000,000,000		225,000,000,000
UPB of mortgage-related investments portfolio		123,500,000,000				123,500,000,000
Ten percent of notional amount of IO securities		22,500,000,000				22,500,000,000
Agency MBS Maximum									$ 20,000,000,000
Debt cap under Purchase Agreement.								$ 270,000,000,000
Debt cap aggregate indebtedness		$ 187,700,000,000				$ 187,700,000,000
Basis points of each dollar of new business purchases required by GSE Act.		0.042%				0.042%
Expense of basis point allocation for new business purchases		$ 200,000,000	$ 100,000,000	300,000,000
Legislated Basis Point Fee		2,900,000,000	2,900,000,000	2,800,000,000
Amount contributed to equity method investment		68,000,000				$ 938,000,000
CSS [Member]
Conservatorship and related matters line items
Equity method investment		(5,000,000)	(1,000,000)			(5,000,000)
Government [Member]
Conservatorship and related matters line items
Related Party Transaction, Amounts of Transaction		0	$ 0	$ 0
Subsequent Event
Conservatorship and related matters line items
Aggregate liquidation preference on senior preferred stock							$ 132,200,000,000
Senior Preferred Stock
Conservatorship and related matters line items
Stock Issued During Period, Shares, New Issues	1,000,000
Initial liquidation preference of senior preferred stock											$ 1,000,000,000
Increase in senior preferred stock										$ 3,000,000,000
Aggregate liquidation preference on senior preferred stock		$ 129,038,000,000				$ 129,038,000,000
Senior Preferred Stock, Dividend Rate					10%

Securitizations and Variable _3

Securitizations and Variable Interest Entities (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investment, Proportional Amortization Method, Elected, Amount	$ 4.3	$ 3.5
WI K- deal Certificate | Multifamily
Variable Interest Entity [Line Items]
UPB of Issuances and Guarantees	2.9	4.9
Other | Single-family Guarantee
Variable Interest Entity [Line Items]
Consolidated UPB of VIE	4.1	4.5
Level 1 Securitization products | Single-family Guarantee
Variable Interest Entity [Line Items]
Consolidated UPB of VIE	3,000	3,000
Held by consolidated trusts | MF 55-Day PCs | Multifamily
Variable Interest Entity [Line Items]
Consolidated UPB of VIE	64.8	44.1
Held by consolidated trusts | WI K- deal Certificate | Multifamily
Variable Interest Entity [Line Items]
Consolidated UPB of VIE	0	0.5
Other Securitization Trust | Other | Multifamily
Variable Interest Entity [Line Items]
Consolidated UPB of VIE	$ 5.7	$ 3.2

Securitizations and Variable _4

Securitizations and Variable Interest Entities - Non-Consolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets [Abstract]
Investments in securities, at fair value	$ 55,771	$ 43,275
Other Assets	21,333	25,927
Assets	3,386,692	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	12,346	16,096
Variable Interest Entity, Not Primary Beneficiary
Assets [Abstract]
Investments in securities, at fair value	12,055	12,209
Other Assets	5,522	5,431
Assets	518,307	532,148
Maximum Exposure to Loss	446,702	456,672
Liabilities [Abstract]
Other liabilities	5,724	5,937
Variable Interest Entity, Not Primary Beneficiary | Other
Assets [Abstract]
Investments in securities, at fair value	0	0
Other Assets	7	7
Assets	79	117
Maximum Exposure to Loss	472	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	6,792	6,224
Other Assets	315	331
Assets	161,382	169,744
Maximum Exposure to Loss	128,597	134,934
Liabilities [Abstract]
Other liabilities	1,330	1,273
Variable Interest Entity, Not Primary Beneficiary | Single Family Guarantee Segment | Securitization products
Assets [Abstract]
Investments in securities, at fair value	1,633	1,272
Other Assets	157	172
Assets	30,038	30,298
Maximum Exposure to Loss	24,470	24,600
Liabilities [Abstract]
Other liabilities	458	427
Variable Interest Entity, Not Primary Beneficiary | Single Family Guarantee Segment | Guarantees of Fannie Mae securities
Assets [Abstract]
Investments in securities, at fair value	5,159	4,952
Other Assets	69	67
Assets	104,120	110,320
Maximum Exposure to Loss	104,120	110,320
Liabilities [Abstract]
Other liabilities	701	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	89	92
Assets	27,224	29,126
Maximum Exposure to Loss	7	14
Liabilities [Abstract]
Other liabilities	171	220
Variable Interest Entity, Not Primary Beneficiary | Multifamily Segment
Assets [Abstract]
Investments in securities, at fair value	5,263	5,985
Other Assets	5,200	5,093
Assets	356,846	362,287
Maximum Exposure to Loss	317,633	321,270
Liabilities [Abstract]
Other liabilities	4,389	4,659
Variable Interest Entity, Not Primary Beneficiary | Multifamily Segment | Securitization products
Assets [Abstract]
Investments in securities, at fair value	5,263	5,985
Other Assets	5,171	5,082
Assets	355,108	360,928
Maximum Exposure to Loss	317,611	321,262
Liabilities [Abstract]
Other liabilities	4,374	4,652
Variable Interest Entity, Not Primary Beneficiary | Multifamily Segment | CRT products
Assets [Abstract]
Investments in securities, at fair value	0	0
Other Assets	29	11
Assets	1,738	1,359
Maximum Exposure to Loss	22	8
Liabilities [Abstract]
Other liabilities	$ 15	$ 7

Mortgage Loans (Details)

Mortgage Loans (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
UPB removed from Consolidated Trust	$ 8	$ 5.7
Noncash acquisition, mortgage loans held-for-investment acquired in exchange for issuance of debt securities of consolidated trusts	230.6	215	$ 396.7
Transfers from advances to lenders to loans HFI	$ 112.7	$ 96.3	$ 174.6

Mortgage Loans - Mortgage Loans

Mortgage Loans - Mortgage Loans (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivables [Line Items]
UPB of mortgage loans - HFS	$ 16,249	$ 13,432
Cost basis and fair value adjustments, net HFS	(689)	(491)
Total held-for-sale loans, net	15,560	12,941
UPB of mortgage loans - HFI	3,150,627	3,055,712
Cost basis adjustment HFI	28,476	34,336
Allowance for loan losses	(6,774)	(6,383)
Total held-for-investment mortgage loans, net	3,172,329	3,083,665
Total mortgage loans, net	3,187,889	3,096,606
Hedged Asset, Fair Value Hedge, Last-of-Layer, Cumulative Increase (Decrease)	(700)	(200)
Mortgage loans FVO held-for-investment	2,413	1,806
Single-family
Accounts, Notes, Loans and Financing Receivables [Line Items]
UPB of mortgage loans - HFS	2,984	3,527
Cost basis and fair value adjustments, net HFS	(586)	(712)
Total held-for-sale loans, net	2,398	2,815
UPB of mortgage loans - HFI	3,063,211	2,996,509
Cost basis adjustment HFI	28,926	34,627
Allowance for loan losses	(6,381)	(6,057)
Total held-for-investment mortgage loans, net	3,085,756	3,025,079
Total mortgage loans, net	3,088,154	3,027,894
Multifamily
Accounts, Notes, Loans and Financing Receivables [Line Items]
UPB of mortgage loans - HFS	13,265	9,905
Cost basis and fair value adjustments, net HFS	(103)	221
Total held-for-sale loans, net	13,162	10,126
UPB of mortgage loans - HFI	87,416	59,203
Cost basis adjustment HFI	(450)	(291)
Allowance for loan losses	(393)	(326)
Total held-for-investment mortgage loans, net	86,573	58,586
Total mortgage loans, net	$ 99,735	$ 68,712

Mortgage Loans - Loans Purchase

Mortgage Loans - Loans Purchased and Sold (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Single-family | Held-for-Investment
Financing Receivable, Allowance for Credit Loss [Line Items]
Purchase	$ 346,408	$ 299,886	$ 540,472
Single-family | Held-for-Sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Sale of held-for-sale loans	2,072	1,253	2,211
Multifamily | Held-for-Investment
Financing Receivable, Allowance for Credit Loss [Line Items]
Purchase	30,003	16,814	25,052
Multifamily | Held-for-Sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Purchase	31,712	29,415	44,997
Sale of held-for-sale loans	$ 27,883	$ 34,034	$ 50,280

Mortgage Loans - Loan Reclassif

Mortgage Loans - Loan Reclassifications (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Held-for-Investment | Single-family
Financing Receivable, Allowance for Credit Loss [Line Items]
UPB reclassified for-investment to held-for-sale	$ 2,285	$ 1,968
Valuation allowance (established) or reversed	0	0
Allowance for credit losses reversed or (established)	75	37
Held-for-Investment | Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
UPB reclassified for-investment to held-for-sale	1,322	6,760
Valuation allowance (established) or reversed	(61)	(58)
Allowance for credit losses reversed or (established)	12	4
Held-for-Sale | Single-family
Financing Receivable, Allowance for Credit Loss [Line Items]
Valuation allowance (established) or reversed	19	20
UPB reclassified from held-for-sale to held-for-investment	233	191
Allowance for credit losses reversed or (established)	19	16
Held-for-Sale | Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Valuation allowance (established) or reversed	10	19
UPB reclassified from held-for-sale to held-for-investment	833	861
Allowance for credit losses reversed or (established)	$ 0	$ (1)

Mortgage Loans - Amortized Cost

Mortgage Loans - Amortized Cost Basis of Held-for-Investment Loans on Nonaccrual (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest Income Recognized	$ 323	$ 271
Financing Receivable, Excluding Accrued Interest, Nonaccrual	16,033	13,522	$ 10,137
Single Family
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest Income Recognized	320	268
Financing Receivable, Excluding Accrued Interest, Nonaccrual	15,908	13,458	10,095
20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest Income Recognized	307	256
Financing Receivable, Excluding Accrued Interest, Nonaccrual	15,157	12,682	9,307
15-year or less, amortizing fixed-rate
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest Income Recognized	8	7
Financing Receivable, Excluding Accrued Interest, Nonaccrual	511	519	427
Adjustable-rate and other
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest Income Recognized	5	5
Financing Receivable, Excluding Accrued Interest, Nonaccrual	240	257	361
Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest Income Recognized	3	3
Financing Receivable, Excluding Accrued Interest, Nonaccrual	$ 125	$ 64	$ 42

Mortgage Loans - Accrued Intere

Mortgage Loans - Accrued Interest Receivable and Related Charge-Offs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued Interest Receivable	$ 11,029	$ 9,925
Single Family
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued Interest Receivable	9,776	8,833
Financing Receivable, Accrued Interest, Writeoff	(223)	(232)
Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued Interest Receivable	431	287
Financing Receivable, Accrued Interest, Writeoff	$ (1)	$ (2)

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 3,177,386	$ 3,088,464
20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	296,160	252,879
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff	1	0
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	239,808	391,687
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	10	12
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	362,827	861,548
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	40	37
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	803,546	638,903
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	45	43
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	594,070	106,984
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	35	45
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	475,359	419,386
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff	222	243
Financing Receivable, before Allowance for Credit Loss	2,771,770	2,671,387
Total current-period year-to-date gross write-offs	353	380
15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	12,225	9,016
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	7,722	29,103
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	0	1
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	25,407	126,226
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	1	2
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	111,028	98,616
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	1	1
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	85,706	12,507
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	1	0
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	52,312	56,499
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff	2	2
Financing Receivable, before Allowance for Credit Loss	294,400	331,967
Total current-period year-to-date gross write-offs	5	6
Adjustable-rate and other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	2,156	2,515
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	2,665	5,633
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	5,140	4,480
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	4,035	1,557
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	1	0
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	1,388	611
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	0	0
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	11,278	13,207
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff	1	1
Financing Receivable, before Allowance for Credit Loss	26,662	28,003
Total current-period year-to-date gross write-offs	2	1
Single Family
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	310,541	264,410
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff	1	0
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	250,195	426,423
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	10	13
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	393,374	992,254
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	41	39
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	918,609	739,076
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	47	44
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	681,164	120,102
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	36	45
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	538,949	489,092
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff	225	246
Financing Receivable, before Allowance for Credit Loss	3,092,832	3,031,357
Total current-period year-to-date gross write-offs	360	387
Debt-to-Value Ratio, Less than 60 Perent | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	47,642	39,500
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	42,978	93,279
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	109,174	513,267
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	566,114	542,449
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	544,209	94,348
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	465,059	411,663
Financing Receivable, before Allowance for Credit Loss	1,775,176	1,694,506
Debt-to-Value Ratio, Less than 60 Perent | 15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	5,664	4,221
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	4,353	20,246
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	21,308	121,709
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	110,094	98,338
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	85,662	12,488
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	52,305	56,493
Financing Receivable, before Allowance for Credit Loss	279,386	313,495
Debt-to-Value Ratio, Less than 60 Perent | Adjustable-rate and other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	384	356
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	438	1,650
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	1,793	3,325
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	3,355	1,465
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	1,338	586
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	11,123	12,950
Financing Receivable, before Allowance for Credit Loss	18,431	20,332
Debt-to-Value Ratio, Less than 60 Perent | Single Family
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	53,690	44,077
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	47,769	115,175
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	132,275	638,301
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	679,563	642,252
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	631,209	107,422
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	528,487	481,106
Financing Receivable, before Allowance for Credit Loss	2,072,993	2,028,333
Debt-to-Value Ratio, 60 to 80 percent | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	125,634	105,384
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	106,407	183,251
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	182,774	318,965
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	225,774	95,102
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	48,905	12,402
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	9,859	7,296
Financing Receivable, before Allowance for Credit Loss	699,353	722,400
Debt-to-Value Ratio, 60 to 80 percent | 15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	5,326	3,973
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	3,012	8,314
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	3,986	4,491
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	927	278
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	44	19
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	7	5
Financing Receivable, before Allowance for Credit Loss	13,302	17,080
Debt-to-Value Ratio, 60 to 80 percent | Adjustable-rate and other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	1,065	1,153
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	1,309	2,651
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	2,457	1,105
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	661	89
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	49	25
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	139	227
Financing Receivable, before Allowance for Credit Loss	5,680	5,250
Debt-to-Value Ratio, 60 to 80 percent | Single Family
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	132,025	110,510
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	110,728	194,216
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	189,217	324,561
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	227,362	95,469
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	48,998	12,446
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	10,005	7,528
Financing Receivable, before Allowance for Credit Loss	718,335	744,730
Debt To Value Ratio, 80 To 90 Percent | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	52,612	55,973
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	69,714	90,785
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	61,282	27,750
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	10,650	1,272
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	813	213
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	311	262
Financing Receivable, before Allowance for Credit Loss	195,382	176,255
Debt To Value Ratio, 80 To 90 Percent | 15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	856	623
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	338	509
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	103	25
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	7	0
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	0	0
Financing Receivable, before Allowance for Credit Loss	1,304	1,157
Debt To Value Ratio, 80 To 90 Percent | Adjustable-rate and other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	466	689
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	766	1,040
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	767	48
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	17	3
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	1	0
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	12	18
Financing Receivable, before Allowance for Credit Loss	2,029	1,798
Debt To Value Ratio, 80 To 90 Percent | Single Family
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	53,934	57,285
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	70,818	92,334
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	62,152	27,823
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	10,674	1,275
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	814	213
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	323	280
Financing Receivable, before Allowance for Credit Loss	198,715	179,210
Debt To Value Ratio, 90 To 100 Percent | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	70,104	51,994
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	20,274	23,460
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	8,820	1,542
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	949	71
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	124	16
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	74	77
Financing Receivable, before Allowance for Credit Loss	100,345	77,160
Debt To Value Ratio, 90 To 100 Percent | 15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	377	198
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	19	33
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	10	1
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	0	0
Financing Receivable, before Allowance for Credit Loss	406	232
Debt To Value Ratio, 90 To 100 Percent | Adjustable-rate and other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	241	317
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	150	276
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	112	2
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	2	0
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	3	8
Financing Receivable, before Allowance for Credit Loss	508	603
Debt To Value Ratio, 90 To 100 Percent | Single Family
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	70,722	52,509
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	20,443	23,769
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	8,942	1,545
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	951	71
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	124	16
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	77	85
Financing Receivable, before Allowance for Credit Loss	101,259	77,995
Greater Than 100 Estimated Current LTV Ratio | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	168	28
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	435	912
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	777	24
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	59	9
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	19	5
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	56	88
Financing Receivable, before Allowance for Credit Loss	1,514	1,066
Greater Than 100 Estimated Current LTV Ratio | 15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	2	1
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	0	1
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	0	1
Financing Receivable, before Allowance for Credit Loss	2	3
Greater Than 100 Estimated Current LTV Ratio | Adjustable-rate and other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	2	16
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	11	0
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	1	4
Financing Receivable, before Allowance for Credit Loss	14	20
Greater Than 100 Estimated Current LTV Ratio | Single Family
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	170	29
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	437	929
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	788	24
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	59	9
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	19	5
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	57	93
Financing Receivable, before Allowance for Credit Loss	$ 1,530	$ 1,089

Mortgage Loans -Amortized Cost

Mortgage Loans -Amortized Cost Basis of Multifamily Held- for-Investment Loans by Credit Quality Indicator by Vintage (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 3,177,386	$ 3,088,464
Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	27,763	13,824
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	14,576	17,963
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	17,231	7,646
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	7,547	6,647
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	6,487	4,937
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	8,524	3,824
Revolving Loans	2,426	2,266
Total	84,554	57,107
Pass | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	27,713	13,804
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	14,471	17,845
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	16,548	7,430
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	7,179	6,345
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	6,201	4,420
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	7,921	3,254
Revolving Loans	2,426	2,266
Total	82,459	55,364
Special mention | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	50	20
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	76	85
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	239	28
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	39	43
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	86	294
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	327	106
Revolving Loans	0	0
Total	817	576
Substandard | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	29	33
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	444	188
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	329	259
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	200	223
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	276	464
Revolving Loans	0	0
Total	1,278	1,167
Doubtful | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	0	0
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	0	0
Revolving Loans	0	0
Total	$ 0	$ 0

Mortgage Loans - Amortized Co_3

Mortgage Loans - Amortized Cost Basis of Held-for-Investment Loans by Payment Status (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 3,177,386	$ 3,088,464
Financing Receivable, 90 Days or More Past Due, Still Accruing	0	0
Non-Accrual with no allowance	578	482
Mortgage Loans in Process of Foreclosure, Amount	2,600	2,000
20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	2,771,770	2,671,387
Non-Accrual with no allowance	465	406
15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	294,400	331,967
Non-Accrual with no allowance	5	4
Adjustable-rate and other
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	26,662	28,003
Non-Accrual with no allowance	33	49
Single-family
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	3,092,832	3,031,357
Non-Accrual with no allowance	503	459
Multifamily
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	84,554	57,107
Non-Accrual with no allowance	75	23
Financial Asset, Not Past Due
Financing Receivable, Past Due [Line Items]
Total	3,124,850	3,041,712
Financial Asset, Not Past Due | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	2,722,336	2,627,763
Financial Asset, Not Past Due | 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	292,207	329,601
Financial Asset, Not Past Due | Adjustable-rate and other
Financing Receivable, Past Due [Line Items]
Total	26,019	27,317
Financial Asset, Not Past Due | Single-family
Financing Receivable, Past Due [Line Items]
Total	3,040,562	2,984,681
Financial Asset, Not Past Due | Multifamily
Financing Receivable, Past Due [Line Items]
Total	84,288	57,031
One month past due
Financing Receivable, Past Due [Line Items]
Total	28,863	27,471
One month past due | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	27,090	25,528
One month past due | 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	1,404	1,589
One month past due | Adjustable-rate and other
Financing Receivable, Past Due [Line Items]
Total	309	342
One month past due | Single-family
Financing Receivable, Past Due [Line Items]
Total	28,803	27,459
One month past due | Multifamily
Financing Receivable, Past Due [Line Items]
Total	60	12
Two months past due
Financing Receivable, Past Due [Line Items]
Total	8,060	6,152
Two months past due | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	7,588	5,787
Two months past due | 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	291	270
Two months past due | Adjustable-rate and other
Financing Receivable, Past Due [Line Items]
Total	101	95
Two months past due | Single-family
Financing Receivable, Past Due [Line Items]
Total	7,980	6,152
Two months past due | Multifamily
Financing Receivable, Past Due [Line Items]
Total	80	0
Three months or more past due or in foreclosure
Financing Receivable, Past Due [Line Items]
Total	15,613	13,129
Three months or more past due or in foreclosure | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	14,756	12,309
Three months or more past due or in foreclosure | 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Total	498	507
Three months or more past due or in foreclosure | Adjustable-rate and other
Financing Receivable, Past Due [Line Items]
Total	233	249
Three months or more past due or in foreclosure | Single-family
Financing Receivable, Past Due [Line Items]
Total	15,487	13,065
Three months or more past due or in foreclosure | Multifamily
Financing Receivable, Past Due [Line Items]
Total	$ 126	$ 64

Mortgage Loans - Single-Family

Mortgage Loans - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Single Family
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	$ 25,159	$ 21,954
Percentage of class of financing receivable	0.80%	0.70%
Amortized cost basis of SF HFI loans in trial period modification plans	$ 2,400	$ 1,700
Amortized cost basis of loans in payment deferral plans	8,000	8,300
20- and 30-year or more, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	$ 24,244	$ 20,953
Percentage of class of financing receivable	0.90%	0.80%
15-year or less, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	$ 723	$ 798
Percentage of class of financing receivable	0.20%	0.20%
Adjustable-rate and other
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	$ 192	$ 203
Percentage of class of financing receivable	0.70%	0.70%
payment delay [Member] | Single Family
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	$ 19,426	$ 17,751
payment delay [Member] | 20- and 30-year or more, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	18,526	16,774
payment delay [Member] | 15-year or less, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	723	798
payment delay [Member] | Adjustable-rate and other
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	177	179
payment delay and term extension [Member] | Single Family
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	5,653	4,070
payment delay and term extension [Member] | 20- and 30-year or more, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	5,640	4,051
payment delay and term extension [Member] | 15-year or less, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	0	0
payment delay and term extension [Member] | Adjustable-rate and other
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	13	19
payment delay, interest rate reduction, and term extension [Member] | Single Family
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	80	133
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, loan restructuring, amortized cost basis	78	128
payment delay, interest rate reduction, and term extension [Member] | 15-year or less, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	0	0
payment delay, interest rate reduction, and term extension [Member] | Adjustable-rate and other
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	$ 2	$ 5

Mortgage Loans - Financial Effe

Mortgage Loans - Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
20- and 30-year or more, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Weighted average interest rate reduction	0.50%	1%
Weighted average term extension	168 months	175 months
Weighted average payment deferral or principal forbearance	$ 16	$ 16
15-year or less, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Weighted average interest rate reduction	0%	0%
Weighted average term extension	10 months	0 months
Weighted average payment deferral or principal forbearance	$ 12	$ 15
Adjustable-rate and other
financing receivable, loan restructuring [Line Items]
Weighted average interest rate reduction	1%	1.60%
Weighted average term extension	229 months	202 months
Weighted average payment deferral or principal forbearance	$ 15	$ 17

Mortgage Loans - Subsequent Def

Mortgage Loans - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Single Family
financing receivable, loan restructuring [Line Items]
Financing receivable, restructured loans that defaulted, amortized cost basis	$ 5,119	$ 3,834
Single Family | payment delay [Member]
financing receivable, loan restructuring [Line Items]
Financing receivable, restructured loans that defaulted, amortized cost basis	3,427	2,615
Single Family | payment delay and term extension [Member]
financing receivable, loan restructuring [Line Items]
Financing receivable, restructured loans that defaulted, amortized cost basis	1,671	911
Single Family | payment delay, interest rate reduction, and term extension [Member]
financing receivable, loan restructuring [Line Items]
Financing receivable, restructured loans that defaulted, amortized cost basis	21	308
20- and 30-year or more, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing receivable, restructured loans that defaulted, amortized cost basis	4,977	3,695
20- and 30-year or more, amortizing fixed-rate | payment delay [Member]
financing receivable, loan restructuring [Line Items]
Financing receivable, restructured loans that defaulted, amortized cost basis	3,287	2,488
20- and 30-year or more, amortizing fixed-rate | payment delay and term extension [Member]
financing receivable, loan restructuring [Line Items]
Financing receivable, restructured loans that defaulted, amortized cost basis	1,669	905
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, restructured loans that defaulted, amortized cost basis	21	302
15-year or less, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing receivable, restructured loans that defaulted, amortized cost basis	104	97
15-year or less, amortizing fixed-rate | payment delay [Member]
financing receivable, loan restructuring [Line Items]
Financing receivable, restructured loans that defaulted, amortized cost basis	104	97
15-year or less, amortizing fixed-rate | payment delay and term extension [Member]
financing receivable, loan restructuring [Line Items]
Financing receivable, restructured loans that defaulted, amortized cost basis	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, restructured loans that defaulted, amortized cost basis	0	0
Adjustable-rate and other
financing receivable, loan restructuring [Line Items]
Financing receivable, restructured loans that defaulted, amortized cost basis	38	42
Adjustable-rate and other | payment delay [Member]
financing receivable, loan restructuring [Line Items]
Financing receivable, restructured loans that defaulted, amortized cost basis	36	30
Adjustable-rate and other | payment delay and term extension [Member]
financing receivable, loan restructuring [Line Items]
Financing receivable, restructured loans that defaulted, amortized cost basis	2	6
Adjustable-rate and other | payment delay, interest rate reduction, and term extension [Member]
financing receivable, loan restructuring [Line Items]
Financing receivable, restructured loans that defaulted, amortized cost basis	$ 0	$ 6

Mortgage Loans - Amortized Co_4

Mortgage Loans - Amortized Cost Basis of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty by Payment Status (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Single Family
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	$ 25,159	$ 21,954
Single Family | Financial Asset, Not Past Due
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	11,393	11,533
Single Family | One month past due
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	3,638	2,730
Single Family | Two months past due
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	2,790	1,599
Single Family | Three months or more past due or in foreclosure
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	7,338	6,092
20- and 30-year or more, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	24,244	20,953
20- and 30-year or more, amortizing fixed-rate | Financial Asset, Not Past Due
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	11,011	11,000
20- and 30-year or more, amortizing fixed-rate | One month past due
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	3,501	2,619
20- and 30-year or more, amortizing fixed-rate | Two months past due
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	2,685	1,525
20- and 30-year or more, amortizing fixed-rate | Three months or more past due or in foreclosure
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	7,047	5,809
15-year or less, amortizing fixed-rate
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	723	797
15-year or less, amortizing fixed-rate | Financial Asset, Not Past Due
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	309	432
15-year or less, amortizing fixed-rate | One month past due
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	112	88
15-year or less, amortizing fixed-rate | Two months past due
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	86	57
15-year or less, amortizing fixed-rate | Three months or more past due or in foreclosure
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	216	220
Adjustable-rate and other
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	192	204
Adjustable-rate and other | Financial Asset, Not Past Due
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	73	101
Adjustable-rate and other | One month past due
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	25	23
Adjustable-rate and other | Two months past due
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	19	17
Adjustable-rate and other | Three months or more past due or in foreclosure
financing receivable, loan restructuring [Line Items]
Financing receivable, loan restructuring, amortized cost basis	$ 75	$ 63

Guarantees and Other Off-Bala_3

Guarantees and Other Off-Balance Sheet Credit Exposures - Financial Guarantees (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CRT Related Derivatives
Guarantor Obligations [Line Items]
UPB	$ 2,000	$ 2,100
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
Guarantees of Fannie Mae securities
Guarantor Obligations [Line Items]
UPB	104,120	110,320
Maximum Exposure	104,120	110,320
Recognized Liability	$ 0	$ 0
Maximum Remaining Term	37 years	38 years
Other Guarantees
Guarantor Obligations [Line Items]
UPB	$ 79	$ 117
Maximum Exposure	472	468
Recognized Liability	$ 0	$ 0
Maximum Remaining Term	30 years	30 years
Single-family
Guarantor Obligations [Line Items]
UPB	$ 37,979	$ 38,981
Maximum Exposure	32,411	33,292
Recognized Liability	540	543
Single-family | Securitization products
Guarantor Obligations [Line Items]
UPB	30,038	30,289
Maximum Exposure	24,470	24,600
Recognized Liability	$ 413	$ 382
Maximum Remaining Term	39 years	40 years
Single-family | Other mortgage-related guarantees
Guarantor Obligations [Line Items]
UPB	$ 7,941	$ 8,692
Maximum Exposure	7,941	8,692
Recognized Liability	$ 127	$ 161
Maximum Remaining Term	27 years	28 years
Multifamily
Guarantor Obligations [Line Items]
UPB	$ 365,954	$ 371,689
Maximum Exposure	328,442	332,023
Recognized Liability	4,583	4,960
Multifamily | Securitization products
Guarantor Obligations [Line Items]
UPB	355,108	360,928
Maximum Exposure	317,611	321,262
Recognized Liability	$ 4,219	$ 4,577
Maximum Remaining Term	35 years	36 years
Multifamily | Other mortgage-related guarantees
Guarantor Obligations [Line Items]
UPB	$ 10,846	$ 10,761
Maximum Exposure	10,831	10,761
Recognized Liability	$ 364	$ 383
Maximum Remaining Term	34 years	35 years

Guarantees and Other Off-Bala_4

Guarantees and Other Off-Balance Sheet Credit Exposures - UPB of Unconsolidated Loans by Payment Status (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Current	$ 397,437	$ 404,309
One Month Past Due	2,518	3,022
Two Months Past Due	969	925
Three Months or More Past Due, or in Foreclosure	3,009	2,414
Total	403,933	410,670
Single Family
Guarantor Obligations [Line Items]
Current	33,454	34,524
One Month Past Due	2,183	2,172
Two Months Past Due	852	827
Three Months or More Past Due, or in Foreclosure	1,490	1,458
Total	37,979	38,981
Multifamily
Guarantor Obligations [Line Items]
Current	363,983	369,785
One Month Past Due	335	850
Two Months Past Due	117	98
Three Months or More Past Due, or in Foreclosure	1,519	956
Total	$ 365,954	$ 371,689

Guarantees and Other Off-Bala_5

Guarantees and Other Off-Balance Sheet Credit Exposures - Other Off-Balance Sheet Credit Exposure (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Unsettled securities purchased under agreements to resell, net	$ 10,650	$ 22,276
UPB Of Off-Balance Sheet Credit Exposure	27,314	37,355
Commitments with FVO election	2,000	1,900
Unsettled SSUAR	400	4,000
Multifamily
Guarantor Obligations [Line Items]
Mortgage loan purchase commitments	12,416	10,378
Other commitments	$ 4,248	$ 4,701

Allowance for Credit Losses - D

Allowance for Credit Losses - Details of the Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Rollforward of Allowance for Credit Losses
Beginning balance	$ 6,849	$ 7,893
Provision (benefit) for credit losses	476	(872)	$ 1,841
Ending balance	7,239	6,849	7,893
Allowance, Credit Loss
Rollforward of Allowance for Credit Losses
Beginning balance	6,849	7,893	5,518
Provision (benefit) for credit losses	476	(872)	1,841
Charge-offs	(513)	(643)	(505)
Recoveries collected	115	144	148
Other	312	327	891
Ending balance		6,849	7,893
Held-for-Investment
Rollforward of Allowance for Credit Losses
Beginning balance	6,383	7,391
Ending balance	6,774	6,383	7,391
Other Allowance for Credit Losses
Rollforward of Allowance for Credit Losses
Beginning balance	466	502
Ending balance	465	466	502
Single Family
Rollforward of Allowance for Credit Losses
Beginning balance	6,402	7,746
Ending balance	6,691	6,402	7,746
Single Family | Allowance, Credit Loss
Rollforward of Allowance for Credit Losses
Beginning balance	6,402	7,746	5,440
Provision (benefit) for credit losses	374	(1,172)	1,772
Charge-offs	(511)	(643)	(505)
Recoveries collected	115	144	148
Other	311	327	891
Ending balance		6,402	7,746
Single Family | Held-for-Investment
Rollforward of Allowance for Credit Losses
Beginning balance	6,057	7,314
Ending balance	6,381	6,057	7,314
Single Family | Other Allowance for Credit Losses
Rollforward of Allowance for Credit Losses
Beginning balance	345	432
Ending balance	310	345	432
Multifamily
Rollforward of Allowance for Credit Losses
Beginning balance	447	147
Ending balance	548	447	147
Multifamily | Allowance, Credit Loss
Rollforward of Allowance for Credit Losses
Beginning balance	447	147	78
Provision (benefit) for credit losses	102	300	69
Charge-offs	(2)	0	0
Recoveries collected	0	0	0
Other	1	0	0
Ending balance		447	147
Multifamily | Held-for-Investment
Rollforward of Allowance for Credit Losses
Beginning balance	326	77
Ending balance	393	326	77
Multifamily | Other Allowance for Credit Losses
Rollforward of Allowance for Credit Losses
Beginning balance	121	70
Ending balance	$ 155	$ 121	$ 70

Investment Securities (Details)

Investment Securities (Details) $ in Billions	12 Months Ended
	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value	$ 1.3
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value	$ 1.4
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security	146
Investment Securities Acquired and PC Debt Issued via Non-Cash Transaction	$ 0.6	$ 1.7	$ 9
Deconsolidation of investments	$ 3.4	$ 4.8	$ 13.3

Investment Securities - Investm

Investment Securities - Investment Securities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Trading securities	$ 51,872	$ 38,385
Available-for-sale securities, at fair value	3,899	4,890
Total fair value of investment securities	$ 55,771	$ 43,275

Investments Securities - Tradin

Investments Securities - Trading Securities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Trading Securities [Line Items]
Total fair value of trading securities	$ 51,872	$ 38,385
Mortgage-related securities
Trading Securities [Line Items]
Total fair value of trading securities	9,158	8,113
Non-mortgage-related securities
Trading Securities [Line Items]
Total fair value of trading securities	$ 42,714	$ 30,272

Net Trading Gains (Losses) (Det

Net Trading Gains (Losses) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Net Trading Gains and Losses	$ 256	$ 440	$ (3,531)
Debt Securities, Trading, Realized Gain (Loss)	38	105	(1,685)
Debt Securities, Trading, Unrealized Gain	$ 218	$ 335	$ (1,846)

Investments Securities - Availa

Investments Securities - Available-For-Sale Securities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 3,815	$ 4,807
Gross Unrealized Gains in Other Comprehensive Income	198	201
Gross Unrealized Losses in Other Comprehensive Income	(114)	(118)
Available-for-sale securities, at fair value	3,899	4,890
Accrued Interest Receivable	10	13
Agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	3,528	4,467
Gross Unrealized Gains in Other Comprehensive Income	4	13
Gross Unrealized Losses in Other Comprehensive Income	(100)	(110)
Available-for-sale securities, at fair value	3,432	4,370
Accrued Interest Receivable	7	10
Other mortgage-related securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	287	340
Gross Unrealized Gains in Other Comprehensive Income	194	188
Gross Unrealized Losses in Other Comprehensive Income	(14)	(8)
Available-for-sale securities, at fair value	467	520
Accrued Interest Receivable	$ 3	$ 3

Investment Securities - Availab

Investment Securities - Available-For-Sale Securities in a Gross Unrealized Loss Position (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Available-for-Sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract]
Less than 12 Months Fair Value	$ 481	$ 397
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(6)	(5)
12 Months or Greater Fair Value	2,229	3,029
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(108)	(113)
Agency
Available-for-Sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract]
Less than 12 Months Fair Value	448	374
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(6)	(1)
12 Months or Greater Fair Value	2,198	3,006
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(95)	(108)
Other mortgage-related securities [Member]
Available-for-Sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract]
Less than 12 Months Fair Value	33	23
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	(4)
12 Months or Greater Fair Value	31	23
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (13)	$ (5)

Investments Securities - Gross

Investments Securities - Gross Realized Gains and Gross Realized Losses on Sales of Available-For-Sale Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 9	$ 9	$ 34
Debt Securities, Available-for-Sale, Realized Loss	(13)	(183)	(10)
Net realized gains (losses)	(4)	(174)	24
Total Proceeds	$ 1,175	$ 3,164	$ 1,371

Debt - Total Debt (Details)

Debt - Total Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Net [Abstract]
Total Debt	$ 3,304,949	$ 3,208,346
Held by consolidated trusts
Debt Net [Abstract]
Total Debt	3,122,941	3,041,927
Held by Freddie Mac
Debt Net [Abstract]
Short-term debt	14,675	5,976
Long-term debt	167,333	160,443
Total Debt	$ 182,008	$ 166,419

Debt - Debt Securities of Conso

Debt - Debt Securities of Consolidated Trusts (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Amount	$ 3,304,949	$ 3,208,346
Debt instruments recorded at fair value	2,339	2,476
Held by consolidated trusts
Debt Instrument [Line Items]
UPB	3,085,981	2,999,893
Carrying Amount	3,122,941	3,041,927
Debt instruments recorded at fair value	$ 2,000	$ 2,100
Effective rate for debt securities of consolidated trusts held by third parties	3.01%	2.73%
Held by consolidated trusts | Single-family
Debt Instrument [Line Items]
UPB	$ 3,015,851	$ 2,952,593
Carrying Amount	3,054,156	2,995,590
Held by consolidated trusts | Multifamily
Debt Instrument [Line Items]
UPB	70,130	47,300
Carrying Amount	$ 68,785	$ 46,337
Weighted Average Coupon	3.58%	3.35%
Held by consolidated trusts | Single-family 20 and 30-year or more, fixed-rate | Single-family
Debt Instrument [Line Items]
UPB	$ 2,701,936	$ 2,603,100
Carrying Amount	$ 2,736,057	$ 2,640,550
Weighted Average Coupon	3.34%	3.06%
Held by consolidated trusts | Single-family 15-year or less, fixed-rate | Single-family
Debt Instrument [Line Items]
UPB	$ 291,054	$ 326,242
Carrying Amount	$ 294,875	$ 331,291
Weighted Average Coupon	2.30%	2.20%
Held by consolidated trusts | Adjustable-rate and other | Single-family
Debt Instrument [Line Items]
UPB	$ 22,861	$ 23,251
Carrying Amount	$ 23,224	$ 23,749
Weighted Average Coupon	4.42%	3.93%

Debt - Other Short-Term Debt (D

Debt - Other Short-Term Debt (Details) - Held by Freddie Mac - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Short Term Debt Par Value	$ 14,716	$ 6,032
Short-term Debt	$ 14,675	$ 5,976
Short-term debt weighted average effective rate	4.59%	5.39%

Debt - Other Long-Term Debt (De

Debt - Other Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt instruments recorded at fair value	$ 2,339	$ 2,476
Held by Freddie Mac
Debt Instrument [Line Items]
Other long-term debt par value	172,943	168,008
Long-term Debt Carrying Amount	$ 167,333	$ 160,443
Long-term debt weighted average effective rate	3.65%	3.30%
Debt instruments recorded at fair value	$ 300	$ 400
Held by Freddie Mac | Other
Debt Instrument [Line Items]
Other long-term debt par value	1,324	2,177
Long-term Debt Carrying Amount	$ 1,371	$ 2,210
Long-term debt weighted average effective rate	10.90%	10.93%
Held by Freddie Mac | Fixed-rate
Debt Instrument [Line Items]
Other long-term debt par value	$ 130,965	$ 159,079
Long-term Debt Carrying Amount	$ 126,815	$ 153,176
Long-term debt weighted average effective rate	3.09%	3.12%
Held by Freddie Mac | Fixed-rate | Medium-term notes - callable
Debt Instrument [Line Items]
Other long-term debt par value	$ 112,600	$ 139,300
Held by Freddie Mac | Variable-rate
Debt Instrument [Line Items]
Other long-term debt par value	35,906	1,916
Long-term Debt Carrying Amount	$ 35,893	$ 1,908
Long-term debt weighted average effective rate	5.16%	4.89%
Held by Freddie Mac | Variable-rate | Medium-term notes - callable
Debt Instrument [Line Items]
Other long-term debt par value	$ 1,300	$ 1,900
Held by Freddie Mac | Zero-coupon
Debt Instrument [Line Items]
Other long-term debt par value	4,748	4,836
Long-term Debt Carrying Amount	$ 3,254	$ 3,149
Long-term debt weighted average effective rate	6.22%	6.17%

Debt - Contractual Maturity of

Debt - Contractual Maturity of Other Long-term Debt and Debt Securities (Details) $ in Millions	Dec. 31, 2024 USD ($)
Contractual maturities of long term debt and debt securities of consolidated trusts held by third parties
Total	$ 171,619
STACR debt securities	1,200
SCR debt securities	100
Held by Freddie Mac
Contractual maturities of long term debt and debt securities of consolidated trusts held by third parties
Long-term debt - 2025	48,235
Long-term debt - 2026	45,007
Long-term debt - 2027	20,068
Long-term debt - 2028	8,307
Long-term debt - 2029	28,579
Long-Term Debt, Maturity, after Year Five	$ 21,423

Derivatives (Details)

Derivatives (Details) - OTC derivatives $ in Millions	Dec. 31, 2024 USD ($) counterparty	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Net Liability Position, Aggregate Fair Value	$ 0	$ 0
Collateral Already Posted, Aggregate Fair Value	$ 0	$ 0
Net uncollateralized exposure to derivative counterparties | SP Equivalent Investment Grade Rating
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of counterparties | counterparty	3

Derivatives - Derivative Assets

Derivatives - Derivative Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional or contractual amount	$ 954,482	$ 866,455
Derivative other receivable	91	17
Netting adjustments to derivative assets	(6,080)	(5,742)
Derivative Asset	501	486
Derivative other payable	0	(36)
Netting adjustments to derivative liabilities	6,282	7,834
Derivative Liability	(954)	(873)
Not Designated as Hedging Instrument, Economic Hedge
Derivative [Line Items]
Notional or contractual amount	795,396	694,253
Derivative Asset, Fair Value	6,281	5,935
Derivative liabilities at fair value	(3,087)	(3,013)
Not Designated as Hedging Instrument, Economic Hedge | CDX Swaption
Derivative [Line Items]
Notional or contractual amount	6,800	6,400
Derivative Asset, Fair Value	1	1
Not Designated as Hedging Instrument, Economic Hedge | Swap
Derivative [Line Items]
Notional or contractual amount	382,761	351,193
Derivative Asset, Fair Value	1,512	1,638
Derivative liabilities at fair value	(340)	(462)
Not Designated as Hedging Instrument, Economic Hedge | Written Option | Written
Derivative [Line Items]
Notional or contractual amount	33,117	48,227
Derivative Asset, Fair Value	0	0
Derivative liabilities at fair value	(1,826)	(1,746)
Not Designated as Hedging Instrument, Economic Hedge | Purchased Options | Purchased
Derivative [Line Items]
Notional or contractual amount	126,750	89,790
Derivative Asset, Fair Value	4,649	4,251
Derivative liabilities at fair value	0	0
Not Designated as Hedging Instrument, Economic Hedge | Futures
Derivative [Line Items]
Notional or contractual amount	165,894	132,982
Derivative Asset, Fair Value	0	0
Derivative liabilities at fair value	0	0
Not Designated as Hedging Instrument, Economic Hedge | Mortgage commitments derivatives
Derivative [Line Items]
Notional or contractual amount	37,407	26,911
Derivative Asset, Fair Value	26	43
Derivative liabilities at fair value	(40)	(10)
Not Designated as Hedging Instrument, Economic Hedge | CRT-related derivatives
Derivative [Line Items]
Notional or contractual amount	28,962	30,578
Derivative Asset, Fair Value	0	0
Derivative liabilities at fair value	(186)	(228)
Not Designated as Hedging Instrument, Economic Hedge | Other
Derivative [Line Items]
Notional or contractual amount	20,505	14,572
Derivative Asset, Fair Value	94	3
Derivative liabilities at fair value	(695)	(567)
Not Designated as Hedging Instrument, Economic Hedge | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional or contractual amount	708,522	622,192
Derivative Asset, Fair Value	6,161	5,889
Derivative liabilities at fair value	(2,166)	(2,208)
Designated as Hedging Instrument | Fair Value Hedging
Derivative [Line Items]
Notional or contractual amount	159,086	172,202
Derivative Asset, Fair Value	209	276
Derivative liabilities at fair value	(4,149)	(5,658)
Designated as Hedging Instrument | Fair Value Hedging | Swap
Derivative [Line Items]
Notional or contractual amount	159,086	172,202
Derivative Asset, Fair Value	209	276
Derivative liabilities at fair value	$ (4,149)	$ (5,658)

Offsetting of Derivatives - Ass

Offsetting of Derivatives - Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Derivative Assets	$ 6,581	$ 6,228
Netting Adjustment	(3,906)	(4,210)
Cash collateral netting	(2,174)	(1,532)
Derivative Asset	501	486
Gross amount not offset in the consolidated balance sheets	(190)	(366)
Net Amount	311	120
Other
Offsetting Assets [Line Items]
Derivative Assets	94	3
OTC derivatives
Offsetting Assets [Line Items]
Derivative Assets	6,360	6,165
Cleared and exchange-traded derivatives
Offsetting Assets [Line Items]
Derivative Assets	74	13
Mortgage commitments derivatives
Offsetting Assets [Line Items]
Derivative Assets	$ 53	$ 47

Offsetting of Derivatives - Lia

Offsetting of Derivatives - Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivative Liability [Abstract]
Gross Amount Recognized	$ (7,236)	$ (8,707)
Counterparty netting	3,906	4,210
Cash collateral netting	2,376	3,624
Derivative Liability	(954)	(873)
Gross amount not offset in the consolidated balance sheets	11	47
Derivative Liability, Fair Value, Amount Offset Against Collateral	(943)	(826)
Other
Derivative Liability [Abstract]
Gross Amount Recognized	(881)	(795)
OTC derivatives
Derivative Liability [Abstract]
Gross Amount Recognized	(6,315)	(7,866)
Cleared and exchange-traded derivatives
Derivative Liability [Abstract]
Gross Amount Recognized	0	(36)
Mortgage commitments derivatives
Derivative Liability [Abstract]
Gross Amount Recognized	$ (40)	$ (10)

Derivatives - Gains and Losses

Derivatives - Gains and Losses on Derivatives (Details) - Not Designated as Hedging Instrument, Economic Hedge - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	$ 1,432	$ 243	$ 6,456
Derivative gains (losses) | Interest-rate risk management derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	1,388	391	4,110
Derivative gains (losses) | Swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	514	359	970
Derivative gains (losses) | Written Option | Written
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	(134)	170	(903)
Derivative gains (losses) | Purchased Options | Purchased
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	452	(335)	1,794
Derivative gains (losses) | Futures
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	556	197	2,249
Derivative gains (losses) | Mortgage commitments derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	103	17	2,743
Derivative gains (losses) | CRT Related Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	75	(176)	(172)
Derivative gains (losses) | Other
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gains (losses)	$ (134)	$ 11	$ (225)

Derivatives - Gains and Losse_2

Derivatives - Gains and Losses on Fair Value Hedge (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Interest income	$ 117,877	$ 105,363	$ 83,458
Interest Expense, Operating and Nonoperating	(98,140)	(86,821)	(65,453)
Interest income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Fair Value Hedges Recognized in Earnings	869	963	(1,190)
Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Fair Value Hedges Recognized in Earnings	(3,254)	(4,438)	(1,198)
Interest rate risk on held-for-investment mortgage loan | Interest income
Derivative Instruments, Gain (Loss) [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(1,857)	671	(5,817)
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	1,650	(854)	5,000
Interest accrual on fair value hedging derivatives for held-for-investment loan	874	948	(294)
Discontinued hedge related basis adjustment amortization	202	198	(79)
Interest rate risk on debt | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(1,816)	(3,080)	7,130
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	1,831	3,084	(7,267)
Interest accruals on fair value hedging derivatives for debt	(3,261)	(4,065)	(1,053)
Discontinued hedge related basis adjustment amortization	$ (8)	$ (377)	$ (8)

Derivatives - Cumulative Basis

Derivatives - Cumulative Basis Adjustment on Fair Value Hedges (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Cumulative Basis Adjustments Due to Fair Value Hedging [Line Items]
Carrying amount debt hedged liability	$ (107,241)	$ (143,407)
Total basis adjustment cumulative amount for hedged liability	4,050	5,821
Hedged Asset, Fair Value Hedge, Last-of-Layer, Cumulative Increase (Decrease)	(700)	(200)
Basis adjustment amount for hedged liability - discontinued hedge	19	29
Mortgage loans held-for-investment
Cumulative Basis Adjustments Due to Fair Value Hedging [Line Items]
Carrying amount mortgage loans hedged asset	1,117,060	1,115,454
Hedged Asset, Fair Value Hedge, Portfolio Layer, Cumulative Increase (Decrease)	(3,909)	(2,253)
Hedged Asset, Fair Value Hedge, Last-of-Layer, Cumulative Increase (Decrease)	(695)	(220)
Basis adjustment amount for hedged asset - discontinued hedge	(3,214)	(2,033)
Closed Portfolio and Beneficial Interest, Last-of-Layer, Amortized Cost	56,394	59,786
Hedged Asset, Fair Value Hedge, Last-of-Layer, Amount	$ 12,070	11,670
Mortgage loans held-for-sale
Cumulative Basis Adjustments Due to Fair Value Hedging [Line Items]
Carrying amount mortgage loans hedged asset		128
Hedged Asset, Fair Value Hedge, Portfolio Layer, Cumulative Increase (Decrease)		1
Hedged Asset, Fair Value Hedge, Last-of-Layer, Cumulative Increase (Decrease)		0
Basis adjustment amount for hedged asset - discontinued hedge		1
Closed Portfolio and Beneficial Interest, Last-of-Layer, Amortized Cost		0
Hedged Asset, Fair Value Hedge, Last-of-Layer, Amount		$ 0

Collateralized Agreements (Deta

Collateralized Agreements (Details) - USD ($) $ in Billions	Dec. 31, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Securities purchased under agreements to resell used to provide financing to investors	$ 2.8	$ 1.1

Collateralized Agreements and O

Collateralized Agreements and Offsetting Arrangements - Offsetting of Financial Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Securities Purchased under Agreements to Resell
Gross Amount Recognized	$ 108,338	$ 105,393
Counterparty netting	(8,220)	(10,245)
Securities purchased under agreements to resell	100,118	95,148
Gross Amount Not Offset in the Consolidated Balance Sheets	(100,118)	(95,148)
Net Amount	0	0
Securities Purchased under Agreements to Resell
Offsetting Assets [Line Items]
Securities Purchased under Agreements to Resell, Fair Value of Collateral	104,900	104,200
Collateral Securities Repledged, Delivered, or Used	$ 0	$ 400

Collateralized Agreements and_2

Collateralized Agreements and Offsetting Arrangements - Offsetting of Financial Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Securities Sold under Agreements to Repurchase [Abstract]
Gross Amount Recognized	$ (8,220)	$ (10,245)
Counterparty netting	8,220	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_3

Collateralized Agreements and Offsetting Arrangements - Underlying Collateral Pledged (Details) - Asset Pledged as Collateral with Right - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	$ 9,559	$ 12,457
US Treasury Securities | Securities Sold under Agreements to Repurchase
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	8,220	10,245
Overnight and continuous | US Treasury Securities | Securities Sold under Agreements to Repurchase
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	0	0
30 days or less | US Treasury Securities | Securities Sold under Agreements to Repurchase
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	8,220	10,245
After 30 days through 90 days | US Treasury Securities | Securities Sold under Agreements to Repurchase
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	0	0
Greater than 90 days | US Treasury Securities | 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_4

Collateralized Agreements and Offsetting Arrangements - Collateral in the Form of Securities Pledged (Details) - Asset Pledged as Collateral with Right - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	$ 9,559	$ 12,457
Trading securities
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	9,559	7,902
Other assets
Collateral in the Form of Securities Pledged [Line Items]
Financial Instruments, Owned, at Fair Value	$ 0	$ 4,555

Stockholders' Equity and Earn_3

Stockholders' Equity and Earnings per Share (Details)		12 Months Ended
	Sep. 08, 2008 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) security $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Mar. 31, 2025 USD ($)	Jul. 08, 2010 security	Dec. 31, 2008 USD ($) $ / shares shares
Stockholders Equity Text [Line Items]
Initial liquidation preference of senior preferred stock	$ 1,000,000,000
Permitted proceeds from future common stock issuance		$ 70,000,000,000
Common stock warrant, percentage of common stock shares that can be purchased		79.90%
Senior preferred stock, at redemption value		$ 129,000,000,000
Common stock warrant, exercise price per share | $ / shares		$ 0.00001
Common stock warrant, amount outstanding		$ 2,300,000,000
Number of preferred stock classes | security		24
Stock Issued During Period, Shares, New Issues | shares		0	0
Common shares or non-cumulative preferred stock repurchased | shares		0	0
Dividends On Common Stock		$ 0	$ 0	$ 0
Dividends On Senior Preferred Stock		0	0	0
Dividends On Preferred Stock		$ 0	$ 0	$ 0
Number of senior preferred stock class | security		1
Number of preferred stock classes delisted | security						20
Restricted Stock Units (RSUs)
Stockholders Equity Text [Line Items]
Awards outstanding (in shares) | shares		0
Restricted Stock [Member]
Stockholders Equity Text [Line Items]
Awards outstanding (in shares) | shares		41,160	41,160
Subsequent Event
Stockholders Equity Text [Line Items]
Senior preferred stock, at redemption value					$ 132,200,000,000
Preferred Stock
Stockholders Equity Text [Line Items]
Preferred stock, outstanding (in shares) | shares		464,170,000
Senior Preferred Stock
Stockholders Equity Text [Line Items]
Senior preferred stock, par value per share | $ / shares		$ 1
Initial liquidation preference of senior preferred stock							$ 1,000,000,000
Initial liquidation preference (in usd per share) | $ / shares	$ 1,000						$ 1,000
Senior preferred stock, at redemption value		$ 129,038,000,000
Stock Issued During Period, Shares, New Issues | shares	1,000,000
Preferred stock, outstanding (in shares) | shares		1,000,000					1,000,000
Common Stock
Stockholders Equity Text [Line Items]
OTCQB Symbol		FMCC

Stockholders' Equity and Earn_4

Stockholders' Equity and Earnings per Share - Senior Preferred Stock (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2018	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017	Sep. 08, 2008
Class of Stock [Line Items]
Initial Liquidation Preference Of Senior Preferred Stock														$ 1,000,000,000
Increase in senior preferred stock													$ 3,000,000,000
Aggregate liquidation preference on senior preferred stock	$ 129,000,000,000
Senior Preferred Stock
Class of Stock [Line Items]
Shares Authorized							1,000,000
Shares Outstanding	1,000,000						1,000,000
Total Par Value							$ 1,000,000
Initial liquidation preference (in usd per share)							$ 1,000							$ 1,000
Initial Liquidation Preference Of Senior Preferred Stock							$ 1,000,000,000
Increase in senior preferred stock													$ 3,000,000,000
Increase in liquidation preference due to net worth increase	$ 11,729,000,000							$ 9,431,000,000	$ 9,919,000,000	$ 11,420,000,000	$ 7,217,000,000	$ 3,674,000,000
Non draw adjustment	57,390,000,000
Increase in liquidation preference	71,648,000,000	$ 312,000,000	$ 165,000,000	$ 7,971,000,000	$ 12,500,000,000	$ 36,900,000,000	$ 13,800,000,000
Aggregate liquidation preference on senior preferred stock	$ 129,038,000,000

Stockholders' Equity and Earn_5

Stockholders' Equity and Earnings per Share - Preferred Stock (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)
Class of Stock [Line Items]
Total Outstanding Balance	$ 14,109,000	$ 14,109,000
Preferred Stock
Class of Stock [Line Items]
Shares Authorized | shares	464,170,000
Shares Outstanding | shares	464,170,000
Total Par Value	$ 464,170
Total Outstanding Balance	$ 14,109,000
Class 1 - 1996 Variable-rate
Class of Stock [Line Items]
Shares Authorized | shares	5,000,000
Shares Outstanding | shares	5,000,000
Total Par Value	$ 5,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 250,000
OTCQB Symbol	FMCCI
Preferred Stock, Dividend Payment Terms	Dividend rate resets quarterly and is equal to the sum of spread-adjusted three-month CME Term SOFR plus 1% divided by 1.377, and is capped at 9.00%.
Percentage added to benchmark rate in dividend rate reset calculation	1%
Denominator amount in dividend rate reset calculation	1.377
Class 1 - 1996 Variable-rate | Maximum
Class of Stock [Line Items]
Preferred stock, dividend rate	9%
Class 2 - 5.81%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.81%
Shares Authorized | shares	3,000,000
Shares Outstanding | shares	3,000,000
Total Par Value	$ 3,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 150,000
Class 3 - 5%
Class of Stock [Line Items]
Preferred stock, dividend rate	5%
Shares Authorized | shares	8,000,000
Shares Outstanding | shares	8,000,000
Total Par Value	$ 8,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 400,000
OTCQB Symbol	FMCKK
Class 4 - 1998 Variable-rate
Class of Stock [Line Items]
Shares Authorized | shares	4,400,000
Shares Outstanding | shares	4,400,000
Total Par Value	$ 4,400
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 220,000
OTCQB Symbol	FMCCG
Preferred Stock, Dividend Payment Terms	Dividend rate resets quarterly and is equal to the sum of spread-adjusted three-month CME Term SOFR plus 1% divided by 1.377, and is capped at 7.50%.
Percentage added to benchmark rate in dividend rate reset calculation	1%
Denominator amount in dividend rate reset calculation	1.377
Class 4 - 1998 Variable-rate | Maximum
Class of Stock [Line Items]
Preferred stock, dividend rate	7.50%
Class 5 - 5.10%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.10%
Shares Authorized | shares	8,000,000
Shares Outstanding | shares	8,000,000
Total Par Value	$ 8,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 400,000
OTCQB Symbol	FMCCH
Class 6 - 5.30%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.30%
Shares Authorized | shares	4,000,000
Shares Outstanding | shares	4,000,000
Total Par Value	$ 4,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 200,000
Class 7 - 5.10%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.10%
Shares Authorized | shares	3,000,000
Shares Outstanding | shares	3,000,000
Total Par Value	$ 3,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 150,000
Class 8 - 5.79%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.79%
Shares Authorized | shares	5,000,000
Shares Outstanding | shares	5,000,000
Total Par Value	$ 5,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 250,000
OTCQB Symbol	FMCCK
Class 9 - 1999 Variable-rate
Class of Stock [Line Items]
Shares Authorized | shares	5,750,000
Shares Outstanding | shares	5,750,000
Total Par Value	$ 5,750
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 287,000
OTCQB Symbol	FMCCL
Preferred Stock, Dividend Payment Terms	Dividend rate resets on January 1 every five years after January 1, 2005 based on a five-year Constant Maturity Treasury rate, and is capped at 11.00%.
Preferred Stock, Redemption Terms	Optional redemption on December 31, 2004 and on December 31 every five years thereafter.
Preferred stock dividend rate reset period	5 years
Class 9 - 1999 Variable-rate | Maximum
Class of Stock [Line Items]
Preferred stock, dividend rate	11%
Class 10 - 2001 Variable-rate
Class of Stock [Line Items]
Shares Authorized | shares	6,500,000
Shares Outstanding | shares	6,500,000
Total Par Value	$ 6,500
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 325,000
OTCQB Symbol	FMCCM
Preferred Stock, Dividend Payment Terms	Dividend rate resets on April 1 every two years after April 1, 2003 based on the two-year Constant Maturity Treasury rate plus 0.10%, and is capped at 11.00%.
Preferred Stock, Redemption Terms	Optional redemption on March 31, 2003 and on March 31 every two years thereafter.
Percentage added to benchmark rate in dividend rate reset calculation	0.10%
Preferred stock dividend rate reset period	2 years
Class 10 - 2001 Variable-rate | Maximum
Class of Stock [Line Items]
Preferred stock, dividend rate	11%
Class 11 - 2001 Variable-rate
Class of Stock [Line Items]
Shares Authorized | shares	4,600,000
Shares Outstanding | shares	4,600,000
Total Par Value	$ 4,600
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 230,000
OTCQB Symbol	FMCCN
Preferred Stock, Dividend Payment Terms	Dividend rate resets on April 1 every year based on spread-adjusted 12-month CME Term SOFR minus 0.20%, and is capped at 11.00%.
Preferred Stock, Redemption Terms	Optional redemption on March 31, 2003 and on March 31 every year thereafter.
Percentage deducted from benchmark rate in dividend rate reset calculation	0.20%
Class 11 - 2001 Variable-rate | Maximum
Class of Stock [Line Items]
Preferred stock, dividend rate	11%
Class 12 - 5.81%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.81%
Shares Authorized | shares	3,450,000
Shares Outstanding | shares	3,450,000
Total Par Value	$ 3,450
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 173,000
OTCQB Symbol	FMCCO
Class 13 - 6%
Class of Stock [Line Items]
Preferred stock, dividend rate	6%
Shares Authorized | shares	3,450,000
Shares Outstanding | shares	3,450,000
Total Par Value	$ 3,450
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 173,000
OTCQB Symbol	FMCCP
Class 14 - 2001 Variable-rate
Class of Stock [Line Items]
Preferred stock, dividend rate	11%
Shares Authorized | shares	4,020,000
Shares Outstanding | shares	4,020,000
Total Par Value	$ 4,020
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 201,000
OTCQB Symbol	FMCCJ
Preferred Stock, Dividend Payment Terms	Dividend rate resets on July 1 every two years after July 1, 2003 based on the two-year Constant Maturity Treasury rate plus 0.20%, and is capped at 11.00%.
Preferred Stock, Redemption Terms	Optional redemption on June 30, 2003 and on June 30 every two years thereafter.
Percentage added to benchmark rate in dividend rate reset calculation	0.20%
Preferred stock dividend rate reset period	2 years
Class 15 - 5.70%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.70%
Shares Authorized | shares	6,000,000
Shares Outstanding | shares	6,000,000
Total Par Value	$ 6,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 300,000
OTCQB Symbol	FMCKP
Class 16 - 5.81%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.81%
Shares Authorized | shares	6,000,000
Shares Outstanding | shares	6,000,000
Total Par Value	$ 6,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 300,000
Class 17 - 2006 Variable-rate
Class of Stock [Line Items]
Shares Authorized | shares	15,000,000
Shares Outstanding | shares	15,000,000
Total Par Value	$ 15,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 750,000
OTCQB Symbol	FMCCS
Preferred Stock, Dividend Payment Terms	Dividend rate resets quarterly and is equal to the sum of spread-adjusted three-month CME Term SOFR plus 0.50% but not less than 4.00%.
Percentage added to benchmark rate in dividend rate reset calculation	0.50%
Class 17 - 2006 Variable-rate | Minimum
Class of Stock [Line Items]
Preferred stock, dividend rate	4%
Class 18 - 6.42%
Class of Stock [Line Items]
Preferred stock, dividend rate	6.42%
Shares Authorized | shares	5,000,000
Shares Outstanding | shares	5,000,000
Total Par Value	$ 5,000
Redemption Price Per Share | $ / shares	$ 50
Total Outstanding Balance	$ 250,000
OTCQB Symbol	FMCCT
Class 19 - 5.90%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.90%
Shares Authorized | shares	20,000,000
Shares Outstanding | shares	20,000,000
Total Par Value	$ 20,000
Redemption Price Per Share | $ / shares	$ 25
Total Outstanding Balance	$ 500,000
OTCQB Symbol	FMCKO
Class 20 - 5.57%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.57%
Shares Authorized | shares	44,000,000
Shares Outstanding | shares	44,000,000
Total Par Value	$ 44,000
Redemption Price Per Share | $ / shares	$ 25
Total Outstanding Balance	$ 1,100,000
OTCQB Symbol	FMCKM
Class 21 - 5.66%
Class of Stock [Line Items]
Preferred stock, dividend rate	5.66%
Shares Authorized | shares	20,000,000
Shares Outstanding | shares	20,000,000
Total Par Value	$ 20,000
Redemption Price Per Share | $ / shares	$ 25
Total Outstanding Balance	$ 500,000
OTCQB Symbol	FMCKN
Class 22 - 6.02%
Class of Stock [Line Items]
Preferred stock, dividend rate	6.02%
Shares Authorized | shares	20,000,000
Shares Outstanding | shares	20,000,000
Total Par Value	$ 20,000
Redemption Price Per Share | $ / shares	$ 25
Total Outstanding Balance	$ 500,000
OTCQB Symbol	FMCKL
Class 23 - 6.55%
Class of Stock [Line Items]
Preferred stock, dividend rate	6.55%
Shares Authorized | shares	20,000,000
Shares Outstanding | shares	20,000,000
Total Par Value	$ 20,000
Redemption Price Per Share | $ / shares	$ 25
Total Outstanding Balance	$ 500,000
OTCQB Symbol	FMCKI
Class 24 - 2007 Fixed-to-floating rate
Class of Stock [Line Items]
Preferred stock, dividend rate	8.375%
Shares Authorized | shares	240,000,000
Shares Outstanding | shares	240,000,000
Total Par Value	$ 240,000
Redemption Price Per Share | $ / shares	$ 25
Total Outstanding Balance	$ 6,000,000
OTCQB Symbol	FMCKJ
Preferred Stock, Dividend Payment Terms	Dividend rate is set at an annual fixed rate of 8.375% from December 4, 2007 through December 31, 2012. For the period beginning on or after January 1, 2013, dividend rate resets quarterly and is equal to the higher of: (a) the sum of spread-adjusted three-month CME Term SOFR plus 4.16% per annum; or (b) 7.875% per annum.
Preferred Stock, Redemption Terms	Optional redemption on December 31, 2012 and on December 31 every five years thereafter.
Percentage added to benchmark rate in dividend rate reset calculation	4.16%
Class 24 - 2007 Fixed-to-floating rate | Maximum
Class of Stock [Line Items]
Preferred stock, dividend rate	7.875%

Net Interest Income (Details)

Net Interest Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components of Net Interest Income [Line Items]
Interest income, mortgage loans	$ 109,117	$ 96,985	$ 79,826
Interest income, investment securities	2,069	1,571	1,640
Interest Income, Securities Purchased under Agreements to Resell	6,083	6,135	1,718
Other	608	672	274
Interest income	117,877	105,363	83,458
Interest Expense, Operating and Nonoperating	(98,140)	(86,821)	(65,453)
Net interest income	19,737	18,542	18,005
(Provision) benefit for credit losses	(476)	872	(1,841)
Net interest income after (provision) benefit for credit losses	19,261	19,414	16,164
Held by consolidated trusts
Components of Net Interest Income [Line Items]
Interest expense of debt securities	(88,227)	(76,703)	(61,404)
Held by Freddie Mac
Components of Net Interest Income [Line Items]
Interest Expense, Short-term Borrowings	(966)	(789)	(238)
Interest Expense, Long-term Debt	$ (8,947)	$ (9,329)	$ (3,811)

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Valuation Allowance	$ 17,000,000	$ 18,000,000
Unrecognized Tax Benefits	$ 0

Income Taxes - Federal Income T

Income Taxes - Federal Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Current income tax expense	$ (3,862)	$ (1,003)	$ (1,749)
Deferred income tax expense	942	(1,658)	(528)
Total income tax expense	$ (2,920)	$ (2,661)	$ (2,277)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory to Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Statutory corporate tax rate	$ (3,103)	$ (2,772)	$ (2,437)
Tax-exempt interest	8	10	7
Tax credits	340	242	190
Valuation allowance	0	16	18
Proportional amortization of LIHTC investments	(253)	(184)	(143)
Other	88	27	88
Total income tax expense	$ (2,920)	$ (2,661)	$ (2,277)
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Statutory corporate tax rate	21%	21%	21%
Tax-exempt interest	(0.10%)	(0.10%)	(0.10%)
Tax credits	(2.30%)	(1.80%)	(1.60%)
Valuation allowance	0%	(0.10%)	(0.20%)
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent	1.70%	1.40%	1.20%
Other	(0.50%)	(0.20%)	(0.70%)
Effective tax rate	19.80%	20.20%	19.60%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Deferred fees	$ 1,699	$ 1,821
Basis differences related to derivative instruments	437	1,042
Credit related items and allowance for loan losses	1,360	863
Basis differences related to assets held-for-investment and held-for-sale	980	696
Other items, net	606	439
Total deferred tax assets	5,082	4,861
Deferred tax liabilities:
Deferred Tax Liabilities, Investments	(30)	(749)
Deferred Tax Liabilities, Other	(17)	(18)
Total deferred tax liabilities	(47)	(767)
Valuation allowance	(17)	(18)
Deferred tax assets, net	$ 5,018	$ 4,076

Segment Reporting (Details)

Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2024 counterparty
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting - Segment Fin

Segment Reporting - Segment Financial Results (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest income	$ 117,877	$ 105,363	$ 83,458
Interest expense	(98,140)	(86,821)	(65,453)
Net interest income	19,737	18,542	18,005
Non-interest income
Guarantee income	1,611	1,615	783
Investment gains, net	2,076	707	1,969
Other income (loss)	488	365	507
Noninterest Income	4,175	2,687	3,259
Net revenues	23,912	21,229	21,264
(Provision) benefit for credit losses	(476)	872	(1,841)
Administrative Fees Expense	(2,843)	(2,795)	(2,588)
Credit enhancement expense	(2,345)	(2,339)	(2,118)
Recoveries	36	189	(236)
Legislative and regulatory assessments	(3,233)	(3,131)	(3,131)
Other Noninterest Expense	(201)	(448)	(218)
Non-interest expense	(8,658)	(8,902)	(7,819)
Income before income tax expense	14,778	13,199	11,604
Income tax expense	(2,920)	(2,661)	(2,277)
Net income	11,858	10,538	9,327
Other comprehensive income (loss), net of taxes and reclassification adjustments	(5)	166	(342)
Comprehensive income (loss)	11,853	10,704	8,985
Operating segments | Single Family Guarantee Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest income	113,681	102,174	81,360
Interest expense	(95,168)	(84,517)	(64,293)
Net interest income	18,513	17,657	17,067
Non-interest income
Guarantee income	83	103	109
Investment gains, net	939	296	1,280
Other income (loss)	284	211	295
Noninterest Income	1,306	610	1,684
Net revenues	19,819	18,267	18,751
(Provision) benefit for credit losses	(374)	1,172	(1,772)
Administrative Fees Expense	(2,225)	(2,214)	(2,052)
Credit enhancement expense	(2,174)	(2,223)	(2,047)
Recoveries	40	236	(224)
Legislative and regulatory assessments	(3,178)	(3,085)	(3,076)
Other Noninterest Expense	(166)	(360)	(197)
Non-interest expense	(7,783)	(8,118)	(7,148)
Income before income tax expense	11,662	11,321	9,831
Income tax expense	(2,305)	(2,282)	(1,929)
Net income	9,357	9,039	7,902
Other comprehensive income (loss), net of taxes and reclassification adjustments	(1)	10	(24)
Comprehensive income (loss)	9,356	9,049	7,878
Operating segments | Multifamily Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest income	4,196	3,189	2,098
Interest expense	(2,972)	(2,304)	(1,160)
Net interest income	1,224	885	938
Non-interest income
Guarantee income	1,528	1,512	674
Investment gains, net	1,137	411	689
Other income (loss)	204	154	212
Noninterest Income	2,869	2,077	1,575
Net revenues	4,093	2,962	2,513
(Provision) benefit for credit losses	(102)	(300)	(69)
Administrative Fees Expense	(618)	(581)	(536)
Credit enhancement expense	(171)	(116)	(71)
Recoveries	(4)	(47)	(12)
Legislative and regulatory assessments	(55)	(46)	(55)
Other Noninterest Expense	(35)	(88)	(21)
Non-interest expense	(875)	(784)	(671)
Income before income tax expense	3,116	1,878	1,773
Income tax expense	(615)	(379)	(348)
Net income	2,501	1,499	1,425
Other comprehensive income (loss), net of taxes and reclassification adjustments	(4)	156	(318)
Comprehensive income (loss)	$ 2,497	$ 1,655	$ 1,107

Segment Reporting - Segment Ass

Segment Reporting - Segment Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 3,386,692	$ 3,280,976
Operating segments | Single Family Guarantee Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,104,174	3,038,910
Operating segments | Multifamily Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	466,635	440,797
Operating segments | Operating segments and All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,570,809	3,479,707
Reconciling items
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ (184,117)	$ (198,731)

Concentration of Credit and O_3

Concentration of Credit and Other Risks (Details) $ in Billions	12 Months Ended
	Dec. 31, 2024 USD ($)
Top Ten Single-family Seller/Servicers [Member] | Single-family loan purchase volume
Concentration Risk [Line Items]
Sellers/Servicers over 10%	one
Single Family Top 10 Sellers | Top Ten Single-family Seller/Servicers [Member] | Single-family loan purchase volume
Concentration Risk [Line Items]
Concentration risk percentage	55%
Top five non-depository seller | Five Largest Non Depository Sellers | Single-family loan purchase volume
Concentration Risk [Line Items]
Concentration risk percentage	42%
Seller/Servicers
Concentration Risk [Line Items]
UPB of loans subject to repurchase requests issued to Single-family Seller/Servicers	$ 0.6
UPB of loans related to recovered losses from repurchase requests to Single-family Seller/Servicer	$ 1.1
Single Family Servicers | Top Ten Single-family Seller/Servicers [Member] | Single-family loan serviced
Concentration Risk [Line Items]
Sellers/Servicers over 10%	one
Concentration risk percentage	55%
Five largest non-depository servicers | Five largest non-depository servicers | Single-family UPB
Concentration Risk [Line Items]
Concentration risk percentage	29%
Multifamily Sellers | Top Ten Multifamily Seller Servicers [Member] | Multifamily loan purchase volume
Concentration Risk [Line Items]
Sellers/Servicers over 10%	three
Concentration risk percentage	70%
Multifamily Servicers | Top Ten Multifamily Seller Servicers [Member] | Multifamily loan serviced
Concentration Risk [Line Items]
Sellers/Servicers over 10%	three
Concentration risk percentage	77%
Mortgage Insurers
Concentration Risk [Line Items]
Maximum loss limit from mortgage insurers for single-family mortgage portfolio	$ 174.4
UPB of single-family mortgage portfolio with mortgage insurance coverage	658.1
Cash and Other Investment Counterparties
Concentration Risk [Line Items]
Cash and other non-mortgage investments	$ 162.7

Concentration of Credit and O_4

Concentration of Credit and Other Risks - Concentration of Credit Risk - Single-Family Mortgage Portfolio (Details) $ in Millions	Dec. 31, 2024 USD ($)
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.59%
West [Member]
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.44%
Northeast [Member]
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.62%
Southeast [Member]
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.73%
Southwest [Member]
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.63%
North Central [Member]
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.58%
CALIFORNIA
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.43%
TEXAS
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.72%
FLORIDA
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.94%
NEW YORK
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.88%
ILLINOIS
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.72%
All Other
Concentration Risk [Line Items]
Single-Family serious delinquency rate	0.55%
Single-family UPB | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 3,103,839
Unpaid principal balance, percent of portfolio	100%
Single-family UPB | West [Member] | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 918,364
Unpaid principal balance, percent of portfolio	30%
Single-family UPB | Northeast [Member] | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 716,810
Unpaid principal balance, percent of portfolio	23%
Single-family UPB | Southeast [Member] | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 548,723
Unpaid principal balance, percent of portfolio	18%
Single-family UPB | Southwest [Member] | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 466,599
Unpaid principal balance, percent of portfolio	15%
Single-family UPB | North Central [Member] | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 453,343
Unpaid principal balance, percent of portfolio	14%
Single-family UPB | CALIFORNIA | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 514,619
Unpaid principal balance, percent of portfolio	17%
Single-family UPB | TEXAS | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 222,952
Unpaid principal balance, percent of portfolio	7%
Single-family UPB | FLORIDA | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 207,881
Unpaid principal balance, percent of portfolio	7%
Single-family UPB | NEW YORK | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 135,095
Unpaid principal balance, percent of portfolio	4%
Single-family UPB | ILLINOIS | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 116,005
Unpaid principal balance, percent of portfolio	4%
Single-family UPB | All Other | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 1,907,287
Unpaid principal balance, percent of portfolio	61%

Concentration of Credit and O_5

Concentration of Credit and Other Risks - Concentration of Credit Risk - Multifamily Mortgage Portfolio (Details) $ in Millions	Dec. 31, 2024 USD ($)
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.40%
Northeast [Member]
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.73%
West [Member]
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.16%
Southwest [Member]
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.39%
Southeast [Member]
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.17%
North Central [Member]
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.67%
CALIFORNIA
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.23%
TEXAS
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.45%
FLORIDA
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.14%
NEW YORK
Concentration Risk [Line Items]
Multifamily Delinquency Rate	1.79%
GEORGIA
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.08%
All Other
Concentration Risk [Line Items]
Multifamily Delinquency Rate	0.29%
Multifamily Unpaid Principal Balance | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 466,635
Unpaid principal balance, percent of portfolio	100%
Multifamily Unpaid Principal Balance | Northeast [Member] | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 114,639
Unpaid principal balance, percent of portfolio	25%
Multifamily Unpaid Principal Balance | West [Member] | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 113,427
Unpaid principal balance, percent of portfolio	24%
Multifamily Unpaid Principal Balance | Southwest [Member] | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 95,989
Unpaid principal balance, percent of portfolio	21%
Multifamily Unpaid Principal Balance | Southeast [Member] | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 95,681
Unpaid principal balance, percent of portfolio	20%
Multifamily Unpaid Principal Balance | North Central [Member] | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 46,899
Unpaid principal balance, percent of portfolio	10%
Multifamily Unpaid Principal Balance | CALIFORNIA | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 60,980
Unpaid principal balance, percent of portfolio	13%
Multifamily Unpaid Principal Balance | TEXAS | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 60,505
Unpaid principal balance, percent of portfolio	13%
Multifamily Unpaid Principal Balance | FLORIDA | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 40,332
Unpaid principal balance, percent of portfolio	9%
Multifamily Unpaid Principal Balance | NEW YORK | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 36,818
Unpaid principal balance, percent of portfolio	8%
Multifamily Unpaid Principal Balance | GEORGIA | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 19,752
Unpaid principal balance, percent of portfolio	4%
Multifamily Unpaid Principal Balance | All Other | Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk, unpaid principal balance	$ 248,248
Unpaid principal balance, percent of portfolio	53%

Concentration of Credit and O_6

Concentration of Credit and Other Risks - Mortgage Insurer Concentration (Details) - Mortgage insurance coverage - Mortgage Insurer Counterparty	12 Months Ended
	Dec. 31, 2024
Arch Mortgage Insurance Company
Concentration Risk [Line Items]
Concentration risk percentage	17%
Mortgage Guaranty Insurance Corporation
Concentration Risk [Line Items]
Concentration risk percentage	18%
Radian Guaranty Inc.
Concentration Risk [Line Items]
Concentration risk percentage	17%
Enact
Concentration Risk [Line Items]
Concentration risk percentage	16%
Essent Guaranty
Concentration Risk [Line Items]
Concentration risk percentage	17%
National Mortgage Insurance Corporation [Member]
Concentration Risk [Line Items]
Concentration risk percentage	15%
Total
Concentration Risk [Line Items]
Concentration risk percentage	100%

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets and Liabilities on Our Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	$ 11,394	$ 7,356
Mortgage loans FVO held-for-investment	2,413	1,806
Other assets:
Netting Adjustment	(3,906)	(4,210)
Total other assets	5,870	6,095
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	2,339	2,476
Other liabilities:
Derivative Liabilities, netting adjustment	(3,906)	(4,210)
Other liabilities, fair value	978	873
Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	2,000	2,100
Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	300	400
Fair Value, Measurements, Recurring
Debt Securities, Available-for-sale [Abstract]
Available-for-sale	3,899	4,890
Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract]
Trading securities, at fair value	51,872	38,385
Total investments in securities	55,771	43,275
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	11,394	7,356
Mortgage loans FVO held-for-investment	2,413	1,806
Other assets:
Guarantee Assets Fair Value Disclosure	5,126	5,351
Derivative Asset, Fair Value	501	486
All Other Assets Fair Value Disclosure	243	258
Netting Adjustment	5,989	5,725
Total other assets	5,870	6,095
Total assets carried at fair value on a recurring basis	75,448	58,532
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	2,339	2,476
Other liabilities:
Derivative liabilities at fair value	954	873
Other liabilities	24	0
Derivative Liabilities, netting adjustment	6,282	7,798
Other liabilities, fair value	978	873
Total liabilities carried at fair value on a recurring basis	3,317	3,349
Fair Value, Measurements, Recurring | Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	2,013	2,050
Fair Value, Measurements, Recurring | Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	326	426
Fair Value, Measurements, Recurring | Mortage-related securities
Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract]
Trading securities, at fair value	9,158	8,113
Fair Value, Measurements, Recurring | Non-mortgage-related securities
Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract]
Trading securities, at fair value	42,714	30,272
Fair Value, Measurements, Recurring | Level 1
Debt Securities, Available-for-sale [Abstract]
Available-for-sale	0	0
Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract]
Trading securities, at fair value	42,289	29,854
Total investments in securities	42,289	29,854
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	0	0
Mortgage loans FVO held-for-investment	0	0
Other assets:
Guarantee Assets Fair Value Disclosure	0	0
Derivative Asset, Fair Value	9	0
All Other Assets Fair Value Disclosure	0	0
Total other assets	9	0
Total assets carried at fair value on a recurring basis	42,298	29,854
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	0	0
Other liabilities:
Derivative liabilities at fair value	0	0
Other liabilities	0	0
Other liabilities, fair value	0	0
Total liabilities carried at fair value on a recurring basis	0	0
Fair Value, Measurements, Recurring | Level 1 | Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	0	0
Fair Value, Measurements, Recurring | Level 1 | Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	0	0
Fair Value, Measurements, Recurring | Level 1 | Mortage-related securities
Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract]
Trading securities, at fair value	0	0
Fair Value, Measurements, Recurring | Level 1 | Non-mortgage-related securities
Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract]
Trading securities, at fair value	42,289	29,854
Fair Value, Measurements, Recurring | Level 2
Debt Securities, Available-for-sale [Abstract]
Available-for-sale	3,316	4,212
Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract]
Trading securities, at fair value	6,556	5,760
Total investments in securities	9,872	9,972
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	10,099	6,460
Mortgage loans FVO held-for-investment	1,572	1,333
Other assets:
Guarantee Assets Fair Value Disclosure	0	0
Derivative Asset, Fair Value	6,387	6,209
All Other Assets Fair Value Disclosure	24	92
Total other assets	6,411	6,301
Total assets carried at fair value on a recurring basis	27,954	24,066
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	2,237	2,043
Other liabilities:
Derivative liabilities at fair value	7,116	8,608
Other liabilities	5	0
Other liabilities, fair value	7,121	8,608
Total liabilities carried at fair value on a recurring basis	9,358	10,651
Fair Value, Measurements, Recurring | Level 2 | Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	1,996	1,707
Fair Value, Measurements, Recurring | Level 2 | Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	241	336
Fair Value, Measurements, Recurring | Level 2 | Mortage-related securities
Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract]
Trading securities, at fair value	6,131	5,342
Fair Value, Measurements, Recurring | Level 2 | Non-mortgage-related securities
Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract]
Trading securities, at fair value	425	418
Fair Value, Measurements, Recurring | Level 3
Debt Securities, Available-for-sale [Abstract]
Available-for-sale	583	678
Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract]
Trading securities, at fair value	3,027	2,771
Total investments in securities	3,610	3,449
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	1,295	896
Mortgage loans FVO held-for-investment	841	473
Other assets:
Guarantee Assets Fair Value Disclosure	5,126	5,351
Derivative Asset, Fair Value	94	2
All Other Assets Fair Value Disclosure	219	166
Total other assets	5,439	5,519
Total assets carried at fair value on a recurring basis	11,185	10,337
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	102	433
Other liabilities:
Derivative liabilities at fair value	120	63
Other liabilities	19	0
Other liabilities, fair value	139	63
Total liabilities carried at fair value on a recurring basis	241	496
Fair Value, Measurements, Recurring | Level 3 | Held by consolidated trusts
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	17	343
Fair Value, Measurements, Recurring | Level 3 | Held by Freddie Mac
Liabilities, Fair Value Disclosure [Abstract]
Debt instruments recorded at fair value	85	90
Fair Value, Measurements, Recurring | Level 3 | Mortage-related securities
Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract]
Trading securities, at fair value	3,027	2,771
Fair Value, Measurements, Recurring | Level 3 | Non-mortgage-related securities
Debt Securities, Trading, and Equity Securities, FV-NI, Cost [Abstract]
Trading securities, at fair value	$ 0	$ 0

Fair Value Disclosures - Asse_2

Fair Value Disclosures - Assets and Liabilities on Our Consolidated Balance Sheets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liabilities, Total [Member]
Liabilities:
Beginning Balance	$ 496	$ 485	$ 318
Included in Earnings	29	(27)	93
Included in Other Comprehensive Income	0	0	0
Purchases	13	(3)	(20)
Issues	69	98	163
Sales	0	0	0
Settlements, Net	(41)	(57)	(69)
Transfers into Level 3	0	0	0
Transfers out of Level 3	(325)	0	0
Ending Balance	241	496	485
Unrealized (Gains) Losses Still Held - Liabilities	(6)	(51)	124
Unrealized (Gains) Losses Still Held - Liabilities, OCI	0	0	0
Investments in securities
Assets:
Beginning Balance	3,449	3,625	4,672
Included in Earnings	(435)	(538)	(1,279)
Included in Other Comprehensive Income	(3)	(5)	(103)
Purchases	816	634	894
Issues	0	0	0
Sales	0	0	(86)
Settlements, net	(207)	(225)	(483)
Transfers into Level 3	0	0	30
Transfers out of Level 3	(10)	(42)	(20)
Ending Balance	3,610	3,449	3,625
Unrealized Gains (Losses) Still Held - Assets	54	112	(596)
Unrealized Gains (Losses) Still Held - Assets, OCI	(2)	(4)	(41)
Mortgage loans held-for-sale
Assets:
Beginning Balance	896	310	0
Included in Earnings	(20)	6	(54)
Included in Other Comprehensive Income	0	0	0
Purchases	2,156	2,038	0
Issues	0	0	0
Sales	(1,557)	(1,152)	(94)
Settlements, net	(1)	(24)	(26)
Transfers into Level 3	35	12	486
Transfers out of Level 3	(214)	(294)	(2)
Ending Balance	1,295	896	310
Unrealized Gains (Losses) Still Held - Assets	(35)	32	(53)
Unrealized Gains (Losses) Still Held - Assets, OCI	0	0	0
Mortgage loans held-for-investment
Assets:
Beginning Balance	473	110	0
Included in Earnings	(42)	(81)	(27)
Included in Other Comprehensive Income	0	0	0
Purchases	0	0	0
Issues	0	0	0
Sales	0	0	0
Settlements, net	(241)	(15)	(12)
Transfers into Level 3	688	530	149
Transfers out of Level 3	(37)	(71)	0
Ending Balance	841	473	110
Unrealized Gains (Losses) Still Held - Assets	(43)	(84)	(27)
Unrealized Gains (Losses) Still Held - Assets, OCI	0	0	0
Other Assets
Assets:
Beginning Balance	5,519	5,573	6,020
Included in Earnings	181	138	(721)
Included in Other Comprehensive Income	0	0	0
Purchases	(14)	(20)	(13)
Issues	628	736	1,233
Sales	(14)	(3)	(10)
Settlements, net	(861)	(905)	(936)
Transfers into Level 3	0	0	0
Transfers out of Level 3	0	0	0
Ending Balance	5,439	5,519	5,573
Unrealized Gains (Losses) Still Held - Assets	172	137	(721)
Unrealized Gains (Losses) Still Held - Assets, OCI	0	0	0
Assets
Assets:
Beginning Balance	10,337	9,618	10,692
Included in Earnings	(316)	(475)	(2,081)
Included in Other Comprehensive Income	(3)	(5)	(103)
Purchases	2,958	2,652	881
Issues	628	736	1,233
Sales	1,571	(1,155)	(190)
Settlements, net	(1,310)	(1,169)	(1,457)
Transfers into Level 3	723	542	665
Transfers out of Level 3	(261)	(407)	(22)
Ending Balance	11,185	10,337	9,618
Unrealized Gains (Losses) Still Held - Assets	148	197	(1,397)
Unrealized Gains (Losses) Still Held - Assets, OCI	$ (2)	$ (4)	$ (41)

Fair Value Disclosures - Quanti

Fair Value Disclosures - Quantitative Information about Recurring Level 3 Fair Value Measurements for Assets and Liabilities Measured on Our Consolidated Balance Sheets at Fair Value (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	$ 11,394	$ 7,356
Mortgage loans FVO held-for-investment	2,413	1,806
Other assets:
Total other assets	5,870	6,095
Fair Value, Measurements, Recurring
Available-For-Sale, at Fair Value:
Available-for-sale	3,899	4,890
Trading:
Trading securities, at fair value	51,872	38,385
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	11,394	7,356
Mortgage loans FVO held-for-investment	2,413	1,806
Other assets:
Total other assets	5,870	6,095
Total assets carried at fair value on recurring basis	75,448	58,532
Liabilities [Abstract]
Total liabilities carried at fair value on a recurring basis	3,317	3,349
Fair Value, Measurements, Recurring | Mortgage-related securities
Trading:
Trading securities, at fair value	9,158	8,113
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3
Available-For-Sale, at Fair Value:
Available-for-sale	583	678
Trading:
Trading securities, at fair value	3,027	2,771
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	1,295	896
Mortgage loans FVO held-for-investment	841	473
Other assets:
Total other assets	5,439	5,519
Total assets carried at fair value on recurring basis	11,185	10,337
Liabilities [Abstract]
Total liabilities carried at fair value on a recurring basis	241	496
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Price
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	1,295	896
Mortgage loans FVO held-for-investment	841	473
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Debt Securities	2,344	2,574
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Discounted Cash Flows
Other assets:
Total other assets	4,816	5,014
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Other
Other assets:
Total other assets	623	505
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Debt Securities	1,266	875
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Mortgage-related securities
Trading:
Trading securities, at fair value	$ 3,027	$ 2,771
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Investments in securities | Minimum | Price
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Investments in securities | Weighted Average | Price
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	99.1	133.8
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Investments in securities | Maximum | Price
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	3,652.7	4,471.7
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Mortgage loans held-for-sale | Minimum | Price
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	87.8	59.3
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Mortgage loans held-for-sale | Weighted Average | Price
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	96.4	100.3
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Mortgage loans held-for-sale | Maximum | Price
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	104.4	110.4
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Mortgage loans held-for-investment | Minimum | Price
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	29.2	24.7
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Mortgage loans held-for-investment | Weighted Average | Price
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	83.1	74.7
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Mortgage loans held-for-investment | Maximum | Price
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
External Pricing Source(s)	100	99.2
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Other Asset, Fair Value | Minimum | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Fair Value Inputs Option Adjusted Spread Percentage	0.17%	0.17%
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Other Asset, Fair Value | Weighted Average | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Fair Value Inputs Option Adjusted Spread Percentage	0.48%	0.47%
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Other Asset, Fair Value | Maximum | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Fair Value Inputs Option Adjusted Spread Percentage	35%	2.33%

Fair Value Disclosures - Asse_3

Fair Value Disclosures - Assets on Our Consolidated Balance Sheets Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets:
Mortgage loans	$ 2,413	$ 1,806
Fair Value, Measurements, Nonrecurring
Assets:
Mortgage loans	1,777	2,218
Fair Value, Measurements, Nonrecurring | Level 1
Assets:
Mortgage loans	0	0
Fair Value, Measurements, Nonrecurring | Level 2
Assets:
Mortgage loans	303	640
Fair Value, Measurements, Nonrecurring | Level 3
Assets:
Mortgage loans	$ 1,474	$ 1,578

Fair Value Disclosures - Quan_2

Fair Value Disclosures - Quantitative Information about Non-Recurring Level 3 Fair Value Measurements for Assets and Liabilities Measured on Our Consolidated Balance Sheets at Fair Value (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Assets:
Mortgage loans	$ 2,413	$ 1,806
Fair Value, Measurements, Nonrecurring
Assets:
Mortgage loans	1,777	2,218
Fair Value, Measurements, Nonrecurring | Level 3
Assets:
Mortgage loans	1,474	1,578
Fair Value, Measurements, Nonrecurring | Price | Mortgage loans | Level 3
Assets:
Mortgage loans	1,292	1,394
Fair Value, Measurements, Nonrecurring | Other Valuation Techniques | Mortgage loans | Level 3
Assets:
Mortgage loans	$ 182	$ 184
Fair Value, Measurements, Nonrecurring | Minimum | Price | Mortgage loans | Level 3
Assets:
External Pricing Source(s)	74.1	72.9
Fair Value, Measurements, Nonrecurring | Maximum | Price | Mortgage loans | Level 3
Assets:
External Pricing Source(s)	100.4	98.8
Fair Value, Measurements, Nonrecurring | Weighted Average | Price | Mortgage loans | Level 3
Assets:
External Pricing Source(s)	82.3	82.4

Fair Value Disclosures - Fair V

Fair Value Disclosures - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financial Assets
Securities purchased under agreements to resell	$ 100,118	$ 95,148
Securities purchased under agreements to resell, netting adjustment	(8,220)	(10,245)
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	15,560	12,941
Mortgage Loans held-for-investment, net	3,172,329	3,083,665
Total mortgage loans, net	3,187,889	3,096,606
Mortgage loans	2,413	1,806
Derivative Asset	501	486
Netting Adjustment	(3,906)	(4,210)
Total other assets	5,870	6,095
Financial Liabilities
Debt	2,339	2,476
Debt, netting adjustment	0	0
Derivative Liability	954	873
Derivative Liabilities, netting adjustment	(3,906)	(4,210)
Other liabilities, fair value	978	873
Held by Freddie Mac
Financial Liabilities
Debt	300	400
Held by consolidated trusts
Financial Assets
Securities purchased under agreements to resell	12,764	9,396
Mortgage Loans [Abstract]
Mortgage Loans held-for-investment, net	3,114,937	3,039,461
Financial Liabilities
Debt	2,000	2,100
GAAP Carrying Amount
Financial Assets
Cash and Cash Equivalents	5,534	6,019
Securities purchased under agreements to resell	100,118	95,148
Investments in Securities [Abstract]
Available-for-sale securities, at fair value	3,899	4,890
Trading, at fair value	51,872	38,385
Total investments in securities	55,771	43,275
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	15,560	12,941
Mortgage Loans held-for-investment, net	3,172,329	3,083,665
Guarantee Assets Fair Value Disclosure	5,126	5,351
Derivative Asset	501	486
All Other Assets	1,801	2,107
Total other assets	7,428	7,944
Total Financial Assets	3,356,740	3,248,992
Financial Liabilities
Debt	3,304,949	3,208,346
Guarantee obligation	5,072	5,451
Derivative Liability	954	873
Other Liabilities	23	14
Other liabilities, fair value	6,049	6,338
Total Financial Liabilities	3,310,998	3,214,684
GAAP Carrying Amount | Held by Freddie Mac
Financial Liabilities
Debt	182,008	166,419
GAAP Carrying Amount | Held by consolidated trusts
Financial Liabilities
Debt	3,122,941	3,041,927
GAAP Carrying Amount | AmortizedCost
Mortgage Loans [Abstract]
Mortgage loans	3,200,000	3,100,000
Financial Liabilities
Debt	3,300,000	3,200,000
GAAP Carrying Amount | LowerOfCostOrFairValue
Mortgage Loans [Abstract]
Mortgage loans	4,200	5,600
GAAP Carrying Amount | FV - NI
Mortgage Loans [Abstract]
Mortgage loans	13,800	9,200
Financial Liabilities
Debt	2,300	2,500
Fair Value
Financial Assets
Cash and Cash Equivalents	5,534	6,019
Securities purchased under agreements to resell	100,118	95,148
Securities purchased under agreements to resell, netting adjustment	(8,220)	(10,245)
Investments in Securities [Abstract]
Available-for-sale securities, at fair value	3,899	4,890
Trading, at fair value	51,872	38,385
Total investments in securities	55,771	43,275
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	15,707	13,144
Mortgage Loans held-for-investment, net	2,756,079	2,721,004
Total mortgage loans, net	2,771,786	2,734,148
Guarantee Assets Fair Value Disclosure	5,128	5,353
Derivative Asset	501	486
Netting Adjustment	(5,989)	(5,725)
All Other Assets	1,930	2,111
Total other assets	7,559	7,950
Total Asset Netting Adjustment	(14,209)	(15,970)
Total Financial Assets	2,940,768	2,886,540
Financial Liabilities
Debt	2,882,142	2,840,769
Guarantee obligation	6,460	6,126
Derivative Liability	954	873
Derivative Liabilities, netting adjustment	(6,282)	(7,798)
Other Liabilities	810	659
Other liabilities, fair value	8,224	7,658
Total Liability Netting Adjustment	(14,502)	(18,043)
Total Financial Liabilities	2,890,366	2,848,427
Fair Value | Held by Freddie Mac
Financial Liabilities
Debt	182,350	167,023
Debt, netting adjustment	(8,220)	(10,245)
Fair Value | Held by consolidated trusts
Financial Liabilities
Debt	2,699,792	2,673,746
Fair Value | Level 1
Financial Assets
Cash and Cash Equivalents	5,534	6,019
Securities purchased under agreements to resell	0	0
Investments in Securities [Abstract]
Available-for-sale securities, at fair value	0	0
Trading, at fair value	42,289	29,854
Total investments in securities	42,289	29,854
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	0	0
Mortgage Loans held-for-investment, net	0	0
Total mortgage loans, net	0	0
Guarantee Assets Fair Value Disclosure	0	0
Derivative Asset, Fair Value	9	0
All Other Assets	0	0
Total other assets	9	0
Total Financial Assets	47,832	35,873
Financial Liabilities
Debt	0	0
Guarantee obligation	0	0
Derivative liabilities at fair value	0	0
Other Liabilities	0	0
Other liabilities, fair value	0	0
Total Financial Liabilities	0	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	108,338	105,393
Investments in Securities [Abstract]
Available-for-sale securities, at fair value	3,316	4,212
Trading, at fair value	6,556	5,760
Total investments in securities	9,872	9,972
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	11,943	9,276
Mortgage Loans held-for-investment, net	2,469,708	2,466,127
Total mortgage loans, net	2,481,651	2,475,403
Guarantee Assets Fair Value Disclosure	0	0
Derivative Asset, Fair Value	6,387	6,209
All Other Assets	323	946
Total other assets	6,710	7,155
Total Financial Assets	2,606,571	2,597,923
Financial Liabilities
Debt	2,886,699	2,846,896
Guarantee obligation	98	103
Derivative liabilities at fair value	7,116	8,608
Other Liabilities	701	465
Other liabilities, fair value	7,915	9,176
Total Financial Liabilities	2,894,614	2,856,072
Fair Value | Level 2 | Held by Freddie Mac
Financial Liabilities
Debt	187,287	173,877
Fair Value | Level 2 | Held by consolidated trusts
Financial Liabilities
Debt	2,699,412	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]
Available-for-sale securities, at fair value	583	678
Trading, at fair value	3,027	2,771
Total investments in securities	3,610	3,449
Mortgage Loans [Abstract]
Mortgage loans held-for-sale	3,764	3,868
Mortgage Loans held-for-investment, net	286,371	254,877
Total mortgage loans, net	290,135	258,745
Guarantee Assets Fair Value Disclosure	5,128	5,353
Derivative Asset, Fair Value	94	2
All Other Assets	1,607	1,165
Total other assets	6,829	6,520
Total Financial Assets	300,574	268,714
Financial Liabilities
Debt	3,663	4,118
Guarantee obligation	6,362	6,023
Derivative liabilities at fair value	120	63
Other Liabilities	109	194
Other liabilities, fair value	6,591	6,280
Total Financial Liabilities	10,254	10,398
Fair Value | Level 3 | Held by Freddie Mac
Financial Liabilities
Debt	3,283	3,391
Fair Value | Level 3 | Held by consolidated trusts
Financial Liabilities
Debt	$ 380	$ 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	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans Held For Sale, Fair Value	$ 11,394	$ 7,356
Loans Held For Investment Fair Value Disclosure	2,413	1,806
Other assets and other liabilities	1	95
Held by Freddie Mac
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables	2	6
Debt, Fair Value	152	240
Long-Term Debt, Unpaid Principal Balance, with Fair Value Option Elected	150	234
Held by consolidated trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables	(128)	(94)
Debt, Fair Value	1,689	1,705
Long-Term Debt, Unpaid Principal Balance, with Fair Value Option Elected	1,817	1,799
Interest-Only-Strip | 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	(76)	276
Loans, Unpaid Principal Balance, with Fair Value Option Elected	11,470	7,080
Held-for-Investment
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables	(297)	(289)
Loans, Unpaid Principal Balance, with Fair Value Option Elected	$ 2,710	$ 2,095

Fair Value Disclosures - Change

Fair Value Disclosures - Changes in Fair Value under the FVO option (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
HFS loan purchase commitments
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ 516	$ 207	$ (362)
Held-for-sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(189)	(59)	(987)
Held-for-Investment
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	(39)	(29)	(154)
Long-term Debt | Held by Freddie Mac
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	14	30	(30)
Long-term Debt | Held by consolidated trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value, Option, Changes in Fair Value, Gain (Loss)	$ 51	$ (6)	$ 458

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 (Details)

Regulatory Capital (Details)	Dec. 31, 2024 Rate
Compliance with Regulatory Capital Requirements - ERCF [Abstract]
Minimum stress capital buffer	0.75%
Stability capital buffer	0.75%
Countercyclical capital buffer	0%
Minimum tier 1 capital (leverage) ratio	2.50%
Minimum core capital (statutory) ratio	2.50%
Prescribed leverage buffer amount	50%

Regulatory Capital Table - ERCF

Regulatory Capital Table - ERCF Capital Requirements (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Compliance with Regulatory Capital Requirements - ERCF [Abstract]
Adjusted total assets		$ 3,817,000		$ 3,775,000
Risk-weighted assets (standardized approach)		1,118,000		1,009,000
Minimum Capital Requirement [Member]
Risk-based capital amounts [Abstract]
Total capital (statutory)		89,000		81,000
CET1 capital		50,000		45,000
Tier 1 capital		67,000		60,000
Adjusted total capital		89,000		$ 81,000
Risk-based capital ratios [Abstract]
Total capital (statutory)	8%		8%	8%
CET1 capital	4.50%		4.50%	4.50%
Tier 1 capital	6%		6%	6%
Adjusted total capital	8%		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)		89,000		$ 81,000
CET1 capital		107,000		96,000
Tier 1 capital		124,000		111,000
Adjusted total capital		146,000		$ 132,000
Risk-based capital ratios [Abstract]
Total capital (statutory)			8%	8%
CET1 capital			9.60%	9.50%
Tier 1 capital			11.10%	11%
Adjusted total capital			13.10%	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)		(6,000)		$ (18,000)
CET1 capital		(32,000)		(43,000)
Tier 1 capital		(18,000)		(29,000)
Adjusted total capital		(18,000)		$ (29,000)
Risk-based capital ratios [Abstract]
Total capital (statutory)			(0.50%)	(1.80%)
CET1 capital			(2.90%)	(4.30%)
Tier 1 capital			(1.60%)	(2.90%)
Adjusted total capital			(1.60%)	(2.90%)
Leverage capital amounts: [Abstract]
Core capital (statutory)		(13,000)		$ (25,000)
Tier 1 capital		$ (18,000)		$ (29,000)
Leverage capital ratios [Abstract]
Core capital (statutory)			(0.30%)	(0.70%)
Tier 1 capital			(0.50%)	(0.80%)