Federal National Mortgage Association (FNMA) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 15, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	0-50231
Entity Registrant Name	FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE
Entity Incorporation, State or Country Code	X1
Entity Tax Identification Number	52-0883107
Entity Address, Address Line One	1100 15th Street, NW
Entity Address, City or Town	Washington,
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20005
City Area Code	800
Local Phone Number	232-6643
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,158,087,567
Entity Central Index Key	0000310522
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 48,879	$ 38,337
Restricted cash and cash equivalents (includes $68,777 and $68,308, respectively, related to consolidated trusts)	76,420	77,286
Federal funds sold and securities purchased under agreements to resell or similar arrangements (includes $17,775 and $0, respectively, related to consolidated trusts)	43,888	28,200
Investments in securities:
Trading, at fair value (includes $6,186 and $6,544, respectively, pledged as collateral)	95,101	136,542
Available-for-sale, at fair value (with an amortized cost of $932 and $1,606, net of allowance for credit losses of $3 as of June 30, 2021 and December 31, 2020)	955	1,697
Total investments in securities	96,056	138,239
Mortgage loans:
Loans held for sale, at lower of cost or fair value	6,933	5,197
Total loans held for investment	3,851,488	3,659,247
Allowance for loan losses	(7,114)	(10,552)
Total loans held for investment, net of allowance	3,844,374	3,648,695
Total mortgage loans	3,851,307	3,653,892
Advances to lenders	6,257	10,449
Deferred tax assets, net	12,575	12,947
Accrued interest receivable, net (includes $9,821 and $9,635, respectively, related to consolidated trusts and net of allowance of $168 and $216 as of June 30, 2021 and December 31, 2020, respectively)	10,169	9,937
Acquired property, net	1,138	1,261
Other assets	11,349	15,201
Total assets	4,158,038	3,985,749
Liabilities:
Accrued interest payable (includes $8,653 and $8,955, respectively, related to consolidated trusts)	9,374	9,719
Other liabilities (includes $1,325 and $1,523, respectively, related to consolidated trusts)	15,044	15,035
Total liabilities	4,120,693	3,960,490
Commitments and contingencies (Note 13)	0	0
Fannie Mae stockholders’ equity:
Senior preferred stock (liquidation preference of $151,724 and $142,192, respectively)	120,836	120,836
Preferred stock, 700,000,000 shares are authorized—555,374,922 shares issued and outstanding	19,130	19,130
Common stock, no par value, no maximum authorization—1,308,762,703 shares issued and 1,158,087,567 shares outstanding	687	687
Accumulated deficit	(95,965)	(108,110)
Accumulated other comprehensive income	57	116
Treasury stock, at cost, 150,675,136 shares	(7,400)	(7,400)
Total stockholders’ equity (See Note 1: Senior Preferred Stock Purchase Agreement and Senior Preferred Stock for information on the related dividend obligation and liquidation preference)	37,345	25,259
Total liabilities and equity	4,158,038	3,985,749
Fannie Mae
Mortgage loans:
Total loans held for investment	81,363	112,726
Liabilities:
Debt (includes $2,946 and $3,728, respectively, of debt of Fannie Mae at fair value and $22,972 and $24,586 respectively, of debt of consolidated trusts, at fair value)	251,576	289,572
Consolidated Trusts
Assets:
Restricted cash and cash equivalents (includes $68,777 and $68,308, respectively, related to consolidated trusts)	68,777	68,308
Federal funds sold and securities purchased under agreements to resell or similar arrangements (includes $17,775 and $0, respectively, related to consolidated trusts)	17,775	0
Investments in securities:
Trading, at fair value (includes $6,186 and $6,544, respectively, pledged as collateral)	689	793
Mortgage loans:
Total loans held for investment	3,770,125	3,546,521
Accrued interest receivable, net (includes $9,821 and $9,635, respectively, related to consolidated trusts and net of allowance of $168 and $216 as of June 30, 2021 and December 31, 2020, respectively)	9,821	9,635
Liabilities:
Accrued interest payable (includes $8,653 and $8,955, respectively, related to consolidated trusts)	8,653	8,955
Debt (includes $2,946 and $3,728, respectively, of debt of Fannie Mae at fair value and $22,972 and $24,586 respectively, of debt of consolidated trusts, at fair value)	3,844,699	3,646,164
Other liabilities (includes $1,325 and $1,523, respectively, related to consolidated trusts)	$ 1,325	$ 1,523

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets:
Restricted cash and cash equivalents related to consolidated trusts	$ 76,420	$ 77,286
Federal funds sold and securities purchased under agreements to resell or similar arrangements related to consolidated trusts	43,888	28,200
Investments in securities:
Trading, at fair value pledged as collateral	6,186	6,544
Available-for-sale securities at amortized cost	932	1,606
Allowance for credit losses	3	3
Mortgage loans:
Total loans held for investment, at fair value	5,616	6,490
Accrued interest receivable, net, related to consolidated trusts	10,169	9,937
Liabilities:
Accrued interest payable related to consolidated trusts	9,374	9,719
Other liabilities related to consolidated trusts	15,044	15,035
Fannie Mae stockholders’ equity:
Senior preferred stock liquidation preference	$ 151,724	$ 142,192
Preferred stock authorized (shares)	700,000,000
Preferred stock issued (shares)	555,374,922	555,374,922
Preferred stock outstanding (shares)	555,374,922	555,374,922
Common stock issued (shares)	1,308,762,703	1,308,762,703
Common stock outstanding (shares)	1,158,087,567	1,158,087,567
Treasury stock at cost (shares)	150,675,136	150,675,136
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member]
Mortgage loans:
Accrued interest receivable, net, related to consolidated trusts	$ 168	$ 216
Fannie Mae
Liabilities:
Long-term debt at fair value	2,946	3,728
Consolidated Trusts
Assets:
Restricted cash and cash equivalents related to consolidated trusts	68,777	68,308
Federal funds sold and securities purchased under agreements to resell or similar arrangements related to consolidated trusts	17,775	0
Mortgage loans:
Accrued interest receivable, net, related to consolidated trusts	9,821	9,635
Liabilities:
Accrued interest payable related to consolidated trusts	8,653	8,955
Long-term debt at fair value	22,972	24,586
Other liabilities related to consolidated trusts	$ 1,325	$ 1,523

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest income:
Trading securities	$ 122	$ 219	$ 262	$ 535
Available-for-sale securities	18	26	37	57
Mortgage loans	24,932	27,007	48,285	55,945
Federal funds sold and securities purchased under agreements to resell or similar arrangements	4	14	12	121
Other	31	25	73	59
Total interest income	25,107	27,291	48,669	56,717
Interest expense:
Short-term debt	(1)	(54)	(4)	(156)
Long-term debt	(16,820)	(21,460)	(33,637)	(45,437)
Total interest expense	(16,821)	(21,514)	(33,641)	(45,593)
Net interest income	8,286	5,777	15,028	11,124
Benefit (provision) for credit losses	2,588	(12)	3,353	(2,595)
Net interest income after benefit (provision) for credit losses	10,874	5,765	18,381	8,529
Non-interest income (loss):
Investment gains (losses), net	646	149	691	(9)
Fair value gains (losses), net	(446)	(1,018)	338	(1,294)
Fee and other income	103	90	190	210
Non-interest income (loss)	303	(779)	1,219	(1,093)
Administrative expenses:
Salaries and employee benefits	(365)	(382)	(752)	(775)
Professional services	(184)	(231)	(398)	(443)
Other administrative expenses	(197)	(141)	(344)	(285)
Total administrative expenses	(746)	(754)	(1,494)	(1,503)
Foreclosed property expense	(41)	(10)	(36)	(90)
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees	(758)	(660)	(1,489)	(1,297)
Credit enhancement expense	(274)	(360)	(558)	(736)
Change in expected credit enhancement recoveries	(44)	273	(75)	461
Other expenses, net	(280)	(261)	(599)	(479)
Total expenses	(2,143)	(1,772)	(4,251)	(3,644)
Income before federal income taxes	9,034	3,214	15,349	3,792
Provision for federal income taxes	(1,882)	(669)	(3,204)	(786)
Other comprehensive income (loss):
Changes in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustments and taxes	(31)	(11)	(54)	7
Other, net of taxes	(1)	(2)	(5)	(5)
Total other comprehensive income (loss)	(32)	(13)	(59)	2
Total comprehensive income	7,120	2,532	12,086	3,008
Net income	7,152	2,545	12,145	3,006
Dividends distributed or amounts attributable to senior preferred stock	(7,120)	(2,532)	(12,086)	(3,008)
Net income (loss) attributable to common stockholders	32	13	59	(2)
Net income (loss) attributable to common stockholders	$ 32	$ 13	$ 59	$ (2)
Earnings per share, Basic (in usd per share)	$ 0.01	$ 0	$ 0.01	$ 0
Earnings per share, Diluted (in usd per share)	$ 0.01	$ 0	$ 0.01	$ 0
Weighted-average common shares outstanding, Basic (shares)	5,867	5,867	5,867	5,867
Weighted-average common shares outstanding, Diluted (shares)	5,893	5,893	5,893	5,867

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net cash provided by (used in) operating activities
Net cash provided by (used in) operating activities	$ 40,039	$ (39,322)
Cash flows provided by (used in) investing activities:
Proceeds from maturities and paydowns of trading securities held for investment	23	23
Proceeds from sales of trading securities held for investment	159	0
Proceeds from maturities and paydowns of available-for-sale securities	161	189
Proceeds from sales of available-for-sale securities	582	121
Purchases of loans held for investment	(395,301)	(293,666)
Advances to lenders	(212,678)	(123,805)
Proceeds from disposition of acquired property and preforeclosure sales	2,157	3,239
Net change in federal funds sold and securities purchased under agreements to resell or similar arrangements	(15,688)	(11,872)
Other, net	986	(937)
Net cash provided by (used in) investing activities	(2,377)	26,728
Cash flows provided by (used in) financing activities:
Other, net	72	(464)
Net cash provided by (used in) financing activities	(27,986)	71,411
Net increase in cash, cash equivalents and restricted cash and cash equivalents	9,676	58,817
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	115,623	61,407
Cash, cash equivalents and restricted cash and cash equivalents at end of period	125,299	120,224
Cash paid during the period for:
Interest	53,676	57,733
Income taxes	2,750	0
Fannie Mae
Cash flows provided by (used in) investing activities:
Proceeds from repayments and sales of loans acquired as held for investment	5,840	4,634
Proceeds from sales of loans acquired held-for-investment of Fannie Mae	7,435	427
Cash flows provided by (used in) financing activities:
Proceeds from issuance of debt	101,875	393,641
Payments to redeem debt	(139,184)	(299,933)
Consolidated Trusts
Cash flows provided by (used in) investing activities:
Proceeds from repayments and sales of loans acquired as held for investment	603,947	448,375
Cash flows provided by (used in) financing activities:
Proceeds from issuance of debt	650,713	401,749
Payments to redeem debt	$ (641,462)	$ (423,582)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Senior Preferred Stock	Preferred Stock	Common Stock	Accumulated Deficit	Accumulated Other Comprehensive Income	Treasury Stock	Transition impact, net of tax, from the adoption of the current expected credit loss standard	Transition impact, net of tax, from the adoption of the current expected credit loss standardAccumulated Deficit	Adjusted Balance	Adjusted BalanceSenior Preferred Stock	Adjusted BalancePreferred Stock	Adjusted BalanceCommon Stock	Adjusted BalanceAccumulated Deficit	Adjusted BalanceAccumulated Other Comprehensive Income	Adjusted BalanceTreasury Stock
Balance (shares) at Dec. 31, 2019		1	556	1,158							1	556	1,158
Balance at Dec. 31, 2019	$ 14,608	$ 120,836	$ 19,130	$ 687	$ (118,776)	$ 131	$ (7,400)	$ (1,139)	$ (1,139)	$ 13,469	$ 120,836	$ 19,130	$ 687	$ (119,915)	$ 131	$ (7,400)
Comprehensive income:
Net income	3,006				3,006
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of tax	4					4
Reclassification adjustment for gains included in net income, net of tax	3					3
Prior service cost and actuarial gains, net of amortization for defined benefit plans, net of tax	(5)					(5)
Total comprehensive income	3,008
Balance at Jun. 30, 2020	16,477	$ 120,836	$ 19,130	$ 687	(116,909)	133	(7,400)
Balance (shares) at Jun. 30, 2020		1	556	1,158
Balance (shares) at Mar. 31, 2020		1	556	1,158
Balance at Mar. 31, 2020	13,945	$ 120,836	$ 19,130	$ 687	(119,454)	146	(7,400)
Comprehensive income:
Net income	2,545				2,545
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of tax	(11)					(11)
Reclassification adjustment for gains included in net income, net of tax	0					0
Prior service cost and actuarial gains, net of amortization for defined benefit plans, net of tax	(2)					(2)
Total comprehensive income	2,532
Balance at Jun. 30, 2020	16,477	$ 120,836	$ 19,130	$ 687	(116,909)	133	(7,400)
Balance (shares) at Jun. 30, 2020		1	556	1,158
Balance (shares) at Dec. 31, 2020		1	556	1,158
Balance at Dec. 31, 2020	25,259	$ 120,836	$ 19,130	$ 687	(108,110)	116	(7,400)
Comprehensive income:
Net income	12,145				12,145
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of tax	(4)					(4)
Reclassification adjustment for gains included in net income, net of tax	(50)					(50)
Prior service cost and actuarial gains, net of amortization for defined benefit plans, net of tax	(5)					(5)
Total comprehensive income	12,086
Balance at Jun. 30, 2021	37,345	$ 120,836	$ 19,130	$ 687	(95,965)	57	(7,400)
Balance (shares) at Jun. 30, 2021		1	556	1,158
Balance (shares) at Mar. 31, 2021		1	556	1,158
Balance at Mar. 31, 2021	30,225	$ 120,836	$ 19,130	$ 687	(103,117)	89	(7,400)
Comprehensive income:
Net income	7,152				7,152
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of tax	2					2
Reclassification adjustment for gains included in net income, net of tax	(33)					(33)
Prior service cost and actuarial gains, net of amortization for defined benefit plans, net of tax	(1)					(1)
Total comprehensive income	7,120
Balance at Jun. 30, 2021	$ 37,345	$ 120,836	$ 19,130	$ 687	$ (95,965)	$ 57	$ (7,400)
Balance (shares) at Jun. 30, 2021		1	556	1,158

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Deficit) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Changes in net unrealized gains on available-for-sale securities, tax	$ 1	$ (3)	$ (1)	$ 1
Reclassification adjustment for gains included in net income, tax	(9)	0	(13)	1
Other, tax	$ (1)	$ 0	$ (2)	$ (1)

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Fannie Mae is a leading source of financing for mortgages in the United States. We are a shareholder-owned corporation organized as a government-sponsored entity (“GSE”) and existing under the Federal National Mortgage Association Charter Act (the “Charter Act” or our “charter”). Our charter is an act of Congress, and we have a mission under that charter to provide liquidity and stability to the residential mortgage market and to promote access to mortgage credit. As a result, we are subject to government oversight and regulation. Our regulators include the Federal Housing Finance Agency (“FHFA”), the U.S. Department of Housing and Urban Development (“HUD”), the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Department of the Treasury (“Treasury”). The U.S. government does not guarantee our securities or other obligations. We have been under conservatorship, with FHFA acting as conservator, since September 6, 2008. See below and “Note 1, Summary of Significant Accounting Policies” in our annual report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”) for additional information on our conservatorship and the impact of U.S. government support of our business. The unaudited interim condensed consolidated financial statements as of and for the three and six months ended June 30, 2021 and related notes should be read in conjunction with our audited consolidated financial statements and related notes included in our 2020 Form 10-K. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the SEC’s instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. The accompanying condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany accounts and transactions have been eliminated. Results for the three and six months ended June 30, 2021 may not necessarily be indicative of the results for the year ending December 31, 2021. Presentation of Restricted Cash and Cash Equivalents Restricted cash and cash equivalents includes funds held by consolidated MBS trusts that have not yet been remitted to MBS certificateholders under the terms of our servicing guide and the related trust agreements. In 2021, Fannie Mae, in its role as trustee, began to invest funds held by consolidated trusts directly in eligible short-term third-party investments, which may include investments in cash equivalents that are comprised of overnight repurchase agreements and U.S. Treasuries that have a maturity at the date of acquisition of three months or less. The funds underlying these short-term investments are restricted per the trust agreements. Accordingly, any investment in cash equivalents should be classified as restricted and is presented as “Restricted cash and cash equivalents” in our condensed consolidated balance sheets to reflect the investment of funds related to MBS trusts. Use of Estimates Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, the allowance for loan losses. For example, significant uncertainty regarding the expected impacts of the COVID-19 pandemic, including the pace and strength of post-pandemic economic growth, required substantial management judgment in assessing our allowance for loan losses as of June 30, 2021. Actual results could be different from these estimates. Conservatorship On September 7, 2008, the Secretary of the Treasury and the Director of FHFA announced several actions taken by Treasury and FHFA regarding Fannie Mae, which included: (1) placing us in conservatorship, with FHFA acting as our conservator, and (2) the execution of a senior preferred stock purchase agreement by our conservator, on our behalf, and Treasury, pursuant to which we issued to Treasury both senior preferred stock and a warrant to purchase common stock. Under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended, including by the Housing and Economic Recovery Act of 2008 (together, the “GSE Act”), the conservator immediately succeeded to (1) all rights, titles, powers and privileges of Fannie Mae, and of any stockholder, officer or director of Fannie Mae with respect to Fannie Mae and its assets, and (2) title to the books, records and assets of any other legal custodian of Fannie Mae. The conservator subsequently issued an order that provided for our Board of Directors to exercise specified authorities. The conservator also provided instructions regarding matters for which conservator decision or notification is required. The conservator retains the authority to amend or withdraw its order and instructions at any time. The conservator has the power to transfer or sell any asset or liability of Fannie Mae (subject to limitations and post-transfer notice provisions for transfers of qualified financial contracts) without any approval, assignment of rights or consent of any party. However, mortgage loans and mortgage-related assets that have been transferred to a Fannie Mae MBS trust must be held by the conservator for the beneficial owners of the Fannie Mae MBS and cannot be used to satisfy the general creditors of Fannie Mae. Neither the conservatorship nor the terms of our agreements with Treasury change our obligation to make required payments on our debt securities or perform under our mortgage guaranty obligations. The conservatorship has no specified termination date and there continues to be significant uncertainty regarding our future, including how long we will continue to exist in our current form, the extent of our role in the market, the level of government support of our business, how long we will be in conservatorship, what form we will have and what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will continue to exist following conservatorship. Under the GSE Act, FHFA must place us into receivership if the Director of FHFA makes a written determination that our assets are less than our obligations or if we have not been paying our debts, in either case, for a period of 60 days. In addition, the Director of FHFA may place us into receivership at the Director’s discretion at any time for other reasons set forth in the GSE Act, including if we are critically undercapitalized or if we are undercapitalized and have no reasonable prospect of becoming adequately capitalized. Should we be placed into receivership, different assumptions could be required to determine the carrying value of our assets, which could lead to substantially different financial results. Treasury has made a commitment under the senior preferred stock purchase agreement to provide funding to us under certain circumstances if we have a net worth deficit. We are not aware of any plans of FHFA (1) to fundamentally change our business model, or (2) to reduce the aggregate amount available to or held by the company under our capital structure, which includes the senior preferred stock purchase agreement. Senior Preferred Stock Purchase Agreement and Senior Preferred Stock Under our senior preferred stock purchase agreement with Treasury, in September 2008 we issued Treasury one million shares of senior preferred stock and a warrant to purchase shares of our common stock. The senior preferred stock purchase agreement and the dividend and liquidation provisions of the senior preferred stock were amended in January 2021 pursuant to a letter agreement between us, through FHFA in its capacity as conservator, and Treasury. These changes included the following: • The dividend provisions of the senior preferred stock were amended to permit us to retain increases in our net worth until our net worth exceeds the amount of adjusted total capital necessary for us to meet the capital requirements and buffers under the enterprise regulatory capital framework discussed in “Note 12, Regulatory Capital Requirements” in our 2020 Form 10-K. After the “capital reserve end date,” which is defined as the last day of the second consecutive fiscal quarter during which we have had and maintained capital equal to, or in excess of, all of the capital requirements and buffers under the enterprise regulatory capital framework, the amount of quarterly dividends to Treasury will be equal to the lesser of any quarterly increase in our net worth and a 10% annual rate on the then-current liquidation preference of the senior preferred stock. • At the end of each fiscal quarter, through and including the capital reserve end date, the liquidation preference of the senior preferred stock will be increased by an amount equal to the increase in our net worth, if any, during the immediately prior fiscal quarter. • We may issue and retain up to $70 billion in proceeds from the sale of common stock without Treasury’s prior consent, provided that (1) Treasury has already exercised its warrant in full, and (2) all currently pending significant litigation relating to the conservatorship and to an amendment to the senior preferred stock purchase agreement made in August 2012 has been resolved, which may require Treasury’s assent. • FHFA may release us from conservatorship without Treasury’s consent after (1) all currently pending significant litigation relating to the conservatorship and to the August 2012 amendment to the senior preferred stock purchase agreement has been resolved, and (2) our common equity tier 1 capital, together with any other common stock that we may issue in a public offering, equals or exceeds 3% of our “adjusted total assets” under our enterprise regulatory capital framework. • New restrictive covenants were added that impact both our single-family and multifamily business activities. The amendment has been accounted for as a modification of the existing arrangement. As a result, there is no change in the carrying value of the senior preferred stock. Treasury has made a commitment under the senior preferred stock purchase agreement to provide funding to us under certain circumstances if we have a net worth deficit. Pursuant to the senior preferred stock purchase agreement, we have received a total of $119.8 billion from Treasury as of June 30, 2021, and the amount of remaining funding available to us under the agreement is $113.9 billion. We have not received any funding from Treasury under this commitment since the first quarter of 2018. Dividend provisions of the senior preferred stock permit us to retain increases in our net worth until our net worth exceeds the amount of adjusted total capital necessary for us to meet the capital requirements and buffers under the enterprise regulatory capital framework established by FHFA in November 2020. The aggregate liquidation preference of the senior preferred stock increased to $151.7 billion as of June 30, 2021 and will further increase to $158.8 billion as of September 30, 2021 due to the $7.1 billion increase in our net worth during the second quarter of 2021. See “Note 11, Equity” in our 2020 Form 10-K for additional information about the senior preferred stock purchase agreement and the senior preferred stock. Statutory Capital We submit capital reports to FHFA, which monitors our capital levels. The deficit of core capital over statutory minimum capital was $111.5 billion as of June 30, 2021 and $124.3 billion as of December 31, 2020. Related Parties Because Treasury holds a warrant to purchase shares of Fannie Mae common stock equal to 79.9% of the total number of shares of Fannie Mae common stock, we and Treasury are deemed related parties. As of June 30, 2021, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $151.7 billion. See “Senior Preferred Stock Purchase Agreement and Senior Preferred Stock” above for additional information on transactions under this agreement and the modifications made in the January 2021 letter agreement. FHFA’s control of both Fannie Mae and Freddie Mac has caused Fannie Mae, FHFA and Freddie Mac to be deemed related parties. Additionally, Fannie Mae and Freddie Mac jointly own Common Securitization Solutions, LLC (“CSS”), a limited liability company created to operate a common securitization platform; as a result, CSS is deemed a related party. As a part of our joint ownership, Fannie Mae, Freddie Mac and CSS are parties to a limited liability company agreement that sets forth the overall framework for the joint venture, including Fannie Mae’s and Freddie Mac’s rights and responsibilities as members of CSS. Fannie Mae, Freddie Mac and CSS are also parties to a customer services agreement that sets forth the terms under which CSS provides mortgage securitization services to us and Freddie Mac, including the operation of the common securitization platform, as well as an administrative services agreement. CSS operates as a separate company from us and Freddie Mac, with all funding and limited administrative support services and other resources provided to it by us and Freddie Mac. In the ordinary course of business, Fannie Mae may purchase and sell securities issued by Treasury and Freddie Mac. These transactions occur on the same terms as those prevailing at the time for comparable transactions with unrelated parties. Some of the structured securities we issue are backed in whole or in part by Freddie Mac securities. Fannie Mae and Freddie Mac each have agreed to indemnify the other party for losses caused by: its failure to meet its payment or other specified obligations under the trust agreements pursuant to which the underlying resecuritized securities were issued; its failure to meet its obligations under the customer services agreement; its violations of laws; or with respect to material misstatements or omissions in offering documents, ongoing disclosures and related materials relating to the underlying resecuritized securities. Additionally, we make regular income tax payments to and receive tax refunds from the Internal Revenue Service (“IRS”), a bureau of Treasury. Transactions with Treasury Our administrative expenses were reduced by $5 million and $4 million for the three months ended June 30, 2021 and 2020, respectively, and $9 million for the six months ended June 30, 2021 and 2020, due to reimbursements from Treasury and Freddie Mac for expenses incurred as program administrator for Treasury’s Home Affordable Modification Program and other initiatives under Treasury’s Making Home Affordable Program. In December 2011, Congress enacted the Temporary Payroll Cut Continuation Act of 2011 (“TCCA”) which, among other provisions, required that we increase our single-family guaranty fees by at least 10 basis points and remit this increase to Treasury. Effective April 1, 2012, we increased the guaranty fee on all single-family residential mortgages delivered to us by 10 basis points. In 2012, FHFA and Treasury advised us to remit this fee increase to Treasury with respect to all loans acquired by us on or after April 1, 2012 and before January 1, 2022, and to continue to remit these amounts to Treasury on and after January 1, 2022 with respect to loans we acquired before this date until those loans are paid off or otherwise liquidated. The resulting fee revenue and expense are recorded in “Interest income: Mortgage loans” and “TCCA fees,” respectively, in our condensed consolidated statements of operations and comprehensive income. In 2020, FHFA provided guidance that we are not required to accrue or remit TCCA fees to Treasury with respect to loans backing MBS trusts that have been delinquent for four months or longer. Once payments on such loans resume, we will resume accrual and remittance to Treasury of the associated TCCA fees on the loans. We recognized $758 million and $660 million in TCCA fees during the three months ended June 30, 2021 and 2020, respectively, and $1.5 billion and $1.3 billion for the six months ended June 30, 2021 and 2020, respectively, of which $758 million had not been remitted to Treasury as of June 30, 2021. The GSE Act requires us to set aside certain funding obligations, a portion of which is attributable to Treasury’s Capital Magnet Fund. These funding obligations, recognized in “Other expenses, net” in our condensed consolidated statements of operations and comprehensive income, were measured as the product of 4.2 basis points and the unpaid principal balance of our total new business purchases for the respective period, and 35% of this amount is payable to Treasury’s Capital Magnet Fund. We recognized a total of $57 million and $55 million in “Other expenses, net” for the three months ended June 30, 2021 and 2020, respectively, and $119 million and $85 million for the six months ended June 30, 2021 and 2020, respectively, in connection with Treasury’s Capital Magnet Fund, of which $119 million has not been remitted as of June 30, 2021. Transactions with FHFA The GSE Act authorizes FHFA to establish an annual assessment for regulated entities, including Fannie Mae, which is payable on a semi-annual basis (April and October), for FHFA’s costs and expenses, as well as to maintain FHFA’s working capital. We recognized FHFA assessment fees, which are recorded in “Administrative expenses” in our condensed consolidated statements of operations and comprehensive income, of $35 million for the three months ended June 30, 2021 and 2020, and $72 million and $67 million for the six months ended June 30, 2021 and 2020, respectively. Transactions with CSS and Freddie Mac Derivatives We recognize our derivatives as either assets or liabilities in our condensed consolidated balance sheets at their fair value on a trade date basis. Changes in fair value and interest accruals on derivatives not in qualifying fair value hedging relationships are recorded as “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. We offset the carrying amounts of certain derivatives that are in gain positions and loss positions as well as cash collateral receivables and payables associated with derivative positions pursuant to the terms of enforceable master netting arrangements. We offset these amounts only when we have the legal right to offset under the contract and we have met all the offsetting conditions. For our over-the-counter (“OTC”) derivative positions, our master netting arrangements allow us to net derivative assets and liabilities with the same counterparty. For our cleared derivative contracts, our master netting arrangements allow us to net our exposure by clearing organization and by clearing member. After offsetting, we report derivatives in a gain position in “Other assets” and derivatives in a loss position in “Other liabilities” in our condensed consolidated balance sheets. We evaluate financial instruments that we purchase or issue and other financial and non-financial contracts for embedded derivatives. To identify embedded derivatives that we must account for separately, we determine whether: (1) the economic characteristics of the embedded derivative are not clearly and closely related to the economic characteristics of the financial instrument or other contract (i.e., the host contract); (2) the financial instrument or other contract itself is not already measured at fair value with changes in fair value included in earnings; and (3) a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative. If the embedded derivative meets all three of these conditions, we elect to carry the hybrid contract in its entirety at fair value with changes in fair value recorded in earnings. Fair Value Hedge Accounting In January 2021, to reduce earnings volatility related to changes in benchmark interest rates, we began applying fair value hedge accounting to certain pools of single-family mortgage loans and certain issuances of our funding debt by designating such instruments as the hedged item in hedging relationships with interest-rate swaps. In these relationships, we have designated the change in the benchmark interest rate, either the London Inter-bank Offered Rate (“LIBOR”) or Secured Overnight Financing Rate (“SOFR”), as the risk being hedged. We have elected to use the last-of-layer method to hedge certain pools of single-family mortgage loans. This election involves establishing fair value hedging relationships on the portion of each loan pool that is not expected to be affected by prepayments, defaults and other events that affect the timing and amount of cash flows. The term of each hedging relationship is generally one business day and we establish hedging relationships daily to align our hedge accounting with our risk management practices. We apply hedge accounting to qualifying hedging relationships. A qualifying hedging 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 hedging relationship. We assess hedge effectiveness using statistical regression analysis. A hedging relationship is considered highly effective if the total change in fair value of the hedging instrument and the change in the fair value of the hedged item due to changes in the benchmark interest rate offset each other within a range of 80% to 125% and certain other statistical tests are met. If a hedging relationship qualifies for hedge accounting, the change in the fair value of the interest-rate swaps and the change in the fair value of the hedged item for the risk being hedged are recorded through net interest income. A corresponding basis adjustment is recorded against the hedged item, either the pool of mortgage loans or the debt, for the changes in the fair value attributable to the risk being hedged. For hedging relationships that hedge pools of single-family mortgage loans, basis adjustments are allocated to individual single-family loans based on the relative unpaid principal balance of each loan at the termination of the hedging relationship. The cumulative basis adjustments on the hedged item are amortized into earnings using the effective interest method over the contractual life of the hedged item, with amortization beginning upon termination of the hedging relationship. All changes in fair value of the designated portion of the derivative hedging instrument (i.e., interest-rate swap), including interest accruals, are recorded in the same line item in the condensed consolidated statements of operations and comprehensive income used to record the earnings effect of the hedged item. Therefore, changes in the fair value of the hedged mortgage loans and debt attributable to the risk being hedged are recognized in “Interest income” or “Interest expense,” along with the changes in the fair value of the respective derivative hedging instruments. The recognition of basis adjustments on the hedged item and the subsequent amortization are noncash activities and are removed from net income to derive the “Net cash provided by (used in) operating activities” in our condensed consolidated statement of cash flows. Cash on derivative instruments paid or received while the derivative is designated in a hedging relationship is reported as “Net cash provided by (used in) operating activities” in the condensed consolidated statement of cash flows. See “Note 3, Mortgage Loans,” “Note 7, Short-Term and Long-Term Debt” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures. Earnings per Share Earnings per share (“EPS”) is presented for basic and diluted EPS. We compute basic EPS by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. However, as a result of our conservatorship status and the terms of the senior preferred stock, no amounts would be available to distribute as dividends to common or preferred stockholders (other than to Treasury as the holder of the senior preferred stock). Net income (loss) attributable to common stockholders excludes amounts attributable to the senior preferred stock. Weighted average common shares include 4.7 billion shares for the periods ended June 30, 2021 and 2020 that would have been issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through June 30, 2021 and 2020. The calculation of diluted EPS includes all the components of basic earnings per share, plus the dilutive effect of common stock equivalents such as convertible securities and stock options. Weighted average shares outstanding is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. For the three and six months ended June 30, 2021 and the three months ended June 30, 2020, our diluted EPS weighted-average shares outstanding includes 26 million shares issuable upon the conversion of convertible preferred stock. For the six months ended June 30, 2020, convertible preferred stock is not included in the calculation because a net loss attributable to common shareholders was incurred and it would have an anti-dilutive effect.

Consolidations and Transfers of

Consolidations and Transfers of Financial Assets	6 Months Ended
	Jun. 30, 2021
Consolidations and Transfers of Financial Assets [Abstract]
Consolidations and Transfers of Financial Assets	Consolidations and Transfers of Financial Assets We have interests in various entities that are considered to be variable interest entities (“VIEs”). The primary types of entities are securitization and resecuritization trusts, limited partnerships and special purpose vehicles (“SPVs”). These interests include investments in securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization transactions and our guaranty to the entity. We consolidate the substantial majority of our single-class securitization trusts because our role as guarantor and master servicer provides us with the power to direct matters (primarily the servicing of mortgage loans) that impact the credit risk to which we are exposed. In contrast, we do not consolidate single-class securitization trusts when other organizations have the power to direct these activities unless we have the unilateral ability to dissolve the trust. We also do not consolidate our resecuritization trusts unless we have the unilateral ability to dissolve the trust. Historically, the vast majority of underlying assets of our resecuritization trusts were limited to Fannie Mae securities that were collateralized by mortgage loans held in consolidated trusts. However, with our issuance of uniform mortgage-backed securities (“UMBS ® ”), we include securities issued by Freddie Mac in some of our resecuritization trusts. The mortgage loans that serve as collateral for Freddie Mac-issued securities are not held in trusts that are consolidated by Fannie Mae. Unconsolidated VIEs We do not consolidate VIEs when we are not deemed to be the primary beneficiary. Our unconsolidated VIEs include securitization and resecuritization trusts, limited partnerships, and certain SPVs designed to transfer credit risk. The following table displays the carrying amount and classification of our assets and liabilities that relate to our involvement with unconsolidated securitization and resecuritization trusts. As of June 30, 2021 December 31, 2020 (Dollars in millions) Assets and liabilities recorded in our condensed consolidated balance sheets related to unconsolidated mortgage-backed trusts: Assets: Trading securities: Fannie Mae $ 1,146 $ 1,611 Non-Fannie Mae 3,485 3,608 Total trading securities 4,631 5,219 Available-for-sale securities: Fannie Mae 562 1,168 Non-Fannie Mae 224 318 Total available-for-sale securities 786 1,486 Other assets 38 41 Other liabilities (63) (67) Net carrying amount $ 5,392 $ 6,679 Our maximum exposure to loss generally represents the greater of our carrying value in the entity or the unpaid principal balance of the assets covered by our guaranty. Our involvement in unconsolidated resecuritization trusts may give rise to additional exposure to loss depending on the type of resecuritization trust. Fannie Mae non-commingled resecuritization trusts are backed entirely by Fannie Mae MBS. These non-commingled single-class and multi-class resecuritization trusts are not consolidated and do not give rise to any additional exposure to loss as we already consolidate the underlying collateral. Fannie Mae commingled resecuritization trusts are backed in whole or in part by Freddie Mac securities. The guaranty that we provide to these commingled resecuritization trusts may increase our exposure to loss to the extent that we are providing a guaranty for the timely payment and interest on the underlying Freddie Mac securities that we have not previously guaranteed. Our maximum exposure to loss for these unconsolidated trusts is measured by the amount of Freddie Mac securities that are held in these resecuritization trusts. Our maximum exposure to loss related to unconsolidated securitization and resecuritization trusts, which includes but is not limited to our exposure to these Freddie Mac securities, was approximately $177 billion and $146 billion as of June 30, 2021 and December 31, 2020, respectively. The total assets of our unconsolidated securitization and resecuritization trusts were approximately $230 billion and $180 billion as of June 30, 2021 and December 31, 2020, respectively. The maximum exposure to loss for our unconsolidated limited partnerships and similar legal entities, which consist of low-income housing tax credit investments (“LIHTC”), community investments and other entities, was $195 million and the related net carrying value was $190 million as of June 30, 2021. As of December 31, 2020, the maximum exposure to loss was $126 million and the related net carrying value was $121 million. The total assets of these limited partnership investments were $3.2 billion as of June 30, 2021 and $2.6 billion as of December 31, 2020. The maximum exposure to loss related to our involvement with unconsolidated SPVs that transfer credit risk represents the unpaid principal balance and accrued interest payable of obligations issued by the Connecticut Avenue Securities ® (“CAS”) and Multifamily Connecticut Avenue Securities TM (“MCAS TM ”) SPVs. The maximum exposure to loss related to these unconsolidated SPVs was $9.1 billion and $11.4 billion as of June 30, 2021 and December 31, 2020, respectively. The total assets related to these unconsolidated SPVs were $9.1 billion and $11.4 billion as of June 30, 2021 and December 31, 2020, respectively. Transfers of Financial Assets We issue Fannie Mae MBS through portfolio securitization transactions by transferring pools of mortgage loans or mortgage-related securities to one or more trusts or special purpose entities. We are considered to be the transferor when we transfer assets from our own retained mortgage portfolio in a portfolio securitization transaction. For the three months ended June 30, 2021 and 2020, the unpaid principal balance of portfolio securitizations was $197.1 billion and $202.9 billion, respectively. For the six months ended June 30, 2021 and 2020, the unpaid principal balance of portfolio securitizations was $413.9 billion and $291.9 billion, respectively. The substantial majority of these portfolio securitization transactions generally do not qualify for sale treatment. Portfolio securitization trusts that do qualify for sale treatment primarily consist of loans that are guaranteed or insured, in whole or in part, by the U.S. government.

Mortgage Loans

Mortgage Loans	6 Months Ended
	Jun. 30, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgage Loans	Mortgage Loans We own single-family mortgage loans, which are secured by four or fewer residential dwelling units, and multifamily mortgage loans, which are secured by five or more residential dwelling units. We classify these loans as either held for investment (“HFI”) or held for sale (“HFS”). We report the amortized cost of HFI loans for which we have not elected the fair value option at the unpaid principal balance, net of unamortized premiums and discounts, hedge-related basis adjustments, other cost basis adjustments, and accrued interest receivable. For purposes of our condensed consolidated balance sheets, we present accrued interest receivable, net separately from the amortized cost of our loans held for investment. We report the carrying value of HFS loans at the lower of cost or fair value and record valuation changes in “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on hedge-related basis adjustments and on the implementation of our fair value hedge accounting program in January 2021. For purposes of the single-family mortgage loan disclosures below, we display loans by class of financing receivable type. Financing receivable classes used for disclosure consist of: “20- and 30-year or more, amortizing fixed-rate,” “15-year or less, amortizing fixed-rate,” “Adjustable-rate,” and “Other.” The “Other” class primarily consists of reverse mortgage loans, interest-only loans, negative-amortizing loans and second liens. The following table displays the carrying value of our mortgage loans and allowance for loan losses. As of June 30, 2021 December 31, 2020 (Dollars in millions) Single-family $ 3,390,827 $ 3,216,146 Multifamily 391,725 373,722 Total unpaid principal balance of mortgage loans 3,782,552 3,589,868 Cost basis and fair value adjustments, net 75,869 74,576 Allowance for loan losses for HFI loans (7,114) (10,552) Total mortgage loans (1) $ 3,851,307 $ 3,653,892 (1) Excludes $10.0 billion and $9.8 billion of accrued interest receivable, net of allowance as of June 30, 2021 and December 31, 2020, respectively. The following table displays information about our redesignation of loans from HFI to HFS and the sales of mortgage loans during the period. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in millions) Single-family loans redesignated from HFI to HFS: Amortized cost $ 6,305 $ — $ 9,417 $ 1,637 Lower of cost or fair value adjustment at time of redesignation (1) (146) — (200) (9) Allowance reversed at time of redesignation 824 — 1,185 184 Single-family loans sold: Unpaid principal balance $ 7,317 $ 495 $ 7,525 $ 495 Realized gains, net 653 40 655 40 (1) Consists of the write-off against the allowance at the time of redesignation. The amortized cost of single-family mortgage loans for which formal foreclosure proceedings were in process was $5.0 billion as of June 30, 2021 and December 31, 2020. As a result of our various loss mitigation and foreclosure prevention efforts, we expect that a portion of the loans in the process of formal foreclosure proceedings will not ultimately foreclose. In response to the COVID-19 pandemic, we have prohibited our servicers from completing foreclosures on our single-family loans through July 31, 2021, except in the case of vacant or abandoned properties. In addition, our servicers are required to comply with a Consumer Financial Protection Bureau (the “CFPB”) rule that prohibits certain Aging Analysis The following tables display an aging analysis of the total amortized cost of our HFI mortgage loans by portfolio segment and class, excluding loans for which we have elected the fair value option. Pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), for purposes of reporting to the credit bureaus, servicers must report a borrower receiving a COVID-19-related payment accommodation during the covered period, such as a forbearance plan or loan modification, as current if the borrower was current prior to receiving the accommodation and the borrower makes all required payments in accordance with the accommodation. For purposes of our disclosures regarding delinquency status, we report loans receiving COVID-19-related payment forbearance as delinquent according to the contractual terms of the loan. As of June 30, 2021 30 - 59 Days Delinquent 60 - 89 Days Delinquent Seriously Delinquent (1) Total Delinquent Current Total Loans 90 Days or More Delinquent and Accruing Interest Nonaccrual Loans with No Allowance (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 18,550 $ 5,372 $ 64,064 $ 87,986 $ 2,788,952 $ 2,876,938 $ 44,622 $ 6,368 15-year or less, amortizing fixed-rate 1,773 358 3,331 5,462 506,307 511,769 2,851 202 Adjustable-rate 170 44 770 984 25,447 26,431 617 101 Other (2) 715 237 3,348 4,300 41,664 45,964 1,837 767 Total single-family 21,208 6,011 71,513 98,732 3,362,370 3,461,102 49,927 7,438 Multifamily (3) 1,219 N/A 2,027 3,246 391,673 394,919 110 108 Total $ 22,427 $ 6,011 $ 73,540 $ 101,978 $ 3,754,043 $ 3,856,021 $ 50,037 $ 7,546 As of December 31, 2020 30 - 59 Days Delinquent 60 - 89 Days Delinquent Seriously Delinquent (1) Total Delinquent Current Total Loans 90 Days or More Delinquent and Accruing Interest Nonaccrual Loans with No Allowance (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 24,928 $ 9,414 $ 88,276 $ 122,618 $ 2,619,585 $ 2,742,203 $ 68,526 $ 6,028 15-year or less, amortizing fixed-rate 1,987 601 5,028 7,616 449,443 457,059 4,292 240 Adjustable-rate 268 97 1,143 1,508 29,933 31,441 907 114 Other (2) 1,150 458 5,037 6,645 47,937 54,582 2,861 771 Total single-family 28,333 10,570 99,484 138,387 3,146,898 3,285,285 76,586 7,153 Multifamily (3) 1,140 N/A 3,688 4,828 372,598 377,426 610 302 Total $ 29,473 $ 10,570 $ 103,172 $ 143,215 $ 3,519,496 $ 3,662,711 $ 77,196 $ 7,455 (1) Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due. (2) Reverse mortgage loans included in “Other” are not aged due to their nature and are included in the current column. (3) Multifamily loans 60-89 days delinquent are included in the seriously delinquent column. Credit Quality Indicators The following tables display the total amortized cost of our single-family HFI loans by class, year of origination and credit quality indicator, excluding loans for which we have elected the fair value option. The estimated mark-to-market loan-to-value (“LTV”) ratio is a primary factor we consider when estimating our allowance for loan losses for single-family loans. As LTV ratios increase, the borrower's equity in the home decreases, which may negatively affect the borrower's ability to refinance or to sell the property for an amount at or above the outstanding balance of the loan. As of June 30, 2021, by Year of Origination (1) 2021 2020 2019 2018 2017 Prior Total (Dollars in millions) Estimated mark-to-market LTV ratio: (2) 20- and 30-year or more, amortizing fixed-rate: Less than or equal to 80% $ 420,585 $ 896,208 $ 221,164 $ 112,444 $ 139,038 $ 795,999 $ 2,585,438 Greater than 80% and less than or equal to 90% 69,029 141,426 12,239 2,578 1,133 3,351 229,756 Greater than 90% and less than or equal to 100% 51,418 7,105 839 414 85 912 60,773 Greater than 100% 2 11 9 17 39 893 971 Total 20- and 30-year or more, amortizing fixed-rate 541,034 1,044,750 234,251 115,453 140,295 801,155 2,876,938 15-year or less, amortizing fixed-rate: Less than or equal to 80% 110,924 179,693 31,926 12,068 25,239 146,570 506,420 Greater than 80% and less than or equal to 90% 2,522 2,020 56 11 5 13 4,627 Greater than 90% and less than or equal to 100% 653 47 1 1 2 6 710 Greater than 100% — — — 1 2 9 12 Total 15-year or less, amortizing fixed-rate 114,099 181,760 31,983 12,081 25,248 146,598 511,769 Adjustable-rate: Less than or equal to 80% 1,857 2,602 1,416 1,680 3,376 15,131 26,062 Greater than 80% and less than or equal to 90% 148 104 18 12 6 6 294 Greater than 90% and less than or equal to 100% 73 1 — — — 1 75 Greater than 100% — — — — — — — Total adjustable-rate 2,078 2,707 1,434 1,692 3,382 15,138 26,431 Other: Less than or equal to 80% — — 37 305 739 31,490 32,571 Greater than 80% and less than or equal to 90% — — 2 8 16 569 595 Greater than 90% and less than or equal to 100% — — — 3 6 275 284 Greater than 100% — — — 2 3 290 295 Total other — — 39 318 764 32,624 33,745 Total $ 657,211 $ 1,229,217 $ 267,707 $ 129,544 $ 169,689 $ 995,515 $ 3,448,883 Total for all classes by LTV ratio: (2) Less than or equal to 80% $ 533,366 $ 1,078,503 $ 254,543 $ 126,497 $ 168,392 $ 989,190 $ 3,150,491 Greater than 80% and less than or equal to 90% 71,699 143,550 12,315 2,609 1,160 3,939 235,272 Greater than 90% and less than or equal to 100% 52,144 7,153 840 418 93 1,194 61,842 Greater than 100% 2 11 9 20 44 1,192 1,278 Total $ 657,211 $ 1,229,217 $ 267,707 $ 129,544 $ 169,689 $ 995,515 $ 3,448,883 As of December 31, 2020, by Year of Origination (1) 2020 2019 2018 2017 2016 Prior Total (Dollars in millions) Estimated mark-to-market LTV ratio: (2) 20- and 30-year or more, amortizing fixed-rate: Less than or equal to 80% $ 794,156 $ 233,994 $ 135,849 $ 183,315 $ 221,172 $ 775,636 $ 2,344,122 Greater than 80% and less than or equal to 90% 157,500 85,227 23,440 5,270 1,592 5,958 278,987 Greater than 90% and less than or equal to 100% 109,743 4,186 820 250 124 1,994 117,117 Greater than 100% 28 7 28 77 81 1,756 1,977 Total 20- and 30-year or more, amortizing fixed-rate 1,061,427 323,414 160,137 188,912 222,969 785,344 2,742,203 15-year or less, amortizing fixed-rate: Less than or equal to 80% 181,418 41,374 15,768 31,497 46,088 132,596 448,741 Greater than 80% and less than or equal to 90% 6,105 811 35 14 8 20 6,993 Greater than 90% and less than or equal to 100% 1,274 9 3 4 3 10 1,303 Greater than 100% — — 3 3 3 13 22 Total 15-year or less, amortizing fixed-rate 188,797 42,194 15,809 31,518 46,102 132,639 457,059 Adjustable-rate: Less than or equal to 80% 2,935 1,839 2,412 4,765 2,678 16,248 30,877 Greater than 80% and less than or equal to 90% 234 152 79 19 5 12 501 Greater than 90% and less than or equal to 100% 56 3 1 — — 2 62 Greater than 100% — — — — — 1 1 Total adjustable-rate 3,225 1,994 2,492 4,784 2,683 16,263 31,441 Other: Less than or equal to 80% — 41 328 811 1,028 36,216 38,424 Greater than 80% and less than or equal to 90% — 2 20 43 30 1,298 1,393 Greater than 90% and less than or equal to 100% — 2 8 16 10 602 638 Greater than 100% — — 4 8 9 631 652 Total other — 45 360 878 1,077 38,747 41,107 Total $ 1,253,449 $ 367,647 $ 178,798 $ 226,092 $ 272,831 $ 972,993 $ 3,271,810 Total for all classes by LTV ratio: (2) Less than or equal to 80% $ 978,509 $ 277,248 $ 154,357 $ 220,388 $ 270,966 $ 960,696 $ 2,862,164 Greater than 80% and less than or equal to 90% 163,839 86,192 23,574 5,346 1,635 7,288 287,874 Greater than 90% and less than or equal to 100% 111,073 4,200 832 270 137 2,608 119,120 Greater than 100% 28 7 35 88 93 2,401 2,652 Total $ 1,253,449 $ 367,647 $ 178,798 $ 226,092 $ 272,831 $ 972,993 $ 3,271,810 (1) Excludes $12.2 billion and $13.5 billion as of June 30, 2021 and December 31, 2020, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies, which represents primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV ratio. (2) The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan divided by the estimated current value of the property as of the end of each reported period, which we calculate using an internal valuation model that estimates periodic changes in home value. The following tables display the total amortized cost in our multifamily HFI loans by year of origination and credit-risk rating, excluding loans for which we have elected the fair value option. Property rental income and property valuations are key inputs to our internally assigned credit risk ratings. As of June 30, 2021, by Year of Origination 2021 2020 2019 2018 2017 Prior Total (Dollars in millions) Internally assigned credit risk rating: Non-classified (1) $ 22,243 $ 81,446 $ 67,290 $ 60,608 $ 49,030 $ 102,818 $ 383,435 Classified (2) — 218 1,190 1,614 2,856 5,606 11,484 Total $ 22,243 $ 81,664 $ 68,480 $ 62,222 $ 51,886 $ 108,424 $ 394,919 As of December 31, 2020, by Year of Origination 2020 2019 2018 2017 2016 Prior Total (Dollars in millions) Internally assigned credit risk rating: Non-classified (1) $ 71,977 $ 68,296 $ 62,087 $ 50,907 $ 43,174 $ 70,933 $ 367,374 Classified (2) 37 1,041 1,529 2,616 1,579 3,250 10,052 Total $ 72,014 $ 69,337 $ 63,616 $ 53,523 $ 44,753 $ 74,183 $ 377,426 (1) A loan categorized as “Non-classified” is current or adequately protected by the current financial strength and debt service capability of the borrower. (2) Represents loans classified as “Substandard” or “Doubtful.” Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. “Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. As of June 30, 2021 and December 31, 2020, we had loans with an amortized cost of $5 million and less than $1 million, respectively, classified as doubtful. Troubled Debt Restructurings A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a troubled debt restructuring (“TDR”). In addition to formal loan modifications, we also engage in other loss mitigation activities with troubled borrowers, which include repayment plans and forbearance arrangements, both of which represent informal agreements with the borrower that do not result in the legal modification of the loan’s contractual terms. We account for these informal restructurings as a TDR if we defer more than three missed payments. We also classify loans to certain borrowers who have received bankruptcy relief as TDRs. However, our current TDR accounting described herein is temporarily impacted by our election to account for certain eligible loss mitigation activities under the COVID-19 relief granted pursuant to the CARES Act and the Consolidated Appropriations Act of 2021. See “Note 1, Summary of Significant Accounting Policies” in our 2020 Form 10-K for more information on the COVID-19 relief from TDR accounting and disclosure requirements. The substantial majority of the loan modifications accounted for as a TDR result in term extensions, interest rate reductions or a combination of both. The average term extension of a single-family modified loan was 145 months and 168 months for the three months ended June 30, 2021 and 2020, respectively. The average interest rate reduction was 0.61 and 0.34 percentage points, for the three months ended June 30, 2021 and 2020, respectively. During the six months ended June 30, 2021 and 2020, the average term extension of a single-family modified loan was 142 months and 168 months, respectively, and the average interest rate reduction was 0.57 and 0.33 percentage points, respectively. The following tables display the number of loans and amortized cost of loans classified as a TDR during the period. For the Three Months Ended June 30, 2021 2020 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate 2,907 $ 458 8,511 $ 1,497 15-year or less, amortizing fixed-rate 308 26 796 68 Adjustable-rate 37 6 142 22 Other 174 17 556 70 Total single-family 3,426 507 10,005 1,657 Multifamily — — — — Total TDRs 3,426 $ 507 10,005 $ 1,657 For the Six Months Ended June 30, 2021 2020 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate 5,896 $ 929 19,367 $ 3,406 15-year or less, amortizing fixed-rate 677 54 1,869 166 Adjustable-rate 78 12 286 46 Other 328 35 1,093 138 Total single-family 6,979 1,030 22,615 3,756 Multifamily — — — — Total TDRs 6,979 $ 1,030 22,615 $ 3,756 For loans that defaulted in the periods presented and that were classified as a TDR in the twelve months prior to the default, the following tables display the number of loans and the amortized cost of these loans at the time of payment default. For purposes of this disclosure, we define loans that had a payment default as: single-family and multifamily loans with completed TDRs that liquidated during the period, either through foreclosure, deed-in-lieu of foreclosure, or a short sale; single-family loans with completed modifications that are two or more months delinquent during the period; or multifamily loans with completed modifications that are one or more months delinquent during the period. For the Three Months Ended June 30, 2021 2020 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate 1,562 $ 262 5,398 $ 1,066 15-year or less, amortizing fixed-rate 103 8 35 3 Adjustable-rate 6 1 5 1 Other 211 38 548 94 Total single-family 1,882 309 5,986 1,164 Multifamily — — 2 14 Total TDRs that subsequently defaulted 1,882 $ 309 5,988 $ 1,178 For the Six Months Ended June 30, 2021 2020 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate 3,972 $ 675 8,573 $ 1,587 15-year or less, amortizing fixed-rate 197 14 85 6 Adjustable-rate 15 3 12 2 Other 493 91 875 145 Total single-family 4,677 783 9,545 1,740 Multifamily — — 4 16 Total TDRs that subsequently defaulted 4,677 $ 783 9,549 $ 1,756 Nonaccrual Loans For loans not subject to the COVID-19-related nonaccrual policy described below, we discontinue accruing interest when we believe collectability of principal and interest is not reasonably assured, which for a single-family loan we have determined, based on our historical experience, to be when the loan becomes two months or more past due according to its contractual terms. Interest previously accrued but not collected on such loans is reversed through interest income at the date the loan is placed on nonaccrual status. For single-family loans on nonaccrual status, we recognize income when cash payments are received. We return a non-modified single-family loan to accrual status at the point when the borrower brings the loan current. We return a modified single-family loan to accrual status at the point when the borrower has successfully made all required payments during the trial period (generally three to four months) and the modification is made permanent. We place a multifamily loan on nonaccrual status when the loan becomes two months or more past due according to its contractual terms unless the loan is well secured such that collectability of principal and accrued interest is reasonably assured. For multifamily loans on nonaccrual status, we apply any payment received on a cost recovery basis to reduce principal on the mortgage loan. We return a multifamily loan to accrual status when the borrower cures the delinquency of the loan. Single-family and multifamily loans are reported past due if a full payment of principal and interest is not received within one month of its due date. For loans negatively impacted by the COVID-19 pandemic, we continue to recognize interest income for up to six months of delinquency provided that the loan was either current at March 1, 2020 or originated after March 1, 2020. For single-family loans, we continue to accrue interest income beyond six months of delinquency provided that the collection of principal and interest continues to be reasonably assured. Multifamily loans that are in a forbearance arrangement are placed on nonaccrual status when the borrower is six months past due unless the loan is both well secured and in the process of collection. Loans on nonaccrual status that have been placed in a repayment plan or that have been brought current through a modification or a payment deferral are returned to accrual status once the borrower has made six consecutive contractual payments under the terms of the repayment plan or the modified loan. For loans in a forbearance arrangement that are placed on nonaccrual status, cash payments for interest are applied as a reduction of accrued interest receivable until the receivable has been reduced to zero, and then recognized as interest income. If interest is capitalized pursuant to a loan modification, any capitalized interest that had not been previously recognized as interest income is recorded as a discount to the loan and amortized over the life of the loan. See “Note 1, Summary of Significant Accounting Policies” in our 2020 Form 10-K for more information on our nonaccrual policy, including a discussion of regulatory guidance on interest income issued in response to COVID-19, and additional information on our policies for determining if the collection of principal and interest is reasonably assured, as well as our policy for establishing a valuation allowance for expected credit losses on the accrued interest receivable balance for loans negatively impacted by COVID-19. The tables below display the forgone interest and the accrued interest receivable written off through the reversal of interest income for nonaccrual loans. For the Three Months Ended June 30, 2021 2020 (Dollars in millions) Single-family: Interest income forgone (1) $ 178 $ 246 Accrued interest receivable written off through the reversal of interest income 21 45 Multifamily: Interest income forgone (1) $ 21 $ 3 Accrued interest receivable written off through the reversal of interest income — 2 For the Six Months Ended June 30, 2021 2020 (Dollars in millions) Single-family: Interest income forgone (1) $ 398 $ 420 Accrued interest receivable written off through the reversal of interest income 129 132 Multifamily: Interest income forgone (1) $ 29 $ 3 Accrued interest receivable written off through the reversal of interest income 1 2 (1) For loans on nonaccrual status held as of period end, represents the amount of interest income we did not recognize but would have recognized if the loans had performed in accordance with their original contractual terms. The tables below include the amortized cost of and interest income recognized on our HFI single-family and multifamily loans on nonaccrual status by class, excluding loans for which we have elected the fair value option. As of June 30, 2021 March 31, 2021 December 31, 2020 Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 24,728 $ 30,173 $ 22,907 15-year or less, amortizing fixed-rate 596 945 853 Adjustable-rate 179 284 270 Other 1,761 2,583 2,475 Total single-family 27,264 33,985 26,505 Multifamily 2,220 2,153 2,069 Total nonaccrual loans $ 29,484 $ 36,138 $ 28,574 For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Total Interest Income Recognized (1) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 95 $ 75 $ 180 $ 221 15-year or less, amortizing fixed-rate 2 2 3 6 Adjustable-rate — 1 1 2 Other 6 10 11 27 Total single-family 103 88 195 256 Multifamily 4 — 13 1 Total nonaccrual loans $ 107 $ 88 $ 208 $ 257 (1) Single-family interest income recognized includes amounts accrued while the loans were performing, including the amortization of any

Allowance for Loan Losses

Allowance for Loan Losses	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Allowance for Loan Losses	Allowance for Loan LossesWe maintain an allowance for loan losses for HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts, excluding loans for which we have elected the fair value option. When calculating our allowance for loan losses, we consider the unpaid principal balance, net of unamortized premiums and discounts, and other cost basis adjustments of HFI loans at the balance sheet date. We record write-offs as a reduction to our allowance for loan losses at the point of foreclosure, completion of a short sale, upon the redesignation of nonperforming and reperforming loans from HFI to HFS or when a loan is determined to be uncollectible. The following table displays changes in our allowance for single-family loans, multifamily loans and total allowance for loan losses, including the transition impact of adopting Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which was later amended by ASU 2019-04, ASU 2019-05 and ASU 2019-1 (collectively, the “CECL standard”), on January 1, 2020. See “Note 1, Summary of Significant Accounting Policies” in our 2020 Form 10-K for additional information on changes to our allowance for loan losses resulting from our adoption of the CECL standard. The benefit or provision for loan losses excludes provision for accrued interest receivable losses, guaranty loss reserves and credit losses on available-for-sale (“AFS”) debt securities. Cumulatively, these amounts are recognized as “Benefit (provision) for credit losses” in our condensed consolidated statements of operations and comprehensive income. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in millions) Single-family allowance for loan losses: Beginning balance $ (8,547) $ (12,070) $ (9,344) $ (8,759) Transition impact of the adoption of the CECL standard — — — (1,229) Benefit (provision) for loan losses 2,493 389 3,164 (1,788) Write-offs 149 46 220 116 Recoveries (77) (3) (79) (6) Other (82) 40 (25) 68 Ending Balance $ (6,064) $ (11,598) $ (6,064) $ (11,598) Multifamily allowance for loan losses: Beginning balance $ (1,081) $ (1,139) $ (1,208) $ (257) Transition impact of the adoption of the CECL standard — — — (493) Benefit (provision) for loan losses 35 (228) 130 (635) Write-offs 14 (1) 47 18 Recoveries (18) — (19) (1) Ending Balance $ (1,050) $ (1,368) $ (1,050) $ (1,368) Total allowance for loan losses: Beginning balance $ (9,628) $ (13,209) $ (10,552) $ (9,016) Transition impact of the adoption of the CECL standard — — — (1,722) Benefit (provision) for loan losses 2,528 161 3,294 (2,423) Write-offs 163 45 267 134 Recoveries (95) (3) (98) (7) Other (82) 40 (25) 68 Ending Balance $ (7,114) $ (12,966) $ (7,114) $ (12,966) Our benefit or provision for loan losses can vary substantially from period to period based on a number of factors, such as changes in actual and forecasted home prices or property valuations, fluctuations in actual and forecasted interest rates, borrower payment behavior, events such as natural disasters or pandemics, the types and volume of our loss mitigation activities, including forbearances and loan modifications, the volume of foreclosures completed, and the redesignation of loans from HFI to HFS. Our benefit or provision can also be impacted by updates to the models, assumptions, and data used in determining our allowance for loan losses. As described below, our benefit or provision for loan losses and our loss reserves have been significantly affected by our estimates of the impact of the COVID-19 pandemic and the pace and strength of the economy’s subsequent recovery, which require significant management judgment. Changes in our expectations regarding the length of time borrowers remain in forbearance and even more significantly, the loss mitigation outcomes of affected borrowers after the forbearance period ends, remain uncertain and can affect the amount of benefit or provision for loan losses we recognize. T he primary factors that contributed to our single-family benefit for loan losses for the three months ended June 30, 2021 were: • Benefit from actual and forecasted home price growth . For the three months ended June 30, 2021, home price growth was very strong. We also increased our expectations for home price growth on a national basis for full-year 2021. Higher home prices decrease the likelihood that loans will default and reduce the amount of loan loss on loans that do default, which impacts our estimate of losses and ultimately reduces our loss reserves and provision for loan losses. • Benefit from the redesignation of certain reperforming single-family loans from HFI to HFS. We redesignated certain reperforming single-family loans from HFI to HFS, as we no longer intend to hold them for the foreseeable future or to maturity. Upon redesignation of these loans, we recorded the loans at the lower of cost or fair value with a write-off against the allowance for loan losses. Amounts recorded in the allowance related to these loans exceeded the amounts written off, resulting in a benefit for loan losses. • Benefit from lower actual and projected interest rates. Actual and projected interest rates decreased as of June 30, 2021 compared with March 31, 2021. As mortgage interest rates decrease, we expect an increase in future prepayments on single-family loans, including modified loans. Higher expected prepayments shorten the expected lives of modified loans, which decreases the expected impairment relating to term and interest-rate concessions provided on these loans, resulting in a benefit for loan losses. • Benefit from changes in assumptions regarding COVID-19 forbearance and loan delinquencies as discussed below. T he primary factors that contributed to our single-family benefit for loan losses for the six months ended June 30, 2021 were: • Benefit from actual and forecasted home price growth consistent with the discussion above . • Benefit from the redesignation of certain reperforming single-family loans from HFI to HFS consistent with the discussion above . • Benefit from changes in assumptions regarding COVID-19 forbearance and loan delinquencies. For the three and six months ended June 30, 2021, management used its judgment to reduce the non-modeled adjustment that was previously applied to the loss projections developed by our credit loss model to account for uncertainty. The decrease in uncertainty as of June 30, 2021 compared with the end of 2020 was primarily driven by the passage of the American Rescue Plan Act of 2021, which provided additional economic stimulus and helped support the continued economic recovery. In addition, the implementation of the COVID-19 vaccination program in the United States, which has contributed to a significant increase in business activity and an improved economy in 2021, decreased uncertainty surrounding the post-pandemic recovery. There has also been decreased political uncertainty, as well as a decrease in the number of borrowers in a COVID-19-related forbearance, lessening expectations of loan losses. However, management continued to apply its judgment and supplement model results as of June 30, 2021 as uncertainty remains regarding the loss mitigation outcomes of borrowers still in forbearance and the future course of the pandemic, including the impact on the economy of the spread of the Delta variant or other new, more infectious variants of the virus and low vaccination rates in certain areas of the country. The impact of these factors was partially offset by the impact of the following factor which reduced our single-family benefit for loan losses recognized for the six months ended June 30, 2021. • Provision from higher actual and projected interest rates. Actual and projected interest rates were higher as of June 30, 2021 compared with December 31, 2020. As mortgage rates increase, we expect a decrease in future prepayments on single-family loans, including modified loans. Lower expected prepayments extend the expected lives of modified loans, which increases the expected impairment relating to term and interest-rate concessions provided on these loans, resulting in a provision for loan losses. The primary factors that impacted our single-family benefit (provision) for loan losses for the three and six months ended June 30, 2020 were: • Expected loan losses as a result of the COVID-19 pandemic, which included adjustments to modeled results. In the first quarter of 2020, the rapidly changing conditions as a result of the unprecedented COVID-19 pandemic caused us to believe our model used to estimate single-family credit losses did not capture the entirety of losses we expected to incur relating to COVID-19 at that time, which included our expectations surrounding loan forbearance and borrower behavior once the forbearance period ends. As a result, management used its judgment to significantly increase the loss projections developed by our credit loss model in the first quarter of 2020, contributing to the provision for loan losses for the six months ended June 30, 2020. During the second quarter of 2020 our credit loss model consumed data from the initial months of the pandemic, including loan delinquencies, updated profile data for loans in forbearance, and an updated home price forecast. As more of this data was consumed by our credit loss model, we reduced our non-modeled adjustment. However, management continued to apply its judgment and supplement model results as of June 30, 2020, taking into account uncertainty at that time regarding the type and extent of loss mitigation that may be needed when loans complete their forbearance period and the continued high degree of uncertainty regarding the future course of the pandemic and its effect on the economy, including the continued availability of fiscal stimulus to support borrowers. For the second quarter of 2020, our estimate of expected losses due to the pandemic, which included both modeled and non-modeled adjustments, remained relatively flat compared with the first quarter of 2020. A reduction in overall expected forbearance volumes was offset by a weaker credit profile for loans entering forbearance. Furthermore, the positive impact of higher-than-initially-expected borrower prepayment activity was offset by heightened uncertainty as noted above. • Changes in our expectations for home price growth. In the first quarter of 2020, we significantly reduced our expectations for home price growth to near-zero for 2020, which contributed to our provision for loan losses for the period. However, the negative impact from the first quarter of 2020 was partially reduced in the second quarter of 2020 as we revised our home price forecast to reflect an increase in home price appreciation on a national basis for 2020 based on strong home sales data for the period. This improvement in the 2020 home price forecast was partially offset by our updated long-term projected home price growth estimate, which was lowered as a result of a longer projected economic recovery period at that time. • Credit benefit from lower actual and projected mortgage interest rates. The primary factors that contributed to our multifamily benefit for loan losses for the three and six months ended June 30, 2021 were: • Benefit from actual and projected economic data. For the three and six months ended June 30, 2021, property value forecasts increased due to continued demand for multifamily housing. In addition, improved job growth led to an increase in projected average property net operating income, which reduced the probability of loan defaults resulting in a benefit for loan losses for the quarter and year-to-date. • Benefit from lower expected credit losses as a result of the COVID-19 pandemic. Similar to our single-family provision for loan losses described above, for both the three and six months ended June 30, 2021, management used its judgment to further reduce the non-modeled adjustment that was previously applied to the loss projections developed by our credit loss model to account for uncertainty. The decrease in uncertainty as of June 30, 2021 compared with the end of 2020, was primarily driven by positive economic growth and the passage of the American Rescue Plan Act of 2021, which provided additional economic stimulus. However, management continued to apply its judgment and supplement model results with a non-modeled adjustment as of June 30, 2021, as uncertainty remains surrounding the future course of the pandemic, including new strains of the virus and its effect on the economy. The multifamily provision for loan losses for the three and six months ended June 30, 2020 was primarily driven by: • Actual and projected economic data and expected loan losses as a result of the COVID-19 pandemic. Similar to the single-family provision for loan losses for the 2020 periods discussed above, we believed our model used to estimate multifamily loan losses as of June 30, 2020 did not capture the entirety of losses we expected to incur relating to COVID-19 at that time. As a result, management used its judgment to increase the loss projections developed by our credit loss model to reflect our expectations relating to the impact of the pandemic at that time. Our multifamily provision for loan losses was primarily driven by elevated unemployment rates compared with pre-COVID-19 levels. We expected higher unemployment rates would reduce the operating income of multifamily properties in the near term, resulting in an increase in the number of loans in forbearance. Additionally, property values were expected to decrease, increasing the probability of loan defaults. In the second quarter of 2020, we increased our expected loan losses as a result of significant economic uncertainty and worsened forecasted capitalization rates at that time. We also increased our expected loan losses on senior housing loans to reflect that these properties had been disproportionately impacted by the pandemic, which resulted in increased operating expenses and limited these borrowers’ ability to attract new tenants. These increases in expected loan losses were partially offset by a reduction in our overall estimated forbearance volumes and lower actual and projected interest rates. In developing these adjustments, management considered the credit risk profile of our multifamily loan book of business at that time, as well as relevant historical credit loss experience during rare or stressful economic environments.

Investments in Securities

Investments in Securities	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investments in Securities	Investments in Securities Trading Securities Trading securities are recorded at fair value with subsequent changes in fair value recorded as “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. The following table displays our investments in trading securities. As of June 30, 2021 December 31, 2020 (Dollars in millions) Mortgage-related securities: Fannie Mae $ 1,836 $ 2,404 Other agency (1) 3,333 3,451 Private-label and other mortgage securities 152 158 Total mortgage-related securities (includes $689 million and $793 million, respectively, related to consolidated trusts) 5,321 6,013 Non-mortgage-related securities: U.S. Treasury securities 89,707 130,456 Other securities 73 73 Total non-mortgage-related securities 89,780 130,529 Total trading securities $ 95,101 $ 136,542 (1) Consists of Freddie Mac and Ginnie Mae mortgage-related securities. The following table displays information about our net trading gains (losses). For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in millions) Net trading gains (losses) $ 161 $ 135 $ (597) $ 782 Net trading gains (losses) recognized in the period related to securities still held at period end 156 70 (586) 525 Available-for-Sale Securities We record AFS securities at fair value with unrealized gains and losses, recorded net of tax, as a component of “Other comprehensive income (loss)” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. We define the amortized cost basis of our AFS securities as unpaid principal balance, net of unamortized premiums and discounts, and other cost basis adjustments. We record an allowance for credit losses for AFS securities that reflects the impairment for credit losses, which are limited to the amount that fair value is less than the amortized cost. Impairment due to non-credit losses are recorded as unrealized losses within other comprehensive income. The following tables display the amortized cost, allowance for credit losses, gross unrealized gains and losses in accumulated other comprehensive income (loss) (“AOCI”), and fair value by major security type for AFS securities. As of June 30, 2021 Total Amortized Cost (1) Allowance for Credit Losses Gross Unrealized Gains in AOCI Gross Unrealized Losses in AOCI Total Fair Value (1) (Dollars in millions) Fannie Mae $ 550 $ — $ 20 $ (7) $ 563 Other agency (2) 14 — 1 — 15 Alt-A and subprime private-label securities 4 — 1 — 5 Mortgage revenue bonds 169 (3) 6 — 172 Other mortgage-related securities 195 — 5 — 200 Total $ 932 $ (3) $ 33 $ (7) $ 955 As of December 31, 2020 Total Amortized Cost (1) Allowance for Credit Losses Gross Unrealized Gains in AOCI Gross Unrealized Losses in AOCI Total Fair Value (1) (Dollars in millions) Fannie Mae $ 1,094 $ — $ 86 $ (12) $ 1,168 Other agency (2) 59 — 6 — 65 Alt-A and subprime private-label securities 4 — 2 — 6 Mortgage revenue bonds 211 (3) 8 — 216 Other mortgage-related securities 238 — 4 — 242 Total $ 1,606 $ (3) $ 106 $ (12) $ 1,697 (1) We exclude from amortized cost and fair value accrued interest of $3 million and $6 million as of June 30, 2021 and December 31, 2020 , respectively, which we record in “Other assets” in our condensed consolidated balance sheets. (2) Other agency securities consist of securities issued by Freddie Mac and Ginnie Mae. Fannie Mae and Other Agency Securities Our Fannie Mae and other agency AFS securities consist of securities issued by us, Freddie Mac, or Ginnie Mae. The principal and interest on these securities are guaranteed by the issuing agency. We believe that the guaranty provided by the issuing agency, the support provided to the agencies by the U.S. government, the importance of the agencies to the liquidity and stability in the secondary mortgage market, and the long history of zero credit losses on agency mortgage-related securities are all indicators that there are currently no credit losses on these securities, even if the security is in an unrealized loss position. In addition, we generally hold these securities that are in an unrealized loss position to recovery. As a result, unless we intend to sell the security, we do not recognize an allowance for credit losses on agency mortgage-related securities. Non-Agency Mortgage-Related Securities As of June 30, 2021, substantially all of our non-agency mortgage-related securities were in an unrealized gain position. As a result, we have not recognized an allowance for credit losses on these securities. The following tables display additional information regarding gross unrealized losses and fair value by major security type for AFS securities in an unrealized loss position, excluding allowance for credit losses. As of June 30, 2021 December 31, 2020 Less Than 12 Consecutive Months 12 Consecutive Months or Longer Less Than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses in AOCI Fair Value Gross Unrealized Losses in AOCI Fair Value Gross Unrealized Losses in AOCI Fair Value Gross Unrealized Losses in AOCI Fair Value (Dollars in millions) Fannie Mae $ — $ — $ (7) $ 129 $ (1) $ 40 $ (11) $ 94 The following table displays the gross realized gains and proceeds on sales of AFS securities. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in millions) Gross realized gains $ 46 $ 9 $ 59 $ 30 Total proceeds (excludes initial sale of securities from new portfolio securitizations) 467 71 582 121 The following tables display net unrealized gains on AFS securities and other amounts accumulated within our accumulated other comprehensive income, net of tax. As of June 30, 2021 December 31, 2020 (Dollars in millions) Net unrealized gains on AFS securities for which we have not recorded an allowance for credit losses $ 20 $ 74 Other 37 42 Accumulated other comprehensive income $ 57 $ 116 Maturity Information The following table displays the amortized cost and fair value of our AFS securities by major security type and remaining contractual maturity, assuming no principal prepayments. The contractual maturity of mortgage-backed securities is not a reliable indicator of their expected life because borrowers generally have the right to prepay their obligations at any time. As of June 30, 2021 Total Carrying Amount (1) Total One Year or Less After One Year Through Five Years After Five Years Through Ten Years After Ten Years Net Carrying Amount (1) Fair Value Net Carrying Amount (1) Fair Value Net Carrying Amount (1) Fair Value Net Carrying Amount (1) Fair Value (Dollars in millions) Fannie Mae $ 550 $ 563 $ — $ — $ 3 $ 3 $ 12 $ 14 $ 535 $ 546 Other agency 14 15 — — — — 1 1 13 14 Alt-A and subprime private-label securities 4 5 — — — — 2 2 2 3 Mortgage revenue bonds 166 172 1 1 23 24 19 19 123 128 Other mortgage-related securities 195 200 — — — — 4 5 191 195 Total $ 929 $ 955 $ 1 $ 1 $ 26 $ 27 $ 38 $ 41 $ 864 $ 886 (1) Net carrying amount consists of carrying value, net of allowance for credit losses on AFS debt securities.

Financial Guarantees

Financial Guarantees	6 Months Ended
	Jun. 30, 2021
Guarantees [Abstract]
Financial Guarantees	Financial Guarantees We recognize a guaranty obligation for our obligation to stand ready to perform on our guarantees to unconsolidated trusts and other guaranty arrangements. These off-balance sheet guarantees expose us to credit losses primarily relating to the unpaid principal balance of our unconsolidated Fannie Mae MBS and other financial guarantees. The maximum remaining contractual term of our guarantees is 31 years; however, the actual term of each guaranty may be significantly less than the contractual term based on the prepayment characteristics of the related mortgage loans. We measure our guaranty reserve for estimated credit losses for off-balance sheet exposures over the contractual period for which they are exposed to the credit risk, unless that obligation is unconditionally cancellable by the issuer. As the guarantor of structured securities backed in whole or in part by Freddie Mac-issued securities, we extend our guaranty to the underlying Freddie Mac securities in our resecuritization trusts. However, Freddie Mac continues to guarantee the payment of principal and interest on the underlying Freddie Mac securities that we have resecuritized. We do not charge an incremental guaranty fee to include Freddie Mac securities in the structured securities that we issue. When we began issuing UMBS, we entered into an indemnification agreement under which Freddie Mac agreed to indemnify us for losses caused by its failure to meet its payment or other specified obligations under the trust agreements pursuant to which the underlying resecuritized securities were issued. As a result, and due to the funding commitment available to Freddie Mac through its senior preferred stock purchase agreement with Treasury, we have concluded that the associated credit risk is negligible. Accordingly, we exclude from the following table Freddie Mac securities backing unconsolidated Fannie Mae-issued structured securities of approximately $168.9 billion and $137.3 billion as of June 30, 2021 and December 31, 2020, respectively. The following table displays our off-balance sheet maximum exposure, guaranty obligation recognized in our condensed consolidated balance sheets and the potential maximum recovery from third parties through available credit enhancements and recourse related to our financial guarantees. As of June 30, 2021 December 31, 2020 Maximum Exposure Guaranty Obligation Maximum Recovery (1) Maximum Exposure Guaranty Obligation Maximum Recovery (1) (Dollars in millions) Unconsolidated Fannie Mae MBS $ 4,178 $ 16 $ 4,044 $ 4,424 $ 18 $ 4,226 Other guaranty arrangements (2) 11,051 96 2,245 11,828 109 2,438 Total $ 15,229 $ 112 $ 6,289 $ 16,252 $ 127 $ 6,664 (1) Recoverability of such credit enhancements and recourse is subject to, among other factors, the ability of our mortgage insurers and the U.S. government, as a financial guarantor, to meet their obligations to us. For information on our mortgage insurers, “Note 10, Concentrations of Credit Risk.” (2) Primarily consists of credit enhancements and long-term standby commitments.

Short-Term and Long-Term Debt

Short-Term and Long-Term Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Short-Term and Long-Term Debt	Short-Term and Long-Term Debt In January 2021, we began applying fair value hedge accounting to certain debt issuances. The objective of our fair value hedges is to reduce GAAP earnings volatility related to changes in benchmark interest rates. See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures. Short-Term Debt The following table displays our outstanding short-term debt (debt with an original contractual maturity of one year or less) and weighted-average interest rates of this debt. As of June 30, 2021 December 31, 2020 Outstanding Weighted- Average Interest Rate (1) Outstanding Weighted- Average Interest Rate (1) (Dollars in millions) Short-term debt of Fannie Mae $ 2,280 0.01 % $ 12,173 0.18 % (1) Includes the effects of discounts, premiums and other cost basis adjustments. Long-Term Debt Long-term debt represents debt with an original contractual maturity of greater than one year. The following table displays our outstanding long-term debt. As of June 30, 2021 December 31, 2020 Maturities Outstanding (1) Weighted- Average Interest Rate (2) Maturities Outstanding (1) Weighted- Average Interest Rate (2) (Dollars in millions) Senior fixed: Benchmark notes and bonds 2021 - 2030 $ 96,513 2.14 % 2021 - 2030 $ 106,691 2.03 % Medium-term notes (3) 2021 - 2031 43,898 0.61 2021 - 2030 48,524 0.63 Other (4) 2021 - 2038 7,073 3.84 2021 - 2038 6,701 3.90 Total senior fixed 147,484 1.77 161,916 1.69 Senior floating: Medium-term notes (3) 2021 - 2022 87,364 0.30 2021 - 2022 100,089 0.35 Connecticut Avenue Securities (5) 2023 - 2031 14,051 4.11 2023 - 2031 14,978 4.16 Other (6) 2037 397 9.20 2037 416 7.75 Total senior floating 101,812 0.85 115,483 0.86 Total long-term debt of Fannie Mae (7) 249,296 1.39 277,399 1.34 Debt of consolidated trusts 2021 - 2060 3,844,699 1.86 2021 - 2060 3,646,164 1.88 Total long-term debt $ 4,093,995 1.83 % $ 3,923,563 1.85 % (1) Outstanding debt balance consists of the unpaid principal balance, premiums and discounts, fair value adjustments, hedge-related basis adjustments, and other cost basis adjustments. (2) Excludes the effects of fair value adjustments and hedge-related basis adjustments. (3) Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt. (4) Includes other long-term debt with an original contractual maturity of greater than 10 years and foreign exchange bonds. (5) Credit risk-sharing securities that transfer a portion of the credit risk on specified pools of single-family mortgage loans to the investors in these securities, a portion of which is reported at fair value. Represents CAS issued prior to November 2018. See “Note 2, Consolidations and Transfers of Financial Assets” in our 2020 Form 10-K for more information about our CAS structures issued beginning November 2018. (6) Consists of structured debt instruments that are reported at fair value. (7) Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments in a net discount position of $1.1 billion and $392 million as of June 30, 2021 and December 31, 2020, respectively.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Derivative instruments are an integral part of our strategy in managing interest-rate risk. Derivative instruments may be privately-negotiated, bilateral contracts, or they may be listed and traded on an exchange. We refer to our derivative transactions made pursuant to bilateral contracts as our over-the-counter (“OTC”) derivative transactions and our derivative transactions accepted for clearing by a derivatives clearing organization as our cleared derivative transactions. We typically do not settle the notional amount of our risk management derivatives; rather, notional amounts provide the basis for calculating actual payments or settlement amounts. The derivative contracts we use for interest-rate risk management purposes consist primarily of interest-rate swaps and interest-rate options. See “Note 8, Derivative Instruments” in our 2020 Form 10-K for additional information on interest-rate risk management. We account for certain forms of credit risk transfer transactions as derivatives. In our credit risk transfer transactions, a portion of the credit risk associated with losses on a reference pool of mortgage loans is transferred to a third party. We enter into derivative transactions that are associated with some of our credit risk transfer transactions, whereby we manage investment risk to guarantee that certain unconsolidated VIEs have sufficient cash flows to pay their contractual obligations. We enter into forward purchase and sale commitments that lock in the future delivery of mortgage loans and mortgage-related securities at a fixed price or yield. Certain commitments to purchase mortgage loans and purchase or sell mortgage-related securities meet the criteria of a derivative. We typically settle the notional amount of our mortgage commitments that are accounted for as derivatives. We recognize all derivatives as either assets or liabilities in our condensed consolidated balance sheets at their fair value on a trade date basis. Fair value amounts, which are (1) netted to the extent a legal right of offset exists and is enforceable by law at the counterparty level and (2) inclusive of the right or obligation associated with the cash collateral posted or received, are recorded in “Other assets” or “Other liabilities” in our condensed consolidated balance sheets. See “Note 12, Fair Value” for additional information on derivatives recorded at fair value. We present cash flows from derivatives as operating activities in our condensed consolidated statements of cash flows. Fair Value Hedge Accounting As discussed in “Note 1, Summary of Significant Accounting Policies,” we implemented a fair value hedge accounting program in January 2021. Pursuant to this program, we may designate certain interest-rate swaps as hedging instruments in hedges of the change in fair value attributable to the designated benchmark interest rate for certain closed pools of fixed-rate, single-family mortgage loans or our funding debt. For hedged items in qualifying fair value hedging relationships, changes in fair value attributable to the designated risk are recognized as a basis adjustment to the hedged item. We also report changes in the fair value of the derivative hedging instrument in the same condensed consolidated statements of operations and comprehensive income line item used to recognize the earnings effect of the hedged item’s basis adjustment. The objective of our fair value hedges is to reduce GAAP earnings volatility related to changes in benchmark interest rates. Notional and Fair Value Position of our Derivatives The following table displays the notional amount and estimated fair value of our asset and liability derivative instruments, including derivative instruments designated as hedges. As of June 30, 2021 As of December 31, 2020 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value (Dollars in millions) Risk management derivatives designated as fair value hedges: Swaps (1) : Pay-fixed $ 1,695 $ — $ — $ — $ — $ — $ — $ — Receive-fixed 45,257 — — — — — — — Total risk management derivatives designated as hedges 46,952 — — — — — — — Risk management derivatives not designated as fair value hedges: Swaps (1) : Pay-fixed 72,778 — 2,353 (59) 88,361 — 11,461 (595) Receive-fixed 35,651 2 44,478 (694) 92,315 233 33,919 (123) Basis 250 166 — — 250 192 — — Foreign currency 239 43 104 (31) 237 57 239 (58) Swaptions (1) : Pay-fixed 4,430 62 410 (18) 5,530 37 2,025 (118) Receive-fixed 390 9 950 (28) 3,355 346 700 (16) Futures (1) — — — — 64,398 — — — Total gross risk management derivatives 113,738 282 48,295 (830) 254,446 865 48,344 (910) Accrued interest receivable (payable) — 83 — (29) — 97 — (105) Total risk management derivatives not designated as hedges 113,738 365 48,295 (859) 254,446 962 48,344 (1,015) Netting adjustment (2) — (331) — 849 — (905) — 995 Total risk management derivatives portfolio 160,690 34 48,295 (10) 254,446 57 48,344 (20) Mortgage commitment derivatives: Mortgage commitments to purchase whole loans 18,500 43 1,609 (2) 35,292 145 51 — Forward contracts to purchase mortgage-related securities 76,309 254 28,596 (25) 144,215 844 607 — Forward contracts to sell mortgage-related securities 19,017 14 140,605 (449) 199 — 227,828 (1,426) Total mortgage commitment derivatives 113,826 311 170,810 (476) 179,706 989 228,486 (1,426) Credit enhancement derivatives 11,680 50 9,099 (32) 16,829 179 11,368 (49) Derivatives at fair value $ 286,196 $ 395 $ 228,204 $ (518) $ 450,981 $ 1,225 $ 288,198 $ (1,495) (1) Centrally cleared derivatives have no ascribable fair value because the positions are settled daily. We record all gains and losses, including accrued interest, on derivatives while they are not in a qualifying designated hedging relationship in “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. The following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in millions) Risk management derivatives: Swaps: Pay-fixed $ (695) $ (94) $ 1,512 $ (4,123) Receive-fixed 757 191 (1,098) 3,534 Basis 19 17 (27) 73 Foreign currency 4 4 (4) (34) Swaptions: Pay-fixed (58) (13) 49 (161) Receive-fixed 30 25 (209) 657 Futures — (4) 1 (75) Net contractual interest income (expense) on interest-rate swaps 7 (64) (4) (170) Total risk management derivatives fair value gains (losses), net (1) 64 62 220 (299) Mortgage commitment derivatives fair value gains (losses), net (553) (662) 529 (1,655) Credit enhancement derivatives fair value gains (losses), net (18) 31 (108) 20 Total derivatives fair value gains (losses), net $ (507) $ (569) $ 641 $ (1,934) (1) Adjusted for fair value gains (losses) and interest income (expense) presented in “net interest income” in 2021 for interest-rate swaps in designated fair value hedges. The following table displays the effect of fair value hedge accounting on our condensed consolidated statements of operations and comprehensive income, including gains and losses recognized on fair value hedging relationships. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2021 Interest Income: Mortgage Loans Interest Expense: Long-Term Debt Interest Income: Mortgage Loans Interest Expense: Long-Term Debt (Dollars in millions) Total amounts presented in our condensed consolidated statements of operations and comprehensive income $ 24,932 $ (16,820) $ 48,285 $ (33,637) Gains (losses) from fair value hedging relationships: Mortgage loans HFI and related interest-rate contracts: Hedged items $ 106 $ — $ 70 $ — Derivatives designated as hedging instruments (106) — (70) — Interest accruals on hedging instruments (5) — (5) — Debt of Fannie Mae and related interest-rate contracts: Hedged items — (390) — 805 Discontinued hedge-related basis adjustment amortization — (21) — (34) Derivatives designated as hedging instruments — 423 — (791) Interest accruals on derivative hedging instruments — 59 — 113 Total effect of fair value hedges $ (5) $ 71 $ (5) $ 93 Hedged Items in Fair Value Hedging Relationships The following table displays the carrying amounts of the hedged items that have been in qualifying fair value hedges recorded in our condensed consolidated balance sheets, including the hedged item's cumulative basis adjustments and the closed portfolio balances under the last-of-layer method. The hedged item carrying amounts and total basis adjustments include both open and discontinued hedges. The amortized cost and designated UPB consists only of open hedges as of June 30, 2021. As of June 30, 2021 Carrying Amount Assets (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount Closed Portfolio of Mortgage Loans Under Last-of-Layer Method Total Basis Adjustments (1)(2) Remaining Adjustments - Discontinued Hedge Total Amortized Cost Designated UPB (Dollars in millions) Mortgage loans HFI $ 125,321 $ 70 $ 70 $ 40,570 $ 1,728 Debt of Fannie Mae (62,688) 771 771 N/A N/A (1) No basis adjustment associated with open hedges, as all hedges are designated at the close of business, with a one-day term. (2) Based on the unamortized balance of the hedge-related cost basis. Derivative Counterparty Credit Exposure Our derivative counterparty credit exposure relates principally to interest-rate derivative contracts. We are exposed to the risk that a counterparty in a derivative transaction will default on payments due to us, which may require us to seek a replacement derivative from a different counterparty. This replacement may be at a higher cost, or we may be unable to find a suitable replacement. We manage our derivative counterparty credit exposure relating to our risk management derivative transactions mainly through enforceable master netting arrangements, which allow us to net derivative assets and liabilities with the same counterparty or clearing organization and clearing member. For our OTC derivative transactions, we require counterparties to post collateral, which may include cash, U.S. Treasury securities, agency debt and agency mortgage-related securities.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We have two reportable business segments, which are based on the type of business activities each perform: Single-Family and Multifamily. Results of our two business segments are intended to reflect each segment as if it were a stand-alone business. The sum of the results for our two business segments equals our condensed consolidated results of operations. For additional information related to our business segments, including basis of organization and other segment activities, see “Note 10, Segment Reporting” in our 2020 Form 10-K. Segment Allocations and Results The majority of our revenues and expenses are directly associated with each respective business segment and are included in determining its operating results. Those revenues and expenses that are not directly attributable to a particular business segment are allocated based on the size of each segment’s guaranty book of business. The substantial majority of the gains and losses associated with our risk management derivatives, including the impact of hedge accounting, are allocated to our Single-Family business segment. The following tables display our segment results. For the Three Months Ended June 30, 2021 2020 Single-Family Multifamily Total Single-Family Multifamily Total (Dollars in millions) Net interest income (1) $ 7,323 $ 963 $ 8,286 $ 4,939 $ 838 $ 5,777 Fee and other income (2) 80 23 103 71 19 90 Net revenues 7,403 986 8,389 5,010 857 5,867 Investment gains (losses), net (3) 658 (12) 646 96 53 149 Fair value gains (losses), net (4) (386) (60) (446) (1,030) 12 (1,018) Administrative expenses (619) (127) (746) (625) (129) (754) Credit-related income (expense): (5) Benefit (provision) for credit losses 2,553 35 2,588 219 (231) (12) Foreclosed property expense (28) (13) (41) (3) (7) (10) Total credit-related income (expense) 2,525 22 2,547 216 (238) (22) TCCA fees (6) (758) — (758) (660) — (660) Credit enhancement expense (7) (219) (55) (274) (307) (53) (360) Change in expected credit enhancement recoveries (8) (57) 13 (44) 208 65 273 Other income (expenses), net (315) 35 (280) (252) (9) (261) Income before federal income taxes 8,232 802 9,034 2,656 558 3,214 Provision for federal income taxes (1,725) (157) (1,882) (556) (113) (669) Net income $ 6,507 $ 645 $ 7,152 $ 2,100 $ 445 $ 2,545 For the Six Months Ended June 30, 2021 2020 Single-Family Multifamily Total Single-Family Multifamily Total (Dollars in millions) Net interest income (1) $ 13,217 $ 1,811 $ 15,028 $ 9,480 $ 1,644 $ 11,124 Fee and other income (2) 142 48 190 165 45 210 Net revenues 13,359 1,859 15,218 9,645 1,689 11,334 Investment gains (losses), net (3) 722 (31) 691 (56) 47 (9) Fair value gains (losses), net (4) 354 (16) 338 (1,490) 196 (1,294) Administrative expenses (1,242) (252) (1,494) (1,254) (249) (1,503) Credit-related income (expense): (5) Benefit (provision) for credit losses 3,215 138 3,353 (1,953) (642) (2,595) Foreclosed property expense (11) (25) (36) (81) (9) (90) Total credit-related income (expense) 3,204 113 3,317 (2,034) (651) (2,685) TCCA fees (6) (1,489) — (1,489) (1,297) — (1,297) Credit enhancement expense (7) (445) (113) (558) (623) (113) (736) Change in expected credit enhancement recoveries (8) (73) (2) (75) 266 195 461 Other income (expenses), net (602) 3 (599) (415) (64) (479) Income before federal income taxes 13,788 1,561 15,349 2,742 1,050 3,792 Provision for federal income taxes (2,887) (317) (3,204) (574) (212) (786) Net income $ 10,901 $ 1,244 $ 12,145 $ 2,168 $ 838 $ 3,006 (1) Net interest income primarily consists of guaranty fees received as compensation for assuming and managing the credit risk on loans underlying Fannie Mae MBS held by third parties for the respective business segment, and the difference between the interest income earned on the respective business segment’s mortgage assets in our retained mortgage portfolio and the interest expense associated with the debt funding those assets. Revenues from single-family guaranty fees include revenues generated by the 10 basis point increase in guaranty fees pursuant to the TCCA, the incremental revenue from which is remitted to Treasury and not retained by us. Also includes yield maintenance fees we recognized on the prepayment of multifamily loans. Beginning in January 2021, net interest income was impacted by the application of fair value hedge accounting. See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures. (2) Single-family fee and other income primarily consists of compensation for engaging in structured transactions and providing other lender services. Multifamily fee and other income consists of fees associated with Multifamily business activities. (3) Single-family investment gains and losses primarily consist of gains and losses on the sale of mortgage assets. Multifamily investment gains and losses primarily consists of gains and losses on resecuritization activity. (4) Single-family fair value gains and losses primarily consist of fair value gains and losses on risk management and mortgage commitment derivatives, trading securities, fair value option debt, and other financial instruments associated with our single-family guaranty book of business. Multifamily fair value gains and losses primarily consist of fair value gains and losses on MBS commitment derivatives, trading securities and other financial instruments associated with our multifamily guaranty book of business. Beginning in January 2021, fair value gains (losses), net was impacted by the application of fair value hedge accounting. See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures. (5) Credit-related income or expense is based on the guaranty book of business of the respective business segment and consists of the applicable segment’s benefit or provision for credit losses and foreclosed property income or expense on loans underlying the segment’s guaranty book of business. (6) Consists of the portion of our single-family guaranty fees that is remitted to Treasury pursuant to the TCCA. (7) Single-family credit enhancement expense consists of costs associated with our freestanding credit enhancements, which primarily include costs associated with our Credit Insurance Risk Transfer TM (“CIRT TM ”), Connecticut Avenue Securities ® (“CAS”) and enterprise-paid mortgage insurance (“EPMI”) programs. Multifamily credit enhancement expense primarily consists of costs associated with our Multifamily CIRT TM (“MCIRT TM ”) and Multifamily Connecticut Avenue Securities TM (“MCAS TM ”) programs as well as amortization expense for certain lender risk-sharing programs. Excludes CAS transactions accounted for as debt instruments and credit risk transfer programs accounted for as derivative instruments.

Concentrations of Credit Risk

Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2021
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk	Concentrations of Credit Risk Risk Characteristics of our Guaranty Book of Business One of the measures by which we gauge our credit risk is the delinquency status of the mortgage loans in our guaranty book of business. For single-family and multifamily loans, we use this information, in conjunction with housing market and other economic data, to structure our pricing and our eligibility and underwriting criteria to reflect the current risk of loans with higher-risk characteristics, and in some cases we decide to significantly reduce our participation in riskier loan product categories. Management also uses this data together with other credit risk measures to identify key trends that guide the development of our loss mitigation strategies. We report the delinquency status of our single-family and multifamily guaranty book of business below. We report loans receiving COVID-19-related payment forbearance as delinquent according to the contractual terms of the loans. Single-Family Credit Risk Characteristics For single-family loans, management monitors the serious delinquency rate, which is the percentage of single-family loans, based on the number of loans that are 90 days or more past due or in the foreclosure process, and loans that have higher risk characteristics, such as high mark-to-market LTV ratios. The following tables display the delinquency status and serious delinquency rates for specified loan categories of our single-family conventional guaranty book of business. As of June 30, 2021 December 31, 2020 30 Days Delinquent 60 Days Delinquent Seriously Delinquent (1) 30 Days Delinquent 60 Days Delinquent Seriously Delinquent (1) Percentage of single-family conventional guaranty book of business based on UPB 0.63 % 0.18 % 2.14 % 0.88 % 0.33 % 3.10 % Percentage of single-family conventional loans based on loan count 0.74 0.20 2.08 1.02 0.36 2.87 As of June 30, 2021 December 31, 2020 Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB Serious Delinquency Rate (1) Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB Serious Delinquency Rate (1) Estimated mark-to-market LTV ratio: Greater than 100% * 20.48 % * 22.43 % Geographical distribution: California 20 % 1.84 19 % 2.62 Florida 6 2.81 6 4.17 Illinois 3 2.51 3 3.10 New Jersey 3 3.33 3 4.57 New York 5 3.71 5 4.79 All other states 63 1.88 64 2.59 Product distribution: Alt-A 1 7.88 1 9.32 Vintages: 2004 and prior 1 5.04 2 5.88 2005-2008 2 8.75 2 9.98 2009-2021 97 1.69 96 2.39 * Represents less than 0.5% of single-family conventional guaranty book of business. (1) Based on loan count, consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of June 30, 2021 or December 31, 2020. Multifamily Credit Risk Characteristics For multifamily loans, management monitors the serious delinquency rate, which is the percentage of multifamily loans, based on unpaid principal balance, that are 60 days or more past due, and loans with other higher risk characteristics to determine the overall credit quality of our multifamily book of business. Higher risk characteristics include, but are not limited to, current debt service coverage ratio (“DSCR”) below 1.0 and original LTV ratios greater than 80%. We stratify multifamily loans into different internal risk categories based on the credit risk inherent in each individual loan. The following tables display the delinquency status and serious delinquency rates for specified loan categories of our multifamily guaranty book of business. As of June 30, 2021 (1) December 31, 2020 (1) 30 Days Delinquent Seriously Delinquent (2) 30 Days Delinquent Seriously Delinquent (2) Percentage of multifamily guaranty book of business 0.30 % 0.53 % 0.29 % 0.98 % As of June 30, 2021 December 31, 2020 Percentage of Multifamily Guaranty Book of Business (1) Serious Delinquency Rate (2)(3) Percentage of Multifamily Guaranty Book of Business (1) Serious Delinquency Rate (2)(3) Original LTV ratio: Greater than 80% 1 % 0.82 % 1 % 1.04 % Less than or equal to 80% 99 0.53 99 0.98 Current DSCR below 1.0 (4) 2 15.66 2 21.19 (1) Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business. (2) Consists of multifamily loans that were 60 days or more past due as of the dates indicated. (3) Calculated based on the unpaid principal balance of multifamily loans that were seriously delinquent divided by the aggregate unpaid principal balance of multifamily loans for each category included in our multifamily guaranty book of business. (4) Our estimates of current DSCRs are based on the latest available income information for these properties. Although we use the most recently available results of our multifamily borrowers, there is a lag in reporting, which typically can range from 3 to 6 months but in some cases may be longer. For certain properties, we do not receive updated financial information. Other Concentrations Mortgage Insurers. Mortgage insurance “risk in force” refers to our maximum potential loss recovery under the applicable mortgage insurance policies in force and is generally based on the loan-level insurance coverage percentage and, if applicable, any aggregate pool loss limit, as specified in the policy. The following table displays our total mortgage insurance risk in force by primary and pool insurance, as well as the total risk-in-force mortgage insurance coverage as a percentage of the single-family conventional guaranty book of business. As of June 30, 2021 December 31, 2020 Risk in Force Percentage of Single-Family Conventional Guaranty Book of Business Risk in Force Percentage of Single-Family Conventional Guaranty Book of Business (Dollars in millions) Mortgage insurance risk in force: Primary mortgage insurance $ 173,773 $ 170,890 Pool mortgage insurance 278 291 Total mortgage insurance risk in force $ 174,051 5% $ 171,181 5% Mortgage insurance does not protect us from all losses on covered loans. For example, mortgage insurance does not cover property damage that is not covered by the hazard insurance we require, and such damage may result in a reduction to, or a denial of, mortgage insurance benefits. Specifically, a property damaged by a flood that was outside a Federal Emergency Management Agency (“FEMA”)-identified Special Flood Hazard Area, where we require coverage, or a property damaged by an earthquake are the most likely scenarios where property damage may result in a loss event not covered by hazard insurance. The table below displays our mortgage insurer counterparties that provided approximately 10% or more of the risk-in-force mortgage insurance coverage on mortgage loans in our single-family conventional guaranty book of business. Percentage of Risk-in-Force Coverage by Mortgage Insurer As of June 30, 2021 December 31, 2020 Counterparty: (1) Arch Capital Group Ltd. 20 % 21 % Mortgage Guaranty Insurance Corp. 19 18 Radian Guaranty, Inc. 17 19 Genworth Mortgage Insurance Corp. 17 16 Essent Guaranty, Inc. 16 16 National Mortgage Insurance Corp. 10 9 Others 1 1 Total 100 % 100 % (1) Insurance coverage amounts provided for each counterparty may include coverage provided by affiliates and subsidiaries of the counterparty. Three of our mortgage insurer counterparties that are currently not approved to write new business—PMI Mortgage Insurance Co. (“PMI”), Triad Guaranty Insurance Corporation (“Triad”) and Republic Mortgage Insurance Company (“RMIC”)—are currently in run-off. A mortgage insurer that is in run-off continues to collect renewal premiums and process claims on its existing insurance business, but no longer writes new insurance, which increases the risk that the mortgage insurer will fail to pay claims fully. Entering run-off may limit sources of profits and liquidity for the mortgage insurer and could also cause the quality and speed of its claims processing to deteriorate. These three mortgage insurers provided a combined $2.0 billion, or 1%, of the risk-in-force mortgage insurance coverage of our single-family conventional guaranty book of business as of June 30, 2021. PMI and Triad have been paying only a portion of policyholder claims and deferring the remaining portion. PMI is currently paying 77.5% of claims under its mortgage insurance policies in cash and is deferring the remaining 22.5%, and Triad is currently paying 75% of claims in cash and deferring the remaining 25%. It is uncertain whether PMI or Triad will be permitted in the future to pay their deferred policyholder claims or increase or decrease the amount of cash they pay on claims. RMIC is no longer deferring payments on policyholder claims, but remains in run-off. We have counterparty credit risk relating to the potential insolvency of, or non-performance by, monoline mortgage insurers that insure single-family loans we purchase or guarantee. There is risk that these counterparties may fail to fulfill their obligations to pay our claims under insurance policies. On at least a quarterly basis, we assess our mortgage insurer counterparties’ respective abilities to fulfill their obligations to us. Our assessment includes financial reviews and analyses of the insurers’ portfolios and capital adequacy. If we determine that it is probable that we will not collect all of our claims from one or more of our mortgage insurer counterparties, it could increase our loss reserves, which could adversely affect our results of operations, liquidity, financial condition and net worth. When we estimate the credit losses that are inherent in our mortgage loans and under the terms of our guaranty obligations, we also consider the recoveries that we will receive on primary mortgage insurance, as mortgage insurance recoveries would reduce the severity of the loss associated with defaulted loans. We evaluate the financial condition of our mortgage insurer counterparties and adjust the contractually due recovery amounts to ensure that expected credit losses as of the balance sheet date are included in our loss reserve estimate. As a result, if our assessment of one or more of our mortgage insurer counterparties’ ability to fulfill their respective obligations to us worsens, it could increase our loss reserves. As of June 30, 2021 and December 31, 2020, our estimated benefit from mortgage insurance, which is based on estimated credit losses as of period end, reduced our loss reserves by $766 million and $1.4 billion, respectively. As of June 30, 2021 and December 31, 2020, we had outstanding receivables of $537 million and $560 million, respectively, recorded in “Other assets” in our condensed consolidated balance sheets related to amounts claimed on insured, defaulted loans excluding government-insured loans. As of June 30, 2021 and December 31, 2020, we assessed these outstanding receivables for collectability, and established a valuation allowance of $479 million and $497 million, respectively, which reduced our claim receivable to the amount considered probable of collection. Mortgage Servicers and Sellers. Mortgage servicers collect mortgage and escrow payments from borrowers, pay taxes and insurance costs from escrow accounts, monitor and report delinquencies, and perform other required activities, including loss mitigation, on our behalf. Our mortgage servicers and sellers may also be obligated to repurchase loans or foreclosed properties, reimburse us for losses or provide other remedies under certain circumstances, such as if it is determined that the mortgage loan did not meet our underwriting or eligibility requirements, if certain loan representations and warranties are violated or if mortgage insurers rescind coverage. Our representation and warranty framework does not require repurchase for loans that have breaches of certain selling representations and warranties if they have met specified criteria for relief. Our business with mortgage servicers is concentrated. The table below displays the percentage of our single-family guaranty book of business serviced by our top five depository single-family mortgage servicers and top five non-depository single-family mortgage servicers (i.e., servicers that are not insured depository institutions), and identifies one depository servicer that serviced more than 10% of our single-family guaranty book of business based on unpaid principal balance. Percentage of Single-Family As of June 30, 2021 December 31, 2020 Wells Fargo Bank, N.A. (together with its affiliates) 11 % 13 % Remaining top five depository servicers 10 11 Top five non-depository servicers 23 24 Total 44 % 48 % Compared with depository financial institutions, our non-depository servicers pose additional risks because they may not have the same financial strength or operational capacity, or be subject to the same level of regulatory oversight as depository financial institutions. The table below displays the percentage of our multifamily guaranty book of business serviced by our top five multifamily mortgage servicers, and identifies two servicers that serviced 10% or more of our multifamily guaranty book of business based on unpaid principal balance. Percentage of Multifamily As of June 30, 2021 December 31, 2020 Walker & Dunlop, Inc. 13 % 12 % Wells Fargo Bank, N.A. (together with its affiliates) 11 12 Remaining top five servicers 24 24 Total 48 % 48 % If a significant mortgage servicer or seller counterparty, or a number of mortgage servicers or sellers, fails to meet their obligations to us, it could adversely affect our results of operations and financial condition. We mitigate these risks in several ways, including: • establishing minimum standards and financial requirements for our servicers; • monitoring financial and portfolio performance as compared with peers and internal benchmarks; and • for our largest mortgage servicers, conducting periodic financial reviews to confirm compliance with servicing guidelines and servicing performance expectations. We may take one or more of the following actions to mitigate our credit exposure to mortgage servicers that present a higher risk: • require a guaranty of obligations by higher-rated entities; • transfer exposure to third parties; • require collateral; • establish more stringent financial requirements; • work with underperforming major servicers to improve operational processes; and • suspend or terminate the selling and servicing relationship if deemed necessary. Derivatives Counterparties. For information on credit risk associated with our derivative transactions and repurchase agreements see “Note 8, Derivative Instruments” and “Note 11, Netting Arrangements.”

Netting Arrangements

Netting Arrangements	6 Months Ended
	Jun. 30, 2021
Offsetting [Abstract]
Netting Arrangements	Netting Arrangements We use master netting arrangements, which allow us to offset certain financial instruments and collateral with the same counterparty, to minimize counterparty credit exposure. The tables below display information related to derivatives, securities purchased under agreements to resell or similar arrangements, and securities sold under agreements to repurchase or similar arrangements, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our condensed consolidated balance sheets. As of June 30, 2021 Gross Amount Offset (1) Net Amount Presented in our Condensed Consolidated Balance Sheets Amounts Not Offset in our Condensed Consolidated Balance Sheets Gross Amount Financial Instruments (2) Collateral (3) Net Amount (Dollars in millions) Assets: OTC risk management derivatives $ 365 $ (348) $ 17 $ — $ — $ 17 Cleared risk management derivatives — 17 17 — — 17 Mortgage commitment derivatives 311 — 311 (182) — 129 Total derivative assets 676 (331) 345 (4) (182) — 163 Securities purchased under agreements to resell or similar arrangements (5) 90,838 — 90,838 — (90,838) — Total assets $ 91,514 $ (331) $ 91,183 $ (182) $ (90,838) $ 163 Liabilities: OTC risk management derivatives $ (859) $ 856 $ (3) $ — $ — $ (3) Cleared risk management derivatives — (7) (7) — 7 — Mortgage commitment derivatives (476) — (476) 182 288 (6) Total derivative liabilities (1,335) 849 (486) (4) 182 295 (9) Total liabilities $ (1,335) $ 849 $ (486) $ 182 $ 295 $ (9) As of December 31, 2020 Gross Amount Offset (1) Net Amount Presented in our Condensed Consolidated Balance Sheets Amounts Not Offset in our Condensed Consolidated Balance Sheets Gross Amount Financial Instruments (2) Collateral (3) Net Amount (Dollars in millions) Assets: OTC risk management derivatives $ 962 $ (952) $ 10 $ — $ — $ 10 Cleared risk management derivatives — 47 47 — — 47 Mortgage commitment derivatives 989 — 989 (406) (53) 530 Total derivative assets 1,951 (905) 1,046 (4) (406) (53) 587 Securities purchased under agreements to resell or similar arrangements (5) 46,644 — 46,644 — (46,644) — Total assets $ 48,595 $ (905) $ 47,690 $ (406) $ (46,697) $ 587 Liabilities: OTC risk management derivatives $ (1,015) $ 999 $ (16) $ — $ — $ (16) Cleared risk management derivatives — (4) (4) — 2 (2) Mortgage commitment derivatives (1,426) — (1,426) 406 1,017 (3) Total derivative liabilities (2,441) 995 (1,446) (4) 406 1,019 (21) Total liabilities $ (2,441) $ 995 $ (1,446) $ 406 $ 1,019 $ (21) (1) Represents the effect of the right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received and accrued interest. (2) Mortgage commitment derivative amounts reflect where we have recognized both an asset and a liability with the same counterparty under an enforceable master netting arrangement but we have not elected to offset the related amounts in our condensed consolidated balance sheets. (3) Represents collateral received that has not been recognized and not offset in our condensed consolidated balance sheets, as well as collateral posted which has been recognized but not offset in our condensed consolidated balance sheets. Does not include collateral held or posted in excess of our exposure. The fair value of non-cash collateral we pledged which the counterparty was permitted to sell or repledge was $4.5 billion and $4.7 billion as of June 30, 2021 and December 31, 2020, respectively. The fair value of non-cash collateral received was $91.0 billion and $46.6 billion, of which $59.8 billion and $46.6 billion could be sold or repledged as of June 30, 2021 and December 31, 2020, respectively. None of the underlying collateral was sold or repledged as of June 30, 2021 or December 31, 2020. (4) Excludes derivative assets of $50 million and $179 million as of June 30, 2021 and December 31, 2020, respectively, and derivative liabilities of $32 million and $49 million recognized in our condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively, that are not subject to enforceable master netting arrangements. (5) Includes $34.0 billion and $18.4 billion in securities purchased under agreements to resell classified as “Cash and cash equivalents” in our condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively. Includes $13.0 billion in securities purchased under agreements to resell classified as “Restricted cash and cash equivalents” in our condensed consolidated balance sheets as of June 30, 2021. There were no securities purchased under agreements to resell classified as “Restricted cash and cash equivalents” as of December 31, 2020. Derivative instruments are recorded at fair value and securities purchased under agreements to resell or similar arrangements are recorded at amortized cost in our condensed consolidated balance sheets. For how we determine our rights to offset the assets and liabilities presented above with the same counterparty, including collateral posted or received, see “Note 14, Netting Arrangements” in our 2020 Form 10-K.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value	Fair Value We use fair value measurements for the initial recording of certain assets and liabilities and periodic remeasurement of certain assets and liabilities on a recurring or nonrecurring basis. Fair Value Measurement Fair value measurement guidance defines fair value, establishes a framework for measuring fair value, and sets forth disclosures around fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. The guidance establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The hierarchy gives the highest priority, Level 1, to measurements based on unadjusted quoted prices in active markets for identical assets or liabilities. The next highest priority, Level 2, is given to measurements of assets and liabilities based on limited observable inputs or observable inputs for similar assets and liabilities. The lowest priority, Level 3, is given to measurements based on unobservable inputs. Recurring Changes in Fair Value The following tables display our assets and liabilities measured in our condensed consolidated balance sheets at fair value on a recurring basis subsequent to initial recognition, including instruments for which we have elected the fair value option. Fair Value Measurements as of June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustment (1) Estimated Fair Value (Dollars in millions) Recurring fair value measurements: Assets: Cash equivalents (2) $ 3,124 $ — $ — $ — $ 3,124 Trading securities: Mortgage-related securities: Fannie Mae — 1,695 141 — 1,836 Other agency — 3,333 — — 3,333 Private-label and other mortgage securities — 152 — — 152 Non-mortgage-related securities: U.S. Treasury securities 89,707 — — — 89,707 Other securities — 73 — — 73 Total trading securities 89,707 5,253 141 — 95,101 Available-for-sale securities: Mortgage-related securities: Fannie Mae — 479 84 — 563 Other agency — 15 — — 15 Alt-A and subprime private-label securities — 3 2 — 5 Mortgage revenue bonds — — 172 — 172 Other — 6 194 — 200 Total available-for-sale securities — 503 452 — 955 Mortgage loans — 4,784 832 — 5,616 Other assets: Risk management derivatives: Swaps — 118 176 — 294 Swaptions — 71 — — 71 Netting adjustment — — — (331) (331) Mortgage commitment derivatives — 311 — — 311 Credit enhancement derivatives — — 50 — 50 Total other assets — 500 226 (331) 395 Total assets at fair value $ 92,831 $ 11,040 $ 1,651 $ (331) $ 105,191 Liabilities: Long-term debt: Of Fannie Mae: Senior floating $ — $ 2,549 $ 397 $ — $ 2,946 Total of Fannie Mae — 2,549 397 — 2,946 Of consolidated trusts — 22,917 55 — 22,972 Total long-term debt — 25,466 452 — 25,918 Other liabilities: Risk management derivatives: Swaps — 813 — — 813 Swaptions — 46 — — 46 Netting adjustment — — — (849) (849) Mortgage commitment derivatives — 476 — — 476 Credit enhancement derivatives — — 32 — 32 Total other liabilities — 1,335 32 (849) 518 Total liabilities at fair value $ — $ 26,801 $ 484 $ (849) $ 26,436 Fair Value Measurements as of December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustment (1) Estimated Fair Value (Dollars in millions) Recurring fair value measurements: Assets: Cash equivalents (2) $ 1,120 $ — $ — $ — $ 1,120 Trading securities: Mortgage-related securities: Fannie Mae — 2,310 94 — 2,404 Other agency — 3,450 1 — 3,451 Private-label and other mortgage securities — 158 — — 158 Non-mortgage-related securities: U.S. Treasury securities 130,456 — — — 130,456 Other securities — 73 — — 73 Total trading securities 130,456 5,991 95 — 136,542 Available-for-sale securities: Mortgage-related securities: Fannie Mae — 973 195 — 1,168 Other agency — 65 — — 65 Alt-A and subprime private-label securities — 4 2 — 6 Mortgage revenue bonds — — 216 — 216 Other — 7 235 — 242 Total available-for-sale securities — 1,049 648 — 1,697 Mortgage loans — 5,629 861 — 6,490 Other assets: Risk management derivatives: Swaps — 376 203 — 579 Swaptions — 383 — — 383 Netting adjustment — — — (905) (905) Mortgage commitment derivatives — 989 — — 989 Credit enhancement derivatives — — 179 — 179 Total other assets — 1,748 382 (905) 1,225 Total assets at fair value $ 131,576 $ 14,417 $ 1,986 $ (905) $ 147,074 Liabilities: Long-term debt: Of Fannie Mae: Senior floating $ — $ 3,312 $ 416 $ — $ 3,728 Total of Fannie Mae — 3,312 416 — 3,728 Of consolidated trusts — 24,503 83 — 24,586 Total long-term debt — 27,815 499 — 28,314 Other liabilities: Risk management derivatives: Swaps — 881 — — 881 Swaptions — 134 — — 134 Netting adjustment — — — (995) (995) Mortgage commitment derivatives — 1,426 — — 1,426 Credit enhancement derivatives — — 49 — 49 Total other liabilities — 2,441 49 (995) 1,495 Total liabilities at fair value $ — $ 30,256 $ 548 $ (995) $ 29,809 (1) Derivative contracts are reported on a gross basis by level. The netting adjustment represents the effect of the legal right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received. (2) Cash equivalents are comprised of U.S. Treasuries that have a maturity at the date of acquisition of three months or less. The following tables display a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). The tables also display gains and losses due to changes in fair value, including realized and unrealized gains and losses, recognized in our condensed consolidated statements of operations and comprehensive income for Level 3 assets and liabilities. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Three Months Ended June 30, 2021 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2021 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2021 (1) Balance, March 31, 2021 Included in Net Income Included in Total OCI Gain/(Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Level 3 Balance, June 30, 2021 (Dollars in millions) Trading securities: Mortgage-related: Fannie Mae $ 109 $ (4) $ — $ 3 $ — $ — $ — $ (32) $ 65 $ 141 $ 1 $ — Total trading securities $ 109 $ (4) (5)(6) $ — $ 3 $ — $ — $ — $ (32) $ 65 $ 141 $ 1 $ — Available-for-sale securities: Mortgage-related: Fannie Mae $ 189 $ 1 $ 5 $ — $ — $ — $ (4) $ (107) $ — $ 84 $ — $ 3 Alt-A and subprime private-label securities 1 — 1 — — — — — — 2 — 1 Mortgage revenue bonds 191 — (1) — — — (18) — — 172 — — Other 230 4 (1) — — — (39) — — 194 — — Total available-for-sale securities $ 611 $ 5 (6)(7) $ 4 $ — $ — $ — $ (61) $ (107) $ — $ 452 $ — $ 4 Mortgage loans $ 820 $ 21 (5)(6) $ — $ 85 $ (44) $ — $ (53) $ (29) $ 32 $ 832 $ 22 $ — Net derivatives 166 7 (5) — — — — 21 — — 194 28 — Long-term debt: Of Fannie Mae: Senior floating $ (382) $ (15) (5) $ — $ — $ — $ — $ — $ — $ — $ (397) $ (15) $ — Of consolidated trusts (58) — (5)(6) — — — — 4 — (1) (55) — — Total long-term debt $ (440) $ (15) $ — $ — $ — $ — $ 4 $ — $ (1) $ (452) $ (15) $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Six Months Ended June 30, 2021 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2021 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2021 (1) Balance, December 31, 2020 Included in Net Income Included in Total OCI Gain/(Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Balance, June 30, 2021 (Dollars in millions) Trading securities: Mortgage-related: Fannie Mae $ 94 $ (5) $ — $ 3 $ — $ — $ — $ (39) $ 88 $ 141 $ 2 $ — Other agency 1 — — — — — — (1) — — — — Total trading securities $ 95 $ (5) (5)(6) $ — $ 3 $ — $ — $ — $ (40) $ 88 $ 141 $ 2 $ — Available-for-sale securities: Mortgage-related: Fannie Mae $ 195 $ 1 $ 2 $ — $ — $ — $ (7) $ (107) $ — $ 84 $ — $ 3 Alt-A and subprime private-label securities 2 — — — — — — — — 2 — 1 Mortgage revenue bonds 216 — (2) — — — (42) — — 172 — — Other 235 7 2 — — — (50) — — 194 — 3 Total available-for-sale securities $ 648 $ 8 (6)(7) $ 2 $ — $ — $ — $ (99) $ (107) $ — $ 452 $ — $ 7 Mortgage loans $ 861 $ 29 (5)(6) $ — $ 85 $ (44) $ — $ (100) $ (52) $ 53 $ 832 $ 28 $ — Net derivatives 333 (125) (5) — — — — (14) — — 194 (139) — Long-term debt: Of Fannie Mae: Senior floating $ (416) $ 19 (5) $ — $ — $ — $ — $ — $ — $ — $ (397) $ 19 $ — Of consolidated trusts (83) 1 (5)(6) — — — — 8 20 (1) (55) — — Total long-term debt $ (499) $ 20 $ — $ — $ — $ — $ 8 $ 20 $ (1) $ (452) $ 19 $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Three Months Ended June 30, 2020 Total Gains (Losses) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2020 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2020 (1) Balance, March 31, 2020 Included in Net Income Included in Total OCI Gain/(Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Level 3 Balance, June 30, 2020 (Dollars in millions) Trading securities: Mortgage-related: Fannie Mae $ 68 $ — $ — $ — $ — $ — $ — $ (34) $ 4 $ 38 $ — $ — Private-label and other mortgage securities 94 7 — — — — (3) — — 98 5 — Total trading securities $ 162 $ 7 (5)(6) $ — $ — $ — $ — $ (3) $ (34) $ 4 $ 136 $ 5 $ — Available-for-sale securities: Mortgage-related: Fannie Mae $ 188 $ — $ (4) $ — $ — $ — $ (2) $ — $ 264 $ 446 $ — $ (3) Alt-A and subprime private-label securities — — — — — — — — 2 2 — — Mortgage revenue bonds 296 — 1 — — — (19) — — 278 — 1 Other 284 (3) — — — — (27) — — 254 — — Total available-for-sale securities $ 768 $ (3) (6)(7) $ (3) $ — $ — $ — $ (48) $ — $ 266 $ 980 $ — $ (2) Mortgage loans $ 638 $ 15 (5)(6) $ — $ — $ — $ — $ (25) $ (21) $ 190 $ 797 $ 12 $ — Net derivatives 217 49 (5) — — — — 3 — — 269 52 — Long-term debt: Of Fannie Mae: Senior floating $ (432) $ (24) (5) $ — $ — $ — $ — $ 23 $ — $ — $ (433) $ (24) $ — Of consolidated trusts (83) (3) (5)(6) — — — — 4 1 (8) (89) (2) — Total long-term debt $ (515) $ (27) $ — $ — $ — $ — $ 27 $ 1 $ (8) $ (522) $ (26) $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Six Months Ended June 30, 2020 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2020 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2020 (1) Balance, December 31, 2019 Included in Net Income Included in Total OCI Gain/(Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Balance, June 30, 2020 (Dollars in millions) Trading securities: Mortgage-related: Fannie Mae $ 45 $ (9) $ — $ — $ — $ — $ — $ (45) $ 47 $ 38 $ (8) $ — Other agency 1 — — — — — — (1) — — — — Private-label and other mortgage securities — 7 — — — — (3) — 94 98 — — Total trading securities $ 46 $ (2) (5)(6) $ — $ — $ — $ — $ (3) $ (46) $ 141 $ 136 $ (8) $ — Available-for-sale securities: Mortgage-related: Fannie Mae $ 171 $ — $ — $ — $ — $ — $ (3) $ — $ 278 $ 446 $ — $ — Alt-A and subprime private-label securities — — — — — — — — 2 2 — — Mortgage revenue bonds 315 (3) 3 74 (74) — (37) — — 278 — 5 Other 306 (14) (1) 268 (268) — (37) — — 254 — (1) Total available-for-sale securities $ 792 $ (17) (6)(7) $ 2 $ 342 $ (342) $ — $ (77) $ — $ 280 $ 980 $ — $ 4 Mortgage loans $ 688 $ (9) (5)(6) $ — $ — $ — $ — $ (54) $ (44) $ 216 $ 797 $ (14) $ — Net derivatives 162 90 (5) — — — — (1) 18 — 269 96 — Long-term debt: Of Fannie Mae: Senior floating $ (398) $ (58) (5) $ — $ — $ — $ — $ 23 $ — $ — $ (433) $ (58) $ — Of consolidated trusts (75) 1 (5)(6) — — — — 7 1 (23) (89) 2 — Total long-term debt $ (473) $ (57) $ — $ — $ — $ — $ 30 $ 1 $ (23) $ (522) $ (56) $ — (1) Gains (losses) included in other comprehensive income (loss) are included in “Changes in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustments and taxes” in our condensed consolidated statements of operations and comprehensive income. (2) Purchases and sales include activity related to the consolidation and deconsolidation of assets of securitization trusts. (3) Issues and settlements include activity related to the consolidation and deconsolidation of liabilities of securitization trusts. (4) Amount represents temporary changes in fair value. Amortization, accretion and the impairment of credit losses are not considered unrealized and are not included in this amount. (5) Gains (losses) are included in “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. (6) Gains (losses) are included in “Net interest income” in our condensed consolidated statements of operations and comprehensive income. (7) Gains (losses) are included in “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. The following tables display valuation techniques and the range and the weighted average of significant unobservable inputs for our Level 3 assets and liabilities measured at fair value on a recurring basis, excluding instruments for which we have elected the fair value option. Changes in these unobservable inputs can result in significantly higher or lower fair value measurements of these assets and liabilities as of the reporting date. Fair Value Measurements as of June 30, 2021 Fair Value Significant Valuation Techniques Significant Unobservable Inputs (1) Range (1) Weighted - Average (1)(2) (Dollars in millions) Recurring fair value measurements: Trading securities: Mortgage-related securities: Agency (3) $ 141 Various Available-for-sale securities: Mortgage-related securities: Agency (3) 84 Various Alt-A and subprime private-label securities 2 Various Mortgage revenue bonds 118 Single Vendor Spreads (bps) 4.5 - 44.5 19.3 54 Various Total mortgage revenue bonds 172 Other 193 Discounted Cash Flow Spreads (bps) 370.0 - 376.0 373.1 1 Various Total other 194 Total available-for-sale securities $ 452 Net derivatives $ 176 Dealer Mark 18 Discounted Cash Flow Total net derivatives $ 194 Fair Value Measurements as of December 31, 2020 Fair Value Significant Valuation Techniques Significant Unobservable Inputs (1) Range (1) Weighted - Average (1)(2) (Dollars in millions) Recurring fair value measurements: Trading securities: Mortgage-related securities: Agency (3) $ 95 Various Available-for-sale securities: Mortgage-related securities: Agency (3) 97 Consensus 98 Various Total agency 195 Alt-A and subprime private-label securities 2 Various Mortgage revenue bonds 144 Single Vendor Spreads (bps) 32.0 - 315.3 93.4 72 Various Total mortgage revenue bonds 216 Other 206 Discounted Cash Flow Spreads (bps) 425.0 - 443.0 434.2 29 Various Total other 235 Total available-for-sale securities $ 648 Net derivatives $ 203 Dealer Mark 130 Discounted Cash Flow Total net derivatives $ 333 (1) Valuation techniques for which no unobservable inputs are disclosed generally reflect the use of third-party pricing services or dealers, and the range of unobservable inputs applied by these sources is not readily available or cannot be reasonably estimated. Where we have disclosed unobservable inputs for consensus and single vendor techniques, those inputs are based on our validations performed at the security level using discounted cash flows. (2) Unobservable inputs were weighted by the relative fair value of the instruments. (3) Includes Fannie Mae and Freddie Mac securities. In our condensed consolidated balance sheets, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when we evaluate loans for impairment). We had no Level 1 assets or liabilities held as of June 30, 2021 or December 31, 2020 that were measured at fair value on a nonrecurring basis. We held $241 million and $25 million in Level 2 assets as of June 30, 2021 and December 31, 2020, respectively, comprised of mortgage loans held for sale that were impaired. We had no Level 2 liabilities that were measured at fair value on a nonrecurring basis as of June 30, 2021 or December 31, 2020. The following table displays valuation techniques for our Level 3 assets measured at fair value on a nonrecurring basis. Fair Value Measurements as of Valuation Techniques June 30, 2021 December 31, 2020 (Dollars in millions) Nonrecurring fair value measurements: Mortgage loans held for sale, at lower of cost or fair value Consensus $ 557 $ 754 Single Vendor 384 333 Total mortgage loans held for sale, at lower of cost or fair value 941 1,087 Single-family mortgage loans held for investment, at amortized cost Internal Model 562 979 Multifamily mortgage loans held for investment, at amortized cost Appraisals 56 225 Internal Model 136 125 Various 77 40 Total multifamily mortgage loans held for investment, at amortized cost 269 390 Acquired property, net: Single-family Accepted Offers 12 35 Appraisals 44 89 Internal Model 53 41 Walk Forwards 17 85 Various 7 11 Total single-family 133 261 Multifamily Various 18 25 Total nonrecurring assets at fair value $ 1,923 $ 2,742 Fair Value of Financial Instruments The following table displays the carrying value and estimated fair value of our financial instruments. The fair value of financial instruments we disclose includes commitments to purchase multifamily and single-family mortgage loans that we do not record in our condensed consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.” The disclosure excludes all non-financial instruments; therefore, the fair value of our financial assets and liabilities does not represent the underlying fair value of our total consolidated assets and liabilities. As of June 30, 2021 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Netting Adjustment Estimated Fair Value (Dollars in millions) Financial assets: Cash and cash equivalents, including restricted cash and cash equivalents $ 125,299 $ 78,349 $ 46,950 $ — $ — $ 125,299 Federal funds sold and securities purchased under agreements to resell or similar arrangements 43,888 — 43,888 — — 43,888 Trading securities 95,101 89,707 5,253 141 — 95,101 Available-for-sale securities 955 — 503 452 — 955 Mortgage loans held for sale 6,933 — 1,858 5,977 — 7,835 Mortgage loans held for investment, net of allowance for loan losses 3,844,374 — 3,688,808 234,637 — 3,923,445 Advances to lenders 6,257 — 6,256 1 — 6,257 Derivative assets at fair value 395 — 500 226 (331) 395 Guaranty assets and buy-ups 102 — — 234 — 234 Total financial assets $ 4,123,304 $ 168,056 $ 3,794,016 $ 241,668 $ (331) $ 4,203,409 Financial liabilities: Short-term debt: Of Fannie Mae $ 2,280 $ — $ 2,280 $ — $ — $ 2,280 Long-term debt: Of Fannie Mae 249,296 — 258,200 844 — 259,044 Of consolidated trusts 3,844,699 — 3,891,437 31,043 — 3,922,480 Derivative liabilities at fair value 518 — 1,335 32 (849) 518 Guaranty obligations 112 — — 74 — 74 Total financial liabilities $ 4,096,905 $ — $ 4,153,252 $ 31,993 $ (849) $ 4,184,396 As of December 31, 2020 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Netting Adjustment Estimated Fair Value (Dollars in millions) Financial assets: Cash and cash equivalents and restricted cash $ 115,623 $ 97,179 $ 18,444 $ — $ — $ 115,623 Federal funds sold and securities purchased under agreements to resell or similar arrangements 28,200 — 28,200 — — 28,200 Trading securities 136,542 130,456 5,991 95 — 136,542 Available-for-sale securities 1,697 — 1,049 648 — 1,697 Mortgage loans held for sale 5,197 — 116 5,502 — 5,618 Mortgage loans held for investment, net of allowance for loan losses 3,648,695 — 3,512,672 255,556 — 3,768,228 Advances to lenders 10,449 — 10,448 1 — 10,449 Derivative assets at fair value 1,225 — 1,748 382 (905) 1,225 Guaranty assets and buy-ups 115 — — 258 — 258 Total financial assets $ 3,947,743 $ 227,635 $ 3,578,668 $ 262,442 $ (905) $ 4,067,840 Financial liabilities: Short-term debt: Of Fannie Mae $ 12,173 $ — $ 12,177 $ — $ — $ 12,177 Long-term debt: Of Fannie Mae 277,399 — 288,414 878 — 289,292 Of consolidated trusts 3,646,164 — 3,756,673 31,584 — 3,788,257 Derivative liabilities at fair value 1,495 — 2,441 49 (995) 1,495 Guaranty obligations 127 — — 82 — 82 Total financial liabilities $ 3,937,358 $ — $ 4,059,705 $ 32,593 $ (995) $ 4,091,303 For a detailed description and classification of our financial instruments, see “Note 15, Fair Value” in our 2020 Form 10-K. Fair Value Option We elected the fair value option for loans and debt that contain embedded derivatives that would otherwise require bifurcation. Additionally, we elected the fair value option for our credit risk-sharing securities accounted for as debt of Fannie Mae issued under our CAS series prior to January 1, 2016. Under the fair value option, we elected to carry these instruments at fair value instead of bifurcating the embedded derivative from such instruments. Interest income for the mortgage loans is recorded in “Interest income—Mortgage loans” and interest expense for the debt instruments is recorded in “Interest expense—Long-term debt” in our condensed consolidated statements of operations and comprehensive income. The following table displays the fair value and unpaid principal balance of the financial instruments for which we have made fair value elections. As of June 30, 2021 December 31, 2020 Loans (1) Long-Term Debt of Fannie Mae Long-Term Debt of Consolidated Trusts Loans (1) Long-Term Debt of Fannie Mae Long-Term Debt of Consolidated Trusts (Dollars in millions) Fair value $ 5,616 $ 2,946 $ 22,972 $ 6,490 $ 3,728 $ 24,586 Unpaid principal balance 5,227 2,729 20,209 6,046 3,518 21,408 (1) Includes nonaccrual loans with a fair value of $125 million and $139 million as of June 30, 2021 and December 31, 2020, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of June 30, 2021 and December 31, 2020 was less than $1 million and $8 million, respectively. Includes loans that are 90 days or more past due with a fair value of $192 million and $257 million as of June 30, 2021 and December 31, 2020, respectively. The difference between unpaid principal balance and the fair value of these 90 or more days past due loans as of June 30, 2021 and December 31, 2020 was $4 million and $14 million, respectively. Changes in Fair Value under the Fair Value Option Election We recorded losses of $5 million and gains of $20 million for the three and six months ended June 30, 2021, respectively, and losses of $10 million and gains of $141 million for the three and six months ended June 30, 2020, respectively, from changes in the fair value of loans recorded at fair value in “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. We recorded losses of $89 million and gains of $284 million for the three and six months ended June 30, 2021, respectively, and losses of $574 million and $312 million for the three and six months ended June 30, 2020, respectively, from changes in the fair value of long-term debt recorded at fair value in “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are party to various types of legal actions and proceedings, including actions brought on behalf of various classes of claimants. We also are subject to regulatory examinations, inquiries and investigations, and other information gathering requests. In some of the matters, indeterminate amounts are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. This variability in pleadings, together with our and our counsel’s actual experience in litigating or settling claims, leads us to conclude that the monetary relief that may be sought by plaintiffs bears little relevance to the merits or disposition value of claims. We have substantial and valid defenses to the claims in the proceedings described below and intend to defend these matters vigorously. However, legal actions and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. Accordingly, the outcome of any given matter and the amount or range of potential loss at particular points in time is frequently difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how courts will apply the law. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel may view the evidence and applicable law. On a quarterly basis, we review relevant information about all pending legal actions and proceedings for the purpose of evaluating and revising our contingencies, accruals and disclosures. We establish an accrual only for matters when a loss is probable and we can reasonably estimate the amount of such loss. We are often unable to estimate the possible losses or ranges of losses, particularly for proceedings that are in their early stages of development, where plaintiffs seek indeterminate or unspecified damages, where there may be novel or unsettled legal questions relevant to the proceedings, or where settlement negotiations have not occurred or progressed. Given the uncertainties involved in any action or proceeding, regardless of whether we have established an accrual, the ultimate resolution of certain of these matters may be material to our operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of our net income or loss for that period. In addition to the matters specifically described below, we are involved in a number of legal and regulatory proceedings that arise in the ordinary course of business that we do not expect will have a material impact on our business or financial condition. We have also advanced fees and expenses of certain current and former officers and directors in connection with various legal proceedings pursuant to our bylaws and indemnification agreements. Senior Preferred Stock Purchase Agreements Litigation A consolidated putative class action ( “In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations” ) and two non-class action lawsuits, Arrowood Indemnity Company v. Fannie Mae and Fairholme Funds v. FHFA , filed by Fannie Mae and Freddie Mac shareholders against us, FHFA as our conservator, and Freddie Mac are pending in the U.S. District Court for the District of Columbia. The lawsuits challenge the August 2012 amendment to each company’s senior preferred stock purchase agreement with Treasury. Plaintiffs filed amended complaints in all three lawsuits on November 1, 2017 alleging 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, particularly the right to receive dividends. Plaintiffs seek unspecified damages, equitable and injunctive relief, and costs and expenses, including attorneys’ fees. Plaintiffs in the class action seek to represent several classes of preferred and/or common shareholders of Fannie Mae and/or Freddie Mac who held stock as of the public announcement of the August 2012 amendments. On September 28, 2018, the court dismissed all of the plaintiffs’ claims except for their claims for breach of an implied covenant of good faith and fair dealing. Given the stage of these lawsuits, the substantial and novel legal questions that remain, and our substantial defenses, we are currently unable to estimate the reasonably possible loss or range of loss arising from this litigation.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the SEC’s instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. The accompanying condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany accounts and transactions have been eliminated. Results for the three and six months ended June 30, 2021 may not necessarily be indicative of the results for the year ending December 31, 2021. Presentation of Restricted Cash and Cash Equivalents Restricted cash and cash equivalents includes funds held by consolidated MBS trusts that have not yet been remitted to MBS certificateholders under the terms of our servicing guide and the related trust agreements. In 2021, Fannie Mae, in its role as trustee, began to invest funds held by consolidated trusts directly in eligible short-term third-party investments, which may include investments in cash equivalents that are comprised of overnight repurchase agreements and U.S. Treasuries that have a maturity at the date of acquisition of three months or less. The funds underlying these short-term investments are restricted per the trust agreements. Accordingly, any investment in cash equivalents should be classified as restricted and is presented as “Restricted cash and cash equivalents” in our condensed consolidated balance sheets to reflect the investment of funds related to MBS trusts.
Use of Estimates	Use of Estimates Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, the allowance for loan losses. For example, significant uncertainty regarding the expected impacts of the COVID-19 pandemic, including the pace and strength of post-pandemic economic growth, required substantial management judgment in assessing our allowance for loan losses as of June 30, 2021. Actual results could be different from these estimates.
Conservatorship	Conservatorship On September 7, 2008, the Secretary of the Treasury and the Director of FHFA announced several actions taken by Treasury and FHFA regarding Fannie Mae, which included: (1) placing us in conservatorship, with FHFA acting as our conservator, and (2) the execution of a senior preferred stock purchase agreement by our conservator, on our behalf, and Treasury, pursuant to which we issued to Treasury both senior preferred stock and a warrant to purchase common stock. Under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended, including by the Housing and Economic Recovery Act of 2008 (together, the “GSE Act”), the conservator immediately succeeded to (1) all rights, titles, powers and privileges of Fannie Mae, and of any stockholder, officer or director of Fannie Mae with respect to Fannie Mae and its assets, and (2) title to the books, records and assets of any other legal custodian of Fannie Mae. The conservator subsequently issued an order that provided for our Board of Directors to exercise specified authorities. The conservator also provided instructions regarding matters for which conservator decision or notification is required. The conservator retains the authority to amend or withdraw its order and instructions at any time. The conservator has the power to transfer or sell any asset or liability of Fannie Mae (subject to limitations and post-transfer notice provisions for transfers of qualified financial contracts) without any approval, assignment of rights or consent of any party. However, mortgage loans and mortgage-related assets that have been transferred to a Fannie Mae MBS trust must be held by the conservator for the beneficial owners of the Fannie Mae MBS and cannot be used to satisfy the general creditors of Fannie Mae. Neither the conservatorship nor the terms of our agreements with Treasury change our obligation to make required payments on our debt securities or perform under our mortgage guaranty obligations. The conservatorship has no specified termination date and there continues to be significant uncertainty regarding our future, including how long we will continue to exist in our current form, the extent of our role in the market, the level of government support of our business, how long we will be in conservatorship, what form we will have and what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will continue to exist following conservatorship. Under the GSE Act, FHFA must place us into receivership if the Director of FHFA makes a written determination that our assets are less than our obligations or if we have not been paying our debts, in either case, for a period of 60 days. In addition, the Director of FHFA may place us into receivership at the Director’s discretion at any time for other reasons set forth in the GSE Act, including if we are critically undercapitalized or if we are undercapitalized and have no reasonable prospect of becoming adequately capitalized. Should we be placed into receivership, different assumptions could be required to determine the carrying value of our assets, which could lead to substantially different financial results. Treasury has made a commitment under the senior preferred stock purchase agreement to provide funding to us under certain circumstances if we have a net worth deficit. We are not aware of any plans of FHFA (1) to fundamentally change our business model, or (2) to reduce the aggregate amount available to or held by the company under our capital structure, which includes the senior preferred stock purchase agreement.
Statutory Capital	Statutory CapitalWe submit capital reports to FHFA, which monitors our capital levels.
Related Parties	Related Parties Because Treasury holds a warrant to purchase shares of Fannie Mae common stock equal to 79.9% of the total number of shares of Fannie Mae common stock, we and Treasury are deemed related parties. As of June 30, 2021, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $151.7 billion. See “Senior Preferred Stock Purchase Agreement and Senior Preferred Stock” above for additional information on transactions under this agreement and the modifications made in the January 2021 letter agreement. FHFA’s control of both Fannie Mae and Freddie Mac has caused Fannie Mae, FHFA and Freddie Mac to be deemed related parties. Additionally, Fannie Mae and Freddie Mac jointly own Common Securitization Solutions, LLC (“CSS”), a limited liability company created to operate a common securitization platform; as a result, CSS is deemed a related party. As a part of our joint ownership, Fannie Mae, Freddie Mac and CSS are parties to a limited liability company agreement that sets forth the overall framework for the joint venture, including Fannie Mae’s and Freddie Mac’s rights and responsibilities as members of CSS. Fannie Mae, Freddie Mac and CSS are also parties to a customer services agreement that sets forth the terms under which CSS provides mortgage securitization services to us and Freddie Mac, including the operation of the common securitization platform, as well as an administrative services agreement. CSS operates as a separate company from us and Freddie Mac, with all funding and limited administrative support services and other resources provided to it by us and Freddie Mac. In the ordinary course of business, Fannie Mae may purchase and sell securities issued by Treasury and Freddie Mac. These transactions occur on the same terms as those prevailing at the time for comparable transactions with unrelated parties. Some of the structured securities we issue are backed in whole or in part by Freddie Mac securities. Fannie Mae and Freddie Mac each have agreed to indemnify the other party for losses caused by: its failure to meet its payment or other specified obligations under the trust agreements pursuant to which the underlying resecuritized securities were issued; its failure to meet its obligations under the customer services agreement; its violations of laws; or with respect to material misstatements or omissions in offering documents, ongoing disclosures and related materials relating to the underlying resecuritized securities. Additionally, we make regular income tax payments to and receive tax refunds from the Internal Revenue Service (“IRS”), a bureau of Treasury.
Single-Family Guaranty Fees 10 Basis Points Increase due to a provision stated in the Temporary Payroll Tax Cut Continuation Act of 2011	Effective April 1, 2012, we increased the guaranty fee on all single-family residential mortgages delivered to us by 10 basis points. In 2012, FHFA and Treasury advised us to remit this fee increase to Treasury with respect to all loans acquired by us on or after April 1, 2012 and before January 1, 2022, and to continue to remit these amounts to Treasury on and after January 1, 2022 with respect to loans we acquired before this date until those loans are paid off or otherwise liquidated. The resulting fee revenue and expense are recorded in “Interest income: Mortgage loans” and “TCCA fees,” respectively, in our condensed consolidated statements of operations and comprehensive income. In 2020, FHFA provided guidance that we are not required to accrue or remit TCCA fees to Treasury with respect to loans backing MBS trusts that have been delinquent for four months or longer. Once payments on such loans resume, we will resume accrual and remittance to Treasury of the associated TCCA fees on the loans.
Derivatives	DerivativesWe recognize our derivatives as either assets or liabilities in our condensed consolidated balance sheets at their fair value on a trade date basis. Changes in fair value and interest accruals on derivatives not in qualifying fair value hedging relationships are recorded as “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.We recognize all derivatives as either assets or liabilities in our condensed consolidated balance sheets at their fair value on a trade date basis. Fair value amounts, which are (1) netted to the extent a legal right of offset exists and is enforceable by law at the counterparty level and (2) inclusive of the right or obligation associated with the cash collateral posted or received, are recorded in “Other assets” or “Other liabilities” in our condensed consolidated balance sheets.We present cash flows from derivatives as operating activities in our condensed consolidated statements of cash flows.We record all gains and losses, including accrued interest, on derivatives while they are not in a qualifying designated hedging relationship in “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.
Derivatives, Offsetting Policy	We offset the carrying amounts of certain derivatives that are in gain positions and loss positions as well as cash collateral receivables and payables associated with derivative positions pursuant to the terms of enforceable master netting arrangements. We offset these amounts only when we have the legal right to offset under the contract and we have met all the offsetting conditions. For our over-the-counter (“OTC”) derivative positions, our master netting arrangements allow us to net derivative assets and liabilities with the same counterparty. For our cleared derivative contracts, our master netting arrangements allow us to net our exposure by clearing organization and by clearing member.After offsetting, we report derivatives in a gain position in “Other assets” and derivatives in a loss position in “Other liabilities” in our condensed consolidated balance sheets.Derivative instruments are recorded at fair value and securities purchased under agreements to resell or similar arrangements are recorded at amortized cost in our condensed consolidated balance sheets.
Derivatives, Embedded Derivatives	We evaluate financial instruments that we purchase or issue and other financial and non-financial contracts for embedded derivatives. To identify embedded derivatives that we must account for separately, we determine whether: (1) the economic characteristics of the embedded derivative are not clearly and closely related to the economic characteristics of the financial instrument or other contract (i.e., the host contract); (2) the financial instrument or other contract itself is not already measured at fair value with changes in fair value included in earnings; and (3) a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative. If the embedded derivative meets all three of these conditions, we elect to carry the hybrid contract in its entirety at fair value with changes in fair value recorded in earnings.
Derivatives, Methods of Accounting, Hedging Derivatives	Fair Value Hedge Accounting In January 2021, to reduce earnings volatility related to changes in benchmark interest rates, we began applying fair value hedge accounting to certain pools of single-family mortgage loans and certain issuances of our funding debt by designating such instruments as the hedged item in hedging relationships with interest-rate swaps. In these relationships, we have designated the change in the benchmark interest rate, either the London Inter-bank Offered Rate (“LIBOR”) or Secured Overnight Financing Rate (“SOFR”), as the risk being hedged. We have elected to use the last-of-layer method to hedge certain pools of single-family mortgage loans. This election involves establishing fair value hedging relationships on the portion of each loan pool that is not expected to be affected by prepayments, defaults and other events that affect the timing and amount of cash flows. The term of each hedging relationship is generally one business day and we establish hedging relationships daily to align our hedge accounting with our risk management practices. If a hedging relationship qualifies for hedge accounting, the change in the fair value of the interest-rate swaps and the change in the fair value of the hedged item for the risk being hedged are recorded through net interest income. A corresponding basis adjustment is recorded against the hedged item, either the pool of mortgage loans or the debt, for the changes in the fair value attributable to the risk being hedged. For hedging relationships that hedge pools of single-family mortgage loans, basis adjustments are allocated to individual single-family loans based on the relative unpaid principal balance of each loan at the termination of the hedging relationship. The cumulative basis adjustments on the hedged item are amortized into earnings using the effective interest method over the contractual life of the hedged item, with amortization beginning upon termination of the hedging relationship. All changes in fair value of the designated portion of the derivative hedging instrument (i.e., interest-rate swap), including interest accruals, are recorded in the same line item in the condensed consolidated statements of operations and comprehensive income used to record the earnings effect of the hedged item. Therefore, changes in the fair value of the hedged mortgage loans and debt attributable to the risk being hedged are recognized in “Interest income” or “Interest expense,” along with the changes in the fair value of the respective derivative hedging instruments. The recognition of basis adjustments on the hedged item and the subsequent amortization are noncash activities and are removed from net income to derive the “Net cash provided by (used in) operating activities” in our condensed consolidated statement of cash flows. Cash on derivative instruments paid or received while the derivative is designated in a hedging relationship is reported as “Net cash provided by (used in) operating activities” in the condensed consolidated statement of cash flows.
Derivatives, Methods of Accounting, Hedge Effectiveness	We apply hedge accounting to qualifying hedging relationships. A qualifying hedging 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 hedging relationship. We assess hedge effectiveness using statistical regression analysis. A hedging relationship is considered highly effective if the total change in fair value of the hedging instrument and the change in the fair value of the hedged item due to changes in the benchmark interest rate offset each other within a range of 80% to 125% and certain other statistical tests are met.
Earnings Per Share	Earnings per Share Earnings per share (“EPS”) is presented for basic and diluted EPS. We compute basic EPS by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. However, as a result of our conservatorship status and the terms of the senior preferred stock, no amounts would be available to distribute as dividends to common or preferred stockholders (other than to Treasury as the holder of the senior preferred stock).The calculation of diluted EPS includes all the components of basic earnings per share, plus the dilutive effect of common stock equivalents such as convertible securities and stock options. Weighted average shares outstanding is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued.
Consolidations	We have interests in various entities that are considered to be variable interest entities (“VIEs”). The primary types of entities are securitization and resecuritization trusts, limited partnerships and special purpose vehicles (“SPVs”). These interests include investments in securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization transactions and our guaranty to the entity. We consolidate the substantial majority of our single-class securitization trusts because our role as guarantor and master servicer provides us with the power to direct matters (primarily the servicing of mortgage loans) that impact the credit risk to which we are exposed. In contrast, we do not consolidate single-class securitization trusts when other organizations have the power to direct these activities unless we have the unilateral ability to dissolve the trust. We also do not consolidate our resecuritization trusts unless we have the unilateral ability to dissolve the trust. Historically, the vast majority of underlying assets of our resecuritization trusts were limited to Fannie Mae securities that were collateralized by mortgage loans held in consolidated trusts. However, with our issuance of uniform mortgage-backed securities (“UMBS ® ”), we include securities issued by Freddie Mac in some of our resecuritization trusts. The mortgage loans that serve as collateral for Freddie Mac-issued securities are not held in trusts that are consolidated by Fannie Mae.
Transfers of Financial Assets	Transfers of Financial AssetsWe issue Fannie Mae MBS through portfolio securitization transactions by transferring pools of mortgage loans or mortgage-related securities to one or more trusts or special purpose entities. We are considered to be the transferor when we transfer assets from our own retained mortgage portfolio in a portfolio securitization transaction.We retain interests from the transfer and sale of mortgage-related securities to unconsolidated single-class and multi-class portfolio securitization trusts.
Mortgage Loans Held-for-investment	We report the amortized cost of HFI loans for which we have not elected the fair value option at the unpaid principal balance, net of unamortized premiums and discounts, hedge-related basis adjustments, other cost basis adjustments, and accrued interest receivable. For purposes of our condensed consolidated balance sheets, we present accrued interest receivable, net separately from the amortized cost of our loans held for investment.
Mortgage Loans Held-for-sale	We report the carrying value of HFS loans at the lower of cost or fair value and record valuation changes in “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.
New Accounting Pronouncements	Pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), for purposes of reporting to the credit bureaus, servicers must report a borrower receiving a COVID-19-related payment accommodation during the covered period, such as a forbearance plan or loan modification, as current if the borrower was current prior to receiving the accommodation and the borrower makes all required payments in accordance with the accommodation. For purposes of our disclosures regarding delinquency status, we report loans receiving COVID-19-related payment forbearance as delinquent according to the contractual terms of the loan.
Troubled Debt Restructurings	A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a troubled debt restructuring (“TDR”). In addition to formal loan modifications, we also engage in other loss mitigation activities with troubled borrowers, which include repayment plans and forbearance arrangements, both of which represent informal agreements with the borrower that do not result in the legal modification of the loan’s contractual terms. We account for these informal restructurings as a TDR if we defer more than three missed payments. We also classify loans to certain borrowers who have received bankruptcy relief as TDRs. However, our current TDR accounting described herein is temporarily impacted by our election to account for certain eligible loss mitigation activities under the COVID-19 relief granted pursuant to the CARES Act and the Consolidated Appropriations Act of 2021.
Nonaccrual Loans	For loans not subject to the COVID-19-related nonaccrual policy described below, we discontinue accruing interest when we believe collectability of principal and interest is not reasonably assured, which for a single-family loan we have determined, based on our historical experience, to be when the loan becomes two months or more past due according to its contractual terms. Interest previously accrued but not collected on such loans is reversed through interest income at the date the loan is placed on nonaccrual status. For single-family loans on nonaccrual status, we recognize income when cash payments are received. We return a non-modified single-family loan to accrual status at the point when the borrower brings the loan current. We return a modified single-family loan to accrual status at the point when the borrower has successfully made all required payments during the trial period (generally three to four months) and the modification is made permanent. We place a multifamily loan on nonaccrual status when the loan becomes two months or more past due according to its contractual terms unless the loan is well secured such that collectability of principal and accrued interest is reasonably assured. For multifamily loans on nonaccrual status, we apply any payment received on a cost recovery basis to reduce principal on the mortgage loan. We return a multifamily loan to accrual status when the borrower cures the delinquency of the loan. Single-family and multifamily loans are reported past due if a full payment of principal and interest is not received within one month of its due date.For loans negatively impacted by the COVID-19 pandemic, we continue to recognize interest income for up to six months of delinquency provided that the loan was either current at March 1, 2020 or originated after March 1, 2020. For single-family loans, we continue to accrue interest income beyond six months of delinquency provided that the collection of principal and interest continues to be reasonably assured. Multifamily loans that are in a forbearance arrangement are placed on nonaccrual status when the borrower is six months past due unless the loan is both well secured and in the process of collection. Loans on nonaccrual status that have been placed in a repayment plan or that have been brought current through a modification or a payment deferral are returned to accrual status once the borrower has made six consecutive contractual payments under the terms of the repayment plan or the modified loan. For loans in a forbearance arrangement that are placed on nonaccrual status, cash payments for interest are applied as a reduction of accrued interest receivable until the receivable has been reduced to zero, and then recognized as interest income. If interest is capitalized pursuant to a loan modification, any capitalized interest that had not been previously recognized as interest income is recorded as a discount to the loan and amortized over the life of the loan.
Allowance for Loan Losses	The estimated mark-to-market loan-to-value (“LTV”) ratio is a primary factor we consider when estimating our allowance for loan losses for single-family loans. As LTV ratios increase, the borrower's equity in the home decreases, which may negatively affect the borrower's ability to refinance or to sell the property for an amount at or above the outstanding balance of the loan.Property rental income and property valuations are key inputs to our internally assigned credit risk ratings.We maintain an allowance for loan losses for HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts, excluding loans for which we have elected the fair value option. When calculating our allowance for loan losses, we consider the unpaid principal balance, net of unamortized premiums and discounts, and other cost basis adjustments of HFI loans at the balance sheet date. We record write-offs as a reduction to our allowance for loan losses at the point of foreclosure, completion of a short sale, upon the redesignation of nonperforming and reperforming loans from HFI to HFS or when a loan is determined to be uncollectible. Our benefit or provision for loan losses can vary substantially from period to period based on a number of factors, such as changes in actual and forecasted home prices or property valuations, fluctuations in actual and forecasted interest rates, borrower payment behavior, events such as natural disasters or pandemics, the types and volume of our loss mitigation activities, including forbearances and loan modifications, the volume of foreclosures completed, and the redesignation of loans from HFI to HFS. Our benefit or provision can also be impacted by updates to the models, assumptions, and data used in determining our allowance for loan losses.
Trading and Available-for-sale Securities	Trading SecuritiesTrading securities are recorded at fair value with subsequent changes in fair value recorded as “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. Available-for-Sale Securities We record AFS securities at fair value with unrealized gains and losses, recorded net of tax, as a component of “Other comprehensive income (loss)” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. We define the amortized cost basis of our AFS securities as unpaid principal balance, net of unamortized premiums and discounts, and other cost basis adjustments. We record an allowance for credit losses for AFS securities that reflects the impairment for credit losses, which are limited to the amount that fair value is less than the amortized cost. Impairment due to non-credit losses are recorded as unrealized losses within other comprehensive income.
Financial Guarantees	We recognize a guaranty obligation for our obligation to stand ready to perform on our guarantees to unconsolidated trusts and other guaranty arrangements. These off-balance sheet guarantees expose us to credit losses primarily relating to the unpaid principal balance of our unconsolidated Fannie Mae MBS and other financial guarantees.We measure our guaranty reserve for estimated credit losses for off-balance sheet exposures over the contractual period for which they are exposed to the credit risk, unless that obligation is unconditionally cancellable by the issuer.
Segment Reporting	We have two reportable business segments, which are based on the type of business activities each perform: Single-Family and Multifamily. Results of our two business segments are intended to reflect each segment as if it were a stand-alone business. The sum of the results for our two business segments equals our condensed consolidated results of operations.
Concentrations of Credit Risk	One of the measures by which we gauge our credit risk is the delinquency status of the mortgage loans in our guaranty book of business. For single-family and multifamily loans, we use this information, in conjunction with housing market and other economic data, to structure our pricing and our eligibility and underwriting criteria to reflect the current risk of loans with higher-risk characteristics, and in some cases we decide to significantly reduce our participation in riskier loan product categories. Management also uses this data together with other credit risk measures to identify key trends that guide the development of our loss mitigation strategies.
Fair Value Measurement	Fair Value Measurement Fair value measurement guidance defines fair value, establishes a framework for measuring fair value, and sets forth disclosures around fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. The guidance establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The hierarchy gives the highest priority, Level 1, to measurements based on unadjusted quoted prices in active markets for identical assets or liabilities. The next highest priority, Level 2, is given to measurements of assets and liabilities based on limited observable inputs or observable inputs for similar assets and liabilities. The lowest priority, Level 3, is given to measurements based on unobservable inputs. Fair Value Option We elected the fair value option for loans and debt that contain embedded derivatives that would otherwise require bifurcation. Additionally, we elected the fair value option for our credit risk-sharing securities accounted for as debt of Fannie Mae issued under our CAS series prior to January 1, 2016. Under the fair value option, we elected to carry these instruments at fair value instead of bifurcating the embedded derivative from such instruments. Interest income for the mortgage loans is recorded in “Interest income—Mortgage loans” and interest expense for the debt instruments is recorded in “Interest expense—Long-term debt” in our condensed consolidated statements of operations and comprehensive income.
Fair Value of Financial Instruments	In our condensed consolidated balance sheets, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when we evaluate loans for impairment).
Commitments and Contingencies	On a quarterly basis, we review relevant information about all pending legal actions and proceedings for the purpose of evaluating and revising our contingencies, accruals and disclosures. We establish an accrual only for matters when a loss is probable and we can reasonably estimate the amount of such loss.

Consolidations and Transfers _2

Consolidations and Transfers of Financial Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Consolidations and Transfers of Financial Assets [Abstract]
Unconsolidated Variable Interest Entities	The following table displays the carrying amount and classification of our assets and liabilities that relate to our involvement with unconsolidated securitization and resecuritization trusts. As of June 30, 2021 December 31, 2020 (Dollars in millions) Assets and liabilities recorded in our condensed consolidated balance sheets related to unconsolidated mortgage-backed trusts: Assets: Trading securities: Fannie Mae $ 1,146 $ 1,611 Non-Fannie Mae 3,485 3,608 Total trading securities 4,631 5,219 Available-for-sale securities: Fannie Mae 562 1,168 Non-Fannie Mae 224 318 Total available-for-sale securities 786 1,486 Other assets 38 41 Other liabilities (63) (67) Net carrying amount $ 5,392 $ 6,679

Mortgage Loans (Tables)

Mortgage Loans (Tables)	6 Months Ended
	Jun. 30, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans in Mortgage Portfolio	The following table displays the carrying value of our mortgage loans and allowance for loan losses. As of June 30, 2021 December 31, 2020 (Dollars in millions) Single-family $ 3,390,827 $ 3,216,146 Multifamily 391,725 373,722 Total unpaid principal balance of mortgage loans 3,782,552 3,589,868 Cost basis and fair value adjustments, net 75,869 74,576 Allowance for loan losses for HFI loans (7,114) (10,552) Total mortgage loans (1) $ 3,851,307 $ 3,653,892 (1) Excludes $10.0 billion and $9.8 billion of accrued interest receivable, net of allowance as of June 30, 2021 and December 31, 2020, respectively. The following table displays information about our redesignation of loans from HFI to HFS and the sales of mortgage loans during the period. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in millions) Single-family loans redesignated from HFI to HFS: Amortized cost $ 6,305 $ — $ 9,417 $ 1,637 Lower of cost or fair value adjustment at time of redesignation (1) (146) — (200) (9) Allowance reversed at time of redesignation 824 — 1,185 184 Single-family loans sold: Unpaid principal balance $ 7,317 $ 495 $ 7,525 $ 495 Realized gains, net 653 40 655 40 (1) Consists of the write-off against the allowance at the time of redesignation.
Aging Analysis	The following tables display an aging analysis of the total amortized cost of our HFI mortgage loans by portfolio segment and class, excluding loans for which we have elected the fair value option. Pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), for purposes of reporting to the credit bureaus, servicers must report a borrower receiving a COVID-19-related payment accommodation during the covered period, such as a forbearance plan or loan modification, as current if the borrower was current prior to receiving the accommodation and the borrower makes all required payments in accordance with the accommodation. For purposes of our disclosures regarding delinquency status, we report loans receiving COVID-19-related payment forbearance as delinquent according to the contractual terms of the loan. As of June 30, 2021 30 - 59 Days Delinquent 60 - 89 Days Delinquent Seriously Delinquent (1) Total Delinquent Current Total Loans 90 Days or More Delinquent and Accruing Interest Nonaccrual Loans with No Allowance (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 18,550 $ 5,372 $ 64,064 $ 87,986 $ 2,788,952 $ 2,876,938 $ 44,622 $ 6,368 15-year or less, amortizing fixed-rate 1,773 358 3,331 5,462 506,307 511,769 2,851 202 Adjustable-rate 170 44 770 984 25,447 26,431 617 101 Other (2) 715 237 3,348 4,300 41,664 45,964 1,837 767 Total single-family 21,208 6,011 71,513 98,732 3,362,370 3,461,102 49,927 7,438 Multifamily (3) 1,219 N/A 2,027 3,246 391,673 394,919 110 108 Total $ 22,427 $ 6,011 $ 73,540 $ 101,978 $ 3,754,043 $ 3,856,021 $ 50,037 $ 7,546 As of December 31, 2020 30 - 59 Days Delinquent 60 - 89 Days Delinquent Seriously Delinquent (1) Total Delinquent Current Total Loans 90 Days or More Delinquent and Accruing Interest Nonaccrual Loans with No Allowance (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 24,928 $ 9,414 $ 88,276 $ 122,618 $ 2,619,585 $ 2,742,203 $ 68,526 $ 6,028 15-year or less, amortizing fixed-rate 1,987 601 5,028 7,616 449,443 457,059 4,292 240 Adjustable-rate 268 97 1,143 1,508 29,933 31,441 907 114 Other (2) 1,150 458 5,037 6,645 47,937 54,582 2,861 771 Total single-family 28,333 10,570 99,484 138,387 3,146,898 3,285,285 76,586 7,153 Multifamily (3) 1,140 N/A 3,688 4,828 372,598 377,426 610 302 Total $ 29,473 $ 10,570 $ 103,172 $ 143,215 $ 3,519,496 $ 3,662,711 $ 77,196 $ 7,455 (1) Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due. (2) Reverse mortgage loans included in “Other” are not aged due to their nature and are included in the current column. (3) Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.
Troubled Debt Restructurings Activity	The following tables display the number of loans and amortized cost of loans classified as a TDR during the period. For the Three Months Ended June 30, 2021 2020 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate 2,907 $ 458 8,511 $ 1,497 15-year or less, amortizing fixed-rate 308 26 796 68 Adjustable-rate 37 6 142 22 Other 174 17 556 70 Total single-family 3,426 507 10,005 1,657 Multifamily — — — — Total TDRs 3,426 $ 507 10,005 $ 1,657 For the Six Months Ended June 30, 2021 2020 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate 5,896 $ 929 19,367 $ 3,406 15-year or less, amortizing fixed-rate 677 54 1,869 166 Adjustable-rate 78 12 286 46 Other 328 35 1,093 138 Total single-family 6,979 1,030 22,615 3,756 Multifamily — — — — Total TDRs 6,979 $ 1,030 22,615 $ 3,756 For loans that defaulted in the periods presented and that were classified as a TDR in the twelve months prior to the default, the following tables display the number of loans and the amortized cost of these loans at the time of payment default. For purposes of this disclosure, we define loans that had a payment default as: single-family and multifamily loans with completed TDRs that liquidated during the period, either through foreclosure, deed-in-lieu of foreclosure, or a short sale; single-family loans with completed modifications that are two or more months delinquent during the period; or multifamily loans with completed modifications that are one or more months delinquent during the period. For the Three Months Ended June 30, 2021 2020 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate 1,562 $ 262 5,398 $ 1,066 15-year or less, amortizing fixed-rate 103 8 35 3 Adjustable-rate 6 1 5 1 Other 211 38 548 94 Total single-family 1,882 309 5,986 1,164 Multifamily — — 2 14 Total TDRs that subsequently defaulted 1,882 $ 309 5,988 $ 1,178 For the Six Months Ended June 30, 2021 2020 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate 3,972 $ 675 8,573 $ 1,587 15-year or less, amortizing fixed-rate 197 14 85 6 Adjustable-rate 15 3 12 2 Other 493 91 875 145 Total single-family 4,677 783 9,545 1,740 Multifamily — — 4 16 Total TDRs that subsequently defaulted 4,677 $ 783 9,549 $ 1,756
Financing Receivable, Nonaccrual	The tables below display the forgone interest and the accrued interest receivable written off through the reversal of interest income for nonaccrual loans. For the Three Months Ended June 30, 2021 2020 (Dollars in millions) Single-family: Interest income forgone (1) $ 178 $ 246 Accrued interest receivable written off through the reversal of interest income 21 45 Multifamily: Interest income forgone (1) $ 21 $ 3 Accrued interest receivable written off through the reversal of interest income — 2 For the Six Months Ended June 30, 2021 2020 (Dollars in millions) Single-family: Interest income forgone (1) $ 398 $ 420 Accrued interest receivable written off through the reversal of interest income 129 132 Multifamily: Interest income forgone (1) $ 29 $ 3 Accrued interest receivable written off through the reversal of interest income 1 2 (1) For loans on nonaccrual status held as of period end, represents the amount of interest income we did not recognize but would have recognized if the loans had performed in accordance with their original contractual terms. The tables below include the amortized cost of and interest income recognized on our HFI single-family and multifamily loans on nonaccrual status by class, excluding loans for which we have elected the fair value option. As of June 30, 2021 March 31, 2021 December 31, 2020 Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 24,728 $ 30,173 $ 22,907 15-year or less, amortizing fixed-rate 596 945 853 Adjustable-rate 179 284 270 Other 1,761 2,583 2,475 Total single-family 27,264 33,985 26,505 Multifamily 2,220 2,153 2,069 Total nonaccrual loans $ 29,484 $ 36,138 $ 28,574 For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Total Interest Income Recognized (1) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 95 $ 75 $ 180 $ 221 15-year or less, amortizing fixed-rate 2 2 3 6 Adjustable-rate — 1 1 2 Other 6 10 11 27 Total single-family 103 88 195 256 Multifamily 4 — 13 1 Total nonaccrual loans $ 107 $ 88 $ 208 $ 257 (1) Single-family interest income recognized includes amounts accrued while the loans were performing, including the amortization of any
Single-family
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Credit Quality Indicators	The following tables display the total amortized cost of our single-family HFI loans by class, year of origination and credit quality indicator, excluding loans for which we have elected the fair value option. The estimated mark-to-market loan-to-value (“LTV”) ratio is a primary factor we consider when estimating our allowance for loan losses for single-family loans. As LTV ratios increase, the borrower's equity in the home decreases, which may negatively affect the borrower's ability to refinance or to sell the property for an amount at or above the outstanding balance of the loan. As of June 30, 2021, by Year of Origination (1) 2021 2020 2019 2018 2017 Prior Total (Dollars in millions) Estimated mark-to-market LTV ratio: (2) 20- and 30-year or more, amortizing fixed-rate: Less than or equal to 80% $ 420,585 $ 896,208 $ 221,164 $ 112,444 $ 139,038 $ 795,999 $ 2,585,438 Greater than 80% and less than or equal to 90% 69,029 141,426 12,239 2,578 1,133 3,351 229,756 Greater than 90% and less than or equal to 100% 51,418 7,105 839 414 85 912 60,773 Greater than 100% 2 11 9 17 39 893 971 Total 20- and 30-year or more, amortizing fixed-rate 541,034 1,044,750 234,251 115,453 140,295 801,155 2,876,938 15-year or less, amortizing fixed-rate: Less than or equal to 80% 110,924 179,693 31,926 12,068 25,239 146,570 506,420 Greater than 80% and less than or equal to 90% 2,522 2,020 56 11 5 13 4,627 Greater than 90% and less than or equal to 100% 653 47 1 1 2 6 710 Greater than 100% — — — 1 2 9 12 Total 15-year or less, amortizing fixed-rate 114,099 181,760 31,983 12,081 25,248 146,598 511,769 Adjustable-rate: Less than or equal to 80% 1,857 2,602 1,416 1,680 3,376 15,131 26,062 Greater than 80% and less than or equal to 90% 148 104 18 12 6 6 294 Greater than 90% and less than or equal to 100% 73 1 — — — 1 75 Greater than 100% — — — — — — — Total adjustable-rate 2,078 2,707 1,434 1,692 3,382 15,138 26,431 Other: Less than or equal to 80% — — 37 305 739 31,490 32,571 Greater than 80% and less than or equal to 90% — — 2 8 16 569 595 Greater than 90% and less than or equal to 100% — — — 3 6 275 284 Greater than 100% — — — 2 3 290 295 Total other — — 39 318 764 32,624 33,745 Total $ 657,211 $ 1,229,217 $ 267,707 $ 129,544 $ 169,689 $ 995,515 $ 3,448,883 Total for all classes by LTV ratio: (2) Less than or equal to 80% $ 533,366 $ 1,078,503 $ 254,543 $ 126,497 $ 168,392 $ 989,190 $ 3,150,491 Greater than 80% and less than or equal to 90% 71,699 143,550 12,315 2,609 1,160 3,939 235,272 Greater than 90% and less than or equal to 100% 52,144 7,153 840 418 93 1,194 61,842 Greater than 100% 2 11 9 20 44 1,192 1,278 Total $ 657,211 $ 1,229,217 $ 267,707 $ 129,544 $ 169,689 $ 995,515 $ 3,448,883 As of December 31, 2020, by Year of Origination (1) 2020 2019 2018 2017 2016 Prior Total (Dollars in millions) Estimated mark-to-market LTV ratio: (2) 20- and 30-year or more, amortizing fixed-rate: Less than or equal to 80% $ 794,156 $ 233,994 $ 135,849 $ 183,315 $ 221,172 $ 775,636 $ 2,344,122 Greater than 80% and less than or equal to 90% 157,500 85,227 23,440 5,270 1,592 5,958 278,987 Greater than 90% and less than or equal to 100% 109,743 4,186 820 250 124 1,994 117,117 Greater than 100% 28 7 28 77 81 1,756 1,977 Total 20- and 30-year or more, amortizing fixed-rate 1,061,427 323,414 160,137 188,912 222,969 785,344 2,742,203 15-year or less, amortizing fixed-rate: Less than or equal to 80% 181,418 41,374 15,768 31,497 46,088 132,596 448,741 Greater than 80% and less than or equal to 90% 6,105 811 35 14 8 20 6,993 Greater than 90% and less than or equal to 100% 1,274 9 3 4 3 10 1,303 Greater than 100% — — 3 3 3 13 22 Total 15-year or less, amortizing fixed-rate 188,797 42,194 15,809 31,518 46,102 132,639 457,059 Adjustable-rate: Less than or equal to 80% 2,935 1,839 2,412 4,765 2,678 16,248 30,877 Greater than 80% and less than or equal to 90% 234 152 79 19 5 12 501 Greater than 90% and less than or equal to 100% 56 3 1 — — 2 62 Greater than 100% — — — — — 1 1 Total adjustable-rate 3,225 1,994 2,492 4,784 2,683 16,263 31,441 Other: Less than or equal to 80% — 41 328 811 1,028 36,216 38,424 Greater than 80% and less than or equal to 90% — 2 20 43 30 1,298 1,393 Greater than 90% and less than or equal to 100% — 2 8 16 10 602 638 Greater than 100% — — 4 8 9 631 652 Total other — 45 360 878 1,077 38,747 41,107 Total $ 1,253,449 $ 367,647 $ 178,798 $ 226,092 $ 272,831 $ 972,993 $ 3,271,810 Total for all classes by LTV ratio: (2) Less than or equal to 80% $ 978,509 $ 277,248 $ 154,357 $ 220,388 $ 270,966 $ 960,696 $ 2,862,164 Greater than 80% and less than or equal to 90% 163,839 86,192 23,574 5,346 1,635 7,288 287,874 Greater than 90% and less than or equal to 100% 111,073 4,200 832 270 137 2,608 119,120 Greater than 100% 28 7 35 88 93 2,401 2,652 Total $ 1,253,449 $ 367,647 $ 178,798 $ 226,092 $ 272,831 $ 972,993 $ 3,271,810 (1) Excludes $12.2 billion and $13.5 billion as of June 30, 2021 and December 31, 2020, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies, which represents primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV ratio.
Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Credit Quality Indicators	The following tables display the total amortized cost in our multifamily HFI loans by year of origination and credit-risk rating, excluding loans for which we have elected the fair value option. Property rental income and property valuations are key inputs to our internally assigned credit risk ratings. As of June 30, 2021, by Year of Origination 2021 2020 2019 2018 2017 Prior Total (Dollars in millions) Internally assigned credit risk rating: Non-classified (1) $ 22,243 $ 81,446 $ 67,290 $ 60,608 $ 49,030 $ 102,818 $ 383,435 Classified (2) — 218 1,190 1,614 2,856 5,606 11,484 Total $ 22,243 $ 81,664 $ 68,480 $ 62,222 $ 51,886 $ 108,424 $ 394,919 As of December 31, 2020, by Year of Origination 2020 2019 2018 2017 2016 Prior Total (Dollars in millions) Internally assigned credit risk rating: Non-classified (1) $ 71,977 $ 68,296 $ 62,087 $ 50,907 $ 43,174 $ 70,933 $ 367,374 Classified (2) 37 1,041 1,529 2,616 1,579 3,250 10,052 Total $ 72,014 $ 69,337 $ 63,616 $ 53,523 $ 44,753 $ 74,183 $ 377,426 (1) A loan categorized as “Non-classified” is current or adequately protected by the current financial strength and debt service capability of the borrower. (2) Represents loans classified as “Substandard” or “Doubtful.” Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. “Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. As of June 30, 2021 and December 31, 2020, we had loans with an amortized cost of $5 million and less than $1 million, respectively, classified as doubtful.

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Financing Receivable, Allowance for Credit Loss	The following table displays changes in our allowance for single-family loans, multifamily loans and total allowance for loan losses, including the transition impact of adopting Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which was later amended by ASU 2019-04, ASU 2019-05 and ASU 2019-1 (collectively, the “CECL standard”), on January 1, 2020. See “Note 1, Summary of Significant Accounting Policies” in our 2020 Form 10-K for additional information on changes to our allowance for loan losses resulting from our adoption of the CECL standard. The benefit or provision for loan losses excludes provision for accrued interest receivable losses, guaranty loss reserves and credit losses on available-for-sale (“AFS”) debt securities. Cumulatively, these amounts are recognized as “Benefit (provision) for credit losses” in our condensed consolidated statements of operations and comprehensive income. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in millions) Single-family allowance for loan losses: Beginning balance $ (8,547) $ (12,070) $ (9,344) $ (8,759) Transition impact of the adoption of the CECL standard — — — (1,229) Benefit (provision) for loan losses 2,493 389 3,164 (1,788) Write-offs 149 46 220 116 Recoveries (77) (3) (79) (6) Other (82) 40 (25) 68 Ending Balance $ (6,064) $ (11,598) $ (6,064) $ (11,598) Multifamily allowance for loan losses: Beginning balance $ (1,081) $ (1,139) $ (1,208) $ (257) Transition impact of the adoption of the CECL standard — — — (493) Benefit (provision) for loan losses 35 (228) 130 (635) Write-offs 14 (1) 47 18 Recoveries (18) — (19) (1) Ending Balance $ (1,050) $ (1,368) $ (1,050) $ (1,368) Total allowance for loan losses: Beginning balance $ (9,628) $ (13,209) $ (10,552) $ (9,016) Transition impact of the adoption of the CECL standard — — — (1,722) Benefit (provision) for loan losses 2,528 161 3,294 (2,423) Write-offs 163 45 267 134 Recoveries (95) (3) (98) (7) Other (82) 40 (25) 68 Ending Balance $ (7,114) $ (12,966) $ (7,114) $ (12,966)

Investments in Securities (Tabl

Investments in Securities (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investments In Trading Securities	The following table displays our investments in trading securities. As of June 30, 2021 December 31, 2020 (Dollars in millions) Mortgage-related securities: Fannie Mae $ 1,836 $ 2,404 Other agency (1) 3,333 3,451 Private-label and other mortgage securities 152 158 Total mortgage-related securities (includes $689 million and $793 million, respectively, related to consolidated trusts) 5,321 6,013 Non-mortgage-related securities: U.S. Treasury securities 89,707 130,456 Other securities 73 73 Total non-mortgage-related securities 89,780 130,529 Total trading securities $ 95,101 $ 136,542 (1) Consists of Freddie Mac and Ginnie Mae mortgage-related securities.
Schedule of Trading Securities Gains (Losses), Net	The following table displays information about our net trading gains (losses). For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in millions) Net trading gains (losses) $ 161 $ 135 $ (597) $ 782 Net trading gains (losses) recognized in the period related to securities still held at period end 156 70 (586) 525
Schedule of Available-for-sale Securities Reconciliation	The following tables display the amortized cost, allowance for credit losses, gross unrealized gains and losses in accumulated other comprehensive income (loss) (“AOCI”), and fair value by major security type for AFS securities. As of June 30, 2021 Total Amortized Cost (1) Allowance for Credit Losses Gross Unrealized Gains in AOCI Gross Unrealized Losses in AOCI Total Fair Value (1) (Dollars in millions) Fannie Mae $ 550 $ — $ 20 $ (7) $ 563 Other agency (2) 14 — 1 — 15 Alt-A and subprime private-label securities 4 — 1 — 5 Mortgage revenue bonds 169 (3) 6 — 172 Other mortgage-related securities 195 — 5 — 200 Total $ 932 $ (3) $ 33 $ (7) $ 955 As of December 31, 2020 Total Amortized Cost (1) Allowance for Credit Losses Gross Unrealized Gains in AOCI Gross Unrealized Losses in AOCI Total Fair Value (1) (Dollars in millions) Fannie Mae $ 1,094 $ — $ 86 $ (12) $ 1,168 Other agency (2) 59 — 6 — 65 Alt-A and subprime private-label securities 4 — 2 — 6 Mortgage revenue bonds 211 (3) 8 — 216 Other mortgage-related securities 238 — 4 — 242 Total $ 1,606 $ (3) $ 106 $ (12) $ 1,697 (1) We exclude from amortized cost and fair value accrued interest of $3 million and $6 million as of June 30, 2021 and December 31, 2020 , respectively, which we record in “Other assets” in our condensed consolidated balance sheets. (2) Other agency securities consist of securities issued by Freddie Mac and Ginnie Mae.
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	The following tables display additional information regarding gross unrealized losses and fair value by major security type for AFS securities in an unrealized loss position, excluding allowance for credit losses. As of June 30, 2021 December 31, 2020 Less Than 12 Consecutive Months 12 Consecutive Months or Longer Less Than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses in AOCI Fair Value Gross Unrealized Losses in AOCI Fair Value Gross Unrealized Losses in AOCI Fair Value Gross Unrealized Losses in AOCI Fair Value (Dollars in millions) Fannie Mae $ — $ — $ (7) $ 129 $ (1) $ 40 $ (11) $ 94
Schedule of Realized Gain (Loss)	The following table displays the gross realized gains and proceeds on sales of AFS securities. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in millions) Gross realized gains $ 46 $ 9 $ 59 $ 30 Total proceeds (excludes initial sale of securities from new portfolio securitizations) 467 71 582 121
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables display net unrealized gains on AFS securities and other amounts accumulated within our accumulated other comprehensive income, net of tax. As of June 30, 2021 December 31, 2020 (Dollars in millions) Net unrealized gains on AFS securities for which we have not recorded an allowance for credit losses $ 20 $ 74 Other 37 42 Accumulated other comprehensive income $ 57 $ 116
Investments Classified by Contractual Maturity Date	The following table displays the amortized cost and fair value of our AFS securities by major security type and remaining contractual maturity, assuming no principal prepayments. The contractual maturity of mortgage-backed securities is not a reliable indicator of their expected life because borrowers generally have the right to prepay their obligations at any time. As of June 30, 2021 Total Carrying Amount (1) Total One Year or Less After One Year Through Five Years After Five Years Through Ten Years After Ten Years Net Carrying Amount (1) Fair Value Net Carrying Amount (1) Fair Value Net Carrying Amount (1) Fair Value Net Carrying Amount (1) Fair Value (Dollars in millions) Fannie Mae $ 550 $ 563 $ — $ — $ 3 $ 3 $ 12 $ 14 $ 535 $ 546 Other agency 14 15 — — — — 1 1 13 14 Alt-A and subprime private-label securities 4 5 — — — — 2 2 2 3 Mortgage revenue bonds 166 172 1 1 23 24 19 19 123 128 Other mortgage-related securities 195 200 — — — — 4 5 191 195 Total $ 929 $ 955 $ 1 $ 1 $ 26 $ 27 $ 38 $ 41 $ 864 $ 886 (1) Net carrying amount consists of carrying value, net of allowance for credit losses on AFS debt securities.

Financial Guarantees (Tables)

Financial Guarantees (Tables)	6 Months Ended
	Jun. 30, 2021
Guarantees [Abstract]
Financial Guarantees and Maximum Recovery	The following table displays our off-balance sheet maximum exposure, guaranty obligation recognized in our condensed consolidated balance sheets and the potential maximum recovery from third parties through available credit enhancements and recourse related to our financial guarantees. As of June 30, 2021 December 31, 2020 Maximum Exposure Guaranty Obligation Maximum Recovery (1) Maximum Exposure Guaranty Obligation Maximum Recovery (1) (Dollars in millions) Unconsolidated Fannie Mae MBS $ 4,178 $ 16 $ 4,044 $ 4,424 $ 18 $ 4,226 Other guaranty arrangements (2) 11,051 96 2,245 11,828 109 2,438 Total $ 15,229 $ 112 $ 6,289 $ 16,252 $ 127 $ 6,664 (1) Recoverability of such credit enhancements and recourse is subject to, among other factors, the ability of our mortgage insurers and the U.S. government, as a financial guarantor, to meet their obligations to us. For information on our mortgage insurers, “Note 10, Concentrations of Credit Risk.” (2) Primarily consists of credit enhancements and long-term standby commitments.

Short-Term and Long-Term Debt (

Short-Term and Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Short-Term Debt	The following table displays our outstanding short-term debt (debt with an original contractual maturity of one year or less) and weighted-average interest rates of this debt. As of June 30, 2021 December 31, 2020 Outstanding Weighted- Average Interest Rate (1) Outstanding Weighted- Average Interest Rate (1) (Dollars in millions) Short-term debt of Fannie Mae $ 2,280 0.01 % $ 12,173 0.18 % (1) Includes the effects of discounts, premiums and other cost basis adjustments.
Long-Term Debt	The following table displays our outstanding long-term debt. As of June 30, 2021 December 31, 2020 Maturities Outstanding (1) Weighted- Average Interest Rate (2) Maturities Outstanding (1) Weighted- Average Interest Rate (2) (Dollars in millions) Senior fixed: Benchmark notes and bonds 2021 - 2030 $ 96,513 2.14 % 2021 - 2030 $ 106,691 2.03 % Medium-term notes (3) 2021 - 2031 43,898 0.61 2021 - 2030 48,524 0.63 Other (4) 2021 - 2038 7,073 3.84 2021 - 2038 6,701 3.90 Total senior fixed 147,484 1.77 161,916 1.69 Senior floating: Medium-term notes (3) 2021 - 2022 87,364 0.30 2021 - 2022 100,089 0.35 Connecticut Avenue Securities (5) 2023 - 2031 14,051 4.11 2023 - 2031 14,978 4.16 Other (6) 2037 397 9.20 2037 416 7.75 Total senior floating 101,812 0.85 115,483 0.86 Total long-term debt of Fannie Mae (7) 249,296 1.39 277,399 1.34 Debt of consolidated trusts 2021 - 2060 3,844,699 1.86 2021 - 2060 3,646,164 1.88 Total long-term debt $ 4,093,995 1.83 % $ 3,923,563 1.85 % (1) Outstanding debt balance consists of the unpaid principal balance, premiums and discounts, fair value adjustments, hedge-related basis adjustments, and other cost basis adjustments. (2) Excludes the effects of fair value adjustments and hedge-related basis adjustments. (3) Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt. (4) Includes other long-term debt with an original contractual maturity of greater than 10 years and foreign exchange bonds. (5) Credit risk-sharing securities that transfer a portion of the credit risk on specified pools of single-family mortgage loans to the investors in these securities, a portion of which is reported at fair value. Represents CAS issued prior to November 2018. See “Note 2, Consolidations and Transfers of Financial Assets” in our 2020 Form 10-K for more information about our CAS structures issued beginning November 2018. (6) Consists of structured debt instruments that are reported at fair value. (7) Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments in a net discount position of $1.1 billion and $392 million as of June 30, 2021 and December 31, 2020, respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional and Fair Value Position	The following table displays the notional amount and estimated fair value of our asset and liability derivative instruments, including derivative instruments designated as hedges. As of June 30, 2021 As of December 31, 2020 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value (Dollars in millions) Risk management derivatives designated as fair value hedges: Swaps (1) : Pay-fixed $ 1,695 $ — $ — $ — $ — $ — $ — $ — Receive-fixed 45,257 — — — — — — — Total risk management derivatives designated as hedges 46,952 — — — — — — — Risk management derivatives not designated as fair value hedges: Swaps (1) : Pay-fixed 72,778 — 2,353 (59) 88,361 — 11,461 (595) Receive-fixed 35,651 2 44,478 (694) 92,315 233 33,919 (123) Basis 250 166 — — 250 192 — — Foreign currency 239 43 104 (31) 237 57 239 (58) Swaptions (1) : Pay-fixed 4,430 62 410 (18) 5,530 37 2,025 (118) Receive-fixed 390 9 950 (28) 3,355 346 700 (16) Futures (1) — — — — 64,398 — — — Total gross risk management derivatives 113,738 282 48,295 (830) 254,446 865 48,344 (910) Accrued interest receivable (payable) — 83 — (29) — 97 — (105) Total risk management derivatives not designated as hedges 113,738 365 48,295 (859) 254,446 962 48,344 (1,015) Netting adjustment (2) — (331) — 849 — (905) — 995 Total risk management derivatives portfolio 160,690 34 48,295 (10) 254,446 57 48,344 (20) Mortgage commitment derivatives: Mortgage commitments to purchase whole loans 18,500 43 1,609 (2) 35,292 145 51 — Forward contracts to purchase mortgage-related securities 76,309 254 28,596 (25) 144,215 844 607 — Forward contracts to sell mortgage-related securities 19,017 14 140,605 (449) 199 — 227,828 (1,426) Total mortgage commitment derivatives 113,826 311 170,810 (476) 179,706 989 228,486 (1,426) Credit enhancement derivatives 11,680 50 9,099 (32) 16,829 179 11,368 (49) Derivatives at fair value $ 286,196 $ 395 $ 228,204 $ (518) $ 450,981 $ 1,225 $ 288,198 $ (1,495) (1) Centrally cleared derivatives have no ascribable fair value because the positions are settled daily.
Fair Value Gain (Loss), Net	The following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in millions) Risk management derivatives: Swaps: Pay-fixed $ (695) $ (94) $ 1,512 $ (4,123) Receive-fixed 757 191 (1,098) 3,534 Basis 19 17 (27) 73 Foreign currency 4 4 (4) (34) Swaptions: Pay-fixed (58) (13) 49 (161) Receive-fixed 30 25 (209) 657 Futures — (4) 1 (75) Net contractual interest income (expense) on interest-rate swaps 7 (64) (4) (170) Total risk management derivatives fair value gains (losses), net (1) 64 62 220 (299) Mortgage commitment derivatives fair value gains (losses), net (553) (662) 529 (1,655) Credit enhancement derivatives fair value gains (losses), net (18) 31 (108) 20 Total derivatives fair value gains (losses), net $ (507) $ (569) $ 641 $ (1,934) (1) Adjusted for fair value gains (losses) and interest income (expense) presented in “net interest income” in 2021 for interest-rate swaps in designated fair value hedges.
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The following table displays the effect of fair value hedge accounting on our condensed consolidated statements of operations and comprehensive income, including gains and losses recognized on fair value hedging relationships. For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2021 Interest Income: Mortgage Loans Interest Expense: Long-Term Debt Interest Income: Mortgage Loans Interest Expense: Long-Term Debt (Dollars in millions) Total amounts presented in our condensed consolidated statements of operations and comprehensive income $ 24,932 $ (16,820) $ 48,285 $ (33,637) Gains (losses) from fair value hedging relationships: Mortgage loans HFI and related interest-rate contracts: Hedged items $ 106 $ — $ 70 $ — Derivatives designated as hedging instruments (106) — (70) — Interest accruals on hedging instruments (5) — (5) — Debt of Fannie Mae and related interest-rate contracts: Hedged items — (390) — 805 Discontinued hedge-related basis adjustment amortization — (21) — (34) Derivatives designated as hedging instruments — 423 — (791) Interest accruals on derivative hedging instruments — 59 — 113 Total effect of fair value hedges $ (5) $ 71 $ (5) $ 93 The following table displays the carrying amounts of the hedged items that have been in qualifying fair value hedges recorded in our condensed consolidated balance sheets, including the hedged item's cumulative basis adjustments and the closed portfolio balances under the last-of-layer method. The hedged item carrying amounts and total basis adjustments include both open and discontinued hedges. The amortized cost and designated UPB consists only of open hedges as of June 30, 2021. As of June 30, 2021 Carrying Amount Assets (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount Closed Portfolio of Mortgage Loans Under Last-of-Layer Method Total Basis Adjustments (1)(2) Remaining Adjustments - Discontinued Hedge Total Amortized Cost Designated UPB (Dollars in millions) Mortgage loans HFI $ 125,321 $ 70 $ 70 $ 40,570 $ 1,728 Debt of Fannie Mae (62,688) 771 771 N/A N/A (1) No basis adjustment associated with open hedges, as all hedges are designated at the close of business, with a one-day term. (2) Based on the unamortized balance of the hedge-related cost basis.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment results	The following tables display our segment results. For the Three Months Ended June 30, 2021 2020 Single-Family Multifamily Total Single-Family Multifamily Total (Dollars in millions) Net interest income (1) $ 7,323 $ 963 $ 8,286 $ 4,939 $ 838 $ 5,777 Fee and other income (2) 80 23 103 71 19 90 Net revenues 7,403 986 8,389 5,010 857 5,867 Investment gains (losses), net (3) 658 (12) 646 96 53 149 Fair value gains (losses), net (4) (386) (60) (446) (1,030) 12 (1,018) Administrative expenses (619) (127) (746) (625) (129) (754) Credit-related income (expense): (5) Benefit (provision) for credit losses 2,553 35 2,588 219 (231) (12) Foreclosed property expense (28) (13) (41) (3) (7) (10) Total credit-related income (expense) 2,525 22 2,547 216 (238) (22) TCCA fees (6) (758) — (758) (660) — (660) Credit enhancement expense (7) (219) (55) (274) (307) (53) (360) Change in expected credit enhancement recoveries (8) (57) 13 (44) 208 65 273 Other income (expenses), net (315) 35 (280) (252) (9) (261) Income before federal income taxes 8,232 802 9,034 2,656 558 3,214 Provision for federal income taxes (1,725) (157) (1,882) (556) (113) (669) Net income $ 6,507 $ 645 $ 7,152 $ 2,100 $ 445 $ 2,545 For the Six Months Ended June 30, 2021 2020 Single-Family Multifamily Total Single-Family Multifamily Total (Dollars in millions) Net interest income (1) $ 13,217 $ 1,811 $ 15,028 $ 9,480 $ 1,644 $ 11,124 Fee and other income (2) 142 48 190 165 45 210 Net revenues 13,359 1,859 15,218 9,645 1,689 11,334 Investment gains (losses), net (3) 722 (31) 691 (56) 47 (9) Fair value gains (losses), net (4) 354 (16) 338 (1,490) 196 (1,294) Administrative expenses (1,242) (252) (1,494) (1,254) (249) (1,503) Credit-related income (expense): (5) Benefit (provision) for credit losses 3,215 138 3,353 (1,953) (642) (2,595) Foreclosed property expense (11) (25) (36) (81) (9) (90) Total credit-related income (expense) 3,204 113 3,317 (2,034) (651) (2,685) TCCA fees (6) (1,489) — (1,489) (1,297) — (1,297) Credit enhancement expense (7) (445) (113) (558) (623) (113) (736) Change in expected credit enhancement recoveries (8) (73) (2) (75) 266 195 461 Other income (expenses), net (602) 3 (599) (415) (64) (479) Income before federal income taxes 13,788 1,561 15,349 2,742 1,050 3,792 Provision for federal income taxes (2,887) (317) (3,204) (574) (212) (786) Net income $ 10,901 $ 1,244 $ 12,145 $ 2,168 $ 838 $ 3,006 (1) Net interest income primarily consists of guaranty fees received as compensation for assuming and managing the credit risk on loans underlying Fannie Mae MBS held by third parties for the respective business segment, and the difference between the interest income earned on the respective business segment’s mortgage assets in our retained mortgage portfolio and the interest expense associated with the debt funding those assets. Revenues from single-family guaranty fees include revenues generated by the 10 basis point increase in guaranty fees pursuant to the TCCA, the incremental revenue from which is remitted to Treasury and not retained by us. Also includes yield maintenance fees we recognized on the prepayment of multifamily loans. Beginning in January 2021, net interest income was impacted by the application of fair value hedge accounting. See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures. (2) Single-family fee and other income primarily consists of compensation for engaging in structured transactions and providing other lender services. Multifamily fee and other income consists of fees associated with Multifamily business activities. (3) Single-family investment gains and losses primarily consist of gains and losses on the sale of mortgage assets. Multifamily investment gains and losses primarily consists of gains and losses on resecuritization activity. (4) Single-family fair value gains and losses primarily consist of fair value gains and losses on risk management and mortgage commitment derivatives, trading securities, fair value option debt, and other financial instruments associated with our single-family guaranty book of business. Multifamily fair value gains and losses primarily consist of fair value gains and losses on MBS commitment derivatives, trading securities and other financial instruments associated with our multifamily guaranty book of business. Beginning in January 2021, fair value gains (losses), net was impacted by the application of fair value hedge accounting. See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures. (5) Credit-related income or expense is based on the guaranty book of business of the respective business segment and consists of the applicable segment’s benefit or provision for credit losses and foreclosed property income or expense on loans underlying the segment’s guaranty book of business. (6) Consists of the portion of our single-family guaranty fees that is remitted to Treasury pursuant to the TCCA. (7) Single-family credit enhancement expense consists of costs associated with our freestanding credit enhancements, which primarily include costs associated with our Credit Insurance Risk Transfer TM (“CIRT TM ”), Connecticut Avenue Securities ® (“CAS”) and enterprise-paid mortgage insurance (“EPMI”) programs. Multifamily credit enhancement expense primarily consists of costs associated with our Multifamily CIRT TM (“MCIRT TM ”) and Multifamily Connecticut Avenue Securities TM (“MCAS TM ”) programs as well as amortization expense for certain lender risk-sharing programs. Excludes CAS transactions accounted for as debt instruments and credit risk transfer programs accounted for as derivative instruments.

Concentrations of Credit Risk (

Concentrations of Credit Risk (Tables)	6 Months Ended
	Jun. 30, 2021
Single-family
Concentration Risk [Line Items]
Schedule of Delinquency Status Guaranty Book of Business	The following tables display the delinquency status and serious delinquency rates for specified loan categories of our single-family conventional guaranty book of business. As of June 30, 2021 December 31, 2020 30 Days Delinquent 60 Days Delinquent Seriously Delinquent (1) 30 Days Delinquent 60 Days Delinquent Seriously Delinquent (1) Percentage of single-family conventional guaranty book of business based on UPB 0.63 % 0.18 % 2.14 % 0.88 % 0.33 % 3.10 % Percentage of single-family conventional loans based on loan count 0.74 0.20 2.08 1.02 0.36 2.87
Schedule of Risk Characteristics Guaranty Book of Business	As of June 30, 2021 December 31, 2020 Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB Serious Delinquency Rate (1) Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB Serious Delinquency Rate (1) Estimated mark-to-market LTV ratio: Greater than 100% * 20.48 % * 22.43 % Geographical distribution: California 20 % 1.84 19 % 2.62 Florida 6 2.81 6 4.17 Illinois 3 2.51 3 3.10 New Jersey 3 3.33 3 4.57 New York 5 3.71 5 4.79 All other states 63 1.88 64 2.59 Product distribution: Alt-A 1 7.88 1 9.32 Vintages: 2004 and prior 1 5.04 2 5.88 2005-2008 2 8.75 2 9.98 2009-2021 97 1.69 96 2.39 * Represents less than 0.5% of single-family conventional guaranty book of business.
Schedule of Risk in Force Mortgage Insurance Coverage	The following table displays our total mortgage insurance risk in force by primary and pool insurance, as well as the total risk-in-force mortgage insurance coverage as a percentage of the single-family conventional guaranty book of business. As of June 30, 2021 December 31, 2020 Risk in Force Percentage of Single-Family Conventional Guaranty Book of Business Risk in Force Percentage of Single-Family Conventional Guaranty Book of Business (Dollars in millions) Mortgage insurance risk in force: Primary mortgage insurance $ 173,773 $ 170,890 Pool mortgage insurance 278 291 Total mortgage insurance risk in force $ 174,051 5% $ 171,181 5%
Schedule of Risk in Force Mortgage Insurance Coverage, by Counterparty	The table below displays our mortgage insurer counterparties that provided approximately 10% or more of the risk-in-force mortgage insurance coverage on mortgage loans in our single-family conventional guaranty book of business. Percentage of Risk-in-Force Coverage by Mortgage Insurer As of June 30, 2021 December 31, 2020 Counterparty: (1) Arch Capital Group Ltd. 20 % 21 % Mortgage Guaranty Insurance Corp. 19 18 Radian Guaranty, Inc. 17 19 Genworth Mortgage Insurance Corp. 17 16 Essent Guaranty, Inc. 16 16 National Mortgage Insurance Corp. 10 9 Others 1 1 Total 100 % 100 % (1) Insurance coverage amounts provided for each counterparty may include coverage provided by affiliates and subsidiaries of the counterparty.
Schedules of Concentration of Risk, by Risk Factor	The table below displays the percentage of our single-family guaranty book of business serviced by our top five depository single-family mortgage servicers and top five non-depository single-family mortgage servicers (i.e., servicers that are not insured depository institutions), and identifies one depository servicer that serviced more than 10% of our single-family guaranty book of business based on unpaid principal balance. Percentage of Single-Family As of June 30, 2021 December 31, 2020 Wells Fargo Bank, N.A. (together with its affiliates) 11 % 13 % Remaining top five depository servicers 10 11 Top five non-depository servicers 23 24 Total 44 % 48 %
Multifamily
Concentration Risk [Line Items]
Schedule of Delinquency Status Guaranty Book of Business	The following tables display the delinquency status and serious delinquency rates for specified loan categories of our multifamily guaranty book of business. As of June 30, 2021 (1) December 31, 2020 (1) 30 Days Delinquent Seriously Delinquent (2) 30 Days Delinquent Seriously Delinquent (2) Percentage of multifamily guaranty book of business 0.30 % 0.53 % 0.29 % 0.98 %
Schedule of Risk Characteristics Guaranty Book of Business	As of June 30, 2021 December 31, 2020 Percentage of Multifamily Guaranty Book of Business (1) Serious Delinquency Rate (2)(3) Percentage of Multifamily Guaranty Book of Business (1) Serious Delinquency Rate (2)(3) Original LTV ratio: Greater than 80% 1 % 0.82 % 1 % 1.04 % Less than or equal to 80% 99 0.53 99 0.98 Current DSCR below 1.0 (4) 2 15.66 2 21.19 (1) Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business. (2) Consists of multifamily loans that were 60 days or more past due as of the dates indicated. (3) Calculated based on the unpaid principal balance of multifamily loans that were seriously delinquent divided by the aggregate unpaid principal balance of multifamily loans for each category included in our multifamily guaranty book of business.
Schedules of Concentration of Risk, by Risk Factor	The table below displays the percentage of our multifamily guaranty book of business serviced by our top five multifamily mortgage servicers, and identifies two servicers that serviced 10% or more of our multifamily guaranty book of business based on unpaid principal balance. Percentage of Multifamily As of June 30, 2021 December 31, 2020 Walker & Dunlop, Inc. 13 % 12 % Wells Fargo Bank, N.A. (together with its affiliates) 11 12 Remaining top five servicers 24 24 Total 48 % 48 %

Netting Arrangements (Tables)

Netting Arrangements (Tables)	6 Months Ended
	Jun. 30, 2021
Offsetting [Abstract]
Offsetting	The tables below display information related to derivatives, securities purchased under agreements to resell or similar arrangements, and securities sold under agreements to repurchase or similar arrangements, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our condensed consolidated balance sheets. As of June 30, 2021 Gross Amount Offset (1) Net Amount Presented in our Condensed Consolidated Balance Sheets Amounts Not Offset in our Condensed Consolidated Balance Sheets Gross Amount Financial Instruments (2) Collateral (3) Net Amount (Dollars in millions) Assets: OTC risk management derivatives $ 365 $ (348) $ 17 $ — $ — $ 17 Cleared risk management derivatives — 17 17 — — 17 Mortgage commitment derivatives 311 — 311 (182) — 129 Total derivative assets 676 (331) 345 (4) (182) — 163 Securities purchased under agreements to resell or similar arrangements (5) 90,838 — 90,838 — (90,838) — Total assets $ 91,514 $ (331) $ 91,183 $ (182) $ (90,838) $ 163 Liabilities: OTC risk management derivatives $ (859) $ 856 $ (3) $ — $ — $ (3) Cleared risk management derivatives — (7) (7) — 7 — Mortgage commitment derivatives (476) — (476) 182 288 (6) Total derivative liabilities (1,335) 849 (486) (4) 182 295 (9) Total liabilities $ (1,335) $ 849 $ (486) $ 182 $ 295 $ (9) As of December 31, 2020 Gross Amount Offset (1) Net Amount Presented in our Condensed Consolidated Balance Sheets Amounts Not Offset in our Condensed Consolidated Balance Sheets Gross Amount Financial Instruments (2) Collateral (3) Net Amount (Dollars in millions) Assets: OTC risk management derivatives $ 962 $ (952) $ 10 $ — $ — $ 10 Cleared risk management derivatives — 47 47 — — 47 Mortgage commitment derivatives 989 — 989 (406) (53) 530 Total derivative assets 1,951 (905) 1,046 (4) (406) (53) 587 Securities purchased under agreements to resell or similar arrangements (5) 46,644 — 46,644 — (46,644) — Total assets $ 48,595 $ (905) $ 47,690 $ (406) $ (46,697) $ 587 Liabilities: OTC risk management derivatives $ (1,015) $ 999 $ (16) $ — $ — $ (16) Cleared risk management derivatives — (4) (4) — 2 (2) Mortgage commitment derivatives (1,426) — (1,426) 406 1,017 (3) Total derivative liabilities (2,441) 995 (1,446) (4) 406 1,019 (21) Total liabilities $ (2,441) $ 995 $ (1,446) $ 406 $ 1,019 $ (21) (1) Represents the effect of the right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received and accrued interest. (2) Mortgage commitment derivative amounts reflect where we have recognized both an asset and a liability with the same counterparty under an enforceable master netting arrangement but we have not elected to offset the related amounts in our condensed consolidated balance sheets. (3) Represents collateral received that has not been recognized and not offset in our condensed consolidated balance sheets, as well as collateral posted which has been recognized but not offset in our condensed consolidated balance sheets. Does not include collateral held or posted in excess of our exposure. The fair value of non-cash collateral we pledged which the counterparty was permitted to sell or repledge was $4.5 billion and $4.7 billion as of June 30, 2021 and December 31, 2020, respectively. The fair value of non-cash collateral received was $91.0 billion and $46.6 billion, of which $59.8 billion and $46.6 billion could be sold or repledged as of June 30, 2021 and December 31, 2020, respectively. None of the underlying collateral was sold or repledged as of June 30, 2021 or December 31, 2020. (4) Excludes derivative assets of $50 million and $179 million as of June 30, 2021 and December 31, 2020, respectively, and derivative liabilities of $32 million and $49 million recognized in our condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively, that are not subject to enforceable master netting arrangements. (5) Includes $34.0 billion and $18.4 billion in securities purchased under agreements to resell classified as “Cash and cash equivalents” in our condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, respectively. Includes $13.0 billion in securities purchased under agreements to resell classified as “Restricted cash and cash equivalents” in our condensed consolidated balance sheets as of June 30, 2021. There were no securities purchased under agreements to resell classified as “Restricted cash and cash equivalents” as of December 31, 2020.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Recurring Changes in Fair Value	The following tables display our assets and liabilities measured in our condensed consolidated balance sheets at fair value on a recurring basis subsequent to initial recognition, including instruments for which we have elected the fair value option. Fair Value Measurements as of June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustment (1) Estimated Fair Value (Dollars in millions) Recurring fair value measurements: Assets: Cash equivalents (2) $ 3,124 $ — $ — $ — $ 3,124 Trading securities: Mortgage-related securities: Fannie Mae — 1,695 141 — 1,836 Other agency — 3,333 — — 3,333 Private-label and other mortgage securities — 152 — — 152 Non-mortgage-related securities: U.S. Treasury securities 89,707 — — — 89,707 Other securities — 73 — — 73 Total trading securities 89,707 5,253 141 — 95,101 Available-for-sale securities: Mortgage-related securities: Fannie Mae — 479 84 — 563 Other agency — 15 — — 15 Alt-A and subprime private-label securities — 3 2 — 5 Mortgage revenue bonds — — 172 — 172 Other — 6 194 — 200 Total available-for-sale securities — 503 452 — 955 Mortgage loans — 4,784 832 — 5,616 Other assets: Risk management derivatives: Swaps — 118 176 — 294 Swaptions — 71 — — 71 Netting adjustment — — — (331) (331) Mortgage commitment derivatives — 311 — — 311 Credit enhancement derivatives — — 50 — 50 Total other assets — 500 226 (331) 395 Total assets at fair value $ 92,831 $ 11,040 $ 1,651 $ (331) $ 105,191 Liabilities: Long-term debt: Of Fannie Mae: Senior floating $ — $ 2,549 $ 397 $ — $ 2,946 Total of Fannie Mae — 2,549 397 — 2,946 Of consolidated trusts — 22,917 55 — 22,972 Total long-term debt — 25,466 452 — 25,918 Other liabilities: Risk management derivatives: Swaps — 813 — — 813 Swaptions — 46 — — 46 Netting adjustment — — — (849) (849) Mortgage commitment derivatives — 476 — — 476 Credit enhancement derivatives — — 32 — 32 Total other liabilities — 1,335 32 (849) 518 Total liabilities at fair value $ — $ 26,801 $ 484 $ (849) $ 26,436 Fair Value Measurements as of December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustment (1) Estimated Fair Value (Dollars in millions) Recurring fair value measurements: Assets: Cash equivalents (2) $ 1,120 $ — $ — $ — $ 1,120 Trading securities: Mortgage-related securities: Fannie Mae — 2,310 94 — 2,404 Other agency — 3,450 1 — 3,451 Private-label and other mortgage securities — 158 — — 158 Non-mortgage-related securities: U.S. Treasury securities 130,456 — — — 130,456 Other securities — 73 — — 73 Total trading securities 130,456 5,991 95 — 136,542 Available-for-sale securities: Mortgage-related securities: Fannie Mae — 973 195 — 1,168 Other agency — 65 — — 65 Alt-A and subprime private-label securities — 4 2 — 6 Mortgage revenue bonds — — 216 — 216 Other — 7 235 — 242 Total available-for-sale securities — 1,049 648 — 1,697 Mortgage loans — 5,629 861 — 6,490 Other assets: Risk management derivatives: Swaps — 376 203 — 579 Swaptions — 383 — — 383 Netting adjustment — — — (905) (905) Mortgage commitment derivatives — 989 — — 989 Credit enhancement derivatives — — 179 — 179 Total other assets — 1,748 382 (905) 1,225 Total assets at fair value $ 131,576 $ 14,417 $ 1,986 $ (905) $ 147,074 Liabilities: Long-term debt: Of Fannie Mae: Senior floating $ — $ 3,312 $ 416 $ — $ 3,728 Total of Fannie Mae — 3,312 416 — 3,728 Of consolidated trusts — 24,503 83 — 24,586 Total long-term debt — 27,815 499 — 28,314 Other liabilities: Risk management derivatives: Swaps — 881 — — 881 Swaptions — 134 — — 134 Netting adjustment — — — (995) (995) Mortgage commitment derivatives — 1,426 — — 1,426 Credit enhancement derivatives — — 49 — 49 Total other liabilities — 2,441 49 (995) 1,495 Total liabilities at fair value $ — $ 30,256 $ 548 $ (995) $ 29,809 (1) Derivative contracts are reported on a gross basis by level. The netting adjustment represents the effect of the legal right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received. (2) Cash equivalents are comprised of U.S. Treasuries that have a maturity at the date of acquisition of three months or less.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)	The following tables display a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). The tables also display gains and losses due to changes in fair value, including realized and unrealized gains and losses, recognized in our condensed consolidated statements of operations and comprehensive income for Level 3 assets and liabilities. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Three Months Ended June 30, 2021 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2021 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2021 (1) Balance, March 31, 2021 Included in Net Income Included in Total OCI Gain/(Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Level 3 Balance, June 30, 2021 (Dollars in millions) Trading securities: Mortgage-related: Fannie Mae $ 109 $ (4) $ — $ 3 $ — $ — $ — $ (32) $ 65 $ 141 $ 1 $ — Total trading securities $ 109 $ (4) (5)(6) $ — $ 3 $ — $ — $ — $ (32) $ 65 $ 141 $ 1 $ — Available-for-sale securities: Mortgage-related: Fannie Mae $ 189 $ 1 $ 5 $ — $ — $ — $ (4) $ (107) $ — $ 84 $ — $ 3 Alt-A and subprime private-label securities 1 — 1 — — — — — — 2 — 1 Mortgage revenue bonds 191 — (1) — — — (18) — — 172 — — Other 230 4 (1) — — — (39) — — 194 — — Total available-for-sale securities $ 611 $ 5 (6)(7) $ 4 $ — $ — $ — $ (61) $ (107) $ — $ 452 $ — $ 4 Mortgage loans $ 820 $ 21 (5)(6) $ — $ 85 $ (44) $ — $ (53) $ (29) $ 32 $ 832 $ 22 $ — Net derivatives 166 7 (5) — — — — 21 — — 194 28 — Long-term debt: Of Fannie Mae: Senior floating $ (382) $ (15) (5) $ — $ — $ — $ — $ — $ — $ — $ (397) $ (15) $ — Of consolidated trusts (58) — (5)(6) — — — — 4 — (1) (55) — — Total long-term debt $ (440) $ (15) $ — $ — $ — $ — $ 4 $ — $ (1) $ (452) $ (15) $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Six Months Ended June 30, 2021 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2021 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2021 (1) Balance, December 31, 2020 Included in Net Income Included in Total OCI Gain/(Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Balance, June 30, 2021 (Dollars in millions) Trading securities: Mortgage-related: Fannie Mae $ 94 $ (5) $ — $ 3 $ — $ — $ — $ (39) $ 88 $ 141 $ 2 $ — Other agency 1 — — — — — — (1) — — — — Total trading securities $ 95 $ (5) (5)(6) $ — $ 3 $ — $ — $ — $ (40) $ 88 $ 141 $ 2 $ — Available-for-sale securities: Mortgage-related: Fannie Mae $ 195 $ 1 $ 2 $ — $ — $ — $ (7) $ (107) $ — $ 84 $ — $ 3 Alt-A and subprime private-label securities 2 — — — — — — — — 2 — 1 Mortgage revenue bonds 216 — (2) — — — (42) — — 172 — — Other 235 7 2 — — — (50) — — 194 — 3 Total available-for-sale securities $ 648 $ 8 (6)(7) $ 2 $ — $ — $ — $ (99) $ (107) $ — $ 452 $ — $ 7 Mortgage loans $ 861 $ 29 (5)(6) $ — $ 85 $ (44) $ — $ (100) $ (52) $ 53 $ 832 $ 28 $ — Net derivatives 333 (125) (5) — — — — (14) — — 194 (139) — Long-term debt: Of Fannie Mae: Senior floating $ (416) $ 19 (5) $ — $ — $ — $ — $ — $ — $ — $ (397) $ 19 $ — Of consolidated trusts (83) 1 (5)(6) — — — — 8 20 (1) (55) — — Total long-term debt $ (499) $ 20 $ — $ — $ — $ — $ 8 $ 20 $ (1) $ (452) $ 19 $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Three Months Ended June 30, 2020 Total Gains (Losses) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2020 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2020 (1) Balance, March 31, 2020 Included in Net Income Included in Total OCI Gain/(Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Level 3 Balance, June 30, 2020 (Dollars in millions) Trading securities: Mortgage-related: Fannie Mae $ 68 $ — $ — $ — $ — $ — $ — $ (34) $ 4 $ 38 $ — $ — Private-label and other mortgage securities 94 7 — — — — (3) — — 98 5 — Total trading securities $ 162 $ 7 (5)(6) $ — $ — $ — $ — $ (3) $ (34) $ 4 $ 136 $ 5 $ — Available-for-sale securities: Mortgage-related: Fannie Mae $ 188 $ — $ (4) $ — $ — $ — $ (2) $ — $ 264 $ 446 $ — $ (3) Alt-A and subprime private-label securities — — — — — — — — 2 2 — — Mortgage revenue bonds 296 — 1 — — — (19) — — 278 — 1 Other 284 (3) — — — — (27) — — 254 — — Total available-for-sale securities $ 768 $ (3) (6)(7) $ (3) $ — $ — $ — $ (48) $ — $ 266 $ 980 $ — $ (2) Mortgage loans $ 638 $ 15 (5)(6) $ — $ — $ — $ — $ (25) $ (21) $ 190 $ 797 $ 12 $ — Net derivatives 217 49 (5) — — — — 3 — — 269 52 — Long-term debt: Of Fannie Mae: Senior floating $ (432) $ (24) (5) $ — $ — $ — $ — $ 23 $ — $ — $ (433) $ (24) $ — Of consolidated trusts (83) (3) (5)(6) — — — — 4 1 (8) (89) (2) — Total long-term debt $ (515) $ (27) $ — $ — $ — $ — $ 27 $ 1 $ (8) $ (522) $ (26) $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Six Months Ended June 30, 2020 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2020 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2020 (1) Balance, December 31, 2019 Included in Net Income Included in Total OCI Gain/(Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Balance, June 30, 2020 (Dollars in millions) Trading securities: Mortgage-related: Fannie Mae $ 45 $ (9) $ — $ — $ — $ — $ — $ (45) $ 47 $ 38 $ (8) $ — Other agency 1 — — — — — — (1) — — — — Private-label and other mortgage securities — 7 — — — — (3) — 94 98 — — Total trading securities $ 46 $ (2) (5)(6) $ — $ — $ — $ — $ (3) $ (46) $ 141 $ 136 $ (8) $ — Available-for-sale securities: Mortgage-related: Fannie Mae $ 171 $ — $ — $ — $ — $ — $ (3) $ — $ 278 $ 446 $ — $ — Alt-A and subprime private-label securities — — — — — — — — 2 2 — — Mortgage revenue bonds 315 (3) 3 74 (74) — (37) — — 278 — 5 Other 306 (14) (1) 268 (268) — (37) — — 254 — (1) Total available-for-sale securities $ 792 $ (17) (6)(7) $ 2 $ 342 $ (342) $ — $ (77) $ — $ 280 $ 980 $ — $ 4 Mortgage loans $ 688 $ (9) (5)(6) $ — $ — $ — $ — $ (54) $ (44) $ 216 $ 797 $ (14) $ — Net derivatives 162 90 (5) — — — — (1) 18 — 269 96 — Long-term debt: Of Fannie Mae: Senior floating $ (398) $ (58) (5) $ — $ — $ — $ — $ 23 $ — $ — $ (433) $ (58) $ — Of consolidated trusts (75) 1 (5)(6) — — — — 7 1 (23) (89) 2 — Total long-term debt $ (473) $ (57) $ — $ — $ — $ — $ 30 $ 1 $ (23) $ (522) $ (56) $ — (1) Gains (losses) included in other comprehensive income (loss) are included in “Changes in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustments and taxes” in our condensed consolidated statements of operations and comprehensive income. (2) Purchases and sales include activity related to the consolidation and deconsolidation of assets of securitization trusts. (3) Issues and settlements include activity related to the consolidation and deconsolidation of liabilities of securitization trusts. (4) Amount represents temporary changes in fair value. Amortization, accretion and the impairment of credit losses are not considered unrealized and are not included in this amount. (5) Gains (losses) are included in “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. (6) Gains (losses) are included in “Net interest income” in our condensed consolidated statements of operations and comprehensive income. (7) Gains (losses) are included in “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.
Valuation Techniques and Significant Unobservable Inputs for Level 3 Assets and Liabilities	The following tables display valuation techniques and the range and the weighted average of significant unobservable inputs for our Level 3 assets and liabilities measured at fair value on a recurring basis, excluding instruments for which we have elected the fair value option. Changes in these unobservable inputs can result in significantly higher or lower fair value measurements of these assets and liabilities as of the reporting date. Fair Value Measurements as of June 30, 2021 Fair Value Significant Valuation Techniques Significant Unobservable Inputs (1) Range (1) Weighted - Average (1)(2) (Dollars in millions) Recurring fair value measurements: Trading securities: Mortgage-related securities: Agency (3) $ 141 Various Available-for-sale securities: Mortgage-related securities: Agency (3) 84 Various Alt-A and subprime private-label securities 2 Various Mortgage revenue bonds 118 Single Vendor Spreads (bps) 4.5 - 44.5 19.3 54 Various Total mortgage revenue bonds 172 Other 193 Discounted Cash Flow Spreads (bps) 370.0 - 376.0 373.1 1 Various Total other 194 Total available-for-sale securities $ 452 Net derivatives $ 176 Dealer Mark 18 Discounted Cash Flow Total net derivatives $ 194 Fair Value Measurements as of December 31, 2020 Fair Value Significant Valuation Techniques Significant Unobservable Inputs (1) Range (1) Weighted - Average (1)(2) (Dollars in millions) Recurring fair value measurements: Trading securities: Mortgage-related securities: Agency (3) $ 95 Various Available-for-sale securities: Mortgage-related securities: Agency (3) 97 Consensus 98 Various Total agency 195 Alt-A and subprime private-label securities 2 Various Mortgage revenue bonds 144 Single Vendor Spreads (bps) 32.0 - 315.3 93.4 72 Various Total mortgage revenue bonds 216 Other 206 Discounted Cash Flow Spreads (bps) 425.0 - 443.0 434.2 29 Various Total other 235 Total available-for-sale securities $ 648 Net derivatives $ 203 Dealer Mark 130 Discounted Cash Flow Total net derivatives $ 333 (1) Valuation techniques for which no unobservable inputs are disclosed generally reflect the use of third-party pricing services or dealers, and the range of unobservable inputs applied by these sources is not readily available or cannot be reasonably estimated. Where we have disclosed unobservable inputs for consensus and single vendor techniques, those inputs are based on our validations performed at the security level using discounted cash flows. (2) Unobservable inputs were weighted by the relative fair value of the instruments. (3) Includes Fannie Mae and Freddie Mac securities.
Level 3 Assets Measured on Nonrecurring Basis	The following table displays valuation techniques for our Level 3 assets measured at fair value on a nonrecurring basis. Fair Value Measurements as of Valuation Techniques June 30, 2021 December 31, 2020 (Dollars in millions) Nonrecurring fair value measurements: Mortgage loans held for sale, at lower of cost or fair value Consensus $ 557 $ 754 Single Vendor 384 333 Total mortgage loans held for sale, at lower of cost or fair value 941 1,087 Single-family mortgage loans held for investment, at amortized cost Internal Model 562 979 Multifamily mortgage loans held for investment, at amortized cost Appraisals 56 225 Internal Model 136 125 Various 77 40 Total multifamily mortgage loans held for investment, at amortized cost 269 390 Acquired property, net: Single-family Accepted Offers 12 35 Appraisals 44 89 Internal Model 53 41 Walk Forwards 17 85 Various 7 11 Total single-family 133 261 Multifamily Various 18 25 Total nonrecurring assets at fair value $ 1,923 $ 2,742
Fair Value of Financial Instruments	The following table displays the carrying value and estimated fair value of our financial instruments. The fair value of financial instruments we disclose includes commitments to purchase multifamily and single-family mortgage loans that we do not record in our condensed consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.” The disclosure excludes all non-financial instruments; therefore, the fair value of our financial assets and liabilities does not represent the underlying fair value of our total consolidated assets and liabilities. As of June 30, 2021 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Netting Adjustment Estimated Fair Value (Dollars in millions) Financial assets: Cash and cash equivalents, including restricted cash and cash equivalents $ 125,299 $ 78,349 $ 46,950 $ — $ — $ 125,299 Federal funds sold and securities purchased under agreements to resell or similar arrangements 43,888 — 43,888 — — 43,888 Trading securities 95,101 89,707 5,253 141 — 95,101 Available-for-sale securities 955 — 503 452 — 955 Mortgage loans held for sale 6,933 — 1,858 5,977 — 7,835 Mortgage loans held for investment, net of allowance for loan losses 3,844,374 — 3,688,808 234,637 — 3,923,445 Advances to lenders 6,257 — 6,256 1 — 6,257 Derivative assets at fair value 395 — 500 226 (331) 395 Guaranty assets and buy-ups 102 — — 234 — 234 Total financial assets $ 4,123,304 $ 168,056 $ 3,794,016 $ 241,668 $ (331) $ 4,203,409 Financial liabilities: Short-term debt: Of Fannie Mae $ 2,280 $ — $ 2,280 $ — $ — $ 2,280 Long-term debt: Of Fannie Mae 249,296 — 258,200 844 — 259,044 Of consolidated trusts 3,844,699 — 3,891,437 31,043 — 3,922,480 Derivative liabilities at fair value 518 — 1,335 32 (849) 518 Guaranty obligations 112 — — 74 — 74 Total financial liabilities $ 4,096,905 $ — $ 4,153,252 $ 31,993 $ (849) $ 4,184,396 As of December 31, 2020 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Netting Adjustment Estimated Fair Value (Dollars in millions) Financial assets: Cash and cash equivalents and restricted cash $ 115,623 $ 97,179 $ 18,444 $ — $ — $ 115,623 Federal funds sold and securities purchased under agreements to resell or similar arrangements 28,200 — 28,200 — — 28,200 Trading securities 136,542 130,456 5,991 95 — 136,542 Available-for-sale securities 1,697 — 1,049 648 — 1,697 Mortgage loans held for sale 5,197 — 116 5,502 — 5,618 Mortgage loans held for investment, net of allowance for loan losses 3,648,695 — 3,512,672 255,556 — 3,768,228 Advances to lenders 10,449 — 10,448 1 — 10,449 Derivative assets at fair value 1,225 — 1,748 382 (905) 1,225 Guaranty assets and buy-ups 115 — — 258 — 258 Total financial assets $ 3,947,743 $ 227,635 $ 3,578,668 $ 262,442 $ (905) $ 4,067,840 Financial liabilities: Short-term debt: Of Fannie Mae $ 12,173 $ — $ 12,177 $ — $ — $ 12,177 Long-term debt: Of Fannie Mae 277,399 — 288,414 878 — 289,292 Of consolidated trusts 3,646,164 — 3,756,673 31,584 — 3,788,257 Derivative liabilities at fair value 1,495 — 2,441 49 (995) 1,495 Guaranty obligations 127 — — 82 — 82 Total financial liabilities $ 3,937,358 $ — $ 4,059,705 $ 32,593 $ (995) $ 4,091,303
Fair Value Option	The following table displays the fair value and unpaid principal balance of the financial instruments for which we have made fair value elections. As of June 30, 2021 December 31, 2020 Loans (1) Long-Term Debt of Fannie Mae Long-Term Debt of Consolidated Trusts Loans (1) Long-Term Debt of Fannie Mae Long-Term Debt of Consolidated Trusts (Dollars in millions) Fair value $ 5,616 $ 2,946 $ 22,972 $ 6,490 $ 3,728 $ 24,586 Unpaid principal balance 5,227 2,729 20,209 6,046 3,518 21,408

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) shares in Millions, $ in Billions	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2008	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021
Related Parties [Line Items]
Increase in net worth		$ 7.1
Weighted average number of contingently issuable shares (shares)		4,700	4,700	4,700	4,700
Convertible Preferred Stock, Shares Issued upon Conversion		26	26	26	26
Preferred Stock | US Treasury
Related Parties [Line Items]
Shares issued (shares)	1
Common Stock | US Treasury
Related Parties [Line Items]
Authorized proceeds from issuance of stock not requiring prior consent	$ 70
US Treasury
Related Parties [Line Items]
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement		$ 119.8		$ 119.8
Total available funding from US Treasury pursuant to the senior preferred stock agreement		113.9		113.9
Aggregate liquidation preference of senior preferred stock		$ 151.7		$ 151.7
US Treasury | Forecast [Member]
Related Parties [Line Items]
Aggregate liquidation preference of senior preferred stock						$ 158.8

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Regulatory Capital (Details) - USD ($) $ in Billions	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Deficit of core capital over statutory minimum capital requirement	$ 111.5	$ 124.3

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Related Parties (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Parties [Line Items]
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees	$ 758	$ 660	$ 1,489	$ 1,297
Basis Points of Each Dollar of Unpaid Principal Balance	0.042%		0.042%
Affordable Housing Program obligation payable to Treasury's Capital Magnet Fund (percent)	35.00%		35.00%
US Treasury
Related Parties [Line Items]
Percentage of common shares attributable to warrants issued to US Treasury as percentage to total diluted common shares	79.90%		79.90%
Aggregate liquidation preference of senior preferred stock	$ 151,700		$ 151,700
Home Affordable Modification Program administrative expense reimbursements from Treasury and Freddie Mac	$ 5	4	$ 9	9
Increase in Single-family guarantee fees	0.10%		0.10%
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees	$ 758	660	$ 1,489	1,297
US Treasury | Single-Family
Related Parties [Line Items]
Recognized TCCA fees that had not been remitted to Treasury as of period end	758		758
Federal Housing Finance Agency [Member]
Related Parties [Line Items]
FHFA assessment fees	35	35	72	67
Common Securitization Solutions [Member]
Related Parties [Line Items]
Capital contributed	18	19	45	48
Other Expense [Member] | US Treasury
Related Parties [Line Items]
Affordable Housing Program assessments recognized	$ 57	$ 55	119	$ 85
Affordable housing program assessments not remitted			$ 119

Consolidations and Transfers _3

Consolidations and Transfers of Financial Assets - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entities [Line Items]
Trading, at fair value	$ 95,101	$ 136,542
Available-for-sale, at fair value	955	1,697
Other assets	11,349	15,201
Other liabilities	(15,044)	(15,035)
Assets	4,158,038	3,985,749
Total unpaid principal balance of mortgage loans	3,782,552	3,589,868
Multifamily
Variable Interest Entities [Line Items]
Total unpaid principal balance of mortgage loans	391,725	373,722
Multifamily | Unconsolidated VIEs
Variable Interest Entities [Line Items]
Total unpaid principal balance of mortgage loans	391,700
Single-family
Variable Interest Entities [Line Items]
Total unpaid principal balance of mortgage loans	3,390,827	3,216,146
Mortgage-related securities | Unconsolidated VIEs
Variable Interest Entities [Line Items]
Trading, at fair value	4,631	5,219
Available-for-sale, at fair value	786	1,486
Other assets	38	41
Other liabilities	(63)	(67)
Net carrying amount	5,392	6,679
Maximum exposure to loss	177,000	146,000
Assets	230,000	180,000
Partnership interest LIHTC [Member] | Unconsolidated VIEs
Variable Interest Entities [Line Items]
Net carrying amount	190	121
Maximum exposure to loss	195	126
Assets	3,200	2,600
Debt Securities [Member] | Unconsolidated VIEs
Variable Interest Entities [Line Items]
Maximum exposure to loss	9,100	11,400
Assets	9,100	11,400
Fannie Mae Securities [Member] | Unconsolidated VIEs
Variable Interest Entities [Line Items]
Trading, at fair value	1,146	1,611
Available-for-sale, at fair value	562	1,168
Non-Fannie Mae Securities [Member] | Unconsolidated VIEs
Variable Interest Entities [Line Items]
Trading, at fair value	3,485	3,608
Available-for-sale, at fair value	$ 224	$ 318

Consolidations and Transfers _4

Consolidations and Transfers of Financial Assets - Transfers of Financial Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Transfers of Financial Assets [Line Items]
Portfolio securitizations: unpaid principal balance	$ 197,100	$ 202,900	$ 413,900	$ 291,900
Unconsolidated VIEs
Transfers of Financial Assets [Line Items]
Retained interests: principal and interest received	144	$ 170	287	$ 351
Unconsolidated VIEs | Single Class MBS, REMIC & Megas [Member]
Transfers of Financial Assets [Line Items]
Retained interests: unpaid principal balance	1,200		1,200		$ 1,700
Retained interests: fair value	$ 2,300		$ 2,300		$ 2,900

Mortgage Loans - Loans in Mortg

Mortgage Loans - Loans in Mortgage Portfolio (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	$ 3,782,552		$ 3,782,552		$ 3,589,868
Cost basis and fair value adjustments, net	75,869		75,869		74,576
Allowance for loan losses for HFI loans	(7,114)		(7,114)		(10,552)
Total mortgage loans	3,851,307		3,851,307		3,653,892
Single-family
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	3,390,827		3,390,827		3,216,146
Amortized cost	6,305	$ 0	9,417	$ 1,637
Unpaid principal balance	7,317	495	7,525	495
Realized gains, net	653	40	655	40
Mortgage loans in process of foreclosure	5,000		5,000		5,000
Single-family | allowance for the redesignated from HFI to HFS
Loans in Mortgage Portfolio [Line Items]
Lower of cost or fair value adjustment at time of redesignation	(146)	0	(200)	(9)
Allowance reversed at time of redesignation	824	$ 0	1,185	$ 184
Multifamily
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	391,725		391,725		373,722
Mortgage loans
Loans in Mortgage Portfolio [Line Items]
Accrued interest receivable	$ 10,000		$ 10,000		$ 9,800

Mortgage Loans - Aging (Details

Mortgage Loans - Aging (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Mar. 31, 2021
Financing Receivable, Past Due [Line Items]
Recorded investment	$ 3,856,021	$ 3,662,711
Loans 90 Days or More Delinquent and Accruing Interest	50,037	77,196
Nonaccrual Loans with No Allowance	7,546	7,455
Recorded investment in nonaccrual loans	29,484	28,574	$ 36,138
30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	22,427	29,473
60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	6,011	10,570
Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	73,540	103,172
Total Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	101,978	143,215
Current
Financing Receivable, Past Due [Line Items]
Recorded investment	3,754,043	3,519,496
Single-family
Financing Receivable, Past Due [Line Items]
Recorded investment	3,461,102	3,285,285
Loans 90 Days or More Delinquent and Accruing Interest	49,927	76,586
Nonaccrual Loans with No Allowance	7,438	7,153
Recorded investment in nonaccrual loans	$ 27,264	$ 26,505	33,985
Single-family | Minimum
Table Footnote [Abstract]
Serious delinquency, days past due	90 days	90 days
Single-family | 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	$ 21,208	$ 28,333
Single-family | 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	6,011	10,570
Single-family | Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	71,513	99,484
Single-family | Total Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	98,732	138,387
Single-family | Current
Financing Receivable, Past Due [Line Items]
Recorded investment	3,362,370	3,146,898
Single-family | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Recorded investment	2,876,938	2,742,203
Loans 90 Days or More Delinquent and Accruing Interest	44,622	68,526
Nonaccrual Loans with No Allowance	6,368	6,028
Recorded investment in nonaccrual loans	24,728	22,907	30,173
Single-family | 20- and 30-year or more, amortizing fixed-rate | 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	18,550	24,928
Single-family | 20- and 30-year or more, amortizing fixed-rate | 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	5,372	9,414
Single-family | 20- and 30-year or more, amortizing fixed-rate | Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	64,064	88,276
Single-family | 20- and 30-year or more, amortizing fixed-rate | Total Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	87,986	122,618
Single-family | 20- and 30-year or more, amortizing fixed-rate | Current
Financing Receivable, Past Due [Line Items]
Recorded investment	2,788,952	2,619,585
Single-family | 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Recorded investment	511,769	457,059
Loans 90 Days or More Delinquent and Accruing Interest	2,851	4,292
Nonaccrual Loans with No Allowance	202	240
Recorded investment in nonaccrual loans	596	853	945
Single-family | 15-year or less, amortizing fixed-rate | 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	1,773	1,987
Single-family | 15-year or less, amortizing fixed-rate | 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	358	601
Single-family | 15-year or less, amortizing fixed-rate | Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	3,331	5,028
Single-family | 15-year or less, amortizing fixed-rate | Total Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	5,462	7,616
Single-family | 15-year or less, amortizing fixed-rate | Current
Financing Receivable, Past Due [Line Items]
Recorded investment	506,307	449,443
Single-family | Adjustable-rate
Financing Receivable, Past Due [Line Items]
Recorded investment	26,431	31,441
Loans 90 Days or More Delinquent and Accruing Interest	617	907
Nonaccrual Loans with No Allowance	101	114
Recorded investment in nonaccrual loans	179	270	284
Single-family | Adjustable-rate | 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	170	268
Single-family | Adjustable-rate | 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	44	97
Single-family | Adjustable-rate | Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	770	1,143
Single-family | Adjustable-rate | Total Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	984	1,508
Single-family | Adjustable-rate | Current
Financing Receivable, Past Due [Line Items]
Recorded investment	25,447	29,933
Single-family | Other
Financing Receivable, Past Due [Line Items]
Recorded investment	45,964	54,582
Loans 90 Days or More Delinquent and Accruing Interest	1,837	2,861
Nonaccrual Loans with No Allowance	767	771
Recorded investment in nonaccrual loans	1,761	2,475	2,583
Single-family | Other | 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	715	1,150
Single-family | Other | 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	237	458
Single-family | Other | Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	3,348	5,037
Single-family | Other | Total Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	4,300	6,645
Single-family | Other | Current
Financing Receivable, Past Due [Line Items]
Recorded investment	41,664	47,937
Multifamily
Financing Receivable, Past Due [Line Items]
Recorded investment	394,919	377,426
Loans 90 Days or More Delinquent and Accruing Interest	110	610
Nonaccrual Loans with No Allowance	108	302
Recorded investment in nonaccrual loans	$ 2,220	2,069	$ 2,153
Multifamily | Minimum
Table Footnote [Abstract]
Serious delinquency, days past due	60 days
Multifamily | 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	$ 1,219	1,140
Multifamily | Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	2,027	3,688
Multifamily | Total Delinquent
Financing Receivable, Past Due [Line Items]
Recorded investment	3,246	4,828
Multifamily | Current
Financing Receivable, Past Due [Line Items]
Recorded investment	$ 391,673	$ 372,598

Mortgage Loans - Credit Quality

Mortgage Loans - Credit Quality Indicators - SF (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total mortgage loans	$ 3,851,488	$ 3,659,247
Single-family
Financing Receivable, Credit Quality Indicator [Line Items]
2021	657,211	1,253,449
2020	1,229,217	367,647
2019	267,707	178,798
2018	129,544	226,092
2017	169,689	272,831
Prior	995,515	972,993
Total mortgage loans	3,448,883	3,271,810
Single-family | Estimated mark-to-market loan-to-value ratio less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	533,366	978,509
2020	1,078,503	277,248
2019	254,543	154,357
2018	126,497	220,388
2017	168,392	270,966
Prior	989,190	960,696
Total mortgage loans	3,150,491	2,862,164
Single-family | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	71,699	163,839
2020	143,550	86,192
2019	12,315	23,574
2018	2,609	5,346
2017	1,160	1,635
Prior	3,939	7,288
Total mortgage loans	235,272	287,874
Single-family | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	52,144	111,073
2020	7,153	4,200
2019	840	832
2018	418	270
2017	93	137
Prior	1,194	2,608
Total mortgage loans	61,842	119,120
Single-family | Estimated mark-to-market loan-to-value ratio greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2	28
2020	11	7
2019	9	35
2018	20	88
2017	44	93
Prior	1,192	2,401
Total mortgage loans	1,278	2,652
Single-family | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
2021	541,034	1,061,427
2020	1,044,750	323,414
2019	234,251	160,137
2018	115,453	188,912
2017	140,295	222,969
Prior	801,155	785,344
Total mortgage loans	2,876,938	2,742,203
Single-family | 20- and 30-year or more, amortizing fixed-rate | Estimated mark-to-market loan-to-value ratio less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	420,585	794,156
2020	896,208	233,994
2019	221,164	135,849
2018	112,444	183,315
2017	139,038	221,172
Prior	795,999	775,636
Total mortgage loans	2,585,438	2,344,122
Single-family | 20- and 30-year or more, amortizing fixed-rate | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	69,029	157,500
2020	141,426	85,227
2019	12,239	23,440
2018	2,578	5,270
2017	1,133	1,592
Prior	3,351	5,958
Total mortgage loans	229,756	278,987
Single-family | 20- and 30-year or more, amortizing fixed-rate | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	51,418	109,743
2020	7,105	4,186
2019	839	820
2018	414	250
2017	85	124
Prior	912	1,994
Total mortgage loans	60,773	117,117
Single-family | 20- and 30-year or more, amortizing fixed-rate | Estimated mark-to-market loan-to-value ratio greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2	28
2020	11	7
2019	9	28
2018	17	77
2017	39	81
Prior	893	1,756
Total mortgage loans	971	1,977
Single-family | 15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
2021	114,099	188,797
2020	181,760	42,194
2019	31,983	15,809
2018	12,081	31,518
2017	25,248	46,102
Prior	146,598	132,639
Total mortgage loans	511,769	457,059
Single-family | 15-year or less, amortizing fixed-rate | Estimated mark-to-market loan-to-value ratio less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	110,924	181,418
2020	179,693	41,374
2019	31,926	15,768
2018	12,068	31,497
2017	25,239	46,088
Prior	146,570	132,596
Total mortgage loans	506,420	448,741
Single-family | 15-year or less, amortizing fixed-rate | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2,522	6,105
2020	2,020	811
2019	56	35
2018	11	14
2017	5	8
Prior	13	20
Total mortgage loans	4,627	6,993
Single-family | 15-year or less, amortizing fixed-rate | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	653	1,274
2020	47	9
2019	1	3
2018	1	4
2017	2	3
Prior	6	10
Total mortgage loans	710	1,303
Single-family | 15-year or less, amortizing fixed-rate | Estimated mark-to-market loan-to-value ratio greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	3
2018	1	3
2017	2	3
Prior	9	13
Total mortgage loans	12	22
Single-family | Adjustable-rate
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2,078	3,225
2020	2,707	1,994
2019	1,434	2,492
2018	1,692	4,784
2017	3,382	2,683
Prior	15,138	16,263
Total mortgage loans	26,431	31,441
Single-family | Adjustable-rate | Estimated mark-to-market loan-to-value ratio less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1,857	2,935
2020	2,602	1,839
2019	1,416	2,412
2018	1,680	4,765
2017	3,376	2,678
Prior	15,131	16,248
Total mortgage loans	26,062	30,877
Single-family | Adjustable-rate | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	148	234
2020	104	152
2019	18	79
2018	12	19
2017	6	5
Prior	6	12
Total mortgage loans	294	501
Single-family | Adjustable-rate | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	73	56
2020	1	3
2019	0	1
2018	0	0
2017	0	0
Prior	1	2
Total mortgage loans	75	62
Single-family | Adjustable-rate | Estimated mark-to-market loan-to-value ratio greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	1
Total mortgage loans	0	1
Single-family | Other
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	45
2019	39	360
2018	318	878
2017	764	1,077
Prior	32,624	38,747
Total mortgage loans	33,745	41,107
Single-family | Other | Estimated mark-to-market loan-to-value ratio less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	41
2019	37	328
2018	305	811
2017	739	1,028
Prior	31,490	36,216
Total mortgage loans	32,571	38,424
Single-family | Other | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	2
2019	2	20
2018	8	43
2017	16	30
Prior	569	1,298
Total mortgage loans	595	1,393
Single-family | Other | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	2
2019	0	8
2018	3	16
2017	6	10
Prior	275	602
Total mortgage loans	284	638
Single-family | Other | Estimated mark-to-market loan-to-value ratio greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	0
2020	0	0
2019	0	4
2018	2	8
2017	3	9
Prior	290	631
Total mortgage loans	295	652
Single-family | U.S Government
Financing Receivable, Credit Quality Indicator [Line Items]
Total mortgage loans	$ 12,200	$ 13,500

Mortgage Loans - Credit Quali_2

Mortgage Loans - Credit Quality Indicators - MF (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total mortgage loans	$ 3,851,488	$ 3,659,247
Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2021	22,243	72,014
2020	81,664	69,337
2019	68,480	63,616
2018	62,222	53,523
2017	51,886	44,753
Prior	108,424	74,183
Total mortgage loans	394,919	377,426
Non-classified | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2021	22,243	71,977
2020	81,446	68,296
2019	67,290	62,087
2018	60,608	50,907
2017	49,030	43,174
Prior	102,818	70,933
Total mortgage loans	383,435	367,374
Classified | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0	37
2020	218	1,041
2019	1,190	1,529
2018	1,614	2,616
2017	2,856	1,579
Prior	5,606	3,250
Total mortgage loans	11,484	10,052
Substandard or doubtful | Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Total mortgage loans	5	1
Single-family
Financing Receivable, Credit Quality Indicator [Line Items]
2021	657,211	1,253,449
2020	1,229,217	367,647
2019	267,707	178,798
2018	129,544	226,092
2017	169,689	272,831
Prior	995,515	972,993
Total mortgage loans	$ 3,448,883	$ 3,271,810

Mortgage Loans - TDRs (Details)

Mortgage Loans - TDRs (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)contract	Jun. 30, 2020USD ($)contract	Jun. 30, 2021USD ($)contract	Jun. 30, 2020USD ($)contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Average term extension of a single-family modified loan	145 months	168 months	142 months	168 months
Average interest rate reduction of a single-family modified loan	0.61%	0.34%	0.57%	0.33%
Number of loans troubled debt restructurings activity | contract	3,426	10,005	6,979	22,615
Recorded investment troubled debt restructurings activity | $	$ 507	$ 1,657	$ 1,030	$ 3,756
Number of loans troubled debt restructurings subsequent default | contract	1,882	5,988	4,677	9,549
Recorded investment troubled debt restructurings subsequent default | $	$ 309	$ 1,178	$ 783	$ 1,756
Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity | contract	3,426	10,005	6,979	22,615
Recorded investment troubled debt restructurings activity | $	$ 507	$ 1,657	$ 1,030	$ 3,756
Number of loans troubled debt restructurings subsequent default | contract	1,882	5,986	4,677	9,545
Recorded investment troubled debt restructurings subsequent default | $	$ 309	$ 1,164	$ 783	$ 1,740
Multifamily
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity | contract	0	0	0	0
Recorded investment troubled debt restructurings activity | $	$ 0	$ 0	$ 0	$ 0
Number of loans troubled debt restructurings subsequent default | contract	0	2	0	4
Recorded investment troubled debt restructurings subsequent default | $	$ 0	$ 14	$ 0	$ 16
20- and 30-year or more, amortizing fixed-rate | Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity | contract	2,907	8,511	5,896	19,367
Recorded investment troubled debt restructurings activity | $	$ 458	$ 1,497	$ 929	$ 3,406
Number of loans troubled debt restructurings subsequent default | contract	1,562	5,398	3,972	8,573
Recorded investment troubled debt restructurings subsequent default | $	$ 262	$ 1,066	$ 675	$ 1,587
15-year or less, amortizing fixed-rate | Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity | contract	308	796	677	1,869
Recorded investment troubled debt restructurings activity | $	$ 26	$ 68	$ 54	$ 166
Number of loans troubled debt restructurings subsequent default | contract	103	35	197	85
Recorded investment troubled debt restructurings subsequent default | $	$ 8	$ 3	$ 14	$ 6
Adjustable-rate | Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity | contract	37	142	78	286
Recorded investment troubled debt restructurings activity | $	$ 6	$ 22	$ 12	$ 46
Number of loans troubled debt restructurings subsequent default | contract	6	5	15	12
Recorded investment troubled debt restructurings subsequent default | $	$ 1	$ 1	$ 3	$ 2
Other | Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity | contract	174	556	328	1,093
Recorded investment troubled debt restructurings activity | $	$ 17	$ 70	$ 35	$ 138
Number of loans troubled debt restructurings subsequent default | contract	211	548	493	875
Recorded investment troubled debt restructurings subsequent default | $	$ 38	$ 94	$ 91	$ 145

Mortgage Loans - Non-accrual Lo

Mortgage Loans - Non-accrual Loans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	$ 29,484		$ 29,484		$ 36,138	$ 28,574
Total interest income recognized	107	$ 88	208	$ 257
Single-family
Financing Receivable, Nonaccrual [Line Items]
Interest income forgone	178	246	398	420
Accrued interest receivable written off through the reversal of interest income	21	45	129	132
Recorded investment in nonaccrual loans	27,264		27,264		33,985	26,505
Total interest income recognized	103	88	195	256
Single-family | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	24,728		24,728		30,173	22,907
Total interest income recognized	95	75	180	221
Single-family | 15-year or less, amortizing fixed-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	596		596		945	853
Total interest income recognized	2	2	3	6
Single-family | Other
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	1,761		1,761		2,583	2,475
Total interest income recognized	6	10	11	27
Single-family | Adjustable-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	179		179		284	270
Total interest income recognized	0	1	1	2
Multifamily
Financing Receivable, Nonaccrual [Line Items]
Interest income forgone	21	3	29	3
Accrued interest receivable written off through the reversal of interest income	0	2	1	2
Recorded investment in nonaccrual loans	2,220		2,220		$ 2,153	$ 2,069
Total interest income recognized	$ 4	$ 0	$ 13	$ 1

Allowance for Loan Losses - Rol

Allowance for Loan Losses - Rollforward by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jan. 01, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	$ (9,628)	$ (13,209)	$ (10,552)	$ (9,016)
Allowance for loan losses for HFI loans	(7,114)		(7,114)		$ (10,552)
Benefit (provision) for loan losses	2,528	161	3,294	(2,423)
Write-offs	163	45	267	134
Recoveries	(95)	(3)	(98)	(7)
Other	(82)	40	(25)	68
Ending Balance	(7,114)	(12,966)	(7,114)	(12,966)
Single-family
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	(8,547)	(12,070)	(9,344)	(8,759)
Benefit (provision) for loan losses	2,493	389	3,164	(1,788)
Write-offs	149	46	220	116
Recoveries	(77)	(3)	(79)	(6)
Other	(82)	40	(25)	68
Ending Balance	(6,064)	(11,598)	(6,064)	(11,598)
Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	(1,081)	(1,139)	(1,208)	(257)
Benefit (provision) for loan losses	35	(228)	130	(635)
Write-offs	14	(1)	47	18
Recoveries	(18)	0	(19)	(1)
Ending Balance	$ (1,050)	$ (1,368)	$ (1,050)	$ (1,368)
Transition impact of the adoption of the CECL standard
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses for HFI loans						$ (1,722)
Transition impact of the adoption of the CECL standard | Single-family
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses for HFI loans						(1,229)
Transition impact of the adoption of the CECL standard | Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses for HFI loans						$ (493)

Investments in Securities - Tra

Investments in Securities - Trading 1 (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 95,101	$ 136,542
Mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	5,321	6,013
Fannie Mae
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	1,836	2,404
Other agency
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	3,333	3,451
Private-label and other mortgage securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	152	158
Total non-mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	89,780	130,529
U.S. Treasury securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	89,707	130,456
Other securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	73	73
Consolidated trusts
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 689	$ 793

Investments in Securities - T_2

Investments in Securities - Trading 2 (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Net trading gains (losses)	$ 161	$ 135	$ (597)	$ 782
Net trading gains (losses) recognized in the period related to securities still held at period end	$ 156	$ 70	$ (586)	$ 525

Investments in Securities - Ava

Investments in Securities - Available-for-sale Securities 1 (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	$ 932	$ 1,606
Allowance for Credit Losses	(3)	(3)
Gross Unrealized Gains in AOCI	33	106
Gross Unrealized Losses in AOCI	(7)	(12)
Available-for-sale, at fair value	955	1,697
Interest excluded from amortized cost and fair value	3	6
Fannie Mae
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	550	1,094
Allowance for Credit Losses	0	0
Gross Unrealized Gains in AOCI	20	86
Gross Unrealized Losses in AOCI	(7)	(12)
Available-for-sale, at fair value	563	1,168
Other agency
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	14	59
Allowance for Credit Losses	0	0
Gross Unrealized Gains in AOCI	1	6
Gross Unrealized Losses in AOCI	0	0
Available-for-sale, at fair value	15	65
Alt-A and subprime private-label securities
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	4	4
Allowance for Credit Losses	0	0
Gross Unrealized Gains in AOCI	1	2
Gross Unrealized Losses in AOCI	0	0
Available-for-sale, at fair value	5	6
Mortgage revenue bonds
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	169	211
Allowance for Credit Losses	(3)	(3)
Gross Unrealized Gains in AOCI	6	8
Gross Unrealized Losses in AOCI	0	0
Available-for-sale, at fair value	172	216
Other mortgage-related securities
Debt Securities, Available-for-sale [Line Items]
Total amortized cost	195	238
Allowance for Credit Losses	0	0
Gross Unrealized Gains in AOCI	5	4
Gross Unrealized Losses in AOCI	0	0
Available-for-sale, at fair value	$ 200	$ 242

Investments in Securities - A_2

Investments in Securities - Available-for-sale Securities 2 (Details) - Fannie Mae - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses in AOCI	$ 0	$ (1)
Less than 12 Consecutive Months, Fair Value	0	40
12 Consecutive Months or Longer, Gross Unrealized Losses	(7)	(11)
12 Consecutive Months or Longer, Fair Value	$ 129	$ 94

Investments in Securities - A_3

Investments in Securities - Available-for-sale Securities 3 (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 46	$ 9	$ 59	$ 30
Total proceeds (excludes initial sale of securities from new portfolio securitizations)	$ 467	$ 71	$ 582	$ 121

Investments in Securities - Sch

Investments in Securities - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Schedule of Accumulated Other Comprehensive Income (Loss) [Abstract]
Net unrealized gains on AFS securities for which we have not recorded an allowance for credit losses	$ 20	$ 74
Other	37	42
Accumulated other comprehensive income	$ 57	$ 116

Investments in Securities - Mat

Investments in Securities - Maturity Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	$ 955	$ 1,697
Fair Value
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	955
One Year or Less	1
After One Year Through Five Years	27
After Five Years Through Ten Years	41
After Ten Years	886
Carrying Amount
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	929
One Year or Less	1
After One Year Through Five Years	26
After Five Years Through Ten Years	38
After Ten Years	864
Fannie Mae
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	563	1,168
Fannie Mae | Fair Value
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	563
One Year or Less	0
After One Year Through Five Years	3
After Five Years Through Ten Years	14
After Ten Years	546
Fannie Mae | Carrying Amount
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	550
One Year or Less	0
After One Year Through Five Years	3
After Five Years Through Ten Years	12
After Ten Years	535
Other agency
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	15	65
Other agency | Fair Value
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	15
One Year or Less	0
After One Year Through Five Years	0
After Five Years Through Ten Years	1
After Ten Years	14
Other agency | Carrying Amount
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	14
One Year or Less	0
After One Year Through Five Years	0
After Five Years Through Ten Years	1
After Ten Years	13
Alt-A and subprime private-label securities
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	5	6
Alt-A and subprime private-label securities | Fair Value
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	5
One Year or Less	0
After One Year Through Five Years	0
After Five Years Through Ten Years	2
After Ten Years	3
Alt-A and subprime private-label securities | Carrying Amount
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	4
One Year or Less	0
After One Year Through Five Years	0
After Five Years Through Ten Years	2
After Ten Years	2
Mortgage revenue bonds
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	172	216
Mortgage revenue bonds | Fair Value
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	172
One Year or Less	1
After One Year Through Five Years	24
After Five Years Through Ten Years	19
After Ten Years	128
Mortgage revenue bonds | Carrying Amount
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	166
One Year or Less	1
After One Year Through Five Years	23
After Five Years Through Ten Years	19
After Ten Years	123
Other mortgage-related securities
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	200	$ 242
Other mortgage-related securities | Fair Value
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	200
One Year or Less	0
After One Year Through Five Years	0
After Five Years Through Ten Years	5
After Ten Years	195
Other mortgage-related securities | Carrying Amount
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity
Total amortized cost and fair value of AFS	195
One Year or Less	0
After One Year Through Five Years	0
After Five Years Through Ten Years	4
After Ten Years	$ 191

Financial Guarantees - Financia

Financial Guarantees - Financial Guarantees and Maximum Recovery (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Financial Guarantees and Maximum Recovery [Line Items]
Contractual terms of our guarantees	31 years
Maximum Exposure	$ 15,229	$ 16,252
Guaranty Obligation	112	127
Maximum Recovery	6,289	6,664
Unconsolidated Fannie Mae MBS | Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	4,178	4,424
Guaranty Obligation	16	18
Maximum Recovery	4,044	4,226
Other guaranty arrangements | Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	11,051	11,828
Guaranty Obligation	96	109
Maximum Recovery	2,245	2,438
Other agency | Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Single security, Freddie Mac issued securities backing unconsolidated Fannie Mae securities	$ 168,900	$ 137,300

Short-Term and Long-Term Debt -

Short-Term and Long-Term Debt - Short-Term Debt (Details) - Fannie Mae - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Short-Term Debt [Line Items]
Short-term debt, weighted-average interest rate (percent)	0.01%	0.18%
Short-term debt, outstanding	$ 2,280	$ 12,173

Short-Term and Long-Term Debt_2

Short-Term and Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 4,093,995	$ 3,923,563
Long-term debt, weighted-average interest rate (percent)	1.83%	1.85%
Fannie Mae
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 249,296	$ 277,399
Long-term debt, weighted-average interest rate (percent)	1.39%	1.34%
Unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments	$ 1,100	$ 392
Fannie Mae | Total senior fixed
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 147,484	$ 161,916
Long-term debt, weighted-average interest rate (percent)	1.77%	1.69%
Fannie Mae | Senior fixed benchmark notes and bonds
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 96,513	$ 106,691
Long-term debt, weighted-average interest rate (percent)	2.14%	2.03%
Fannie Mae | Senior fixed medium-term notes
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 43,898	$ 48,524
Long-term debt, weighted-average interest rate (percent)	0.61%	0.63%
Fannie Mae | Senior fixed other debt
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 7,073	$ 6,701
Long-term debt, weighted-average interest rate (percent)	3.84%	3.90%
Fannie Mae | Total senior floating
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 101,812	$ 115,483
Long-term debt, weighted-average interest rate (percent)	0.85%	0.86%
Fannie Mae | Senior floating medium-term notes
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 87,364	$ 100,089
Long-term debt, weighted-average interest rate (percent)	0.30%	0.35%
Fannie Mae | Senior floating Connecticut Avenue Securities
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 14,051	$ 14,978
Long-term debt, weighted-average interest rate (percent)	4.11%	4.16%
Fannie Mae | Senior floating other debt
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 397	$ 416
Long-term debt, weighted-average interest rate (percent)	9.20%	7.75%
Consolidated Trusts
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 3,844,699	$ 3,646,164
Long-term debt, weighted-average interest rate (percent)	1.86%	1.88%

Derivative Instruments - Deriva

Derivative Instruments - Derivatives 1 - Notional and FV Position (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Asset Derivatives
Notional Amount	$ 286,196	$ 450,981
Estimated Fair Value	395	1,225
Netting adjustment	(331)	(905)
Liability Derivatives
Notional Amount	228,204	288,198
Estimated Fair Value	(518)	(1,495)
Netting adjustment	849	995
Table Footnote [Abstract]
Cash collateral posted for derivative instruments	556	658
Cash collateral received for derivative instruments	38	568
Fair Value Hedging | Designated as Hedging Instrument
Asset Derivatives
Notional Amount	46,952	0
Estimated Fair Value	0	0
Liability Derivatives
Notional Amount	0	0
Estimated Fair Value	0	0
Pay-fixed Swap
Asset Derivatives
Notional Amount	72,778	88,361
Estimated Fair Value	0	0
Liability Derivatives
Notional Amount	2,353	11,461
Estimated Fair Value	(59)	(595)
Pay-fixed Swap | Fair Value Hedging | Designated as Hedging Instrument
Asset Derivatives
Notional Amount	1,695	0
Estimated Fair Value	0	0
Liability Derivatives
Notional Amount	0	0
Estimated Fair Value	0	0
Receive-fixed Swap
Asset Derivatives
Notional Amount	35,651	92,315
Estimated Fair Value	2	233
Liability Derivatives
Notional Amount	44,478	33,919
Estimated Fair Value	(694)	(123)
Receive-fixed Swap | Fair Value Hedging | Designated as Hedging Instrument
Asset Derivatives
Notional Amount	45,257	0
Estimated Fair Value	0	0
Liability Derivatives
Notional Amount	0	0
Estimated Fair Value	0	0
Basis Swap
Asset Derivatives
Notional Amount	250	250
Estimated Fair Value	166	192
Liability Derivatives
Notional Amount	0	0
Estimated Fair Value	0	0
Foreign Currency Swap
Asset Derivatives
Notional Amount	239	237
Estimated Fair Value	43	57
Liability Derivatives
Notional Amount	104	239
Estimated Fair Value	(31)	(58)
Pay-fixed Swaption
Asset Derivatives
Notional Amount	4,430	5,530
Estimated Fair Value	62	37
Liability Derivatives
Notional Amount	410	2,025
Estimated Fair Value	(18)	(118)
Receive-fixed Swaption
Asset Derivatives
Notional Amount	390	3,355
Estimated Fair Value	9	346
Liability Derivatives
Notional Amount	950	700
Estimated Fair Value	(28)	(16)
Futures
Asset Derivatives
Notional Amount	0	64,398
Estimated Fair Value	0	0
Liability Derivatives
Notional Amount	0	0
Estimated Fair Value	0	0
Risk Management Derivatives
Asset Derivatives
Notional Amount	113,738	254,446
Estimated Fair Value	282	865
Accrued interest receivable (payable)	83	97
Netting adjustment	(331)	(905)
Liability Derivatives
Notional Amount	48,295	48,344
Estimated Fair Value	(830)	(910)
Accrued interest receivable (payable)	(29)	(105)
Netting adjustment	849	995
Risk Management Derivatives | Not Designated as Hedging Instrument, Economic Hedge
Asset Derivatives
Notional Amount	113,738	254,446
Total net risk management derivatives	365	962
Liability Derivatives
Notional Amount	48,295	48,344
Total net risk management derivatives	(859)	(1,015)
Total risk management derivatives portfolio
Asset Derivatives
Notional Amount	160,690	254,446
Total net risk management derivatives	34	57
Liability Derivatives
Notional Amount	48,295	48,344
Total net risk management derivatives	(10)	(20)
Mortgage commitments to purchase whole loans
Asset Derivatives
Notional Amount	18,500	35,292
Estimated Fair Value	43	145
Liability Derivatives
Notional Amount	1,609	51
Estimated Fair Value	(2)	0
Forward contracts to purchase mortgage-related securities
Asset Derivatives
Notional Amount	76,309	144,215
Estimated Fair Value	254	844
Liability Derivatives
Notional Amount	28,596	607
Estimated Fair Value	(25)	0
Forward contracts to sell mortgage-related securities
Asset Derivatives
Notional Amount	19,017	199
Estimated Fair Value	14	0
Liability Derivatives
Notional Amount	140,605	227,828
Estimated Fair Value	(449)	(1,426)
Mortgage commitment derivatives
Asset Derivatives
Notional Amount	113,826	179,706
Estimated Fair Value	311	989
Netting adjustment	0	0
Liability Derivatives
Notional Amount	170,810	228,486
Estimated Fair Value	(476)	(1,426)
Netting adjustment	0	0
Credit enhancement derivatives
Asset Derivatives
Notional Amount	11,680	16,829
Estimated Fair Value	50	179
Liability Derivatives
Notional Amount	9,099	11,368
Estimated Fair Value	$ (32)	$ (49)

Derivative Instruments - Deri_2

Derivative Instruments - Derivatives 2 - FV Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	$ (507)	$ (569)	$ 641	$ (1,934)
Net contractual interest income (expense) on interest-rate swaps	8,286	5,777	15,028	11,124
Interest income on mortgage loans	24,932	27,007	48,285	55,945
Long-term debt	(16,820)	(21,460)	(33,637)	(45,437)
Hedged Asset, Fair Value Hedge	125,321		125,321
Hedged Liability, Fair Value Hedge	(62,688)		(62,688)
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	70		70
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	771		771
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	70		70
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease)	771		771
Hedged Asset, Fair Value Hedge, Last-of-Layer, Cumulative Increase (Decrease)	40,570		40,570
Hedged Asset, Fair Value Hedge, Last-of-Layer, Amount	1,728		1,728
Pay-fixed Swap
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(695)	(94)	1,512	(4,123)
Receive-fixed Swap
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	757	191	(1,098)	3,534
Basis Swap
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	19	17	(27)	73
Foreign Currency Swap
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	4	4	(4)	(34)
Pay-fixed Swaption
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(58)	(13)	49	(161)
Receive-fixed Swaption
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	30	25	(209)	657
Futures
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	0	(4)	1	(75)
Risk Management Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	64	62	220	(299)
Net contractual interest income (expense) on interest-rate swaps	7	(64)	(4)	(170)
Mortgage commitment derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(553)	(662)	529	(1,655)
Credit enhancement derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(18)	$ 31	(108)	$ 20
Interest rate risk on held-for-investment mortgage loan | Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) in hedged item	106		70
Change in unrealized gain (loss) in derivatives designated as hedging instruments	(106)		(70)
Interest accruals on hedging instruments	(5)		(5)
Total effect of fair value hedges	(5)		(5)
Interest rate risk on debt | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) in hedged item	(390)		805
Change in unrealized gain (loss) in derivatives designated as hedging instruments	423		(791)
Interest accruals on hedging instruments	59		113
Discontinued hedge related basis adjustment amortization	(21)		(34)
Total effect of fair value hedges	$ 71		$ 93

Segment Reporting (Details)

Segment Reporting (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segments	Jun. 30, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments | segments			2
Net interest income	$ 8,286	$ 5,777	$ 15,028	$ 11,124
Fee and other income	103	90	190	210
Net revenues	8,389	5,867	15,218	11,334
Investment gains (losses), net	646	149	691	(9)
Fair value gains (losses), net	(446)	(1,018)	338	(1,294)
Administrative expenses	(746)	(754)	(1,494)	(1,503)
Benefit (provision) for credit losses	2,588	(12)	3,353	(2,595)
Foreclosed property expense	(41)	(10)	(36)	(90)
Total credit-related income (expense)	2,547	(22)	3,317	(2,685)
TCCA fees	(758)	(660)	(1,489)	(1,297)
Credit enhancement expense	(274)	(360)	(558)	(736)
Change in expected credit enhancement recoveries	(44)	273	(75)	461
Other income (expenses), net	(280)	(261)	(599)	(479)
Income before federal income taxes	9,034	3,214	15,349	3,792
Provision for federal income taxes	(1,882)	(669)	(3,204)	(786)
Net income	7,152	2,545	12,145	3,006
US Treasury
Segment Reporting Information [Line Items]
TCCA fees	(758)	(660)	(1,489)	(1,297)
Business Segments | Single-Family
Segment Reporting Information [Line Items]
Net interest income	7,323	4,939	13,217	9,480
Fee and other income	80	71	142	165
Net revenues	7,403	5,010	13,359	9,645
Investment gains (losses), net	658	96	722	(56)
Fair value gains (losses), net	(386)	(1,030)	354	(1,490)
Administrative expenses	(619)	(625)	(1,242)	(1,254)
Benefit (provision) for credit losses	2,553	219	3,215	(1,953)
Foreclosed property expense	(28)	(3)	(11)	(81)
Total credit-related income (expense)	2,525	216	3,204	(2,034)
Credit enhancement expense	(219)	(307)	(445)	(623)
Change in expected credit enhancement recoveries	(57)	208	(73)	266
Other income (expenses), net	(315)	(252)	(602)	(415)
Income before federal income taxes	8,232	2,656	13,788	2,742
Provision for federal income taxes	(1,725)	(556)	(2,887)	(574)
Net income	6,507	2,100	10,901	2,168
Business Segments | Single-Family | US Treasury
Segment Reporting Information [Line Items]
TCCA fees	(758)	(660)	(1,489)	(1,297)
Business Segments | Multifamily
Segment Reporting Information [Line Items]
Net interest income	963	838	1,811	1,644
Fee and other income	23	19	48	45
Net revenues	986	857	1,859	1,689
Investment gains (losses), net	(12)	53	(31)	47
Fair value gains (losses), net	(60)	12	(16)	196
Administrative expenses	(127)	(129)	(252)	(249)
Benefit (provision) for credit losses	35	(231)	138	(642)
Foreclosed property expense	(13)	(7)	(25)	(9)
Total credit-related income (expense)	22	(238)	113	(651)
Credit enhancement expense	(55)	(53)	(113)	(113)
Change in expected credit enhancement recoveries	13	65	(2)	195
Other income (expenses), net	35	(9)	3	(64)
Income before federal income taxes	802	558	1,561	1,050
Provision for federal income taxes	(157)	(113)	(317)	(212)
Net income	645	445	1,244	838
Business Segments | Multifamily | US Treasury
Segment Reporting Information [Line Items]
TCCA fees	$ 0	$ 0	$ 0	$ 0

Concentrations of Credit Risk -

Concentrations of Credit Risk - SF Risk Characteristics (Details) - Single-family	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Guaranty Book of Business | Conventional Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)	0.63%	0.88%
60 days delinquent (percentage of book of business)	0.18%	0.33%
Seriously delinquent (percentage of book of business)	2.14%	3.10%
30 days delinquent (percentage of conventional loans)	0.74%	1.02%
60 days delinquent (percentage of conventional loans)	0.20%	0.36%
Seriously delinquent (percentage of conventional loans)	2.08%	2.87%
Guaranty Book of Business | Conventional Loan | Estimated mark-to-market loan-to-value ratio greater than 100%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	20.48%	22.43%
Guaranty Book of Business | Conventional Loan | Alt-A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	7.88%	9.32%
Percentage of Unpaid Principal Balance of Loans	1.00%	1.00%
Guaranty Book of Business | Conventional Loan | 2004 and prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	5.04%	5.88%
Percentage of Unpaid Principal Balance of Loans	1.00%	2.00%
Guaranty Book of Business | Conventional Loan | 2005-2008
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	8.75%	9.98%
Percentage of Unpaid Principal Balance of Loans	2.00%	2.00%
Guaranty Book of Business | Conventional Loan | 2009-2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	1.69%	2.39%
Percentage of Unpaid Principal Balance of Loans	97.00%	96.00%
Guaranty Book of Business | Conventional Loan | California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	1.84%	2.62%
Percentage of Unpaid Principal Balance of Loans	20.00%	19.00%
Guaranty Book of Business | Conventional Loan | Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	2.81%	4.17%
Percentage of Unpaid Principal Balance of Loans	6.00%	6.00%
Guaranty Book of Business | Conventional Loan | Illinois
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	2.51%	3.10%
Percentage of Unpaid Principal Balance of Loans	3.00%	3.00%
Guaranty Book of Business | Conventional Loan | New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	3.33%	4.57%
Percentage of Unpaid Principal Balance of Loans	3.00%	3.00%
Guaranty Book of Business | Conventional Loan | New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	3.71%	4.79%
Percentage of Unpaid Principal Balance of Loans	5.00%	5.00%
Guaranty Book of Business | Conventional Loan | All other states
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	1.88%	2.59%
Percentage of Unpaid Principal Balance of Loans	63.00%	64.00%
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	90 days	90 days

Concentrations of Credit Risk_2

Concentrations of Credit Risk - MF Risk Characteristics (Details) - Multifamily	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	60 days
Current debt service coverage ratio reporting lag	3 months
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	89 days
Current debt service coverage ratio (higher risk loans)	1
Current debt service coverage ratio reporting lag	6 months
Guaranty Book of Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)	0.30%	0.29%
Seriously delinquent (percentage of book of business)	0.53%	0.98%
Guaranty Book of Business | Original LTV ratio greater than 80%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	1.00%	1.00%
Loans seriously delinquent, percentage by unpaid principal balance	0.82%	1.04%
Guaranty Book of Business | Original LTV ratio less than or equal to 80%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	99.00%	99.00%
Loans seriously delinquent, percentage by unpaid principal balance	0.53%	0.98%
Guaranty Book of Business | Current DSCR below 1.0
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	2.00%	2.00%
Loans seriously delinquent, percentage by unpaid principal balance	15.66%	21.19%

Concentrations of Credit Risk_3

Concentrations of Credit Risk - Other Concentrations (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)contract	Dec. 31, 2020USD ($)
Concentration Risk [Line Items]
Number of mortgage insurers | contract	3
Estimated benefit included in loss reserves	$ 766	$ 1,400
Receivable from claims on insured, defaulted loans excluding government insured loans	537	560
Allowance for mortgage insurance receivable	$ 479	497
PMI Mortgage Insurance Company
Concentration Risk [Line Items]
Mortgage insurance coverage risk in force percentage to be paid in cash	77.50%
Mortgage insurance coverage risk in force percentage to be deferred	22.50%
Triad Guaranty Insurance Corporation 1
Concentration Risk [Line Items]
Mortgage insurance coverage risk in force percentage to be paid in cash	75.00%
Mortgage insurance coverage risk in force percentage to be deferred	25.00%
Single-family | Guaranty Book of Business
Concentration Risk [Line Items]
Primary mortgage insurance	$ 173,773	170,890
Pool mortgage insurance	278	291
Total mortgage insurance risk in force	$ 174,051	$ 171,181
Total mortgage insurance coverage risk in force (as percentage)	5.00%	5.00%
Single-family | Guaranty Book of Business | Credit Concentration Risk | Group of Largest Mortgage Servicers including Affiliates
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	44.00%	48.00%
Single-family | Guaranty Book of Business | Credit Concentration Risk | Group of Largest Mortgage Servicers including Affiliates | Top five non-depository servicers
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	23.00%	24.00%
Single-family | Guaranty Book of Business | Credit Concentration Risk | Wells Fargo Bank N.A. | Depository servicer
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	11.00%	13.00%
Single-family | Guaranty Book of Business | Credit Concentration Risk | Other Servicers | Depository servicer
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	10.00%	11.00%
Single-family | Guaranty Book of Business | Insurance Service Provider Concentration Risk
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	100.00%	100.00%
Mortgage insurance coverage risk in force for insurers with credit quality deterioration	$ 2,000
Percentage of concentration (percent)	1.00%
Single-family | Guaranty Book of Business | Insurance Service Provider Concentration Risk | Arch Capital Group Ltd.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	20.00%	21.00%
Single-family | Guaranty Book of Business | Insurance Service Provider Concentration Risk | Mortgage Guaranty Insurance Corp.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	19.00%	18.00%
Single-family | Guaranty Book of Business | Insurance Service Provider Concentration Risk | Radian Guaranty, Inc.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	17.00%	19.00%
Single-family | Guaranty Book of Business | Insurance Service Provider Concentration Risk | Genworth Mortgage Insurance Corp.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	17.00%	16.00%
Single-family | Guaranty Book of Business | Insurance Service Provider Concentration Risk | Essent Guaranty, Inc.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	16.00%	16.00%
Single-family | Guaranty Book of Business | Insurance Service Provider Concentration Risk | National Mortgage Insurance Corp.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	10.00%	9.00%
Single-family | Guaranty Book of Business | Insurance Service Provider Concentration Risk | Others
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	1.00%	1.00%
Multifamily | Guaranty Book of Business | Credit Concentration Risk | Group of Largest Mortgage Servicers including Affiliates
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	48.00%	48.00%
Multifamily | Guaranty Book of Business | Credit Concentration Risk | Wells Fargo Bank N.A.
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	13.00%	12.00%
Multifamily | Guaranty Book of Business | Credit Concentration Risk | Walker & Dunlop, LLC
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	11.00%	12.00%
Multifamily | Guaranty Book of Business | Credit Concentration Risk | Other Servicers
Concentration Risk [Line Items]
Percentage of Risk-in-Force Coverage by Mortgage Insurer	24.00%	24.00%

Netting Arrangements (Details)

Netting Arrangements (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets:
Derivative assets, gross amount	$ 676	$ 1,951
Derivative assets, gross amount offset	(331)	(905)
Derivative assets, net amount presented in our condensed consolidated balance sheets	345	1,046
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	(182)	(406)
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	0	(53)
Derivative assets, net amount	163	587
Securities purchased under agreements to resell or similar arrangements, gross amount	90,838	46,644
Securities purchased under agreements to resell or similar arrangements, gross amount offset	0	0
Securities purchased under agreements to resell or similar arrangements, under master netting arrangements,	90,838	46,644
Securities purchased under agreements to resell or similar arrangements, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	0	0
Securities purchased under agreements to resell or similar arrangements, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(90,838)	(46,644)
Securities purchased under agreements to resell or similar arrangements, net amount	0	0
Total assets, gross amount	91,514	48,595
Total assets, gross amount offset	(331)	(905)
Total assets, net amount presented in our condensed consolidated balance sheets	91,183	47,690
Total assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	(182)	(406)
Total assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(90,838)	(46,697)
Total assets, net amount	163	587
Liabilities:
Derivative liabilities, gross amount	(1,335)	(2,441)
Derivative liabilities, gross amount offset	849	995
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(486)	(1,446)
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	182	406
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	295	1,019
Derivative liabilities, net amount	(9)	(21)
Total liabilities, gross amount	(1,335)	(2,441)
Total liabilities, gross amount offset	849	995
Total liabilities, net amount presented in our condensed consolidated balance sheets	(486)	(1,446)
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	182	406
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	295	1,019
Total liabilities, net amount	(9)	(21)
Risk Management Derivatives
Assets:
Derivative assets, gross amount offset	(331)	(905)
Liabilities:
Derivative liabilities, gross amount offset	849	995
Mortgage commitment derivatives
Assets:
Derivative assets, gross amount	311	989
Derivative assets, gross amount offset	0	0
Derivative assets, net amount presented in our condensed consolidated balance sheets	311	989
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	(182)	(406)
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	0	(53)
Derivative assets, net amount	129	530
Liabilities:
Derivative liabilities, gross amount	(476)	(1,426)
Derivative liabilities, gross amount offset	0	0
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(476)	(1,426)
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	182	406
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	288	1,017
Derivative liabilities, net amount	(6)	(3)
Over the Counter | Risk Management Derivatives
Assets:
Derivative assets, gross amount	365	962
Derivative assets, gross amount offset	(348)	(952)
Derivative assets, net amount presented in our condensed consolidated balance sheets	17	10
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	0	0
Derivative assets, net amount	17	10
Liabilities:
Derivative liabilities, gross amount	(859)	(1,015)
Derivative liabilities, gross amount offset	856	999
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(3)	(16)
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	0	0
Derivative liabilities, net amount	(3)	(16)
Exchange Cleared | Risk Management Derivatives
Assets:
Derivative assets, gross amount	0	0
Derivative assets, gross amount offset	17	47
Derivative assets, net amount presented in our condensed consolidated balance sheets	17	47
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	0	0
Derivative assets, net amount	17	47
Liabilities:
Derivative liabilities, gross amount	0	0
Derivative liabilities, gross amount offset	(7)	(4)
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(7)	(4)
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	7	2
Derivative liabilities, net amount	$ 0	$ (2)

Netting Arrangements - Narrativ

Netting Arrangements - Narratives (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Fair value of non-cash collateral we pledged	$ 4,500	$ 4,700
Fair value of non-cash collateral received	91,000	46,600
Fair value of non-cash collateral received that can be resold or repledged	59,800	46,600
Fair value of securities received as collateral that have been resold or re-pledged	0	0
Derivative assets not subject to enforceable master netting arrangements	50	179
Derivative liabilities not subject to enforceable master netting arrangements	32	49
Cash and Cash Equivalents
Derivative [Line Items]
Securities purchased under agreements to resell	34,000	18,400
Restricted Cash and Cash Equivalent
Derivative [Line Items]
Securities purchased under agreements to resell	$ 13,000	$ 0

Fair Value - Levels Hierarchy (

Fair Value - Levels Hierarchy (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets [Abstract]
Mortgage loans held for investment, net of allowance for loan losses	$ 5,616	$ 6,490
Other assets [Abstract]
Derivative assets, gross amount offset	(331)	(905)
Other liabilities [Abstract]
Derivative liabilities, gross amount offset	(849)	(995)
Mortgage commitment derivatives
Other assets [Abstract]
Derivative assets, gross amount offset	0	0
Other liabilities [Abstract]
Derivative liabilities, gross amount offset	0	0
Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	2,946	3,728
Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	22,972	24,586
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets [Abstract]
Trading securities	89,707	130,456
Available-for-sale securities	0	0
Mortgage loans held for investment, net of allowance for loan losses	0	0
Other assets [Abstract]
Derivative assets at fair value	0	0
Total nonrecurring assets at fair value	168,056	227,635
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Total liabilities at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	0	0
Significant Other Observable Inputs (Level 2)
Assets [Abstract]
Trading securities	5,253	5,991
Available-for-sale securities	503	1,049
Mortgage loans held for investment, net of allowance for loan losses	3,688,808	3,512,672
Other assets [Abstract]
Derivative assets at fair value	500	1,748
Total nonrecurring assets at fair value	3,794,016	3,578,668
Other liabilities [Abstract]
Derivative liabilities at fair value	1,335	2,441
Total liabilities at fair value	4,153,252	4,059,705
Significant Other Observable Inputs (Level 2) | Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	258,200	288,414
Significant Other Observable Inputs (Level 2) | Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	3,891,437	3,756,673
Significant Unobservable Inputs (Level 3)
Assets [Abstract]
Trading securities	141	95
Available-for-sale securities	452	648
Mortgage loans held for investment, net of allowance for loan losses	234,637	255,556
Other assets [Abstract]
Derivative assets at fair value	226	382
Total nonrecurring assets at fair value	241,668	262,442
Other liabilities [Abstract]
Derivative liabilities at fair value	32	49
Total liabilities at fair value	31,993	32,593
Significant Unobservable Inputs (Level 3) | Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	844	878
Significant Unobservable Inputs (Level 3) | Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	31,043	31,584
Recurring
Assets [Abstract]
Trading securities	95,101	136,542
Available-for-sale securities	955	1,697
Mortgage loans held for investment, net of allowance for loan losses	5,616	6,490
Other assets [Abstract]
Derivative assets at fair value	395	1,225
Derivative assets, gross amount offset	(331)	(905)
Total nonrecurring assets at fair value	105,191	147,074
Liabilities [Abstract]
Long-term debt at fair value	25,918	28,314
Other liabilities [Abstract]
Derivative liabilities at fair value	518	1,495
Derivative liabilities, gross amount offset	(849)	(995)
Total liabilities at fair value	26,436	29,809
Cash and Cash Equivalents, Fair Value Disclosure	3,124	1,120
Recurring | Swaps [Member]
Other assets [Abstract]
Derivative assets at fair value	294	579
Other liabilities [Abstract]
Derivative liabilities at fair value	813	881
Recurring | Swaptions [Member]
Other assets [Abstract]
Derivative assets at fair value	71	383
Other liabilities [Abstract]
Derivative liabilities at fair value	46	134
Recurring | Mortgage commitment derivatives
Other assets [Abstract]
Derivative assets at fair value	311	989
Other liabilities [Abstract]
Derivative liabilities at fair value	476	1,426
Recurring | Other
Other assets [Abstract]
Derivative assets at fair value	50	179
Other liabilities [Abstract]
Derivative liabilities at fair value	32	49
Recurring | Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	2,946	3,728
Recurring | Fannie Mae | Total senior floating
Liabilities [Abstract]
Long-term debt at fair value	2,946	3,728
Recurring | Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	22,972	24,586
Recurring | Fannie Mae
Assets [Abstract]
Trading securities	1,836	2,404
Available-for-sale securities	563	1,168
Recurring | Other agency
Assets [Abstract]
Trading securities	3,333	3,451
Available-for-sale securities	15	65
Recurring | Private-label and other mortgage securities
Assets [Abstract]
Trading securities	152	158
Available-for-sale securities	5	6
Recurring | Mortgage revenue bonds
Assets [Abstract]
Available-for-sale securities	172	216
Recurring | Other
Assets [Abstract]
Available-for-sale securities	200	242
Recurring | U.S. Treasury securities
Assets [Abstract]
Trading securities	89,707	130,456
Recurring | Other securities
Assets [Abstract]
Trading securities	73	73
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets [Abstract]
Trading securities	89,707	130,456
Available-for-sale securities	0	0
Mortgage loans held for investment, net of allowance for loan losses	0	0
Other assets [Abstract]
Derivative assets at fair value	0	0
Total nonrecurring assets at fair value	92,831	131,576
Liabilities [Abstract]
Long-term debt at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Total liabilities at fair value	0	0
Cash and Cash Equivalents, Fair Value Disclosure	3,124	1,120
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Swaps [Member]
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Swaptions [Member]
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage commitment derivatives
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fannie Mae | Total senior floating
Liabilities [Abstract]
Long-term debt at fair value	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fannie Mae
Assets [Abstract]
Trading securities	0	0
Available-for-sale securities	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other agency
Assets [Abstract]
Trading securities	0	0
Available-for-sale securities	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Private-label and other mortgage securities
Assets [Abstract]
Trading securities	0	0
Available-for-sale securities	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage revenue bonds
Assets [Abstract]
Available-for-sale securities	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other
Assets [Abstract]
Available-for-sale securities	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities
Assets [Abstract]
Trading securities	89,707	130,456
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other securities
Assets [Abstract]
Trading securities	0	0
Recurring | Significant Other Observable Inputs (Level 2)
Assets [Abstract]
Trading securities	5,253	5,991
Available-for-sale securities	503	1,049
Mortgage loans held for investment, net of allowance for loan losses	4,784	5,629
Other assets [Abstract]
Derivative assets at fair value	500	1,748
Total nonrecurring assets at fair value	11,040	14,417
Liabilities [Abstract]
Long-term debt at fair value	25,466	27,815
Other liabilities [Abstract]
Derivative liabilities at fair value	1,335	2,441
Total liabilities at fair value	26,801	30,256
Recurring | Significant Other Observable Inputs (Level 2) | Swaps [Member]
Other assets [Abstract]
Derivative assets at fair value	118	376
Other liabilities [Abstract]
Derivative liabilities at fair value	813	881
Recurring | Significant Other Observable Inputs (Level 2) | Swaptions [Member]
Other assets [Abstract]
Derivative assets at fair value	71	383
Other liabilities [Abstract]
Derivative liabilities at fair value	46	134
Recurring | Significant Other Observable Inputs (Level 2) | Mortgage commitment derivatives
Other assets [Abstract]
Derivative assets at fair value	311	989
Other liabilities [Abstract]
Derivative liabilities at fair value	476	1,426
Recurring | Significant Other Observable Inputs (Level 2) | Other
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	2,549	3,312
Recurring | Significant Other Observable Inputs (Level 2) | Fannie Mae | Total senior floating
Liabilities [Abstract]
Long-term debt at fair value	2,549	3,312
Recurring | Significant Other Observable Inputs (Level 2) | Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	22,917	24,503
Recurring | Significant Other Observable Inputs (Level 2) | Fannie Mae
Assets [Abstract]
Trading securities	1,695	2,310
Available-for-sale securities	479	973
Recurring | Significant Other Observable Inputs (Level 2) | Other agency
Assets [Abstract]
Trading securities	3,333	3,450
Available-for-sale securities	15	65
Recurring | Significant Other Observable Inputs (Level 2) | Private-label and other mortgage securities
Assets [Abstract]
Trading securities	152	158
Available-for-sale securities	3	4
Recurring | Significant Other Observable Inputs (Level 2) | Mortgage revenue bonds
Assets [Abstract]
Available-for-sale securities	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Other
Assets [Abstract]
Available-for-sale securities	6	7
Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury securities
Assets [Abstract]
Trading securities	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Other securities
Assets [Abstract]
Trading securities	73	73
Recurring | Significant Unobservable Inputs (Level 3)
Assets [Abstract]
Trading securities	141	195
Available-for-sale securities	452	648
Mortgage loans held for investment, net of allowance for loan losses	832	861
Other assets [Abstract]
Derivative assets at fair value	226	382
Total nonrecurring assets at fair value	1,651	1,986
Liabilities [Abstract]
Long-term debt at fair value	452	499
Other liabilities [Abstract]
Derivative liabilities at fair value	32	49
Total liabilities at fair value	484	548
Recurring | Significant Unobservable Inputs (Level 3) | Swaps [Member]
Other assets [Abstract]
Derivative assets at fair value	176	203
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Swaptions [Member]
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage commitment derivatives
Other assets [Abstract]
Derivative assets at fair value	0	0
Other liabilities [Abstract]
Derivative liabilities at fair value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Other
Other assets [Abstract]
Derivative assets at fair value	50	179
Other liabilities [Abstract]
Derivative liabilities at fair value	32	49
Recurring | Significant Unobservable Inputs (Level 3) | Fannie Mae
Liabilities [Abstract]
Long-term debt at fair value	397	416
Recurring | Significant Unobservable Inputs (Level 3) | Fannie Mae | Total senior floating
Liabilities [Abstract]
Long-term debt at fair value	397	416
Recurring | Significant Unobservable Inputs (Level 3) | Consolidated Trusts
Liabilities [Abstract]
Long-term debt at fair value	55	83
Recurring | Significant Unobservable Inputs (Level 3) | Fannie Mae
Assets [Abstract]
Trading securities	141	94
Available-for-sale securities	84	195
Recurring | Significant Unobservable Inputs (Level 3) | Other agency
Assets [Abstract]
Trading securities	0	1
Available-for-sale securities	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Private-label and other mortgage securities
Assets [Abstract]
Trading securities	0	0
Available-for-sale securities	2	2
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage revenue bonds
Assets [Abstract]
Available-for-sale securities	172	216
Recurring | Significant Unobservable Inputs (Level 3) | Other
Assets [Abstract]
Available-for-sale securities	194	235
Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury securities
Assets [Abstract]
Trading securities	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Other securities
Assets [Abstract]
Trading securities	$ 0	0
Recurring | Significant Unobservable Inputs (Level 3) | Trading Securities
Assets [Abstract]
Trading securities		$ 95

Fair Value - Level 3 Rollforwar

Fair Value - Level 3 Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Total trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	$ 1	$ 5	$ 2	$ (8)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	109	162	95	46
Total gains (losses) (realized/unrealized) Included in Net Income	(4)	7	(5)	(2)
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	3	0	3	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	0	(3)	0	(3)
Transfers out of Level 3	(32)	(34)	(40)	(46)
Transfers into Level 3	65	4	88	141
Ending Balance	141	136	141	136
Total trading securities | Fannie Mae
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	1	0	2	(8)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	109	68	94	45
Total gains (losses) (realized/unrealized) Included in Net Income	(4)	0	(5)	(9)
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	3	0	3	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	0	0	0	0
Transfers out of Level 3	(32)	(34)	(39)	(45)
Transfers into Level 3	65	4	88	47
Ending Balance	141	38	141	38
Total trading securities | Other agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets			0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance			1	1
Total gains (losses) (realized/unrealized) Included in Net Income			0	0
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)			0	0
Purchases			0	0
Sales			0	0
Issues			0	0
Settlements			0	0
Transfers out of Level 3			(1)	(1)
Transfers into Level 3			0	0
Ending Balance	0	0	0	0
Total trading securities | Private-label and other mortgage securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets		5		0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		94		0
Total gains (losses) (realized/unrealized) Included in Net Income		7		7
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)		0		0
Purchases		0		0
Sales		0		0
Issues		0		0
Settlements		(3)		(3)
Transfers out of Level 3		0		0
Transfers into Level 3		0		94
Ending Balance		98		98
Total available-for-sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	611	768	648	792
Total gains (losses) (realized/unrealized) Included in Net Income	5	(3)	8	(17)
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	4	(3)	2	2
Purchases	0	0	0	342
Sales	0	0	0	(342)
Issues	0	0	0	0
Settlements	(61)	(48)	(99)	(77)
Transfers out of Level 3	(107)	0	(107)	0
Transfers into Level 3	0	266	0	280
Ending Balance	452	980	452	980
Total available-for-sale securities | Fannie Mae
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	189	188	195	171
Total gains (losses) (realized/unrealized) Included in Net Income	1	0	1	0
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	5	(4)	2	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	(4)	(2)	(7)	(3)
Transfers out of Level 3	(107)	0	(107)	0
Transfers into Level 3	0	264	0	278
Ending Balance	84	446	84	446
Total available-for-sale securities | Private-label and other mortgage securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1	0	2	0
Total gains (losses) (realized/unrealized) Included in Net Income	0	0	0	0
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	1	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	0	0	0	0
Transfers out of Level 3	0	0	0	0
Transfers into Level 3	0	2	0	2
Ending Balance	2	2	2	2
Total available-for-sale securities | Mortgage revenue bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	191	296	216	315
Total gains (losses) (realized/unrealized) Included in Net Income	0	0	0	(3)
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(1)	1	(2)	3
Purchases	0	0	0	74
Sales	0	0	0	(74)
Issues	0	0	0	0
Settlements	(18)	(19)	(42)	(37)
Transfers out of Level 3	0	0	0	0
Transfers into Level 3	0	0	0	0
Ending Balance	172	278	172	278
Total available-for-sale securities | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	0	0	0	0
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	230	284	235	306
Total gains (losses) (realized/unrealized) Included in Net Income	4	(3)	7	(14)
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	(1)	0	2	(1)
Purchases	0	0	0	268
Sales	0	0	0	(268)
Issues	0	0	0	0
Settlements	(39)	(27)	(50)	(37)
Transfers out of Level 3	0	0	0	0
Transfers into Level 3	0	0	0	0
Ending Balance	194	254	194	254
Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	22	12	28	(14)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	820	638	861	688
Total gains (losses) (realized/unrealized) Included in Net Income	21	15	29	(9)
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	85	0	85	0
Sales	(44)	0	(44)	0
Issues	0	0	0	0
Settlements	(53)	(25)	(100)	(54)
Transfers out of Level 3	(29)	(21)	(52)	(44)
Transfers into Level 3	32	190	53	216
Ending Balance	832	797	832	797
Net derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	28	52	(139)	96
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	166	217	333	162
Total gains (losses) (realized/unrealized) Included in Net Income	7	49	(125)	90
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	21	3	(14)	(1)
Transfers out of Level 3	0	0	0	18
Transfers into Level 3	0	0	0	0
Ending Balance	194	269	194	269
Long-term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Liabilities	(15)	(26)	19	(56)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(440)	(515)	(499)	(473)
Total gains (losses) (realized/unrealized) Included in Net Income	(15)	(27)	(20)	57
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	4	27	8	30
Transfers out of Level 3	0	1	20	1
Transfers into Level 3	(1)	(8)	(1)	(23)
Ending Balance	(452)	(522)	(452)	(522)
Long-term debt | Consolidated Trusts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Liabilities	0	(2)	0	2
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(58)	(83)	(83)	(75)
Total gains (losses) (realized/unrealized) Included in Net Income	0	(3)	(1)	(1)
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	4	4	8	7
Transfers out of Level 3	0	1	20	1
Transfers into Level 3	(1)	(8)	(1)	(23)
Ending Balance	(55)	(89)	(55)	(89)
Long-term debt | Total senior floating | Fannie Mae
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Liabilities	(15)	(24)	19	(58)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(382)	(432)	(416)	(398)
Total gains (losses) (realized/unrealized) Included in Net Income	15	(24)	19	(58)
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	0	23	0	23
Transfers out of Level 3	0	0	0	0
Transfers into Level 3	0	0	0	0
Ending Balance	(397)	(433)	(397)	(433)
Other Comprehensive Income (Loss) | Total trading securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	0	0	0	0
Other Comprehensive Income (Loss) | Total trading securities | Fannie Mae
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	0	0	0	0
Other Comprehensive Income (Loss) | Total trading securities | Other agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets			0	0
Other Comprehensive Income (Loss) | Total trading securities | Private-label and other mortgage securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets		0		0
Other Comprehensive Income (Loss) | Total available-for-sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	4	(2)	7	4
Other Comprehensive Income (Loss) | Total available-for-sale securities | Fannie Mae
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	3	(3)	3	0
Other Comprehensive Income (Loss) | Total available-for-sale securities | Private-label and other mortgage securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	1	0	1	0
Other Comprehensive Income (Loss) | Total available-for-sale securities | Mortgage revenue bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	0	1	0	5
Other Comprehensive Income (Loss) | Total available-for-sale securities | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	0	0	3	(1)
Other Comprehensive Income (Loss) | Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	0	0	0	0
Other Comprehensive Income (Loss) | Net derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Assets	0	0	0	0
Other Comprehensive Income (Loss) | Long-term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Liabilities	0	0	0	0
Other Comprehensive Income (Loss) | Long-term debt | Consolidated Trusts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Liabilities	0	0	0	0
Other Comprehensive Income (Loss) | Long-term debt | Total senior floating | Fannie Mae
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Unrealized Gain (Losses) Related to Liabilities	$ 0	$ 0	$ 0	$ 0

Fair Value - Level 3 Valuation

Fair Value - Level 3 Valuation Inputs (Details) $ in Millions	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value Inputs, Quantitative Information [Line Items]
Derivatives	$ 345	$ 1,046
Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	95,101	136,542
Available-for-sale securities	955	1,697
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	89,707	130,456
Available-for-sale securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	89,707	130,456
Available-for-sale securities	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	5,253	5,991
Available-for-sale securities	503	1,049
Significant Other Observable Inputs (Level 2) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	5,253	5,991
Available-for-sale securities	503	1,049
Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	141	95
Available-for-sale securities	452	648
Significant Unobservable Inputs (Level 3) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	141	195
Available-for-sale securities	452	648
Derivatives	194	333
Significant Unobservable Inputs (Level 3) | Recurring | Various
Fair Value Inputs, Quantitative Information [Line Items]
Derivatives	18	130
Significant Unobservable Inputs (Level 3) | Recurring | Dealer Mark
Fair Value Inputs, Quantitative Information [Line Items]
Derivatives	176	203
Agency | Significant Unobservable Inputs (Level 3) | Recurring | Various
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	141	95
Available-for-sale securities	84
Agency | Significant Unobservable Inputs (Level 3) | Recurring | Consensus
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale securities		97
Private-label and other mortgage securities | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	152	158
Available-for-sale securities	5	6
Private-label and other mortgage securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	0	0
Available-for-sale securities	0	0
Private-label and other mortgage securities | Significant Other Observable Inputs (Level 2) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	152	158
Available-for-sale securities	3	4
Private-label and other mortgage securities | Significant Unobservable Inputs (Level 3) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	0	0
Available-for-sale securities	2	2
Private-label and other mortgage securities | Significant Unobservable Inputs (Level 3) | Recurring | Various
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale securities		2
Subprime | Significant Unobservable Inputs (Level 3) | Recurring | Various
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale securities	2
Mortgage revenue bonds | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale securities	172	216
Mortgage revenue bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale securities	0	0
Mortgage revenue bonds | Significant Other Observable Inputs (Level 2) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale securities	0	0
Mortgage revenue bonds | Significant Unobservable Inputs (Level 3) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale securities	172	216
Mortgage revenue bonds | Significant Unobservable Inputs (Level 3) | Recurring | Various
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities		98
Available-for-sale securities	54	72
Mortgage revenue bonds | Significant Unobservable Inputs (Level 3) | Recurring | Single Vendor
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale securities	118	144
Other | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale securities	200	242
Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale securities	0	0
Other | Significant Other Observable Inputs (Level 2) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale securities	6	7
Other | Significant Unobservable Inputs (Level 3) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale securities	194	235
Other | Significant Unobservable Inputs (Level 3) | Recurring | Various
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale securities	$ 1	$ 29
Other | Significant Unobservable Inputs (Level 3) | Recurring | Single Vendor | Total available-for-sale securities | Minimum
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.00045	0.00320
Other | Significant Unobservable Inputs (Level 3) | Recurring | Single Vendor | Total available-for-sale securities | Maximum
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.00445	0.03153
Other | Significant Unobservable Inputs (Level 3) | Recurring | Single Vendor | Total available-for-sale securities | Weighted Average
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.00193	0.00934
Other | Significant Unobservable Inputs (Level 3) | Recurring | Discounted Cash Flow
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale securities	$ 193	$ 206
Other | Significant Unobservable Inputs (Level 3) | Recurring | Discounted Cash Flow | Total available-for-sale securities | Minimum | Default Rate
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.03700	0.04250
Other | Significant Unobservable Inputs (Level 3) | Recurring | Discounted Cash Flow | Total available-for-sale securities | Maximum | Default Rate
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.03760	0.04430
Other | Significant Unobservable Inputs (Level 3) | Recurring | Discounted Cash Flow | Total available-for-sale securities | Weighted Average | Default Rate
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.03731	0.04342

Fair Value - Level 3 Valuatio_2

Fair Value - Level 3 Valuation - Nonrecurring (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	$ 5,616	$ 6,490
Significant Other Observable Inputs (Level 2)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	3,794,016	3,578,668
Mortgage loans held-for-sale, at lower of cost or fair value	1,858	116
Mortgage loans held for investment, net of allowance for loan losses	3,688,808	3,512,672
Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	241,668	262,442
Mortgage loans held-for-sale, at lower of cost or fair value	5,977	5,502
Mortgage loans held for investment, net of allowance for loan losses	234,637	255,556
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	168,056	227,635
Mortgage loans held-for-sale, at lower of cost or fair value	0	0
Mortgage loans held for investment, net of allowance for loan losses	0	0
Nonrecurring | Significant Other Observable Inputs (Level 2)
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held-for-sale, at lower of cost or fair value	241	25
Liabilities, Fair Value Disclosure	0	0
Nonrecurring | Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	1,923	2,742
Mortgage loans held-for-sale, at lower of cost or fair value	941	1,087
Nonrecurring | Significant Unobservable Inputs (Level 3) | Consensus
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held-for-sale, at lower of cost or fair value	557	754
Nonrecurring | Significant Unobservable Inputs (Level 3) | Single Vendor
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held-for-sale, at lower of cost or fair value	384	333
Nonrecurring | Significant Unobservable Inputs (Level 3) | Single-Family
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	133	261
Nonrecurring | Significant Unobservable Inputs (Level 3) | Single-Family | Various
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	7	11
Nonrecurring | Significant Unobservable Inputs (Level 3) | Single-Family | Accepted Offers
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	12	35
Nonrecurring | Significant Unobservable Inputs (Level 3) | Single-Family | Appraisals
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	44	89
Nonrecurring | Significant Unobservable Inputs (Level 3) | Single-Family | Internal Model
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	562	979
Acquired property, net	53	41
Nonrecurring | Significant Unobservable Inputs (Level 3) | Single-Family | Walk Forwards
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	17	85
Nonrecurring | Significant Unobservable Inputs (Level 3) | Multifamily
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	269	390
Nonrecurring | Significant Unobservable Inputs (Level 3) | Multifamily | Various
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	77	40
Acquired property, net	18	25
Nonrecurring | Significant Unobservable Inputs (Level 3) | Multifamily | Appraisals
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	56	225
Nonrecurring | Significant Unobservable Inputs (Level 3) | Multifamily | Internal Model
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	136	125
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	$ 0	$ 0

Fair Value - Fair Value of Fina

Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value Measurement [Domain]
Financial assets [Abstract]
Derivative assets, gross amount offset	$ (331)	$ (905)
Financial liabilities [Abstract]
Derivative liabilities, gross amount offset	(849)	(995)
Mortgage loans held for investment, net of allowance for loan losses	5,616	6,490
Derivative assets, gross amount offset	(331)	(905)
Derivative liabilities, gross amount offset	(849)	(995)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets [Abstract]
Cash and cash equivalents, including restricted cash and cash equivalents	78,349	97,179
Federal funds sold and securities purchased under agreements to resell or similar arrangements	0	0
Trading securities	89,707	130,456
Available-for-sale securities	0	0
Mortgage loans held for sale	0	0
Mortgage loans held for investment, net of allowance for loan losses	0	0
Advances to lenders	0	0
Derivative assets at fair value	0	0
Guaranty assets and buy-ups	0	0
Total financial assets	168,056	227,635
Financial liabilities [Abstract]
Derivative liabilities at fair value	0	0
Guaranty obligations	0	0
Total financial liabilities	0	0
Significant Other Observable Inputs (Level 2)
Financial assets [Abstract]
Cash and cash equivalents, including restricted cash and cash equivalents	46,950	18,444
Federal funds sold and securities purchased under agreements to resell or similar arrangements	43,888	28,200
Trading securities	5,253	5,991
Available-for-sale securities	503	1,049
Mortgage loans held for sale	1,858	116
Mortgage loans held for investment, net of allowance for loan losses	3,688,808	3,512,672
Advances to lenders	6,256	10,448
Derivative assets at fair value	500	1,748
Guaranty assets and buy-ups	0	0
Total financial assets	3,794,016	3,578,668
Financial liabilities [Abstract]
Derivative liabilities at fair value	1,335	2,441
Guaranty obligations	0	0
Total financial liabilities	4,153,252	4,059,705
Significant Unobservable Inputs (Level 3)
Financial assets [Abstract]
Cash and cash equivalents, including restricted cash and cash equivalents	0	0
Federal funds sold and securities purchased under agreements to resell or similar arrangements	0	0
Trading securities	141	95
Available-for-sale securities	452	648
Mortgage loans held for sale	5,977	5,502
Mortgage loans held for investment, net of allowance for loan losses	234,637	255,556
Advances to lenders	1	1
Derivative assets at fair value	226	382
Guaranty assets and buy-ups	234	258
Total financial assets	241,668	262,442
Financial liabilities [Abstract]
Derivative liabilities at fair value	32	49
Guaranty obligations	74	82
Total financial liabilities	31,993	32,593
Fannie Mae
Financial liabilities [Abstract]
Long-term debt	2,946	3,728
Fannie Mae | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial liabilities [Abstract]
Of Fannie Mae	0	0
Long-term debt	0	0
Fannie Mae | Significant Other Observable Inputs (Level 2)
Financial liabilities [Abstract]
Of Fannie Mae	2,280	12,177
Long-term debt	258,200	288,414
Fannie Mae | Significant Unobservable Inputs (Level 3)
Financial liabilities [Abstract]
Of Fannie Mae	0	0
Long-term debt	844	878
Consolidated Trusts
Financial liabilities [Abstract]
Long-term debt	22,972	24,586
Consolidated Trusts | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial liabilities [Abstract]
Long-term debt	0	0
Consolidated Trusts | Significant Other Observable Inputs (Level 2)
Financial liabilities [Abstract]
Long-term debt	3,891,437	3,756,673
Consolidated Trusts | Significant Unobservable Inputs (Level 3)
Financial liabilities [Abstract]
Long-term debt	31,043	31,584
Carrying Amount
Financial assets [Abstract]
Cash and cash equivalents, including restricted cash and cash equivalents	125,299	115,623
Federal funds sold and securities purchased under agreements to resell or similar arrangements	43,888	28,200
Trading securities	95,101	136,542
Available-for-sale securities	955	1,697
Mortgage loans held for sale	6,933	5,197
Mortgage loans held for investment, net of allowance for loan losses	3,844,374	3,648,695
Advances to lenders	6,257	10,449
Derivative assets at fair value	395	1,225
Guaranty assets and buy-ups	102	115
Total financial assets	4,123,304	3,947,743
Financial liabilities [Abstract]
Derivative liabilities at fair value	518	1,495
Guaranty obligations	112	127
Total financial liabilities	4,096,905	3,937,358
Carrying Amount | Fannie Mae
Financial liabilities [Abstract]
Of Fannie Mae	2,280	12,173
Long-term debt	249,296	277,399
Carrying Amount | Consolidated Trusts
Financial liabilities [Abstract]
Long-term debt	3,844,699	3,646,164
Fair Value
Financial assets [Abstract]
Cash and cash equivalents, including restricted cash and cash equivalents	125,299	115,623
Federal funds sold and securities purchased under agreements to resell or similar arrangements	43,888	28,200
Trading securities	95,101	136,542
Available-for-sale securities	955	1,697
Mortgage loans held for sale	7,835	5,618
Mortgage loans held for investment, net of allowance for loan losses	3,923,445	3,768,228
Advances to lenders	6,257	10,449
Derivative assets at fair value	395	1,225
Guaranty assets and buy-ups	234	258
Total financial assets	4,203,409	4,067,840
Financial liabilities [Abstract]
Derivative liabilities at fair value	518	1,495
Guaranty obligations	74	82
Total financial liabilities	4,184,396	4,091,303
Fair Value | Fannie Mae
Financial liabilities [Abstract]
Of Fannie Mae	2,280	12,177
Long-term debt	259,044	289,292
Fair Value | Consolidated Trusts
Financial liabilities [Abstract]
Long-term debt	$ 3,922,480	$ 3,788,257

Fair Value - Fair Value Option

Fair Value - Fair Value Option (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	$ 5,616	$ 6,490
Fair value of nonaccrual loans	125	139
Difference between unpaid principal balance and the fair value of nonaccrual loans	1	8
Fair value of loans that are 90 days or more past due	192	257
Difference between unpaid principal balance and the fair value of these 90 days or more past due loans	$ 4	$ 14
Single-Family | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Serious delinquency, days past due	90 days	90 days
Fannie Mae
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt at fair value	$ 2,946	$ 3,728
Consolidated Trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt at fair value	22,972	24,586
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	5,616	6,490
Loans, unpaid principal balance	5,227	6,046
Long-term debt | Fannie Mae
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt at fair value	2,946	3,728
Long-term debt, unpaid principal balance	2,729	3,518
Long-term debt | Consolidated Trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt at fair value	22,972	24,586
Long-term debt, unpaid principal balance	$ 20,209	$ 21,408

Fair Value - Changes in FV unde

Fair Value - Changes in FV under the FV Option (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses), net	$ (5)	$ (10)	$ 20	$ 141
Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses), net	$ (89)	$ (574)	$ 284	$ (312)

Uncategorized Items - fnm-20210

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]