Federal National Mortgage Association (FNMA) 10-Q 30 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 12, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	0-50231
Entity Registrant Name	FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE
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	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	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	X1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 41,911	$ 35,817
Restricted cash and cash equivalents (includes $29,789 and $25,836, respectively, related to consolidated trusts)	36,402	32,889
Securities purchased under agreements to resell	27,650	30,700
Investments in securities, at fair value	49,899	53,116
Mortgage loans:
Loans held for sale, at lower of cost or fair value	646	2,149
Loans held for investment, at amortized cost:	4,136,594	4,142,212
Allowance for loan losses	(8,026)	(8,730)
Total loans held for investment, net of allowance	4,128,568	4,133,482
Total mortgage loans	4,129,214	4,135,631
Advances to lenders	1,856	1,389
Deferred tax assets, net	11,036	11,681
Accrued interest receivable, net (includes $10,654 and $10,132 related to consolidated trusts)	11,156	10,724
Other assets	14,769	13,490
Total assets	4,323,893	4,325,437
Liabilities:
Accrued interest payable (includes $10,524 and $10,212, respectively, related to consolidated trusts)	11,176	10,931
Other liabilities (includes $1,673 and $1,713, respectively, related to consolidated trusts)	13,270	14,106
Total liabilities	4,237,410	4,247,755
Commitments and contingencies (Note 14)	0	0
Fannie Mae stockholders’ equity:
Senior preferred stock (liquidation preference of $203,505 and $195,224, 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	(46,799)	(55,603)
Accumulated other comprehensive income	29	32
Treasury stock, at cost, 150,675,136 shares	(7,400)	(7,400)
Total stockholders’ equity	86,483	77,682
Total liabilities and equity	4,323,893	4,325,437
Fannie Mae
Mortgage loans:
Loans held for investment, at amortized cost:	49,196	48,199
Liabilities:
Debt:	118,543	124,065
Consolidated Trusts
ASSETS
Restricted cash and cash equivalents (includes $29,789 and $25,836, respectively, related to consolidated trusts)	29,789	25,836
Mortgage loans:
Loans held for investment, at amortized cost:	4,087,398	4,094,013
Accrued interest receivable, net (includes $10,654 and $10,132 related to consolidated trusts)	10,654	10,132
Liabilities:
Accrued interest payable (includes $10,524 and $10,212, respectively, related to consolidated trusts)	10,524	10,212
Debt:	4,094,421	4,098,653
Other liabilities (includes $1,673 and $1,713, respectively, related to consolidated trusts)	$ 1,673	$ 1,713

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Restricted cash and cash equivalents	$ 36,402	$ 32,889
Total loans held for investment, at fair value	3,194	3,315
Accrued interest receivable, net	11,156	10,724
Accrued interest payable	11,176	10,931
Other liabilities	13,270	14,106
Senior preferred stock liquidation preference	$ 203,505	$ 195,224
Preferred stock authorized (shares)	700,000,000	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
Consolidated Trusts
Restricted cash and cash equivalents	$ 29,789	$ 25,836
Accrued interest receivable, net	10,654	10,132
Accrued interest payable	10,524	10,212
Long-term debt	13,239	14,343
Other liabilities	1,673	1,713
Fannie Mae
Long-term debt	$ 544	$ 761

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income:
Investments in securities	$ 915	$ 1,101	$ 1,836	$ 2,082
Mortgage loans	35,617	32,655	70,833	64,792
Other	743	584	1,404	1,036
Total interest income	37,275	34,340	74,073	67,910
Interest expense:
Short-term debt	(130)	(183)	(325)	(302)
Long-term debt	(29,877)	(27,122)	(59,457)	(53,787)
Total interest expense	(30,007)	(27,305)	(59,782)	(54,089)
Net interest income	7,268	7,035	14,291	13,821
Benefit (provision) for credit losses	300	1,266	480	1,134
Net interest income after benefit (provision) for credit losses	7,568	8,301	14,771	14,955
Investment gains (losses), net	(62)	25	(40)	(42)
Fair value gains (losses), net	447	404	927	608
Fee and other income	68	70	140	133
Non-interest income	453	499	1,027	699
Administrative expenses:
Salaries and employee benefits	(496)	(467)	(1,007)	(947)
Professional services	(218)	(192)	(419)	(376)
Other administrative expenses	(225)	(205)	(442)	(409)
Total administrative expenses	(939)	(864)	(1,868)	(1,732)
TCCA fees	(859)	(856)	(1,719)	(1,711)
Credit enhancement expense	(405)	(384)	(824)	(725)
Change in expected credit enhancement recoveries	37	(160)	100	(40)
Other expenses, net	(251)	(257)	(450)	(387)
Total expenses	(2,417)	(2,521)	(4,761)	(4,595)
Income before federal income taxes	5,604	6,279	11,037	11,059
Provision for federal income taxes	(1,120)	(1,285)	(2,233)	(2,293)
Net income	4,484	4,994	8,804	8,766
Other comprehensive income (loss)	(7)	1	(3)	1
Total comprehensive income	4,477	4,995	8,801	8,767
Dividends distributed or amounts attributable to senior preferred stock	(4,477)	(4,995)	(8,801)	(8,767)
Net income (loss) attributable to common stockholders, basic	7	(1)	3	(1)
Net income (loss) attributable to common stockholders, diluted	$ 7	$ (1)	$ 3	$ (1)
Earnings per share, Basic (in usd per share)	$ 0	$ 0	$ 0	$ 0
Earnings per share, Diluted (in usd per share)	$ 0	$ 0	$ 0	$ 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	5,867	5,893	5,867

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net cash provided by (used in) operating activities	$ 8,622	$ 6,245
Mortgage loans acquired held for investment:
Purchases	(64,066)	(61,064)
Proceeds from sales	1,952	1,540
Proceeds from repayments	168,189	168,975
Advances to lenders	(39,996)	(53,273)
Proceeds from disposition of acquired property, preforeclosure sales and insurance proceeds	2,143	3,139
Net change in federal funds sold and securities purchased under agreements to resell	3,050	(18,485)
Other, net	(739)	(1,162)
Net cash provided by (used in) investing activities	70,533	39,670
Cash flows provided by (used in) financing activities:
Net cash provided by (used in) financing activities	(69,548)	(54,321)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	9,607	(8,406)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	68,706	87,841
Cash, cash equivalents and restricted cash and cash equivalents at end of period	78,313	79,435
Cash paid during the period for:
Interest	63,302	54,887
Income taxes	1,450	1,300
Fannie Mae
Cash flows provided by (used in) financing activities:
Proceeds from issuance of debt	242,960	206,879
Payments to redeem debt	(248,397)	(203,515)
Consolidated Trusts
Cash flows provided by (used in) financing activities:
Proceeds from issuance of debt	105,591	109,556
Payments to redeem debt	$ (169,702)	$ (167,241)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Senior Preferred	Preferred	Common	Accumulated Deficit	Accumulated Other Comprehensive Income	Treasury Stock
Beginning balance (shares) at Dec. 31, 2022		1	556	1,158
Beginning balance at Dec. 31, 2022	$ 60,277	$ 120,836	$ 19,130	$ 687	$ (73,011)	$ 35	$ (7,400)
Comprehensive income:
Net income	8,766				8,766
Other comprehensive income, net of tax effect:
Changes in net unrealized gains (losses) on available-for-sale securities, net of taxes	4					4
Other, net of taxes	(3)					(3)
Total comprehensive income	8,767
Ending balance (shares) at Jun. 30, 2023		1	556	1,158
Ending balance at Jun. 30, 2023	69,044	$ 120,836	$ 19,130	$ 687	(64,245)	36	(7,400)
Beginning balance (shares) at Mar. 31, 2023		1	556	1,158
Beginning balance at Mar. 31, 2023	64,049	$ 120,836	$ 19,130	$ 687	(69,239)	35	(7,400)
Comprehensive income:
Net income	4,994				4,994
Other comprehensive income, net of tax effect:
Changes in net unrealized gains (losses) on available-for-sale securities, net of taxes	2					2
Other, net of taxes	(1)					(1)
Total comprehensive income	4,995
Ending balance (shares) at Jun. 30, 2023		1	556	1,158
Ending balance at Jun. 30, 2023	69,044	$ 120,836	$ 19,130	$ 687	(64,245)	36	(7,400)
Beginning balance (shares) at Dec. 31, 2023		1	556	1,158
Beginning balance at Dec. 31, 2023	77,682	$ 120,836	$ 19,130	$ 687	(55,603)	32	(7,400)
Comprehensive income:
Net income	8,804				8,804
Other comprehensive income, net of tax effect:
Changes in net unrealized gains (losses) on available-for-sale securities, net of taxes	(1)					(1)
Reclassification adjustment for gains included in net income, net of taxes	1					1
Other, net of taxes	(3)					(3)
Total comprehensive income	8,801
Ending balance (shares) at Jun. 30, 2024		1	556	1,158
Ending balance at Jun. 30, 2024	86,483	$ 120,836	$ 19,130	$ 687	(46,799)	29	(7,400)
Beginning balance (shares) at Mar. 31, 2024		1	556	1,158
Beginning balance at Mar. 31, 2024	82,006	$ 120,836	$ 19,130	$ 687	(51,283)	36	(7,400)
Comprehensive income:
Net income	4,484				4,484
Other comprehensive income, net of tax effect:
Changes in net unrealized gains (losses) on available-for-sale securities, net of taxes	(7)					(7)
Reclassification adjustment for gains included in net income, net of taxes	1					1
Other, net of taxes	(1)					(1)
Total comprehensive income	4,477
Ending balance (shares) at Jun. 30, 2024		1	556	1,158
Ending balance at Jun. 30, 2024	$ 86,483	$ 120,836	$ 19,130	$ 687	$ (46,799)	$ 29	$ (7,400)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Changes in net unrealized gains (losses) on available-for-sale securities, tax	$ (2)	$ 1	$ 0	$ 1
Reclassification adjustment for gains included in net income, tax	0		0
Other, tax	$ 1	$ 1	$ 1	$ 1

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Fannie Mae is a leading source of financing for residential mortgages in the United States. We are a government-sponsored, stockholder-owned corporation, chartered by Congress to provide liquidity and stability to the U.S. housing market and to promote access to mortgage credit. We primarily do this by buying residential mortgage loans that are originated by lenders. We place these loans into trusts and issue guaranteed mortgage-backed securities (“MBS”) that global investors buy from us. We do not originate mortgage loans or lend money directly to borrowers. We are currently operating under conservatorship, with the Federal Housing Finance Agency (“FHFA”) acting as conservator. See “Note 2, Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters” below and in our annual report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”) for information on our conservatorship, the senior preferred stock purchase agreement, the impact of U.S. government support of our business, and related party relationships. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements and therefore should be read in conjunction with our audited consolidated financial statements and related notes included in our 2023 Form 10-K. In the opinion of management, our unaudited interim condensed consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of our results. The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. 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 balances and transactions have been eliminated. To conform to our current-period presentation, we have reclassified certain amounts reported in our prior period consolidated financial statements. 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. Actual results could be different from these estimates. Earnings per Share Earnings per share (“EPS”) is presented for basic and diluted EPS. We include the shares of common stock that would be issuable upon full exercise of the common stock warrant in the weighted average shares outstanding for the computation of both basic and diluted earnings per share. Weighted average common shares include 4.7 billion shares for the periods ended June 30, 2024 and 2023 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, 2024 and 2023. For the calculation of diluted EPS, the 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, 2024, our diluted EPS weighted-average shares outstanding includes 26 million shares issuable upon the conversion of convertible preferred stock. For the three and six months ended June 30, 2023, convertible preferred stock is not included in the calculation because it would have an anti-dilutive effect due to the net losses attributable to common stockholders recognized in those periods. Foreclosed Property We present foreclosed property in “Other assets” in our condensed consolidated balance sheets. We held $1.8 billion of acquired property as of June 30, 2024 and December 31, 2023. New Accounting Guidance Segment Reporting On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures . The ASU enhances disclosure of an entity’s reportable segments by requiring additional information about significant segment expenses, interim disclosures of certain segment information that previously were only required on an annual basis and other detailed segment-related disclosures. The ASU applies to all public entities that are required to report segment information and is effective starting in annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The ASU is required to be adopted retrospectively to all prior periods presented in the financial statements. The adoption of this guidance is not expected to have a material impact on our financial statements. Income Taxes On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which enhances the required disclosures primarily related to the income tax rate reconciliation and income taxes paid. The ASU requires an entity’s income tax rate reconciliation to provide additional information for reconciling items meeting a quantitative threshold, and to disclose certain selected categories within the income tax rate reconciliation. The ASU also requires entities to disclose the amount of income taxes paid, disaggregated by federal, state and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. The adoption of this guidance is not expected to have a material impact on our financial statements.

Conservatorship, Senior Preferr

Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters	6 Months Ended
	Jun. 30, 2024
Conservatorship, Preferred Stock Agreements, And Related Parties [Abstract]
Conservatorship, Preferred Stock Agreements, And Related Parties	Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters Conservatorship We are currently operating under conservatorship, with FHFA acting as conservator. The conservatorship and related matters significantly affect our management, business activities, financial condition and results of operations. Senior Preferred Stock Purchase Agreement FHFA, as conservator, entered into a senior preferred stock purchase agreement with the U.S. Department of the Treasury (“Treasury”) on our behalf in September 2008. In connection with that agreement, we issued Treasury one million shares of Variable Liquidation Preference Senior Preferred Stock, Series 2008-2, which we refer to as the “senior preferred stock,” and a warrant to purchase shares equal to 79.9% of our common stock, on a fully diluted basis, for a nominal price. This agreement also provides 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, 2024, 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. We had a positive net worth of $86.5 billion as of June 30, 2024. The 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. 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 aggregate liquidation preference of the senior preferred stock increased to $203.5 billion as of June 30, 2024 from $199.2 billion as of March 31, 2024, due to the $4.3 billion increase in our net worth in the first quarter of 2024. The aggregate liquidation preference of the senior preferred stock will further increase to $208.0 billion as of September 30, 2024, due to the $4.5 billion increase in our net worth in the second quarter of 2024. Impact of U.S. Government Support We continue to rely on support from Treasury to eliminate any net worth deficits we may experience in the future, which would otherwise trigger our being placed into receivership. 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 equity structure, which includes the senior preferred stock agreement. Based on consideration of all the relevant conditions and events affecting our operations, including our reliance on the U.S. government, we continue to operate as a going concern and in accordance with FHFA’s provision of authority. 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, 2024, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $203.5 billion. 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. 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 in the capital markets. 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 materials relating to the underlying resecuritized securities. We also make regular income tax payments to and receive tax refunds from the Internal Revenue Service (“IRS”), a bureau of Treasury. The following table provides the income statement impact of our related party transactions for the periods presented in addition to the associated liability at period end. The associated liability represents amounts accrued with respect to the related party transactions that have not yet been paid to the applicable related parties . In addition to the impact described in the table below, our investment in CSS, which is accounted for using the equity method, is classified as “Other assets” in our condensed consolidated balance sheets. We contributed $16 million to CSS for the three months ended June 30, 2024 and 2023. We contributed $38 million and $42 million for the six months ended June 30, 2024 and 2023, respectively. Related Party Activity Income Statement Classification For the Three Months Ended June 30, For the Six Months Ended June 30, Other Liabilities as of June 30, 2024 2024 2023 2024 2023 (Dollars in millions) Treasury TCCA fees TCCA fees (1) $ 859 $ 856 $ 1,719 $ 1,711 $ 859 Treasury Treasury’s Capital Magnet Fund Other expenses, net 14 16 25 27 25 FHFA FHFA regulatory assessment fees Other administrative expenses 40 40 80 79 — Treasury & Making Home Affordable Program reimbursements Administrative expenses — 3 — 6 — CSS & Net operating losses associated with our investment in CSS Other expenses, net 16 16 38 42 — (1) Consists of the portion of our single-family guaranty fees that is paid to Treasury pursuant to the TCCA. 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.

Consolidations and Transfers of

Consolidations and Transfers of Financial Assets	6 Months Ended
	Jun. 30, 2024
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 VIEs are securitization and resecuritization trusts, limited partnerships and special purpose vehicles (“SPVs”). Variable interests from Freddie Mac and other issuers may include a guaranty that reduces our exposure to credit risk when we hold them as investments or resecuritize them in a resecuritization trust that issues MBS that are backed by our guaranty. 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 activities (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. We may 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. 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, 2024 December 31, 2023 (Dollars in millions) Assets and liabilities recorded in our condensed consolidated balance sheets related to unconsolidated mortgage-backed trusts: Investments in securities, at fair value $ 1,415 $ 4,863 Other assets 35 37 Other liabilities (40) (42) Net carrying amount $ 1,410 $ 4,858 Our maximum exposure to loss generally represents the greater of our carrying amount related to our involvement with unconsolidated securitization and resecuritization trusts 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 resecuritization trusts that are backed entirely by Fannie Mae MBS are not consolidated and do not give rise to any additional exposure to loss as we already consolidate the underlying collateral. In contrast, Fannie Mae resecuritization trusts that are backed in whole or in part by Freddie Mac securities 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 $212 billion and $223 billion as of June 30, 2024 and December 31, 2023, respectively. The total assets of our unconsolidated securitization and resecuritization trusts were approximately $212 billion and $273 billion as of June 30, 2024 and December 31, 2023, respectively. The maximum exposure to loss for our unconsolidated limited partnerships and similar legal entities, which consist of LIHTC investments, community investments and investments in other entities, was $580 million and the related net carrying value was $580 million as of June 30, 2024. As of December 31, 2023, the maximum exposure to loss was $530 million and the related net carrying value was $528 million. The total assets of these limited partnership investments was $5.9 billion and $5.8 billion as of June 30, 2024 and December 31, 2023, respectively. 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 our Connecticut Avenue Securities ® (“CAS”) and Multifamily Connecticut Avenue Securities ® (“MCAS TM ”) SPVs. The maximum exposure to loss related to these unconsolidated SPVs was $22.8 billion and $21.4 billion as of June 30, 2024 and December 31, 2023, respectively. The total assets related to these unconsolidated SPVs were $22.8 billion and $21.4 billion as of June 30, 2024 and December 31, 2023, respectively. As our lending relationship does not provide us with a controlling financial interest in the borrower entity for loans in our multifamily loan portfolio, we do not consolidate these borrowers regardless of their status as either a VIE or a voting interest entity. We have excluded these entities from our VIE disclosures. As of June 30, 2024, the unpaid principal balance of our multifamily loan portfolio was $470.9 billion. However, the disclosures we have provided in “Note 4, Mortgage Loans,” “Note 5, Allowance for Loan Losses” and “Note 7, Financial Guarantees” with respect to this population are consistent with the FASB’s stated objectives for the disclosures related to unconsolidated VIEs. Transfers of Financial Assets and Portfolio Securitizations 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. For the three months ended June 30, 2024 and 2023, the unpaid principal balance of portfolio securitizations was $35.5 billion and $36.9 billion, respectively. For the six months ended June 30, 2024 and 2023, the unpaid principal balance of portfolio securitizations was $66.7 billion and $65.2 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. We retain interests from the transfer and sale of mortgage-related securities to unconsolidated single-class and multi-class portfolio securitization trusts. As of June 30, 2024, the unpaid principal balance of retained interests was $699 million and its related fair value was $1.1 billion. As of December 31, 2023, the unpaid principal balance of retained interests was $821 million and its related fair value was $1.3 billion. For the three months ended June 30, 2024 and 2023, the principal, interest and other fees received on retained interests was $63 million and $70 million, respectively. For the six months ended June 30, 2024 and 2023, the principal, interest and other fees received on retained interests was $127 million and $148 million, respectively.

Mortgage Loans

Mortgage Loans	6 Months Ended
	Jun. 30, 2024
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”). Unless otherwise noted, within “Note 4, Mortgage Loans,” 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. Within 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. Within our 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, 2024 December 31, 2023 (Dollars in millions) Single-family $ 3,627,376 $ 3,641,385 Multifamily 470,928 461,247 Total unpaid principal balance of mortgage loans 4,098,304 4,102,632 Cost basis and fair value adjustments, net 38,936 41,729 Allowance for loan losses for HFI loans (8,026) (8,730) Total mortgage loans (1) $ 4,129,214 $ 4,135,631 (1) Excludes $10.8 billion and $10.4 billion of accrued interest receivable as of June 30, 2024 and December 31, 2023, respectively. The following table displays information about our purchase of HFI loans, redesignation of loans and the sales of mortgage loans during the period. For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in millions) Purchase of HFI loans: Single-family unpaid principal balance $ 85,776 $ 89,175 $ 148,066 $ 156,642 Multifamily unpaid principal balance 9,271 15,111 19,339 25,346 Single-family loans redesignated from HFI to HFS: Amortized cost $ 216 $ — $ 452 $ — Lower of cost or fair value adjustment at time of redesignation (1) (18) — (38) — Allowance reversed at time of redesignation 4 — 3 — Single-family loans sold: Unpaid principal balance $ 1,832 $ — $ 2,331 $ 1,842 Realized gains (losses), net 8 — 13 17 (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 $4.4 billion as of June 30, 2024 and $4.6 billion as of December 31, 2023. 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. Aging Analysis The following tables display an aging analysis of the total amortized cost of our HFI mortgage loans by portfolio segment and class of financing receivable, excluding loans for which we have elected the fair value option. As of June 30, 2024 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 $ 33,669 $ 7,696 $ 16,600 $ 57,965 $ 3,168,651 $ 3,226,616 $ 568 $ 3,128 15-year or less, amortizing fixed-rate 1,775 288 546 2,609 395,554 398,163 34 188 Adjustable-rate 176 38 90 304 25,619 25,923 3 15 Other (2) 583 161 431 1,175 21,484 22,659 37 179 Total single-family 36,203 8,183 17,667 62,053 3,611,308 3,673,361 642 3,510 Multifamily (3) 935 N/A 1,564 2,499 468,367 470,866 106 551 Total $ 37,138 $ 8,183 $ 19,231 $ 64,552 $ 4,079,675 $ 4,144,227 $ 748 $ 4,061 As of December 31, 2023 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 $ 33,119 $ 8,093 $ 18,659 $ 59,871 $ 3,148,171 $ 3,208,042 $ 1,371 $ 3,457 15-year or less, amortizing fixed-rate 1,846 319 650 2,815 425,598 428,413 74 176 Adjustable-rate 184 42 100 326 26,032 26,358 11 21 Other (2) 586 171 562 1,319 23,772 25,091 148 228 Total single-family 35,735 8,625 19,971 64,331 3,623,573 3,687,904 1,604 3,882 Multifamily (3) 449 N/A 1,699 2,148 459,206 461,354 171 594 Total $ 36,184 $ 8,625 $ 21,670 $ 66,479 $ 4,082,779 $ 4,149,258 $ 1,775 $ 4,476 (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 and Write-offs by Year of Origination 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. The following tables display information about the credit quality of our single-family HFI loans, based on total amortized cost. The tables below also include current year write-offs of our single-family HFI mortgage loans by class of financing receivable and year of origination, excluding loans for which we have elected the fair value option. Credit Quality Indicators as of June 30, 2024 and Write-offs for the Six Months Ended June 30, 2024, by Year of Origination (1) 2024 2023 2022 2021 2020 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% $ 70,150 $ 173,891 $ 334,255 $ 881,378 $ 742,596 $ 748,745 $ 2,951,015 Greater than 80% and less than or equal to 90% 19,486 71,484 80,974 18,851 2,194 1,498 194,487 Greater than 90% and less than or equal to 100% 29,344 32,819 15,542 1,653 193 206 79,757 Greater than 100% — 145 908 112 38 154 1,357 Total 20- and 30-year or more, amortizing fixed-rate 118,980 278,339 431,679 901,994 745,021 750,603 3,226,616 Current-year 20- and 30-year or more, $ — $ 15 $ 54 $ 45 $ 16 $ 72 $ 202 15-year or less, amortizing fixed-rate: Less than or equal to 80% 2,960 7,189 33,391 155,353 109,935 88,223 397,051 Greater than 80% and less than or equal to 90% 187 430 255 18 1 1 892 Greater than 90% and less than or equal to 100% 135 65 18 1 — — 219 Greater than 100% — — — — — 1 1 Total 15-year or less, amortizing fixed-rate 3,282 7,684 33,664 155,372 109,936 88,225 398,163 Current-year 15-year or less, amortizing — — 1 1 — 2 4 Adjustable-rate: Less than or equal to 80% 821 1,924 4,610 5,709 1,566 9,274 23,904 Greater than 80% and less than or equal to 90% 185 533 806 37 5 2 1,568 Greater than 90% and less than or equal to 100% 109 162 155 5 1 1 433 Greater than 100% — 1 17 — — — 18 Total adjustable-rate 1,115 2,620 5,588 5,751 1,572 9,277 25,923 Current-year adjustable-rate write-offs — — — — — 1 1 Other: Less than or equal to 80% — — — — — 18,270 18,270 Greater than 80% and less than or equal to 90% — — — — — 64 64 Greater than 90% and less than or equal to 100% — — — — — 32 32 Greater than 100% — — — — — 29 29 Total other — — — — — 18,395 18,395 Current-year other write-offs — — — — — 10 10 Total for all classes by LTV ratio: (2) Less than or equal to 80% $ 73,931 $ 183,004 $ 372,256 $ 1,042,440 $ 854,097 $ 864,512 $ 3,390,240 Greater than 80% and less than or equal to 90% 19,858 72,447 82,035 18,906 2,200 1,565 197,011 Greater than 90% and less than or equal to 100% 29,588 33,046 15,715 1,659 194 239 80,441 Greater than 100% — 146 925 112 38 184 1,405 Total $ 123,377 $ 288,643 $ 470,931 $ 1,063,117 $ 856,529 $ 866,500 $ 3,669,097 Total current-year write-offs $ — $ 15 $ 55 $ 46 $ 16 $ 85 $ 217 Credit Quality Indicators as of December 31, 2023 and Write-offs for the Year Ended December 31, 2023, by Year of Origination (1) 2023 2022 2021 2020 2019 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% $ 148,641 $ 314,384 $ 889,434 $ 767,596 $ 136,654 $ 648,964 $ 2,905,673 Greater than 80% and less than or equal to 90% 57,686 95,509 38,790 3,424 804 1,082 197,295 Greater than 90% and less than or equal to 100% 61,658 35,602 4,002 363 71 189 101,885 Greater than 100% 1,000 1,764 189 47 17 172 3,189 Total 20- and 30-year or more, amortizing fixed-rate 268,985 447,259 932,415 771,430 137,546 650,407 3,208,042 Current-year 20- and 30-year or more, $ 2 $ 35 $ 53 $ 45 $ 108 $ 560 $ 803 15-year or less, amortizing fixed-rate: Less than or equal to 80% 7,110 35,224 165,294 117,795 17,162 84,222 426,807 Greater than 80% and less than or equal to 90% 581 647 52 2 — 1 1,283 Greater than 90% and less than or equal to 100% 259 58 1 — — 1 319 Greater than 100% 1 2 — — — 1 4 Total 15-year or less, amortizing fixed-rate 7,951 35,931 165,347 117,797 17,162 84,225 428,413 Current-year 15-year or less, amortizing — — 1 1 1 5 8 Adjustable-rate: Less than or equal to 80% 1,566 4,452 5,945 1,654 710 9,716 24,043 Greater than 80% and less than or equal to 90% 499 1,030 90 6 2 3 1,630 Greater than 90% and less than or equal to 100% 299 330 11 — — 1 641 Greater than 100% 14 29 1 — — — 44 Total adjustable-rate 2,378 5,841 6,047 1,660 712 9,720 26,358 Current-year adjustable-rate write-offs — 1 — — — 2 3 Other: Less than or equal to 80% — — — — 27 19,418 19,445 Greater than 80% and less than or equal to 90% — — — — — 81 81 Greater than 90% and less than or equal to 100% — — — — — 39 39 Greater than 100% — — — — — 35 35 Total other — — — — 27 19,573 19,600 Current-year other write-offs — — — — — 52 52 Total for all classes by LTV ratio: (2) Less than or equal to 80% $ 157,317 $ 354,060 $ 1,060,673 $ 887,045 $ 154,553 $ 762,320 $ 3,375,968 Greater than 80% and less than or equal to 90% 58,766 97,186 38,932 3,432 806 1,167 200,289 Greater than 90% and less than or equal to 100% 62,216 35,990 4,014 363 71 230 102,884 Greater than 100% 1,015 1,795 190 47 17 208 3,272 Total $ 279,314 $ 489,031 $ 1,103,809 $ 890,887 $ 155,447 $ 763,925 $ 3,682,413 Total current-year write-offs $ 2 $ 36 $ 54 $ 46 $ 109 $ 619 $ 866 (1) Excludes amortized cost of $4.3 billion and $5.5 billion as of June 30, 2024 and December 31, 2023, 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. For the three months ended June 30, 2024 and year ended December 31, 2023, it also excludes write-offs of $39 million and $7 million, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. Year of loan origination may not be the same as the period in which we subsequently acquired the loan. (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 of 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. The tables below also include current year write-offs of our multifamily HFI mortgage loans by year of origination, excluding loans for which we have elected the fair value option. Credit Quality Indicators as of June 30, 2024 and Write-offs for the Six Months Ended June 30, 2024, by Year of Origination (1) 2024 2023 2022 2021 2020 Prior Total (Dollars in millions) Internally assigned credit risk rating: Pass (2) $ 15,261 $ 53,341 $ 50,617 $ 60,102 $ 72,560 $ 186,999 $ 438,880 Special mention (3) 19 — 13 419 14 98 563 Substandard (4) — 772 9,520 3,583 2,530 15,006 31,411 Doubtful (5) — — 12 — — — 12 Total $ 15,280 $ 54,113 $ 60,162 $ 64,104 $ 75,104 $ 202,103 $ 470,866 Current-year write-offs $ — $ 29 $ 27 $ 11 $ 16 $ 88 $ 171 Credit Quality Indicators as of December 31, 2023 and Write-offs for the Year Ended December 31, 2023, by Year of Origination (1) 2023 2022 2021 2020 2019 Prior Total (Dollars in millions) Internally assigned credit risk rating: Pass (2) $ 49,944 $ 51,380 $ 60,563 $ 72,791 $ 56,901 $ 136,860 $ 428,439 Special mention (3) 4 11 181 32 46 130 404 Substandard (4) 521 9,517 3,654 2,703 3,893 12,188 32,476 Doubtful (5) 25 — — — 10 — 35 Total $ 50,494 $ 60,908 $ 64,398 $ 75,526 $ 60,850 $ 149,178 $ 461,354 Current-year write-offs $ — $ 3 $ 4 $ 6 $ 23 $ 365 $ 401 (1) Year of loan origination may not be the same as the period in which we subsequently acquired the loan. (2) A loan categorized as “Pass” is current or adequately protected by the current financial strength and debt service capability of the borrower. (3) “Special mention” refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower’s ability to repay in full. (4) Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. We had seniors housing loans with an amortized cost of $5.1 billion and $6.9 billion as of June 30, 2024 and December 31, 2023, respectively, classified as substandard. (5) “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. Loss Mitigation Options for Borrowers Experiencing Financial Difficulty As part of our loss mitigation activities, we offer several types of loan restructurings to assist borrowers who experience financial difficulties. We do not typically offer principal forgiveness to our single-family or multifamily borrowers. For single-family borrowers, we may offer loan restructurings that are only in the form of a payment delay ( e.g., a forbearance plan, a repayment plan, or a payment deferral). We may also offer loan modifications that contractually change the terms of the loan, generally after the successful completion of a three to four month trial period. Single-family loan modifications may result in the capitalization of past due amounts (a form of payment delay), an interest rate reduction, a term extension, a principal forbearance (which is another form of payment delay), or a combination thereof. During the trial period, the borrower makes reduced payments that are an estimate of the anticipated modified payment amount. Additionally, during the trial period, the mortgage loan is not contractually modified such that the loan continues to be reported as past due and the trial period is considered a form of payment delay with respect to the original contractual terms of the loan. See “Note 4, Mortgage Loans” in our 2023 Form 10-K for additional information about our single-family loss mitigation options. For multifamily borrowers, loan restructurings include short-term forbearance plans and loan modification programs, which primarily result in term extensions of up to one year with no change to the loan’s interest rate. In certain cases, we may make more significant modifications of terms for borrowers experiencing financial difficulty, such as reducing the interest rate, converting to interest-only payments, extending the maturity for longer than one year, providing principal forbearance, or some combination of these terms. In some instances when a loan is restructured, we may require additional collateral, which may take the form of a guaranty from another entity, to further mitigate the risk of nonperformance. Below we provide disclosures relating to loan restructurings where borrowers were experiencing financial difficulty, including restructurings that resulted in an insignificant payment delay. The disclosures exclude loans classified as HFS and those for which we have elected the fair value option. See “Note 1, Summary of Significant Accounting Policies” in our 2023 Form 10-K for additional information on our accounting policies for single-family and multifamily loans that have been restructured. Restructurings for Borrowers Experiencing Financial Difficulty The following tables display the amortized cost of HFI mortgage loans that were restructured, during the periods indicated, presented by portfolio segment and class of financing receivable. For the Three Months Ended June 30, 2024 Payment Delay (Only) Forbearance Plan Payment Deferral Trial Modification and Repayment Plans Payment Delay and Term Extension (1) Payment Delay, Term Extension, Interest Rate Reduction, and Other (1) Total Percentage of Total by Financing Class (2) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 4,905 $ 2,733 $ 4,498 $ 2,438 $ 32 $ 14,606 * % 15-year or less, amortizing fixed-rate 195 84 162 1 — 442 * Adjustable-rate 25 12 15 — — 52 * Other 25 38 56 28 12 159 1 Total single-family 5,150 2,867 4,731 2,467 44 15,259 * Multifamily 29 — — — 57 86 * Total (3) $ 5,179 $ 2,867 $ 4,731 $ 2,467 $ 101 $ 15,345 * For the Six Months Ended June 30, 2024 Payment Delay (Only) Forbearance Plan Payment Deferral Trial Modification and Repayment Plans Payment Delay and Term Extension (1) Payment Delay, Term Extension, Interest Rate Reduction, and Other (1) Total Percentage of Total by Financing Class (2) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 6,698 $ 6,155 $ 6,626 $ 4,605 $ 62 $ 24,146 1 % 15-year or less, amortizing fixed-rate 271 199 235 2 1 708 * Adjustable-rate 36 29 22 — 2 89 * Other 38 82 92 55 23 290 1 Total single-family 7,043 6,465 6,975 4,662 88 25,233 1 Multifamily 31 — — — 62 93 * Total (3) $ 7,074 $ 6,465 $ 6,975 $ 4,662 $ 150 $ 25,326 1 For the Three Months Ended June 30, 2023 Payment Delay (Only) Forbearance Plan Payment Deferral Trial Modification and Repayment Plans Payment Delay and Term Extension (1) Payment Delay, Term Extension and Interest Rate Reduction (1) Total Percentage of Total by Financing Class (2) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 8,107 $ 2,689 $ 3,444 $ 1,746 $ 80 $ 16,066 1 % 15-year or less, amortizing fixed-rate 339 116 132 1 — 588 * Adjustable-rate 46 10 12 — 1 69 * Other 89 36 86 35 17 263 1 Total single-family 8,581 2,851 3,674 1,782 98 16,986 * Multifamily 423 — — — 525 948 * Total (3) $ 9,004 $ 2,851 $ 3,674 $ 1,782 $ 623 $ 17,934 * For the Six Months Ended June 30, 2023 Payment Delay (Only) Forbearance Plan Payment Deferral Trial Modification and Repayment Plans Payment Delay and Term Extension (1) Payment Delay, Term Extension and Interest Rate Reduction (1) Total Percentage of Total by Financing Class (2) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 10,410 $ 6,207 $ 5,202 $ 3,487 $ 338 $ 25,644 1 % 15-year or less, amortizing fixed-rate 451 264 203 1 — 919 * Adjustable-rate 55 27 18 — 2 102 * Other 137 84 134 69 45 469 2 Total single-family 11,053 6,582 5,557 3,557 385 27,134 1 Multifamily 784 — — — 534 1,318 * Total (3) $ 11,837 $ 6,582 $ 5,557 $ 3,557 $ 919 $ 28,452 1 * Represents less than 0.5% of total by financing class. (1) Represents loans that received a contractual modification. (2) Based on the amortized cost basis as of period end, divided by the period-end amortized cost basis of the corresponding class of financing receivable. (3) Excludes loans that were the subject of loss mitigation activity during the period that paid off, repurchased or sold prior to period end. Also excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale. Loans may move from one category to another, as a result of the restructuring(s) they received during the period. Our estimate of future credit losses uses a lifetime methodology, derived from modeled loan performance based on extensive historical experience of loans with similar risk characteristics, adjusted to reflect current conditions and reasonable and supportable forecasts. The historical loss experience used in our single-family and multifamily credit loss models includes the impact of the loss mitigation options provided to borrowers experiencing financial difficulty, and also includes the impact of projected loss severities as a result of a loan default. The following table summarizes the financial impacts of loan modifications and payment deferrals made to single-family HFI loans presented by class of financing receivable. We discuss the qualitative impacts of forbearance plans, repayment plans, and trial modifications earlier in this footnote. As a result, those loss mitigation options are excluded from the table below. For the Three Months Ended June 30, 2024 2023 Weighted-Average Interest Rate Reduction Weighted-Average Term Extension (in Months) Average Amount Capitalized as a Result of a Payment Delay (1) Weighted- Weighted- Average Amount Capitalized as a Result of a Payment Delay (1) Loan by class of financing receivable: (2) 20- and 30-year or more, amortizing fixed-rate 0.74 % 160 $ 13,518 1.15 % 172 $ 16,661 15-year or less, amortizing fixed-rate 2.72 87 10,601 2.50 79 14,819 Adjustable-rate — — 10,062 1.61 — 14,450 Other 0.52 143 18,995 1.34 172 21,304 For the Six Months Ended June 30, 2024 2023 Weighted-Average Interest Rate Reduction Weighted-Average Term Extension (in Months) Average Amount Capitalized as a Result of a Payment Delay (1) Weighted- Weighted- Average Amount Capitalized as a Result of a Payment Delay (1) Loan by class of financing receivable: (2) 20- and 30-year or more, amortizing fixed-rate 0.87 % 161 $ 13,675 1.09 % 173 $ 16,864 15-year or less, amortizing fixed-rate 2.00 85 12,450 1.83 73 14,636 Adjustable-rate 2.00 — 11,822 1.76 — 15,228 Other 0.82 157 17,970 1.48 179 20,715 (1) Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole dollars. (2) Excludes the financial effects of modifications for loans that were paid off or otherwise liquidated as of period-end. The following tables display the amortized cost of HFI loans that defaulted during the period and had received a completed modification or payment deferral in the twelve months prior to the payment default. For purposes of this disclosure, we define loans that had a payment default as 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 loans that receive a forbearance plan, repayment plan or trial modification, these loss mitigation options generally remain in default until the loan is no longer delinquent as a result of the payment of all past-due amounts or as a result of a loan modification or payment deferral. Therefore, forbearance plans, repayment plans and trial modifications are not included in default tables below. For the Three Months Ended June 30, 2024 Payment Delay as a Result of a Payment Deferral (Only) Payment Delay and Term Extension Payment Delay, Term Extension, Interest Rate Reduction and Other Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 1,178 $ 625 $ 9 $ 1,812 15-year or less, amortizing fixed-rate 31 — — 31 Adjustable-rate 3 — 1 4 Other 16 8 5 29 Total single-family 1,228 633 15 1,876 Multifamily — — 13 13 Total loans that subsequently defaulted (1)(2) $ 1,228 $ 633 $ 28 $ 1,889 For the Six Months Ended June 30, 2024 Payment Delay as a Result of a Payment Deferral (Only) Payment Delay and Term Extension Payment Delay, Term Extension, Interest Rate Reduction and Other Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 1,727 $ 925 $ 18 $ 2,670 15-year or less, amortizing fixed-rate 51 — — 51 Adjustable-rate 5 — 2 7 Other 23 11 8 42 Total single-family 1,806 936 28 2,770 Multifamily — — 18 18 Total loans that subsequently defaulted (1)(2) $ 1,806 $ 936 $ 46 $ 2,788 For the Three Months Ended June 30, 2023 Payment Delay as a Result of a Payment Deferral (Only) Payment Delay and Term Extension Payment Delay, Term Extension and Interest Rate Reduction Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 819 $ 327 $ 197 $ 1,343 15-year or less, amortizing fixed-rate 27 — — 27 Adjustable-rate 2 — 2 4 Other 11 7 10 28 Total single-family 859 334 209 1,402 Multifamily — — 1 1 Total loans that subsequently defaulted (1)(2) $ 859 $ 334 $ 210 $ 1,403 For the Six Months Ended June 30, 2023 Payment Delay as a Result of a Payment Deferral (Only) Payment Delay and Term Extension Payment Delay, Term Extension and Interest Rate Reduction Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 1,290 $ 446 $ 385 $ 2,121 15-year or less, amortizing fixed-rate 44 — 1 45 Adjustable-rate 3 — 2 5 Other 18 11 19 48 Total single-family 1,355 457 407 2,219 Multifamily — — 1 1 Total loans that subsequently defaulted (1)(2) $ 1,355 $ 457 $ 408 $ 2,220 (1) Represents amortized cost as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale. (2) The substantial majority of loans that received a completed modification or a payment deferral during for the three months ended June 30, 2024 did not default during the second quarter of 2024. The substantial majority of loans that received a completed modification or a payment deferral during the three months ended June 30, 2023 did not default during the second quarter of 2023. The following tables display an aging analysis of HFI mortgage loans that were restructured during the twelve months prior to June 30, 2024 and June 30, 2023, respectively, presented by portfolio segment and class of financing receivable. As of June 30, 2024 (1) 30-59 Days Delinquent 60-89 Days Delinquent (2) Seriously Delinquent Total Delinquent Current Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 3,970 $ 2,359 $ 10,681 $ 17,010 $ 12,933 $ 29,943 15-year or less, amortizing fixed-rate 116 63 348 527 403 930 Adjustable-rate 11 10 45 66 43 109 Other 60 36 124 220 180 400 Total single-family loans modified 4,157 2,468 11,198 17,823 13,559 31,382 Multifamily — N/A 361 361 883 1,244 Total loans restructured (3) $ 4,157 $ 2,468 $ 11,559 $ 18,184 $ 14,442 $ 32,626 As of June 30, 2023 (1) 30-59 Days Delinquent 60-89 Days Delinquent (2) Seriously Delinquent Total Delinquent Current Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 3,442 $ 2,227 $ 12,035 $ 17,704 $ 18,060 $ 35,764 15-year or less, amortizing fixed-rate 114 82 447 643 639 1,282 Adjustable-rate 14 9 59 82 66 148 Other 82 43 251 376 400 776 Total single-family loans modified 3,652 2,361 12,792 18,805 19,165 37,970 Multifamily — N/A 380 380 969 1,349 Total loans restructured (3) $ 3,652 $ 2,361 $ 13,172 $ 19,185 $ 20,134 $ 39,319 (1) The substantial majority of loans that received a completed modification or a payment deferral during the second quarter of 2024 were not delinquent as of June 30, 2024. The substantial majority of loans that received a completed modification or a payment deferral during the second quarter of 2023 were not delinquent as of June 30, 2023. (2) Multifamily loans 60-89 days delinquent are included in the seriously delinquent column. (3) Represents the amortized cost basis as of period end. Nonaccrual Loans We recognize interest income on an accrual basis except when we believe the collection of principal and interest is not reasonably assured. This generally occurs when a single-family loan is three or more months past due and a multifamily loan is two or more months past due according to its contractual terms. A loan is reported as past due if a full payment of principal and interest is not received within one month of its due date. When a loan is placed on nonaccrual status based on delinquency status, interest previously accrued but not collected on the loan is reversed through interest income. Cost basis adjustments on HFI loans are amortized into interest income over the contractual life of the loan using the effective interest method. Cost basis adjustments on the loan are not amortized into income while a loan is on nonaccrual status. We have elected not to measure an allowance for credit losses on accrued interest receivable balances as we have a nonaccrual policy to ensure the timely reversal of unpaid accrued interest. For single-family loans, we recognize any contractual interest payments received on the loan while on nonaccrual status as interest income on a cash basis. For multifamily loans, we account for interest income on a cost recovery basis and we apply any payment received while on nonaccrual status to reduce the amortized cost of the loan. Thus, we do not recognize any interest income on a multifamily loan placed on nonaccrual status until the amortized cost of the loan has been reduced to zero. A nonaccrual loan is returned to accrual status when the full collection of principal and interest is reasonably assured. We generally determine that the full collection of principal and interest is reasonably assured when the loan returns to current payment status. If a loan is restructured for a borrower experiencing financial difficulty, we require a performance period of up to 6 months before we return the loan to accrual status. Upon a loan’s return to accrual status, we resume the recognition of interest income on an accrual basis and the amortization of cost basis adjustments, if any, into interest income. If interest is capitalized pursuant to a restructuring, any capitalized interest that had not been previously recognized as interest income or that had been reversed through interest income when the loan was placed on nonaccrual status is recorded as a discount to the loan and amortized into interest income over the remaining contractual life of the loan. The table below displays the accrued interest receivable written off through the reversal of interest income for nonaccrual loans. For the Three Months Ended June 30, 2024 2023 (Dollars in millions) Accrued interest receivable written off through the reversal of interest income: Single-family $ 97 $ 74 Multifamily 4 33 For the Six Months Ended June 30, 2024 2023 (Dollars in millions) Accrued interest receivable written off through the reversal of interest income: Single-family $ 179 $ 153 Multifamily 6 35 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 For the Three Months Ended June 30, 2024 For the Six Months Ended June 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Amortized Cost (1) Total Interest Income Recognized (2) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 22,183 $ 22,712 $ 21,971 $ 45 $ 124 15-year or less, amortizing fixed-rate 704 734 727 1 3 Adjustable-rate 117 115 109 — 1 Other 496 480 508 2 4 Total single-family 23,500 24,041 23,315 48 132 Multifamily 1,836 1,812 1,890 24 26 Total nonaccrual loans $ 25,336 $ 25,853 $ 25,205 $ 72 $ 158 As of For the Three Months Ended June 30, 2023 For the Six Months Ended June 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Amortized Cost (1) Total Interest Income Recognized (2) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 17,051 $ 1

Allowance for Loan Losses

Allowance for Loan Losses	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Allowance for Loan Losses	Allowance for Loan Losses 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. The following table displays changes in our allowance for single-family loans, multifamily loans and total allowance for loan losses. 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, 2024 2023 2024 2023 (Dollars in millions) Single-family allowance for loan losses: Beginning balance $ (6,275) $ (9,479) $ (6,671) $ (9,443) Benefit (provision) for loan losses 530 1,399 869 1,403 Write-offs 141 53 256 95 Recoveries (99) (27) (157) (103) Other — 64 — 58 Ending balance $ (5,703) $ (7,990) $ (5,703) $ (7,990) Multifamily allowance for loan losses: Beginning balance $ (2,104) $ (1,856) $ (2,059) $ (1,904) Benefit (provision) for loan losses (245) (152) (402) (332) Write-offs 38 17 171 254 Recoveries (12) (1) (33) (10) Ending balance $ (2,323) $ (1,992) $ (2,323) $ (1,992) Total allowance for loan losses: Beginning balance $ (8,379) $ (11,335) $ (8,730) $ (11,347) Benefit (provision) for loan losses 285 1,247 467 1,071 Write-offs 179 70 427 349 Recoveries (111) (28) (190) (113) Other — 64 — 58 Ending balance $ (8,026) $ (9,982) $ (8,026) $ (9,982) Our benefit (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 type, volume and effectiveness of our loss mitigation activities, including forbearances and loan modifications, the volume of foreclosures completed, and the volume and pricing of loans redesignated 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. Our single-family benefit for loan losses for the three and six months ended June 30, 2024 was primarily driven by a benefit from actual and forecasted home price growth, partially offset by a provision from changes in loan activity, as described below: • Benefit from actual and forecasted home price growth. During the three and six months ended June 30, 2024, actual home prices appreciated more than originally projected and our forecast of future home prices also improved. Higher home prices decrease the likelihood that loans will default and reduce the amount of losses on loans that do default, which impacts our estimate of losses and ultimately reduces our loss reserves and provision for loan losses. • Provision from changes in loan activity. This includes provision on newly acquired loans and was primarily driven by the credit risk profile of our single-family acquisitions for the three and six months ended June 30, 2024, which primarily consisted of purchase loans. Purchase loans generally have higher origination LTV ratios than refinance loans; therefore, purchase loans have a higher estimated risk of default and loss severity in the allowance than refinance loans and a correspondingly higher loan loss provision at the time of acquisition. Our single-family benefit for loan losses for the three and six months ended June 30, 2023 was primarily driven by a benefit from actual and forecasted home price growth, partially offset by a provision from changes in loan activity, as described in more detail below: • Benefit from actual and forecasted home price growth. During the three and six months ended June 30, 2023, we observed strong actual home price appreciation. In addition, our updated 2023 home price forecast changed from our prior estimate, resulting in a shift to positive home price appreciation for the year. • Provision from changes in loan activity. This includes provision on newly acquired loans and was primarily driven by the credit risk profile of our single-family acquisitions for the three and six months ended June 30, 2023, as described in our quarterly report on Form 10-Q for the quarter ended June 30, 2023. Our multifamily provision for loan losses for the three months ended June 30, 2024 was primarily driven by continued declines in estimated actual and near-term projected multifamily property values and the impact of new 30-day loan delinquencies in our multifamily guaranty book of business, including provision attributable to a portfolio of approximately $600 million of adjustable-rate conventional loans. Our multifamily provision for loan losses for the six months ended June 30, 2024 was primarily driven by declines in estimated actual and near-term projected multifamily property values, the impact of new 30-day loan delinquencies in our multifamily guaranty book of business, and increases in actual and projected interest rates. Our multifamily provision for loan losses for the three and six months ended June 30, 2023 was primarily driven by decreases in estimated multifamily property values. This resulted in higher estimated LTV ratios on the loans in our multifamily guaranty book of business, which increased our estimate of expected credit losses on these loans.

Investments in Securities

Investments in Securities	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023 (Dollars in millions) Mortgage-related securities (includes $327 million and $364 million, respectively, related to consolidated trusts) $ 1,327 $ 4,770 Non-mortgage-related securities (includes $8.7 billion and $5.7 billion, respectively, pledged as collateral) (1) 48,065 47,782 Total trading securities $ 49,392 $ 52,552 (1) Primarily includes U.S. Treasury 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, 2024 2023 2024 2023 (Dollars in millions) Net trading gains (losses) $ 121 $ (723) $ (140) $ 23 Net trading gains (losses) recognized in the period related to securities still held at period end 105 (731) (157) 60 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 (loss).” 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, 2024 Total Amortized Cost Allowance for Credit Losses Gross Unrealized Gains in AOCI Gross Unrealized Losses in AOCI Total Fair Value (Dollars in millions) Agency securities $ 384 $ — $ 1 $ (29) $ 356 Other mortgage-related securities 143 (2) 10 — 151 Total $ 527 $ (2) $ 11 $ (29) $ 507 As of December 31, 2023 Total Amortized Cost Allowance for Credit Losses Gross Unrealized Gains in AOCI Gross Unrealized Losses in AOCI Total Fair Value (Dollars in millions) Agency securities $ 405 $ — $ 1 $ (29) $ 377 Other mortgage-related securities 179 (2) 10 — 187 Total $ 584 $ (2) $ 11 $ (29) $ 564 Agency 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. The following table displays 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, 2024 December 31, 2023 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) Agency securities $ (1) $ 41 $ (28) $ 238 $ (3) $ 66 $ (26) $ 238 Other mortgage-related securities — 3 — — — — — — Total $ (1) $ 44 $ (28) $ 238 $ (3) $ 66 $ (26) $ 238 There were no sales of AFS securities in the first half of 2024 or the first half of 2023. As a result, no gross realized gains (losses) or proceeds from sales were recognized in either period. We held no securities classified as held-to-maturity as of June 30, 2024 or December 31, 2023.

Financial Guarantees

Financial Guarantees	6 Months Ended
	Jun. 30, 2024
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 29 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. 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 $208.3 billion and $215.6 billion as of June 30, 2024 and December 31, 2023, 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, 2024 December 31, 2023 Maximum Exposure Guaranty Obligation Maximum Recovery (1) Maximum Exposure Guaranty Obligation Maximum Recovery (1) (Dollars in millions) Unconsolidated Fannie Mae MBS $ 2,628 $ 14 $ 2,569 $ 2,778 $ 14 $ 2,713 Other guaranty arrangements (2) 9,009 61 1,942 9,154 65 1,967 Total $ 11,637 $ 75 $ 4,511 $ 11,932 $ 79 $ 4,680 (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, see “Note 11, 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, 2024
Debt Disclosure [Abstract]
Short-Term and Long-Term Debt	Short-Term and Long-Term Debt 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, 2024 December 31, 2023 Outstanding Weighted- Average Interest Rate (1) Outstanding Weighted- Average Interest Rate (1) (Dollars in millions) Short-term debt of Fannie Mae $ 12,008 5.30 % $ 17,314 5.13 % (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, 2024 December 31, 2023 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 2024 - 2030 $ 52,653 2.90 % 2024 - 2030 $ 54,727 2.79 % Medium-term notes (3) 2024 - 2034 41,567 1.95 2024 - 2031 42,217 1.58 Other (4) 2024 - 2038 6,741 4.13 2024 - 2038 6,787 3.98 Total senior fixed 100,961 2.61 103,731 2.40 Senior floating: Medium-term notes (3) 2026 2,999 5.45 N/A — — Connecticut Avenue Securities (5) 2024 - 2031 2,305 11.36 2024 - 2031 2,752 11.12 Other (6) 2037 270 8.81 2037 268 8.79 Total senior floating 5,574 8.05 3,020 10.92 Total long-term debt of Fannie Mae (7) 106,535 2.88 106,751 2.63 Debt of consolidated trusts 2024 - 2063 4,094,421 2.84 2024 - 2062 4,098,653 2.56 Total long-term debt $ 4,200,956 2.84 % $ 4,205,404 2.57 % (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) Consists of CAS debt issued prior to November 2018, a portion of which is reported at fair value. (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 $4.1 billion and $4.0 billion as of June 30, 2024 and December 31, 2023, respectively.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2024
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 9, Derivative Instruments” in our 2023 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 13, 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 Pursuant to our fair value hedge accounting 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, 2024 As of December 31, 2023 Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives (Dollars in millions) Risk management derivatives designated as hedging instruments: Swaps: (1) Pay-fixed $ 14,310 $ — $ — $ 9,954 $ — $ — Receive-fixed 18,930 — — 28,587 — — Total risk management derivatives designated as hedging instruments 33,240 — — 38,541 — — Risk management derivatives not designated as hedging instruments: Swaps: (1) Pay-fixed 127,685 — — 136,648 — — Receive-fixed 118,023 60 (2,858) 115,288 76 (3,085) Basis 250 43 — 250 44 — Foreign currency 314 — (77) 316 — (66) Swaptions: (1) Pay-fixed 7,006 248 (22) 5,816 195 (12) Receive-fixed 5,116 25 (70) 2,666 13 (60) Futures (1) 140 — — 32 — — Total risk management derivatives not designated as hedging instruments 258,534 376 (3,027) 261,016 328 (3,223) Netting adjustment (2) — (290) 3,026 — (283) 3,200 Total risk management derivatives portfolio 291,774 86 (1) 299,557 45 (23) Mortgage commitment derivatives: Mortgage commitments to purchase whole loans 4,633 4 (7) 2,734 14 — Forward contracts to purchase mortgage-related securities 25,675 23 (39) 14,264 98 (2) Forward contracts to sell mortgage-related securities 59,767 39 (19) 43,942 — (102) Total mortgage commitment derivatives 90,075 66 (65) 60,940 112 (104) Credit enhancement derivatives 28,755 67 (15) 27,624 45 (13) Derivatives at fair value $ 410,604 $ 219 $ (81) $ 388,121 $ 202 $ (140) (1) Centrally cleared derivatives have no ascribable fair value because the positions are settled daily. (2) 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, 2024 2023 2024 2023 (Dollars in millions) Risk management derivatives: Swaps: Pay-fixed $ 237 $ 1,858 $ 1,599 $ 268 Receive-fixed 209 (1,010) (487) 562 Basis (4) 15 (3) 28 Foreign currency (3) 2 (11) 10 Swaptions: Pay-fixed 21 12 44 (21) Receive-fixed 7 (2) 3 (3) Futures 1 1 2 1 Net contractual interest income (expense) on interest-rate swaps (251) (128) (450) (306) Total risk management derivatives fair value gains (losses), net 217 748 697 539 Mortgage commitment derivatives fair value gains (losses), net 94 198 301 84 Credit enhancement derivatives fair value gains (losses), net 1 29 (14) 14 Total derivatives fair value gains (losses), net $ 312 $ 975 $ 984 $ 637 Effect of Fair Value Hedge Accounting 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, 2024 2023 2024 2023 Interest Income: Mortgage Loans Interest Expense: Long-Term Debt Interest Income: Mortgage Loans Interest Expense: Long-Term Debt 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 $ 35,617 $ (29,877) $ 32,655 $ (27,122) $ 70,833 $ (59,457) $ 64,792 $ (53,787) Gains (losses) from fair value hedging relationships: Mortgage loans HFI and related interest-rate contracts: Hedged items $ (28) $ — $ (144) $ — $ (362) $ — $ 33 $ — Discontinued hedge related basis adjustment amortization 18 — 9 — 26 — 20 — Derivatives designated as hedging instruments 6 — 132 — 315 — (82) — Interest accruals on hedging instruments 76 — 27 — 142 — 53 — Debt of Fannie Mae and related interest-rate contracts: Hedged items — 129 — 669 — 557 — 430 Discontinued hedge-related basis adjustment amortization — (222) — (199) — (428) — (395) Derivatives designated as hedging instruments — (78) — (503) — (433) — (71) Interest accruals on derivative hedging instruments — (113) — (293) — (280) — (522) Total effect of fair value hedges $ 72 $ (284) $ 24 $ (326) $ 121 $ (584) $ 24 $ (558) 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 portfolio 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, 2024 and December 31, 2023. As of June 30, 2024 Carrying Amount Assets (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount Closed Portfolio of Mortgage Loans Under Portfolio Layer Method Total Basis Adjustments (1)(2) Remaining Adjustments - Discontinued Hedge Total Amortized Cost Designated UPB (Dollars in millions) Mortgage loans HFI $ 854,132 $ (510) $ (510) $ 497,361 $ 13,602 Debt of Fannie Mae (56,889) 3,880 3,880 N/A N/A As of December 31, 2023 Carrying Amount Assets (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount Closed Portfolio of Mortgage Loans Under Portfolio Layer Method Total Basis Adjustments (1)(2) Remaining Adjustments - Discontinued Hedge Total Amortized Cost Designated UPB (Dollars in millions) Mortgage loans HFI $ 449,137 $ (174) $ (174) $ 218,419 $ 9,955 Debt of Fannie Mae (59,462) 3,751 3,751 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. See “Note 12, Netting Arrangements” for information on our rights to offset assets and liabilities as of June 30, 2024 and December 31, 2023. For certain OTC derivatives, the amount of collateral we pledge to counterparties related to our derivative instruments is determined after considering our credit ratings. Currently, our long-term senior debt is rated AA+ or above by S&P Global Ratings and Moody's Investors Service. If our long-term senior debt credit ratings were downgraded to established thresholds in our OTC derivative contracts, which range from A3/A- to Baa2/BBB or below, we would be required to provide additional collateral to certain counterparties. The aggregate fair value of our OTC derivative instruments with credit-risk-related contingent features that were in a net liability position was $1.7 billion and $1.8 billion, for which we posted collateral of $1.4 billion and $1.6 billion as of June 30, 2024 and December 31, 2023, respectively. If our credit ratings were downgraded to Baa2/BBB or below, the maximum additional collateral we would have been required to post to our counterparties as of June 30, 2024 and December 31, 2023 would have been $815 million and $798 million, respectively.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
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 11, Segment Reporting” in our 2023 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. As a result, the sum of each income statement line item for the two reportable segments is equal to that same income statement line item for the consolidated entity. 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. In the current period, there were no significant changes to our segment allocation methodology. The following table displays our segment results. For the Three Months Ended June 30, 2024 2023 Single-Family Multifamily Total Single-Family Multifamily Total (Dollars in millions) Net interest income (1) $ 6,096 $ 1,172 $ 7,268 $ 5,917 $ 1,118 $ 7,035 Fee and other income (2) 51 17 68 52 18 70 Net revenues 6,147 1,189 7,336 5,969 1,136 7,105 Investment gains (losses), net (3) (70) 8 (62) 27 (2) 25 Fair value gains (losses), net (4) 454 (7) 447 460 (56) 404 Administrative expenses (784) (155) (939) (718) (146) (864) Benefit (provision) for credit losses (5) 548 (248) 300 1,418 (152) 1,266 TCCA fees (6) (859) — (859) (856) — (856) Credit enhancement expense (7) (333) (72) (405) (327) (57) (384) Change in expected credit enhancement recoveries (8) (47) 84 37 (223) 63 (160) Other expenses, net (9) (218) (33) (251) (203) (54) (257) Income before federal income taxes 4,838 766 5,604 5,547 732 6,279 Provision for federal income taxes (983) (137) (1,120) (1,153) (132) (1,285) Net income $ 3,855 $ 629 $ 4,484 $ 4,394 $ 600 $ 4,994 For the Six Months Ended June 30, 2024 2023 Single-Family Multifamily Total Single-Family Multifamily Total (Dollars in millions) Net interest income (1) $ 11,970 $ 2,321 $ 14,291 $ 11,589 $ 2,232 $ 13,821 Fee and other income (2) 106 34 140 100 33 133 Net revenues 12,076 2,355 14,431 11,689 2,265 13,954 Investment gains (losses), net (3) (57) 17 (40) (44) 2 (42) Fair value gains (losses), net (4) 938 (11) 927 626 (18) 608 Administrative expenses (1,561) (307) (1,868) (1,438) (294) (1,732) Benefit (provision) for credit losses (5) 883 (403) 480 1,465 (331) 1,134 TCCA fees (6) (1,719) — (1,719) (1,711) — (1,711) Credit enhancement expense (7) (686) (138) (824) (614) (111) (725) Change in expected credit enhancement recoveries (8) (89) 189 100 (128) 88 (40) Other expenses, net (9) (394) (56) (450) (319) (68) (387) Income before federal income taxes 9,391 1,646 11,037 9,526 1,533 11,059 Provision for federal income taxes (1,929) (304) (2,233) (2,000) (293) (2,293) Net income $ 7,462 $ 1,342 $ 8,804 $ 7,526 $ 1,240 $ 8,766 (1) Net interest income primarily consists of guaranty fees received as compensation for assuming 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 assets in our retained mortgage portfolio and our corporate liquidity 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 paid to Treasury and not retained by us. Also includes yield maintenance revenue we recognized on the prepayment of multifamily loans. (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 certain Multifamily business activities, such as credit enhancements for tax-exempt multifamily housing revenue bonds. (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 consist 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. (5) Benefit (provision) for credit losses is based on loans underlying the segment’s guaranty book of business. (6) Consists of the portion of our single-family guaranty fees that is paid to Treasury pursuant to the TCCA. (7) Single-family credit enhancement expense consists of costs associated with our freestanding credit enhancements, which include primarily costs associated with our Credit Insurance Risk Transfer TM (“CIRT TM ”), Connecticut Avenue Securities ® (“CAS”) and enterprise-paid mortgage insurance programs. Multifamily credit enhancement expense primarily consists of costs associated with our Multifamily CIRT TM (“MCIRT TM ”) and Multifamily CAS (“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. (8) Consists of change in benefits recognized from our freestanding credit enhancements, primarily from our CAS and CIRT programs as well as certain lender risk-sharing arrangements, including our multifamily Delegated Underwriting and Servicing (“DUS ® ”) program. (9) Includes debt extinguishment gains and losses, expenses associated with legal claims, foreclosed property income (expense), gains and losses from partnership investments, housing trust fund expenses, loan subservicing costs, and servicer fees paid in connection with certain loss mitigation activities.

Concentrations of Credit Risk

Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2024
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 management gauges our credit risk is the delinquency status of the mortgage loans in our guaranty book of business. For single-family and multifamily loans, management uses this information, in conjunction with housing market data, other economic data, our capital requirements and our mission objectives, to help inform changes to our pricing and our eligibility and underwriting criteria. 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. 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 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, 2024 December 31, 2023 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 0.99 % 0.23 % 0.50 % 0.98 % 0.24 % 0.56 % Percentage of single-family conventional loans based on loan count 1.07 0.24 0.48 1.06 0.26 0.55 As of June 30, 2024 December 31, 2023 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: 80.01% to 90% 6 % 0.77 % 5 % 0.81 % 90.01% to 100% 2 0.57 3 0.59 Greater than 100% * 3.34 * 2.05 Geographical distribution: California 19 0.37 19 0.42 Texas 7 0.57 7 0.64 Florida 6 0.63 6 0.73 New York 5 0.79 5 0.92 Illinois 3 0.65 3 0.70 All other states 60 0.45 60 0.52 Vintages: 2008 and prior 2 1.76 2 2.07 2009-2024 98 0.42 98 0.47 * 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, 2024 or December 31, 2023. 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 ratio 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, 2024 (1) December 31, 2023 (1) 30 Days Delinquent Seriously Delinquent (2) 30 Days Delinquent Seriously Delinquent (2) Percentage of multifamily guaranty book of business 0.19 % 0.44 % 0.10 % 0.46 % As of June 30, 2024 December 31, 2023 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 % 0.13 % 1 % 0.13 % Less than or equal to 80% 99 0.45 99 0.46 Current DSCR below 1.0 (4) 5 5.01 4 7.04 (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 covering a 12 month period, from quarterly and annual statements for these properties including the related debt service. 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, 2024 December 31, 2023 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 $ 199,645 $ 200,023 Pool mortgage insurance 85 98 Total mortgage insurance risk in force $ 199,730 6% $ 200,121 6% Mortgage insurance only covers losses that are realized after the borrower defaults and title to the property is subsequently transferred, such as after a foreclosure, short-sale, or a deed-in-lieu of foreclosure. Also, mortgage insurance does not protect us from all losses on covered loans. For example, mortgage insurance is not intended to cover property damage from hazards, including natural disasters; and the mortgage insurance policy permits the exclusion of any material loss directly related to property damage. In general, we require single-family and multifamily borrowers to obtain and maintain property insurance to cover the risk of damage to their homes or properties resulting from hazards such as fire, wind and, for properties located in Federal Emergency Management Agency-designated Special Flood Hazard Areas, flooding. Since we generally require borrowers to select and obtain hazard insurance policies, our requirements for hazard insurance coverage are verified by the lender or servicer, as applicable. For single-family loans, we require a minimum financial strength rating for non-governmental hazard insurers that must be provided by S&P Global, Demotech, AM Best or KBRA. For multifamily loans, we require a minimum financial strength rating for non-governmental hazard insurers that must be provided by Demotech or AM Best. We do not independently verify the financial condition of these hazard insurers and rely on these rating agencies for their assessment of the financial condition of these insurers. The table below displays our mortgage insurer counterparties that provided 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, 2024 December 31, 2023 Counterparty: (1) Mortgage Guaranty Insurance Corp. 18 % 19 % Radian Guaranty, Inc. 18 18 Arch Capital Group Ltd. 17 18 Enact Mortgage Insurance Corp. 17 16 Essent Guaranty, Inc. 17 16 National Mortgage Insurance Corp. 13 13 Others * * Total 100 % 100 % * Represents less than 0.5% of the risk in force mortgage insurance coverage. (1) Insurance coverage amounts provided for each counterparty may include coverage provided by affiliates and subsidiaries of the counterparty. 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 expect to receive from primary mortgage insurance, as mortgage insurance recoveries reduce the severity of the loss associated with defaulted loans if the borrower defaults and title to the property is subsequently transferred. Mortgage insurance does not cover credit losses that result from a reduction in mortgage interest paid by the borrower in connection with a loan modification, forbearance of principal, or forbearance of scheduled loan payments. 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, 2024 and December 31, 2023, our estimated benefit from mortgage insurance, which is based on estimated credit losses as of period end, reduced our loss reserves by $1.0 billion and $1.2 billion, respectively. As of June 30, 2024 and December 31, 2023, we had outstanding receivables of $462 million and $471 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, 2024 and December 31, 2023, we assessed these outstanding receivables for collectability, and established a valuation allowance of $401 million and $417 million, respectively. 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 conventional 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) based on unpaid principal balance. There were no servicers that serviced 10% or more of our single-family guaranty book of business as of June 30, 2024 or December 31, 2023. Percentage of Single-Family As of June 30, 2024 December 31, 2023 Top five depository servicers 21 % 22 % Top five non-depository servicers 28 27 Total 49 % 49 % As of June 30, 2024, 43% of our single-family conventional guaranty book of business was serviced by depository servicers, and 57% of our single-family conventional guaranty book of business was serviced by non-depository servicers. As of December 31, 2023, 44% of our single-family conventional guaranty book of business was serviced by depository servicers, and 56% of our single-family conventional guaranty book of business was serviced by non-depository servicers. The table below displays the percentage of our multifamily guaranty book of business serviced by our top five depository multifamily mortgage servicers and top five non-depository multifamily mortgage servicers. As of June 30, 2024, two servicers serviced 10% or more of our multifamily guaranty book of business, Walker & Dunlop, Inc. and Wells Fargo Bank, N.A. (together with its affiliates). As of June 30, 2024 and December 31, 2023, Walker & Dunlop, Inc. and Wells Fargo Bank, N.A. (together with its affiliates) serviced 13% and 10%, respectively, of our multifamily guaranty book of business based on unpaid principal balance. Walker & Dunlop, Inc. is a non-depository servicer and Wells Fargo Bank, N.A. is a depository servicer. Percentage of Multifamily As of June 30, 2024 December 31, 2023 Top five depository servicers 26 % 27 % Top five non-depository servicers 44 44 Total 70 % 71 % As of June 30, 2024 and December 31, 2023, 31% of our multifamily guaranty book of business was serviced by depository servicers and 69% of our multifamily guaranty book of business was serviced by non-depository servicers. 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. Derivatives Counterparties. For information on credit risk associated with our derivative transactions and repurchase agreements see “Note 9, Derivative Instruments” and “Note 12, Netting Arrangements.”

Netting Arrangements

Netting Arrangements	6 Months Ended
	Jun. 30, 2024
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, and securities sold under agreements to repurchase, 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, 2024 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 $ 376 $ (342) $ 34 $ — $ — $ 34 Cleared risk management derivatives — 52 52 — — 52 Mortgage commitment derivatives 66 — 66 (50) (1) 15 Total derivative assets 442 (290) 152 (4) (50) (1) 101 Securities purchased under agreements to resell (5) 70,200 — 70,200 — (70,200) — Total assets $ 70,642 $ (290) $ 70,352 $ (50) $ (70,201) $ 101 Liabilities: OTC risk management derivatives $ (3,027) $ 3,026 $ (1) $ — $ — $ (1) Cleared risk management derivatives — — — — — — Mortgage commitment derivatives (65) — (65) 50 7 (8) Total liabilities $ (3,092) $ 3,026 $ (66) (4) $ 50 $ 7 $ (9) As of December 31, 2023 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 $ 328 $ (294) $ 34 $ — $ — $ 34 Cleared risk management derivatives — 11 11 — — 11 Mortgage commitment derivatives 112 — 112 (23) (9) 80 Total derivative assets 440 (283) 157 (4) (23) (9) 125 Securities purchased under agreements to resell (5) 65,425 — 65,425 — (65,425) — Total assets $ 65,865 $ (283) $ 65,582 $ (23) $ (65,434) $ 125 Liabilities: OTC risk management derivatives $ (3,223) $ 3,203 $ (20) $ — $ — $ (20) Cleared risk management derivatives — (3) (3) — 3 — Mortgage commitment derivatives (104) — (104) 23 77 (4) Total liabilities $ (3,327) $ 3,200 $ (127) (4) $ 23 $ 80 $ (24) (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 $2.0 billion and $2.2 billion as of June 30, 2024 and December 31, 2023, respectively. The fair value of non-cash collateral received was $70.2 billion and $65.5 billion, of which $55.3 billion and $55.4 billion could be sold or repledged as of June 30, 2024 and December 31, 2023, respectively. None of the underlying collateral was sold or repledged as of June 30, 2024 or December 31, 2023. (4) Excludes derivative assets of $67 million and $45 million as of June 30, 2024 and December 31, 2023, respectively, and derivative liabilities of $15 million and $13 million as of June 30, 2024 and December 31, 2023, respectively, recognized in our condensed consolidated balance sheets, that were not subject to enforceable master netting arrangements. (5) Includes $28.2 billion and $21.8 billion in securities purchased under agreements to resell classified as “Cash and cash equivalents” in our condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively. Includes $14.4 billion and $12.9 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, 2024 and December 31, 2023, respectively. Derivative instruments are recorded at fair value and securities purchased under agreements to resell are recorded at amortized cost in our condensed consolidated balance sheets. For a discussion of how we determine our rights to offset the assets and liabilities presented above with the same counterparty, including collateral posted or received, see “Note 15, Netting Arrangements” in our 2023 Form 10-K.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2024
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 fair value 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. We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. See “Note 16, Fair Value” in our 2023 Form 10-K for information on the valuation control processes and the valuation techniques we use for fair value measurement and disclosure as well as our basis for classifying these measurements as Level 1, Level 2 or Level 3 of the valuation hierarchy in more specific situations. If the inputs used to measure assets or liabilities at fair value change, it may also result in a change in classification between Levels 1, 2, and 3. We made no material changes to the valuation control processes or the valuation techniques for the six months ended June 30, 2024. 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, 2024 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: Trading securities: Mortgage-related $ — $ 1,295 $ 32 $ — $ 1,327 Non-mortgage-related (2) 48,045 20 — — 48,065 Total trading securities 48,045 1,315 32 — 49,392 Available-for-sale securities: Agency (3) — 41 315 — 356 Other mortgage-related — 5 146 — 151 Total available-for-sale securities — 46 461 — 507 Mortgage loans — 2,769 425 — 3,194 Derivative assets — 400 109 (290) 219 Total assets at fair value $ 48,045 $ 4,530 $ 1,027 $ (290) $ 53,312 Liabilities: Long-term debt: Of Fannie Mae $ — $ 274 $ 270 $ — $ 544 Of consolidated trusts — 13,129 110 — 13,239 Total long-term debt — 13,403 380 — 13,783 Derivative liabilities — 3,092 15 (3,026) 81 Total liabilities at fair value $ — $ 16,495 $ 395 $ (3,026) $ 13,864 Fair Value Measurements as of December 31, 2023 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: Trading securities: Mortgage-related $ — $ 4,744 $ 26 $ — $ 4,770 Non-mortgage-related (2) 47,764 18 — — 47,782 Total trading securities 47,764 4,762 26 — 52,552 Available-for-sale securities: Agency (3) — 46 331 — 377 Other mortgage-related — 4 183 — 187 Total available-for-sale securities — 50 514 — 564 Mortgage loans — 2,838 477 — 3,315 Derivative assets — 395 90 (283) 202 Total assets at fair value $ 47,764 $ 8,045 $ 1,107 $ (283) $ 56,633 Liabilities: Long-term debt: Of Fannie Mae $ — $ 493 $ 268 $ — $ 761 Of consolidated trusts — 14,226 117 — 14,343 Total long-term debt — 14,719 385 — 15,104 Derivative liabilities — 3,327 13 (3,200) 140 Total liabilities at fair value $ — $ 18,046 $ 398 $ (3,200) $ 15,244 (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) Primarily includes U.S. Treasury securities. (3) Agency securities consist of securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae. 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 both 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, 2024 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2024 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2024 (1) Balance, March 31, 2024 Included in Net Income Included in Total OCI (Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Balance, June 30, 2024 (Dollars in millions) Trading securities: Mortgage-related $ 28 $ — (5)(6) $ — $ — $ — $ — $ — $ (3) $ 7 $ 32 $ — $ — Available-for-sale securities: Agency $ 323 $ — $ (1) $ — $ — $ — $ (7) $ — $ — $ 315 $ — $ — Other mortgage-related 164 1 (7) — — — (11) (1) — 146 — (6) Total available-for-sale securities $ 487 $ 1 (6)(7) $ (8) $ — $ — $ — $ (18) $ (1) $ — $ 461 $ — $ (6) Mortgage loans $ 470 $ (4) (5)(6) $ — $ — $ (2) $ — $ (16) $ (30) $ 7 $ 425 $ (1) $ — Net derivatives 69 — (5) — — — — 25 — — 94 24 — Long-term debt: Of Fannie Mae $ (273) $ 3 (5) $ — $ — $ — $ — $ — $ — $ — $ (270) $ 3 $ — Of consolidated trusts (114) — (5)(6) — — — — 3 1 — (110) — — Total long-term debt $ (387) $ 3 $ — $ — $ — $ — $ 3 $ 1 $ — $ (380) $ 3 $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Six Months Ended June 30, 2024 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2024 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2024 (1) Balance, December 31, 2023 Included in Net Income Included in Total OCI (Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Balance, June 30, 2024 (Dollars in millions) Trading securities: Mortgage-related $ 26 $ (1) (5)(6) $ — $ — $ — $ — $ — $ (3) $ 10 $ 32 $ (1) $ — Available-for-sale securities: Agency $ 331 $ — $ — $ — $ — $ — $ (16) $ — $ — $ 315 $ — $ — Other mortgage-related 183 2 1 — — — (39) (1) — 146 — — Total available-for-sale securities $ 514 $ 2 (6)(7) $ 1 $ — $ — $ — $ (55) $ (1) $ — $ 461 $ — $ — Mortgage loans $ 477 $ (3) (5)(6) $ — $ — $ (6) $ — $ (33) $ (39) $ 29 $ 425 $ (1) $ — Net derivatives 77 (12) (5) — — — — 29 — — 94 17 — Long-term debt: Of Fannie Mae $ (268) $ (2) (5) $ — $ — $ — $ — $ — $ — $ — $ (270) $ (2) $ — Of consolidated trusts (117) (1) (5)(6) — — — — 7 1 — (110) (1) — Total long-term debt $ (385) $ (3) $ — $ — $ — $ — $ 7 $ 1 $ — $ (380) $ (3) $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Three Months Ended June 30, 2023 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2023 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2023 (1) Balance, March 31, 2023 Included in Net Income Included in Total OCI (Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Balance, June 30, 2023 (Dollars in millions) Trading securities: Mortgage-related $ 32 $ (2) (5)(6) $ — $ — $ — $ — $ — $ (2) $ — $ 28 $ (1) $ — Available-for-sale securities: Agency $ 362 $ 1 $ 2 $ — $ — $ — $ (9) $ — $ — $ 356 $ — $ 2 Other mortgage-related 260 3 1 — — — (28) (1) — 235 — 1 Total available-for-sale securities $ 622 $ 4 (6)(7) $ 3 $ — $ — $ — $ (37) $ (1) $ — $ 591 $ — $ 3 Mortgage loans $ 526 $ (4) (5)(6) $ — $ — $ — $ — $ (20) $ (6) $ 14 $ 510 $ (5) $ — Net derivatives (38) 38 (5) — — — — 12 — — 12 51 — Long-term debt: Of Fannie Mae $ (250) $ (6) (5) $ — $ — $ — $ — $ — $ — $ — $ (256) $ (6) $ — Of consolidated trusts (133) 2 (5)(6) — — — — 6 — — (125) 2 — Total long-term debt $ (383) $ (4) $ — $ — $ — $ — $ 6 $ — $ — $ (381) $ (4) $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Six Months Ended June 30, 2023 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2023 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2023 (1) Balance, December 31, 2022 Included in Net Income Included in Total OCI (Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Balance, June 30, 2023 (Dollars in millions) Trading securities: Mortgage-related $ 47 $ (8) (5)(6) $ — $ — $ — $ — $ — $ (11) $ — $ 28 $ (5) $ — Available-for-sale securities: Agency $ 371 $ 1 $ 1 $ — $ — $ — $ (17) $ — $ — $ 356 $ — $ 1 Other mortgage-related 263 5 5 — — — (38) (1) 1 235 — 3 Total available-for-sale securities $ 634 $ 6 (6)(7) $ 6 $ — $ — $ — $ (55) $ (1) $ 1 $ 591 $ — $ 4 Mortgage loans $ 543 $ 3 (5)(6) $ — $ — $ — $ — $ (45) $ (15) $ 24 $ 510 $ 1 $ — Net derivatives (37) 32 (5) — — — — 17 — — 12 49 — Long-term debt: Of Fannie Mae $ (242) $ (14) (5) $ — $ — $ — $ — $ — $ — $ — $ (256) $ (14) $ — Of consolidated trusts (136) — (5)(6) — — — — 11 — — (125) — — Total long-term debt $ (378) $ (14) $ — $ — $ — $ — $ 11 $ — $ — $ (381) $ (14) $ — (1) Gains (losses) are included in “Other comprehensive income (loss)” 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) included in “Net interest income” in our condensed consolidated statements of operations and comprehensive income includes amortization of cost basis adjustments. (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, 2024 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 (3) $ 32 Various Available-for-sale securities: Agency (3) 315 Consensus Other mortgage-related 52 Discounted Cash Flow Spreads (bps) 478.0 - 508.0 492.5 2 Single Vendor 92 Various Total other mortgage-related 146 Total available-for-sale securities $ 461 Net derivatives $ 43 Dealer Mark 51 Discounted Cash Flow Total net derivatives $ 94 Fair Value Measurements as of December 31, 2023 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 (3) $ 26 Various Available-for-sale securities: Agency (3) 331 Consensus Other mortgage-related 74 Discounted Cash Flow Spreads (bps) 530.0 - 560.0 544.8 9 Single Vendor 100 Various Total other mortgage-related 183 Total available-for-sale securities $ 514 Net derivatives $ 45 Dealer Mark 32 Discounted Cash Flow Total net derivatives $ 77 (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 held no Level 1 assets or liabilities that were measured at fair value on a nonrecurring basis as of June 30, 2024 or December 31, 2023. We held $35 million and $42 million in Level 2 assets as of June 30, 2024 and December 31, 2023, respectively, composed of mortgage loans held for sale that were impaired. We held no Level 2 or Level 3 liabilities that were measured at fair value on a nonrecurring basis as of June 30, 2024 or December 31, 2023. 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, 2024 December 31, 2023 (Dollars in millions) Nonrecurring fair value measurements: Mortgage loans: (1) Mortgage loans held for sale, at lower of cost or fair value Consensus $ 208 $ 1,994 Single-family mortgage loans held for investment, at amortized cost Internal Model 330 407 Multifamily mortgage loans held for investment, at amortized cost Appraisal 187 33 Broker Price Opinion 488 769 Internal Model 207 218 Total multifamily mortgage loans held for investment, at amortized cost 882 1,020 Acquired property, net: Single-family Accepted Offer 28 23 Appraisal 53 43 Internal Model 249 230 Walk Forward 71 75 Various 5 19 Total single-family 406 390 Multifamily Various 22 182 Total nonrecurring assets at fair value $ 1,848 $ 3,993 (1) When we measure impairment, including recoveries, based on the fair value of the loan or the underlying collateral and impairment is recorded on any component of the mortgage loan, including accrued interest receivable and amounts due from the borrower for advances of taxes and insurance, we present the entire fair value measurement amount with the corresponding mortgage loan. 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, 2024 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 $ 78,313 $ 35,763 $ 42,550 $ — $ — $ 78,313 Securities purchased under agreements to resell 27,650 — 27,650 — — 27,650 Trading securities 49,392 48,045 1,315 32 — 49,392 Available-for-sale securities 507 — 46 461 — 507 Mortgage loans held for sale 646 — 79 618 — 697 Mortgage loans held for investment, net of allowance for loan losses 4,128,568 — 3,493,410 127,303 — 3,620,713 Advances to lenders 1,856 — 1,856 — — 1,856 Derivative assets at fair value 219 — 400 109 (290) 219 Guaranty assets and buy-ups 69 — — 151 — 151 Total financial assets $ 4,287,220 $ 83,808 $ 3,567,306 $ 128,674 $ (290) $ 3,779,498 Financial liabilities: Short-term debt: Of Fannie Mae $ 12,008 $ — $ 12,007 $ — $ — $ 12,007 Long-term debt: Of Fannie Mae 106,535 — 106,618 631 — 107,249 Of consolidated trusts 4,094,421 — 3,553,827 279 — 3,554,106 Derivative liabilities at fair value 81 — 3,092 15 (3,026) 81 Guaranty obligations 75 — — 59 — 59 Total financial liabilities $ 4,213,120 $ — $ 3,675,544 $ 984 $ (3,026) $ 3,673,502 As of December 31, 2023 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 $ 68,706 $ 33,981 $ 34,725 $ — $ — $ 68,706 Securities purchased under agreements to resell 30,700 — 30,700 — — 30,700 Trading securities 52,552 47,764 4,762 26 — 52,552 Available-for-sale securities 564 — 50 514 — 564 Mortgage loans held for sale 2,149 — 93 2,196 — 2,289 Mortgage loans held for investment, net of allowance for loan losses 4,133,482 — 3,571,555 130,022 — 3,701,577 Advances to lenders 1,389 — 1,389 — — 1,389 Derivative assets at fair value 202 — 395 90 (283) 202 Guaranty assets and buy-ups 73 — — 155 — 155 Total financial assets $ 4,289,817 $ 81,745 $ 3,643,669 $ 133,003 $ (283) $ 3,858,134 Financial liabilities: Short-term debt: Of Fannie Mae $ 17,314 $ — $ 17,317 $ — $ — $ 17,317 Long-term debt: Of Fannie Mae 106,751 — 106,701 605 — 107,306 Of consolidated trusts 4,098,653 — 3,633,157 293 — 3,633,450 Derivative liabilities at fair value 140 — 3,327 13 (3,200) 140 Guaranty obligations 79 — — 65 — 65 Total financial liabilities $ 4,222,937 $ — $ 3,760,502 $ 976 $ (3,200) $ 3,758,278 For a detailed description and classification of our financial instruments, see “Note 16, Fair Value” in our 2023 Form 10-K. Fair Value Option We generally elect the fair value option on a financial instrument when the accounting guidance would otherwise require us to separately account for a derivative that is embedded in an instrument at fair value. Under the fair value option, we carry this type of instrument, in its entirety, at fair value instead of separately accounting for the derivative. 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 elected the fair value option. As of June 30, 2024 December 31, 2023 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 $ 3,194 $ 544 $ 13,239 $ 3,315 $ 761 $ 14,343 Unpaid principal balance 3,402 517 13,528 3,442 731 14,383 (1) Includes nonaccrual loans with a fair value of $28 million and $32 million as of June 30, 2024 and December 31, 2023, respectively. Includes loans that are 90 days or more past due with a fair value of $24 million and $31 million as of June 30, 2024 and December 31, 2023, respectively. Changes in Fair Value under the Fair Value Option Election We recorded losses of $2 million and $47 million for the three and six months ended June 30, 2024, respectively, and losses of $49 million and $22 million for the three and six months ended June 30, 2023, 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 gains of $17 million and $128 million for the three and six months ended June 30, 2024, respectively, and gains of $219 million and losses of $50 million for the three and six months ended June 30, 2023, 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, 2024
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. 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 the court 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 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 the likelihood of 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. Senior Preferred Stock Purchase Agreements Litigation A consolidated class action ( “In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations” ) and a non-class action lawsuit, Fairholme Funds v. FHFA , filed by Fannie Mae and Freddie Mac stockholders against us, FHFA as our conservator, and Freddie Mac were filed 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 in these lawsuits allege 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 stockholders’ rights and caused them harm. Plaintiffs in the class action represent a class of Fannie Mae preferred stockholders and classes of Freddie Mac common and preferred stockholders. The cases were tried before a jury at a trial that commenced on July 24, 2023. On August 14, 2023, the jury returned a verdict for the plaintiffs and awarded damages of $299.4 million to Fannie Mae preferred stockholders. On October 24, 2023, the court held that these stockholders were entitled to receive prejudgment interest on the damage award. On March 20, 2024, the court entered final judgment and set the amount of prejudgment interest owed by Fannie Mae at $199.7 million. On April 17, 2024, the defendants filed a motion for judgment as a matter of law, which has been fully briefed. The parties will have 30 days to appeal following the court’s decision on the motion. Until the motion and any subsequent appeals are resolved and any final judgment amount has been paid, post-judgment interest on the damages and prejudgment interest awards will accrue at a rate of 5.01%, starting on March 20, 2024, to be computed daily and compounded annually. We recognized $495 million in 2023 related to the jury verdict and estimated prejudgment interest through December 31, 2023 in “Other expenses, net.” We recognized an additional $6 million and $11 million of expense for the three and six months ended June 30, 2024, respectively, related to the prejudgment and post-judgment interest.

Regulatory Capital Requirements

Regulatory Capital Requirements	6 Months Ended
	Jun. 30, 2024
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory Capital Requirements	Regulatory Capital Requirements The enterprise regulatory capital framework went into effect in February 2021; however, we are not required to hold capital according to the framework’s requirements until the date of termination of our conservatorship, or such later date as may be ordered by FHFA. The table below sets forth information about our capital requirements under the standardized approach of the enterprise regulatory capital framework. Capital Metrics under the Enterprise Regulatory Capital Framework as of June 30, 2024 (1) (Dollars in billions) Adjusted total assets $ 4,439 Risk-weighted assets 1,275 Amounts Ratios Available Capital (Deficit) (2) Minimum Capital Requirement Total Capital Requirement (including Buffers) (3) Available Capital (Deficit) Ratio (4) Minimum Capital Ratio Requirement Total Capital Requirement Ratio (including Buffers) Risk-based capital: Total capital (statutory) (5) $ (26) $ 102 $ 102 (2.0) % 8.0 % 8.0 % Common equity tier 1 capital (65) 57 139 (5.1) 4.5 10.9 Tier 1 capital (45) 77 159 (3.5) 6.0 12.5 Adjusted total capital (45) 102 184 (3.5) 8.0 14.4 Leverage capital: Core capital (statutory) (6) (34) 111 111 (0.8) 2.5 2.5 Tier 1 capital (45) 111 135 (1.0) 2.5 3.0 Capital Metrics under the Enterprise Regulatory Capital Framework as of December 31, 2023 (1) (Dollars in billions) Adjusted total assets $ 4,552 Risk-weighted assets 1,357 Amounts Ratios Available Capital (Deficit) (2) Minimum Capital Requirement Total Capital Requirement (including Buffers) (3) Available Capital (Deficit) Ratio (4) Minimum Capital Ratio Requirement Total Capital Requirement Ratio (including Buffers) Risk-based capital: Total capital (statutory) (5) $ (34) $ 109 $ 109 (2.5) % 8.0 % 8.0 % Common equity tier 1 capital (74) 61 140 (5.5) 4.5 10.3 Tier 1 capital (55) 81 160 (4.1) 6.0 11.8 Adjusted total capital (55) 109 188 (4.1) 8.0 13.9 Leverage capital: Core capital (statutory) (6) (43) 114 114 (0.9) 2.5 2.5 Tier 1 capital (55) 114 137 (1.2) 2.5 3.0 (1) Ratios are calculated as a percentage of risk-weighted assets for risk-based capital metrics and as a percentage of adjusted total assets for leverage capital metrics. (2) Available capital (deficit) for all line items excludes the stated value of the senior preferred stock ($120.8 billion). Available capital (deficit) for all line items except total capital and core capital also deducts a portion of deferred tax assets. Deferred tax assets arising from temporary differences between GAAP and tax requirements are deducted from capital to the extent they exceed 10% of common equity. As of June 30, 2024 and December 31, 2023, this resulted in the full deduction of deferred tax assets ($11.0 billion and $11.7 billion, respectively) from our available capital (deficit). Available capital (deficit) for common equity tier 1 capital also excludes the value of the perpetual, non-cumulative preferred stock ($19.1 billion) as of June 30, 2024 and December 31, 2023. (3) The prescribed capital buffers represent the amount of capital we are required to hold above the minimum risk-based and leverage capital requirements. The applicable buffer for risk-based common equity tier 1 capital, tier 1 capital, and adjusted total capital is the PCCBA, which is composed of a stress capital buffer, a stability capital buffer, and a countercyclical capital buffer. The PCCBA must be comprised entirely of common equity tier 1 capital. The applicable buffer for leverage tier 1 capital is the PLBA. The stress capital buffer and countercyclical capital buffer are each calculated by multiplying prescribed factors by adjusted total assets as of the last day of the previous calendar quarter. The stability capital buffer is based on our share of mortgage debt outstanding. The prescribed leverage buffer for June 30, 2024 and December 31, 2023 was set at 50% of the June 30, 2024 and December 31, 2023 stability capital buffer, respectively. (4) Ratios are negative because we had a deficit in available capital for each tier of capital. (5) The sum of (a) core capital (see definition in footnote 6 below); and (b) a general allowance for foreclosure losses, which (i) shall include an allowance for portfolio mortgage losses, an allowance for non-reimbursable foreclosure costs on government claims, and an allowance for liabilities reflected on the balance sheet for estimated foreclosure losses on mortgage-backed securities; and (ii) shall not include any reserves made or held against specific assets; and (c) any other amounts from sources of funds available to absorb losses that the Director of FHFA by regulation determines are appropriate to include in determining total capital. (6) The sum of (a) the stated value of our outstanding common stock (common stock less treasury stock); (b) the stated value of our outstanding perpetual, noncumulative preferred stock; (c) our paid-in capital; and (d) our retained earnings (accumulated deficit). Core capital does not include: (a) accumulated other comprehensive income or (b) senior preferred stock.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 4,484	$ 4,994	$ 8,804	$ 8,766

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements and therefore should be read in conjunction with our audited consolidated financial statements and related notes included in our 2023 Form 10-K. In the opinion of management, our unaudited interim condensed consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of our results. The nature of our business is such that the results of any interim period are not necessarily indicative of results for a full year. 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 balances and transactions have been eliminated. To conform to our current-period presentation, we have reclassified certain amounts reported in our prior period consolidated financial statements.
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. Actual results could be different from these estimates.
Earnings per Share	Earnings per Share Earnings per share (“EPS”) is presented for basic and diluted EPS. We include the shares of common stock that would be issuable upon full exercise of the common stock warrant in the weighted average shares outstanding for the computation of both basic and diluted earnings per share. Weighted average common shares include 4.7 billion shares for the periods ended June 30, 2024 and 2023 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, 2024 and 2023.
New Accounting Guidance	New Accounting Guidance Segment Reporting On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures . The ASU enhances disclosure of an entity’s reportable segments by requiring additional information about significant segment expenses, interim disclosures of certain segment information that previously were only required on an annual basis and other detailed segment-related disclosures. The ASU applies to all public entities that are required to report segment information and is effective starting in annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The ASU is required to be adopted retrospectively to all prior periods presented in the financial statements. The adoption of this guidance is not expected to have a material impact on our financial statements. Income Taxes On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which enhances the required disclosures primarily related to the income tax rate reconciliation and income taxes paid. The ASU requires an entity’s income tax rate reconciliation to provide additional information for reconciling items meeting a quantitative threshold, and to disclose certain selected categories within the income tax rate reconciliation. The ASU also requires entities to disclose the amount of income taxes paid, disaggregated by federal, state and foreign taxes. The ASU is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. The adoption of this guidance is not expected to have a material impact on our financial statements.
Conservatorship	Conservatorship
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, 2024, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $203.5 billion. 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. 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 in the capital markets. 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 materials relating to the underlying resecuritized securities. We also make regular income tax payments to and receive tax refunds from the Internal Revenue Service (“IRS”), a bureau of Treasury. The following table provides the income statement impact of our related party transactions for the periods presented in addition to the associated liability at period end. The associated liability represents amounts accrued with respect to the related party transactions that have not yet been paid to the applicable related parties .
Unconsolidated VIEs	Unconsolidated VIEs
Transfers of Financial Assets and Portfolio Securitizations	Transfers of Financial Assets and Portfolio Securitizations
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. Within 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.
Mortgage Loans Loss Mitigation	As part of our loss mitigation activities, we offer several types of loan restructurings to assist borrowers who experience financial difficulties. We do not typically offer principal forgiveness to our single-family or multifamily borrowers. For single-family borrowers, we may offer loan restructurings that are only in the form of a payment delay ( e.g., For multifamily borrowers, loan restructurings include short-term forbearance plans and loan modification programs, which primarily result in term extensions of up to one year with no change to the loan’s interest rate. In certain cases, we may make more significant modifications of terms for borrowers experiencing financial difficulty, such as reducing the interest rate, converting to interest-only payments, extending the maturity for longer than one year, providing principal forbearance, or some combination of these terms. In some instances when a loan is restructured, we may require additional collateral, which may take the form of a guaranty from another entity, to further mitigate the risk of nonperformance. Our estimate of future credit losses uses a lifetime methodology, derived from modeled loan performance based on extensive historical experience of loans with similar risk characteristics, adjusted to reflect current conditions and reasonable and supportable forecasts. The historical loss experience used in our single-family and multifamily credit loss models includes the impact of the loss mitigation options provided to borrowers experiencing financial difficulty, and also includes the impact of projected loss severities as a result of a loan default.
Nonaccrual Loans and 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. Nonaccrual Loans We recognize interest income on an accrual basis except when we believe the collection of principal and interest is not reasonably assured. This generally occurs when a single-family loan is three or more months past due and a multifamily loan is two or more months past due according to its contractual terms. A loan is reported as past due if a full payment of principal and interest is not received within one month of its due date. When a loan is placed on nonaccrual status based on delinquency status, interest previously accrued but not collected on the loan is reversed through interest income. Cost basis adjustments on HFI loans are amortized into interest income over the contractual life of the loan using the effective interest method. Cost basis adjustments on the loan are not amortized into income while a loan is on nonaccrual status. We have elected not to measure an allowance for credit losses on accrued interest receivable balances as we have a nonaccrual policy to ensure the timely reversal of unpaid accrued interest. For single-family loans, we recognize any contractual interest payments received on the loan while on nonaccrual status as interest income on a cash basis. For multifamily loans, we account for interest income on a cost recovery basis and we apply any payment received while on nonaccrual status to reduce the amortized cost of the loan. Thus, we do not recognize any interest income on a multifamily loan placed on nonaccrual status until the amortized cost of the loan has been reduced to zero. A nonaccrual loan is returned to accrual status when the full collection of principal and interest is reasonably assured. We generally determine that the full collection of principal and interest is reasonably assured when the loan returns to current payment status. If a loan is restructured for a borrower experiencing financial difficulty, we require a performance period of up to 6 months before we return the loan to accrual status. Upon a loan’s return to accrual status, we resume the recognition of interest income on an accrual basis and the amortization of cost basis adjustments, if any, into interest income. If interest is capitalized pursuant to a restructuring, any capitalized interest that had not been previously recognized as interest income or that had been reversed through interest income when the loan was placed on nonaccrual status is recorded as a discount to the loan and amortized into interest income over the remaining contractual life of the loan. Our benefit (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 type, volume and effectiveness of our loss mitigation activities, including forbearances and loan modifications, the volume of foreclosures completed, and the volume and pricing of loans redesignated 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 Securities 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 (loss).”
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.
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.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, Methods of Accounting, Hedging Derivatives	Pursuant to our fair value hedge accounting 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.
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 management gauges our credit risk is the delinquency status of the mortgage loans in our guaranty book of business.
Derivatives, Offsetting	Derivative instruments are recorded at fair value and securities purchased under agreements to resell are recorded at amortized cost in our condensed consolidated balance sheets.
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 fair value 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 generally elect the fair value option on a financial instrument when the accounting guidance would otherwise require us to separately account for a derivative that is embedded in an instrument at fair value. Under the fair value option, we carry this type of instrument, in its entirety, at fair value instead of separately accounting for the derivative. 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	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.”
Commitments and Contingencies	On a quarterly basis, we review relevant information about 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 the likelihood of a loss is probable and we can reasonably estimate the amount of such loss.

Conservatorship, Senior Prefe_2

Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters (Tables)	6 Months Ended
	Jun. 30, 2024
Conservatorship, Preferred Stock Agreements, And Related Parties [Abstract]
Schedule of Related Party Transactions	The following table provides the income statement impact of our related party transactions for the periods presented in addition to the associated liability at period end. The associated liability represents amounts accrued with respect to the related party transactions that have not yet been paid to the applicable related parties . In addition to the impact described in the table below, our investment in CSS, which is accounted for using the equity method, is classified as “Other assets” in our condensed consolidated balance sheets. We contributed $16 million to CSS for the three months ended June 30, 2024 and 2023. We contributed $38 million and $42 million for the six months ended June 30, 2024 and 2023, respectively. Related Party Activity Income Statement Classification For the Three Months Ended June 30, For the Six Months Ended June 30, Other Liabilities as of June 30, 2024 2024 2023 2024 2023 (Dollars in millions) Treasury TCCA fees TCCA fees (1) $ 859 $ 856 $ 1,719 $ 1,711 $ 859 Treasury Treasury’s Capital Magnet Fund Other expenses, net 14 16 25 27 25 FHFA FHFA regulatory assessment fees Other administrative expenses 40 40 80 79 — Treasury & Making Home Affordable Program reimbursements Administrative expenses — 3 — 6 — CSS & Net operating losses associated with our investment in CSS Other expenses, net 16 16 38 42 — (1) Consists of the portion of our single-family guaranty fees that is paid to Treasury pursuant to the TCCA. 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.

Consolidations and Transfers _2

Consolidations and Transfers of Financial Assets (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023 (Dollars in millions) Assets and liabilities recorded in our condensed consolidated balance sheets related to unconsolidated mortgage-backed trusts: Investments in securities, at fair value $ 1,415 $ 4,863 Other assets 35 37 Other liabilities (40) (42) Net carrying amount $ 1,410 $ 4,858

Mortgage Loans (Tables)

Mortgage Loans (Tables)	6 Months Ended
	Jun. 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Loans in Mortgage Portfolio	The following table displays the carrying value of our mortgage loans and allowance for loan losses. As of June 30, 2024 December 31, 2023 (Dollars in millions) Single-family $ 3,627,376 $ 3,641,385 Multifamily 470,928 461,247 Total unpaid principal balance of mortgage loans 4,098,304 4,102,632 Cost basis and fair value adjustments, net 38,936 41,729 Allowance for loan losses for HFI loans (8,026) (8,730) Total mortgage loans (1) $ 4,129,214 $ 4,135,631 (1) Excludes $10.8 billion and $10.4 billion of accrued interest receivable as of June 30, 2024 and December 31, 2023, respectively. The following table displays information about our purchase of HFI loans, redesignation of loans and the sales of mortgage loans during the period. For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in millions) Purchase of HFI loans: Single-family unpaid principal balance $ 85,776 $ 89,175 $ 148,066 $ 156,642 Multifamily unpaid principal balance 9,271 15,111 19,339 25,346 Single-family loans redesignated from HFI to HFS: Amortized cost $ 216 $ — $ 452 $ — Lower of cost or fair value adjustment at time of redesignation (1) (18) — (38) — Allowance reversed at time of redesignation 4 — 3 — Single-family loans sold: Unpaid principal balance $ 1,832 $ — $ 2,331 $ 1,842 Realized gains (losses), net 8 — 13 17 (1) Consists of the write-off against the allowance at the time of redesignation.
Financing Receivable, Past Due	The following tables display an aging analysis of the total amortized cost of our HFI mortgage loans by portfolio segment and class of financing receivable, excluding loans for which we have elected the fair value option. As of June 30, 2024 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 $ 33,669 $ 7,696 $ 16,600 $ 57,965 $ 3,168,651 $ 3,226,616 $ 568 $ 3,128 15-year or less, amortizing fixed-rate 1,775 288 546 2,609 395,554 398,163 34 188 Adjustable-rate 176 38 90 304 25,619 25,923 3 15 Other (2) 583 161 431 1,175 21,484 22,659 37 179 Total single-family 36,203 8,183 17,667 62,053 3,611,308 3,673,361 642 3,510 Multifamily (3) 935 N/A 1,564 2,499 468,367 470,866 106 551 Total $ 37,138 $ 8,183 $ 19,231 $ 64,552 $ 4,079,675 $ 4,144,227 $ 748 $ 4,061 As of December 31, 2023 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 $ 33,119 $ 8,093 $ 18,659 $ 59,871 $ 3,148,171 $ 3,208,042 $ 1,371 $ 3,457 15-year or less, amortizing fixed-rate 1,846 319 650 2,815 425,598 428,413 74 176 Adjustable-rate 184 42 100 326 26,032 26,358 11 21 Other (2) 586 171 562 1,319 23,772 25,091 148 228 Total single-family 35,735 8,625 19,971 64,331 3,623,573 3,687,904 1,604 3,882 Multifamily (3) 449 N/A 1,699 2,148 459,206 461,354 171 594 Total $ 36,184 $ 8,625 $ 21,670 $ 66,479 $ 4,082,779 $ 4,149,258 $ 1,775 $ 4,476 (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 information about the credit quality of our single-family HFI loans, based on total amortized cost. The tables below also include current year write-offs of our single-family HFI mortgage loans by class of financing receivable and year of origination, excluding loans for which we have elected the fair value option. Credit Quality Indicators as of June 30, 2024 and Write-offs for the Six Months Ended June 30, 2024, by Year of Origination (1) 2024 2023 2022 2021 2020 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% $ 70,150 $ 173,891 $ 334,255 $ 881,378 $ 742,596 $ 748,745 $ 2,951,015 Greater than 80% and less than or equal to 90% 19,486 71,484 80,974 18,851 2,194 1,498 194,487 Greater than 90% and less than or equal to 100% 29,344 32,819 15,542 1,653 193 206 79,757 Greater than 100% — 145 908 112 38 154 1,357 Total 20- and 30-year or more, amortizing fixed-rate 118,980 278,339 431,679 901,994 745,021 750,603 3,226,616 Current-year 20- and 30-year or more, $ — $ 15 $ 54 $ 45 $ 16 $ 72 $ 202 15-year or less, amortizing fixed-rate: Less than or equal to 80% 2,960 7,189 33,391 155,353 109,935 88,223 397,051 Greater than 80% and less than or equal to 90% 187 430 255 18 1 1 892 Greater than 90% and less than or equal to 100% 135 65 18 1 — — 219 Greater than 100% — — — — — 1 1 Total 15-year or less, amortizing fixed-rate 3,282 7,684 33,664 155,372 109,936 88,225 398,163 Current-year 15-year or less, amortizing — — 1 1 — 2 4 Adjustable-rate: Less than or equal to 80% 821 1,924 4,610 5,709 1,566 9,274 23,904 Greater than 80% and less than or equal to 90% 185 533 806 37 5 2 1,568 Greater than 90% and less than or equal to 100% 109 162 155 5 1 1 433 Greater than 100% — 1 17 — — — 18 Total adjustable-rate 1,115 2,620 5,588 5,751 1,572 9,277 25,923 Current-year adjustable-rate write-offs — — — — — 1 1 Other: Less than or equal to 80% — — — — — 18,270 18,270 Greater than 80% and less than or equal to 90% — — — — — 64 64 Greater than 90% and less than or equal to 100% — — — — — 32 32 Greater than 100% — — — — — 29 29 Total other — — — — — 18,395 18,395 Current-year other write-offs — — — — — 10 10 Total for all classes by LTV ratio: (2) Less than or equal to 80% $ 73,931 $ 183,004 $ 372,256 $ 1,042,440 $ 854,097 $ 864,512 $ 3,390,240 Greater than 80% and less than or equal to 90% 19,858 72,447 82,035 18,906 2,200 1,565 197,011 Greater than 90% and less than or equal to 100% 29,588 33,046 15,715 1,659 194 239 80,441 Greater than 100% — 146 925 112 38 184 1,405 Total $ 123,377 $ 288,643 $ 470,931 $ 1,063,117 $ 856,529 $ 866,500 $ 3,669,097 Total current-year write-offs $ — $ 15 $ 55 $ 46 $ 16 $ 85 $ 217 Credit Quality Indicators as of December 31, 2023 and Write-offs for the Year Ended December 31, 2023, by Year of Origination (1) 2023 2022 2021 2020 2019 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% $ 148,641 $ 314,384 $ 889,434 $ 767,596 $ 136,654 $ 648,964 $ 2,905,673 Greater than 80% and less than or equal to 90% 57,686 95,509 38,790 3,424 804 1,082 197,295 Greater than 90% and less than or equal to 100% 61,658 35,602 4,002 363 71 189 101,885 Greater than 100% 1,000 1,764 189 47 17 172 3,189 Total 20- and 30-year or more, amortizing fixed-rate 268,985 447,259 932,415 771,430 137,546 650,407 3,208,042 Current-year 20- and 30-year or more, $ 2 $ 35 $ 53 $ 45 $ 108 $ 560 $ 803 15-year or less, amortizing fixed-rate: Less than or equal to 80% 7,110 35,224 165,294 117,795 17,162 84,222 426,807 Greater than 80% and less than or equal to 90% 581 647 52 2 — 1 1,283 Greater than 90% and less than or equal to 100% 259 58 1 — — 1 319 Greater than 100% 1 2 — — — 1 4 Total 15-year or less, amortizing fixed-rate 7,951 35,931 165,347 117,797 17,162 84,225 428,413 Current-year 15-year or less, amortizing — — 1 1 1 5 8 Adjustable-rate: Less than or equal to 80% 1,566 4,452 5,945 1,654 710 9,716 24,043 Greater than 80% and less than or equal to 90% 499 1,030 90 6 2 3 1,630 Greater than 90% and less than or equal to 100% 299 330 11 — — 1 641 Greater than 100% 14 29 1 — — — 44 Total adjustable-rate 2,378 5,841 6,047 1,660 712 9,720 26,358 Current-year adjustable-rate write-offs — 1 — — — 2 3 Other: Less than or equal to 80% — — — — 27 19,418 19,445 Greater than 80% and less than or equal to 90% — — — — — 81 81 Greater than 90% and less than or equal to 100% — — — — — 39 39 Greater than 100% — — — — — 35 35 Total other — — — — 27 19,573 19,600 Current-year other write-offs — — — — — 52 52 Total for all classes by LTV ratio: (2) Less than or equal to 80% $ 157,317 $ 354,060 $ 1,060,673 $ 887,045 $ 154,553 $ 762,320 $ 3,375,968 Greater than 80% and less than or equal to 90% 58,766 97,186 38,932 3,432 806 1,167 200,289 Greater than 90% and less than or equal to 100% 62,216 35,990 4,014 363 71 230 102,884 Greater than 100% 1,015 1,795 190 47 17 208 3,272 Total $ 279,314 $ 489,031 $ 1,103,809 $ 890,887 $ 155,447 $ 763,925 $ 3,682,413 Total current-year write-offs $ 2 $ 36 $ 54 $ 46 $ 109 $ 619 $ 866 (1) Excludes amortized cost of $4.3 billion and $5.5 billion as of June 30, 2024 and December 31, 2023, 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. For the three months ended June 30, 2024 and year ended December 31, 2023, it also excludes write-offs of $39 million and $7 million, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. Year of loan origination may not be the same as the period in which we subsequently acquired the loan. (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 of 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. The tables below also include current year write-offs of our multifamily HFI mortgage loans by year of origination, excluding loans for which we have elected the fair value option. Credit Quality Indicators as of June 30, 2024 and Write-offs for the Six Months Ended June 30, 2024, by Year of Origination (1) 2024 2023 2022 2021 2020 Prior Total (Dollars in millions) Internally assigned credit risk rating: Pass (2) $ 15,261 $ 53,341 $ 50,617 $ 60,102 $ 72,560 $ 186,999 $ 438,880 Special mention (3) 19 — 13 419 14 98 563 Substandard (4) — 772 9,520 3,583 2,530 15,006 31,411 Doubtful (5) — — 12 — — — 12 Total $ 15,280 $ 54,113 $ 60,162 $ 64,104 $ 75,104 $ 202,103 $ 470,866 Current-year write-offs $ — $ 29 $ 27 $ 11 $ 16 $ 88 $ 171 Credit Quality Indicators as of December 31, 2023 and Write-offs for the Year Ended December 31, 2023, by Year of Origination (1) 2023 2022 2021 2020 2019 Prior Total (Dollars in millions) Internally assigned credit risk rating: Pass (2) $ 49,944 $ 51,380 $ 60,563 $ 72,791 $ 56,901 $ 136,860 $ 428,439 Special mention (3) 4 11 181 32 46 130 404 Substandard (4) 521 9,517 3,654 2,703 3,893 12,188 32,476 Doubtful (5) 25 — — — 10 — 35 Total $ 50,494 $ 60,908 $ 64,398 $ 75,526 $ 60,850 $ 149,178 $ 461,354 Current-year write-offs $ — $ 3 $ 4 $ 6 $ 23 $ 365 $ 401 (1) Year of loan origination may not be the same as the period in which we subsequently acquired the loan. (2) A loan categorized as “Pass” is current or adequately protected by the current financial strength and debt service capability of the borrower. (3) “Special mention” refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower’s ability to repay in full. (4) Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. We had seniors housing loans with an amortized cost of $5.1 billion and $6.9 billion as of June 30, 2024 and December 31, 2023, respectively, classified as substandard. (5) “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.
Financing Receivable, Loan Modification	The following tables display the amortized cost of HFI mortgage loans that were restructured, during the periods indicated, presented by portfolio segment and class of financing receivable. For the Three Months Ended June 30, 2024 Payment Delay (Only) Forbearance Plan Payment Deferral Trial Modification and Repayment Plans Payment Delay and Term Extension (1) Payment Delay, Term Extension, Interest Rate Reduction, and Other (1) Total Percentage of Total by Financing Class (2) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 4,905 $ 2,733 $ 4,498 $ 2,438 $ 32 $ 14,606 * % 15-year or less, amortizing fixed-rate 195 84 162 1 — 442 * Adjustable-rate 25 12 15 — — 52 * Other 25 38 56 28 12 159 1 Total single-family 5,150 2,867 4,731 2,467 44 15,259 * Multifamily 29 — — — 57 86 * Total (3) $ 5,179 $ 2,867 $ 4,731 $ 2,467 $ 101 $ 15,345 * For the Six Months Ended June 30, 2024 Payment Delay (Only) Forbearance Plan Payment Deferral Trial Modification and Repayment Plans Payment Delay and Term Extension (1) Payment Delay, Term Extension, Interest Rate Reduction, and Other (1) Total Percentage of Total by Financing Class (2) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 6,698 $ 6,155 $ 6,626 $ 4,605 $ 62 $ 24,146 1 % 15-year or less, amortizing fixed-rate 271 199 235 2 1 708 * Adjustable-rate 36 29 22 — 2 89 * Other 38 82 92 55 23 290 1 Total single-family 7,043 6,465 6,975 4,662 88 25,233 1 Multifamily 31 — — — 62 93 * Total (3) $ 7,074 $ 6,465 $ 6,975 $ 4,662 $ 150 $ 25,326 1 For the Three Months Ended June 30, 2023 Payment Delay (Only) Forbearance Plan Payment Deferral Trial Modification and Repayment Plans Payment Delay and Term Extension (1) Payment Delay, Term Extension and Interest Rate Reduction (1) Total Percentage of Total by Financing Class (2) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 8,107 $ 2,689 $ 3,444 $ 1,746 $ 80 $ 16,066 1 % 15-year or less, amortizing fixed-rate 339 116 132 1 — 588 * Adjustable-rate 46 10 12 — 1 69 * Other 89 36 86 35 17 263 1 Total single-family 8,581 2,851 3,674 1,782 98 16,986 * Multifamily 423 — — — 525 948 * Total (3) $ 9,004 $ 2,851 $ 3,674 $ 1,782 $ 623 $ 17,934 * For the Six Months Ended June 30, 2023 Payment Delay (Only) Forbearance Plan Payment Deferral Trial Modification and Repayment Plans Payment Delay and Term Extension (1) Payment Delay, Term Extension and Interest Rate Reduction (1) Total Percentage of Total by Financing Class (2) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 10,410 $ 6,207 $ 5,202 $ 3,487 $ 338 $ 25,644 1 % 15-year or less, amortizing fixed-rate 451 264 203 1 — 919 * Adjustable-rate 55 27 18 — 2 102 * Other 137 84 134 69 45 469 2 Total single-family 11,053 6,582 5,557 3,557 385 27,134 1 Multifamily 784 — — — 534 1,318 * Total (3) $ 11,837 $ 6,582 $ 5,557 $ 3,557 $ 919 $ 28,452 1 * Represents less than 0.5% of total by financing class. (1) Represents loans that received a contractual modification. (2) Based on the amortized cost basis as of period end, divided by the period-end amortized cost basis of the corresponding class of financing receivable. (3) Excludes loans that were the subject of loss mitigation activity during the period that paid off, repurchased or sold prior to period end. Also excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale. Loans may move from one category to another, as a result of the restructuring(s) they received during the period. The following table summarizes the financial impacts of loan modifications and payment deferrals made to single-family HFI loans presented by class of financing receivable. We discuss the qualitative impacts of forbearance plans, repayment plans, and trial modifications earlier in this footnote. As a result, those loss mitigation options are excluded from the table below. For the Three Months Ended June 30, 2024 2023 Weighted-Average Interest Rate Reduction Weighted-Average Term Extension (in Months) Average Amount Capitalized as a Result of a Payment Delay (1) Weighted- Weighted- Average Amount Capitalized as a Result of a Payment Delay (1) Loan by class of financing receivable: (2) 20- and 30-year or more, amortizing fixed-rate 0.74 % 160 $ 13,518 1.15 % 172 $ 16,661 15-year or less, amortizing fixed-rate 2.72 87 10,601 2.50 79 14,819 Adjustable-rate — — 10,062 1.61 — 14,450 Other 0.52 143 18,995 1.34 172 21,304 For the Six Months Ended June 30, 2024 2023 Weighted-Average Interest Rate Reduction Weighted-Average Term Extension (in Months) Average Amount Capitalized as a Result of a Payment Delay (1) Weighted- Weighted- Average Amount Capitalized as a Result of a Payment Delay (1) Loan by class of financing receivable: (2) 20- and 30-year or more, amortizing fixed-rate 0.87 % 161 $ 13,675 1.09 % 173 $ 16,864 15-year or less, amortizing fixed-rate 2.00 85 12,450 1.83 73 14,636 Adjustable-rate 2.00 — 11,822 1.76 — 15,228 Other 0.82 157 17,970 1.48 179 20,715 (1) Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole dollars. (2) Excludes the financial effects of modifications for loans that were paid off or otherwise liquidated as of period-end. The following tables display the amortized cost of HFI loans that defaulted during the period and had received a completed modification or payment deferral in the twelve months prior to the payment default. For purposes of this disclosure, we define loans that had a payment default as 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 loans that receive a forbearance plan, repayment plan or trial modification, these loss mitigation options generally remain in default until the loan is no longer delinquent as a result of the payment of all past-due amounts or as a result of a loan modification or payment deferral. Therefore, forbearance plans, repayment plans and trial modifications are not included in default tables below. For the Three Months Ended June 30, 2024 Payment Delay as a Result of a Payment Deferral (Only) Payment Delay and Term Extension Payment Delay, Term Extension, Interest Rate Reduction and Other Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 1,178 $ 625 $ 9 $ 1,812 15-year or less, amortizing fixed-rate 31 — — 31 Adjustable-rate 3 — 1 4 Other 16 8 5 29 Total single-family 1,228 633 15 1,876 Multifamily — — 13 13 Total loans that subsequently defaulted (1)(2) $ 1,228 $ 633 $ 28 $ 1,889 For the Six Months Ended June 30, 2024 Payment Delay as a Result of a Payment Deferral (Only) Payment Delay and Term Extension Payment Delay, Term Extension, Interest Rate Reduction and Other Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 1,727 $ 925 $ 18 $ 2,670 15-year or less, amortizing fixed-rate 51 — — 51 Adjustable-rate 5 — 2 7 Other 23 11 8 42 Total single-family 1,806 936 28 2,770 Multifamily — — 18 18 Total loans that subsequently defaulted (1)(2) $ 1,806 $ 936 $ 46 $ 2,788 For the Three Months Ended June 30, 2023 Payment Delay as a Result of a Payment Deferral (Only) Payment Delay and Term Extension Payment Delay, Term Extension and Interest Rate Reduction Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 819 $ 327 $ 197 $ 1,343 15-year or less, amortizing fixed-rate 27 — — 27 Adjustable-rate 2 — 2 4 Other 11 7 10 28 Total single-family 859 334 209 1,402 Multifamily — — 1 1 Total loans that subsequently defaulted (1)(2) $ 859 $ 334 $ 210 $ 1,403 For the Six Months Ended June 30, 2023 Payment Delay as a Result of a Payment Deferral (Only) Payment Delay and Term Extension Payment Delay, Term Extension and Interest Rate Reduction Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 1,290 $ 446 $ 385 $ 2,121 15-year or less, amortizing fixed-rate 44 — 1 45 Adjustable-rate 3 — 2 5 Other 18 11 19 48 Total single-family 1,355 457 407 2,219 Multifamily — — 1 1 Total loans that subsequently defaulted (1)(2) $ 1,355 $ 457 $ 408 $ 2,220 (1) Represents amortized cost as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale. (2) The substantial majority of loans that received a completed modification or a payment deferral during for the three months ended June 30, 2024 did not default during the second quarter of 2024. The substantial majority of loans that received a completed modification or a payment deferral during the three months ended June 30, 2023 did not default during the second quarter of 2023. The following tables display an aging analysis of HFI mortgage loans that were restructured during the twelve months prior to June 30, 2024 and June 30, 2023, respectively, presented by portfolio segment and class of financing receivable. As of June 30, 2024 (1) 30-59 Days Delinquent 60-89 Days Delinquent (2) Seriously Delinquent Total Delinquent Current Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 3,970 $ 2,359 $ 10,681 $ 17,010 $ 12,933 $ 29,943 15-year or less, amortizing fixed-rate 116 63 348 527 403 930 Adjustable-rate 11 10 45 66 43 109 Other 60 36 124 220 180 400 Total single-family loans modified 4,157 2,468 11,198 17,823 13,559 31,382 Multifamily — N/A 361 361 883 1,244 Total loans restructured (3) $ 4,157 $ 2,468 $ 11,559 $ 18,184 $ 14,442 $ 32,626 As of June 30, 2023 (1) 30-59 Days Delinquent 60-89 Days Delinquent (2) Seriously Delinquent Total Delinquent Current Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 3,442 $ 2,227 $ 12,035 $ 17,704 $ 18,060 $ 35,764 15-year or less, amortizing fixed-rate 114 82 447 643 639 1,282 Adjustable-rate 14 9 59 82 66 148 Other 82 43 251 376 400 776 Total single-family loans modified 3,652 2,361 12,792 18,805 19,165 37,970 Multifamily — N/A 380 380 969 1,349 Total loans restructured (3) $ 3,652 $ 2,361 $ 13,172 $ 19,185 $ 20,134 $ 39,319 (1) The substantial majority of loans that received a completed modification or a payment deferral during the second quarter of 2024 were not delinquent as of June 30, 2024. The substantial majority of loans that received a completed modification or a payment deferral during the second quarter of 2023 were not delinquent as of June 30, 2023. (2) Multifamily loans 60-89 days delinquent are included in the seriously delinquent column. (3) Represents the amortized cost basis as of period end.
Financing Receivable, Nonaccrual	The table below displays the accrued interest receivable written off through the reversal of interest income for nonaccrual loans. For the Three Months Ended June 30, 2024 2023 (Dollars in millions) Accrued interest receivable written off through the reversal of interest income: Single-family $ 97 $ 74 Multifamily 4 33 For the Six Months Ended June 30, 2024 2023 (Dollars in millions) Accrued interest receivable written off through the reversal of interest income: Single-family $ 179 $ 153 Multifamily 6 35 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 For the Three Months Ended June 30, 2024 For the Six Months Ended June 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Amortized Cost (1) Total Interest Income Recognized (2) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 22,183 $ 22,712 $ 21,971 $ 45 $ 124 15-year or less, amortizing fixed-rate 704 734 727 1 3 Adjustable-rate 117 115 109 — 1 Other 496 480 508 2 4 Total single-family 23,500 24,041 23,315 48 132 Multifamily 1,836 1,812 1,890 24 26 Total nonaccrual loans $ 25,336 $ 25,853 $ 25,205 $ 72 $ 158 As of For the Three Months Ended June 30, 2023 For the Six Months Ended June 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Amortized Cost (1) Total Interest Income Recognized (2) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 17,051 $ 14,172 $ 9,447 $ 15 $ 79 15-year or less, amortizing fixed-rate 565 429 200 — 1 Adjustable-rate 85 75 53 — — Other 573 601 617 2 4 Total single-family 18,274 15,277 10,317 17 84 Multifamily 1,448 1,541 2,200 2 10 Total nonaccrual loans $ 19,722 $ 16,818 $ 12,517 $ 19 $ 94 (1) Amortized cost is presented net of any write-offs, which are recognized when a loan balance is deemed uncollectible. (2) Interest income recognized includes amortization of any deferred cost basis adjustments while the loan is performing and that is not reversed when the loan is placed on nonaccrual status. For single-family, interest income recognized includes payments received on nonaccrual loans held as of period end.

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	6 Months Ended
	Jun. 30, 2024
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. 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, 2024 2023 2024 2023 (Dollars in millions) Single-family allowance for loan losses: Beginning balance $ (6,275) $ (9,479) $ (6,671) $ (9,443) Benefit (provision) for loan losses 530 1,399 869 1,403 Write-offs 141 53 256 95 Recoveries (99) (27) (157) (103) Other — 64 — 58 Ending balance $ (5,703) $ (7,990) $ (5,703) $ (7,990) Multifamily allowance for loan losses: Beginning balance $ (2,104) $ (1,856) $ (2,059) $ (1,904) Benefit (provision) for loan losses (245) (152) (402) (332) Write-offs 38 17 171 254 Recoveries (12) (1) (33) (10) Ending balance $ (2,323) $ (1,992) $ (2,323) $ (1,992) Total allowance for loan losses: Beginning balance $ (8,379) $ (11,335) $ (8,730) $ (11,347) Benefit (provision) for loan losses 285 1,247 467 1,071 Write-offs 179 70 427 349 Recoveries (111) (28) (190) (113) Other — 64 — 58 Ending balance $ (8,026) $ (9,982) $ (8,026) $ (9,982)

Investments in Securities (Tabl

Investments in Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments In Trading Securities	The following table displays our investments in trading securities. As of June 30, 2024 December 31, 2023 (Dollars in millions) Mortgage-related securities (includes $327 million and $364 million, respectively, related to consolidated trusts) $ 1,327 $ 4,770 Non-mortgage-related securities (includes $8.7 billion and $5.7 billion, respectively, pledged as collateral) (1) 48,065 47,782 Total trading securities $ 49,392 $ 52,552 (1) Primarily includes U.S. Treasury 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, 2024 2023 2024 2023 (Dollars in millions) Net trading gains (losses) $ 121 $ (723) $ (140) $ 23 Net trading gains (losses) recognized in the period related to securities still held at period end 105 (731) (157) 60
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, 2024 Total Amortized Cost Allowance for Credit Losses Gross Unrealized Gains in AOCI Gross Unrealized Losses in AOCI Total Fair Value (Dollars in millions) Agency securities $ 384 $ — $ 1 $ (29) $ 356 Other mortgage-related securities 143 (2) 10 — 151 Total $ 527 $ (2) $ 11 $ (29) $ 507 As of December 31, 2023 Total Amortized Cost Allowance for Credit Losses Gross Unrealized Gains in AOCI Gross Unrealized Losses in AOCI Total Fair Value (Dollars in millions) Agency securities $ 405 $ — $ 1 $ (29) $ 377 Other mortgage-related securities 179 (2) 10 — 187 Total $ 584 $ (2) $ 11 $ (29) $ 564
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	The following table displays 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, 2024 December 31, 2023 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) Agency securities $ (1) $ 41 $ (28) $ 238 $ (3) $ 66 $ (26) $ 238 Other mortgage-related securities — 3 — — — — — — Total $ (1) $ 44 $ (28) $ 238 $ (3) $ 66 $ (26) $ 238

Financial Guarantees (Tables)

Financial Guarantees (Tables)	6 Months Ended
	Jun. 30, 2024
Guarantees [Abstract]
Schedule of Guarantor Obligations	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, 2024 December 31, 2023 Maximum Exposure Guaranty Obligation Maximum Recovery (1) Maximum Exposure Guaranty Obligation Maximum Recovery (1) (Dollars in millions) Unconsolidated Fannie Mae MBS $ 2,628 $ 14 $ 2,569 $ 2,778 $ 14 $ 2,713 Other guaranty arrangements (2) 9,009 61 1,942 9,154 65 1,967 Total $ 11,637 $ 75 $ 4,511 $ 11,932 $ 79 $ 4,680 (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, see “Note 11, 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, 2024
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, 2024 December 31, 2023 Outstanding Weighted- Average Interest Rate (1) Outstanding Weighted- Average Interest Rate (1) (Dollars in millions) Short-term debt of Fannie Mae $ 12,008 5.30 % $ 17,314 5.13 % (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, 2024 December 31, 2023 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 2024 - 2030 $ 52,653 2.90 % 2024 - 2030 $ 54,727 2.79 % Medium-term notes (3) 2024 - 2034 41,567 1.95 2024 - 2031 42,217 1.58 Other (4) 2024 - 2038 6,741 4.13 2024 - 2038 6,787 3.98 Total senior fixed 100,961 2.61 103,731 2.40 Senior floating: Medium-term notes (3) 2026 2,999 5.45 N/A — — Connecticut Avenue Securities (5) 2024 - 2031 2,305 11.36 2024 - 2031 2,752 11.12 Other (6) 2037 270 8.81 2037 268 8.79 Total senior floating 5,574 8.05 3,020 10.92 Total long-term debt of Fannie Mae (7) 106,535 2.88 106,751 2.63 Debt of consolidated trusts 2024 - 2063 4,094,421 2.84 2024 - 2062 4,098,653 2.56 Total long-term debt $ 4,200,956 2.84 % $ 4,205,404 2.57 % (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) Consists of CAS debt issued prior to November 2018, a portion of which is reported at fair value. (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 $4.1 billion and $4.0 billion as of June 30, 2024 and December 31, 2023, respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 As of December 31, 2023 Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives (Dollars in millions) Risk management derivatives designated as hedging instruments: Swaps: (1) Pay-fixed $ 14,310 $ — $ — $ 9,954 $ — $ — Receive-fixed 18,930 — — 28,587 — — Total risk management derivatives designated as hedging instruments 33,240 — — 38,541 — — Risk management derivatives not designated as hedging instruments: Swaps: (1) Pay-fixed 127,685 — — 136,648 — — Receive-fixed 118,023 60 (2,858) 115,288 76 (3,085) Basis 250 43 — 250 44 — Foreign currency 314 — (77) 316 — (66) Swaptions: (1) Pay-fixed 7,006 248 (22) 5,816 195 (12) Receive-fixed 5,116 25 (70) 2,666 13 (60) Futures (1) 140 — — 32 — — Total risk management derivatives not designated as hedging instruments 258,534 376 (3,027) 261,016 328 (3,223) Netting adjustment (2) — (290) 3,026 — (283) 3,200 Total risk management derivatives portfolio 291,774 86 (1) 299,557 45 (23) Mortgage commitment derivatives: Mortgage commitments to purchase whole loans 4,633 4 (7) 2,734 14 — Forward contracts to purchase mortgage-related securities 25,675 23 (39) 14,264 98 (2) Forward contracts to sell mortgage-related securities 59,767 39 (19) 43,942 — (102) Total mortgage commitment derivatives 90,075 66 (65) 60,940 112 (104) Credit enhancement derivatives 28,755 67 (15) 27,624 45 (13) Derivatives at fair value $ 410,604 $ 219 $ (81) $ 388,121 $ 202 $ (140) (1) Centrally cleared derivatives have no ascribable fair value because the positions are settled daily. (2)
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, 2024 2023 2024 2023 (Dollars in millions) Risk management derivatives: Swaps: Pay-fixed $ 237 $ 1,858 $ 1,599 $ 268 Receive-fixed 209 (1,010) (487) 562 Basis (4) 15 (3) 28 Foreign currency (3) 2 (11) 10 Swaptions: Pay-fixed 21 12 44 (21) Receive-fixed 7 (2) 3 (3) Futures 1 1 2 1 Net contractual interest income (expense) on interest-rate swaps (251) (128) (450) (306) Total risk management derivatives fair value gains (losses), net 217 748 697 539 Mortgage commitment derivatives fair value gains (losses), net 94 198 301 84 Credit enhancement derivatives fair value gains (losses), net 1 29 (14) 14 Total derivatives fair value gains (losses), net $ 312 $ 975 $ 984 $ 637
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, 2024 2023 2024 2023 Interest Income: Mortgage Loans Interest Expense: Long-Term Debt Interest Income: Mortgage Loans Interest Expense: Long-Term Debt 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 $ 35,617 $ (29,877) $ 32,655 $ (27,122) $ 70,833 $ (59,457) $ 64,792 $ (53,787) Gains (losses) from fair value hedging relationships: Mortgage loans HFI and related interest-rate contracts: Hedged items $ (28) $ — $ (144) $ — $ (362) $ — $ 33 $ — Discontinued hedge related basis adjustment amortization 18 — 9 — 26 — 20 — Derivatives designated as hedging instruments 6 — 132 — 315 — (82) — Interest accruals on hedging instruments 76 — 27 — 142 — 53 — Debt of Fannie Mae and related interest-rate contracts: Hedged items — 129 — 669 — 557 — 430 Discontinued hedge-related basis adjustment amortization — (222) — (199) — (428) — (395) Derivatives designated as hedging instruments — (78) — (503) — (433) — (71) Interest accruals on derivative hedging instruments — (113) — (293) — (280) — (522) Total effect of fair value hedges $ 72 $ (284) $ 24 $ (326) $ 121 $ (584) $ 24 $ (558) 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 portfolio 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, 2024 and December 31, 2023. As of June 30, 2024 Carrying Amount Assets (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount Closed Portfolio of Mortgage Loans Under Portfolio Layer Method Total Basis Adjustments (1)(2) Remaining Adjustments - Discontinued Hedge Total Amortized Cost Designated UPB (Dollars in millions) Mortgage loans HFI $ 854,132 $ (510) $ (510) $ 497,361 $ 13,602 Debt of Fannie Mae (56,889) 3,880 3,880 N/A N/A As of December 31, 2023 Carrying Amount Assets (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount Closed Portfolio of Mortgage Loans Under Portfolio Layer Method Total Basis Adjustments (1)(2) Remaining Adjustments - Discontinued Hedge Total Amortized Cost Designated UPB (Dollars in millions) Mortgage loans HFI $ 449,137 $ (174) $ (174) $ 218,419 $ 9,955 Debt of Fannie Mae (59,462) 3,751 3,751 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, 2024
Segment Reporting [Abstract]
Segment results	The following table displays our segment results. For the Three Months Ended June 30, 2024 2023 Single-Family Multifamily Total Single-Family Multifamily Total (Dollars in millions) Net interest income (1) $ 6,096 $ 1,172 $ 7,268 $ 5,917 $ 1,118 $ 7,035 Fee and other income (2) 51 17 68 52 18 70 Net revenues 6,147 1,189 7,336 5,969 1,136 7,105 Investment gains (losses), net (3) (70) 8 (62) 27 (2) 25 Fair value gains (losses), net (4) 454 (7) 447 460 (56) 404 Administrative expenses (784) (155) (939) (718) (146) (864) Benefit (provision) for credit losses (5) 548 (248) 300 1,418 (152) 1,266 TCCA fees (6) (859) — (859) (856) — (856) Credit enhancement expense (7) (333) (72) (405) (327) (57) (384) Change in expected credit enhancement recoveries (8) (47) 84 37 (223) 63 (160) Other expenses, net (9) (218) (33) (251) (203) (54) (257) Income before federal income taxes 4,838 766 5,604 5,547 732 6,279 Provision for federal income taxes (983) (137) (1,120) (1,153) (132) (1,285) Net income $ 3,855 $ 629 $ 4,484 $ 4,394 $ 600 $ 4,994 For the Six Months Ended June 30, 2024 2023 Single-Family Multifamily Total Single-Family Multifamily Total (Dollars in millions) Net interest income (1) $ 11,970 $ 2,321 $ 14,291 $ 11,589 $ 2,232 $ 13,821 Fee and other income (2) 106 34 140 100 33 133 Net revenues 12,076 2,355 14,431 11,689 2,265 13,954 Investment gains (losses), net (3) (57) 17 (40) (44) 2 (42) Fair value gains (losses), net (4) 938 (11) 927 626 (18) 608 Administrative expenses (1,561) (307) (1,868) (1,438) (294) (1,732) Benefit (provision) for credit losses (5) 883 (403) 480 1,465 (331) 1,134 TCCA fees (6) (1,719) — (1,719) (1,711) — (1,711) Credit enhancement expense (7) (686) (138) (824) (614) (111) (725) Change in expected credit enhancement recoveries (8) (89) 189 100 (128) 88 (40) Other expenses, net (9) (394) (56) (450) (319) (68) (387) Income before federal income taxes 9,391 1,646 11,037 9,526 1,533 11,059 Provision for federal income taxes (1,929) (304) (2,233) (2,000) (293) (2,293) Net income $ 7,462 $ 1,342 $ 8,804 $ 7,526 $ 1,240 $ 8,766 (1) Net interest income primarily consists of guaranty fees received as compensation for assuming 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 assets in our retained mortgage portfolio and our corporate liquidity 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 paid to Treasury and not retained by us. Also includes yield maintenance revenue we recognized on the prepayment of multifamily loans. (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 certain Multifamily business activities, such as credit enhancements for tax-exempt multifamily housing revenue bonds. (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 consist 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. (5) Benefit (provision) for credit losses is based on loans underlying the segment’s guaranty book of business. (6) Consists of the portion of our single-family guaranty fees that is paid to Treasury pursuant to the TCCA. (7) Single-family credit enhancement expense consists of costs associated with our freestanding credit enhancements, which include primarily costs associated with our Credit Insurance Risk Transfer TM (“CIRT TM ”), Connecticut Avenue Securities ® (“CAS”) and enterprise-paid mortgage insurance programs. Multifamily credit enhancement expense primarily consists of costs associated with our Multifamily CIRT TM (“MCIRT TM ”) and Multifamily CAS (“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. (8) Consists of change in benefits recognized from our freestanding credit enhancements, primarily from our CAS and CIRT programs as well as certain lender risk-sharing arrangements, including our multifamily Delegated Underwriting and Servicing (“DUS ® ”) program. (9) Includes debt extinguishment gains and losses, expenses associated with legal claims, foreclosed property income (expense), gains and losses from partnership investments, housing trust fund expenses, loan subservicing costs, and servicer fees paid in connection with certain loss mitigation activities.

Concentrations of Credit Risk (

Concentrations of Credit Risk (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023 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 0.99 % 0.23 % 0.50 % 0.98 % 0.24 % 0.56 % Percentage of single-family conventional loans based on loan count 1.07 0.24 0.48 1.06 0.26 0.55
Schedule of Risk Characteristics Guaranty Book of Business	As of June 30, 2024 December 31, 2023 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: 80.01% to 90% 6 % 0.77 % 5 % 0.81 % 90.01% to 100% 2 0.57 3 0.59 Greater than 100% * 3.34 * 2.05 Geographical distribution: California 19 0.37 19 0.42 Texas 7 0.57 7 0.64 Florida 6 0.63 6 0.73 New York 5 0.79 5 0.92 Illinois 3 0.65 3 0.70 All other states 60 0.45 60 0.52 Vintages: 2008 and prior 2 1.76 2 2.07 2009-2024 98 0.42 98 0.47 * Represents less than 0.5% of single-family conventional guaranty book of business. (1)
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, 2024 December 31, 2023 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 $ 199,645 $ 200,023 Pool mortgage insurance 85 98 Total mortgage insurance risk in force $ 199,730 6% $ 200,121 6%
Schedule of Risk in Force Mortgage Insurance Coverage, by Counterparty	The table below displays our mortgage insurer counterparties that provided 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, 2024 December 31, 2023 Counterparty: (1) Mortgage Guaranty Insurance Corp. 18 % 19 % Radian Guaranty, Inc. 18 18 Arch Capital Group Ltd. 17 18 Enact Mortgage Insurance Corp. 17 16 Essent Guaranty, Inc. 17 16 National Mortgage Insurance Corp. 13 13 Others * * Total 100 % 100 % * Represents less than 0.5% of the risk in force mortgage insurance coverage. (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 conventional 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) based on unpaid principal balance. There were no servicers that serviced 10% or more of our single-family guaranty book of business as of June 30, 2024 or December 31, 2023. Percentage of Single-Family As of June 30, 2024 December 31, 2023 Top five depository servicers 21 % 22 % Top five non-depository servicers 28 27 Total 49 % 49 %
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, 2024 (1) December 31, 2023 (1) 30 Days Delinquent Seriously Delinquent (2) 30 Days Delinquent Seriously Delinquent (2) Percentage of multifamily guaranty book of business 0.19 % 0.44 % 0.10 % 0.46 % 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)
Schedule of Risk Characteristics Guaranty Book of Business	As of June 30, 2024 December 31, 2023 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 % 0.13 % 1 % 0.13 % Less than or equal to 80% 99 0.45 99 0.46 Current DSCR below 1.0 (4) 5 5.01 4 7.04 (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 covering a 12 month period, from quarterly and annual statements for these properties including the related debt service.
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 depository multifamily mortgage servicers and top five non-depository multifamily mortgage servicers. As of June 30, 2024, two servicers serviced 10% or more of our multifamily guaranty book of business, Walker & Dunlop, Inc. and Wells Fargo Bank, N.A. (together with its affiliates). As of June 30, 2024 and December 31, 2023, Walker & Dunlop, Inc. and Wells Fargo Bank, N.A. (together with its affiliates) serviced 13% and 10%, respectively, of our multifamily guaranty book of business based on unpaid principal balance. Walker & Dunlop, Inc. is a non-depository servicer and Wells Fargo Bank, N.A. is a depository servicer. Percentage of Multifamily As of June 30, 2024 December 31, 2023 Top five depository servicers 26 % 27 % Top five non-depository servicers 44 44 Total 70 % 71 %

Netting Arrangements (Tables)

Netting Arrangements (Tables)	6 Months Ended
	Jun. 30, 2024
Offsetting [Abstract]
Schedule of Offsetting	The tables below display information related to derivatives, securities purchased under agreements to resell, and securities sold under agreements to repurchase, 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, 2024 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 $ 376 $ (342) $ 34 $ — $ — $ 34 Cleared risk management derivatives — 52 52 — — 52 Mortgage commitment derivatives 66 — 66 (50) (1) 15 Total derivative assets 442 (290) 152 (4) (50) (1) 101 Securities purchased under agreements to resell (5) 70,200 — 70,200 — (70,200) — Total assets $ 70,642 $ (290) $ 70,352 $ (50) $ (70,201) $ 101 Liabilities: OTC risk management derivatives $ (3,027) $ 3,026 $ (1) $ — $ — $ (1) Cleared risk management derivatives — — — — — — Mortgage commitment derivatives (65) — (65) 50 7 (8) Total liabilities $ (3,092) $ 3,026 $ (66) (4) $ 50 $ 7 $ (9) As of December 31, 2023 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 $ 328 $ (294) $ 34 $ — $ — $ 34 Cleared risk management derivatives — 11 11 — — 11 Mortgage commitment derivatives 112 — 112 (23) (9) 80 Total derivative assets 440 (283) 157 (4) (23) (9) 125 Securities purchased under agreements to resell (5) 65,425 — 65,425 — (65,425) — Total assets $ 65,865 $ (283) $ 65,582 $ (23) $ (65,434) $ 125 Liabilities: OTC risk management derivatives $ (3,223) $ 3,203 $ (20) $ — $ — $ (20) Cleared risk management derivatives — (3) (3) — 3 — Mortgage commitment derivatives (104) — (104) 23 77 (4) Total liabilities $ (3,327) $ 3,200 $ (127) (4) $ 23 $ 80 $ (24) (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 $2.0 billion and $2.2 billion as of June 30, 2024 and December 31, 2023, respectively. The fair value of non-cash collateral received was $70.2 billion and $65.5 billion, of which $55.3 billion and $55.4 billion could be sold or repledged as of June 30, 2024 and December 31, 2023, respectively. None of the underlying collateral was sold or repledged as of June 30, 2024 or December 31, 2023. (4) Excludes derivative assets of $67 million and $45 million as of June 30, 2024 and December 31, 2023, respectively, and derivative liabilities of $15 million and $13 million as of June 30, 2024 and December 31, 2023, respectively, recognized in our condensed consolidated balance sheets, that were not subject to enforceable master netting arrangements. (5)

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 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: Trading securities: Mortgage-related $ — $ 1,295 $ 32 $ — $ 1,327 Non-mortgage-related (2) 48,045 20 — — 48,065 Total trading securities 48,045 1,315 32 — 49,392 Available-for-sale securities: Agency (3) — 41 315 — 356 Other mortgage-related — 5 146 — 151 Total available-for-sale securities — 46 461 — 507 Mortgage loans — 2,769 425 — 3,194 Derivative assets — 400 109 (290) 219 Total assets at fair value $ 48,045 $ 4,530 $ 1,027 $ (290) $ 53,312 Liabilities: Long-term debt: Of Fannie Mae $ — $ 274 $ 270 $ — $ 544 Of consolidated trusts — 13,129 110 — 13,239 Total long-term debt — 13,403 380 — 13,783 Derivative liabilities — 3,092 15 (3,026) 81 Total liabilities at fair value $ — $ 16,495 $ 395 $ (3,026) $ 13,864 Fair Value Measurements as of December 31, 2023 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: Trading securities: Mortgage-related $ — $ 4,744 $ 26 $ — $ 4,770 Non-mortgage-related (2) 47,764 18 — — 47,782 Total trading securities 47,764 4,762 26 — 52,552 Available-for-sale securities: Agency (3) — 46 331 — 377 Other mortgage-related — 4 183 — 187 Total available-for-sale securities — 50 514 — 564 Mortgage loans — 2,838 477 — 3,315 Derivative assets — 395 90 (283) 202 Total assets at fair value $ 47,764 $ 8,045 $ 1,107 $ (283) $ 56,633 Liabilities: Long-term debt: Of Fannie Mae $ — $ 493 $ 268 $ — $ 761 Of consolidated trusts — 14,226 117 — 14,343 Total long-term debt — 14,719 385 — 15,104 Derivative liabilities — 3,327 13 (3,200) 140 Total liabilities at fair value $ — $ 18,046 $ 398 $ (3,200) $ 15,244 (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) Primarily includes U.S. Treasury securities. (3) Agency securities consist of securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae.
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 both 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, 2024 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2024 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2024 (1) Balance, March 31, 2024 Included in Net Income Included in Total OCI (Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Balance, June 30, 2024 (Dollars in millions) Trading securities: Mortgage-related $ 28 $ — (5)(6) $ — $ — $ — $ — $ — $ (3) $ 7 $ 32 $ — $ — Available-for-sale securities: Agency $ 323 $ — $ (1) $ — $ — $ — $ (7) $ — $ — $ 315 $ — $ — Other mortgage-related 164 1 (7) — — — (11) (1) — 146 — (6) Total available-for-sale securities $ 487 $ 1 (6)(7) $ (8) $ — $ — $ — $ (18) $ (1) $ — $ 461 $ — $ (6) Mortgage loans $ 470 $ (4) (5)(6) $ — $ — $ (2) $ — $ (16) $ (30) $ 7 $ 425 $ (1) $ — Net derivatives 69 — (5) — — — — 25 — — 94 24 — Long-term debt: Of Fannie Mae $ (273) $ 3 (5) $ — $ — $ — $ — $ — $ — $ — $ (270) $ 3 $ — Of consolidated trusts (114) — (5)(6) — — — — 3 1 — (110) — — Total long-term debt $ (387) $ 3 $ — $ — $ — $ — $ 3 $ 1 $ — $ (380) $ 3 $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Six Months Ended June 30, 2024 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2024 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2024 (1) Balance, December 31, 2023 Included in Net Income Included in Total OCI (Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Balance, June 30, 2024 (Dollars in millions) Trading securities: Mortgage-related $ 26 $ (1) (5)(6) $ — $ — $ — $ — $ — $ (3) $ 10 $ 32 $ (1) $ — Available-for-sale securities: Agency $ 331 $ — $ — $ — $ — $ — $ (16) $ — $ — $ 315 $ — $ — Other mortgage-related 183 2 1 — — — (39) (1) — 146 — — Total available-for-sale securities $ 514 $ 2 (6)(7) $ 1 $ — $ — $ — $ (55) $ (1) $ — $ 461 $ — $ — Mortgage loans $ 477 $ (3) (5)(6) $ — $ — $ (6) $ — $ (33) $ (39) $ 29 $ 425 $ (1) $ — Net derivatives 77 (12) (5) — — — — 29 — — 94 17 — Long-term debt: Of Fannie Mae $ (268) $ (2) (5) $ — $ — $ — $ — $ — $ — $ — $ (270) $ (2) $ — Of consolidated trusts (117) (1) (5)(6) — — — — 7 1 — (110) (1) — Total long-term debt $ (385) $ (3) $ — $ — $ — $ — $ 7 $ 1 $ — $ (380) $ (3) $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Three Months Ended June 30, 2023 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2023 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2023 (1) Balance, March 31, 2023 Included in Net Income Included in Total OCI (Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Balance, June 30, 2023 (Dollars in millions) Trading securities: Mortgage-related $ 32 $ (2) (5)(6) $ — $ — $ — $ — $ — $ (2) $ — $ 28 $ (1) $ — Available-for-sale securities: Agency $ 362 $ 1 $ 2 $ — $ — $ — $ (9) $ — $ — $ 356 $ — $ 2 Other mortgage-related 260 3 1 — — — (28) (1) — 235 — 1 Total available-for-sale securities $ 622 $ 4 (6)(7) $ 3 $ — $ — $ — $ (37) $ (1) $ — $ 591 $ — $ 3 Mortgage loans $ 526 $ (4) (5)(6) $ — $ — $ — $ — $ (20) $ (6) $ 14 $ 510 $ (5) $ — Net derivatives (38) 38 (5) — — — — 12 — — 12 51 — Long-term debt: Of Fannie Mae $ (250) $ (6) (5) $ — $ — $ — $ — $ — $ — $ — $ (256) $ (6) $ — Of consolidated trusts (133) 2 (5)(6) — — — — 6 — — (125) 2 — Total long-term debt $ (383) $ (4) $ — $ — $ — $ — $ 6 $ — $ — $ (381) $ (4) $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Six Months Ended June 30, 2023 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2023 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of June 30, 2023 (1) Balance, December 31, 2022 Included in Net Income Included in Total OCI (Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Balance, June 30, 2023 (Dollars in millions) Trading securities: Mortgage-related $ 47 $ (8) (5)(6) $ — $ — $ — $ — $ — $ (11) $ — $ 28 $ (5) $ — Available-for-sale securities: Agency $ 371 $ 1 $ 1 $ — $ — $ — $ (17) $ — $ — $ 356 $ — $ 1 Other mortgage-related 263 5 5 — — — (38) (1) 1 235 — 3 Total available-for-sale securities $ 634 $ 6 (6)(7) $ 6 $ — $ — $ — $ (55) $ (1) $ 1 $ 591 $ — $ 4 Mortgage loans $ 543 $ 3 (5)(6) $ — $ — $ — $ — $ (45) $ (15) $ 24 $ 510 $ 1 $ — Net derivatives (37) 32 (5) — — — — 17 — — 12 49 — Long-term debt: Of Fannie Mae $ (242) $ (14) (5) $ — $ — $ — $ — $ — $ — $ — $ (256) $ (14) $ — Of consolidated trusts (136) — (5)(6) — — — — 11 — — (125) — — Total long-term debt $ (378) $ (14) $ — $ — $ — $ — $ 11 $ — $ — $ (381) $ (14) $ — (1) Gains (losses) are included in “Other comprehensive income (loss)” 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) included in “Net interest income” in our condensed consolidated statements of operations and comprehensive income includes amortization of cost basis adjustments. (7) Gains (losses) are included in “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.
Level 3 Assets Measured on Recurring and Nonrecurring Basis	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, 2024 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 (3) $ 32 Various Available-for-sale securities: Agency (3) 315 Consensus Other mortgage-related 52 Discounted Cash Flow Spreads (bps) 478.0 - 508.0 492.5 2 Single Vendor 92 Various Total other mortgage-related 146 Total available-for-sale securities $ 461 Net derivatives $ 43 Dealer Mark 51 Discounted Cash Flow Total net derivatives $ 94 Fair Value Measurements as of December 31, 2023 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 (3) $ 26 Various Available-for-sale securities: Agency (3) 331 Consensus Other mortgage-related 74 Discounted Cash Flow Spreads (bps) 530.0 - 560.0 544.8 9 Single Vendor 100 Various Total other mortgage-related 183 Total available-for-sale securities $ 514 Net derivatives $ 45 Dealer Mark 32 Discounted Cash Flow Total net derivatives $ 77 (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. 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, 2024 December 31, 2023 (Dollars in millions) Nonrecurring fair value measurements: Mortgage loans: (1) Mortgage loans held for sale, at lower of cost or fair value Consensus $ 208 $ 1,994 Single-family mortgage loans held for investment, at amortized cost Internal Model 330 407 Multifamily mortgage loans held for investment, at amortized cost Appraisal 187 33 Broker Price Opinion 488 769 Internal Model 207 218 Total multifamily mortgage loans held for investment, at amortized cost 882 1,020 Acquired property, net: Single-family Accepted Offer 28 23 Appraisal 53 43 Internal Model 249 230 Walk Forward 71 75 Various 5 19 Total single-family 406 390 Multifamily Various 22 182 Total nonrecurring assets at fair value $ 1,848 $ 3,993 (1) When we measure impairment, including recoveries, based on the fair value of the loan or the underlying collateral and impairment is recorded on any component of the mortgage loan, including accrued interest receivable and amounts due from the borrower for advances of taxes and insurance, we present the entire fair value measurement amount with the corresponding mortgage loan.
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, 2024 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 $ 78,313 $ 35,763 $ 42,550 $ — $ — $ 78,313 Securities purchased under agreements to resell 27,650 — 27,650 — — 27,650 Trading securities 49,392 48,045 1,315 32 — 49,392 Available-for-sale securities 507 — 46 461 — 507 Mortgage loans held for sale 646 — 79 618 — 697 Mortgage loans held for investment, net of allowance for loan losses 4,128,568 — 3,493,410 127,303 — 3,620,713 Advances to lenders 1,856 — 1,856 — — 1,856 Derivative assets at fair value 219 — 400 109 (290) 219 Guaranty assets and buy-ups 69 — — 151 — 151 Total financial assets $ 4,287,220 $ 83,808 $ 3,567,306 $ 128,674 $ (290) $ 3,779,498 Financial liabilities: Short-term debt: Of Fannie Mae $ 12,008 $ — $ 12,007 $ — $ — $ 12,007 Long-term debt: Of Fannie Mae 106,535 — 106,618 631 — 107,249 Of consolidated trusts 4,094,421 — 3,553,827 279 — 3,554,106 Derivative liabilities at fair value 81 — 3,092 15 (3,026) 81 Guaranty obligations 75 — — 59 — 59 Total financial liabilities $ 4,213,120 $ — $ 3,675,544 $ 984 $ (3,026) $ 3,673,502 As of December 31, 2023 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 $ 68,706 $ 33,981 $ 34,725 $ — $ — $ 68,706 Securities purchased under agreements to resell 30,700 — 30,700 — — 30,700 Trading securities 52,552 47,764 4,762 26 — 52,552 Available-for-sale securities 564 — 50 514 — 564 Mortgage loans held for sale 2,149 — 93 2,196 — 2,289 Mortgage loans held for investment, net of allowance for loan losses 4,133,482 — 3,571,555 130,022 — 3,701,577 Advances to lenders 1,389 — 1,389 — — 1,389 Derivative assets at fair value 202 — 395 90 (283) 202 Guaranty assets and buy-ups 73 — — 155 — 155 Total financial assets $ 4,289,817 $ 81,745 $ 3,643,669 $ 133,003 $ (283) $ 3,858,134 Financial liabilities: Short-term debt: Of Fannie Mae $ 17,314 $ — $ 17,317 $ — $ — $ 17,317 Long-term debt: Of Fannie Mae 106,751 — 106,701 605 — 107,306 Of consolidated trusts 4,098,653 — 3,633,157 293 — 3,633,450 Derivative liabilities at fair value 140 — 3,327 13 (3,200) 140 Guaranty obligations 79 — — 65 — 65 Total financial liabilities $ 4,222,937 $ — $ 3,760,502 $ 976 $ (3,200) $ 3,758,278
Fair Value Option	The following table displays the fair value and unpaid principal balance of the financial instruments for which we have elected the fair value option. As of June 30, 2024 December 31, 2023 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 $ 3,194 $ 544 $ 13,239 $ 3,315 $ 761 $ 14,343 Unpaid principal balance 3,402 517 13,528 3,442 731 14,383 (1) Includes nonaccrual loans with a fair value of $28 million and $32 million as of June 30, 2024 and December 31, 2023, respectively. Includes loans that are 90 days or more past due with a fair value of $24 million and $31 million as of June 30, 2024 and December 31, 2023, respectively.

Regulatory Capital Requiremen_2

Regulatory Capital Requirements (Tables)	6 Months Ended
	Jun. 30, 2024
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory Capital Classification Measures	The table below sets forth information about our capital requirements under the standardized approach of the enterprise regulatory capital framework. Capital Metrics under the Enterprise Regulatory Capital Framework as of June 30, 2024 (1) (Dollars in billions) Adjusted total assets $ 4,439 Risk-weighted assets 1,275 Amounts Ratios Available Capital (Deficit) (2) Minimum Capital Requirement Total Capital Requirement (including Buffers) (3) Available Capital (Deficit) Ratio (4) Minimum Capital Ratio Requirement Total Capital Requirement Ratio (including Buffers) Risk-based capital: Total capital (statutory) (5) $ (26) $ 102 $ 102 (2.0) % 8.0 % 8.0 % Common equity tier 1 capital (65) 57 139 (5.1) 4.5 10.9 Tier 1 capital (45) 77 159 (3.5) 6.0 12.5 Adjusted total capital (45) 102 184 (3.5) 8.0 14.4 Leverage capital: Core capital (statutory) (6) (34) 111 111 (0.8) 2.5 2.5 Tier 1 capital (45) 111 135 (1.0) 2.5 3.0 Capital Metrics under the Enterprise Regulatory Capital Framework as of December 31, 2023 (1) (Dollars in billions) Adjusted total assets $ 4,552 Risk-weighted assets 1,357 Amounts Ratios Available Capital (Deficit) (2) Minimum Capital Requirement Total Capital Requirement (including Buffers) (3) Available Capital (Deficit) Ratio (4) Minimum Capital Ratio Requirement Total Capital Requirement Ratio (including Buffers) Risk-based capital: Total capital (statutory) (5) $ (34) $ 109 $ 109 (2.5) % 8.0 % 8.0 % Common equity tier 1 capital (74) 61 140 (5.5) 4.5 10.3 Tier 1 capital (55) 81 160 (4.1) 6.0 11.8 Adjusted total capital (55) 109 188 (4.1) 8.0 13.9 Leverage capital: Core capital (statutory) (6) (43) 114 114 (0.9) 2.5 2.5 Tier 1 capital (55) 114 137 (1.2) 2.5 3.0 (1) Ratios are calculated as a percentage of risk-weighted assets for risk-based capital metrics and as a percentage of adjusted total assets for leverage capital metrics. (2) Available capital (deficit) for all line items excludes the stated value of the senior preferred stock ($120.8 billion). Available capital (deficit) for all line items except total capital and core capital also deducts a portion of deferred tax assets. Deferred tax assets arising from temporary differences between GAAP and tax requirements are deducted from capital to the extent they exceed 10% of common equity. As of June 30, 2024 and December 31, 2023, this resulted in the full deduction of deferred tax assets ($11.0 billion and $11.7 billion, respectively) from our available capital (deficit). Available capital (deficit) for common equity tier 1 capital also excludes the value of the perpetual, non-cumulative preferred stock ($19.1 billion) as of June 30, 2024 and December 31, 2023. (3) The prescribed capital buffers represent the amount of capital we are required to hold above the minimum risk-based and leverage capital requirements. The applicable buffer for risk-based common equity tier 1 capital, tier 1 capital, and adjusted total capital is the PCCBA, which is composed of a stress capital buffer, a stability capital buffer, and a countercyclical capital buffer. The PCCBA must be comprised entirely of common equity tier 1 capital. The applicable buffer for leverage tier 1 capital is the PLBA. The stress capital buffer and countercyclical capital buffer are each calculated by multiplying prescribed factors by adjusted total assets as of the last day of the previous calendar quarter. The stability capital buffer is based on our share of mortgage debt outstanding. The prescribed leverage buffer for June 30, 2024 and December 31, 2023 was set at 50% of the June 30, 2024 and December 31, 2023 stability capital buffer, respectively. (4) Ratios are negative because we had a deficit in available capital for each tier of capital. (5) The sum of (a) core capital (see definition in footnote 6 below); and (b) a general allowance for foreclosure losses, which (i) shall include an allowance for portfolio mortgage losses, an allowance for non-reimbursable foreclosure costs on government claims, and an allowance for liabilities reflected on the balance sheet for estimated foreclosure losses on mortgage-backed securities; and (ii) shall not include any reserves made or held against specific assets; and (c) any other amounts from sources of funds available to absorb losses that the Director of FHFA by regulation determines are appropriate to include in determining total capital. (6) The sum of (a) the stated value of our outstanding common stock (common stock less treasury stock); (b) the stated value of our outstanding perpetual, noncumulative preferred stock; (c) our paid-in capital; and (d) our retained earnings (accumulated deficit). Core capital does not include: (a) accumulated other comprehensive income or (b) senior preferred stock.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) shares in Millions, $ in Billions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Weighted average number of contingently issuable shares (shares)		4,700	4,700
Incremental common shares attributable to dilutive effect of conversion of preferred stock (in shares)	26	26
Acquired property	$ 1.8	$ 1.8		$ 1.8

Conservatorship, Senior Prefe_3

Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters - Narrative (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2008	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Related Parties [Line Items]
Net worth		$ 86,500
Senior preferred stock liquidation preference		203,505	$ 199,200		$ 195,224
Increase in net worth		$ 4,500	$ 4,300
Series 2008-2 Senior Preferred Stock
Related Parties [Line Items]
Stock issued (in shares)	1
Forecast
Related Parties [Line Items]
Senior preferred stock liquidation preference				$ 208,000
Related Party | Treasury
Related Parties [Line Items]
Percentage of common shares attributable to warrants		79.90%
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement		$ 119,800
Total available funding from US Treasury pursuant to the senior preferred stock agreement		113,900
Treasury
Related Parties [Line Items]
Aggregate liquidation preference of senior preferred stock		$ 203,500

Conservatorship, Senior Prefe_4

Conservatorship, Senior Preferred Stock Purchase Agreement and Related Matters - Related Party (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Parties [Line Items]
TCCA fees	$ 859	$ 856	$ 1,719	$ 1,711
Other expenses, net	251	257	450	387
Other administrative expenses	225	205	442	409
Administrative expenses	939	864	1,868	1,732
Other liabilities	13,270		13,270		$ 14,106
Related Party | Treasury
Related Parties [Line Items]
TCCA fees	859	856	1,719	1,711
Related Party | Treasury | TCCA fees
Related Parties [Line Items]
TCCA fees	859	856	1,719	1,711
Other liabilities	859		859
Related Party | Treasury | Treasury’s Capital Magnet Fund
Related Parties [Line Items]
Other expenses, net	14	16	25	27
Other liabilities	25		25
Related Party | FHFA
Related Parties [Line Items]
Other administrative expenses	40	40	80	79
Other liabilities	0		0
Related Party | Treasury & Freddie Mac
Related Parties [Line Items]
Administrative expenses	0	3	0	6
Other liabilities	0		0
Related Party | CSS & Freddie Mac
Related Parties [Line Items]
Other expenses, net	16	$ 16	38	$ 42
Other liabilities	$ 0		$ 0

Consolidations and Transfers _3

Consolidations and Transfers of Financial Assets - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entities [Line Items]
Investments in securities, at fair value	$ 49,899	$ 53,116
Other assets	14,769	13,490
Other liabilities	(13,270)	(14,106)
Assets	4,323,893	4,325,437
Total unpaid principal balance of mortgage loans	4,098,304	4,102,632
Multifamily
Variable Interest Entities [Line Items]
Total unpaid principal balance of mortgage loans	470,928	461,247
Multifamily | Unconsolidated VIEs
Variable Interest Entities [Line Items]
Total unpaid principal balance of mortgage loans	470,900
Mortgage-related | Unconsolidated VIEs
Variable Interest Entities [Line Items]
Investments in securities, at fair value	1,415	4,863
Other assets	35	37
Other liabilities	(40)	(42)
Net carrying amount	1,410	4,858
Maximum exposure to loss	212,000	223,000
Assets	212,000	273,000
Partnership interest LIHTC | Unconsolidated VIEs
Variable Interest Entities [Line Items]
Net carrying amount	580	528
Maximum exposure to loss	580	530
Assets	5,900	5,800
Total available-for-sale securities | Unconsolidated VIEs
Variable Interest Entities [Line Items]
Maximum exposure to loss	22,800	21,400
Assets	$ 22,800	$ 21,400

Consolidations and Transfers _4

Consolidations and Transfers of Financial Assets - Transfers of Financial Assets and Portfolio Securitizations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Transfers of Financial Assets [Line Items]
Portfolio securitizations: unpaid principal balance	$ 35,500	$ 36,900	$ 66,700	$ 65,200
Unconsolidated VIEs
Transfers of Financial Assets [Line Items]
Retained interests: principal and interest received	63	$ 70	127	$ 148
Unconsolidated VIEs | Single Class MBS, REMIC & Megas
Transfers of Financial Assets [Line Items]
Retained interests: unpaid principal balance	699		699		$ 821
Retained interests: fair value	$ 1,100		$ 1,100		$ 1,300

Mortgage Loans - Loans in Mortg

Mortgage Loans - Loans in Mortgage Portfolio (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	$ 4,098,304		$ 4,098,304			$ 4,102,632
Cost basis and fair value adjustments, net	38,936		38,936			41,729
Allowance for loan losses for HFI loans	(8,026)	$ (9,982)	(8,026)	$ (9,982)	$ (8,379)	(8,730)	$ (11,335)	$ (11,347)
Total mortgage loans	4,129,214		4,129,214			4,135,631
Accrued interest receivable, net	11,156		11,156			10,724
Single-family
Loans in Mortgage Portfolio [Line Items]
Allowance for loan losses for HFI loans	(5,703)	(7,990)	(5,703)	(7,990)	$ (6,275)	(6,671)	$ (9,479)	$ (9,443)
Amortized cost			452
Lower of cost or fair value adjustment at time of redesignation			(38)
Allowance reversed at time of redesignation	4	0	3
Single-family
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	3,627,376		3,627,376			3,641,385
Purchase of HFI loans:	85,776	89,175	148,066	156,642
Amortized cost	216	0		0
Lower of cost or fair value adjustment at time of redesignation	(18)	0		0
Allowance reversed at time of redesignation				0
Unpaid principal balance	1,832	0	2,331	1,842
Realized gains (losses), net	8	0	13	17
Mortgage loans in process of foreclosure	4,400		4,400			4,600
Multifamily
Loans in Mortgage Portfolio [Line Items]
Total unpaid principal balance of mortgage loans	470,928		470,928			461,247
Purchase of HFI loans:	9,271	$ 15,111	19,339	$ 25,346
Mortgage loans
Loans in Mortgage Portfolio [Line Items]
Accrued interest receivable, net	$ 10,800		$ 10,800			$ 10,400

Mortgage Loans - Aging (Details

Mortgage Loans - Aging (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 4,144,227	$ 4,149,258
Loans 90 Days or More Delinquent and Accruing Interest	748	1,775
Nonaccrual Loans with No Allowance	$ 4,061	4,476
Table Footnote [Abstract]
Serious delinquency, days past due	90 days
Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 64,552	66,479
30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	37,138	36,184
60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	8,183	8,625
Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	19,231	21,670
Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	4,079,675	4,082,779
Single-family
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,673,361	3,687,904
Loans 90 Days or More Delinquent and Accruing Interest	642	1,604
Nonaccrual Loans with No Allowance	$ 3,510	$ 3,882
Single-family | Minimum
Table Footnote [Abstract]
Serious delinquency, days past due	90 days	90 days
Single-family | Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 62,053	$ 64,331
Single-family | 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	36,203	35,735
Single-family | 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	8,183	8,625
Single-family | Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	17,667	19,971
Single-family | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,611,308	3,623,573
Single-family | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,226,616	3,208,042
Loans 90 Days or More Delinquent and Accruing Interest	568	1,371
Nonaccrual Loans with No Allowance	3,128	3,457
Single-family | 20- and 30-year or more, amortizing fixed-rate | Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	57,965	59,871
Single-family | 20- and 30-year or more, amortizing fixed-rate | 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	33,669	33,119
Single-family | 20- and 30-year or more, amortizing fixed-rate | 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	7,696	8,093
Single-family | 20- and 30-year or more, amortizing fixed-rate | Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	16,600	18,659
Single-family | 20- and 30-year or more, amortizing fixed-rate | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,168,651	3,148,171
Single-family | 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	398,163	428,413
Loans 90 Days or More Delinquent and Accruing Interest	34	74
Nonaccrual Loans with No Allowance	188	176
Single-family | 15-year or less, amortizing fixed-rate | Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	2,609	2,815
Single-family | 15-year or less, amortizing fixed-rate | 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	1,775	1,846
Single-family | 15-year or less, amortizing fixed-rate | 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	288	319
Single-family | 15-year or less, amortizing fixed-rate | Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	546	650
Single-family | 15-year or less, amortizing fixed-rate | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	395,554	425,598
Single-family | Adjustable-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	25,923	26,358
Loans 90 Days or More Delinquent and Accruing Interest	3	11
Nonaccrual Loans with No Allowance	15	21
Single-family | Adjustable-rate | Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	304	326
Single-family | Adjustable-rate | 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	176	184
Single-family | Adjustable-rate | 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	38	42
Single-family | Adjustable-rate | Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	90	100
Single-family | Adjustable-rate | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	25,619	26,032
Single-family | Other
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	22,659	25,091
Loans 90 Days or More Delinquent and Accruing Interest	37	148
Nonaccrual Loans with No Allowance	179	228
Single-family | Other | Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	1,175	1,319
Single-family | Other | 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	583	586
Single-family | Other | 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	161	171
Single-family | Other | Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	431	562
Single-family | Other | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	21,484	23,772
Multifamily
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	470,866	461,354
Loans 90 Days or More Delinquent and Accruing Interest	106	171
Nonaccrual Loans with No Allowance	$ 551	594
Multifamily | Minimum
Table Footnote [Abstract]
Serious delinquency, days past due	60 days
Multifamily | Maximum
Table Footnote [Abstract]
Serious delinquency, days past due	89 days
Multifamily | Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 2,499	2,148
Multifamily | 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	935	449
Multifamily | Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	1,564	1,699
Multifamily | Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 468,367	$ 459,206

Mortgage Loans - Credit Quality

Mortgage Loans - Credit Quality Indicators - SF (Details) - Single-family - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	$ 123,377	$ 123,377	$ 279,314
One fiscal year before	288,643	288,643	489,031
Two fiscal years before	470,931	470,931	1,103,809
Three fiscal years before	1,063,117	1,063,117	890,887
Four fiscal years before	856,529	856,529	155,447
Prior	866,500	866,500	763,925
Total mortgage loans	3,669,097	3,669,097	3,682,413
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Current fiscal year, writeoff		0	2
One fiscal year, writeoff		15	36
Two fiscal years, writeoff		55	54
Three fiscal years, writeoff		46	46
Four fiscal years, writeoff		16	109
Prior		85	619
Total writeoff		217	866
Less than or equal to 80%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	73,931	73,931	157,317
One fiscal year before	183,004	183,004	354,060
Two fiscal years before	372,256	372,256	1,060,673
Three fiscal years before	1,042,440	1,042,440	887,045
Four fiscal years before	854,097	854,097	154,553
Prior	864,512	864,512	762,320
Total mortgage loans	3,390,240	3,390,240	3,375,968
Greater than 80% and less than or equal to 90%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	19,858	19,858	58,766
One fiscal year before	72,447	72,447	97,186
Two fiscal years before	82,035	82,035	38,932
Three fiscal years before	18,906	18,906	3,432
Four fiscal years before	2,200	2,200	806
Prior	1,565	1,565	1,167
Total mortgage loans	197,011	197,011	200,289
Greater than 90% and less than or equal to 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	29,588	29,588	62,216
One fiscal year before	33,046	33,046	35,990
Two fiscal years before	15,715	15,715	4,014
Three fiscal years before	1,659	1,659	363
Four fiscal years before	194	194	71
Prior	239	239	230
Total mortgage loans	80,441	80,441	102,884
Greater than 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	0	1,015
One fiscal year before	146	146	1,795
Two fiscal years before	925	925	190
Three fiscal years before	112	112	47
Four fiscal years before	38	38	17
Prior	184	184	208
Total mortgage loans	1,405	1,405	3,272
20- and 30-year or more, amortizing fixed-rate
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	118,980	118,980	268,985
One fiscal year before	278,339	278,339	447,259
Two fiscal years before	431,679	431,679	932,415
Three fiscal years before	901,994	901,994	771,430
Four fiscal years before	745,021	745,021	137,546
Prior	750,603	750,603	650,407
Total mortgage loans	3,226,616	3,226,616	3,208,042
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Current fiscal year, writeoff		0	2
One fiscal year, writeoff		15	35
Two fiscal years, writeoff		54	53
Three fiscal years, writeoff		45	45
Four fiscal years, writeoff		16	108
Prior		72	560
Total writeoff		202	803
20- and 30-year or more, amortizing fixed-rate | Less than or equal to 80%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	70,150	70,150	148,641
One fiscal year before	173,891	173,891	314,384
Two fiscal years before	334,255	334,255	889,434
Three fiscal years before	881,378	881,378	767,596
Four fiscal years before	742,596	742,596	136,654
Prior	748,745	748,745	648,964
Total mortgage loans	2,951,015	2,951,015	2,905,673
20- and 30-year or more, amortizing fixed-rate | Greater than 80% and less than or equal to 90%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	19,486	19,486	57,686
One fiscal year before	71,484	71,484	95,509
Two fiscal years before	80,974	80,974	38,790
Three fiscal years before	18,851	18,851	3,424
Four fiscal years before	2,194	2,194	804
Prior	1,498	1,498	1,082
Total mortgage loans	194,487	194,487	197,295
20- and 30-year or more, amortizing fixed-rate | Greater than 90% and less than or equal to 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	29,344	29,344	61,658
One fiscal year before	32,819	32,819	35,602
Two fiscal years before	15,542	15,542	4,002
Three fiscal years before	1,653	1,653	363
Four fiscal years before	193	193	71
Prior	206	206	189
Total mortgage loans	79,757	79,757	101,885
20- and 30-year or more, amortizing fixed-rate | Greater than 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	0	1,000
One fiscal year before	145	145	1,764
Two fiscal years before	908	908	189
Three fiscal years before	112	112	47
Four fiscal years before	38	38	17
Prior	154	154	172
Total mortgage loans	1,357	1,357	3,189
15-year or less, amortizing fixed-rate
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	3,282	3,282	7,951
One fiscal year before	7,684	7,684	35,931
Two fiscal years before	33,664	33,664	165,347
Three fiscal years before	155,372	155,372	117,797
Four fiscal years before	109,936	109,936	17,162
Prior	88,225	88,225	84,225
Total mortgage loans	398,163	398,163	428,413
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Current fiscal year, writeoff		0	0
One fiscal year, writeoff		0	0
Two fiscal years, writeoff		1	1
Three fiscal years, writeoff		1	1
Four fiscal years, writeoff		0	1
Prior		2	5
Total writeoff		4	8
15-year or less, amortizing fixed-rate | Less than or equal to 80%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	2,960	2,960	7,110
One fiscal year before	7,189	7,189	35,224
Two fiscal years before	33,391	33,391	165,294
Three fiscal years before	155,353	155,353	117,795
Four fiscal years before	109,935	109,935	17,162
Prior	88,223	88,223	84,222
Total mortgage loans	397,051	397,051	426,807
15-year or less, amortizing fixed-rate | Greater than 80% and less than or equal to 90%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	187	187	581
One fiscal year before	430	430	647
Two fiscal years before	255	255	52
Three fiscal years before	18	18	2
Four fiscal years before	1	1	0
Prior	1	1	1
Total mortgage loans	892	892	1,283
15-year or less, amortizing fixed-rate | Greater than 90% and less than or equal to 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	135	135	259
One fiscal year before	65	65	58
Two fiscal years before	18	18	1
Three fiscal years before	1	1	0
Four fiscal years before	0	0	0
Prior	0	0	1
Total mortgage loans	219	219	319
15-year or less, amortizing fixed-rate | Greater than 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	0	1
One fiscal year before	0	0	2
Two fiscal years before	0	0	0
Three fiscal years before	0	0	0
Four fiscal years before	0	0	0
Prior	1	1	1
Total mortgage loans	1	1	4
Adjustable-rate
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	1,115	1,115	2,378
One fiscal year before	2,620	2,620	5,841
Two fiscal years before	5,588	5,588	6,047
Three fiscal years before	5,751	5,751	1,660
Four fiscal years before	1,572	1,572	712
Prior	9,277	9,277	9,720
Total mortgage loans	25,923	25,923	26,358
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Current fiscal year, writeoff		0	0
One fiscal year, writeoff		0	1
Two fiscal years, writeoff		0	0
Three fiscal years, writeoff		0	0
Four fiscal years, writeoff		0	0
Prior		1	2
Total writeoff		1	3
Adjustable-rate | Less than or equal to 80%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	821	821	1,566
One fiscal year before	1,924	1,924	4,452
Two fiscal years before	4,610	4,610	5,945
Three fiscal years before	5,709	5,709	1,654
Four fiscal years before	1,566	1,566	710
Prior	9,274	9,274	9,716
Total mortgage loans	23,904	23,904	24,043
Adjustable-rate | Greater than 80% and less than or equal to 90%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	185	185	499
One fiscal year before	533	533	1,030
Two fiscal years before	806	806	90
Three fiscal years before	37	37	6
Four fiscal years before	5	5	2
Prior	2	2	3
Total mortgage loans	1,568	1,568	1,630
Adjustable-rate | Greater than 90% and less than or equal to 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	109	109	299
One fiscal year before	162	162	330
Two fiscal years before	155	155	11
Three fiscal years before	5	5	0
Four fiscal years before	1	1	0
Prior	1	1	1
Total mortgage loans	433	433	641
Adjustable-rate | Greater than 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	0	14
One fiscal year before	1	1	29
Two fiscal years before	17	17	1
Three fiscal years before	0	0	0
Four fiscal years before	0	0	0
Prior	0	0	0
Total mortgage loans	18	18	44
Other
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	0	0
One fiscal year before	0	0	0
Two fiscal years before	0	0	0
Three fiscal years before	0	0	0
Four fiscal years before	0	0	27
Prior	18,395	18,395	19,573
Total mortgage loans	18,395	18,395	19,600
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Current fiscal year, writeoff		0	0
One fiscal year, writeoff		0	0
Two fiscal years, writeoff		0	0
Three fiscal years, writeoff		0	0
Four fiscal years, writeoff		0	0
Prior		10	52
Total writeoff		10	52
Other | Less than or equal to 80%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	0	0
One fiscal year before	0	0	0
Two fiscal years before	0	0	0
Three fiscal years before	0	0	0
Four fiscal years before	0	0	27
Prior	18,270	18,270	19,418
Total mortgage loans	18,270	18,270	19,445
Other | Greater than 80% and less than or equal to 90%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	0	0
One fiscal year before	0	0	0
Two fiscal years before	0	0	0
Three fiscal years before	0	0	0
Four fiscal years before	0	0	0
Prior	64	64	81
Total mortgage loans	64	64	81
Other | Greater than 90% and less than or equal to 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	0	0
One fiscal year before	0	0	0
Two fiscal years before	0	0	0
Three fiscal years before	0	0	0
Four fiscal years before	0	0	0
Prior	32	32	39
Total mortgage loans	32	32	39
Other | Greater than 100%
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Current fiscal year	0	0	0
One fiscal year before	0	0	0
Two fiscal years before	0	0	0
Three fiscal years before	0	0	0
Four fiscal years before	0	0	0
Prior	29	29	35
Total mortgage loans	29	29	35
U.S Government
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
Total mortgage loans	4,300	$ 4,300	5,500
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Total writeoff	$ 39		$ 7

Mortgage Loans - Credit Quali_2

Mortgage Loans - Credit Quality Indicators - MF (Details) - Multifamily - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	$ 15,280	$ 50,494
One fiscal year before	54,113	60,908
Two fiscal years before	60,162	64,398
Three fiscal years before	64,104	75,526
Four fiscal years before	75,104	60,850
Prior	202,103	149,178
Total mortgage loans	470,866	461,354
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	15,261	49,944
One fiscal year before	53,341	51,380
Two fiscal years before	50,617	60,563
Three fiscal years before	60,102	72,791
Four fiscal years before	72,560	56,901
Prior	186,999	136,860
Total mortgage loans	438,880	428,439
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	19	4
One fiscal year before	0	11
Two fiscal years before	13	181
Three fiscal years before	419	32
Four fiscal years before	14	46
Prior	98	130
Total mortgage loans	563	404
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	521
One fiscal year before	772	9,517
Two fiscal years before	9,520	3,654
Three fiscal years before	3,583	2,703
Four fiscal years before	2,530	3,893
Prior	15,006	12,188
Total mortgage loans	31,411	32,476
Substandard | Senior Housing
Financing Receivable, Credit Quality Indicator [Line Items]
Total mortgage loans	5,100	6,900
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	25
One fiscal year before	0	0
Two fiscal years before	12	0
Three fiscal years before	0	0
Four fiscal years before	0	10
Prior	0	0
Total mortgage loans	12	35
Current-year write-offs
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	0
One fiscal year before	29	3
Two fiscal years before	27	4
Three fiscal years before	11	6
Four fiscal years before	16	23
Prior	88	365
Total mortgage loans	$ 171	$ 401

Mortgage Loans - Loan Restructu

Mortgage Loans - Loan Restructuring - Summary of Loans Restructured (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 15,345	$ 17,934	$ 25,326	$ 28,452
Restructured loans, percent of total financing receivable (* less than)	0.50%	0.50%	1%	1%
Forbearance Plan
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 5,179	$ 9,004	$ 7,074	$ 11,837
Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	2,867	2,851	6,465	6,582
Trial Modification and Repayment Plans
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	4,731	3,674	6,975	5,557
Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	2,467	1,782	4,662	3,557
Payment Delay, Term Extension, Interest Rate Reduction and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	101	623	150	919
Single-family
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 15,259	$ 16,986	$ 25,233	$ 27,134
Restructured loans, percent of total financing receivable (* less than)	0.50%	0.50%	1%	1%
Single-family | Forbearance Plan
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 5,150	$ 8,581	$ 7,043	$ 11,053
Single-family | Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	2,867	2,851	6,465	6,582
Single-family | Trial Modification and Repayment Plans
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	4,731	3,674	6,975	5,557
Single-family | Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	2,467	1,782	4,662	3,557
Single-family | Payment Delay, Term Extension, Interest Rate Reduction and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	44	98	88	385
Single-family | 20- and 30-year or more, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 14,606	$ 16,066	$ 24,146	$ 25,644
Restructured loans, percent of total financing receivable (* less than)	0.50%	1%	1%	1%
Single-family | 20- and 30-year or more, amortizing fixed-rate | Forbearance Plan
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 4,905	$ 8,107	$ 6,698	$ 10,410
Single-family | 20- and 30-year or more, amortizing fixed-rate | Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	2,733	2,689	6,155	6,207
Single-family | 20- and 30-year or more, amortizing fixed-rate | Trial Modification and Repayment Plans
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	4,498	3,444	6,626	5,202
Single-family | 20- and 30-year or more, amortizing fixed-rate | Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	2,438	1,746	4,605	3,487
Single-family | 20- and 30-year or more, amortizing fixed-rate | Payment Delay, Term Extension, Interest Rate Reduction and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	32	80	62	338
Single-family | 15-year or less, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 442	$ 588	$ 708	$ 919
Restructured loans, percent of total financing receivable (* less than)	0.50%	0.50%	0.50%	0.50%
Single-family | 15-year or less, amortizing fixed-rate | Forbearance Plan
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 195	$ 339	$ 271	$ 451
Single-family | 15-year or less, amortizing fixed-rate | Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	84	116	199	264
Single-family | 15-year or less, amortizing fixed-rate | Trial Modification and Repayment Plans
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	162	132	235	203
Single-family | 15-year or less, amortizing fixed-rate | Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	1	1	2	1
Single-family | 15-year or less, amortizing fixed-rate | Payment Delay, Term Extension, Interest Rate Reduction and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	0	0	1	0
Single-family | Adjustable-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 52	$ 69	$ 89	$ 102
Restructured loans, percent of total financing receivable (* less than)	0.50%	0.50%	0.50%	0.50%
Single-family | Adjustable-rate | Forbearance Plan
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 25	$ 46	$ 36	$ 55
Single-family | Adjustable-rate | Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	12	10	29	27
Single-family | Adjustable-rate | Trial Modification and Repayment Plans
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	15	12	22	18
Single-family | Adjustable-rate | Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	0	0	0	0
Single-family | Adjustable-rate | Payment Delay, Term Extension, Interest Rate Reduction and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	0	1	2	2
Single-family | Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 159	$ 263	$ 290	$ 469
Restructured loans, percent of total financing receivable (* less than)	1%	1%	1%	2%
Single-family | Other | Forbearance Plan
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 25	$ 89	$ 38	$ 137
Single-family | Other | Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	38	36	82	84
Single-family | Other | Trial Modification and Repayment Plans
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	56	86	92	134
Single-family | Other | Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	28	35	55	69
Single-family | Other | Payment Delay, Term Extension, Interest Rate Reduction and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	12	17	23	45
Multifamily
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 86	$ 948	$ 93	$ 1,318
Restructured loans, percent of total financing receivable (* less than)	0.50%	0.50%	0.50%	0.50%
Multifamily | Forbearance Plan
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 29	$ 423	$ 31	$ 784
Multifamily | Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	0	0	0	0
Multifamily | Trial Modification and Repayment Plans
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	0	0	0	0
Multifamily | Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	0	0	0	0
Multifamily | Payment Delay, Term Extension, Interest Rate Reduction and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 57	$ 525	$ 62	$ 534

Mortgage Loans - Loan Restruc_2

Mortgage Loans - Loan Restructuring - Financial Impacts (Details) - Single-family	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) mo	Jun. 30, 2023 USD ($) mo	Jun. 30, 2024 USD ($) mo	Jun. 30, 2023 USD ($) mo
20- and 30-year or more, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	0.74%	1.15%	0.87%	1.09%
Weighted-Average Term Extension (in Months) | mo	160	172	161	173
Average amount capitalized as a result of a payment delay	$ 13,518	$ 16,661	$ 13,675	$ 16,864
15-year or less, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	2.72%	2.50%	2%	1.83%
Weighted-Average Term Extension (in Months) | mo	87	79	85	73
Average amount capitalized as a result of a payment delay	$ 10,601	$ 14,819	$ 12,450	$ 14,636
Adjustable-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	0%	1.61%	2%	1.76%
Average amount capitalized as a result of a payment delay	$ 10,062	$ 14,450	$ 11,822	$ 15,228
Other
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	0.52%	1.34%	0.82%	1.48%
Weighted-Average Term Extension (in Months) | mo	143	172	157	179
Average amount capitalized as a result of a payment delay	$ 18,995	$ 21,304	$ 17,970	$ 20,715

Mortgage Loans - Loan Restruc_3

Mortgage Loans - Loan Restructuring - Subsequent Default (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	$ 1,889	$ 1,403	$ 2,788	$ 2,220
Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	1,228	859	1,806	1,355
Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	633	334	936	457
Payment Delay, Term Extension, Interest Rate Reduction and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	28	210	46	408
Single-family
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	1,876	1,402	2,770	2,219
Single-family | Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	1,228	859	1,806	1,355
Single-family | Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	633	334	936	457
Single-family | Payment Delay, Term Extension, Interest Rate Reduction and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	15	209	28	407
Single-family | 20- and 30-year or more, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	1,812	1,343	2,670	2,121
Single-family | 20- and 30-year or more, amortizing fixed-rate | Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	1,178	819	1,727	1,290
Single-family | 20- and 30-year or more, amortizing fixed-rate | Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	625	327	925	446
Single-family | 20- and 30-year or more, amortizing fixed-rate | Payment Delay, Term Extension, Interest Rate Reduction and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	9	197	18	385
Single-family | 15-year or less, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	31	27	51	45
Single-family | 15-year or less, amortizing fixed-rate | Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	31	27	51	44
Single-family | 15-year or less, amortizing fixed-rate | Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	0	0	0	0
Single-family | 15-year or less, amortizing fixed-rate | Payment Delay, Term Extension, Interest Rate Reduction and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	0	0	0	1
Single-family | Adjustable-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	4	4	7	5
Single-family | Adjustable-rate | Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	3	2	5	3
Single-family | Adjustable-rate | Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	0	0	0	0
Single-family | Adjustable-rate | Payment Delay, Term Extension, Interest Rate Reduction and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	1	2	2	2
Single-family | Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	29	28	42	48
Single-family | Other | Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	16	11	23	18
Single-family | Other | Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	8	7	11	11
Single-family | Other | Payment Delay, Term Extension, Interest Rate Reduction and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	5	10	8	19
Multifamily
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	13	1	18	1
Multifamily | Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	0	0	0	0
Multifamily | Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	0	0	0	0
Multifamily | Payment Delay, Term Extension, Interest Rate Reduction and Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost, subsequent default	$ 13	$ 1	$ 18	$ 1

Mortgage Loans - Loan Restruc_4

Mortgage Loans - Loan Restructuring - Aging Analysis (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 15,345	$ 17,934	$ 25,326	$ 28,452
Serious delinquency, days past due			90 days
Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			$ 32,626	39,319
30 - 59 Days Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			4,157	3,652
60 - 89 Days Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			2,468	2,361
Seriously Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			11,559	13,172
Total Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			18,184	19,185
Current | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			14,442	20,134
Single-family
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	15,259	16,986	$ 25,233	27,134
Single-family | Minimum
Loans in Mortgage Portfolio [Line Items]
Serious delinquency, days past due			90 days		90 days
Single-family | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			$ 31,382	37,970
Single-family | 30 - 59 Days Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			4,157	3,652
Single-family | 60 - 89 Days Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			2,468	2,361
Single-family | Seriously Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			11,198	12,792
Single-family | Total Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			17,823	18,805
Single-family | Current | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			13,559	19,165
Single-family | 20- and 30-year or more, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	14,606	16,066	24,146	25,644
Single-family | 20- and 30-year or more, amortizing fixed-rate | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			29,943	35,764
Single-family | 20- and 30-year or more, amortizing fixed-rate | 30 - 59 Days Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			3,970	3,442
Single-family | 20- and 30-year or more, amortizing fixed-rate | 60 - 89 Days Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			2,359	2,227
Single-family | 20- and 30-year or more, amortizing fixed-rate | Seriously Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			10,681	12,035
Single-family | 20- and 30-year or more, amortizing fixed-rate | Total Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			17,010	17,704
Single-family | 20- and 30-year or more, amortizing fixed-rate | Current | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			12,933	18,060
Single-family | 15-year or less, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	442	588	708	919
Single-family | 15-year or less, amortizing fixed-rate | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			930	1,282
Single-family | 15-year or less, amortizing fixed-rate | 30 - 59 Days Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			116	114
Single-family | 15-year or less, amortizing fixed-rate | 60 - 89 Days Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			63	82
Single-family | 15-year or less, amortizing fixed-rate | Seriously Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			348	447
Single-family | 15-year or less, amortizing fixed-rate | Total Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			527	643
Single-family | 15-year or less, amortizing fixed-rate | Current | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			403	639
Single-family | Adjustable-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	52	69	89	102
Single-family | Adjustable-rate | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			109	148
Single-family | Adjustable-rate | 30 - 59 Days Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			11	14
Single-family | Adjustable-rate | 60 - 89 Days Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			10	9
Single-family | Adjustable-rate | Seriously Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			45	59
Single-family | Adjustable-rate | Total Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			66	82
Single-family | Adjustable-rate | Current | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			43	66
Single-family | Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	159	263	290	469
Single-family | Other | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			400	776
Single-family | Other | 30 - 59 Days Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			60	82
Single-family | Other | 60 - 89 Days Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			36	43
Single-family | Other | Seriously Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			124	251
Single-family | Other | Total Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			220	376
Single-family | Other | Current | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			180	400
Multifamily
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 86	$ 948	$ 93	1,318
Multifamily | Minimum
Loans in Mortgage Portfolio [Line Items]
Serious delinquency, days past due			60 days
Multifamily | Maximum
Loans in Mortgage Portfolio [Line Items]
Serious delinquency, days past due			89 days
Multifamily | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			$ 1,244	1,349
Multifamily | 30 - 59 Days Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			0	0
Multifamily | Seriously Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			361	380
Multifamily | Total Delinquent | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			361	380
Multifamily | Current | Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost			$ 883	$ 969

Mortgage Loans - Non-accrual Lo

Mortgage Loans - Non-accrual Loans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	$ 25,336	$ 19,722	$ 25,336	$ 19,722	$ 25,853	$ 25,205	$ 16,818	$ 12,517
Total interest income recognized	72	19	158	94
Single-family
Financing Receivable, Nonaccrual [Line Items]
Accrued interest receivable written off through the reversal of interest income:	97	74	179	153
Recorded investment in nonaccrual loans	23,500	18,274	23,500	18,274	24,041	23,315	15,277	10,317
Total interest income recognized	48	17	132	84
Single-family | 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	22,183	17,051	22,183	17,051	22,712	21,971	14,172	9,447
Total interest income recognized	45	15	124	79
Single-family | 15-year or less, amortizing fixed-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	704	565	704	565	734	727	429	200
Total interest income recognized	1	0	3	1
Single-family | Adjustable-rate
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	117	85	117	85	115	109	75	53
Total interest income recognized	0	0	1	0
Single-family | Other
Financing Receivable, Nonaccrual [Line Items]
Recorded investment in nonaccrual loans	496	573	496	573	480	508	601	617
Total interest income recognized	2	2	4	4
Multifamily
Financing Receivable, Nonaccrual [Line Items]
Accrued interest receivable written off through the reversal of interest income:	4	33	6	35
Recorded investment in nonaccrual loans	1,836	1,448	1,836	1,448	$ 1,812	$ 1,890	$ 1,541	$ 2,200
Total interest income recognized	$ 24	$ 2	$ 26	$ 10

Allowance for Loan Losses - Cha

Allowance for Loan Losses - Changes in Allowance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Allowance for Loan Losses [Line Items]
Beginning balance	$ (8,379)	$ (11,335)	$ (8,730)	$ (11,347)
Benefit (provision) for loan losses	285	1,247	467	1,071
Write-offs	179	70	427	349
Recoveries	(111)	(28)	(190)	(113)
Other	0	64	0	58
Ending balance	(8,026)	(9,982)	(8,026)	(9,982)
Single-family
Allowance for Loan Losses [Line Items]
Beginning balance	(6,275)	(9,479)	(6,671)	(9,443)
Benefit (provision) for loan losses	530	1,399	869	1,403
Write-offs	141	53	256	95
Recoveries	(99)	(27)	(157)	(103)
Other	0	64	0	58
Ending balance	(5,703)	(7,990)	(5,703)	(7,990)
Multifamily
Allowance for Loan Losses [Line Items]
Beginning balance	(2,104)	(1,856)	(2,059)	(1,904)
Benefit (provision) for loan losses	(245)	(152)	(402)	(332)
Write-offs	38	17	171	254
Recoveries	(12)	(1)	(33)	(10)
Ending balance	$ (2,323)	$ (1,992)	$ (2,323)	$ (1,992)

Allowance for Loan Losses - Nar

Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Total unpaid principal balance of mortgage loans	$ 4,098,304	$ 4,098,304	$ 4,102,632
Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Total unpaid principal balance of mortgage loans	470,928	470,928	$ 461,247
Multifamily | Adjustable Rate Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Total unpaid principal balance of mortgage loans	$ 600	$ 600
Loan delinquency period	30 days	30 days

Investments in Securities - Tra

Investments in Securities - Trading 1 (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 49,392	$ 52,552
Mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	1,327	4,770
Non-mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	48,065	47,782
Non-mortgage-related securities | Pledged as collateral
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	8,700	5,700
Consolidated trusts | Mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 327	$ 364

Investments in Securities - T_2

Investments in Securities - Trading 2 (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Net trading gains (losses)	$ 121	$ (723)	$ (140)	$ 23
Net trading gains (losses) recognized in the period related to securities still held at period end	$ 105	$ (731)	$ (157)	$ 60

Investments in Securities - Ava

Investments in Securities - Available-for-sale Securities 1 (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Total Amortized Cost	$ 527	$ 584
Allowance for Credit Losses	(2)	(2)
Gross Unrealized Gains in AOCI	11	11
Gross Unrealized Losses in AOCI	(29)	(29)
Total Fair Value	507	564
Agency securities
Debt Securities, Available-for-sale [Line Items]
Total Amortized Cost	384	405
Allowance for Credit Losses	0	0
Gross Unrealized Gains in AOCI	1	1
Gross Unrealized Losses in AOCI	(29)	(29)
Total Fair Value	356	377
Other mortgage-related securities
Debt Securities, Available-for-sale [Line Items]
Total Amortized Cost	143	179
Allowance for Credit Losses	(2)	(2)
Gross Unrealized Gains in AOCI	10	10
Gross Unrealized Losses in AOCI	0	0
Total Fair Value	$ 151	$ 187

Investments in Securities - A_2

Investments in Securities - Available-for-sale Securities 2 (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses in AOCI	$ (1)	$ (3)
Less than 12 Consecutive Months, Fair Value	44	66
12 Consecutive Months or Longer, Gross Unrealized Losses	(28)	(26)
12 Consecutive Months or Longer, Fair Value	238	238
Agency securities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses in AOCI	(1)	(3)
Less than 12 Consecutive Months, Fair Value	41	66
12 Consecutive Months or Longer, Gross Unrealized Losses	(28)	(26)
12 Consecutive Months or Longer, Fair Value	238	238
Other mortgage-related
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Consecutive Months, Gross Unrealized Losses in AOCI	0	0
Less than 12 Consecutive Months, Fair Value	3	0
12 Consecutive Months or Longer, Gross Unrealized Losses	0	0
12 Consecutive Months or Longer, Fair Value	$ 0	$ 0

Investments in Securities - A_3

Investments in Securities - Available-for-sale Securities 3 (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Realized gain	$ 0	$ 0
Available-for-sale	$ 0	$ 0

Financial Guarantees (Details)

Financial Guarantees (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Financial Guarantees and Maximum Recovery [Line Items]
Contractual terms of our guarantees	29 years
Maximum Exposure	$ 11,637	$ 11,932
Guaranty Obligation	75	79
Maximum recovery	4,511	4,680
Unconsolidated Fannie Mae MBS | Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	2,628	2,778
Guaranty Obligation	14	14
Maximum recovery	2,569	2,713
Other guaranty arrangements | Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Maximum Exposure	9,009	9,154
Guaranty Obligation	61	65
Maximum recovery	1,942	1,967
Agency securities | Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Single security, Freddie Mac issued securities backing unconsolidated Fannie Mae securities	$ 208,300	$ 215,600

Short-Term and Long-Term Debt -

Short-Term and Long-Term Debt - Short-Term Debt (Details) - Fannie Mae - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Short-term debt, outstanding	$ 12,008	$ 17,314
Short-term debt, weighted-average interest rate (percent)	5.30%	5.13%

Short-Term and Long-Term Debt_2

Short-Term and Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 4,200,956	$ 4,205,404
Long-term debt, weighted-average interest rate (percent)	2.84%	2.57%
Fannie Mae
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 106,535	$ 106,751
Long-term debt, weighted-average interest rate (percent)	2.88%	2.63%
Unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments	$ 4,100	$ 4,000
Fannie Mae | Total senior fixed
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 100,961	$ 103,731
Long-term debt, weighted-average interest rate (percent)	2.61%	2.40%
Fannie Mae | Senior fixed benchmark notes and bonds
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 52,653	$ 54,727
Long-term debt, weighted-average interest rate (percent)	2.90%	2.79%
Fannie Mae | Senior fixed medium-term notes
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 41,567	$ 42,217
Long-term debt, weighted-average interest rate (percent)	1.95%	1.58%
Fannie Mae | Senior fixed medium-term notes | Minimum
Long-Term Debt [Line Items]
Contractual maturity term	1 year
Fannie Mae | Senior fixed medium-term notes | Maximum
Long-Term Debt [Line Items]
Contractual maturity term	10 years
Fannie Mae | Senior fixed other debt
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 6,741	$ 6,787
Long-term debt, weighted-average interest rate (percent)	4.13%	3.98%
Contractual maturity term	10 years
Fannie Mae | Total senior floating
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 5,574	$ 3,020
Long-term debt, weighted-average interest rate (percent)	8.05%	10.92%
Fannie Mae | Senior floating medium-term notes
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 2,999	$ 0
Long-term debt, weighted-average interest rate (percent)	5.45%	0%
Fannie Mae | Senior floating Connecticut Avenue Securities
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 2,305	$ 2,752
Long-term debt, weighted-average interest rate (percent)	11.36%	11.12%
Fannie Mae | Senior floating other debt
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 270	$ 268
Long-term debt, weighted-average interest rate (percent)	8.81%	8.79%
Consolidated Trusts
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 4,094,421	$ 4,098,653
Long-term debt, weighted-average interest rate (percent)	2.84%	2.56%

Derivative Instruments - Notion

Derivative Instruments - Notional and Fair Value Position (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amount	$ 410,604	$ 388,121
Asset Derivatives
Derivative assets, gross amount offset	(290)	(283)
Derivative assets	219	202
Liability Derivatives
Derivatives liabilities at fair value	(81)	(140)
Table Footnote [Abstract]
Cash collateral posted for derivative instruments	2,700	2,900
Cash collateral received for derivative instruments	(3)	(5)
Total risk management derivatives designated as hedging instruments
Derivative [Line Items]
Notional Amount	291,774	299,557
Asset Derivatives
Derivative assets, gross amount offset	(290)	(283)
Derivative assets	86	45
Liability Derivatives
Netting adjustment	3,026	3,200
Derivatives liabilities at fair value	(1)	(23)
Total risk management derivatives designated as hedging instruments | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	33,240	38,541
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Total risk management derivatives designated as hedging instruments | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	258,534	261,016
Asset Derivatives
Derivative assets, gross	376	328
Liability Derivatives
Derivative liabilities, gross	(3,027)	(3,223)
Pay-fixed | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	14,310	9,954
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Pay-fixed | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	127,685	136,648
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Receive-fixed | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	18,930	28,587
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Receive-fixed | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	118,023	115,288
Asset Derivatives
Derivative assets, gross	60	76
Liability Derivatives
Derivative liabilities, gross	(2,858)	(3,085)
Basis | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	250	250
Asset Derivatives
Derivative assets, gross	43	44
Liability Derivatives
Derivative liabilities, gross	0	0
Foreign currency | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	314	316
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	(77)	(66)
Pay-fixed | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	7,006	5,816
Asset Derivatives
Derivative assets, gross	248	195
Liability Derivatives
Derivative liabilities, gross	(22)	(12)
Receive-fixed | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	5,116	2,666
Asset Derivatives
Derivative assets, gross	25	13
Liability Derivatives
Derivative liabilities, gross	(70)	(60)
Futures | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	140	32
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Mortgage commitment derivatives
Derivative [Line Items]
Notional Amount	90,075	60,940
Asset Derivatives
Derivative assets, gross amount offset	0	0
Derivative assets	66	112
Liability Derivatives
Netting adjustment	0	0
Derivatives liabilities at fair value	(65)	(104)
Mortgage commitments to purchase whole loans
Derivative [Line Items]
Notional Amount	4,633	2,734
Asset Derivatives
Derivative assets	4	14
Liability Derivatives
Derivatives liabilities at fair value	(7)	0
Forward contracts to purchase mortgage-related securities
Derivative [Line Items]
Notional Amount	25,675	14,264
Asset Derivatives
Derivative assets	23	98
Liability Derivatives
Derivatives liabilities at fair value	(39)	(2)
Forward contracts to sell mortgage-related securities
Derivative [Line Items]
Notional Amount	59,767	43,942
Asset Derivatives
Derivative assets	39	0
Liability Derivatives
Derivatives liabilities at fair value	(19)	(102)
Credit enhancement derivatives
Derivative [Line Items]
Notional Amount	28,755	27,624
Asset Derivatives
Derivative assets	67	45
Liability Derivatives
Derivatives liabilities at fair value	$ (15)	$ (13)

Derivative Instruments - FV Gai

Derivative Instruments - FV Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	$ 312	$ 975	$ 984	$ 637
Net contractual interest income (expense) on interest-rate swaps	7,268	7,035	14,291	13,821
Interest income on mortgage loans	35,617	32,655	70,833	64,792
Long-term debt	(29,877)	(27,122)	(59,457)	(53,787)
Hedged asset, carrying amount	854,132		854,132		$ 449,137
Hedged asset, total basis adjustments	(510)		(510)		(174)
Hedged asset, discontinued fair value, remaining adjustments	(510)		(510)		(174)
Closed portfolio, amortized cost	497,361		497,361		218,419
Closed portfolio, designated UPB	13,602		13,602		9,955
Hedged liability, carrying amount	(56,889)		(56,889)		(59,462)
Hedged liability, total basis adjustments	3,880		3,880		3,751
Hedged liability, discontinued fair value, remaining adjustments	3,880		3,880		$ 3,751
Pay-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	237	1,858	1,599	268
Receive-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	209	(1,010)	(487)	562
Basis
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(4)	15	(3)	28
Foreign currency
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	(3)	2	(11)	10
Pay-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	21	12	44	(21)
Receive-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	7	(2)	3	(3)
Futures
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	1	1	2	1
Risk Management Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	217	748	697	539
Net contractual interest income (expense) on interest-rate swaps	(251)	(128)	(450)	(306)
Mortgage commitment derivatives fair value gains (losses), net
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	94	198	301	84
Credit enhancement derivatives fair value gains (losses), net
Derivative Instruments, Gain (Loss) [Line Items]
Total derivatives fair value gains (losses), net	1	29	(14)	14
Interest rate risk on held-for-investment mortgage loan | Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) in hedged item	(28)	(144)	(362)	33
Discontinued hedge related basis adjustment amortization	18	9	26	20
Change in unrealized gain (loss) in derivatives designated as hedging instruments	6	132	315	(82)
Interest accruals on hedging instruments	76	27	142	53
Total effect of fair value hedges	72	24	121	24
Interest rate risk on debt | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) in hedged item	129	669	557	430
Discontinued hedge related basis adjustment amortization	(222)	(199)	(428)	(395)
Change in unrealized gain (loss) in derivatives designated as hedging instruments	(78)	(503)	(433)	(71)
Interest accruals on hedging instruments	(113)	(293)	(280)	(522)
Total effect of fair value hedges	$ (284)	$ (326)	$ (584)	$ (558)

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - Risk Management Derivatives - OTC risk management derivatives - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Net liability position	$ 1,700	$ 1,800
Collateral posted	1,400	1,600
Additional collateral	$ 815	$ 798

Segment Reporting (Details)

Segment Reporting (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments | segment			2
Net interest income	$ 7,268	$ 7,035	$ 14,291	$ 13,821
Fee and other income	68	70	140	133
Net revenues	7,336	7,105	14,431	13,954
Investment gains (losses), net	(62)	25	(40)	(42)
Fair value gains (losses), net	447	404	927	608
Administrative expenses	(939)	(864)	(1,868)	(1,732)
Benefit (provision) for credit losses	300	1,266	480	1,134
TCCA fees	(859)	(856)	(1,719)	(1,711)
Credit enhancement expense	(405)	(384)	(824)	(725)
Change in expected credit enhancement recoveries	37	(160)	100	(40)
Other expenses, net	(251)	(257)	(450)	(387)
Income before federal income taxes	5,604	6,279	11,037	11,059
Provision for federal income taxes	(1,120)	(1,285)	(2,233)	(2,293)
Net income	4,484	4,994	8,804	8,766
Related Party | Treasury
Segment Reporting Information [Line Items]
TCCA fees	(859)	(856)	(1,719)	(1,711)
Business segments | Single-Family
Segment Reporting Information [Line Items]
Net interest income	6,096	5,917	11,970	11,589
Fee and other income	51	52	106	100
Net revenues	6,147	5,969	12,076	11,689
Investment gains (losses), net	(70)	27	(57)	(44)
Fair value gains (losses), net	454	460	938	626
Administrative expenses	(784)	(718)	(1,561)	(1,438)
Benefit (provision) for credit losses	548	1,418	883	1,465
Credit enhancement expense	(333)	(327)	(686)	(614)
Change in expected credit enhancement recoveries	(47)	(223)	(89)	(128)
Other expenses, net	(218)	(203)	(394)	(319)
Income before federal income taxes	4,838	5,547	9,391	9,526
Provision for federal income taxes	(983)	(1,153)	(1,929)	(2,000)
Net income	3,855	4,394	7,462	7,526
Business segments | Single-Family | Related Party | Treasury
Segment Reporting Information [Line Items]
TCCA fees	(859)	(856)	(1,719)	(1,711)
Business segments | Multifamily
Segment Reporting Information [Line Items]
Net interest income	1,172	1,118	2,321	2,232
Fee and other income	17	18	34	33
Net revenues	1,189	1,136	2,355	2,265
Investment gains (losses), net	8	(2)	17	2
Fair value gains (losses), net	(7)	(56)	(11)	(18)
Administrative expenses	(155)	(146)	(307)	(294)
Benefit (provision) for credit losses	(248)	(152)	(403)	(331)
Credit enhancement expense	(72)	(57)	(138)	(111)
Change in expected credit enhancement recoveries	84	63	189	88
Other expenses, net	(33)	(54)	(56)	(68)
Income before federal income taxes	766	732	1,646	1,533
Provision for federal income taxes	(137)	(132)	(304)	(293)
Net income	629	600	1,342	1,240
Business segments | Multifamily | Related Party | Treasury
Segment Reporting Information [Line Items]
TCCA fees	$ 0	$ 0	$ 0	$ 0

Concentrations of Credit Risk -

Concentrations of Credit Risk - SF Risk Characteristics (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	90 days
Single-family | Guaranty Book of Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)	0.99%	0.98%
60 days delinquent (percentage of book of business)	0.23%	0.24%
Seriously delinquent (percentage of book of business)	0.50%	0.56%
30 days delinquent (percentage of conventional loans)	1.07%	1.06%
60 days delinquent (percentage of conventional loans)	0.24%	0.26%
Seriously delinquent (percentage of conventional loans)	0.48%	0.55%
Single-family | Guaranty Book of Business | 80.01% to 90%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.77%	0.81%
Percentage of book of business	6%	5%
Single-family | Guaranty Book of Business | 90.01% to 100%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.57%	0.59%
Percentage of book of business	2%	3%
Single-family | Guaranty Book of Business | Greater than 100%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	3.34%	2.05%
Percentage of book of business	0.50%	0.50%
Single-family | Guaranty Book of Business | 2008 and prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	1.76%	2.07%
Percentage of book of business	2%	2%
Single-family | Guaranty Book of Business | 2009-2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.42%	0.47%
Percentage of book of business	98%	98%
Single-family | Guaranty Book of Business | California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.37%	0.42%
Percentage of book of business	19%	19%
Single-family | Guaranty Book of Business | Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.57%	0.64%
Percentage of book of business	7%	7%
Single-family | Guaranty Book of Business | Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.63%	0.73%
Percentage of book of business	6%	6%
Single-family | Guaranty Book of Business | New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.79%	0.92%
Percentage of book of business	5%	5%
Single-family | Guaranty Book of Business | Illinois
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.65%	0.70%
Percentage of book of business	3%	3%
Single-family | Guaranty Book of Business | All other states
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.45%	0.52%
Percentage of book of business	60%	60%
Single-family | 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)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	90 days
Multifamily | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency, days past due	60 days
Multifamily | 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
Multifamily | Guaranty Book of Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)	0.19%	0.10%
Seriously delinquent (percentage of book of business)	0.44%	0.46%
Multifamily | Guaranty Book of Business | Original LTV ratio greater than 80%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	1%	1%
Loans seriously delinquent, percentage by unpaid principal balance	0.13%	0.13%
Multifamily | 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%	99%
Loans seriously delinquent, percentage by unpaid principal balance	0.45%	0.46%
Multifamily | Guaranty Book of Business | Current DSCR below 1.0
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	5%	4%
Loans seriously delinquent, percentage by unpaid principal balance	5.01%	7.04%

Concentrations of Credit Risk_3

Concentrations of Credit Risk - Other Concentrations (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Estimated benefit included in loss reserves	$ 1,000	$ 1,200
Receivable from claims on insured, defaulted loans excluding government insured loans	462	471
Allowance for mortgage insurance receivable	401	417
Single-family | Guaranty Book of Business
Concentration Risk [Line Items]
Primary mortgage insurance	199,645	200,023
Pool mortgage insurance	85	98
Total mortgage insurance risk in force	$ 199,730	$ 200,121
Total mortgage insurance coverage risk in force (as percentage)	6%	6%
Single-family | Guaranty Book of Business | Credit Concentration Risk | Top five depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	43%	44%
Single-family | Guaranty Book of Business | Credit Concentration Risk | Top five non-depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	57%	56%
Single-family | Guaranty Book of Business | Credit Concentration Risk | Top five depository servicers | Top five depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	21%	22%
Single-family | Guaranty Book of Business | Credit Concentration Risk | Top five non-depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	49%	49%
Single-family | Guaranty Book of Business | Credit Concentration Risk | Top five non-depository servicers | Top five non-depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	28%	27%
Single-family | Guaranty Book of Business | Insurance Service Provider Concentration Risk
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	100%	100%
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 (* less than)	18%	19%
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 (* less than)	18%	18%
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 (* less than)	17%	18%
Single-family | Guaranty Book of Business | Insurance Service Provider Concentration Risk | Enact Mortgage Insurance Corp.
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	17%	16%
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 (* less than)	17%	16%
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 (* less than)	13%	13%
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 (* less than)	0.50%	0.50%
Multifamily | Guaranty Book of Business | Credit Concentration Risk | Top five depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	31%	31%
Multifamily | Guaranty Book of Business | Credit Concentration Risk | Top five non-depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	69%	69%
Multifamily | Guaranty Book of Business | Credit Concentration Risk | Top five depository servicers | Top five depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	26%	27%
Multifamily | Guaranty Book of Business | Credit Concentration Risk | Top five non-depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	70%	71%
Multifamily | Guaranty Book of Business | Credit Concentration Risk | Top five non-depository servicers | Top five non-depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	44%	44%
Multifamily | Guaranty Book of Business | Credit Concentration Risk | Top five depository servicers
Concentration Risk [Line Items]
Percentage of risk in force coverage by mortgage insurer (* less than)	13%	13%
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 (* less than)	10%	10%

Netting Arrangements (Details)

Netting Arrangements (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Assets:
Derivative assets, gross amount	$ 442,000,000	$ 440,000,000
Derivative assets, gross amount offset	(290,000,000)	(283,000,000)
Derivative assets, net amount presented in our condensed consolidated balance sheets	152,000,000	157,000,000
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	(50,000,000)	(23,000,000)
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(1,000,000)	(9,000,000)
Derivative assets, net amount	101,000,000	125,000,000
Securities purchased under agreements to resell, gross amount	70,200,000,000	65,425,000,000
Securities purchased under agreements to resell, gross amount offset	0	0
Securities purchased under agreements to resell, under master netting arrangements	70,200,000,000	65,425,000,000
Securities purchased under agreements to resell, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	0	0
Securities purchased under agreements to resell, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(70,200,000,000)	(65,425,000,000)
Securities purchased under agreements to resell, net amount	0	0
Total assets, gross amount	70,642,000,000	65,865,000,000
Total assets, gross amount offset	(290,000,000)	(283,000,000)
Total assets, net amount presented in our condensed consolidated balance sheets	70,352,000,000	65,582,000,000
Total assets, under the master netting arrangements, not offset in our consolidated balance sheets, financial instruments	(50,000,000)	(23,000,000)
Total assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(70,201,000,000)	(65,434,000,000)
Total assets, net amount	101,000,000	125,000,000
Liabilities:
Total liabilities, gross amount	(3,092,000,000)	(3,327,000,000)
Total liabilities, gross amount offset	3,026,000,000	3,200,000,000
Total liabilities, net amount presented in our condensed consolidated balance sheets	(66,000,000)	(127,000,000)
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	50,000,000	23,000,000
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	7,000,000	80,000,000
Total liabilities, net amount	(9,000,000)	(24,000,000)
Securities received as collateral	70,200,000,000	65,500,000,000
Fair value of securities received as collateral that can be resold or repledged	55,300,000,000	55,400,000,000
Fair value of securities received as collateral that have been resold or repledged	0	0
Derivative assets not subject to enforceable master netting arrangements	67,000,000	45,000,000
Derivative liabilities not subject to enforceable master netting arrangements	(15,000,000)	(13,000,000)
Securities purchased under agreements to resell	27,650,000,000	30,700,000,000
Cash and Cash Equivalents
Liabilities:
Securities purchased under agreements to resell	28,200,000,000	21,800,000,000
Restricted Cash and Cash Equivalent
Liabilities:
Securities purchased under agreements to resell	14,400,000,000	12,900,000,000
Asset pledged as collateral with right to sell or repledge
Assets:
Total assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(2,000,000,000)	(2,200,000,000)
Mortgage commitment derivatives
Assets:
Derivative assets, gross amount	66,000,000	112,000,000
Derivative assets, gross amount offset	0	0
Derivative assets, net amount presented in our condensed consolidated balance sheets	66,000,000	112,000,000
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	(50,000,000)	(23,000,000)
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	(1,000,000)	(9,000,000)
Derivative assets, net amount	15,000,000	80,000,000
Liabilities:
Derivative liabilities, gross amount	(65,000,000)	(104,000,000)
Derivative liabilities, gross amount offset	0	0
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(65,000,000)	(104,000,000)
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments	50,000,000	23,000,000
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral	7,000,000	77,000,000
Derivative liabilities, net amount	(8,000,000)	(4,000,000)
OTC risk management derivatives | Risk Management Derivatives
Assets:
Derivative assets, gross amount	376,000,000	328,000,000
Derivative assets, gross amount offset	(342,000,000)	(294,000,000)
Derivative assets, net amount presented in our condensed consolidated balance sheets	34,000,000	34,000,000
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	34,000,000	34,000,000
Liabilities:
Derivative liabilities, gross amount	(3,027,000,000)	(3,223,000,000)
Derivative liabilities, gross amount offset	3,026,000,000	3,203,000,000
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	(1,000,000)	(20,000,000)
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	(1,000,000)	(20,000,000)
Cleared risk management derivatives | Risk Management Derivatives
Assets:
Derivative assets, gross amount	0	0
Derivative assets, gross amount offset	52,000,000	11,000,000
Derivative assets, net amount presented in our condensed consolidated balance sheets	52,000,000	11,000,000
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	52,000,000	11,000,000
Liabilities:
Derivative liabilities, gross amount	0	0
Derivative liabilities, gross amount offset	0	(3,000,000)
Derivative liabilities, net amount presented in our condensed consolidated balance sheets	0	(3,000,000)
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	3,000,000
Derivative liabilities, net amount	$ 0	$ 0

Fair Value - Levels Hierarchy (

Fair Value - Levels Hierarchy (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets:
Total Fair Value	$ 507	$ 564
Mortgage loans held for investment, net of allowance for loan losses	3,194	3,315
Derivative assets at fair value	219	202
Derivative assets, gross amount offset	(290)	(283)
Liabilities:
Derivative liabilities	81	140
Fannie Mae
Liabilities:
Long-term debt:	544	761
Consolidated Trusts
Liabilities:
Long-term debt:	13,239	14,343
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Trading securities	48,045	47,764
Total Fair Value	0	0
Mortgage loans held for investment, net of allowance for loan losses	0	0
Derivative assets at fair value	0	0
Total financial assets	83,808	81,745
Liabilities:
Derivative liabilities	0	0
Total financial liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fannie Mae
Liabilities:
Long-term debt:	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Consolidated Trusts
Liabilities:
Long-term debt:	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Trading securities	1,315	4,762
Total Fair Value	46	50
Mortgage loans held for investment, net of allowance for loan losses	3,493,410	3,571,555
Derivative assets at fair value	400	395
Total financial assets	3,567,306	3,643,669
Liabilities:
Derivative liabilities	3,092	3,327
Total financial liabilities	3,675,544	3,760,502
Significant Other Observable Inputs (Level 2) | Fannie Mae
Liabilities:
Long-term debt:	106,618	106,701
Significant Other Observable Inputs (Level 2) | Consolidated Trusts
Liabilities:
Long-term debt:	3,553,827	3,633,157
Significant Unobservable Inputs (Level 3)
Assets:
Trading securities	32	26
Total Fair Value	461	514
Mortgage loans held for investment, net of allowance for loan losses	127,303	130,022
Derivative assets at fair value	109	90
Total financial assets	128,674	133,003
Liabilities:
Derivative liabilities	15	13
Total financial liabilities	984	976
Significant Unobservable Inputs (Level 3) | Fannie Mae
Liabilities:
Long-term debt:	631	605
Significant Unobservable Inputs (Level 3) | Consolidated Trusts
Liabilities:
Long-term debt:	279	293
Recurring
Assets:
Trading securities	49,392	52,552
Total Fair Value	507	564
Mortgage loans held for investment, net of allowance for loan losses	3,194	3,315
Derivative assets at fair value	219	202
Derivative assets, gross amount offset	(290)	(283)
Total financial assets	53,312	56,633
Liabilities:
Long-term debt:	13,783	15,104
Derivative liabilities	81	140
Derivative liabilities, gross amount offset	(3,026)	(3,200)
Total financial liabilities	13,864	15,244
Recurring | Fannie Mae
Liabilities:
Long-term debt:	544	761
Recurring | Consolidated Trusts
Liabilities:
Long-term debt:	13,239	14,343
Recurring | Mortgage-related
Assets:
Trading securities	1,327	4,770
Recurring | Non-mortgage-related securities
Assets:
Trading securities	48,065	47,782
Recurring | Agency
Assets:
Total Fair Value	356	377
Recurring | Other mortgage-related
Assets:
Total Fair Value	151	187
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Trading securities	48,045	47,764
Total Fair Value	0	0
Mortgage loans held for investment, net of allowance for loan losses	0	0
Derivative assets at fair value	0	0
Total financial assets	48,045	47,764
Liabilities:
Long-term debt:	0	0
Derivative liabilities	0	0
Total financial liabilities	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fannie Mae
Liabilities:
Long-term debt:	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Consolidated Trusts
Liabilities:
Long-term debt:	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-related
Assets:
Trading securities	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-mortgage-related securities
Assets:
Trading securities	48,045	47,764
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency
Assets:
Total Fair Value	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other mortgage-related
Assets:
Total Fair Value	0	0
Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Trading securities	1,315	4,762
Total Fair Value	46	50
Mortgage loans held for investment, net of allowance for loan losses	2,769	2,838
Derivative assets at fair value	400	395
Total financial assets	4,530	8,045
Liabilities:
Long-term debt:	13,403	14,719
Derivative liabilities	3,092	3,327
Total financial liabilities	16,495	18,046
Recurring | Significant Other Observable Inputs (Level 2) | Fannie Mae
Liabilities:
Long-term debt:	274	493
Recurring | Significant Other Observable Inputs (Level 2) | Consolidated Trusts
Liabilities:
Long-term debt:	13,129	14,226
Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-related
Assets:
Trading securities	1,295	4,744
Recurring | Significant Other Observable Inputs (Level 2) | Non-mortgage-related securities
Assets:
Trading securities	20	18
Recurring | Significant Other Observable Inputs (Level 2) | Agency
Assets:
Total Fair Value	41	46
Recurring | Significant Other Observable Inputs (Level 2) | Other mortgage-related
Assets:
Total Fair Value	5	4
Recurring | Significant Unobservable Inputs (Level 3)
Assets:
Trading securities	32	26
Total Fair Value	461	514
Mortgage loans held for investment, net of allowance for loan losses	425	477
Derivative assets at fair value	109	90
Total financial assets	1,027	1,107
Liabilities:
Long-term debt:	380	385
Derivative liabilities	15	13
Total financial liabilities	395	398
Recurring | Significant Unobservable Inputs (Level 3) | Fannie Mae
Liabilities:
Long-term debt:	270	268
Recurring | Significant Unobservable Inputs (Level 3) | Consolidated Trusts
Liabilities:
Long-term debt:	110	117
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage-related
Assets:
Trading securities	32	26
Recurring | Significant Unobservable Inputs (Level 3) | Non-mortgage-related securities
Assets:
Trading securities	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Agency
Assets:
Total Fair Value	315	331
Recurring | Significant Unobservable Inputs (Level 3) | Other mortgage-related
Assets:
Total Fair Value	$ 146	$ 183

Fair Value - Level 3 Rollforwar

Fair Value - Level 3 Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement Of Income, Extensible List Not Disclosed Flag	Total long-term debt	Total long-term debt	Total long-term debt	Total long-term debt
Fair Value, Recurring Basis, Unobservable Input, Reconciliation, Liability Gain (Loss), Statement Of Income, Extensible List, Not Disclosed Flag	Included in Net Income	Included in Net Income	Included in Net Income	Included in Net Income
Fair Value, Recurring Basis, Unobservable Input, Reconciliation, Asset Gain (Loss), Statement Of Income, Extensible List, Not Disclosed Flag	Included in Net Income	Included in Net Income	Included in Net Income	Included in Net Income
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement Of Income, Extensible List Not Disclosed Flag	Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2024(4)(5)	Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2023(4)(5)	Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2024(4)(5)	Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2023(4)(5)
Total available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 487	$ 622	$ 514	$ 634
Total gains (losses) (realized/unrealized) included in net income	1	4	2	6
Total gains (losses) (realized/unrealized) Included in OCI (loss)	(8)	3	1	6
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	(18)	(37)	(55)	(55)
Transfers out of Level 3	(1)	(1)	(1)	(1)
Transfers into Level 3	0	0	0	1
Ending Balance	461	591	461	591
Net unrealized gain (losses) related to assets	(6)	3	0	4
Mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	470	526	477	543
Total gains (losses) (realized/unrealized) included in net income	(4)	(4)	(3)	3
Total gains (losses) (realized/unrealized) Included in OCI (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	(2)	0	(6)	0
Issues	0	0	0	0
Settlements	(16)	(20)	(33)	(45)
Transfers out of Level 3	(30)	(6)	(39)	(15)
Transfers into Level 3	7	14	29	24
Ending Balance	425	510	425	510
Net unrealized gain (losses) related to assets	(1)	(5)	(1)	1
Net derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	69	(38)	77	(37)
Total gains (losses) (realized/unrealized) included in net income	0	38	(12)	32
Total gains (losses) (realized/unrealized) Included in OCI (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	25	12	29	17
Transfers out of Level 3	0	0	0	0
Transfers into Level 3	0	0	0	0
Ending Balance	94	12	94	12
Net unrealized gain (losses) related to assets	24	51	17	49
Long-term debt:
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(387)	(383)	(385)	(378)
Total gains (losses) (realized/unrealized) included in net income	3	(4)	(3)	(14)
Total gains (losses) (realized/unrealized) included in OCI (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	3	6	7	11
Transfers out of Level 3	1	0	1	0
Transfers into Level 3	0	0	0	0
Ending Balance	(380)	(381)	(380)	(381)
Net unrealized gain (losses) related to liabilities	3	(4)	(3)	(14)
Fannie Mae | Long-term debt:
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(273)	(250)	(268)	(242)
Total gains (losses) (realized/unrealized) included in net income	3	(6)	(2)	(14)
Total gains (losses) (realized/unrealized) included in OCI (loss)	0	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	0	0	0
Ending Balance	(270)	(256)	(270)	(256)
Net unrealized gain (losses) related to liabilities	3	(6)	(2)	(14)
Consolidated Trusts | Long-term debt:
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(114)	(133)	(117)	(136)
Total gains (losses) (realized/unrealized) included in net income	0	2	(1)	0
Total gains (losses) (realized/unrealized) included in OCI (loss)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	3	6	7	11
Transfers out of Level 3	1	0	1	0
Transfers into Level 3	0	0	0	0
Ending Balance	(110)	(125)	(110)	(125)
Net unrealized gain (losses) related to liabilities	0	2	(1)	0
Mortgage-related | Total trading securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	28	32	26	47
Total gains (losses) (realized/unrealized) included in net income	0	(2)	(1)	(8)
Total gains (losses) (realized/unrealized) Included in OCI (loss)	0	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	(3)	(2)	(3)	(11)
Transfers into Level 3	7	0	10	0
Ending Balance	32	28	32	28
Net unrealized gain (losses) related to assets	0	(1)	(1)	(5)
Agency securities | Total available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	323	362	331	371
Total gains (losses) (realized/unrealized) included in net income	0	1	0	1
Total gains (losses) (realized/unrealized) Included in OCI (loss)	(1)	2	0	1
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	(7)	(9)	(16)	(17)
Transfers out of Level 3	0	0	0	0
Transfers into Level 3	0	0	0	0
Ending Balance	315	356	315	356
Net unrealized gain (losses) related to assets	0	2	0	1
Other mortgage-related | Total available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	164	260	183	263
Total gains (losses) (realized/unrealized) included in net income	1	3	2	5
Total gains (losses) (realized/unrealized) Included in OCI (loss)	(7)	1	1	5
Purchases	0	0	0	0
Sales	0	0	0	0
Issues	0	0	0	0
Settlements	(11)	(28)	(39)	(38)
Transfers out of Level 3	(1)	(1)	(1)	(1)
Transfers into Level 3	0	0	0	1
Ending Balance	146	235	146	235
Net unrealized gain (losses) related to assets	$ (6)	$ 1	$ 0	$ 3

Fair Value - Level 3 Valuation

Fair Value - Level 3 Valuation Inputs (Details) $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	$ 507	$ 564
Derivatives	152	157
Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	49,392	52,552
Total Fair Value	507	564
Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	32	26
Total Fair Value	461	514
Significant Unobservable Inputs (Level 3) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	32	26
Total Fair Value	461	514
Derivatives	94	77
Significant Unobservable Inputs (Level 3) | Recurring | Discounted Cash Flow
Fair Value Inputs, Quantitative Information [Line Items]
Derivatives	51	32
Significant Unobservable Inputs (Level 3) | Recurring | Dealer Mark
Fair Value Inputs, Quantitative Information [Line Items]
Derivatives	43	45
Mortgage-related | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	1,327	4,770
Mortgage-related | Significant Unobservable Inputs (Level 3) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	32	26
Mortgage-related | Significant Unobservable Inputs (Level 3) | Recurring | Various
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	32	26
Agency | Significant Unobservable Inputs (Level 3) | Recurring | Consensus
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	315	331
Other mortgage-related | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	151	187
Other mortgage-related | Significant Unobservable Inputs (Level 3) | Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	146	183
Other mortgage-related | Significant Unobservable Inputs (Level 3) | Recurring | Various
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	92	100
Other mortgage-related | Significant Unobservable Inputs (Level 3) | Recurring | Discounted Cash Flow
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	$ 52	$ 74
Other mortgage-related | Significant Unobservable Inputs (Level 3) | Recurring | Discounted Cash Flow | Minimum | Default Rate
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.04780	0.05300
Other mortgage-related | Significant Unobservable Inputs (Level 3) | Recurring | Discounted Cash Flow | Maximum | Default Rate
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.05080	0.05600
Other mortgage-related | Significant Unobservable Inputs (Level 3) | Recurring | Discounted Cash Flow | Weighted Average | Default Rate
Fair Value Inputs, Quantitative Information [Line Items]
Spreads (percent)	0.04925	0.05448
Other mortgage-related | Significant Unobservable Inputs (Level 3) | Recurring | Single Vendor
Fair Value Inputs, Quantitative Information [Line Items]
Total Fair Value	$ 2	$ 9

Fair Value - Level 3 Valuatio_2

Fair Value - Level 3 Valuation - Nonrecurring (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	$ 3,194,000,000	$ 3,315,000,000
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	83,808,000,000	81,745,000,000
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
Significant Other Observable Inputs (Level 2)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	3,567,306,000,000	3,643,669,000,000
Mortgage loans held-for-sale, at lower of cost or fair value	79,000,000	93,000,000
Mortgage loans held for investment, net of allowance for loan losses	3,493,410,000,000	3,571,555,000,000
Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	128,674,000,000	133,003,000,000
Mortgage loans held-for-sale, at lower of cost or fair value	618,000,000	2,196,000,000
Mortgage loans held for investment, net of allowance for loan losses	127,303,000,000	130,022,000,000
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
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	35,000,000	42,000,000
Total nonrecurring liabilities at fair value	0	0
Nonrecurring | Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	1,848,000,000	3,993,000,000
Total nonrecurring liabilities at fair value	0	0
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	208,000,000	1,994,000,000
Nonrecurring | Significant Unobservable Inputs (Level 3) | Single-Family
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	406,000,000	390,000,000
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	330,000,000	407,000,000
Acquired property, net	249,000,000	230,000,000
Nonrecurring | Significant Unobservable Inputs (Level 3) | Single-Family | Appraisal
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	53,000,000	43,000,000
Nonrecurring | Significant Unobservable Inputs (Level 3) | Single-Family | Accepted Offer
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	28,000,000	23,000,000
Nonrecurring | Significant Unobservable Inputs (Level 3) | Single-Family | Walk Forward
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	71,000,000	75,000,000
Nonrecurring | Significant Unobservable Inputs (Level 3) | Single-Family | Various
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	5,000,000	19,000,000
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	882,000,000	1,020,000,000
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	207,000,000	218,000,000
Nonrecurring | Significant Unobservable Inputs (Level 3) | Multifamily | Appraisal
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	187,000,000	33,000,000
Nonrecurring | Significant Unobservable Inputs (Level 3) | Multifamily | Broker Price Opinion
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	488,000,000	769,000,000
Nonrecurring | Significant Unobservable Inputs (Level 3) | Multifamily | Various
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	$ 22,000,000	$ 182,000,000

Fair Value - Fair Value of Fina

Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurement [Domain]
Financial assets:
Derivative assets, gross amount offset	$ (290)	$ (283)
Financial liabilities:
Derivative liabilities, gross amount offset	(3,026)	(3,200)
Total Fair Value	507	564
Mortgage loans held for investment, net of allowance for loan losses	3,194	3,315
Derivative assets at fair value	219	202
Derivative assets, gross amount offset	(290)	(283)
Derivative liabilities at fair value	81	140
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	35,763	33,981
Securities purchased under agreements to resell	0	0
Trading securities	48,045	47,764
Total Fair Value	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	83,808	81,745
Financial liabilities:
Derivative liabilities at fair value	0	0
Guaranty obligations	0	0
Total financial liabilities	0	0
Significant Other Observable Inputs (Level 2)
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	42,550	34,725
Securities purchased under agreements to resell	27,650	30,700
Trading securities	1,315	4,762
Total Fair Value	46	50
Mortgage loans held for sale	79	93
Mortgage loans held for investment, net of allowance for loan losses	3,493,410	3,571,555
Advances to lenders	1,856	1,389
Derivative assets at fair value	400	395
Guaranty assets and buy-ups	0	0
Total financial assets	3,567,306	3,643,669
Financial liabilities:
Derivative liabilities at fair value	3,092	3,327
Guaranty obligations	0	0
Total financial liabilities	3,675,544	3,760,502
Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	0	0
Securities purchased under agreements to resell	0	0
Trading securities	32	26
Total Fair Value	461	514
Mortgage loans held for sale	618	2,196
Mortgage loans held for investment, net of allowance for loan losses	127,303	130,022
Advances to lenders	0	0
Derivative assets at fair value	109	90
Guaranty assets and buy-ups	151	155
Total financial assets	128,674	133,003
Financial liabilities:
Derivative liabilities at fair value	15	13
Guaranty obligations	59	65
Total financial liabilities	984	976
Fannie Mae
Financial liabilities:
Long-term debt:	544	761
Fannie Mae | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial liabilities:
Short-term debt:	0	0
Long-term debt:	0	0
Fannie Mae | Significant Other Observable Inputs (Level 2)
Financial liabilities:
Short-term debt:	12,007	17,317
Long-term debt:	106,618	106,701
Fannie Mae | Significant Unobservable Inputs (Level 3)
Financial liabilities:
Short-term debt:	0	0
Long-term debt:	631	605
Consolidated Trusts
Financial liabilities:
Long-term debt:	13,239	14,343
Consolidated Trusts | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial liabilities:
Long-term debt:	0	0
Consolidated Trusts | Significant Other Observable Inputs (Level 2)
Financial liabilities:
Long-term debt:	3,553,827	3,633,157
Consolidated Trusts | Significant Unobservable Inputs (Level 3)
Financial liabilities:
Long-term debt:	279	293
Carrying Value
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	78,313	68,706
Securities purchased under agreements to resell	27,650	30,700
Trading securities	49,392	52,552
Total Fair Value	507	564
Mortgage loans held for sale	646	2,149
Mortgage loans held for investment, net of allowance for loan losses	4,128,568	4,133,482
Advances to lenders	1,856	1,389
Derivative assets at fair value	219	202
Guaranty assets and buy-ups	69	73
Total financial assets	4,287,220	4,289,817
Financial liabilities:
Derivative liabilities at fair value	81	140
Guaranty obligations	75	79
Total financial liabilities	4,213,120	4,222,937
Carrying Value | Fannie Mae
Financial liabilities:
Short-term debt:	12,008	17,314
Long-term debt:	106,535	106,751
Carrying Value | Consolidated Trusts
Financial liabilities:
Long-term debt:	4,094,421	4,098,653
Estimated Fair Value
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	78,313	68,706
Securities purchased under agreements to resell	27,650	30,700
Trading securities	49,392	52,552
Total Fair Value	507	564
Mortgage loans held for sale	697	2,289
Mortgage loans held for investment, net of allowance for loan losses	3,620,713	3,701,577
Advances to lenders	1,856	1,389
Derivative assets at fair value	219	202
Guaranty assets and buy-ups	151	155
Total financial assets	3,779,498	3,858,134
Financial liabilities:
Derivative liabilities at fair value	81	140
Guaranty obligations	59	65
Total financial liabilities	3,673,502	3,758,278
Estimated Fair Value | Fannie Mae
Financial liabilities:
Short-term debt:	12,007	17,317
Long-term debt:	107,249	107,306
Estimated Fair Value | Consolidated Trusts
Financial liabilities:
Long-term debt:	$ 3,554,106	$ 3,633,450

Fair Value - Fair Value Option

Fair Value - Fair Value Option (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	$ 3,194	$ 3,315
Fair value of nonaccrual loans	$ 28	32
Serious delinquency, days past due	90 days
Fair value of loans that are 90 days or more past due	$ 24	31
Fannie Mae
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt:	544	761
Consolidated Trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt:	13,239	14,343
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Mortgage loans held for investment, net of allowance for loan losses	3,194	3,315
Loans, unpaid principal balance	3,402	3,442
Long-term debt: | Fannie Mae
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt:	544	761
Long-term debt, unpaid principal balance	517	731
Long-term debt: | Consolidated Trusts
Fair Value, Option, Quantitative Disclosures [Line Items]
Long-term debt:	13,239	14,343
Long-term debt, unpaid principal balance	$ 13,528	$ 14,383

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses)	$ 447	$ 404	$ 927	$ 608
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses)	(2)	(49)	(47)	(22)
Long-term debt:
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value gains (losses)	$ 17	$ 219	$ 128	$ (50)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions			3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 20, 2024	Aug. 14, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Loss Contingencies [Line Items]
Other expenses, net			$ 251	$ 257	$ 450	$ 387
Judicial ruling
Loss Contingencies [Line Items]
Litigation interest	$ 199.7
Senior Preferred Stock Purchase Agreements Litigation
Loss Contingencies [Line Items]
Awarded damages to Fannie Mae		$ 299.4
Litigation interest rate	5.01%
Other expenses, net			$ 6		$ 11		$ 495

Regulatory Capital Requiremen_3

Regulatory Capital Requirements (Details) $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Adjusted total assets	$ 4,439,000	$ 4,552,000
Risk-weighted assets	1,275,000	1,357,000
Total capital
Available Capital (Deficit)	(26,000)	(34,000)
Minimum Capital Requirement	102,000	109,000
Total Capital Requirement (including Buffers)	$ 102,000	$ 109,000
Available Capital (Deficit) Ratio	(0.020)	(0.025)
Minimum Capital Ratio Requirement	0.080	0.080
Total Capital Requirement Ratio (including Buffers)	0.080	0.080
Common equity tier 1 capital
Available Capital (Deficit)	$ (65,000)	$ (74,000)
Minimum Capital Requirement	57,000	61,000
Total Capital Requirement (including Buffers)	$ 139,000	$ 140,000
Available Capital (Deficit) Ratio	(0.051)	(0.055)
Minimum Capital Ratio Requirement	0.045	0.045
Total Capital Requirement Ratio (including Buffers)	0.109	0.103
Tier 1 capital
Available Capital (Deficit)	$ (45,000)	$ (55,000)
Minimum Capital Requirement	77,000	81,000
Total Capital Requirement (including Buffers)	$ 159,000	$ 160,000
Available Capital (Deficit) Ratio	(0.035)	(0.041)
Minimum Capital Ratio Requirement	0.060	0.060
Total Capital Requirement Ratio (including Buffers)	0.125	0.118
Adjusted total capital
Available Capital (Deficit)	$ (45,000)	$ (55,000)
Minimum Capital Requirement	102,000	109,000
Total Capital Requirement (including Buffers)	$ 184,000	$ 188,000
Available Capital (Deficit) Ratio	(0.035)	(0.041)
Minimum Capital Ratio Requirement	0.080	0.080
Total Capital Requirement Ratio (including Buffers)	0.144	0.139
Core capital
Available Capital (Deficit)	$ (34,000)	$ (43,000)
Minimum Capital Requirement	111,000	114,000
Total Capital Requirement (including Buffers)	$ 111,000	$ 114,000
Available Capital (Deficit) Ratio	(0.008)	(0.009)
Minimum Capital Ratio Requirement	0.025	0.025
Total Capital Requirement Ratio (including Buffers)	0.025	0.025
Tier 1 capital
Available Capital (Deficit)	$ (45,000)	$ (55,000)
Minimum Capital Requirement	111,000	114,000
Total Capital Requirement (including Buffers)	$ 135,000	$ 137,000
Available Capital (Deficit) Ratio	(0.010)	(0.012)
Minimum Capital Ratio Requirement	0.025	0.025
Total Capital Requirement Ratio (including Buffers)	0.030	0.030
Deferred tax assets, net	$ 11,036	$ 11,681
Preferred stock	$ 19,130	$ 19,130