Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2020shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2020 |
Document Transition Report | false |
Entity File Number | 0-50231 |
Entity Registrant Name | FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE |
Entity Incorporation, State or Country Code | X1 |
Entity Tax Identification Number | 52-0883107 |
Entity Address, Address Line One | 1100 15th Street, NW |
Entity Address, City or Town | Washington, |
Entity Address, State or Province | DC |
Entity Address, Postal Zip Code | 20005 |
City Area Code | 800 |
Local Phone Number | 232-6643 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,158,087,567 |
Entity Central Index Key | 0000310522 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Cash and cash equivalents | $ 80,463 | $ 21,184 |
Restricted Cash and Cash Equivalents | 48,245 | 40,223 |
Federal funds sold and securities purchased under agreements to resell or similar arrangements | 7,775 | 13,578 |
Investments in securities: | ||
Debt Securities, Trading | 52,941 | 48,123 |
Debt Securities, Available-for-sale | 2,289 | 2,404 |
Total investments in securities | 55,230 | 50,527 |
Mortgage loans: | ||
Loans held for sale, at lower of cost or fair value | 8,103 | 6,773 |
Financing Receivable, before Allowance for Credit Loss | 3,367,916 | 3,336,405 |
Allowance for loan losses | (13,209) | (9,016) |
Total loans held for investment, net of allowance | 3,354,707 | 3,327,389 |
Total mortgage loans | 3,362,810 | 3,334,162 |
Advance to Lender | 8,971 | 6,453 |
Deferred tax assets, net | 12,831 | 11,910 |
Interest Receivable | 8,808 | 8,604 |
Acquired property, net | 2,224 | 2,366 |
Other assets | 13,999 | 14,312 |
Total assets | 3,601,356 | 3,503,319 |
Liabilities: | ||
Accrued interest payable (includes $9,386 and $9,361, respectively, related to consolidated trusts) | 10,246 | 10,228 |
Other Liabilities | 14,609 | 11,097 |
Total liabilities | 3,587,411 | 3,488,711 |
Commitments and contingencies (Note 13) | 0 | 0 |
Fannie Mae stockholders’ equity: | ||
Senior Preferred Stock Value | 120,836 | 120,836 |
Preferred Stock, Value, Issued | 19,130 | 19,130 |
Common Stock, Value, Issued | 687 | 687 |
Accumulated deficit | (119,454) | (118,776) |
Accumulated other comprehensive income | 146 | 131 |
Treasury stock, at cost, 150,675,136 shares | (7,400) | (7,400) |
Total stockholders’ equity (See Note 1: Senior Preferred Stock Purchase Agreement and Senior Preferred Stock for information on the related dividend obligation and liquidation preference) | 13,945 | 14,608 |
Total liabilities and equity | 3,601,356 | 3,503,319 |
Fannie Mae [Member] | ||
Mortgage loans: | ||
Financing Receivable, before Allowance for Credit Loss | 98,585 | 94,911 |
Liabilities: | ||
Debt (includes $4,752 and $5,687, respectively, of debt of Fannie Mae at fair value and $22,855 and $21,880, respectively, of debt of consolidated trusts, at fair value) | 228,458 | 182,247 |
Consolidated Trusts [Member] | ||
Assets: | ||
Restricted Cash and Cash Equivalents | 41,331 | 33,294 |
Investments in securities: | ||
Debt Securities, Trading | 863 | 896 |
Mortgage loans: | ||
Financing Receivable, before Allowance for Credit Loss | 3,269,331 | 3,241,494 |
Interest Receivable | 8,417 | 8,172 |
Liabilities: | ||
Accrued interest payable (includes $9,386 and $9,361, respectively, related to consolidated trusts) | 9,386 | 9,361 |
Debt (includes $4,752 and $5,687, respectively, of debt of Fannie Mae at fair value and $22,855 and $21,880, respectively, of debt of consolidated trusts, at fair value) | 3,334,098 | 3,285,139 |
Other Liabilities | $ 355 | $ 376 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Restricted Cash and Cash Equivalents | $ 48,245 | $ 40,223 |
Investments in securities: | ||
Investments in securities, pledged as collateral | 5,562 | 3,037 |
Amortized cost of investments in securities | 2,147 | 2,281 |
Allowance for credit losses | (3) | |
Mortgage loans: | ||
Mortgage loans held for investment, at fair value | 7,701 | 7,825 |
Interest Receivable | 8,808 | 8,604 |
Liabilities: | ||
Interest Payable | 10,246 | 10,228 |
Other Liabilities | $ 14,609 | $ 11,097 |
Fannie Mae stockholders’ equity: | ||
Senior preferred stock liquidation preference | 135,444,000,000 | 131,178,000,000 |
Preferred stock, 700,000,000 shares are authorized | 700,000,000 | 700,000,000 |
Preferred stock, 555,374,922 shares issued | 555,374,922 | 555,374,922 |
Preferred stock, 555,374,922 shares outstanding | 555,374,922 | 555,374,922 |
Common stock, 1,308,762,703 shares issued | 1,308,762,703 | 1,308,762,703 |
Common stock, 1,158,087,567 shares outstanding | 1,158,087,567 | 1,158,087,567 |
Treasury stock, at cost, 150,675,136 shares | 150,675,136 | 150,675,136 |
Fannie Mae [Member] | ||
Liabilities: | ||
Debt (includes $4,752 and $5,687, respectively, of debt of Fannie Mae at fair value and $22,855 and $21,880, respectively, of debt of consolidated trusts, at fair value) | $ 4,752 | $ 5,687 |
Consolidated Trusts [Member] | ||
Assets: | ||
Restricted Cash and Cash Equivalents | 41,331 | 33,294 |
Mortgage loans: | ||
Interest Receivable | 8,417 | 8,172 |
Liabilities: | ||
Interest Payable | 9,386 | 9,361 |
Debt (includes $4,752 and $5,687, respectively, of debt of Fannie Mae at fair value and $22,855 and $21,880, respectively, of debt of consolidated trusts, at fair value) | 22,855 | 21,880 |
Other Liabilities | $ 355 | $ 376 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest income: | ||
Trading securities | $ 316 | $ 427 |
Available-for-sale securities | 31 | 53 |
Mortgage loans | 28,938 | 29,862 |
Federal funds sold and securities purchased under agreements to resell or similar arrangements | 107 | 263 |
Other | 34 | 32 |
Total interest income | 29,426 | 30,637 |
Interest expense: | ||
Short-term debt | (102) | (125) |
Long-term debt | (23,977) | (25,716) |
Total interest expense | (24,079) | (25,841) |
Net interest income | 5,347 | 4,796 |
Benefit (provision) for credit losses | (2,583) | 650 |
Net interest income after benefit (provision) for credit losses | 2,764 | 5,446 |
Non-interest income (loss): | ||
Investment gains (losses), net | (158) | 133 |
Fair value losses, net | (276) | (831) |
Fee and other income | 308 | 134 |
Non-interest loss | (126) | (564) |
Administrative expenses: | ||
Salaries and employee benefits | (393) | (386) |
Professional services | (212) | (225) |
Other administrative expenses | (144) | (133) |
Total administrative expenses | (749) | (744) |
Foreclosed property expense | (80) | (140) |
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees | (637) | (593) |
Credit enhancement expense | (331) | (171) |
Other expenses, net | (263) | (207) |
Total expenses | (2,060) | (1,855) |
Income before federal income taxes | 578 | 3,027 |
Provision for federal income taxes | (117) | (627) |
Other comprehensive income (loss): | ||
Changes in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustments and taxes | 18 | (36) |
Other, net of taxes | (3) | (3) |
Total other comprehensive income (loss) | 15 | (39) |
Total comprehensive income | 476 | 2,361 |
Net income | 461 | 2,400 |
Dividends distributed or amounts attributable to senior preferred stock | (476) | (2,361) |
Net income (loss) attributable to common stockholders | $ (15) | $ 39 |
Earnings per share, Basic | $ 0 | $ 0.01 |
Earnings per share, Diluted | $ 0 | $ 0.01 |
Weighted-average common shares outstanding, Basic | 5,867 | 5,762 |
Weighted-average common shares outstanding, Diluted | 5,867 | 5,893 |
Accumulated deficit | $ (119,454) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest and Fee Income, Loans and Leases | $ 28,938 | $ 29,862 |
Interest Expense, Long-term Debt | $ 23,977 | $ 25,716 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net cash provided by operating activities | ||
Net cash provided by operating activities | $ 2,174 | $ 1,816 |
Cash flows provided by investing activities: | ||
Proceeds from maturities and paydowns of trading securities held for investment | 13 | 15 |
Proceeds from sales of trading securities held for investment | 0 | 49 |
Proceeds from maturities and paydowns of available-for-sale securities | 96 | 113 |
Proceeds from sales of available-for-sale securities | 50 | 131 |
Purchases of loans held for investment | (86,307) | (33,631) |
Advances to lenders | (45,248) | (22,991) |
Proceeds from disposition of acquired property and preforeclosure sales | 1,832 | 1,965 |
Net change in federal funds sold and securities purchased under agreements to resell or similar arrangements | 5,803 | 10,688 |
Other, net | (539) | (124) |
Net cash provided by investing activities | 47,664 | 47,446 |
Cash flows used in financing activities: | ||
Payments of cash dividends on senior preferred stock to Treasury | 0 | (3,240) |
Other, net | (470) | 0 |
Net cash provided by (used in) financing activities | 17,463 | (46,444) |
Net increase in cash, cash equivalents and restricted cash | 67,301 | 2,818 |
Cash, cash equivalents and restricted cash at beginning of period | 61,407 | 49,423 |
Cash, cash equivalents and restricted cash at end of period | 128,708 | 52,241 |
Cash paid during the period for: | ||
Interest | 28,867 | 28,650 |
Income taxes | 0 | 0 |
Fannie Mae [Member] | ||
Cash flows provided by investing activities: | ||
Proceeds from repayments of loans acquired as held for investment | 2,308 | 2,786 |
Proceeds from sales of loans acquired as held for investment of Fannie Mae | 0 | 26 |
Cash flows used in financing activities: | ||
Proceeds from issuance of debt | 254,559 | 173,122 |
Payments to redeem debt | (207,818) | (184,222) |
Consolidated Trusts [Member] | ||
Cash flows provided by investing activities: | ||
Proceeds from repayments of loans acquired as held for investment | 169,656 | 88,419 |
Cash flows used in financing activities: | ||
Proceeds from issuance of debt | 135,918 | 64,821 |
Payments to redeem debt | $ (164,726) | $ (96,925) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity (Deficit) - USD ($) shares in Millions, $ in Millions | Total | Senior Preferred Stock | Preferred Stock | Common Stock | Accumulated Deficit | Accumulated Other Comprehensive Income | Treasury Stock |
Balance (shares) at Dec. 31, 2018 | 1 | 556 | 1,158 | ||||
Balance at Dec. 31, 2018 | $ 6,240 | $ 120,836 | $ 19,130 | $ 687 | $ (127,335) | $ 322 | $ (7,400) |
Increase (Decrease) in Stockholders' Equity [Rollforward] | |||||||
Senior preferred stock dividends paid | (3,240) | (3,240) | |||||
Comprehensive income: | |||||||
Net income | 2,400 | 2,400 | |||||
Other comprehensive income (loss), net of tax effect: | |||||||
Changes in net unrealized gains on available-for-sale securities (net of tax of $5 and $2, respectively) | 8 | 8 | |||||
Reclassification adjustment for gains included in net income (net of tax of $- and $12, respectively) | (44) | (44) | |||||
Prior service cost and actuarial gains, net of amortization for defined benefit plans (net of tax of $1 and $1, respectively) | (3) | (3) | |||||
Total comprehensive income | 2,361 | ||||||
Balance at Mar. 31, 2019 | 5,361 | $ 120,836 | $ 19,130 | $ 687 | (128,175) | 283 | (7,400) |
Balance (shares) at Mar. 31, 2019 | 1 | 556 | 1,158 | ||||
Balance (shares) at Dec. 31, 2019 | 1 | 556 | 1,158 | ||||
Balance at Dec. 31, 2019 | 14,608 | $ 120,836 | $ 19,130 | $ 687 | (118,776) | 131 | (7,400) |
Increase (Decrease) in Stockholders' Equity [Rollforward] | |||||||
Senior preferred stock dividends paid | 0 | 0 | |||||
Comprehensive income: | |||||||
Net income | 461 | 461 | |||||
Other comprehensive income (loss), net of tax effect: | |||||||
Changes in net unrealized gains on available-for-sale securities (net of tax of $5 and $2, respectively) | 18 | 18 | |||||
Reclassification adjustment for gains included in net income (net of tax of $- and $12, respectively) | 0 | 0 | |||||
Prior service cost and actuarial gains, net of amortization for defined benefit plans (net of tax of $1 and $1, respectively) | (3) | (3) | |||||
Total comprehensive income | 476 | ||||||
Balance at Mar. 31, 2020 | $ 13,945 | $ 120,836 | $ 19,130 | $ 687 | $ (119,454) | $ 146 | $ (7,400) |
Balance (shares) at Mar. 31, 2020 | 1 | 556 | 1,158 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Deficit) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | $ 5 | $ (2) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | 12 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect | $ 1 | $ 1 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies We are a stockholder-owned corporation organized and existing under the Federal National Mortgage Association Charter Act (the “Charter Act” or our “charter”). We are a government-sponsored enterprise (“GSE”), and we are subject to government oversight and regulation. Our regulators include the Federal Housing Finance Agency (“FHFA”), the U.S. Department of Housing and Urban Development (“HUD”), the U.S. Securities and Exchange Commission (“SEC”), and the U.S. Department of the Treasury (“Treasury”). The U.S. government does not guarantee our securities or other obligations. We have been under conservatorship, with FHFA acting as conservator, since September 6, 2008. See below and “Note 1, Summary of Significant Accounting Policies” in our annual report on Form 10-K for the year ended December 31, 2019 (“2019 Form 10-K”) for additional information on our conservatorship and the impact of U.S. government support of our business. The unaudited interim condensed consolidated financial statements as of and for the three months ended March 31, 2020 and related notes, should be read in conjunction with our audited consolidated financial statements and related notes included in our 2019 Form 10-K. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the SEC’s instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. The accompanying condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany accounts and transactions have been eliminated. To conform to our current period presentation, we have reclassified certain amounts reported in our prior period condensed consolidated financial statements. Results for the three months ended March 31, 2020 may not necessarily be indicative of the results for the year ending December 31, 2020. Presentation of Advances to Lenders Advances to lenders represent our payments of cash in exchange for the receipt of mortgage loans from lenders in a transfer that is accounted for as a secured lending arrangement. These transfers primarily occur when we provide early funding to lenders for loans that they will subsequently either sell to us or securitize into a Fannie Mae MBS that they will deliver to us. Early lender funding advances have terms up to 60 days and earn a short-term market rate of interest. Advances to lenders has been presented as a separate line item for all periods presented as increased mortgage refinance activity resulted in a higher balance at period end. In prior periods, advances to lenders were recorded in “Other assets.” Presentation of Credit Enhancement Expense Credit enhancement expense primarily consists of costs associated with our Connecticut Avenue Securities ® (“CAS”) and Credit Insurance Risk Transfer TM (“CIRT TM ”) programs as well as enterprise-paid mortgage insurance (“EPMI”). We exclude from this expense costs related to our CAS transactions accounted for as debt instruments and credit risk transfer programs accounted for as derivative instruments. Credit enhancement expense has been presented as a separate line item for all periods presented as the percentage of our book of business covered by freestanding credit enhancements has increased and become a more significant driver of our results of operations. In prior periods, credit enhancement expenses were recorded in “Other expenses, net.” Presentation of Yield Maintenance Fees Prior period multifamily yield maintenance fees have been reclassified to conform to the current period presentation. Multifamily yield maintenance fees, or prepayment premiums, are fees that a borrower pays when they prepay their loan. For multifamily loans held in consolidated trust, a portion of the yield maintenance fee is typically passed through to the holders of the trust certificate. As of January 1, 2020, we classify all yield maintenance fees as interest income. For consolidated loans, the portion of the fee passed through to the certificate holders of the trust is classified as interest expense. Previously, we classified multifamily yield maintenance fees as interest income when the fee was associated with a loan refinancing, otherwise the fee was classified as fee and other income. The portion of the fees passed through to the certificate holders of the trust were previously classified as interest expense when the fee was associated with a loan refinancing, otherwise the fee was classified as other expense. The changes in presentation have been applied retrospectively to all periods presented, which have been immaterial historically. 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, disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, the allowance for loan losses. For example, significant uncertainty regarding the expected impacts of the COVID-19 outbreak required substantial management judgment in assessing our allowance for loan losses as of March 31, 2020. Actual results could differ from these estimates. Conservatorship On September 7, 2008, the Secretary of the Treasury and the Director of FHFA announced several actions taken by Treasury and FHFA regarding Fannie Mae, which included: (1) placing us in conservatorship and (2) the execution of a senior preferred stock purchase agreement by our conservator, on our behalf, and Treasury, pursuant to which we issued to Treasury both senior preferred stock and a warrant to purchase common stock. Under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended, including by the Federal Housing Finance Regulatory Reform Act of 2008 (together, the “GSE Act”), the conservator immediately succeeded to (1) all rights, titles, powers and privileges of Fannie Mae, and of any stockholder, officer or director of Fannie Mae with respect to Fannie Mae and its assets, and (2) title to the books, records and assets of any other legal custodian of Fannie Mae. The conservator subsequently issued an order that provided for our Board of Directors to exercise specified authorities. The conservator also provided instructions regarding matters for which conservator decision or notification is required. The conservator retains the authority to amend or withdraw its order and instructions at any time. The conservator has the power to transfer or sell any asset or liability of Fannie Mae (subject to limitations and post-transfer notice provisions for transfers of qualified financial contracts) without any approval, assignment of rights or consent of any party. However, mortgage loans and mortgage-related assets that have been transferred to a Fannie Mae MBS trust must be held by the conservator for the beneficial owners of the Fannie Mae MBS and cannot be used to satisfy the general creditors of Fannie Mae. Neither the conservatorship nor the terms of our agreements with Treasury change our obligation to make required payments on our debt securities or perform under our mortgage guaranty obligations. On September 5, 2019, Treasury released a plan to reform the housing finance system. The Treasury Housing Reform Plan (the “Treasury plan”) is far-reaching in scope and could have a significant impact on our structure, our role in the secondary mortgage market, our capitalization, our business and our competitive environment. The Treasury plan includes recommendations relating to ending our conservatorship, amending our senior preferred stock purchase agreement with Treasury, considering additional restrictions and requirements on our business, and many other matters. The Treasury plan recommends that Treasury’s commitment to provide funding under the senior preferred stock purchase agreement should be replaced with legislation that authorizes an explicit, paid-for guarantee backed by the full faith and credit of the Federal Government that is limited to the timely payment of principal and interest on qualifying MBS. The Treasury plan further recommends that, pending legislation, even after conservatorship Treasury should maintain its ongoing commitment to support our single-family and multifamily mortgage-backed securities through the senior preferred stock purchase agreement, as amended as contemplated by the plan. The conservatorship has no specified termination date and there continues to be significant uncertainty regarding our future, including how long we will continue to exist in our current form, the extent of our role in the market, the level of government support of our business, how long we will be in conservatorship, what form we will have and what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will continue to exist following conservatorship. Under the GSE Act, FHFA must place us into receivership if the Director of FHFA makes a written determination that our assets are less than our obligations or if we have not been paying our debts, in either case, for a period of 60 days. In addition, the Director of FHFA may place us into receivership at his discretion at any time for other reasons set forth in the GSE Act, including if we are critically undercapitalized or if we are undercapitalized and have no reasonable prospect of becoming adequately capitalized. Should we be placed into receivership, different assumptions would be required to determine the carrying value of our assets, which could lead to substantially different financial results. Treasury has made a commitment under the senior preferred stock purchase agreement to provide funding to us under certain circumstances if we have a net worth deficit. We are not aware of any plans of FHFA (1) to fundamentally change our business model, other than changes that might result from recommendations in the Treasury plan, if implemented, or (2) to reduce the aggregate amount available to or held by the company under our capital structure, which includes the senior preferred stock purchase agreement. Senior Preferred Stock Purchase Agreement and Senior Preferred Stock Treasury has made a commitment under the senior preferred stock purchase agreement to provide funding to us under certain circumstances if we have a net worth deficit. Pursuant to the senior preferred stock purchase agreement, we have received a total of $119.8 billion from Treasury as of March 31, 2020, and the amount of remaining funding available to us under the agreement was $113.9 billion. Pursuant to the senior preferred stock purchase agreement, we issued shares of senior preferred stock in 2008. The current dividend provisions of the senior preferred stock provide for quarterly dividends consisting of the amount, if any, by which our net worth as of the end of the immediately preceding fiscal quarter exceeds a $25 billion capital reserve amount. We refer to this as a “net worth sweep” dividend. Because we had a net worth of $14.6 billion as of December 31, 2019, no dividends were payable for the first quarter of 2020. And because we had a net worth of $13.9 billion as of March 31, 2020, no dividends are payable for the second quarter of 2020. The liquidation preference of the senior preferred stock is subject to adjustment. The aggregate liquidation preference of the senior preferred stock increased from $131.2 billion as of December 31, 2019 to $135.4 billion as of March 31, 2020 due to the increase in our net worth during the fourth quarter of 2019. Because our net worth did not increase during the first quarter of 2020, the aggregate liquidation preference of the senior preferred stock will remain at $135.4 billion as of June 30, 2020. See “Note 11, Equity” in our 2019 Form 10-K for additional information about the senior preferred stock purchase agreement and the senior preferred stock. Regulatory Capital We submit capital reports to FHFA, which monitors our capital levels. The deficit of core capital over statutory minimum capital was $131.3 billion as of March 31, 2020 and $128.8 billion as of December 31, 2019. 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 March 31, 2020, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $135.4 billion. See “Senior Preferred Stock Purchase Agreement and Senior Preferred Stock” above for additional information on transactions under this agreement. FHFA’s control of both Fannie Mae and Freddie Mac has caused Fannie Mae, FHFA and Freddie Mac to be deemed related parties. Additionally, Fannie Mae and Freddie Mac jointly own Common Securitization Solutions, LLC (“CSS”), a limited liability company created to operate a common securitization platform; as such, CSS is deemed a related party. As a part of our joint ownership, Fannie Mae, Freddie Mac and CSS are parties to a limited liability company agreement that sets forth the overall framework for the joint venture, including Fannie Mae’s and Freddie Mac’s rights and responsibilities as members of CSS. Fannie Mae, Freddie Mac and CSS are also parties to a customer services agreement that sets forth the terms under which CSS provides mortgage securitization services to us and Freddie Mac, including the operation of the common securitization platform as well as an administrative services agreement. CSS operates as a separate company from us and Freddie Mac, with all funding and limited administrative support services and other resources provided to it by us and Freddie Mac through our capital contributions. In the ordinary course of business, Fannie Mae may purchase and sell securities issued by Treasury and Freddie Mac. These transactions occur on the same terms as those prevailing at the time for comparable transactions with unrelated parties. With our implementation of the Single Security Initiative in June 2019, some of the structured securities we issue are backed in whole or in part by Freddie Mac securities. Additionally, we make regular income tax payments to and receive tax refunds from the Internal Revenue Service (“IRS”), a bureau of Treasury. Transactions with Treasury Our administrative expenses were reduced by $5 million for the three months ended March 31, 2020 and 2019, due to reimbursements from Treasury and Freddie Mac for expenses incurred as program administrator for Treasury’s Home Affordable Modification Program and other initiatives under Treasury’s Making Home Affordable Program. In December 2011, Congress enacted the Temporary Payroll Cut Continuation Act of 2011 (“TCCA”) which, among other provisions, required that we increase our single-family guaranty fees by at least 10 basis points and remit this increase to Treasury. Effective April 1, 2012, we increased the guaranty fee on all single-family residential mortgages delivered to us by 10 basis points. The resulting fee revenue and expense are recorded in “Mortgage loans interest income” and “TCCA fees,” respectively, in our condensed consolidated statements of operations and comprehensive income. We recognized $637 million and $593 million in TCCA fees during the three months ended March 31, 2020 and 2019, respectively, of which $637 million had not been remitted to Treasury as of March 31, 2020. The GSE Act requires us to set aside certain funding obligations, a portion of which is attributable to Treasury’s Capital Magnet Fund. These funding obligations, recognized in “Other expenses, net” in our condensed consolidated statements of operations and comprehensive income, are measured as the product of 4.2 basis points and the unpaid principal balance of our total new business purchases for the respective period, and 35% of this amount is payable to Treasury’s Capital Magnet Fund. We recognized a total of $30 million and $15 million in “Other expenses, net” in connection with Treasury’s Capital Magnet Fund for the three months ended March 31, 2020 and 2019, respectively, of which $30 million had not been remitted as of March 31, 2020. Transactions with FHFA The GSE Act authorizes FHFA to establish an annual assessment for regulated entities, including Fannie Mae, which is payable on a semi-annual basis (April and October), for FHFA’s costs and expenses, as well as to maintain FHFA’s working capital. We recognized FHFA assessment fees, which are recorded in “Administrative expenses” in our condensed consolidated statements of operations and comprehensive income, of $32 million and $30 million for the three months ended March 31, 2020 and 2019, respectively. Transactions with CSS and Freddie Mac We contributed capital to CSS, the company we jointly own with Freddie Mac, of $29 million and $36 million for the three months ended March 31, 2020 and 2019, respectively. In January 2020, at FHFA’s direction we entered into an amended limited liability company agreement for CSS expanding the CSS Board of Managers from two members designated by each GSE to include (1) the CSS Chief Executive Officer; (2) a Board Chair not affiliated with either GSE or CSS (who was designated by FHFA in January 2020); and (3) up to three additional Board members not affiliated with either GSE or CSS who may be designated by FHFA while we and Freddie Mac both remain in conservatorship. As a result of the amendment, if FHFA were to designate three additional Board members, the four managers designated by us and Freddie Mac would constitute a minority of the CSS Board, and the Board could take actions without the approval of any of the managers we have designated on any matter during conservatorship and on a number of significant matters following either our or Freddie Mac’s exit from conservatorship. Principles of Consolidation Our condensed consolidated financial statements include our accounts as well as the accounts of the other entities in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated. The typical condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. A controlling financial interest may also exist in entities through arrangements that do not involve voting interests, such as a variable interest entity (“VIE”). Investments in Securities Impairment of Available-for-Sale Debt Securities An available-for-sale (“AFS”) debt security is impaired if the fair value of the investment is less than its amortized cost basis. Credit losses (benefits) on impaired AFS debt securities are recognized through an allowance for credit losses. Credit losses are evaluated on an individual security basis and are limited to the difference between the fair value of the debt security and its amortized cost basis. If we intend to sell a debt security or it is more likely than not that we will be required to sell the debt security before recovery, any allowance for credit losses on the debt security is reversed and the amortized cost basis of the debt security is written down to its fair value. Mortgage Loans Loans Held for Sale When we acquire mortgage loans that we intend to sell or securitize via trusts that will not be consolidated, we classify the loans as held for sale (“HFS”). We report the carrying value of HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchased premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level. For nonperforming loans transferred from held for investment (“HFI”) to HFS, based upon a change in our intent, we record the loans at the lower of cost or fair value on the date of transfer. When the fair value of the nonperforming loan is less than its amortized cost, we record a write-off against the allowance for loan losses in an amount equal to the difference between the amortized cost basis and the fair value of the loan. If the amount written off upon transfer exceeds the allowance related to the transferred loan, we record the excess in provision for credit losses. If the amounts written off are less than the allowance related to the loans, we recognize a benefit for credit losses. Nonperforming loans include both seriously delinquent and reperforming loans, which are loans that were previously delinquent but are performing again because payments on the mortgage loan have become current with or without the use of a loan modification plan. 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. In the event that we reclassify a performing loan from HFI to HFS, based upon a change in our intent, the allowance for loan losses previously recorded on the HFI mortgage loan is reversed through earnings at the time of reclassification. The mortgage loan is reclassified into HFS at its amortized cost basis and a valuation allowance is established to the extent that the amortized cost basis of the loan exceeds its fair value. The initial recognition of the valuation allowance and any subsequent changes are recorded as a gain or loss in “Investment gains (losses), net.” Loans Held for Investment When we acquire mortgage loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as HFI. When we consolidate a securitization trust, we recognize the loans underlying the trust in our condensed consolidated balance sheets. The trusts do not have the ability to sell mortgage loans and the use of such loans is limited exclusively to the settlement of obligations of the trusts. Therefore, mortgage loans acquired when we have the intent to securitize via consolidated trusts are generally classified as HFI in our condensed consolidated balance sheets both prior to and subsequent to their securitization. We report the carrying value of HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and allowance for loan losses. We define the amortized cost of HFI loans as unpaid principal balance and accrued interest receivable, net of unamortized premiums, discounts, and other cost basis adjustments. For purposes of our condensed consolidated balance sheets, we present accrued interest receivable separately from the amortized cost of our loans held for investment. We recognize interest income on HFI loans on an accrual basis using the effective yield method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Nonaccrual Loans We discontinue accruing interest on loans when we believe collectability of principal or interest is not reasonably assured, which for a single-family loan we have determined, based on our historical experience, to be when the loan becomes two months or more past due according to its contractual terms. Interest previously accrued but not collected on loans is reversed through interest income at the date a loan is placed on nonaccrual status. For single-family loans on nonaccrual status, we recognize income when cash payments are received. We return a non-modified single-family loan to accrual status at the point that the borrower brings the loan current. We return a modified single-family loan to accrual status at the point that the borrower successfully makes all required payments during the trial period (generally three to four months) and the modification is made permanent. As of January 1, 2020, we place a multifamily loan on nonaccrual status when the loan becomes two months or more past due according to its contractual terms unless the loan is well secured such that collectability of principal and accrued interest is reasonably assured. For multifamily loans on nonaccrual status, we apply any payment received on a cost recovery basis to reduce principal on the mortgage loan. We return a multifamily loan to accrual status when the borrower cures the delinquency of the loan. Transactions related to the multifamily nonaccrual policy have been immaterial historically. Allowance for Loan Losses Our allowance for loan losses is a valuation account that is deducted from the amortized cost basis of HFI loans to present the net amount expected to be collected on the loans. The allowance for loan losses reflects an estimate of expected credit losses on single-family and multifamily HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts. Estimates of credit losses are based on expected cash flows derived from internal models that estimate loan performance under simulated ranges of economic environments. Our modeled loan performance is based on our historical experience of loans with similar risk characteristics adjusted to reflect current conditions and reasonable and supportable forecasts. Our historical loss experience and our credit loss estimates capture the possibility of remote events that could result in credit losses on loans that are considered low risk. The allowance for loans losses does not consider benefits from freestanding credit enhancements, such as our CAS and CIRT programs and multifamily Delegated Underwriting and Servicing (“DUS ® ”) lender risk-sharing arrangements, which are recorded in “Other assets” in our condensed consolidated balance sheets. 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. See “Note 4, Allowance for Loan Losses” for additional information about our current period provision for loan losses, including a discussion of the estimates used in measuring the impact of the COVID-19 outbreak on our allowance. Changes to our estimate of expected credit losses, including changes due to the passage of time, are recorded through the benefit (provision) for credit losses. When calculating our allowance for loan losses, we consider only our amortized cost in the loans at the balance sheet date. We record write-offs as a reduction to the allowance for loan losses when losses are confirmed through the receipt of assets in satisfaction of a loan, such as the underlying collateral upon foreclosure or cash upon completion of a short sale. Additionally, we record write-offs as a reduction to our allowance for loan losses when a loan is determined to be uncollectible and upon the transfer of a nonperforming loan from HFI to HFS. We include expected recoveries of amounts previously written off and expected to be written off in determining our allowance for loan losses. Single-Family Loans We estimate the amount expected to be collected on our single-family loans using a discounted cash flow approach. Our allowance for loan losses is calculated as the difference between the amortized cost basis of the loan and the present value of expected cash flows on the loan. Expected cash flows include payments from the borrower, net of servicing fees, contractually attached credit enhancements and proceeds from the sale of the underlying collateral, net of selling costs. When foreclosure of a single-family loan is probable, the allowance for loan losses is calculated as the difference between the amortized cost basis of the loan and the fair value of the collateral as of the reporting date, adjusted for the estimated costs to sell the property and the amount of expected recoveries from contractually attached credit enhancements or other proceeds we expect to receive. Expected cash flows are developed using internal models that capture market and loan characteristic inputs. Market inputs include information such as actual and forecasted home prices, interest rates, volatility, and spreads, while loan characteristic inputs include information such as mark-to-market loan-to-value (“LTV”) ratios, delinquency status, geography, and borrower FICO credit scores. The model assigns a probability to borrower events including contractual payment, loan payoff and default under various economic environments based on historical data, current conditions, and reasonable and supportable forecasts. The two primary drivers of our forecasted economic environments are interest rates and home prices. Our model projects the range of possible interest rate scenarios over the life of the loan based on actual interest rates and observed option pricing volatility in the capital markets. We develop regional forecasts based on Metropolitan Statistical Area data for single-family home prices using a multi-path simulation that captures home price projections over a five-year period, the period for which we can develop reasonable and supportable forecasts. After the five-year period, the home price forecast immediately reverts to a historical long-term growth rate. Expected cash flows on the loan are discounted at the effective interest rate on the loan, adjusted for expected prepayments. For single-family loans that have not been modified in a troubled debt restructuring (“TDR”), the discount rate is updated each reporting period to reflect changes in expected prepayments. Expected cash flows do not include expected extensions of the contractual term unless such extension is the result of a reasonably expected TDR. We consider the effects of actual and reasonably expected TDRs in our estimate of credit losses. These effects include any economic concession provided or expected to be provided to a borrower experiencing financial difficulty. We consider our current servicing practices and our historical experience to estimate reasonably expected TDRs. When a loan is contractually modified in a TDR, to capture the concession, the discount rate on the loan is locked to the rate in effect just prior to the modification and is no longer updated for changes in expected prepayments. Multifamily Loans Our allowance for loan losses on multifamily loans is calculated based on estimated probabilities of default and loss severities to derive expected loss ratios, which are then applied to the amortized cost basis of the loans. Our probabilities of default and severity are estimated using internal models based on historical loss experience of loans with similar risk characteristics that affect credit performance, such as debt service coverage ratio (“DSCR”), mark-to-market LTV ratio, collateral type, age, loan size, geography, prepayment penalty term, and note type. Our models simulate a range of possible future economic scenarios, which are used to estimate probabilities of default and loss severities. Key inputs to our models include rental income, which drives expected DSCRs for our loans, and capitalization rates, which project future property values. Our reasonable and supportable forecasts for multifamily rental income and capitalization rates, which are projected based on Metropolitan Statistical Area data, extend through the contractual maturity of the loans. For TDRs, we use a discounted cash flow ap |
Consolidations and Transfers of
Consolidations and Transfers of Financial Assets | 3 Months Ended |
Mar. 31, 2020 | |
Consolidations and Transfers of Financial Assets [Abstract] | |
Consolidations and Transfers of Financial Assets | Consolidations and Transfers of Financial AssetsWe have interests in various entities that are considered to be variable interest entities (“VIEs”). The primary types of entities are securitization and resecuritization trusts, limited partnerships and special purpose vehicles (“SPVs”). These interests include investments in securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization transactions and our guaranty to the entity. We consolidate the substantial majority of our single-class securitization trusts because our role as guarantor and master servicer provides us with the power to direct matters (primarily the servicing of mortgage loans) that impact the credit risk to which we are exposed. In contrast, we do not consolidate single-class securitization trusts when other organizations have the power to direct these activities unless we have the unilateral ability to dissolve the trust. We also do not consolidate our resecuritization trusts unless we have the unilateral ability to dissolve the trust. Historically, the vast majority of underlying assets of our resecuritization trusts were limited to Fannie Mae securities that were collateralized by mortgage loans held in consolidated trusts. However, with our issuance of UMBS beginning in June 2019, we include securities issued by Freddie Mac in some of our resecuritization trusts. The mortgage loans that serve as collateral for Freddie Mac-issued securities are not held in trusts that are consolidated by Fannie Mae. Unconsolidated VIEs We do not consolidate VIEs when we are not deemed to be the primary beneficiary. Our unconsolidated VIEs include securitization and resecuritization trusts, limited partnerships, and certain SPVs designed to transfer credit risk. The following table displays the carrying amount and classification of our assets and liabilities that relate to our involvement with unconsolidated securitization and resecuritization trusts. As of March 31, 2020 December 31, 2019 Assets and liabilities recorded in our condensed consolidated balance sheets related to unconsolidated mortgage-backed trusts: (Dollars in millions) Assets: Trading securities: Fannie Mae $ 2,666 $ 2,543 Non-Fannie Mae 4,610 5,100 Total trading securities 7,276 7,643 Available-for-sale securities: Fannie Mae 1,505 1,524 Non-Fannie Mae 493 574 Total available-for-sale securities 1,998 2,098 Other assets 45 56 Other liabilities (71) (78) Net carrying amount $ 9,248 $ 9,719 Our maximum exposure to loss generally represents the greater of our carrying value in the entity or the unpaid principal balance of the assets covered by our guaranty. Our involvement in unconsolidated resecuritization trusts may give rise to additional exposure to loss depending on the type of resecuritization trust. Fannie Mae non-commingled resecuritization trusts are backed entirely by Fannie Mae MBS. These non-commingled single-class and multi-class resecuritization trusts are not consolidated and do not give rise to any additional exposure to loss as we already consolidate the underlying collateral. Fannie Mae commingled resecuritization trusts are backed in whole or in part by Freddie Mac securities. The guaranty that we provide to these commingled resecuritization trusts may increase our exposure to loss to the extent that we are providing a guaranty for the timely payment and interest on the underlying Freddie Mac securities that we have not previously guaranteed. Our maximum exposure to loss for these unconsolidated trusts is measured by the amount of Freddie Mac securities that are held in these resecuritization trusts. However, a portion of these Freddie Mac securities may be backed in whole or in part by Fannie Mae MBS. To the extent that these Freddie Mac securities are backed by Fannie Mae MBS, our guarantee to the resecuritization trust does not subject us to any additional exposure to credit risk. Thus, our actual exposure to credit risk from Freddie Mac securities held in our resecuritization trusts is likely lower than the disclosed maximum exposure to loss. Our maximum exposure to loss related to unconsolidated securitization and resecuritization trusts was approximately $84 billion and $62 billion as of March 31, 2020 and December 31, 2019, respectively. The total assets of our unconsolidated securitization and resecuritization trusts were approximately $170 billion and $130 billion as of March 31, 2020 and December 31, 2019, respectively. The maximum exposure to loss for our unconsolidated limited partnerships and similar legal entities, which consist of low-income housing tax credit investments (“LIHTC”), community investments and other entities, was $93 million and the related carrying value was $75 million as of March 31, 2020. As of December 31, 2019, the maximum exposure to loss was $98 million and the related carrying value was $79 million. The total assets of these limited partnership investments were $1.7 billion as of March 31, 2020 and $2.0 billion as of December 31, 2019. The maximum exposure to loss related to our involvement with unconsolidated SPVs that transfer credit risk represents the unpaid principal balance and accrued interest payable of obligations issued by the Connecticut Avenue Securities (“CAS”) and Multifamily Connecticut Avenue Securities (“MCAS”) SPVs. The maximum exposure to loss related to these unconsolidated SPVs was $12.3 billion and $9.5 billion as of March 31, 2020 and December 31, 2019, respectively. The total assets related to these unconsolidated SPVs were $12.4 billion and $9.5 billion as of March 31, 2020 and December 31, 2019, respectively. The unpaid principal balance of our multifamily loan portfolio was $334.4 billion as of March 31, 2020. As our lending relationship does not provide us with a controlling financial interest in the borrower entity, 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. However, the disclosures we have provided in “Note 3, Mortgage Loans,” “Note 4, Allowance for Loan Losses” and “Note 6, 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 We issue Fannie Mae MBS through portfolio securitization transactions by transferring pools of mortgage loans or mortgage-related securities to one or more trusts or special purpose entities. We are considered to be the transferor when we transfer assets from our own retained mortgage portfolio in a portfolio securitization transaction. For the three months ended March 31, 2020 and 2019, the unpaid principal balance of portfolio securitizations was $89.0 billion and $41.4 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 March 31, 2020, the unpaid principal balance of retained interests was $2.9 billion and its related fair value was $4.1 billion. As of December 31, 2019, the unpaid principal balance of retained interests was $2.9 billion and its related fair value was $4.0 billion. For the three months ended March 31, 2020 and 2019, the principal, interest and other fees received on retained interests was $181 million and $116 million, respectively. |
Mortgage Loans
Mortgage Loans | 3 Months Ended |
Mar. 31, 2020 | |
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 HFI or HFS. We report the amortized cost of HFI loans for which we have not elected the fair value option at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and accrued interest receivable. For purposes of our condensed consolidated balance sheet, we present accrued interest receivable 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. For purposes of the single-family mortgage loan disclosures below, we display loans by class of financing receivable type. In the current period, we revised the financing receivable classes used for disclosure to 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. We believe the revised classifications are more aligned with how we assess and manage the credit risk of our loans. We have revised the presentation of certain loan disclosures for prior periods to conform with the revised current period classes of financing receivables. The following table displays the carrying value of mortgage loans and our allowance for loan losses. As of March 31, 2020 December 31, 2019 (Dollars in millions) Single-family $ 2,996,281 $ 2,972,361 Multifamily 334,397 327,593 Total unpaid principal balance of mortgage loans 3,330,678 3,299,954 Cost basis and fair value adjustments, net 45,341 43,224 Allowance for loan losses (13,209) (9,016) Total mortgage loans $ 3,362,810 $ 3,334,162 The following tables display information about our sales of mortgage loans during the period along with our redesignations of loans at the time of redesignation. For the Three Months Ended March 31, 2020 2019 (Dollars in millions) Single family loans redesignated from HFI to HFS: Amortized cost $ 1,637 $ 2,945 Lower of cost or fair value adjustment at time of redesignation (1) (9) (240) Allowance reversed at time of redesignation 184 467 Single-family loans sold: Unpaid principal balance $ — $ 58 Realized gains (losses) — 36 (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 $7.9 billion and $7.6 billion as of March 31, 2020 and December 31, 2019, respectively. 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, excluding loans for which we have elected the fair value option. As of March 31, 2020 30 - 59 Days 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 $ 29,663 $ 6,665 $ 13,323 $ 49,651 $ 2,497,239 $ 2,546,890 $ 23 $ 6,653 15-year or less, amortizing fixed-rate 1,803 280 450 2,533 373,012 375,545 — 542 Adjustable-rate 383 76 165 624 41,864 42,488 — 150 Other (2) 2,302 756 1,847 4,905 61,288 66,193 132 710 Total single-family 34,151 7,777 15,785 57,713 2,973,403 3,031,116 155 8,055 Multifamily (3) 37 N/A 158 195 337,499 337,694 — 33 Total $ 34,188 $ 7,777 $ 15,943 $ 57,908 $ 3,310,902 $ 3,368,810 $ 155 $ 8,088 As of December 31, 2019 30 - 59 Days 60 - 89 Days Delinquent Seriously Delinquent (1) Total Delinquent Current Total Loans 90 Days or More Delinquent and Accruing Interest (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 26,882 $ 7,126 $ 13,082 $ 47,090 $ 2,470,457 $ 2,517,547 $ 28 15-year or less, amortizing fixed-rate 1,616 286 445 2,347 371,740 374,087 — Adjustable-rate 412 85 167 664 44,244 44,908 — Other (2) 2,323 829 1,891 5,043 64,726 69,769 136 Total single-family 31,233 8,326 15,585 55,144 2,951,167 3,006,311 164 Multifamily (3) 7 N/A 115 122 330,496 330,618 — Total $ 31,240 $ 8,326 $ 15,700 $ 55,266 $ 3,281,663 $ 3,336,929 $ 164 (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 table displays the total amortized cost of our single-family HFI loans by class, year of origination and credit quality indicator, excluding loans for which we have elected the fair value option. The estimated mark-to-market LTV ratio is a primary factor we consider when estimating our allowance for loan losses for single-family loans. As LTV ratios increase, the borrower's equity in the home decreases, which may negatively affect the borrower's ability to refinance or to sell the property for an amount at or above the outstanding balance of the loan. As of March 31, 2020, by Year of Origination (1) 2020 2019 2018 2017 2016 Prior Total (Dollars in millions) Estimated mark-to-market LTV ratio: (2) 20- and 30-year or more, amortizing fixed-rate: Less than or equal to 80% $ 76,429 $ 307,581 $ 177,622 $ 252,599 $ 312,333 $ 1,034,737 $ 2,161,301 Greater than 80% and less than or equal to 90% 16,159 93,510 72,787 40,029 10,145 14,220 246,850 Greater than 90% and less than or equal to 100% 17,666 92,907 16,344 2,080 503 4,715 134,215 Greater than 100% — 443 143 167 170 3,601 4,524 Total 20 and 30-year or more, amortizing fixed-rate 110,254 494,441 266,896 294,875 323,151 1,057,273 2,546,890 15-year or less, amortizing fixed-rate: Less than or equal to 80% 15,233 56,811 23,322 42,251 58,651 172,743 369,011 Greater than 80% and less than or equal to 90% 795 3,502 668 97 23 46 5,131 Greater than 90% and less than or equal to 100% 322 967 22 10 8 23 1,352 Greater than 100% — 2 7 9 7 26 51 Total 15-year or less, amortizing fixed-rate 16,350 61,282 24,019 42,367 58,689 172,838 375,545 Adjustable-rate: Less than or equal to 80% 433 2,551 3,917 7,631 4,116 22,449 41,097 Greater than 80% and less than or equal to 90% 38 360 501 208 21 54 1,182 Greater than 90% and less than or equal to 100% 17 125 49 7 1 8 207 Greater than 100% — — — — — 2 2 Total adjustable-rate 488 3,036 4,467 7,846 4,138 22,513 42,488 Other: Less than or equal to 80% — 42 348 871 1,134 42,367 44,762 Greater than 80% and less than or equal to 90% — 4 33 73 60 2,470 2,640 Greater than 90% and less than or equal to 100% — 1 17 37 26 1,193 1,274 Greater than 100% — 2 11 18 19 1,198 1,248 Total other — 49 409 999 1,239 47,228 49,924 Total $ 127,092 $ 558,808 $ 295,791 $ 346,087 $ 387,217 $ 1,299,852 $ 3,014,847 Total for all classes by LTV ratio (2) Less than or equal to 80% $ 92,095 $ 366,985 $ 205,209 $ 303,352 $ 376,234 $ 1,272,296 $ 2,616,171 Greater than 80% and less than or equal to 90% 16,992 97,376 73,989 40,407 10,249 16,790 255,803 Greater than 90% and less than or equal to 100% 18,005 94,000 16,432 2,134 538 5,939 137,048 Greater than 100% — 447 161 194 196 4,827 5,825 Total $ 127,092 $ 558,808 $ 295,791 $ 346,087 $ 387,217 $ 1,299,852 $ 3,014,847 As of December 31, 2019 (1) 20- and 30-Year or More, Amortizing Fixed-Rate 15-Year or less, Amortizing Fixed-Rate Adjustable-Rate Other Total (Dollars in millions) Estimated mark-to-market LTV ratio: (2) Less than or equal to 80% $ 2,145,018 $ 368,181 $ 43,415 $ 47,005 $ 2,603,619 Greater than 80% and less than or equal to 90% 237,623 4,556 1,275 2,872 246,326 Greater than 90% and less than or equal to 100% 130,152 1,284 215 1,398 133,049 Greater than 100% 4,754 66 3 1,365 6,188 Total $ 2,517,547 $ 374,087 $ 44,908 $ 52,640 $ 2,989,182 (1) Excludes $16.3 billion and $17.1 billion as of March 31, 2020 and December 31, 2019, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. The class is primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV ratio. (2) The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan divided by the estimated current value of the property as of the end of each reported period, which we calculate using an internal valuation model that estimates periodic changes in home value. The following table displays 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. As of March 31, 2020, by Year of Origination 2020 2019 2018 2017 2016 Prior Total (Dollars in millions) Internally assigned credit risk rating: Non-classified (1) $ 9,858 $ 69,507 $ 63,830 $ 53,715 $ 46,030 $ 87,262 $ 330,202 Classified (2) — 347 910 1,655 1,458 3,122 7,492 Total $ 9,858 $ 69,854 $ 64,740 $ 55,370 $ 47,488 $ 90,384 $ 337,694 As of December 31, 2019 (Dollars in millions) Internally assigned credit risk rating: Non-classified (1) $ 323,773 Classified (2) 6,845 Total $ 330,618 (1) A loan categorized as “Non-classified” is current or adequately protected by the current financial strength and debt service capability of the borrower. (2) Represents loans classified as “Substandard” or “Doubtful.” Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. “Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. As of March 31, 2020 and December 31, 2019, we had loans with amortized cost of $39 million and $5 million, respectively, classified as doubtful. Troubled Debt Restructurings A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a TDR. In addition to formal loan modifications, we also engage in other loss mitigation activities with troubled borrowers, which include repayment plans and forbearance arrangements, both of which represent informal agreements with the borrower that do not result in the legal modification of the loan’s contractual terms. We account for these informal restructurings as a TDR if we defer more than three missed payments. We also classify loans to certain borrowers who have received bankruptcy relief as TDRs. Our current TDR accounting described herein will be temporarily impacted by our election to account for certain eligible loan modifications under the COVID-19 Relief granted pursuant to the CARES Act. See “Note 1, Summary of Significant Accounting Policies” for more information on the impact of the CARES Act. The substantial majority of the loan modifications we complete result in term extensions, interest rate reductions or a combination of both. During the three months ended March 31, 2020 and 2019, the average term extension of a single-family modified loan was 168 months and 157 months, respectively, and the average interest rate reduction was 0.32 and 0.10 percentage points, respectively. The following table displays the number of loans and amortized cost in loans classified as a TDR. For the Three Months Ended March 31, 2020 2019 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate 10,856 $ 1,909 11,445 $ 1,826 15-year or less, amortizing fixed-rate 1,073 98 1,295 114 Adjustable-rate 144 24 217 32 Other 537 68 936 127 Total single-family 12,610 2,099 13,893 2,099 Multifamily — — 3 13 Total TDRs 12,610 $ 2,099 13,896 $ 2,112 For loans that defaulted in the period presented and that were classified as a TDR in the twelve months prior to the default, the following table displays the number of loans and the amortized cost of these loans at the time of payment default. For purposes of this disclosure, we define loans that had a payment default as: single-family and multifamily loans with completed TDRs that liquidated during the period, either through foreclosure, deed-in-lieu of foreclosure, or a short sale; single-family loans with completed modifications that are two or more months delinquent during the period; or multifamily loans with completed modifications that are one or more months delinquent during the period. For the Three Months Ended March 31, 2020 2019 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate 3,175 $ 521 4,376 $ 664 15-year or less, amortizing fixed-rate 50 3 132 8 Adjustable-rate 7 1 8 1 Other 327 51 643 104 Total single-family 3,559 576 5,159 777 Multifamily 2 2 — — Total TDRs that subsequently defaulted 3,561 $ 578 5,159 $ 777 Nonaccrual Loans The table below displays the amortized cost of and interest income on our HFI single-family and multifamily loans on nonaccrual status by class, excluding loans for which we have elected the fair value option. For the three months ended March 31, 2020, the total amount of foregone interest income for single-family nonaccrual loans was $182 million, of which $87 million was accrued interest receivable written off through the reversal of interest income for nonaccrual loans held at period end. For the three months ended March 31, 2020, the total amount of foregone interest income for multifamily nonaccrual loans held as of period end was $1 million. As of For the Three Months Ended March 31, 2020 March 31, 2020 December 31, 2019 Amortized Cost Total Interest Income Recognized (1) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 23,212 $ 23,427 $ 101 15-year or less, amortized fixed-rate 856 858 2 Adjustable-rate 279 288 1 Other 2,827 2,973 13 Total single-family 27,174 27,546 117 Multifamily 91 435 — Total $ 27,265 $ 27,981 $ 117 (1) Represents the amount of cash payments received for nonaccrual loans held as of period end. Individually Impaired Loans Prior to the adoption of the CECL standard, we recorded a specific loss reserve for individually impaired loans and a collective loss reserve for all other loans. Individually impaired loans include TDRs, acquired credit-impaired loans and multifamily loans that we have assessed as probable that we will not collect all contractual amounts due, regardless of whether we are currently accruing interest, excluding loans classified as HFS and loans for which we have elected the fair value option. The following tables display the unpaid principal balance, total amortized cost, related allowance as of December 31, 2019 and average amortized cost, total interest income recognized, and interest income recognized on a cash basis for individually impaired loans for the three months ended March 31, 2019. As of December 31, 2019 Unpaid Principal Balance Total Amortized Cost Related Allowance for Loan Losses (Dollars in millions) Individually impaired loans: With related allowance recorded: Single-family: 20- and 30-year or more, amortizing fixed-rate $ 63,091 $ 61,033 $ (5,851) 15-year or less, amortizing fixed-rate 954 960 (24) Adjustable-rate 156 157 (9) Other 15,181 14,078 (2,291) Total single-family 79,382 76,228 (8,175) Multifamily 314 315 (45) Total individually impaired loans with related allowance recorded 79,696 76,543 (8,220) With no related allowance recorded: (1) Single-family: 20- and 30-year or more, amortizing fixed-rate 18,372 17,578 — 15-year or less, amortizing fixed-rate 410 407 — Adjustable-rate 265 265 — Other 3,014 2,718 — Total single-family 22,061 20,968 — Multifamily 363 365 — Total individually impaired loans with no related allowance recorded 22,424 21,333 — Total individually impaired loans (2) $ 102,120 $ 97,876 $ (8,220) (1) The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required. (2) Includes single-family loans restructured in a TDR with an amortized cost of $96.9 billion as of December 31, 2019. Includes multifamily loans restructured in a TDR with an amortized cost of $102 million as of December 31, 2019. For the Three Months Ended March 31, 2019 Average Amortized Cost Total Interest Income Recognized Interest Income Recognized on a Cash Basis (Dollars in millions) Individually impaired loans: With related allowance recorded: Single-family: 20- and 30-year or more, amortizing fixed-rate $ 76,400 $ 804 $ 79 15-year or less, amortizing fixed-rate 1,323 12 1 Adjustable-rate 120 1 — Other 19,898 204 15 Total single-family 97,741 1,021 95 Multifamily 247 2 — Total individually impaired loans with related allowance recorded 97,988 1,023 95 With no related allowance recorded: (1) Single-family: 20- and 30-year or more, amortizing fixed-rate 14,474 212 26 15-year or less, amortizing fixed-rate 318 4 1 Adjustable-rate 400 4 1 Other 3,000 48 3 Total single-family 18,192 268 31 Multifamily 353 2 — Total individually impaired loans with no related allowance recorded 18,545 270 31 Total individually impaired loans $ 116,533 $ 1,293 $ 126 (1) The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required. |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2020 | |
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 loans from HFI to HFS or when a loan is determined to be uncollectible. See “Note 1, Summary of Significant Accounting Policies” for additional information and accounting policy changes resulting from our adoption of the CECL standard. The following table displays changes in our allowance for single-family loans, multifamily loans and total allowance for loan losses, including the transition impact of adopting the CECL standard. For the Three Months Ended March 31, 2020 Balance December 31, 2019 Transition Impact from the Adoption of the CECL Standard Balance January 1, 2020 Provision for Loan Losses Write-offs Recoveries Other Balance March 31, 2020 (Dollars in millions) Single-family $ (8,759) $ (1,229) $ (9,988) $ (2,177) $ 70 $ (3) $ 28 $ (12,070) Multifamily (257) (493) (750) (407) 19 (1) — (1,139) Total allowance for loan losses $ (9,016) $ (1,722) $ (10,738) $ (2,584) $ 89 $ (4) $ 28 $ (13,209) Our provision for loan losses can vary substantially from period to period based on a number of factors, such as changes in actual and forecasted home prices or property valuations, fluctuations in actual and forecasted interest rates, borrower payment behavior, events such as natural disasters or pandemics, the types and volume of our loss mitigation activities, including forbearance and loan modifications, the volume of foreclosures completed, and the redesignation of loans from HFI to HFS. Estimating the impact of the COVID-19 outbreak on our expected loan loss reserves required significant management judgment, including estimates of the number of single-family borrowers who will receive forbearance and any resulting loan modifications that will be provided once the forbearance period ends. Under our CECL methodology, depending on the type of loan modification granted, loss severity estimates vary. Our provision can also be impacted by updates to the models, assumptions, and data used in determining our allowance for loan losses. The primary factors that impacted our single-family provision for loan losses in the first quarter of 2020 were: • Expected loan losses as a result of the COVID-19 outbreak. Given the rapidly changing and deteriorating market conditions in recent weeks as a result of the unprecedented COVID-19 outbreak, we believe our model used to estimate single-family credit losses as of March 31, 2020 does not capture the entirety of losses we expect to incur relating to COVID-19. As such, management used its judgment to increase the loss projections developed by our credit loss model to reflect our current expectations relating to COVID-19’s impact. These judgments included adjusting our modeled results for (1) the expected impact of widespread forbearance programs, including the rate of borrower participation, and the volume and type of loan modifications as a result thereof, (2) the effect of TDR accounting relief from the CARES Act, and (3) lower expected prepayment volumes given the sharp rise in unemployment rates that are expected to stay elevated over the near term. In developing this model adjustment, management considered the current credit risk profile of our single-family loan book of business, as well as relevant historical credit loss experience during rare or stressful economic environments. • A decrease in our expectations for home price growth. We revised our forecast to reflect near zero home price appreciation on a national basis for 2020 due to COVID-19 market disruptions. Lower home prices increase the likelihood that loans will default and increase the amount of credit loss on loans that do default, which impacts our estimate of losses and ultimately increases our loss reserves and provision for credit losses. • These factors were partially offset by lower actual and projected mortgage interest rates. As mortgage interest rates decline, we expect an increase in future prepayments on single-family loans, including modified loans. Higher expected prepayments shorten the expected lives of modified loans, which decreases the expected impairment relating to term and interest-rate concessions provided on these loans and results in a benefit for credit losses. As noted above, we adjusted downward our modeled expectation of prepayment volumes due to the COVID-19 outbreak, which reduced the modeled benefit from interest rates. The primary factor that contributed to a decrease in single-family write-offs in the first quarter of 2020 compared to the first quarter of 2019 was a reduction in the number of reperforming loans redesignated from HFI to HFS, resulting in lower write-offs. Our multifamily provision for loan losses in the first quarter of 2020 was primarily driven by expected loan losses as a result of the COVID-19 outbreak. Similar to the single-family provision for loan losses discussed above, we believe our model used to estimate multifamily credit losses as of March 31, 2020 does not capture the entirety of losses we expect to incur relating to COVID-19. As such, management used its judgment to increase the loss projections developed by our credit loss model to reflect our current expectations relating to COVID-19’s impact. Accordingly, our current multifamily provision for loan losses was primarily driven by higher expected unemployment rates, which we expect will increase the number of loans in forbearance and reduce property net operating income in the near term, thereby decreasing forecasted property values and increasing the probability of loan default. In developing these adjustments, management considered the current credit risk profile of our multifamily loan book of business, as well as relevant historical credit loss experience during rare or stressful economic environments. For the three months ended March 31, 2020, we recorded a benefit of $58 million related to changes in the expected benefit of freestanding credit enhancements on our single-family loans. Additionally, we recorded a benefit of $127 million related to freestanding credit enhancements on our multifamily loans. Freestanding credit enhancements primarily consist of transactions under our CAS program, our CIRT program, and certain lender risk-sharing programs, including our multifamily DUS program. The impact from these credit enhancements is recorded in “Fee and other income” in our condensed consolidated statements of operations and comprehensive income. The following tables display prior period changes in single-family and multifamily allowance for loan losses and the prior period amortized cost in our HFI loans by impairment or allowance methodology and portfolio segment prior to the adoption of the CECL standard. For a description of our previous allowance and impairment methodology refer to “Note 1, Summary of Significant Accounting Policies” in our 2019 Form 10-K. For the Three Months Ended March 31, 2019 Balance December 31, 2018 Benefit (Provision) for Loan Losses Write-offs Recoveries Other Balance March 31, 2019 (Dollars in millions) Single-family $ (13,969) $ 647 $ 381 $ (45) $ 1 $ (12,985) Multifamily (234) (13) — — — (247) Total allowance for loan losses $ (14,203) $ 634 $ 381 $ (45) $ 1 $ (13,232) As of December 31, 2019 Single-Family Multifamily Total (Dollars in millions) Allowance for loan losses by segment: Individually impaired loans $ (8,175) $ (45) $ (8,220) Collectively reserved loans (584) (212) (796) Total allowance for loan losses $ (8,759) $ (257) $ (9,016) Amortized cost in loans by segment: Individually impaired loans $ 97,196 $ 680 $ 97,876 Collectively reserved loans 2,909,115 329,938 3,239,053 Total amortized cost in loans $ 3,006,311 $ 330,618 $ 3,336,929 |
Investments in Securities
Investments in Securities | 3 Months Ended |
Mar. 31, 2020 | |
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 losses, net” in our condensed consolidated statements of operations and comprehensive income. The following table displays our investments in trading securities. As of March 31, 2020 December 31, 2019 (Dollars in millions) Mortgage-related securities: Fannie Mae $ 3,530 $ 3,424 Other agency (1) 4,167 4,490 Private-label and other mortgage securities 444 629 Total mortgage-related securities (includes $863 million and $896 million, respectively, related to consolidated trusts) 8,141 8,543 Non-mortgage-related securities: U.S. Treasury securities 44,727 39,501 Other securities 73 79 Total non-mortgage-related securities 44,800 39,580 Total trading securities $ 52,941 $ 48,123 (1) Consists of Freddie Mac and Ginnie Mae mortgage-related securities. The following table displays information about our net trading gains. For the Three Months Ended March 31, 2020 2019 (Dollars in millions) Net trading gains $ 647 $ 92 Net trading gains recognized in the period related to securities still held at period end 591 89 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. Pursuant to the CECL standard, we record an allowance for credit losses for AFS securities that reflects the impairment for credit losses, limited by the amount that fair value is less than the amortized cost. Credit-related losses are written off when deemed uncollectible. Recoveries of credit losses are recorded as a reversal of the allowance for credit losses and benefit for credit losses only prior to the write-down or write-off of a security’s amortized cost basis. Impairment due to non-credit losses are recorded as unrealized losses within other comprehensive income. The following tables display the amortized cost, allowance for credit losses, gross unrealized gains and losses in accumulated other comprehensive income (loss) (“AOCI”), and fair value by major security type for AFS securities. As of March 31, 2020 Total Amortized Cost (1) Allowance for Credit Losses Gross Unrealized Gains in AOCI Gross Unrealized Losses in AOCI Total Fair Value (1) (Dollars in millions) Fannie Mae $ 1,393 $ — $ 123 $ (11) $ 1,505 Other agency (2) 171 — 19 — 190 Alt-A and subprime private-label securities 4 — 3 — 7 Mortgage revenue bonds 291 (3) 9 (1) 296 Other mortgage-related securities 288 — 3 — 291 Total $ 2,147 $ (3) $ 157 $ (12) $ 2,289 As of December 31, 2019 Total Amortized Cost (1)(3) Gross Unrealized Gains Gross Unrealized Losses Total Fair Value (1) (Dollars in millions) Fannie Mae $ 1,445 $ 85 $ (10) $ 1,520 Other agency (2) 183 15 — 198 Alt-A and subprime private-label securities 34 23 — 57 Mortgage revenue bonds 309 9 (3) 315 Other mortgage-related securities 310 5 (1) 314 Total $ 2,281 $ 137 $ (14) $ 2,404 (1) We exclude from amortized cost and fair value accrued interest of $8 million and $10 million as of March 31, 2020 and December 31, 2019 , respectively, which we record in “Other assets” in our condensed consolidated balance sheets. (2) Other agency securities consist of securities issued by Freddie Mac and Ginnie Mae. (3) Prior to our adoption of the CECL standard, total amortized cost represented the unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, as well as temporary impairments recognized in “Investment gains, net” in our consolidated statements of operations and comprehensive income. Fannie Mae and Other Agency Securities Our Fannie Mae and other agency AFS securities consist of securities issued by us, Freddie Mac, or Ginnie Mae. The principal and interest on these securities are guaranteed by the issuing agency. We believe that the guaranty provided by the issuing agency, the support provided to the agencies by the U.S. government, the importance of the agencies to the liquidity and stability in the secondary mortgage market, and the long history of zero credit losses on agency mortgage-related securities are all indicators that there are not currently credit losses on these securities, even if the security is in an unrealized loss position. In addition, we generally hold these securities that are in an unrealized loss position to recovery. As a result, unless we intend to sell the security, we do not recognize an allowance for credit losses on agency mortgage-related securities. Non-Agency Mortgage-Related Securities As of March 31, 2020, substantially all of our non-agency mortgage-related securities were in an unrealized gain position. As a result, we have not recognized an allowance for credit losses on these securities. The following tables display additional information regarding gross unrealized losses and fair value by major security type for AFS securities in an unrealized loss position, excluding allowance for credit losses. As of March 31, 2020 Less Than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses in AOCI Fair Value Gross Unrealized Losses in AOCI Fair Value (Dollars in millions) Fannie Mae $ (1) $ 66 $ (10) $ 105 Mortgage revenue bonds (1) 22 — — Total $ (2) $ 88 $ (10) $ 105 As of December 31, 2019 Less Than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (Dollars in millions) Fannie Mae $ — $ — $ (10) $ 337 Mortgage revenue bonds — — (3) 3 Other mortgage-related securities (1) 130 — — Total $ (1) $ 130 $ (13) $ 340 The following table displays the gross realized gains and proceeds on sales of AFS securities. For the Three Months Ended March 31, 2020 2019 (Dollars in millions) Gross realized gains $ 21 $ 61 Total proceeds (excludes initial sale of securities from new portfolio securitizations) 50 131 The following tables display net unrealized gains on AFS securities and other amounts accumulated within our accumulated other comprehensive income, net of tax. As of March 31, 2020 (Dollars in millions) Net unrealized gains on AFS securities for which we have not recorded an allowance for credit losses $ 115 Other 31 Accumulated other comprehensive income $ 146 As of December 31, 2019 (Dollars in millions) Net unrealized gains on AFS securities for which we have not recorded OTTI $ 97 Other 34 Accumulated other comprehensive income $ 131 Maturity Information The following table displays the amortized cost and fair value of our AFS securities by major security type and remaining contractual maturity, assuming no principal prepayments. The contractual maturity of mortgage-backed securities is not a reliable indicator of their expected life because borrowers generally have the right to prepay their obligations at any time. As of March 31, 2020 Total Carrying Amount (1) Total One Year or Less After One Year Through Five Years After Five Years Through Ten Years After Ten Years Net Carrying Amount (1) Fair Value Net Carrying Amount (1) Fair Value Net Carrying Amount (1) Fair Value Net Carrying Amount (1) Fair Value (Dollars in millions) Fannie Mae $ 1,393 $ 1,505 $ — $ — $ 14 $ 14 $ 96 $ 109 $ 1,283 $ 1,382 Other agency 171 190 — — 16 17 23 25 132 148 Alt-A and subprime private-label securities 4 7 — — — — 2 3 2 4 Mortgage revenue bonds 288 296 2 2 30 32 27 28 229 234 Other mortgage-related securities 288 291 — — — — 23 24 265 267 Total $ 2,144 $ 2,289 $ 2 $ 2 $ 60 $ 63 $ 171 $ 189 $ 1,911 $ 2,035 (1) Net carrying amount consists of book value, net of allowance for credit losses on AFS debt securities. |
Financial Guarantees
Financial Guarantees | 3 Months Ended |
Mar. 31, 2020 | |
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 33 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. With our adoption of the CECL standard on January 1, 2020, we measure our guaranty reserve for estimated credit losses for off-balance sheet exposures over the contractual period for which they are exposed to the credit risk, unless that obligation is unconditionally cancellable by the issuer. As the guarantor of structured securities backed in whole or in part by Freddie Mac-issued securities, we extend our guaranty to the underlying Freddie Mac securities in our resecuritization trusts. However, Freddie Mac continues to guarantee the payment of principal and interest on the underlying Freddie Mac securities that we have resecuritized. We do not charge an incremental guaranty fee to include Freddie Mac securities in the structured securities that we issue. When we began issuing UMBS in June 2019, 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. As such, we exclude from the following table Freddie Mac securities backing unconsolidated Fannie Mae-issued structured securities of approximately $72.7 billion and $50.1 billion as of March 31, 2020 and December 31, 2019, 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 March 31, 2020 December 31, 2019 Maximum Exposure Guaranty Obligation Maximum Recovery (1) Maximum Exposure Guaranty Obligation Maximum Recovery (1) (Dollars in millions) Unconsolidated Fannie Mae MBS $ 5,487 $ 18 $ 5,244 $ 5,801 $ 26 $ 5,545 Other guaranty arrangements (2) 12,399 123 2,495 12,670 128 2,553 Total $ 17,886 $ 141 $ 7,739 $ 18,471 $ 154 $ 8,098 (1) Recoverability of such credit enhancements and recourse is subject to, among other factors, our mortgage insurers’ and financial guarantors’ ability to meet their obligations to us. For information on our mortgage insurers, see “Note 10, Concentrations of Credit Risk.” (2) Primarily consists of credit enhancements and long-term standby commitments. |
Short-Term and Long-Term Debt
Short-Term and Long-Term Debt | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 December 31, 2019 Outstanding Weighted- Average Interest Rate (1) Outstanding Weighted- Average Interest Rate (1) (Dollars in millions) Federal funds purchased and securities sold under agreements to repurchase (2) $ — — % $ 478 1.67 % Short-term debt of Fannie Mae 58,337 0.71 26,662 1.56 (1) Includes the effects of discounts, premiums and other cost basis adjustments. (2) Represents agreements to repurchase securities for a specified price, with repayment generally occurring on the following day, reported as “Other liabilities” in our condensed consolidated balance sheets. Intraday Line of Credit We use a secured intraday funding line of credit provided by a large financial institution. We post collateral which, in some circumstances, the secured party has the right to repledge to third parties. As this line of credit is an uncommitted intraday loan facility, we may be unable to draw on it if and when needed. The line of credit under this facility was up to $15.0 billion as of March 31, 2020 and December 31, 2019. 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 March 31, 2020 December 31, 2019 Maturities Outstanding Weighted- Average Interest Rate (1) Maturities Outstanding Weighted- Average Interest Rate (1) (Dollars in millions) Senior fixed: Benchmark notes and bonds 2020 - 2030 $ 83,115 2.70 % 2020 - 2030 $ 86,114 2.66 % Medium-term notes (2) 2020 - 2026 22,919 1.59 2020 - 2026 32,590 1.57 Other (3) 2020 - 2038 4,080 5.47 2020 - 2038 5,254 5.01 Total senior fixed 110,114 2.57 123,958 2.47 Senior floating: Medium-term notes (2) 2020 - 2022 40,078 0.54 2020 - 2021 9,774 1.66 Connecticut Avenue Securities (4) 2023 - 2031 19,470 5.42 2023 - 2031 21,424 5.61 Other (5) 2020 - 2037 432 7.37 2020 - 2037 398 6.27 Total senior floating 59,980 2.17 31,596 4.40 Secured borrowings (6) 2021 - 2022 27 2.60 2021 - 2022 31 2.31 Total long-term debt of Fannie Mae (7) 170,121 2.43 155,585 2.86 Debt of consolidated trusts 2020 - 2059 3,334,098 2.78 2020 - 2059 3,285,139 2.78 Total long-term debt $ 3,504,219 2.76 % $ 3,440,724 2.78 % (1) Includes the effects of discounts, premiums and other cost basis adjustments. (2) Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt. (3) Includes other long-term debt with an original contractual maturity of greater than 10 years and foreign exchange bonds. (4) Credit risk-sharing securities that transfer a portion of the credit risk on specified pools of single-family mortgage loans to the investors in these securities, a portion of which is reported at fair value. Represents CAS issued prior to November 2018. See “Note 2, Consolidations and Transfers of Financial Assets” in our 2019 Form 10-K for more information about our CAS structures issued beginning November 2018. (5) Consists of structured debt instruments that are reported at fair value. (6) Represents our remaining liability resulting from the transfer of financial assets from our condensed consolidated balance sheets that did not qualify as a sale under the accounting guidance for the transfer of financial instruments. (7) Includes unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $586 million and $2 million as of March 31, 2020 and December 31, 2019, respectively. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Derivative instruments are an integral part of our strategy in managing interest-rate risk. Derivative instruments may be privately-negotiated, bilateral contracts, or they may be listed and traded on an exchange. We refer to our derivative transactions made pursuant to bilateral contracts as our over-the-counter (“OTC”) derivative transactions and our derivative transactions accepted for clearing by a derivatives clearing organization as our cleared derivative transactions. We typically do not settle the notional amount of our risk management derivatives; rather, notional amounts provide the basis for calculating actual payments or settlement amounts. The derivative contracts we use for interest-rate risk management purposes consist primarily of interest-rate swaps and interest-rate options. See “Note 8, Derivative Instruments” in our 2019 Form 10-K for additional information on interest-rate risk management. We account for certain forms of credit risk transfer transactions as derivatives. In our credit risk transfer transactions, a portion of the credit risk associated with losses on a reference pool of mortgage loans is transferred to a third party. We enter into derivative transactions that are associated with some of our credit risk transfer transactions, whereby we manage investment risk to guarantee that certain unconsolidated VIEs have sufficient cash flows to pay their contractual obligations. We enter into forward purchase and sale commitments that lock in the future delivery of mortgage loans and mortgage-related securities at a fixed price or yield. Certain commitments to purchase mortgage loans and purchase or sell mortgage-related securities meet the criteria of a derivative. We typically settle the notional amount of our mortgage commitments that are accounted for as derivatives. We recognize all derivatives as either assets or liabilities in our condensed consolidated balance sheets at their fair value on a trade date basis. Fair value amounts, which are (1) netted to the extent a legal right of offset exists and is enforceable by law at the counterparty level and (2) inclusive of the right or obligation associated with the cash collateral posted or received, are recorded in “Other assets” or “Other liabilities” in our condensed consolidated balance sheets. See “Note 12, Fair Value” for additional information on derivatives recorded at fair value. We present cash flows from derivatives as operating activities in our condensed consolidated statements of cash flows. 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. As of March 31, 2020 As of December 31, 2019 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value (Dollars in millions) Risk management derivatives: Swaps: Pay-fixed $ 50,946 $ — $ 29,603 $ (1,930) $ 41,052 $ — $ 29,178 $ (970) Receive-fixed 94,704 1,151 9,854 (2) 73,579 816 26,382 (62) Basis 273 205 — — 273 149 — — Foreign currency 215 29 217 (93) 229 39 232 (65) Swaptions: Pay-fixed 4,600 7 5,875 (328) 4,600 18 6,375 (219) Receive-fixed 6,625 619 350 (130) 2,875 106 4,600 (232) Futures (1) 53,742 — — — 20,507 — — — Total gross risk management derivatives 211,105 2,011 45,899 (2,483) 143,115 1,128 66,767 (1,548) Accrued interest receivable (payable) — 195 — (310) — 226 — (250) Netting adjustment (2) — (2,137) — 2,607 — (1,288) — 1,694 Total net risk management derivatives $ 211,105 $ 69 $ 45,899 $ (186) $ 143,115 $ 66 $ 66,767 $ (104) Mortgage commitment derivatives: Mortgage commitments to purchase whole loans $ 31,152 $ 413 $ 10,452 $ (56) $ 7,115 $ 15 $ 1,787 $ (1) Forward contracts to purchase mortgage-related securities 103,770 2,153 10,936 (36) 55,531 137 9,560 (28) Forward contracts to sell mortgage-related securities 20,070 99 177,213 (3,502) 9,282 13 109,066 (277) Total mortgage commitment derivatives 154,992 2,665 198,601 (3,594) 71,928 165 120,413 (306) Credit enhancement derivatives 26,897 37 12,312 (29) 28,432 40 9,486 (25) Derivatives at fair value $ 392,994 $ 2,771 $ 256,812 $ (3,809) $ 243,475 $ 271 $ 196,666 $ (435) (1) Futures have no ascribable fair value because the positions are settled daily. We record all derivative gains and losses, including accrued interest, in “Fair value 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 March 31, 2020 2019 (Dollars in millions) Risk management derivatives: Swaps: Pay-fixed $ (4,029) $ (1,335) Receive-fixed 3,343 1,281 Basis 56 24 Foreign currency (38) 19 Swaptions: Pay-fixed (148) (177) Receive-fixed 632 7 Futures (71) 59 Net contractual interest expense on interest-rate swaps (106) (266) Total risk management derivatives fair value losses, net (361) (388) Mortgage commitment derivatives fair value losses, net (993) (300) Credit enhancement derivatives fair value losses, net (11) (7) Total derivatives fair value losses, net $ (1,365) $ (695) 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 11, Netting Arrangements” for information on our rights to offset assets and liabilities as of March 31, 2020 and December 31, 2019. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 9. Segment Reporting We have two reportable business segments: 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. Segment Allocations and Results The majority of our revenues and expenses are directly associated with each respective business segment and are included in determining its operating results. Those revenues and expenses that are not directly attributable to a particular business segment are allocated based on the size of each segment’s guaranty book of business. The substantial majority of the gains and losses associated with our risk management derivatives are allocated to our Single-Family business segment. The following table displays our segment results. For the Three Months Ended March 31, 2020 2019 Single-Family Multifamily Total Single-Family Multifamily Total (Dollars in millions) Net interest income (1) $ 4,541 $ 806 $ 5,347 $ 4,039 $ 757 $ 4,796 Fee and other income (2) 152 156 308 106 28 134 Net revenues 4,693 962 5,655 4,145 785 4,930 Investment gains (losses), net (3) (152) (6) (158) 94 39 133 Fair value gains (losses), net (4) (460) 184 (276) (887) 56 (831) Administrative expenses (629) (120) (749) (631) (113) (744) Credit-related income (expense) (5) Benefit (provision) for credit losses (2,172) (411) (2,583) 661 (11) 650 Foreclosed property income (expense) (78) (2) (80) (143) 3 (140) Total credit-related income (expense) (2,250) (413) (2,663) 518 (8) 510 TCCA fees (6) (637) — (637) (593) — (593) Credit enhancement expense (7) (312) (19) (331) (167) (4) (171) Other expenses, net (167) (96) (263) (170) (37) (207) Income before federal income taxes 86 492 578 2,309 718 3,027 Provision for federal income taxes (18) (99) (117) (484) (143) (627) Net income $ 68 $ 393 $ 461 $ 1,825 $ 575 $ 2,400 (1) Net interest income primarily consists of guaranty fees received as compensation for assuming and managing the credit risk on loans underlying Fannie Mae MBS held by third parties for the respective business segment, and the difference between the interest income earned on the respective business segment’s mortgage assets in our retained mortgage portfolio and the interest expense associated with the debt funding those assets. Revenues from single-family guaranty fees include revenues generated by the 10 basis point increase in guaranty fees pursuant to the TCCA, the incremental revenue from which is remitted to Treasury and not retained by us. (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 the benefit or costs associated with freestanding credit enhancements and fees associated with Multifamily business activities. (3) Investment gains and losses primarily consist of gains and losses on the sale of mortgage assets for the respective business segment. (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) Credit-related income or expense is based on the guaranty book of business of the respective business segment and consists of the applicable segment’s benefit or provision for credit losses and foreclosed property income or expense on loans underlying the segment’s guaranty book of business. The presentation of our credit-related income or expense for the three months ended March 31, 2019 represents amounts recognized prior to our transition to the lifetime loss model prescribed by the CECL standard. (6) Consists of the portion of our single-family guaranty fees that is remitted to Treasury pursuant to the TCCA. (7) Single-family credit enhancement expense primarily consists of costs associated with our CIRT, CAS and EPMI programs. Multifamily credit enhancement expense primarily consists of costs associated with our MCIRT and MCAS programs. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 3 Months Ended |
Mar. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Credit Risk | Concentrations of Credit Risk Risk Characteristics of our Guaranty Book of Business One of the measures by which we gauge our performance risk is the delinquency status of the mortgage loans in our guaranty book of business. For single-family and multifamily loans, we use this information, in conjunction with housing market and economic conditions, to structure our pricing and our eligibility and underwriting criteria to reflect the current risk of loans with higher-risk characteristics, and in some cases we decide to significantly reduce our participation in riskier loan product categories. Management also uses this data together with other credit risk measures to identify key trends that guide the development of our loss mitigation strategies. Single-Family Credit Risk Characteristics For single-family loans, management monitors the serious delinquency rate, which is the percentage of single-family loans, based on the number of loans that are 90 days or more past due or in the foreclosure process, and loans that have higher risk characteristics, such as high mark-to-market LTV ratios. The following tables display the delinquency status and serious delinquency rates for specified loan categories of our single-family conventional guaranty book of business. As of March 31, 2020 December 31, 2019 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 1.16 % 0.27 % 0.59 % 1.07 % 0.29 % 0.59 % Percentage of single-family conventional loans based on loan count 1.31 0.32 0.66 1.27 0.35 0.66 As of March 31, 2020 December 31, 2019 Percentage of Seriously Delinquent Rate (1) Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB Seriously Delinquent Rate (1) Estimated mark-to-market LTV ratio: Greater than 100% * 10.06 % * 10.14 % Geographical distribution: California 19 0.33 19 0.32 Florida 6 0.83 6 0.84 Illinois 4 0.91 4 0.91 New Jersey 3 1.13 3 1.13 New York 5 1.19 5 1.18 All other states 63 0.64 63 0.64 Product distribution: Alt-A 1 2.95 2 2.95 Vintages: 2004 and prior 2 2.48 2 2.48 2005-2008 3 4.11 4 4.11 2009-2020 95 0.35 94 0.35 * Represents less than 0.5% of single-family conventional guaranty book of business. (1) Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of March 31, 2020 or December 31, 2019. 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 other loans that have higher risk characteristics, to assess the overall credit quality of our multifamily book of business. Higher risk characteristics include, but are not limited to, current DSCR below 1.0 and original LTV ratios greater than 80%. We stratify multifamily loans into different internal risk categories based on the credit risk inherent in each individual loan. The following tables display the delinquency status and serious delinquency rates for specified loan categories of our multifamily guaranty book of business. As of March 31, 2020 (1) December 31, 2019 (1) 30 Days Delinquent Seriously Delinquent (2) 30 Days Delinquent Seriously Delinquent (2) Percentage of multifamily guaranty book of business 0.03 % 0.05 % 0.02 % 0.04 % As of March 31, 2020 December 31, 2019 Percentage of Multifamily Guaranty Book of Business (1) Percentage Seriously Delinquent (2)(3) Percentage of Multifamily Guaranty Book of Business (1) Percentage Seriously Delinquent (2)(3) Original LTV ratio: Greater than 80% 1 % — % 1 % — % Less than or equal to 80% 99 0.05 99 0.04 Current DSCR below 1.0 (4) 2 0.68 2 0.48 (1) Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business. (2) Consists of multifamily loans that were 60 days or more past due as of the dates indicated. (3) Calculated based on the unpaid principal balance of multifamily loans that were seriously delinquent divided by the aggregate unpaid principal balance of multifamily loans for each category included in our multifamily guaranty book of business. (4) Our estimates of current DSCRs are based on the latest available income information for these properties. Although we use the most recently available results of our multifamily borrowers, there is a lag in reporting, which typically can range from 3 to 6 months but in some cases may be longer. For certain properties, we do not receive updated financial information. Other Concentrations Mortgage Insurers. Mortgage insurance “risk in force” refers to our maximum potential loss recovery under the applicable mortgage insurance policies in force and is generally based on the loan-level insurance coverage percentage and, if applicable, any aggregate pool loss limit, as specified in the policy. The following table displays our total mortgage insurance risk in force by primary and pool insurance, as well as the total risk-in-force mortgage insurance coverage as a percentage of the single-family conventional guaranty book of business. As of March 31, 2020 December 31, 2019 Risk in Force Percentage of Single-Family Guaranty Book of Business Risk in Force Percentage of Single-Family Guaranty Book of Business (Dollars in millions) Mortgage insurance risk in force: Primary mortgage insurance $ 164,218 $ 162,855 Pool mortgage insurance 306 339 Total mortgage insurance risk in force $ 164,524 6% $ 163,194 6% Mortgage insurance does not protect us from all losses on covered loans. For example, mortgage insurance does not cover us from default risk for properties that suffered damages that were not covered by the hazard insurance we require. Specifically, a property damaged by a flood that was outside a Federal Emergency Management Agency (“FEMA”)-identified Special Flood Hazard Area, where we require coverage, or a property damaged by an earthquake are the most likely scenarios where property damage may result in a default not covered by hazard insurance. The table below displays our mortgage insurer counterparties that provided approximately 10% or more of the risk-in-force mortgage insurance coverage on mortgage loans in our single-family conventional guaranty book of business. Percentage of Risk-in-Force Coverage As of March 31, 2020 December 31, 2019 Counterparty: (1) Arch Capital Group Ltd. 23 % 23 % Radian Guaranty, Inc. 20 20 Mortgage Guaranty Insurance Corp. 18 18 Genworth Mortgage Insurance Corp. (2) 16 15 Essent Guaranty, Inc. 13 14 Others 10 10 Total 100 % 100 % (1) Insurance coverage amounts provided for each counterparty may include coverage provided by affiliates and subsidiaries of the counterparty. (2) Genworth Financial, Inc., the ultimate parent company of Genworth Mortgage Insurance Corp., is in the process of being acquired by China Oceanwide Holdings Group Co., Ltd. Upon acquisition, Genworth Mortgage Insurance Corp. will continue to be subject to our ongoing review of financial and operational eligibility requirements. Three of our mortgage insurer counterparties that are currently not approved to write new business are in run-off: PMI Mortgage Insurance Co. (“PMI”), Triad Guaranty Insurance Corporation (“Triad”) and Republic Mortgage Insurance Company (”RMIC”). Entering run-off may close off a source of profits and liquidity that may have otherwise assisted a mortgage insurer in paying claims under insurance policies, and could also cause the quality and speed of its claims processing to deteriorate. These three mortgage insurers provided a combined $3.1 billion, or 2%, of our risk-in-force mortgage insurance coverage of our single-family conventional guaranty book of business as of March 31, 2020. PMI and Triad have been paying only a portion of policyholder claims and deferring the remaining portion. PMI is currently paying 76.5% of claims under its mortgage insurance policies in cash and is deferring the remaining 23.5%, and Triad is currently paying 75% of claims in cash and deferring the remaining 25%. It is uncertain whether PMI or Triad will be permitted in the future to pay any remaining deferred policyholder claims and/or increase or decrease the amount of cash they pay on claims. RMIC is no longer deferring payments on policyholder claims and has paid us its previously outstanding deferred payment obligations as well as interest on those obligations; however, RMIC remains in run-off. We have counterparty credit risk relating to the potential insolvency of, or non-performance by, mortgage insurers that insure single-family loans we purchase or guarantee. There is risk that these counterparties may fail to fulfill their obligations to pay our claims under insurance policies. On at least a quarterly basis, we assess our mortgage insurer counterparties’ respective abilities to fulfill their obligations to us. Our assessment includes financial reviews and analyses of the insurers’ portfolios and capital adequacy. If we determine that it is probable that we will not collect all of our claims from one or more of our mortgage insurer counterparties, it could increase our loss reserves, which could adversely affect our results of operations, liquidity, financial condition and net worth. When we estimate the credit losses that are inherent in our mortgage loans and under the terms of our guaranty obligations, we also consider the recoveries that we will receive on primary mortgage insurance, as mortgage insurance recoveries would reduce the severity of the loss associated with defaulted loans. We evaluate the financial condition of our mortgage insurer counterparties and adjust the contractually due recovery amounts to ensure that expected credit losses as of the balance sheet date are included in our loss reserve estimate. As a result, if our assessment of one or more of our mortgage insurer counterparties’ ability to fulfill their respective obligations to us worsens, it could increase our loss reserves. As of March 31, 2020 and December 31, 2019, our estimated benefit from mortgage insurance, which is based on estimated credit losses as of period end, reduced our loss reserves by $1.4 billion and $410 million, respectively. As of March 31, 2020 and December 31, 2019, we had outstanding receivables of $607 million and $654 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 March 31, 2020 and December 31, 2019, we assessed these outstanding receivables for collectability, and established a valuation allowance of $502 million and $541 million, respectively, which reduced our claim receivable to the amount considered probable of collection. Mortgage Servicers and Sellers. Mortgage servicers collect mortgage and escrow payments from borrowers, pay taxes and insurance costs from escrow accounts, monitor and report delinquencies, and perform other required activities on our behalf. Our mortgage servicers and sellers may also be obligated to repurchase loans or foreclosed properties, reimburse us for losses or provide other remedies under certain circumstances, such as if it is determined that the mortgage loan did not meet our underwriting or eligibility requirements, if certain loan representations and warranties are violated or if mortgage insurers rescind coverage. Our representation and warranty framework does not require repurchase for loans that have breaches of certain selling representations and warranties if they have met specified criteria for relief. Our business with mortgage servicers is concentrated. The table below displays the percentage of our single-family guaranty book of business serviced by our top five depository single-family mortgage servicers and top five non-depository single-family mortgage servicers (i.e., servicers that are not insured depository institutions), and identifies one servicer that serviced more than 10% of our single-family guaranty book of business based on unpaid principal balance. Percentage of Single-Family Guaranty Book of Business As of March 31, 2020 December 31, 2019 Wells Fargo Bank, N.A. (together with its affiliates) 17 % 17 % Remaining top five depository servicers 14 15 Top five non-depository servicers 28 27 Total 59 % 59 % 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 our largest mortgage servicer counterparties, which are mostly depository institutions. The table below displays the percentage of our multifamily guaranty book of business serviced by our top five multifamily mortgage servicers, and identifies two servicers that serviced 10% or more of our multifamily guaranty book of business based on unpaid principal balance. Percentage of Multifamily Guaranty Book of Business As of March 31, 2020 December 31, 2019 Wells Fargo Bank, N.A. (together with its affiliates) 13 % 13 % Walker & Dunlop, Inc. 12 12 Remaining top five servicers 23 23 Total 48 % 48 % If a significant mortgage servicer or seller counterparty, or a number of mortgage servicers or sellers, fails to meet their obligations to us, it could adversely affect our results of operations and financial condition. We mitigate these risks in several ways, including: • establishing minimum standards and financial requirements for our servicers; • monitoring financial and portfolio performance as compared with peers and internal benchmarks; and • for our largest mortgage servicers, conducting periodic on-site and financial reviews to confirm compliance with servicing guidelines and servicing performance expectations. We may take one or more of the following actions to mitigate our credit exposure to mortgage servicers that present a higher risk: • require a guaranty of obligations by higher-rated entities; • transfer exposure to third parties; • require collateral; • establish more stringent financial requirements; • work with underperforming major servicers to improve operational processes; and • suspend or terminate the selling and servicing relationship if deemed necessary. Derivative Counterparties. For information on credit risk associated with our derivative transactions and repurchase agreements see “Note 8, Derivative Instruments” and “Note 11, Netting Arrangements.” |
Netting Arrangements
Netting Arrangements | 3 Months Ended |
Mar. 31, 2020 | |
Offsetting [Abstract] | |
Netting Arrangements | Netting Arrangements We use master netting arrangements, which allow us to offset certain financial instruments and collateral with the same counterparty, to minimize counterparty credit exposure. The tables below display information related to derivatives, securities purchased under agreements to resell or similar arrangements, and securities sold under agreements to repurchase or similar arrangements, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our condensed consolidated balance sheets. As of March 31, 2020 Gross Amount Offset (1) Net Amount Presented in our Condensed Consolidated Balance Sheets Amounts Not Offset in our Condensed Consolidated Balance Sheets Gross Amount Financial Instruments (2) Collateral (3) Net Amount (Dollars in millions) Assets: OTC risk management derivatives $ 2,206 $ (2,202) $ 4 $ — $ — $ 4 Cleared risk management derivatives — 65 65 — — 65 Mortgage commitment derivatives 2,665 — 2,665 (1,228) (499) 938 Total derivative assets 4,871 (2,137) 2,734 (4) (1,228) (499) 1,007 Securities purchased under agreements to resell or similar arrangements (5) 20,175 — 20,175 — (20,175) — Total assets $ 25,046 $ (2,137) $ 22,909 $ (1,228) $ (20,674) $ 1,007 Liabilities: OTC risk management derivatives $ (2,793) $ 2,643 $ (150) $ — $ — $ (150) Cleared risk management derivatives — (36) (36) — 36 — Mortgage commitment derivatives (3,594) — (3,594) 1,228 2,349 (17) Total derivative liabilities (6,387) 2,607 (3,780) (4) 1,228 2,385 (167) Total liabilities $ (6,387) $ 2,607 $ (3,780) $ 1,228 $ 2,385 $ (167) As of December 31, 2019 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 $ 1,354 $ (1,334) $ 20 $ — $ — $ 20 Cleared risk management derivatives — 46 46 — — 46 Mortgage commitment derivatives 165 — 165 (101) (1) 63 Total derivative assets 1,519 (1,288) 231 (4) (101) (1) 129 Securities purchased under agreements to resell or similar arrangements (5) 24,928 — 24,928 — (24,928) — Total assets $ 26,447 $ (1,288) $ 25,159 $ (101) $ (24,929) $ 129 Liabilities: OTC risk management derivatives $ (1,798) $ 1,695 $ (103) $ — $ — $ (103) Cleared risk management derivatives — (1) (1) — 1 — Mortgage commitment derivatives (306) — (306) 101 181 (24) Total derivative liabilities (2,104) 1,694 (410) (4) 101 182 (127) Securities sold under agreements to repurchase or similar arrangements (478) — (478) — 475 (3) Total liabilities $ (2,582) $ 1,694 $ (888) $ 101 $ 657 $ (130) (1) Represents the effect of the right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received and accrued interest. (2) Mortgage commitment derivative amounts reflect where we have recognized both an asset and a liability with the same counterparty under an enforceable master netting arrangement but we have not elected to offset the related amounts in our condensed consolidated balance sheets. (3) Represents collateral received that has not been recognized and not offset in our condensed consolidated balance sheets as well as collateral posted which has been recognized but not offset in our condensed consolidated balance sheets. Does not include collateral held or posted in excess of our exposure. The fair value of non-cash collateral we pledged which the counterparty was permitted to sell or repledge was $4.2 billion and $2.3 billion as of March 31, 2020 and December 31, 2019, respectively. The fair value of non-cash collateral received was $20.1 billion and $24.7 billion, of which $20.1 billion and $23.8 billion could be sold or repledged as of March 31, 2020 and December 31, 2019, respectively. None of the underlying collateral was sold or repledged as of March 31, 2020 or December 31, 2019. (4) Excludes derivative assets of $37 million and $40 million as of March 31, 2020 and December 31, 2019, respectively, and derivative liabilities of $29 million and $25 million recognized in our condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively, that are not subject to enforceable master netting arrangements. (5) Includes $12.4 billion and $11.4 billion in securities purchased under agreements to resell classified as “Cash and cash equivalents” in our condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively. Derivative instruments are recorded at fair value and securities purchased under agreements to resell or similar arrangements are recorded at amortized cost in our condensed consolidated balance sheets. For how we determine our rights to offset the assets and liabilities presented above with the same counterparty, including collateral posted or received, see “Note 14, Netting Arrangements” in our 2019 Form 10-K. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value We use fair value measurements for the initial recording of certain assets and liabilities and periodic remeasurement of certain assets and liabilities on a recurring or nonrecurring basis. Fair Value Measurement Fair value measurement guidance defines fair value, establishes a framework for measuring fair value, and sets forth disclosures around fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. The guidance establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The hierarchy gives the highest priority, Level 1, to measurements based on unadjusted quoted prices in active markets for identical assets or liabilities. The next highest priority, Level 2, is given to measurements of assets and liabilities based on limited observable inputs or observable inputs for similar assets and liabilities. The lowest priority, Level 3, is given to measurements based on unobservable inputs. Recurring Changes in Fair Value The following tables display our assets and liabilities measured in our condensed consolidated balance sheets at fair value on a recurring basis subsequent to initial recognition, including instruments for which we have elected the fair value option. Fair Value Measurements as of March 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Netting Adjustment (1) Estimated Fair Value (Dollars in millions) Recurring fair value measurements: Assets: Trading securities: Mortgage-related securities: Fannie Mae $ — $ 3,462 $ 68 $ — $ 3,530 Other agency — 4,167 — — 4,167 Private-label and other mortgage securities — 350 94 — 444 Non-mortgage-related securities: U.S. Treasury securities 44,727 — — — 44,727 Other securities — 73 — — 73 Total trading securities 44,727 8,052 162 — 52,941 Available-for-sale securities: Mortgage-related securities: Fannie Mae — 1,317 188 — 1,505 Other agency — 190 — — 190 Alt-A and subprime private-label securities — 7 — — 7 Mortgage revenue bonds — — 296 — 296 Other — 7 284 — 291 Total available-for-sale securities — 1,521 768 — 2,289 Mortgage loans — 7,063 638 — 7,701 Other assets: Risk management derivatives: Swaps — 1,370 210 — 1,580 Swaptions — 626 — — 626 Netting adjustment — — — (2,137) (2,137) Mortgage commitment derivatives — 2,665 — — 2,665 Credit enhancement derivatives — — 37 — 37 Total other assets — 4,661 247 (2,137) 2,771 Total assets at fair value $ 44,727 $ 21,297 $ 1,815 $ (2,137) $ 65,702 Liabilities: Long-term debt: Of Fannie Mae: Senior floating $ — $ 4,320 $ 432 $ — $ 4,752 Total of Fannie Mae — 4,320 432 — 4,752 Of consolidated trusts — 22,772 83 — 22,855 Total long-term debt — 27,092 515 — 27,607 Other liabilities: Risk management derivatives: Swaps — 2,334 1 — 2,335 Swaptions — 458 — — 458 Netting adjustment — — — (2,607) (2,607) Mortgage commitment derivatives — 3,594 — — 3,594 Credit enhancement derivatives — — 29 — 29 Total other liabilities — 6,386 30 (2,607) 3,809 Total liabilities at fair value $ — $ 33,478 $ 545 $ (2,607) $ 31,416 Fair Value Measurements as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Netting Adjustment (1) Estimated Fair Value (Dollars in millions) Recurring fair value measurements: Assets: Trading securities: Mortgage-related securities: Fannie Mae $ — $ 3,379 $ 45 $ — $ 3,424 Other agency — 4,489 1 — 4,490 Private-label and other mortgage securities — 629 — — 629 Non-mortgage-related securities: U.S. Treasury securities 39,501 — — — 39,501 Other securities — 79 — — 79 Total trading securities 39,501 8,576 46 — 48,123 Available-for-sale securities: Mortgage-related securities: Fannie Mae — 1,349 171 — 1,520 Other agency — 198 — — 198 Alt-A and subprime private-label securities — 57 — — 57 Mortgage revenue bonds — — 315 — 315 Other — 8 306 — 314 Total available-for-sale securities — 1,612 792 — 2,404 Mortgage loans — 7,137 688 — 7,825 Other assets: Risk management derivatives: Swaps — 1,071 159 — 1,230 Swaptions — 124 — — 124 Netting adjustment — — — (1,288) (1,288) Mortgage commitment derivatives — 165 — — 165 Credit enhancement derivatives — — 40 — 40 Total other assets — 1,360 199 (1,288) 271 Total assets at fair value $ 39,501 $ 18,685 $ 1,725 $ (1,288) $ 58,623 Liabilities: Long-term debt: Of Fannie Mae: Senior floating $ — $ 5,289 $ 398 $ — $ 5,687 Total of Fannie Mae — 5,289 398 — 5,687 Of consolidated trusts — 21,805 75 — 21,880 Total long-term debt — 27,094 473 — 27,567 Other liabilities: Risk management derivatives: Swaps — 1,346 1 — 1,347 Swaptions — 440 11 — 451 Netting adjustment — — — (1,694) (1,694) Mortgage commitment derivatives — 306 — — 306 Credit enhancement derivatives — — 25 — 25 Total other liabilities — 2,092 37 (1,694) 435 Total liabilities at fair value $ — $ 29,186 $ 510 $ (1,694) $ 28,002 (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. The following tables display a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). The tables also display gains and losses due to changes in fair value, including realized and unrealized gains and losses, recognized in our condensed consolidated statements of operations and comprehensive income for Level 3 assets and liabilities. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Three Months Ended March 31, 2020 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2020 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2020 (1) Balance, December 31, 2019 Included in Net Income Included in Total OCI Gain/(Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Level 3 Balance, March 31, 2020 (Dollars in millions) Trading securities: Mortgage-related: Fannie Mae $ 45 $ (9) $ — $ — $ — $ — $ — $ (11) $ 43 $ 68 $ (10) $ — Other agency 1 — — — — — — (1) — — — — Private-label and other mortgage securities — — — — — — — — 94 94 — — Total trading securities $ 46 $ (9) (5)(6) $ — $ — $ — $ — $ — $ (12) $ 137 $ 162 $ (10) $ — Available-for-sale securities: Mortgage-related: Fannie Mae $ 171 $ — $ 4 $ — $ — $ — $ (1) $ — $ 14 $ 188 $ — $ 3 Mortgage revenue bonds 315 (3) 2 74 (74) — (18) — — 296 — 4 Other 306 (11) (1) 268 (268) — (10) — — 284 — (1) Total available-for-sale securities $ 792 $ (14) (6)(7) $ 5 $ 342 $ (342) $ — $ (29) $ — $ 14 $ 768 $ — $ 6 Mortgage loans $ 688 $ (24) (5)(6) $ — $ — $ — $ — $ (29) $ (23) $ 26 $ 638 $ (26) $ — Net derivatives 162 41 (5) — — — — (4) 18 — 217 44 — Long-term debt: Of Fannie Mae: Senior floating (398) (34) (5) — — — — — — — (432) (34) — Of consolidated trusts (75) 4 (5)(6) — — — — 3 — (15) (83) 4 — Total long-term debt $ (473) $ (30) $ — $ — $ — $ — $ 3 $ — $ (15) $ (515) $ (30) $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Three Months Ended March 31, 2019 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2019 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2019 (1) Balance, December 31, 2018 Included in Net Income Included in Total OCI Gain/(Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Level 3 Balance, March 31, 2019 (Dollars in millions) Trading securities: Mortgage-related: Fannie Mae $ 32 $ 2 $ — $ — $ — $ — $ — $ — $ 33 $ 67 $ 2 $ — Private-label and other mortgage securities 1 — — — — — (1) — — — — — Total trading securities $ 33 $ 2 (5)(6) $ — $ — $ — $ — $ (1) $ — $ 33 $ 67 $ 2 $ — Available-for-sale securities: Mortgage-related: Fannie Mae $ 152 $ — $ 4 $ — $ — $ — $ — $ (41) $ 84 $ 199 $ — $ 2 Alt-A and subprime private-label securities 24 — — — — — (1) — — 23 — — Mortgage revenue bonds 434 — — — — — (9) — — 425 — — Other 342 7 (5) — — — (8) — 1 337 — (4) Total available-for-sale securities $ 952 $ 7 (6)(7) $ (1) $ — $ — $ — $ (18) $ (41) $ 85 $ 984 $ — $ (2) Mortgage loans $ 937 $ 14 (5)(6) $ — $ — $ — $ — $ (34) $ (28) $ 45 $ 934 $ 11 $ — Net derivatives 194 98 (5) — — — — (89) — — 203 44 — Long-term debt: Of Fannie Mae: Senior floating (351) (25) (5) — — — — — — — (376) (25) — Of consolidated trusts (201) (3) (5)(6) — — — — 5 49 (74) (224) (1) — Total long-term debt $ (552) $ (28) $ — $ — $ — $ — $ 5 $ 49 $ (74) $ (600) $ (26) $ — (1) Gains (losses) included in other comprehensive loss are included in “Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and taxes” in our condensed consolidated statements of operations and comprehensive income. (2) Purchases and sales include activity related to the consolidation and deconsolidation of assets of securitization trusts. (3) Issues and settlements include activity related to the consolidation and deconsolidation of liabilities of securitization trusts. (4) Amount represents temporary changes in fair value. Amortization, accretion and the impairment of credit losses are not considered unrealized and are not included in this amount. (5) Gains (losses) are included in “Fair value losses, net” in our condensed consolidated statements of operations and comprehensive income. (6) Gains (losses) are included in “Net interest income” in our condensed consolidated statements of operations and comprehensive income. (7) Gains (losses) are included in “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. The following tables display valuation techniques and the range and the weighted average of significant unobservable inputs for our Level 3 assets and liabilities measured at fair value on a recurring basis, excluding instruments for which we have elected the fair value option. Changes in these unobservable inputs can result in significantly higher or lower fair value measurements of these assets and liabilities as of the reporting date. Fair Value Measurements as of March 31, 2020 Fair Value Significant Valuation Techniques Significant Unobservable Inputs (1) Range (1) Weighted - Average (1)(2) (Dollars in millions) Recurring fair value measurements: Trading securities: Mortgage-related securities: Agency (3) $ 68 Various Private-label securities and other mortgage securities 94 Various Total trading securities $ 162 Available-for-sale securities: Mortgage-related securities: Agency (3) $ 113 Consensus 75 Various Total agency 188 Mortgage revenue bonds 211 Single Vendor Spreads (bps) 32.5 - 376.0 97.5 85 Various Total mortgage revenue bonds 296 Other 248 Discounted Cash Flow Spreads (bps) 620.0 620.0 36 Various Total other 284 Total available-for-sale securities $ 768 Net derivatives $ 209 Dealer Mark 8 Various Total net derivatives $ 217 Fair Value Measurements as of December 31, 2019 Fair Value Significant Valuation Techniques Significant Unobservable Inputs (1) Range (1) Weighted - Average (1)(2) (Dollars in millions) Recurring fair value measurements: Trading securities: Mortgage-related securities: Agency (3) $ 46 Various Available-for-sale securities: Mortgage-related securities: Agency (3) $ 107 Consensus 64 Various Total agency 171 Mortgage revenue bonds 222 Single Vendor Spreads(bps) 23.0 - 205.1 76.1 93 Various Total mortgage revenue bonds 315 Other 267 Discounted Cash Flow Spreads(bps) 300.0 300.0 39 Various Total other 306 Total available-for-sale securities $ 792 Net derivatives $ 147 Dealer Mark 15 Various Total net derivatives $ 162 (1) Valuation techniques for which no unobservable inputs are disclosed generally reflect the use of third-party pricing services or dealers, and the range of unobservable inputs applied by these sources is not readily available or cannot be reasonably estimated. Where we have disclosed unobservable inputs for consensus and single vendor techniques, those inputs are based on our validations performed at the security level using discounted cash flows. (2) Unobservable inputs were weighted by the relative fair value of the instruments. (3) Includes Fannie Mae and Freddie Mac securities. In our condensed consolidated balance sheets, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when we evaluate loans for impairment). We had no Level 1 assets or liabilities held as of March 31, 2020 or December 31, 2019 that were measured at fair value on a nonrecurring basis. We held $4 million and $274 million in Level 2 assets as of March 31, 2020 and December 31, 2019, respectively, comprised of mortgage loans held for sale and mortgage loans held for investment that were impaired. We had no Level 2 liabilities that were measured at fair value on a nonrecurring basis as of March 31, 2020 or December 31, 2019. The following table displays valuation techniques for our Level 3 assets measured at fair value on a nonrecurring basis. The significant unobservable inputs related to these techniques primarily relate to collateral dependent valuations. The related ranges and weighted averages are not meaningful when aggregated as they vary significantly from property to property. Fair Value Measurements as of Valuation Techniques March 31, 2020 December 31, 2019 (Dollars in millions) Nonrecurring fair value measurements: Mortgage loans held for sale, at lower of cost or fair value Consensus $ 1,767 $ 471 Single Vendor 1,886 605 Total mortgage loans held for sale, at lower of cost or fair value 3,653 1,076 Single-family mortgage loans held for investment, at amortized cost Internal Model 1,491 555 Multifamily mortgage loans held for investment, at amortized cost Asset Manager Estimate — 24 Various 52 16 Total multifamily mortgage loans held for investment, at amortized cost 52 40 Acquired property, net: (1) Single-family Accepted Offers 106 101 Appraisals 356 362 Walk Forwards 189 240 Internal Model 113 164 Various 52 51 Total single-family 816 918 Multifamily Various 7 9 Total nonrecurring assets at fair value $ 6,019 $ 2,598 (1) The most commonly used techniques in our valuation of acquired property are a proprietary home price model and third-party valuations (both current and walk forward). Based on the number of properties measured as of March 31, 2020, these methodologies comprised approximately 81% of our valuations, while accepted offers comprised approximately 14% of our valuations. Based on the number of properties measured as of December 31, 2019, these methodologies comprised approximately 85% of our valuations, while accepted offers comprised approximately 12% of our valuations. We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. See “Note 15, Fair Value” in our 2019 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. We made no material changes to the valuation control processes or the valuation techniques for the three months ended March 31, 2020. 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 March 31, 2020 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Netting Adjustment Estimated Fair Value (Dollars in millions) Financial assets: Cash and cash equivalents and restricted cash $ 128,708 $ 116,308 $ 12,400 $ — $ — $ 128,708 Federal funds sold and securities purchased under agreements to resell or similar arrangements 7,775 — 7,775 — — 7,775 Trading securities 52,941 44,727 8,052 162 — 52,941 Available-for-sale securities 2,289 — 1,521 768 — 2,289 Mortgage loans held for sale 8,103 — 86 8,402 — 8,488 Mortgage loans held for investment, net of allowance for loan losses 3,354,707 — 3,395,898 118,612 — 3,514,510 Advances to lenders 8,971 — 8,969 2 — 8,971 Derivative assets at fair value 2,771 — 4,661 247 (2,137) 2,771 Guaranty assets and buy-ups 127 — — 271 — 271 Total financial assets $ 3,566,392 $ 161,035 $ 3,439,362 $ 128,464 $ (2,137) $ 3,726,724 Financial liabilities: Short-term debt: Of Fannie Mae $ 58,337 $ — $ 58,388 $ — $ — $ 58,388 Long-term debt: Of Fannie Mae 170,121 — 176,634 2,215 — 178,849 Of consolidated trusts 3,334,098 — 3,440,638 31,767 — 3,472,405 Derivative liabilities at fair value 3,809 — 6,386 30 (2,607) 3,809 Guaranty obligations 141 — — 99 — 99 Total financial liabilities $ 3,566,506 $ — $ 3,682,046 $ 34,111 $ (2,607) $ 3,713,550 As of December 31, 2019 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Netting Adjustment Estimated Fair Value (Dollars in millions) Financial assets: Cash and cash equivalents and restricted cash $ 61,407 $ 50,057 $ 11,350 $ — $ — $ 61,407 Federal funds sold and securities purchased under agreements to resell or similar arrangements 13,578 — 13,578 — — 13,578 Trading securities 48,123 39,501 8,576 46 — 48,123 Available-for-sale securities 2,404 — 1,612 792 — 2,404 Mortgage loans held for sale 6,773 — 229 7,054 — 7,283 Mortgage loans held for investment, net of allowance for loan losses 3,327,389 — 3,270,535 127,650 — 3,398,185 Advances to lenders 6,453 — 6,451 2 — 6,453 Derivative assets at fair value 271 — 1,360 199 (1,288) 271 Guaranty assets and buy-ups 142 — — 305 — 305 Total financial assets $ 3,466,540 $ 89,558 $ 3,313,691 $ 136,048 $ (1,288) $ 3,538,009 Financial liabilities: Federal funds purchased and securities sold under agreements to repurchase $ 478 $ — $ 478 $ — $ — $ 478 Short-term debt: Of Fannie Mae 26,662 — 26,667 — — 26,667 Long-term debt: Of Fannie Mae 155,585 — 164,144 401 — 164,545 Of consolidated trusts 3,285,139 — 3,312,763 31,827 — 3,344,590 Derivative liabilities at fair value 435 — 2,092 37 (1,694) 435 Guaranty obligations 154 — — 97 — 97 Total financial liabilities $ 3,468,453 $ — $ 3,506,144 $ 32,362 $ (1,694) $ 3,536,812 For a detailed description and classification of our financial instruments, see “Note 15, Fair Value” in our 2019 Form 10-K. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are party to various types of legal actions and proceedings, including actions brought on behalf of various classes of claimants. We also are subject to regulatory examinations, inquiries and investigations, and other information gathering requests. In some of the matters, indeterminate amounts are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. This variability in pleadings, together with our and our counsel’s actual experience in litigating or settling claims, leads us to conclude that the monetary relief that may be sought by plaintiffs bears little relevance to the merits or disposition value of claims. We have substantial and valid defenses to the claims in the proceedings described below and intend to defend these matters vigorously. However, legal actions and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. Accordingly, the outcome of any given matter and the amount or range of potential loss at particular points in time is frequently difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how courts will apply the law. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel may view the evidence and applicable law. On a quarterly basis, we review relevant information about all pending legal actions and proceedings for the purpose of evaluating and revising our contingencies, accruals and disclosures. We establish an accrual only for matters when a loss is probable and we can reasonably estimate the amount of such loss. We are often unable to estimate the possible losses or ranges of losses, particularly for proceedings that are in their early stages of development, where plaintiffs seek indeterminate or unspecified damages, where there may be novel or unsettled legal questions relevant to the proceedings, or where settlement negotiations have not occurred or progressed. Given the uncertainties involved in any action or proceeding, regardless of whether we have established an accrual, the ultimate resolution of certain of these matters may be material to our operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of our net income or loss for that period. In addition to the matters specifically described below, we are involved in a number of legal and regulatory proceedings that arise in the ordinary course of business that we do not expect will have a material impact on our business or financial condition. We have also advanced fees and expenses of certain current and former officers and directors in connection with various legal proceedings pursuant to our bylaws and indemnification agreements. Senior Preferred Stock Purchase Agreements Litigation A consolidated putative class action ( “In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations” ) and two non-class action lawsuits, Arrowood Indemnity Company v. Fannie Mae and Fairholme Funds v. FHFA , filed by Fannie Mae and Freddie Mac shareholders against us, FHFA as our conservator, and Freddie Mac are pending in the U.S. District Court for the District of Columbia. The lawsuits challenge the August 2012 amendment to each company’s senior preferred stock purchase agreement with Treasury. Plaintiffs filed amended complaints in all three lawsuits on November 1, 2017 alleging that the net worth sweep dividend provisions of the senior preferred stock that were implemented pursuant to the August 2012 amendments nullified certain of the shareholders’ rights, particularly the right to receive dividends. Plaintiffs seek unspecified damages, equitable and injunctive relief, and costs and expenses, including attorneys’ fees. Plaintiffs in the class action seek to represent several classes of preferred and/or common shareholders of Fannie Mae and/or Freddie Mac who held stock as of the public announcement of the August 2012 amendments. On September 28, 2018, the court dismissed all of the plaintiffs’ claims except for their claims for breach of an implied covenant of good faith and fair dealing. On May 21, 2018, a plaintiff in a non-class action case, Angel v. Federal Home Loan Mortgage Corporation , filed a complaint for declaratory relief and compensatory damages against Fannie Mae (including certain members of its Board of Directors), Freddie Mac (including certain members of its Board of Directors) and FHFA, as conservator, in the U.S. District Court for the District of Columbia. Plaintiff in that case asserts claims for breach of contract, breach of implied covenants of good faith and fair dealing, and aiding and abetting the federal government in avoiding an alleged implicit guarantee of dividend payments. On March 6, 2019, the court granted defendants’ motion to dismiss and on March 18, 2019, plaintiff moved to alter or amend the judgment and to file an amended complaint. On May 24, 2019, the court denied this motion. On April 24, 2020, the U.S. Court of Appeals for the District of Columbia Circuit affirmed the lower court’s judgment. Given the stage of these lawsuits, the substantial and novel legal questions that remain, and our substantial defenses, we are currently unable to estimate the reasonably possible loss or range of loss arising from this litigation. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation [Policy Text Block] | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the SEC’s instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. The accompanying condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany accounts and transactions have been eliminated. To conform to our current period presentation, we have reclassified certain amounts reported in our prior period condensed consolidated financial statements. Results for the three months ended March 31, 2020 may not necessarily be indicative of the results for the year ending December 31, 2020. Presentation of Advances to Lenders Advances to lenders represent our payments of cash in exchange for the receipt of mortgage loans from lenders in a transfer that is accounted for as a secured lending arrangement. These transfers primarily occur when we provide early funding to lenders for loans that they will subsequently either sell to us or securitize into a Fannie Mae MBS that they will deliver to us. Early lender funding advances have terms up to 60 days and earn a short-term market rate of interest. Advances to lenders has been presented as a separate line item for all periods presented as increased mortgage refinance activity resulted in a higher balance at period end. In prior periods, advances to lenders were recorded in “Other assets.” Presentation of Credit Enhancement Expense Credit enhancement expense primarily consists of costs associated with our Connecticut Avenue Securities ® (“CAS”) and Credit Insurance Risk Transfer TM (“CIRT TM ”) programs as well as enterprise-paid mortgage insurance (“EPMI”). We exclude from this expense costs related to our CAS transactions accounted for as debt instruments and credit risk transfer programs accounted for as derivative instruments. Credit enhancement expense has been presented as a separate line item for all periods presented as the percentage of our book of business covered by freestanding credit enhancements has increased and become a more significant driver of our results of operations. In prior periods, credit enhancement expenses were recorded in “Other expenses, net.” Presentation of Yield Maintenance Fees |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Earnings per share (“EPS”) is presented for basic and diluted EPS. We compute basic EPS by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. However, as a result of our conservatorship status and the terms of the senior preferred stock, no amounts would be available to distribute as dividends to common or preferred stockholders (other than to Treasury as the holder of the senior preferred stock). Net income (loss) attributable to common stockholders excludes amounts attributable to the senior preferred stock. Weighted average common shares include 4.7 billion and 4.6 billion shares for the periods ended March 31, 2020 and 2019, respectively, that would be issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through March 31, 2020 and 2019, respectively. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Guidance The CARES Act and Interagency Regulatory Guidance Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act, referred to as the CARES Act, which was enacted in March 2020, provides temporary relief from the accounting and reporting requirements for TDRs regarding certain loan modifications related to COVID-19. The CARES Act provides that a financial institution may elect to suspend the TDR requirements under GAAP for loan modifications related to the COVID-19 pandemic that occur between March 1, 2020 through the earlier of December 31, 2020 or 60 days after the date on which the COVID-19 outbreak national emergency terminates (the “Applicable Period”), as long as the loan was not more than 30 days delinquent as of December 31, 2019. Loan modifications are defined in this section of the CARES Act to include forbearance arrangements, repayment plans, interest rate modifications, and any similar arrangement that defer or delay the payment of principal or interest. We have elected to account for eligible loan modifications under Section 4013 of the CARES Act. Therefore, the initial relief (i.e., the forbearance arrangement) and the subsequent agreements (i.e., repayment plans and loan modifications) that are necessary to allow the borrower to repay the past due amounts (collectively, the “COVID-19 Relief”), will not be subject to the specialized accounting or disclosures that are required for TDRs if the initial relief related to COVID-19 is granted during the Applicable Period and the borrower was no more than 30 days past due as of December 31, 2019. In addition to the CARES Act, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, Consumer Financial Protection Bureau and the State Banking Regulators (collectively, the “Banking Agencies”) issued an Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (the “Interagency Statement”) in April 2020. The Interagency Statement primarily provides incremental guidance related to the nonaccrual of interest income. It indicates that financial institutions may continue to accrue interest income on loans that are granted short-term (e.g., six months) payment delays, such as forbearance, if the delay is in response to COVID-19 and the borrower was less than 30 days past due at the time the delay was granted. We are still evaluating this option provided under the Interagency Statement for loans that have received short-term payment deferrals related to the COVID-19 pandemic. Our election on this matter will be finalized during the second quarter of 2020 as this guidance did not affect our first quarter financial statements. The Current Expected Credit Loss Standard The Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments in June 2016, which was later amended by ASU 2019-04, ASU 2019-05 and ASU 2019-11. These ASUs (the “CECL standard”) replaced the existing incurred loss impairment methodology for loans that are collectively evaluated for impairment with a methodology that reflects lifetime expected credit losses and requires consideration of a broader range of reasonable and supportable forecast information to develop a lifetime credit loss estimate. The CECL standard also requires credit losses related to AFS debt securities to be recorded through an allowance for credit losses. Our adoption of this standard on January 1, 2020 did not have a material impact on our portfolio of AFS debt securities. The CECL standard became effective for our fiscal year beginning January 1, 2020. We have changed our accounting policies as described above and implemented system, model and process changes to adopt the standard. Upon adoption, we used a discounted cash flow method to measure expected credit losses on our single-family mortgage loans and an undiscounted loss method to measure expected credit losses on our multifamily mortgage loans. The models used to estimate credit losses incorporated our historical credit loss experience, adjusted for current economic forecasts and the current credit profile of our loan book of business. The models used reasonable and supportable forecasts for key economic drivers, such as home prices (single-family), rental income (multifamily) and capitalization rates (multifamily). The adoption of the CECL standard on January 1, 2020 reduced our retained earnings by $1.1 billion on an after-tax basis. The adoption of this guidance increased our overall credit loss reserves primarily as the result of an increase in our single-family loan loss reserves that were previously evaluated on a collective basis for impairment. This increase was partially offset by a decrease in estimated credit losses on loans that were previously considered individually impaired (our TDRs). The increase in our single-family loan loss reserves that were previously evaluated on a collective basis was primarily driven by the migration from an incurred-loss approach, which allowed us to consider only default events and economic conditions that already existed as of each financial reporting date, to an estimate that incorporates both expected default events over the expected life of each mortgage loan and a forecast of home prices in different economic environments over a reasonable and supportable period. The increase in loss reserves for this portion of our book was low relative to its size due to the credit quality of these loans and because as of the date of adoption our current model forecasted home price growth. The allowance for loan losses on the TDR book was already measured using an expected lifetime credit loss estimate. The credit losses on this portion of our single-family book decreased upon the adoption of the CECL standard because the new guidance required us to exclude from our estimate of credit losses all pre-foreclosure and post-foreclosure costs that are expected to be advanced after the balance sheet date. Prior to the adoption of the CECL standard, we incorporated these costs in our estimate of credit losses for this book. Impacts on Key Balance Sheet Line Items upon Implementation of the CECL Standard The following table discloses the impact of adopting the CECL standard on key balance sheet line items. Balance as of December 31, 2019 Transition Impact from Adoption of the CECL Standard Balance as of January 1, 2020 (Dollars in millions) Mortgage loans held for sale $ 6,773 $ 50 $ 6,823 Allowance for loan losses (9,016) (1,722) (10,738) Other assets (1) 14,312 230 14,542 Deferred tax assets, net 11,910 303 12,213 Accumulated deficit (beginning retained earnings) (118,776) (1,139) (119,915) (1) Transition adjustment primarily represents the reclassification and recognition of freestanding credit enhancements not contractually attached to the loan. For a discussion of the current period measurement of our allowance for loan losses under the CECL standard, including the expected impact of the COVID-19 outbreak, see “Note 4, Allowance for Loan Losses.” Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional temporary relief to ease the potential burden of transitioning away from LIBOR and other discontinued interest rates. Specifically, ASU 2020-04 provides optional practical expedients and exceptions under GAAP related to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued. Qualifying for the accounting relief provided by ASU 2020-04 is subject to meeting certain criteria and is generally only available to contract modifications made and hedging relationships entered into or evaluated prospectively from March 12, 2020 through December 31, 2022. |
Use of Estimates, Policy [Policy Text Block] | 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, disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, the allowance for loan losses. For example, significant uncertainty regarding the expected impacts of the COVID-19 outbreak required substantial management judgment in assessing our allowance for loan losses as of March 31, 2020. Actual results could differ from these estimates. |
Consolidations, Policy [Policy Text Block] | Principles of Consolidation Our condensed consolidated financial statements include our accounts as well as the accounts of the other entities in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated. The typical condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. A controlling financial interest may also exist in entities through arrangements that do not involve voting interests, such as a variable interest entity (“VIE”). |
Marketable Securities, Policy [Policy Text Block] | Investments in Securities Impairment of Available-for-Sale Debt Securities An available-for-sale (“AFS”) debt security is impaired if the fair value of the investment is less than its amortized cost basis. Credit losses (benefits) on impaired AFS debt securities are recognized through an allowance for credit losses. Credit losses are evaluated on an individual security basis and are limited to the difference between the fair value of the debt security and its amortized cost basis. If we intend to sell a debt security or it is more likely than not that we will be required to sell the debt security before recovery, any allowance for credit losses on the debt security is reversed and the amortized cost basis of the debt security is written down to its fair value. 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. Pursuant to the CECL standard, we record an allowance for credit losses for AFS securities that reflects the impairment for credit losses, limited by the amount that fair value is less than the amortized cost. Credit-related losses are written off when deemed uncollectible. Recoveries of credit losses are recorded as a reversal of the allowance for credit losses and benefit for credit losses only prior to the write-down or write-off of a security’s amortized cost basis. Impairment due to non-credit losses are recorded as unrealized losses within other comprehensive income. |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held for Sale When we acquire mortgage loans that we intend to sell or securitize via trusts that will not be consolidated, we classify the loans as held for sale (“HFS”). We report the carrying value of HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchased premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level. For nonperforming loans transferred from held for investment (“HFI”) to HFS, based upon a change in our intent, we record the loans at the lower of cost or fair value on the date of transfer. When the fair value of the nonperforming loan is less than its amortized cost, we record a write-off against the allowance for loan losses in an amount equal to the difference between the amortized cost basis and the fair value of the loan. If the amount written off upon transfer exceeds the allowance related to the transferred loan, we record the excess in provision for credit losses. If the amounts written off are less than the allowance related to the loans, we recognize a benefit for credit losses. Nonperforming loans include both seriously delinquent and reperforming loans, which are loans that were previously delinquent but are performing again because payments on the mortgage loan have become current with or without the use of a loan modification plan. 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. In the event that we reclassify a performing loan from HFI to HFS, based upon a change in our intent, the allowance for loan losses previously recorded on the HFI mortgage loan is reversed through earnings at the time of reclassification. The mortgage loan is reclassified into HFS at its amortized cost basis and a valuation allowance is established to the extent that the amortized cost basis of the loan exceeds its fair value. The initial recognition of the valuation allowance and any subsequent changes are recorded as a gain or loss in “Investment gains (losses), net.” |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans Held for Investment When we acquire mortgage loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as HFI. When we consolidate a securitization trust, we recognize the loans underlying the trust in our condensed consolidated balance sheets. The trusts do not have the ability to sell mortgage loans and the use of such loans is limited exclusively to the settlement of obligations of the trusts. Therefore, mortgage loans acquired when we have the intent to securitize via consolidated trusts are generally classified as HFI in our condensed consolidated balance sheets both prior to and subsequent to their securitization. We report the carrying value of HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and allowance for loan losses. We define the amortized cost of HFI loans as unpaid principal balance and accrued interest receivable, net of unamortized premiums, discounts, and other cost basis adjustments. For purposes of our condensed consolidated balance sheets, we present accrued interest receivable separately from the amortized cost of our loans held for investment. We recognize interest income on HFI loans on an accrual basis using the effective yield method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. |
Nonaccrual Loans [Policy Text Block] | Nonaccrual LoansWe discontinue accruing interest on loans when we believe collectability of principal or interest is not reasonably assured, which for a single-family loan we have determined, based on our historical experience, to be when the loan becomes two months or more past due according to its contractual terms. Interest previously accrued but not collected on loans is reversed through interest income at the date a loan is placed on nonaccrual status. For single-family loans on nonaccrual status, we recognize income when cash payments are received. We return a non-modified single-family loan to accrual status at the point that the borrower brings the loan current. We return a modified single-family loan to accrual status at the point that the borrower successfully makes all required payments during the trial period (generally three to four months) and the modification is made permanent. As of January 1, 2020, we place a multifamily loan on nonaccrual status when the loan becomes two months or more past due according to its contractual terms unless the loan is well secured such that collectability of principal and accrued interest is reasonably assured. For multifamily loans on nonaccrual status, we apply any payment received on a cost recovery basis to reduce principal on the mortgage loan. We return a multifamily loan to accrual status when the borrower cures the delinquency of the loan. Transactions related to the multifamily nonaccrual policy have been immaterial historically |
Allowance for Loan Losses [Policy Text Block] | Our allowance for loan losses is a valuation account that is deducted from the amortized cost basis of HFI loans to present the net amount expected to be collected on the loans. The allowance for loan losses reflects an estimate of expected credit losses on single-family and multifamily HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts. Estimates of credit losses are based on expected cash flows derived from internal models that estimate loan performance under simulated ranges of economic environments. Our modeled loan performance is based on our historical experience of loans with similar risk characteristics adjusted to reflect current conditions and reasonable and supportable forecasts. Our historical loss experience and our credit loss estimates capture the possibility of remote events that could result in credit losses on loans that are considered low risk. The allowance for loans losses does not consider benefits from freestanding credit enhancements, such as our CAS and CIRT programs and multifamily Delegated Underwriting and Servicing (“DUS ® ”) lender risk-sharing arrangements, which are recorded in “Other assets” in our condensed consolidated balance sheets. 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. See “Note 4, Allowance for Loan Losses” for additional information about our current period provision for loan losses, including a discussion of the estimates used in measuring the impact of the COVID-19 outbreak on our allowance. Changes to our estimate of expected credit losses, including changes due to the passage of time, are recorded through the benefit (provision) for credit losses. When calculating our allowance for loan losses, we consider only our amortized cost in the loans at the balance sheet date. We record write-offs as a reduction to the allowance for loan losses when losses are |
Impaired Financing Receivable, Policy | Single-Family Loans We estimate the amount expected to be collected on our single-family loans using a discounted cash flow approach. Our allowance for loan losses is calculated as the difference between the amortized cost basis of the loan and the present value of expected cash flows on the loan. Expected cash flows include payments from the borrower, net of servicing fees, contractually attached credit enhancements and proceeds from the sale of the underlying collateral, net of selling costs. When foreclosure of a single-family loan is probable, the allowance for loan losses is calculated as the difference between the amortized cost basis of the loan and the fair value of the collateral as of the reporting date, adjusted for the estimated costs to sell the property and the amount of expected recoveries from contractually attached credit enhancements or other proceeds we expect to receive. Expected cash flows are developed using internal models that capture market and loan characteristic inputs. Market inputs include information such as actual and forecasted home prices, interest rates, volatility, and spreads, while loan characteristic inputs include information such as mark-to-market loan-to-value (“LTV”) ratios, delinquency status, geography, and borrower FICO credit scores. The model assigns a probability to borrower events including contractual payment, loan payoff and default under various economic environments based on historical data, current conditions, and reasonable and supportable forecasts. The two primary drivers of our forecasted economic environments are interest rates and home prices. Our model projects the range of possible interest rate scenarios over the life of the loan based on actual interest rates and observed option pricing volatility in the capital markets. We develop regional forecasts based on Metropolitan Statistical Area data for single-family home prices using a multi-path simulation that captures home price projections over a five-year period, the period for which we can develop reasonable and supportable forecasts. After the five-year period, the home price forecast immediately reverts to a historical long-term growth rate. Expected cash flows on the loan are discounted at the effective interest rate on the loan, adjusted for expected prepayments. For single-family loans that have not been modified in a troubled debt restructuring (“TDR”), the discount rate is updated each reporting period to reflect changes in expected prepayments. Expected cash flows do not include expected extensions of the contractual term unless such extension is the result of a reasonably expected TDR. We consider the effects of actual and reasonably expected TDRs in our estimate of credit losses. These effects include any economic concession provided or expected to be provided to a borrower experiencing financial difficulty. We consider our current servicing practices and our historical experience to estimate reasonably expected TDRs. When a loan is contractually modified in a TDR, to capture the concession, the discount rate on the loan is locked to the rate in effect just prior to the modification and is no longer updated for changes in expected prepayments. Multifamily Loans Our allowance for loan losses on multifamily loans is calculated based on estimated probabilities of default and loss severities to derive expected loss ratios, which are then applied to the amortized cost basis of the loans. Our probabilities of default and severity are estimated using internal models based on historical loss experience of loans with similar risk characteristics that affect credit performance, such as debt service coverage ratio (“DSCR”), mark-to-market LTV ratio, collateral type, age, loan size, geography, prepayment penalty term, and note type. Our models simulate a range of possible future economic scenarios, which are used to estimate probabilities of default and loss severities. Key inputs to our models include rental income, which drives expected DSCRs for our loans, and capitalization rates, which project future property values. Our reasonable and supportable forecasts for multifamily rental income and capitalization rates, which are projected based on Metropolitan Statistical Area data, extend through the contractual maturity of the loans. For TDRs, we use a discounted cash flow approach to estimate expected credit losses. |
Consolidations and Transfers _2
Consolidations and Transfers of Financial Assets (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Consolidations and Transfers of Financial Assets [Abstract] | |
Consolidations, Policy [Policy Text Block] | Principles of Consolidation Our condensed consolidated financial statements include our accounts as well as the accounts of the other entities in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated. The typical condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. A controlling financial interest may also exist in entities through arrangements that do not involve voting interests, such as a variable interest entity (“VIE”). |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial AssetsWe issue Fannie Mae MBS through portfolio securitization transactions by transferring pools of mortgage loans or mortgage-related securities to one or more trusts or special purpose entities. We are considered to be the transferor when we transfer assets from our own retained mortgage portfolio in a portfolio securitization transaction. |
Mortgage Loans (Policies)
Mortgage Loans (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans Held for Investment When we acquire mortgage loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as HFI. When we consolidate a securitization trust, we recognize the loans underlying the trust in our condensed consolidated balance sheets. The trusts do not have the ability to sell mortgage loans and the use of such loans is limited exclusively to the settlement of obligations of the trusts. Therefore, mortgage loans acquired when we have the intent to securitize via consolidated trusts are generally classified as HFI in our condensed consolidated balance sheets both prior to and subsequent to their securitization. We report the carrying value of HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and allowance for loan losses. We define the amortized cost of HFI loans as unpaid principal balance and accrued interest receivable, net of unamortized premiums, discounts, and other cost basis adjustments. For purposes of our condensed consolidated balance sheets, we present accrued interest receivable separately from the amortized cost of our loans held for investment. We recognize interest income on HFI loans on an accrual basis using the effective yield method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held for Sale When we acquire mortgage loans that we intend to sell or securitize via trusts that will not be consolidated, we classify the loans as held for sale (“HFS”). We report the carrying value of HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchased premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level. For nonperforming loans transferred from held for investment (“HFI”) to HFS, based upon a change in our intent, we record the loans at the lower of cost or fair value on the date of transfer. When the fair value of the nonperforming loan is less than its amortized cost, we record a write-off against the allowance for loan losses in an amount equal to the difference between the amortized cost basis and the fair value of the loan. If the amount written off upon transfer exceeds the allowance related to the transferred loan, we record the excess in provision for credit losses. If the amounts written off are less than the allowance related to the loans, we recognize a benefit for credit losses. Nonperforming loans include both seriously delinquent and reperforming loans, which are loans that were previously delinquent but are performing again because payments on the mortgage loan have become current with or without the use of a loan modification plan. 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. In the event that we reclassify a performing loan from HFI to HFS, based upon a change in our intent, the allowance for loan losses previously recorded on the HFI mortgage loan is reversed through earnings at the time of reclassification. The mortgage loan is reclassified into HFS at its amortized cost basis and a valuation allowance is established to the extent that the amortized cost basis of the loan exceeds its fair value. The initial recognition of the valuation allowance and any subsequent changes are recorded as a gain or loss in “Investment gains (losses), net.” |
Troubled Debt Restructurings [Policy Text Block] | A modification to the contractual terms of a loan that results in granting a concession to a borrower experiencing financial difficulties is considered a TDR. In addition to formal loan modifications, we also engage in other loss mitigation activities with troubled borrowers, which include repayment plans and forbearance arrangements, both of which represent informal agreements with the borrower that do not result in the legal modification of the loan’s contractual terms. We account for theseinformal restructurings as a TDR if we defer more than three missed payments. We also classify loans to certain borrowers who have received bankruptcy relief as TDRs. Our current TDR accounting described herein will be temporarily impacted by our election to account for certain eligible loan modifications under the COVID-19 Relief granted pursuant to the CARES Act. |
Allowance for Loan Losses (Poli
Allowance for Loan Losses (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Loan Losses [Policy Text Block] | Our allowance for loan losses is a valuation account that is deducted from the amortized cost basis of HFI loans to present the net amount expected to be collected on the loans. The allowance for loan losses reflects an estimate of expected credit losses on single-family and multifamily HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts. Estimates of credit losses are based on expected cash flows derived from internal models that estimate loan performance under simulated ranges of economic environments. Our modeled loan performance is based on our historical experience of loans with similar risk characteristics adjusted to reflect current conditions and reasonable and supportable forecasts. Our historical loss experience and our credit loss estimates capture the possibility of remote events that could result in credit losses on loans that are considered low risk. The allowance for loans losses does not consider benefits from freestanding credit enhancements, such as our CAS and CIRT programs and multifamily Delegated Underwriting and Servicing (“DUS ® ”) lender risk-sharing arrangements, which are recorded in “Other assets” in our condensed consolidated balance sheets. 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. See “Note 4, Allowance for Loan Losses” for additional information about our current period provision for loan losses, including a discussion of the estimates used in measuring the impact of the COVID-19 outbreak on our allowance. Changes to our estimate of expected credit losses, including changes due to the passage of time, are recorded through the benefit (provision) for credit losses. When calculating our allowance for loan losses, we consider only our amortized cost in the loans at the balance sheet date. We record write-offs as a reduction to the allowance for loan losses when losses are |
Investment in Securities (Polic
Investment in Securities (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities, Policy [Policy Text Block] | Investments in Securities Impairment of Available-for-Sale Debt Securities An available-for-sale (“AFS”) debt security is impaired if the fair value of the investment is less than its amortized cost basis. Credit losses (benefits) on impaired AFS debt securities are recognized through an allowance for credit losses. Credit losses are evaluated on an individual security basis and are limited to the difference between the fair value of the debt security and its amortized cost basis. If we intend to sell a debt security or it is more likely than not that we will be required to sell the debt security before recovery, any allowance for credit losses on the debt security is reversed and the amortized cost basis of the debt security is written down to its fair value. 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. Pursuant to the CECL standard, we record an allowance for credit losses for AFS securities that reflects the impairment for credit losses, limited by the amount that fair value is less than the amortized cost. Credit-related losses are written off when deemed uncollectible. Recoveries of credit losses are recorded as a reversal of the allowance for credit losses and benefit for credit losses only prior to the write-down or write-off of a security’s amortized cost basis. Impairment due to non-credit losses are recorded as unrealized losses within other comprehensive income. |
Guarantees (Policies)
Guarantees (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Guarantees and Product Warranties [Abstract] | |
Off-Balance-Sheet Credit Exposure, Policy | 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.With our adoption of the CECL standard on January 1, 2020, 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. |
Derivative Instruments (Policie
Derivative Instruments (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Policy [Policy Text Block] | 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 |
Segment Reporting (Policies)
Segment Reporting (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | We have two reportable business segments: 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. |
Netting Arrangements (Policies)
Netting Arrangements (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Offsetting [Abstract] | |
Derivatives, Offsetting Policy [Policy Text Block] | Derivative instruments are recorded at fair value and securities purchased under agreements to resell or similar arrangements are recorded at amortized cost in our condensed consolidated balance sheets. For how we determine our rights to offset the assets and liabilities presented above with the same counterparty, including collateral posted or received, see “Note 14, Netting Arrangements” in our 2019 Form 10-K. |
Fair Value (Policies)
Fair Value (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurement Fair value measurement guidance defines fair value, establishes a framework for measuring fair value, and sets forth disclosures around fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. The guidance establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The hierarchy gives the highest priority, Level 1, to measurements based on unadjusted quoted prices in active markets for identical assets or liabilities. The next highest priority, Level 2, is given to measurements of assets and liabilities based on limited observable inputs or observable inputs for similar assets and liabilities. The lowest priority, Level 3, is given to measurements based on unobservable inputs. Fair Value Option We elected the fair value option for loans and debt that contain embedded derivatives that would otherwise require bifurcation. Additionally, we elected the fair value option for our credit risk-sharing securities accounted for as debt of Fannie Mae issued under our CAS series prior to January 1, 2016. Under the fair value option, we elected to carry these instruments at fair value instead of bifurcating the embedded derivative from such instruments. |
Fair Value of Financial Instruments, Policy | In our condensed consolidated balance sheets, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when we evaluate loans for impairment). |
Commitments and Contingencies (
Commitments and Contingencies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies, Policy [Policy Text Block] | On a quarterly basis, we review relevant information about all pending legal actions and proceedings for the purpose of evaluating and revising our contingencies, accruals and disclosures. We establish an accrual only for matters when a loss is probable and we can reasonably estimate the amount of such loss. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table discloses the impact of adopting the CECL standard on key balance sheet line items. Balance as of December 31, 2019 Transition Impact from Adoption of the CECL Standard Balance as of January 1, 2020 (Dollars in millions) Mortgage loans held for sale $ 6,773 $ 50 $ 6,823 Allowance for loan losses (9,016) (1,722) (10,738) Other assets (1) 14,312 230 14,542 Deferred tax assets, net 11,910 303 12,213 Accumulated deficit (beginning retained earnings) (118,776) (1,139) (119,915) (1) Transition adjustment primarily represents the reclassification and recognition of freestanding credit enhancements not contractually attached to the loan. |
Consolidations and Transfers _3
Consolidations and Transfers of Financial Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Consolidations and Transfers of Financial Assets [Abstract] | |
Unconsolidated Variable Interest Entities [Table Text Block] | 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 March 31, 2020 December 31, 2019 Assets and liabilities recorded in our condensed consolidated balance sheets related to unconsolidated mortgage-backed trusts: (Dollars in millions) Assets: Trading securities: Fannie Mae $ 2,666 $ 2,543 Non-Fannie Mae 4,610 5,100 Total trading securities 7,276 7,643 Available-for-sale securities: Fannie Mae 1,505 1,524 Non-Fannie Mae 493 574 Total available-for-sale securities 1,998 2,098 Other assets 45 56 Other liabilities (71) (78) Net carrying amount $ 9,248 $ 9,719 |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Loans in Mortgage Portfolio [Table Text Block] | The following table displays the carrying value of mortgage loans and our allowance for loan losses. As of March 31, 2020 December 31, 2019 (Dollars in millions) Single-family $ 2,996,281 $ 2,972,361 Multifamily 334,397 327,593 Total unpaid principal balance of mortgage loans 3,330,678 3,299,954 Cost basis and fair value adjustments, net 45,341 43,224 Allowance for loan losses (13,209) (9,016) Total mortgage loans $ 3,362,810 $ 3,334,162 The following tables display information about our sales of mortgage loans during the period along with our redesignations of loans at the time of redesignation. For the Three Months Ended March 31, 2020 2019 (Dollars in millions) Single family loans redesignated from HFI to HFS: Amortized cost $ 1,637 $ 2,945 Lower of cost or fair value adjustment at time of redesignation (1) (9) (240) Allowance reversed at time of redesignation 184 467 Single-family loans sold: Unpaid principal balance $ — $ 58 Realized gains (losses) — 36 (1) Consists of the write-off against the allowance at the time of redesignation. | As of December 31, 2019 Single-Family Multifamily Total (Dollars in millions) Allowance for loan losses by segment: Individually impaired loans $ (8,175) $ (45) $ (8,220) Collectively reserved loans (584) (212) (796) Total allowance for loan losses $ (8,759) $ (257) $ (9,016) Amortized cost in loans by segment: Individually impaired loans $ 97,196 $ 680 $ 97,876 Collectively reserved loans 2,909,115 329,938 3,239,053 Total amortized cost in loans $ 3,006,311 $ 330,618 $ 3,336,929 | |
Aging Analysis [Table Text Block] | The following tables display an aging analysis of the total amortized cost of our HFI mortgage loans by portfolio segment and class, excluding loans for which we have elected the fair value option. As of March 31, 2020 30 - 59 Days 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 $ 29,663 $ 6,665 $ 13,323 $ 49,651 $ 2,497,239 $ 2,546,890 $ 23 $ 6,653 15-year or less, amortizing fixed-rate 1,803 280 450 2,533 373,012 375,545 — 542 Adjustable-rate 383 76 165 624 41,864 42,488 — 150 Other (2) 2,302 756 1,847 4,905 61,288 66,193 132 710 Total single-family 34,151 7,777 15,785 57,713 2,973,403 3,031,116 155 8,055 Multifamily (3) 37 N/A 158 195 337,499 337,694 — 33 Total $ 34,188 $ 7,777 $ 15,943 $ 57,908 $ 3,310,902 $ 3,368,810 $ 155 $ 8,088 As of December 31, 2019 30 - 59 Days 60 - 89 Days Delinquent Seriously Delinquent (1) Total Delinquent Current Total Loans 90 Days or More Delinquent and Accruing Interest (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 26,882 $ 7,126 $ 13,082 $ 47,090 $ 2,470,457 $ 2,517,547 $ 28 15-year or less, amortizing fixed-rate 1,616 286 445 2,347 371,740 374,087 — Adjustable-rate 412 85 167 664 44,244 44,908 — Other (2) 2,323 829 1,891 5,043 64,726 69,769 136 Total single-family 31,233 8,326 15,585 55,144 2,951,167 3,006,311 164 Multifamily (3) 7 N/A 115 122 330,496 330,618 — Total $ 31,240 $ 8,326 $ 15,700 $ 55,266 $ 3,281,663 $ 3,336,929 $ 164 (1) Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due. (2) Reverse mortgage loans included in "Other" are not aged due to their nature and are included in the current column. (3) Multifamily loans 60-89 days delinquent are included in the seriously delinquent column. | ||
Troubled Debt Restructurings Activity [Table Text Block] | The following table displays the number of loans and amortized cost in loans classified as a TDR. For the Three Months Ended March 31, 2020 2019 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate 10,856 $ 1,909 11,445 $ 1,826 15-year or less, amortizing fixed-rate 1,073 98 1,295 114 Adjustable-rate 144 24 217 32 Other 537 68 936 127 Total single-family 12,610 2,099 13,893 2,099 Multifamily — — 3 13 Total TDRs 12,610 $ 2,099 13,896 $ 2,112 For loans that defaulted in the period presented and that were classified as a TDR in the twelve months prior to the default, the following table displays the number of loans and the amortized cost of these loans at the time of payment default. For purposes of this disclosure, we define loans that had a payment default as: single-family and multifamily loans with completed TDRs that liquidated during the period, either through foreclosure, deed-in-lieu of foreclosure, or a short sale; single-family loans with completed modifications that are two or more months delinquent during the period; or multifamily loans with completed modifications that are one or more months delinquent during the period. For the Three Months Ended March 31, 2020 2019 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate 3,175 $ 521 4,376 $ 664 15-year or less, amortizing fixed-rate 50 3 132 8 Adjustable-rate 7 1 8 1 Other 327 51 643 104 Total single-family 3,559 576 5,159 777 Multifamily 2 2 — — Total TDRs that subsequently defaulted 3,561 $ 578 5,159 $ 777 | ||
Financing Receivable, Nonaccrual | The table below displays the amortized cost of and interest income on our HFI single-family and multifamily loans on nonaccrual status by class, excluding loans for which we have elected the fair value option. For the three months ended March 31, 2020, the total amount of foregone interest income for single-family nonaccrual loans was $182 million, of which $87 million was accrued interest receivable written off through the reversal of interest income for nonaccrual loans held at period end. For the three months ended March 31, 2020, the total amount of foregone interest income for multifamily nonaccrual loans held as of period end was $1 million. As of For the Three Months Ended March 31, 2020 March 31, 2020 December 31, 2019 Amortized Cost Total Interest Income Recognized (1) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 23,212 $ 23,427 $ 101 15-year or less, amortized fixed-rate 856 858 2 Adjustable-rate 279 288 1 Other 2,827 2,973 13 Total single-family 27,174 27,546 117 Multifamily 91 435 — Total $ 27,265 $ 27,981 $ 117 (1) Represents the amount of cash payments received for nonaccrual loans held as of period end. | ||
Individually Impaired Loans [Table Text Block] | For the Three Months Ended March 31, 2019 Average Amortized Cost Total Interest Income Recognized Interest Income Recognized on a Cash Basis (Dollars in millions) Individually impaired loans: With related allowance recorded: Single-family: 20- and 30-year or more, amortizing fixed-rate $ 76,400 $ 804 $ 79 15-year or less, amortizing fixed-rate 1,323 12 1 Adjustable-rate 120 1 — Other 19,898 204 15 Total single-family 97,741 1,021 95 Multifamily 247 2 — Total individually impaired loans with related allowance recorded 97,988 1,023 95 With no related allowance recorded: (1) Single-family: 20- and 30-year or more, amortizing fixed-rate 14,474 212 26 15-year or less, amortizing fixed-rate 318 4 1 Adjustable-rate 400 4 1 Other 3,000 48 3 Total single-family 18,192 268 31 Multifamily 353 2 — Total individually impaired loans with no related allowance recorded 18,545 270 31 Total individually impaired loans $ 116,533 $ 1,293 $ 126 (1) The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required. | The following tables display the unpaid principal balance, total amortized cost, related allowance as of December 31, 2019 and average amortized cost, total interest income recognized, and interest income recognized on a cash basis for individually impaired loans for the three months ended March 31, 2019. As of December 31, 2019 Unpaid Principal Balance Total Amortized Cost Related Allowance for Loan Losses (Dollars in millions) Individually impaired loans: With related allowance recorded: Single-family: 20- and 30-year or more, amortizing fixed-rate $ 63,091 $ 61,033 $ (5,851) 15-year or less, amortizing fixed-rate 954 960 (24) Adjustable-rate 156 157 (9) Other 15,181 14,078 (2,291) Total single-family 79,382 76,228 (8,175) Multifamily 314 315 (45) Total individually impaired loans with related allowance recorded 79,696 76,543 (8,220) With no related allowance recorded: (1) Single-family: 20- and 30-year or more, amortizing fixed-rate 18,372 17,578 — 15-year or less, amortizing fixed-rate 410 407 — Adjustable-rate 265 265 — Other 3,014 2,718 — Total single-family 22,061 20,968 — Multifamily 363 365 — Total individually impaired loans with no related allowance recorded 22,424 21,333 — Total individually impaired loans (2) $ 102,120 $ 97,876 $ (8,220) (1) The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required. (2) Includes single-family loans restructured in a TDR with an amortized cost of $96.9 billion as of December 31, 2019. Includes multifamily loans restructured in a TDR with an amortized cost of $102 million as of December 31, 2019. | |
Single-family [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit Quality Indicators [Table Text Block] | The following table displays the total amortized cost of our single-family HFI loans by class, year of origination and credit quality indicator, excluding loans for which we have elected the fair value option. The estimated mark-to-market LTV ratio is a primary factor we consider when estimating our allowance for loan losses for single-family loans. As LTV ratios increase, the borrower's equity in the home decreases, which may negatively affect the borrower's ability to refinance or to sell the property for an amount at or above the outstanding balance of the loan. As of March 31, 2020, by Year of Origination (1) 2020 2019 2018 2017 2016 Prior Total (Dollars in millions) Estimated mark-to-market LTV ratio: (2) 20- and 30-year or more, amortizing fixed-rate: Less than or equal to 80% $ 76,429 $ 307,581 $ 177,622 $ 252,599 $ 312,333 $ 1,034,737 $ 2,161,301 Greater than 80% and less than or equal to 90% 16,159 93,510 72,787 40,029 10,145 14,220 246,850 Greater than 90% and less than or equal to 100% 17,666 92,907 16,344 2,080 503 4,715 134,215 Greater than 100% — 443 143 167 170 3,601 4,524 Total 20 and 30-year or more, amortizing fixed-rate 110,254 494,441 266,896 294,875 323,151 1,057,273 2,546,890 15-year or less, amortizing fixed-rate: Less than or equal to 80% 15,233 56,811 23,322 42,251 58,651 172,743 369,011 Greater than 80% and less than or equal to 90% 795 3,502 668 97 23 46 5,131 Greater than 90% and less than or equal to 100% 322 967 22 10 8 23 1,352 Greater than 100% — 2 7 9 7 26 51 Total 15-year or less, amortizing fixed-rate 16,350 61,282 24,019 42,367 58,689 172,838 375,545 Adjustable-rate: Less than or equal to 80% 433 2,551 3,917 7,631 4,116 22,449 41,097 Greater than 80% and less than or equal to 90% 38 360 501 208 21 54 1,182 Greater than 90% and less than or equal to 100% 17 125 49 7 1 8 207 Greater than 100% — — — — — 2 2 Total adjustable-rate 488 3,036 4,467 7,846 4,138 22,513 42,488 Other: Less than or equal to 80% — 42 348 871 1,134 42,367 44,762 Greater than 80% and less than or equal to 90% — 4 33 73 60 2,470 2,640 Greater than 90% and less than or equal to 100% — 1 17 37 26 1,193 1,274 Greater than 100% — 2 11 18 19 1,198 1,248 Total other — 49 409 999 1,239 47,228 49,924 Total $ 127,092 $ 558,808 $ 295,791 $ 346,087 $ 387,217 $ 1,299,852 $ 3,014,847 Total for all classes by LTV ratio (2) Less than or equal to 80% $ 92,095 $ 366,985 $ 205,209 $ 303,352 $ 376,234 $ 1,272,296 $ 2,616,171 Greater than 80% and less than or equal to 90% 16,992 97,376 73,989 40,407 10,249 16,790 255,803 Greater than 90% and less than or equal to 100% 18,005 94,000 16,432 2,134 538 5,939 137,048 Greater than 100% — 447 161 194 196 4,827 5,825 Total $ 127,092 $ 558,808 $ 295,791 $ 346,087 $ 387,217 $ 1,299,852 $ 3,014,847 As of December 31, 2019 (1) 20- and 30-Year or More, Amortizing Fixed-Rate 15-Year or less, Amortizing Fixed-Rate Adjustable-Rate Other Total (Dollars in millions) Estimated mark-to-market LTV ratio: (2) Less than or equal to 80% $ 2,145,018 $ 368,181 $ 43,415 $ 47,005 $ 2,603,619 Greater than 80% and less than or equal to 90% 237,623 4,556 1,275 2,872 246,326 Greater than 90% and less than or equal to 100% 130,152 1,284 215 1,398 133,049 Greater than 100% 4,754 66 3 1,365 6,188 Total $ 2,517,547 $ 374,087 $ 44,908 $ 52,640 $ 2,989,182 (1) Excludes $16.3 billion and $17.1 billion as of March 31, 2020 and December 31, 2019, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. The class is primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV ratio. | ||
Multifamily [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Credit Quality Indicators [Table Text Block] | The following table displays 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. As of March 31, 2020, by Year of Origination 2020 2019 2018 2017 2016 Prior Total (Dollars in millions) Internally assigned credit risk rating: Non-classified (1) $ 9,858 $ 69,507 $ 63,830 $ 53,715 $ 46,030 $ 87,262 $ 330,202 Classified (2) — 347 910 1,655 1,458 3,122 7,492 Total $ 9,858 $ 69,854 $ 64,740 $ 55,370 $ 47,488 $ 90,384 $ 337,694 As of December 31, 2019 (Dollars in millions) Internally assigned credit risk rating: Non-classified (1) $ 323,773 Classified (2) 6,845 Total $ 330,618 (1) A loan categorized as “Non-classified” is current or adequately protected by the current financial strength and debt service capability of the borrower. |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | ||
Allowance for Loan Losses Rollforward by Segment [Table Text Block] | The following table displays changes in our allowance for single-family loans, multifamily loans and total allowance for loan losses, including the transition impact of adopting the CECL standard. For the Three Months Ended March 31, 2020 Balance December 31, 2019 Transition Impact from the Adoption of the CECL Standard Balance January 1, 2020 Provision for Loan Losses Write-offs Recoveries Other Balance March 31, 2020 (Dollars in millions) Single-family $ (8,759) $ (1,229) $ (9,988) $ (2,177) $ 70 $ (3) $ 28 $ (12,070) Multifamily (257) (493) (750) (407) 19 (1) — (1,139) Total allowance for loan losses $ (9,016) $ (1,722) $ (10,738) $ (2,584) $ 89 $ (4) $ 28 $ (13,209) Our provision for loan losses can vary substantially from period to period based on a number of factors, such as changes in actual and forecasted home prices or property valuations, fluctuations in actual and forecasted interest rates, borrower payment behavior, events such as natural disasters or pandemics, the types and volume of our loss mitigation activities, including forbearance and loan modifications, the volume of foreclosures completed, and the redesignation of loans from HFI to HFS. Estimating the impact of the COVID-19 outbreak on our expected loan loss reserves required significant management judgment, including estimates of the number of single-family borrowers who will receive forbearance and any resulting loan modifications that will be provided once the forbearance period ends. Under our CECL methodology, depending on the type of loan modification granted, loss severity estimates vary. Our provision can also be impacted by updates to the models, assumptions, and data used in determining our allowance for loan losses. The primary factors that impacted our single-family provision for loan losses in the first quarter of 2020 were: • Expected loan losses as a result of the COVID-19 outbreak. Given the rapidly changing and deteriorating market conditions in recent weeks as a result of the unprecedented COVID-19 outbreak, we believe our model used to estimate single-family credit losses as of March 31, 2020 does not capture the entirety of losses we expect to incur relating to COVID-19. As such, management used its judgment to increase the loss projections developed by our credit loss model to reflect our current expectations relating to COVID-19’s impact. These judgments included adjusting our modeled results for (1) the expected impact of widespread forbearance programs, including the rate of borrower participation, and the volume and type of loan modifications as a result thereof, (2) the effect of TDR accounting relief from the CARES Act, and (3) lower expected prepayment volumes given the sharp rise in unemployment rates that are expected to stay elevated over the near term. In developing this model adjustment, management considered the current credit risk profile of our single-family loan book of business, as well as relevant historical credit loss experience during rare or stressful economic environments. • A decrease in our expectations for home price growth. We revised our forecast to reflect near zero home price appreciation on a national basis for 2020 due to COVID-19 market disruptions. Lower home prices increase the likelihood that loans will default and increase the amount of credit loss on loans that do default, which impacts our estimate of losses and ultimately increases our loss reserves and provision for credit losses. • These factors were partially offset by lower actual and projected mortgage interest rates. As mortgage interest rates decline, we expect an increase in future prepayments on single-family loans, including modified loans. Higher expected prepayments shorten the expected lives of modified loans, which decreases the expected impairment relating to term and interest-rate concessions provided on these loans and results in a benefit for credit losses. As noted above, we adjusted downward our modeled expectation of prepayment volumes due to the COVID-19 outbreak, which reduced the modeled benefit from interest rates. The primary factor that contributed to a decrease in single-family write-offs in the first quarter of 2020 compared to the first quarter of 2019 was a reduction in the number of reperforming loans redesignated from HFI to HFS, resulting in lower write-offs. Our multifamily provision for loan losses in the first quarter of 2020 was primarily driven by expected loan losses as a result of the COVID-19 outbreak. Similar to the single-family provision for loan losses discussed above, we believe our model used to estimate multifamily credit losses as of March 31, 2020 does not capture the entirety of losses we expect to incur relating to COVID-19. As such, management used its judgment to increase the loss projections developed by our credit loss model to reflect our current expectations relating to COVID-19’s impact. Accordingly, our current multifamily provision for loan losses was primarily driven by higher expected unemployment rates, which we expect will increase the number of loans in forbearance and reduce property net operating income in the near term, thereby decreasing forecasted property values and increasing the probability of loan default. In developing these adjustments, management considered the current credit risk profile of our multifamily loan book of business, as well as relevant historical credit loss experience during rare or stressful economic environments. For the three months ended March 31, 2020, we recorded a benefit of $58 million related to changes in the expected benefit of freestanding credit enhancements on our single-family loans. Additionally, we recorded a benefit of $127 million related to freestanding credit enhancements on our multifamily loans. Freestanding credit enhancements primarily consist of transactions under our CAS program, our CIRT program, and certain lender risk-sharing programs, including our multifamily DUS program. The impact from these credit enhancements is recorded in “Fee and other income” in our condensed consolidated statements of operations and comprehensive income. The following tables display prior period changes in single-family and multifamily allowance for loan losses and the prior period amortized cost in our HFI loans by impairment or allowance methodology and portfolio segment prior to the adoption of the CECL standard. For a description of our previous allowance and impairment methodology refer to “Note 1, Summary of Significant Accounting Policies” in our 2019 Form 10-K. For the Three Months Ended March 31, 2019 Balance December 31, 2018 Benefit (Provision) for Loan Losses Write-offs Recoveries Other Balance March 31, 2019 (Dollars in millions) Single-family $ (13,969) $ 647 $ 381 $ (45) $ 1 $ (12,985) Multifamily (234) (13) — — — (247) Total allowance for loan losses $ (14,203) $ 634 $ 381 $ (45) $ 1 $ (13,232) | |
Loans in Mortgage Portfolio [Table Text Block] | The following table displays the carrying value of mortgage loans and our allowance for loan losses. As of March 31, 2020 December 31, 2019 (Dollars in millions) Single-family $ 2,996,281 $ 2,972,361 Multifamily 334,397 327,593 Total unpaid principal balance of mortgage loans 3,330,678 3,299,954 Cost basis and fair value adjustments, net 45,341 43,224 Allowance for loan losses (13,209) (9,016) Total mortgage loans $ 3,362,810 $ 3,334,162 The following tables display information about our sales of mortgage loans during the period along with our redesignations of loans at the time of redesignation. For the Three Months Ended March 31, 2020 2019 (Dollars in millions) Single family loans redesignated from HFI to HFS: Amortized cost $ 1,637 $ 2,945 Lower of cost or fair value adjustment at time of redesignation (1) (9) (240) Allowance reversed at time of redesignation 184 467 Single-family loans sold: Unpaid principal balance $ — $ 58 Realized gains (losses) — 36 (1) Consists of the write-off against the allowance at the time of redesignation. | As of December 31, 2019 Single-Family Multifamily Total (Dollars in millions) Allowance for loan losses by segment: Individually impaired loans $ (8,175) $ (45) $ (8,220) Collectively reserved loans (584) (212) (796) Total allowance for loan losses $ (8,759) $ (257) $ (9,016) Amortized cost in loans by segment: Individually impaired loans $ 97,196 $ 680 $ 97,876 Collectively reserved loans 2,909,115 329,938 3,239,053 Total amortized cost in loans $ 3,006,311 $ 330,618 $ 3,336,929 |
Investments in Securities (Tabl
Investments in Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments In Trading Securities [Table Text Block] | The following table displays our investments in trading securities. As of March 31, 2020 December 31, 2019 (Dollars in millions) Mortgage-related securities: Fannie Mae $ 3,530 $ 3,424 Other agency (1) 4,167 4,490 Private-label and other mortgage securities 444 629 Total mortgage-related securities (includes $863 million and $896 million, respectively, related to consolidated trusts) 8,141 8,543 Non-mortgage-related securities: U.S. Treasury securities 44,727 39,501 Other securities 73 79 Total non-mortgage-related securities 44,800 39,580 Total trading securities $ 52,941 $ 48,123 (1) Consists of Freddie Mac and Ginnie Mae mortgage-related securities. |
Schedule of Trading Securities Gains (Losses), Net [Table Text Block] | The following table displays information about our net trading gains. For the Three Months Ended March 31, 2020 2019 (Dollars in millions) Net trading gains $ 647 $ 92 Net trading gains recognized in the period related to securities still held at period end 591 89 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | 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 March 31, 2020 Total Amortized Cost (1) Allowance for Credit Losses Gross Unrealized Gains in AOCI Gross Unrealized Losses in AOCI Total Fair Value (1) (Dollars in millions) Fannie Mae $ 1,393 $ — $ 123 $ (11) $ 1,505 Other agency (2) 171 — 19 — 190 Alt-A and subprime private-label securities 4 — 3 — 7 Mortgage revenue bonds 291 (3) 9 (1) 296 Other mortgage-related securities 288 — 3 — 291 Total $ 2,147 $ (3) $ 157 $ (12) $ 2,289 As of December 31, 2019 Total Amortized Cost (1)(3) Gross Unrealized Gains Gross Unrealized Losses Total Fair Value (1) (Dollars in millions) Fannie Mae $ 1,445 $ 85 $ (10) $ 1,520 Other agency (2) 183 15 — 198 Alt-A and subprime private-label securities 34 23 — 57 Mortgage revenue bonds 309 9 (3) 315 Other mortgage-related securities 310 5 (1) 314 Total $ 2,281 $ 137 $ (14) $ 2,404 (1) We exclude from amortized cost and fair value accrued interest of $8 million and $10 million as of March 31, 2020 and December 31, 2019 , respectively, which we record in “Other assets” in our condensed consolidated balance sheets. (2) Other agency securities consist of securities issued by Freddie Mac and Ginnie Mae. (3) Prior to our adoption of the CECL standard, total amortized cost represented the unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, as well as temporary impairments recognized in “Investment gains, net” in our consolidated statements of operations and comprehensive income. Fannie Mae and Other Agency Securities Our Fannie Mae and other agency AFS securities consist of securities issued by us, Freddie Mac, or Ginnie Mae. The principal and interest on these securities are guaranteed by the issuing agency. We believe that the guaranty provided by the issuing agency, the support provided to the agencies by the U.S. government, the importance of the agencies to the liquidity and stability in the secondary mortgage market, and the long history of zero credit losses on agency mortgage-related securities are all indicators that there are not currently credit losses on these securities, even if the security is in an unrealized loss position. In addition, we generally hold these securities that are in an unrealized loss position to recovery. As a result, unless we intend to sell the security, we do not recognize an allowance for credit losses on agency mortgage-related securities. Non-Agency Mortgage-Related Securities As of March 31, 2020, substantially all of our non-agency mortgage-related securities were in an unrealized gain position. As a result, we have not recognized an allowance for credit losses on these securities. |
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table displays the amortized cost and fair value of our AFS securities by major security type and remaining contractual maturity, assuming no principal prepayments. The contractual maturity of mortgage-backed securities is not a reliable indicator of their expected life because borrowers generally have the right to prepay their obligations at any time. As of March 31, 2020 Total Carrying Amount (1) Total One Year or Less After One Year Through Five Years After Five Years Through Ten Years After Ten Years Net Carrying Amount (1) Fair Value Net Carrying Amount (1) Fair Value Net Carrying Amount (1) Fair Value Net Carrying Amount (1) Fair Value (Dollars in millions) Fannie Mae $ 1,393 $ 1,505 $ — $ — $ 14 $ 14 $ 96 $ 109 $ 1,283 $ 1,382 Other agency 171 190 — — 16 17 23 25 132 148 Alt-A and subprime private-label securities 4 7 — — — — 2 3 2 4 Mortgage revenue bonds 288 296 2 2 30 32 27 28 229 234 Other mortgage-related securities 288 291 — — — — 23 24 265 267 Total $ 2,144 $ 2,289 $ 2 $ 2 $ 60 $ 63 $ 171 $ 189 $ 1,911 $ 2,035 (1) Net carrying amount consists of book value, net of allowance for credit losses on AFS debt securities. |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | The following tables display additional information regarding gross unrealized losses and fair value by major security type for AFS securities in an unrealized loss position, excluding allowance for credit losses. As of March 31, 2020 Less Than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses in AOCI Fair Value Gross Unrealized Losses in AOCI Fair Value (Dollars in millions) Fannie Mae $ (1) $ 66 $ (10) $ 105 Mortgage revenue bonds (1) 22 — — Total $ (2) $ 88 $ (10) $ 105 As of December 31, 2019 Less Than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (Dollars in millions) Fannie Mae $ — $ — $ (10) $ 337 Mortgage revenue bonds — — (3) 3 Other mortgage-related securities (1) 130 — — Total $ (1) $ 130 $ (13) $ 340 |
Schedule of Realized Gain (Loss) [Table Text Block] | The following table displays the gross realized gains and proceeds on sales of AFS securities. For the Three Months Ended March 31, 2020 2019 (Dollars in millions) Gross realized gains $ 21 $ 61 Total proceeds (excludes initial sale of securities from new portfolio securitizations) 50 131 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following tables display net unrealized gains on AFS securities and other amounts accumulated within our accumulated other comprehensive income, net of tax. As of March 31, 2020 (Dollars in millions) Net unrealized gains on AFS securities for which we have not recorded an allowance for credit losses $ 115 Other 31 Accumulated other comprehensive income $ 146 As of December 31, 2019 (Dollars in millions) Net unrealized gains on AFS securities for which we have not recorded OTTI $ 97 Other 34 Accumulated other comprehensive income $ 131 |
Financial Guarantees (Tables)
Financial Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Guarantees [Abstract] | |
Financial Guarantees and Maximum Recovery [Table Text Block] | 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 March 31, 2020 December 31, 2019 Maximum Exposure Guaranty Obligation Maximum Recovery (1) Maximum Exposure Guaranty Obligation Maximum Recovery (1) (Dollars in millions) Unconsolidated Fannie Mae MBS $ 5,487 $ 18 $ 5,244 $ 5,801 $ 26 $ 5,545 Other guaranty arrangements (2) 12,399 123 2,495 12,670 128 2,553 Total $ 17,886 $ 141 $ 7,739 $ 18,471 $ 154 $ 8,098 (1) Recoverability of such credit enhancements and recourse is subject to, among other factors, our mortgage insurers’ and financial guarantors’ ability to meet their obligations to us. For information on our mortgage insurers, see “Note 10, Concentrations of Credit Risk.” (2) Primarily consists of credit enhancements and long-term standby commitments. |
Short-Term and Long-Term Debt (
Short-Term and Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Short-Term Debt [Table Text Block] | 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 March 31, 2020 December 31, 2019 Outstanding Weighted- Average Interest Rate (1) Outstanding Weighted- Average Interest Rate (1) (Dollars in millions) Federal funds purchased and securities sold under agreements to repurchase (2) $ — — % $ 478 1.67 % Short-term debt of Fannie Mae 58,337 0.71 26,662 1.56 (1) Includes the effects of discounts, premiums and other cost basis adjustments. (2) Represents agreements to repurchase securities for a specified price, with repayment generally occurring on the following day, reported as “Other liabilities” in our condensed consolidated balance sheets. |
Long-Term Debt [Table Text Block] | The following table displays our outstanding long-term debt. As of March 31, 2020 December 31, 2019 Maturities Outstanding Weighted- Average Interest Rate (1) Maturities Outstanding Weighted- Average Interest Rate (1) (Dollars in millions) Senior fixed: Benchmark notes and bonds 2020 - 2030 $ 83,115 2.70 % 2020 - 2030 $ 86,114 2.66 % Medium-term notes (2) 2020 - 2026 22,919 1.59 2020 - 2026 32,590 1.57 Other (3) 2020 - 2038 4,080 5.47 2020 - 2038 5,254 5.01 Total senior fixed 110,114 2.57 123,958 2.47 Senior floating: Medium-term notes (2) 2020 - 2022 40,078 0.54 2020 - 2021 9,774 1.66 Connecticut Avenue Securities (4) 2023 - 2031 19,470 5.42 2023 - 2031 21,424 5.61 Other (5) 2020 - 2037 432 7.37 2020 - 2037 398 6.27 Total senior floating 59,980 2.17 31,596 4.40 Secured borrowings (6) 2021 - 2022 27 2.60 2021 - 2022 31 2.31 Total long-term debt of Fannie Mae (7) 170,121 2.43 155,585 2.86 Debt of consolidated trusts 2020 - 2059 3,334,098 2.78 2020 - 2059 3,285,139 2.78 Total long-term debt $ 3,504,219 2.76 % $ 3,440,724 2.78 % (1) Includes the effects of discounts, premiums and other cost basis adjustments. (2) Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt. (3) Includes other long-term debt with an original contractual maturity of greater than 10 years and foreign exchange bonds. (4) Credit risk-sharing securities that transfer a portion of the credit risk on specified pools of single-family mortgage loans to the investors in these securities, a portion of which is reported at fair value. Represents CAS issued prior to November 2018. See “Note 2, Consolidations and Transfers of Financial Assets” in our 2019 Form 10-K for more information about our CAS structures issued beginning November 2018. (5) Consists of structured debt instruments that are reported at fair value. (6) Represents our remaining liability resulting from the transfer of financial assets from our condensed consolidated balance sheets that did not qualify as a sale under the accounting guidance for the transfer of financial instruments. (7) Includes unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $586 million and $2 million as of March 31, 2020 and December 31, 2019, respectively. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional and Fair Value Position [Table Text Block] | The following table displays the notional amount and estimated fair value of our asset and liability derivative instruments. As of March 31, 2020 As of December 31, 2019 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value (Dollars in millions) Risk management derivatives: Swaps: Pay-fixed $ 50,946 $ — $ 29,603 $ (1,930) $ 41,052 $ — $ 29,178 $ (970) Receive-fixed 94,704 1,151 9,854 (2) 73,579 816 26,382 (62) Basis 273 205 — — 273 149 — — Foreign currency 215 29 217 (93) 229 39 232 (65) Swaptions: Pay-fixed 4,600 7 5,875 (328) 4,600 18 6,375 (219) Receive-fixed 6,625 619 350 (130) 2,875 106 4,600 (232) Futures (1) 53,742 — — — 20,507 — — — Total gross risk management derivatives 211,105 2,011 45,899 (2,483) 143,115 1,128 66,767 (1,548) Accrued interest receivable (payable) — 195 — (310) — 226 — (250) Netting adjustment (2) — (2,137) — 2,607 — (1,288) — 1,694 Total net risk management derivatives $ 211,105 $ 69 $ 45,899 $ (186) $ 143,115 $ 66 $ 66,767 $ (104) Mortgage commitment derivatives: Mortgage commitments to purchase whole loans $ 31,152 $ 413 $ 10,452 $ (56) $ 7,115 $ 15 $ 1,787 $ (1) Forward contracts to purchase mortgage-related securities 103,770 2,153 10,936 (36) 55,531 137 9,560 (28) Forward contracts to sell mortgage-related securities 20,070 99 177,213 (3,502) 9,282 13 109,066 (277) Total mortgage commitment derivatives 154,992 2,665 198,601 (3,594) 71,928 165 120,413 (306) Credit enhancement derivatives 26,897 37 12,312 (29) 28,432 40 9,486 (25) Derivatives at fair value $ 392,994 $ 2,771 $ 256,812 $ (3,809) $ 243,475 $ 271 $ 196,666 $ (435) (1) Futures have no ascribable fair value because the positions are settled daily. |
Fair Value Gain (Loss), Net [Table Text Block] | The following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives. For the Three Months Ended March 31, 2020 2019 (Dollars in millions) Risk management derivatives: Swaps: Pay-fixed $ (4,029) $ (1,335) Receive-fixed 3,343 1,281 Basis 56 24 Foreign currency (38) 19 Swaptions: Pay-fixed (148) (177) Receive-fixed 632 7 Futures (71) 59 Net contractual interest expense on interest-rate swaps (106) (266) Total risk management derivatives fair value losses, net (361) (388) Mortgage commitment derivatives fair value losses, net (993) (300) Credit enhancement derivatives fair value losses, net (11) (7) Total derivatives fair value losses, net $ (1,365) $ (695) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment results [Table Text Block] | The following table displays our segment results. For the Three Months Ended March 31, 2020 2019 Single-Family Multifamily Total Single-Family Multifamily Total (Dollars in millions) Net interest income (1) $ 4,541 $ 806 $ 5,347 $ 4,039 $ 757 $ 4,796 Fee and other income (2) 152 156 308 106 28 134 Net revenues 4,693 962 5,655 4,145 785 4,930 Investment gains (losses), net (3) (152) (6) (158) 94 39 133 Fair value gains (losses), net (4) (460) 184 (276) (887) 56 (831) Administrative expenses (629) (120) (749) (631) (113) (744) Credit-related income (expense) (5) Benefit (provision) for credit losses (2,172) (411) (2,583) 661 (11) 650 Foreclosed property income (expense) (78) (2) (80) (143) 3 (140) Total credit-related income (expense) (2,250) (413) (2,663) 518 (8) 510 TCCA fees (6) (637) — (637) (593) — (593) Credit enhancement expense (7) (312) (19) (331) (167) (4) (171) Other expenses, net (167) (96) (263) (170) (37) (207) Income before federal income taxes 86 492 578 2,309 718 3,027 Provision for federal income taxes (18) (99) (117) (484) (143) (627) Net income $ 68 $ 393 $ 461 $ 1,825 $ 575 $ 2,400 (1) Net interest income primarily consists of guaranty fees received as compensation for assuming and managing the credit risk on loans underlying Fannie Mae MBS held by third parties for the respective business segment, and the difference between the interest income earned on the respective business segment’s mortgage assets in our retained mortgage portfolio and the interest expense associated with the debt funding those assets. Revenues from single-family guaranty fees include revenues generated by the 10 basis point increase in guaranty fees pursuant to the TCCA, the incremental revenue from which is remitted to Treasury and not retained by us. (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 the benefit or costs associated with freestanding credit enhancements and fees associated with Multifamily business activities. (3) Investment gains and losses primarily consist of gains and losses on the sale of mortgage assets for the respective business segment. (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) Credit-related income or expense is based on the guaranty book of business of the respective business segment and consists of the applicable segment’s benefit or provision for credit losses and foreclosed property income or expense on loans underlying the segment’s guaranty book of business. The presentation of our credit-related income or expense for the three months ended March 31, 2019 represents amounts recognized prior to our transition to the lifetime loss model prescribed by the CECL standard. (6) Consists of the portion of our single-family guaranty fees that is remitted to Treasury pursuant to the TCCA. (7) Single-family credit enhancement expense primarily consists of costs associated with our CIRT, CAS and EPMI programs. Multifamily credit enhancement expense primarily consists of costs associated with our MCIRT and MCAS programs. |
Concentrations of Credit Risk (
Concentrations of Credit Risk (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Single-family [Member] | |
Concentration Risk [Line Items] | |
Schedule of Delinquency Status Guaranty Book of Business [Table Text Block] | 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 March 31, 2020 December 31, 2019 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 1.16 % 0.27 % 0.59 % 1.07 % 0.29 % 0.59 % Percentage of single-family conventional loans based on loan count 1.31 0.32 0.66 1.27 0.35 0.66 |
Schedule of Risk Characteristics Guaranty Book of Business [Table Text Block] | As of March 31, 2020 December 31, 2019 Percentage of Seriously Delinquent Rate (1) Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB Seriously Delinquent Rate (1) Estimated mark-to-market LTV ratio: Greater than 100% * 10.06 % * 10.14 % Geographical distribution: California 19 0.33 19 0.32 Florida 6 0.83 6 0.84 Illinois 4 0.91 4 0.91 New Jersey 3 1.13 3 1.13 New York 5 1.19 5 1.18 All other states 63 0.64 63 0.64 Product distribution: Alt-A 1 2.95 2 2.95 Vintages: 2004 and prior 2 2.48 2 2.48 2005-2008 3 4.11 4 4.11 2009-2020 95 0.35 94 0.35 * Represents less than 0.5% of single-family conventional guaranty book of business. |
Schedule of Risk in Force Mortgage Insurance Coverage [Table Text Block] | 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 March 31, 2020 December 31, 2019 Risk in Force Percentage of Single-Family Guaranty Book of Business Risk in Force Percentage of Single-Family Guaranty Book of Business (Dollars in millions) Mortgage insurance risk in force: Primary mortgage insurance $ 164,218 $ 162,855 Pool mortgage insurance 306 339 Total mortgage insurance risk in force $ 164,524 6% $ 163,194 6% |
Schedule of Risk in Force Mortgage Insurance Coverage, by Counterparty [Table Text Block] | The table below displays our mortgage insurer counterparties that provided approximately 10% or more of the risk-in-force mortgage insurance coverage on mortgage loans in our single-family conventional guaranty book of business. Percentage of Risk-in-Force Coverage As of March 31, 2020 December 31, 2019 Counterparty: (1) Arch Capital Group Ltd. 23 % 23 % Radian Guaranty, Inc. 20 20 Mortgage Guaranty Insurance Corp. 18 18 Genworth Mortgage Insurance Corp. (2) 16 15 Essent Guaranty, Inc. 13 14 Others 10 10 Total 100 % 100 % (1) Insurance coverage amounts provided for each counterparty may include coverage provided by affiliates and subsidiaries of the counterparty. |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | The table below displays the percentage of our single-family guaranty book of business serviced by our top five depository single-family mortgage servicers and top five non-depository single-family mortgage servicers (i.e., servicers that are not insured depository institutions), and identifies one servicer that serviced more than 10% of our single-family guaranty book of business based on unpaid principal balance. Percentage of Single-Family Guaranty Book of Business As of March 31, 2020 December 31, 2019 Wells Fargo Bank, N.A. (together with its affiliates) 17 % 17 % Remaining top five depository servicers 14 15 Top five non-depository servicers 28 27 Total 59 % 59 % |
Multifamily [Member] | |
Concentration Risk [Line Items] | |
Schedule of Delinquency Status Guaranty Book of Business [Table Text Block] | The following tables display the delinquency status and serious delinquency rates for specified loan categories of our multifamily guaranty book of business. As of March 31, 2020 (1) December 31, 2019 (1) 30 Days Delinquent Seriously Delinquent (2) 30 Days Delinquent Seriously Delinquent (2) Percentage of multifamily guaranty book of business 0.03 % 0.05 % 0.02 % 0.04 % |
Schedule of Risk Characteristics Guaranty Book of Business [Table Text Block] | As of March 31, 2020 December 31, 2019 Percentage of Multifamily Guaranty Book of Business (1) Percentage Seriously Delinquent (2)(3) Percentage of Multifamily Guaranty Book of Business (1) Percentage Seriously Delinquent (2)(3) Original LTV ratio: Greater than 80% 1 % — % 1 % — % Less than or equal to 80% 99 0.05 99 0.04 Current DSCR below 1.0 (4) 2 0.68 2 0.48 (1) Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business. (2) Consists of multifamily loans that were 60 days or more past due as of the dates indicated. (3) Calculated based on the unpaid principal balance of multifamily loans that were seriously delinquent divided by the aggregate unpaid principal balance of multifamily loans for each category included in our multifamily guaranty book of business. |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | The table below displays the percentage of our multifamily guaranty book of business serviced by our top five multifamily mortgage servicers, and identifies two servicers that serviced 10% or more of our multifamily guaranty book of business based on unpaid principal balance. Percentage of Multifamily Guaranty Book of Business As of March 31, 2020 December 31, 2019 Wells Fargo Bank, N.A. (together with its affiliates) 13 % 13 % Walker & Dunlop, Inc. 12 12 Remaining top five servicers 23 23 Total 48 % 48 % |
Netting Arrangements (Tables)
Netting Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Offsetting [Abstract] | |
Offsetting [Table Text Block] | The tables below display information related to derivatives, securities purchased under agreements to resell or similar arrangements, and securities sold under agreements to repurchase or similar arrangements, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our condensed consolidated balance sheets. As of March 31, 2020 Gross Amount Offset (1) Net Amount Presented in our Condensed Consolidated Balance Sheets Amounts Not Offset in our Condensed Consolidated Balance Sheets Gross Amount Financial Instruments (2) Collateral (3) Net Amount (Dollars in millions) Assets: OTC risk management derivatives $ 2,206 $ (2,202) $ 4 $ — $ — $ 4 Cleared risk management derivatives — 65 65 — — 65 Mortgage commitment derivatives 2,665 — 2,665 (1,228) (499) 938 Total derivative assets 4,871 (2,137) 2,734 (4) (1,228) (499) 1,007 Securities purchased under agreements to resell or similar arrangements (5) 20,175 — 20,175 — (20,175) — Total assets $ 25,046 $ (2,137) $ 22,909 $ (1,228) $ (20,674) $ 1,007 Liabilities: OTC risk management derivatives $ (2,793) $ 2,643 $ (150) $ — $ — $ (150) Cleared risk management derivatives — (36) (36) — 36 — Mortgage commitment derivatives (3,594) — (3,594) 1,228 2,349 (17) Total derivative liabilities (6,387) 2,607 (3,780) (4) 1,228 2,385 (167) Total liabilities $ (6,387) $ 2,607 $ (3,780) $ 1,228 $ 2,385 $ (167) As of December 31, 2019 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 $ 1,354 $ (1,334) $ 20 $ — $ — $ 20 Cleared risk management derivatives — 46 46 — — 46 Mortgage commitment derivatives 165 — 165 (101) (1) 63 Total derivative assets 1,519 (1,288) 231 (4) (101) (1) 129 Securities purchased under agreements to resell or similar arrangements (5) 24,928 — 24,928 — (24,928) — Total assets $ 26,447 $ (1,288) $ 25,159 $ (101) $ (24,929) $ 129 Liabilities: OTC risk management derivatives $ (1,798) $ 1,695 $ (103) $ — $ — $ (103) Cleared risk management derivatives — (1) (1) — 1 — Mortgage commitment derivatives (306) — (306) 101 181 (24) Total derivative liabilities (2,104) 1,694 (410) (4) 101 182 (127) Securities sold under agreements to repurchase or similar arrangements (478) — (478) — 475 (3) Total liabilities $ (2,582) $ 1,694 $ (888) $ 101 $ 657 $ (130) (1) Represents the effect of the right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received and accrued interest. (2) Mortgage commitment derivative amounts reflect where we have recognized both an asset and a liability with the same counterparty under an enforceable master netting arrangement but we have not elected to offset the related amounts in our condensed consolidated balance sheets. (3) Represents collateral received that has not been recognized and not offset in our condensed consolidated balance sheets as well as collateral posted which has been recognized but not offset in our condensed consolidated balance sheets. Does not include collateral held or posted in excess of our exposure. The fair value of non-cash collateral we pledged which the counterparty was permitted to sell or repledge was $4.2 billion and $2.3 billion as of March 31, 2020 and December 31, 2019, respectively. The fair value of non-cash collateral received was $20.1 billion and $24.7 billion, of which $20.1 billion and $23.8 billion could be sold or repledged as of March 31, 2020 and December 31, 2019, respectively. None of the underlying collateral was sold or repledged as of March 31, 2020 or December 31, 2019. (4) Excludes derivative assets of $37 million and $40 million as of March 31, 2020 and December 31, 2019, respectively, and derivative liabilities of $29 million and $25 million recognized in our condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively, that are not subject to enforceable master netting arrangements. (5) Includes $12.4 billion and $11.4 billion in securities purchased under agreements to resell classified as “Cash and cash equivalents” in our condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively. Derivative instruments are recorded at fair value and securities purchased under agreements to resell or similar arrangements are recorded at amortized cost in our condensed consolidated balance sheets. For how we determine our rights to offset the assets and liabilities presented above with the same counterparty, including collateral posted or received, see “Note 14, Netting Arrangements” in our 2019 Form 10-K. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Recurring Changes in Fair Value [Table Text Block] | 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 March 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Netting Adjustment (1) Estimated Fair Value (Dollars in millions) Recurring fair value measurements: Assets: Trading securities: Mortgage-related securities: Fannie Mae $ — $ 3,462 $ 68 $ — $ 3,530 Other agency — 4,167 — — 4,167 Private-label and other mortgage securities — 350 94 — 444 Non-mortgage-related securities: U.S. Treasury securities 44,727 — — — 44,727 Other securities — 73 — — 73 Total trading securities 44,727 8,052 162 — 52,941 Available-for-sale securities: Mortgage-related securities: Fannie Mae — 1,317 188 — 1,505 Other agency — 190 — — 190 Alt-A and subprime private-label securities — 7 — — 7 Mortgage revenue bonds — — 296 — 296 Other — 7 284 — 291 Total available-for-sale securities — 1,521 768 — 2,289 Mortgage loans — 7,063 638 — 7,701 Other assets: Risk management derivatives: Swaps — 1,370 210 — 1,580 Swaptions — 626 — — 626 Netting adjustment — — — (2,137) (2,137) Mortgage commitment derivatives — 2,665 — — 2,665 Credit enhancement derivatives — — 37 — 37 Total other assets — 4,661 247 (2,137) 2,771 Total assets at fair value $ 44,727 $ 21,297 $ 1,815 $ (2,137) $ 65,702 Liabilities: Long-term debt: Of Fannie Mae: Senior floating $ — $ 4,320 $ 432 $ — $ 4,752 Total of Fannie Mae — 4,320 432 — 4,752 Of consolidated trusts — 22,772 83 — 22,855 Total long-term debt — 27,092 515 — 27,607 Other liabilities: Risk management derivatives: Swaps — 2,334 1 — 2,335 Swaptions — 458 — — 458 Netting adjustment — — — (2,607) (2,607) Mortgage commitment derivatives — 3,594 — — 3,594 Credit enhancement derivatives — — 29 — 29 Total other liabilities — 6,386 30 (2,607) 3,809 Total liabilities at fair value $ — $ 33,478 $ 545 $ (2,607) $ 31,416 Fair Value Measurements as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Netting Adjustment (1) Estimated Fair Value (Dollars in millions) Recurring fair value measurements: Assets: Trading securities: Mortgage-related securities: Fannie Mae $ — $ 3,379 $ 45 $ — $ 3,424 Other agency — 4,489 1 — 4,490 Private-label and other mortgage securities — 629 — — 629 Non-mortgage-related securities: U.S. Treasury securities 39,501 — — — 39,501 Other securities — 79 — — 79 Total trading securities 39,501 8,576 46 — 48,123 Available-for-sale securities: Mortgage-related securities: Fannie Mae — 1,349 171 — 1,520 Other agency — 198 — — 198 Alt-A and subprime private-label securities — 57 — — 57 Mortgage revenue bonds — — 315 — 315 Other — 8 306 — 314 Total available-for-sale securities — 1,612 792 — 2,404 Mortgage loans — 7,137 688 — 7,825 Other assets: Risk management derivatives: Swaps — 1,071 159 — 1,230 Swaptions — 124 — — 124 Netting adjustment — — — (1,288) (1,288) Mortgage commitment derivatives — 165 — — 165 Credit enhancement derivatives — — 40 — 40 Total other assets — 1,360 199 (1,288) 271 Total assets at fair value $ 39,501 $ 18,685 $ 1,725 $ (1,288) $ 58,623 Liabilities: Long-term debt: Of Fannie Mae: Senior floating $ — $ 5,289 $ 398 $ — $ 5,687 Total of Fannie Mae — 5,289 398 — 5,687 Of consolidated trusts — 21,805 75 — 21,880 Total long-term debt — 27,094 473 — 27,567 Other liabilities: Risk management derivatives: Swaps — 1,346 1 — 1,347 Swaptions — 440 11 — 451 Netting adjustment — — — (1,694) (1,694) Mortgage commitment derivatives — 306 — — 306 Credit enhancement derivatives — — 25 — 25 Total other liabilities — 2,092 37 (1,694) 435 Total liabilities at fair value $ — $ 29,186 $ 510 $ (1,694) $ 28,002 (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. |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Table Text Block] | The following tables display a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). The tables also display gains and losses due to changes in fair value, including realized and unrealized gains and losses, recognized in our condensed consolidated statements of operations and comprehensive income for Level 3 assets and liabilities. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Three Months Ended March 31, 2020 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2020 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2020 (1) Balance, December 31, 2019 Included in Net Income Included in Total OCI Gain/(Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Level 3 Balance, March 31, 2020 (Dollars in millions) Trading securities: Mortgage-related: Fannie Mae $ 45 $ (9) $ — $ — $ — $ — $ — $ (11) $ 43 $ 68 $ (10) $ — Other agency 1 — — — — — — (1) — — — — Private-label and other mortgage securities — — — — — — — — 94 94 — — Total trading securities $ 46 $ (9) (5)(6) $ — $ — $ — $ — $ — $ (12) $ 137 $ 162 $ (10) $ — Available-for-sale securities: Mortgage-related: Fannie Mae $ 171 $ — $ 4 $ — $ — $ — $ (1) $ — $ 14 $ 188 $ — $ 3 Mortgage revenue bonds 315 (3) 2 74 (74) — (18) — — 296 — 4 Other 306 (11) (1) 268 (268) — (10) — — 284 — (1) Total available-for-sale securities $ 792 $ (14) (6)(7) $ 5 $ 342 $ (342) $ — $ (29) $ — $ 14 $ 768 $ — $ 6 Mortgage loans $ 688 $ (24) (5)(6) $ — $ — $ — $ — $ (29) $ (23) $ 26 $ 638 $ (26) $ — Net derivatives 162 41 (5) — — — — (4) 18 — 217 44 — Long-term debt: Of Fannie Mae: Senior floating (398) (34) (5) — — — — — — — (432) (34) — Of consolidated trusts (75) 4 (5)(6) — — — — 3 — (15) (83) 4 — Total long-term debt $ (473) $ (30) $ — $ — $ — $ — $ 3 $ — $ (15) $ (515) $ (30) $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Three Months Ended March 31, 2019 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2019 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2019 (1) Balance, December 31, 2018 Included in Net Income Included in Total OCI Gain/(Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Level 3 Balance, March 31, 2019 (Dollars in millions) Trading securities: Mortgage-related: Fannie Mae $ 32 $ 2 $ — $ — $ — $ — $ — $ — $ 33 $ 67 $ 2 $ — Private-label and other mortgage securities 1 — — — — — (1) — — — — — Total trading securities $ 33 $ 2 (5)(6) $ — $ — $ — $ — $ (1) $ — $ 33 $ 67 $ 2 $ — Available-for-sale securities: Mortgage-related: Fannie Mae $ 152 $ — $ 4 $ — $ — $ — $ — $ (41) $ 84 $ 199 $ — $ 2 Alt-A and subprime private-label securities 24 — — — — — (1) — — 23 — — Mortgage revenue bonds 434 — — — — — (9) — — 425 — — Other 342 7 (5) — — — (8) — 1 337 — (4) Total available-for-sale securities $ 952 $ 7 (6)(7) $ (1) $ — $ — $ — $ (18) $ (41) $ 85 $ 984 $ — $ (2) Mortgage loans $ 937 $ 14 (5)(6) $ — $ — $ — $ — $ (34) $ (28) $ 45 $ 934 $ 11 $ — Net derivatives 194 98 (5) — — — — (89) — — 203 44 — Long-term debt: Of Fannie Mae: Senior floating (351) (25) (5) — — — — — — — (376) (25) — Of consolidated trusts (201) (3) (5)(6) — — — — 5 49 (74) (224) (1) — Total long-term debt $ (552) $ (28) $ — $ — $ — $ — $ 5 $ 49 $ (74) $ (600) $ (26) $ — (1) Gains (losses) included in other comprehensive loss are included in “Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and taxes” in our condensed consolidated statements of operations and comprehensive income. (2) Purchases and sales include activity related to the consolidation and deconsolidation of assets of securitization trusts. (3) Issues and settlements include activity related to the consolidation and deconsolidation of liabilities of securitization trusts. (4) Amount represents temporary changes in fair value. Amortization, accretion and the impairment of credit losses are not considered unrealized and are not included in this amount. (5) Gains (losses) are included in “Fair value losses, net” in our condensed consolidated statements of operations and comprehensive income. (6) Gains (losses) are included in “Net interest income” in our condensed consolidated statements of operations and comprehensive income. (7) Gains (losses) are included in “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income. |
Valuation Techniques and Significant Unobservable Inputs for Level 3 Assets and Liabilities [Table Text Block] | 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 March 31, 2020 Fair Value Significant Valuation Techniques Significant Unobservable Inputs (1) Range (1) Weighted - Average (1)(2) (Dollars in millions) Recurring fair value measurements: Trading securities: Mortgage-related securities: Agency (3) $ 68 Various Private-label securities and other mortgage securities 94 Various Total trading securities $ 162 Available-for-sale securities: Mortgage-related securities: Agency (3) $ 113 Consensus 75 Various Total agency 188 Mortgage revenue bonds 211 Single Vendor Spreads (bps) 32.5 - 376.0 97.5 85 Various Total mortgage revenue bonds 296 Other 248 Discounted Cash Flow Spreads (bps) 620.0 620.0 36 Various Total other 284 Total available-for-sale securities $ 768 Net derivatives $ 209 Dealer Mark 8 Various Total net derivatives $ 217 Fair Value Measurements as of December 31, 2019 Fair Value Significant Valuation Techniques Significant Unobservable Inputs (1) Range (1) Weighted - Average (1)(2) (Dollars in millions) Recurring fair value measurements: Trading securities: Mortgage-related securities: Agency (3) $ 46 Various Available-for-sale securities: Mortgage-related securities: Agency (3) $ 107 Consensus 64 Various Total agency 171 Mortgage revenue bonds 222 Single Vendor Spreads(bps) 23.0 - 205.1 76.1 93 Various Total mortgage revenue bonds 315 Other 267 Discounted Cash Flow Spreads(bps) 300.0 300.0 39 Various Total other 306 Total available-for-sale securities $ 792 Net derivatives $ 147 Dealer Mark 15 Various Total net derivatives $ 162 (1) Valuation techniques for which no unobservable inputs are disclosed generally reflect the use of third-party pricing services or dealers, and the range of unobservable inputs applied by these sources is not readily available or cannot be reasonably estimated. Where we have disclosed unobservable inputs for consensus and single vendor techniques, those inputs are based on our validations performed at the security level using discounted cash flows. (2) Unobservable inputs were weighted by the relative fair value of the instruments. (3) Includes Fannie Mae and Freddie Mac securities. |
Level 3 Assets Measured on Nonrecurring Basis [Table Text Block] | The following table displays valuation techniques for our Level 3 assets measured at fair value on a nonrecurring basis. The significant unobservable inputs related to these techniques primarily relate to collateral dependent valuations. The related ranges and weighted averages are not meaningful when aggregated as they vary significantly from property to property. Fair Value Measurements as of Valuation Techniques March 31, 2020 December 31, 2019 (Dollars in millions) Nonrecurring fair value measurements: Mortgage loans held for sale, at lower of cost or fair value Consensus $ 1,767 $ 471 Single Vendor 1,886 605 Total mortgage loans held for sale, at lower of cost or fair value 3,653 1,076 Single-family mortgage loans held for investment, at amortized cost Internal Model 1,491 555 Multifamily mortgage loans held for investment, at amortized cost Asset Manager Estimate — 24 Various 52 16 Total multifamily mortgage loans held for investment, at amortized cost 52 40 Acquired property, net: (1) Single-family Accepted Offers 106 101 Appraisals 356 362 Walk Forwards 189 240 Internal Model 113 164 Various 52 51 Total single-family 816 918 Multifamily Various 7 9 Total nonrecurring assets at fair value $ 6,019 $ 2,598 |
Fair Value of Financial Instruments [Table Text Block] | 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 March 31, 2020 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Netting Adjustment Estimated Fair Value (Dollars in millions) Financial assets: Cash and cash equivalents and restricted cash $ 128,708 $ 116,308 $ 12,400 $ — $ — $ 128,708 Federal funds sold and securities purchased under agreements to resell or similar arrangements 7,775 — 7,775 — — 7,775 Trading securities 52,941 44,727 8,052 162 — 52,941 Available-for-sale securities 2,289 — 1,521 768 — 2,289 Mortgage loans held for sale 8,103 — 86 8,402 — 8,488 Mortgage loans held for investment, net of allowance for loan losses 3,354,707 — 3,395,898 118,612 — 3,514,510 Advances to lenders 8,971 — 8,969 2 — 8,971 Derivative assets at fair value 2,771 — 4,661 247 (2,137) 2,771 Guaranty assets and buy-ups 127 — — 271 — 271 Total financial assets $ 3,566,392 $ 161,035 $ 3,439,362 $ 128,464 $ (2,137) $ 3,726,724 Financial liabilities: Short-term debt: Of Fannie Mae $ 58,337 $ — $ 58,388 $ — $ — $ 58,388 Long-term debt: Of Fannie Mae 170,121 — 176,634 2,215 — 178,849 Of consolidated trusts 3,334,098 — 3,440,638 31,767 — 3,472,405 Derivative liabilities at fair value 3,809 — 6,386 30 (2,607) 3,809 Guaranty obligations 141 — — 99 — 99 Total financial liabilities $ 3,566,506 $ — $ 3,682,046 $ 34,111 $ (2,607) $ 3,713,550 As of December 31, 2019 Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Netting Adjustment Estimated Fair Value (Dollars in millions) Financial assets: Cash and cash equivalents and restricted cash $ 61,407 $ 50,057 $ 11,350 $ — $ — $ 61,407 Federal funds sold and securities purchased under agreements to resell or similar arrangements 13,578 — 13,578 — — 13,578 Trading securities 48,123 39,501 8,576 46 — 48,123 Available-for-sale securities 2,404 — 1,612 792 — 2,404 Mortgage loans held for sale 6,773 — 229 7,054 — 7,283 Mortgage loans held for investment, net of allowance for loan losses 3,327,389 — 3,270,535 127,650 — 3,398,185 Advances to lenders 6,453 — 6,451 2 — 6,453 Derivative assets at fair value 271 — 1,360 199 (1,288) 271 Guaranty assets and buy-ups 142 — — 305 — 305 Total financial assets $ 3,466,540 $ 89,558 $ 3,313,691 $ 136,048 $ (1,288) $ 3,538,009 Financial liabilities: Federal funds purchased and securities sold under agreements to repurchase $ 478 $ — $ 478 $ — $ — $ 478 Short-term debt: Of Fannie Mae 26,662 — 26,667 — — 26,667 Long-term debt: Of Fannie Mae 155,585 — 164,144 401 — 164,545 Of consolidated trusts 3,285,139 — 3,312,763 31,827 — 3,344,590 Derivative liabilities at fair value 435 — 2,092 37 (1,694) 435 Guaranty obligations 154 — — 97 — 97 Total financial liabilities $ 3,468,453 $ — $ 3,506,144 $ 32,362 $ (1,694) $ 3,536,812 |
Fair Value Option [Table Text Block] | The following table displays the fair value and unpaid principal balance of the financial instruments for which we have made fair value elections. As of March 31, 2020 December 31, 2019 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 $ 7,701 $ 4,752 $ 22,855 $ 7,825 $ 5,687 $ 21,880 Unpaid principal balance 7,261 4,860 20,219 7,514 5,200 19,653 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Regulatory Capital (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Capital Reserve Amount, Fiscal Year, Senior Preferred Stock Purchase Agreement, September 2019 Amendment [Line Items] | ||
Deficit of core capital over statutory minimum capital requirement | $ (131,300) | $ (128,800) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Related Parties (Details) - USD ($) shares in Billions | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Parties [Line Items] | |||||
Deficit Of Core Capital Over Statutory Minimum Capital Requirement | $ (131,300,000,000) | $ (128,800,000,000) | |||
Net worth | 13,945,000,000 | 14,608,000,000 | |||
Payments of cash dividends on senior preferred stock to Treasury | 0 | $ 3,240,000,000 | |||
Income Taxes Paid | $ 0 | $ 0 | |||
Weighted Average Number of Shares, Contingently Issuable | 4.7 | 4.6 | |||
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees | $ 637,000,000 | $ 593,000,000 | |||
Basis Points of Each Dollar of Unpaid Principal Balance | 420.00% | ||||
Debt Securities, Trading | $ 52,941,000,000 | 48,123,000,000 | |||
Interest Receivable | 8,808,000,000 | 8,604,000,000 | |||
Interest income recognized on Treasury securities | 316,000,000 | 427,000,000 | |||
Affordable Housing Program Obligation | 0.35 | ||||
Loans held for sale, at lower of cost or fair value | 8,103,000,000 | $ 6,823,000,000 | 6,773,000,000 | ||
Accumulated deficit | (119,454,000,000) | (119,915,000,000) | (118,776,000,000) | ||
Allowance for Loan and Lease Losses, Real Estate | 13,209,000,000 | 13,232,000,000 | 10,738,000,000 | 9,016,000,000 | $ 14,203,000,000 |
Other assets | 13,999,000,000 | 14,542,000,000 | 14,312,000,000 | ||
Deferred Tax Assets, Net | 12,213,000,000 | 11,910,000,000 | |||
Accounting Standards Update 2016-13 [Member] | |||||
Related Parties [Line Items] | |||||
Loans held for sale, at lower of cost or fair value | 50,000,000 | ||||
Accumulated deficit | (1,139,000,000) | ||||
Allowance for Loan and Lease Losses, Real Estate | 1,722,000,000 | ||||
Other assets | 230,000,000 | ||||
Deferred Tax Assets, Net | $ 303,000,000 | ||||
US Treasury [Member] | |||||
Related Parties [Line Items] | |||||
Capital Reserve Amount, current year, Senior Preferred Stock Purchase Agreement, Amendment | 25,000,000,000 | ||||
Aggregate liquidation preference of senior preferred stock | $ 135,400,000,000 | $ 131,200,000,000 | |||
Percentage of common shares attributable to warrants issued to US Treasury as percentage to total diluted common shares | 79.90% | ||||
Home Affordable Modification Program administrative expense reimbursements from Treasury and Freddie Mac | $ 5,000,000 | ||||
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees | 637,000,000 | 593,000,000 | |||
Total available funding from US Treasury pursuant to the senior preferred stock agreement | 113,900,000,000 | ||||
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement | 119,800,000,000 | ||||
US Treasury [Member] | Single-family [Member] | |||||
Related Parties [Line Items] | |||||
Recognized TCCA fees that had not been remitted to Treasury as of period end | 637,000,000 | ||||
Federal Housing Finance Agency [Member] | |||||
Related Parties [Line Items] | |||||
FHFA assessment fees | 32,000,000 | 30,000,000 | |||
Common Securitization Solutions [Member] | |||||
Related Parties [Line Items] | |||||
Payments to Acquire or Advance to Equity Method Investments | 29,000,000 | 36,000,000 | |||
Other Expense [Member] | US Treasury [Member] | |||||
Related Parties [Line Items] | |||||
Affordable Housing Program Assessments | $ 30,000,000 | $ 15,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - USD ($) shares in Millions | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Parties [Line Items] | |||||
Other assets | $ 13,999,000,000 | $ 14,542,000,000 | $ 14,312,000,000 | ||
Deferred Tax Assets, Net | 12,213,000,000 | 11,910,000,000 | |||
Loans held for sale, at lower of cost or fair value | 8,103,000,000 | 6,823,000,000 | 6,773,000,000 | ||
Allowance for Loan and Lease Losses, Real Estate | 13,209,000,000 | $ 13,232,000,000 | 10,738,000,000 | 9,016,000,000 | $ 14,203,000,000 |
Accumulated deficit | $ (119,454,000,000) | (119,915,000,000) | $ (118,776,000,000) | ||
Weighted Average Number of Shares, Contingently Issuable | 4,700 | 4,600 | |||
Convertible Preferred Stock, Shares Issued upon Conversion | 131 | ||||
Accounting Standards Update 2016-13 [Member] | |||||
Related Parties [Line Items] | |||||
Other assets | 230,000,000 | ||||
Deferred Tax Assets, Net | 303,000,000 | ||||
Loans held for sale, at lower of cost or fair value | 50,000,000 | ||||
Allowance for Loan and Lease Losses, Real Estate | 1,722,000,000 | ||||
Accumulated deficit | $ (1,139,000,000) |
Consolidations and Transfers _4
Consolidations and Transfers of Financial Assets Unconsolidated VIEs (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Variable Interest Entities [Line Items] | |||
Trading, at fair value | $ 52,941 | $ 48,123 | |
Available-for-sale, at fair value | 2,289 | 2,404 | |
Other assets | 13,999 | $ 14,542 | 14,312 |
Other liabilities | (14,609) | (11,097) | |
Unpaid principal balance of mortgage loans | 3,330,678 | 3,299,954 | |
Multifamily [Member] | |||
Variable Interest Entities [Line Items] | |||
Unpaid principal balance of mortgage loans | 334,397 | 327,593 | |
Single-family [Member] | |||
Variable Interest Entities [Line Items] | |||
Unpaid principal balance of mortgage loans | (2,996,281) | 2,972,361 | |
Unconsolidated VIEs [Member] | Multifamily [Member] | |||
Variable Interest Entities [Line Items] | |||
Unpaid principal balance of mortgage loans | 334,400 | ||
Unconsolidated VIEs [Member] | Mortgage-related securities [Member] | |||
Variable Interest Entities [Line Items] | |||
Trading, at fair value | 7,276 | 7,643 | |
Available-for-sale, at fair value | 1,998 | 2,098 | |
Other assets | 45 | 56 | |
Other liabilities | (71) | (78) | |
Maximum exposure to loss | 84,000 | 62,000 | |
Net carrying amount | 9,248 | 9,719 | |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 170,000 | 130,000 | |
Unconsolidated VIEs [Member] | Partnership interest LIHTC [Member] | |||
Variable Interest Entities [Line Items] | |||
Maximum exposure to loss | 93 | ||
Net carrying amount | 75 | 79 | |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 1,700 | 2,000 | |
Unconsolidated VIEs [Member] | Debt Securities [Member] | |||
Variable Interest Entities [Line Items] | |||
Maximum exposure to loss | 12,300 | 9,500 | |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 12,400 | 9,500 | |
Unconsolidated VIEs [Member] | Fannie Mae Securities [Member] | |||
Variable Interest Entities [Line Items] | |||
Trading, at fair value | 2,666 | 2,543 | |
Available-for-sale, at fair value | 1,505 | 1,524 | |
Unconsolidated VIEs [Member] | Non-Fannie Mae Securities [Member] | |||
Variable Interest Entities [Line Items] | |||
Trading, at fair value | 4,610 | 5,100 | |
Available-for-sale, at fair value | $ 493 | $ 574 |
Consolidations and Transfers _5
Consolidations and Transfers of Financial Assets Transfers of Financial Assets (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Transfers of Financial Assets [Line Items] | |||
Portfolio securitizations: unpaid principal balance | $ 89,000 | $ 41,400 | |
Unconsolidated VIEs [Member] | |||
Transfers of Financial Assets [Line Items] | |||
Retained interests: principal and interest received | 181 | $ 116 | |
Unconsolidated VIEs [Member] | Single Class MBS, REMIC & Megas [Member] | |||
Transfers of Financial Assets [Line Items] | |||
Retained interests: unpaid principal balance | 2,900 | $ 2,900 | |
Retained interests: fair value | $ 4,100 | $ 4,000 |
Mortgage Loans Loans in Mortgag
Mortgage Loans Loans in Mortgage Portfolio (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans in Mortgage Portfolio [Line Items] | |||||
Unpaid principal balance of mortgage loans | $ 3,330,678 | $ 3,299,954 | |||
Total Loan, Cost Basis and Fair Value Adjustments, Net | 45,341 | 43,224 | |||
Allowance for Loan and Lease Losses, Real Estate | 13,209 | $ 13,232 | $ 10,738 | 9,016 | $ 14,203 |
Total mortgage loans | 3,362,810 | 3,334,162 | |||
Charge-offs | 89 | 381 | |||
Financing Receivable, before Allowance for Credit Loss | 3,367,916 | 3,336,405 | |||
Single-family [Member] | |||||
Loans in Mortgage Portfolio [Line Items] | |||||
Unpaid principal balance of mortgage loans | (2,996,281) | 2,972,361 | |||
Financing Receivable, Reclassification to Held-for-sale | 1,637 | 2,945 | |||
Financing Receivable, Sale | 0 | 58 | |||
Gain (Loss) on Sale of Mortgage Loans | 0 | 36 | |||
Mortgage Loans in Process of Foreclosure, Amount | 7,900 | 7,600 | |||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 182 | ||||
Financing Receivable, before Allowance for Credit Loss | 3,014,847 | ||||
Single-family [Member] | allowance for the redesignated from HFI to HFS | |||||
Loans in Mortgage Portfolio [Line Items] | |||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | (9) | (240) | |||
Charge-offs | 184 | $ 467 | |||
Multifamily [Member] | |||||
Loans in Mortgage Portfolio [Line Items] | |||||
Unpaid principal balance of mortgage loans | 334,397 | $ 327,593 | |||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 1 |
Mortgage Loans Aging (Details)
Mortgage Loans Aging (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | $ 57,908 | $ 55,266 |
Current | 3,310,902 | 3,281,663 |
Total recorded investment in loans | 3,368,810 | 3,336,929 |
Recorded investment in loans 90 days or more delinquent and accruing interest | 155 | 164 |
Recorded investment in nonaccrual loans | 27,265 | 27,981 |
Table Footnote [Abstract] | ||
Nonaccrualloanswithnotallowance | 8,088 | |
30 to 59 Days Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 34,188 | 31,240 |
60 to 89 Days Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 7,777 | 8,326 |
Seriously Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 15,943 | 15,700 |
Single-family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 57,713 | 55,144 |
Current | 2,973,403 | 2,951,167 |
Total recorded investment in loans | 3,031,116 | 3,006,311 |
Recorded investment in loans 90 days or more delinquent and accruing interest | 155 | 164 |
Recorded investment in nonaccrual loans | 27,174 | 27,546 |
Table Footnote [Abstract] | ||
Nonaccrualloanswithnotallowance | $ 8,055 | |
Single-family [Member] | Minimum [Member] | ||
Table Footnote [Abstract] | ||
Serious delinquency, days past due | 90 days | |
Single-family [Member] | 30 to 59 Days Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | $ 34,151 | 31,233 |
Single-family [Member] | 60 to 89 Days Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 7,777 | 8,326 |
Single-family [Member] | Seriously Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 15,785 | 15,585 |
Single-family [Member] | Fixed Rate Residential Mortgage 30 and 20 year Member | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 49,651 | 47,090 |
Current | 2,497,239 | 2,470,457 |
Total recorded investment in loans | 2,546,890 | 2,517,547 |
Recorded investment in loans 90 days or more delinquent and accruing interest | 23 | 28 |
Recorded investment in nonaccrual loans | 23,212 | 23,427 |
Table Footnote [Abstract] | ||
Nonaccrualloanswithnotallowance | 6,653 | |
Single-family [Member] | Fixed Rate Residential Mortgage 30 and 20 year Member | 30 to 59 Days Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 29,663 | 26,882 |
Single-family [Member] | Fixed Rate Residential Mortgage 30 and 20 year Member | 60 to 89 Days Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 6,665 | 7,126 |
Single-family [Member] | Fixed Rate Residential Mortgage 30 and 20 year Member | Seriously Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 13,323 | 13,082 |
Single-family [Member] | FixedRateResidentialMortgage15yearMember | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 2,533 | 2,347 |
Current | 373,012 | 371,740 |
Total recorded investment in loans | 375,545 | 374,087 |
Recorded investment in loans 90 days or more delinquent and accruing interest | 0 | 0 |
Recorded investment in nonaccrual loans | 856 | 858 |
Table Footnote [Abstract] | ||
Nonaccrualloanswithnotallowance | 542 | |
Single-family [Member] | FixedRateResidentialMortgage15yearMember | 30 to 59 Days Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 1,803 | 1,616 |
Single-family [Member] | FixedRateResidentialMortgage15yearMember | 60 to 89 Days Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 280 | 286 |
Single-family [Member] | FixedRateResidentialMortgage15yearMember | Seriously Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 450 | 445 |
Single-family [Member] | Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 4,905 | 5,043 |
Current | 61,288 | 64,726 |
Total recorded investment in loans | 66,193 | 69,769 |
Recorded investment in loans 90 days or more delinquent and accruing interest | 132 | 136 |
Recorded investment in nonaccrual loans | 2,827 | 2,973 |
Table Footnote [Abstract] | ||
Nonaccrualloanswithnotallowance | 710 | |
Single-family [Member] | Other [Member] | 30 to 59 Days Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 2,302 | 2,323 |
Single-family [Member] | Other [Member] | 60 to 89 Days Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 756 | 829 |
Single-family [Member] | Other [Member] | Seriously Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 1,847 | 1,891 |
Single-family [Member] | Adjustable Rate Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 624 | 664 |
Current | 41,864 | 44,244 |
Total recorded investment in loans | 42,488 | 44,908 |
Recorded investment in loans 90 days or more delinquent and accruing interest | 0 | 0 |
Recorded investment in nonaccrual loans | 288 | |
Table Footnote [Abstract] | ||
Nonaccrualloanswithnotallowance | 150 | |
Single-family [Member] | Adjustable Rate Residential Mortgage | 30 to 59 Days Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 383 | 412 |
Single-family [Member] | Adjustable Rate Residential Mortgage | 60 to 89 Days Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 76 | 85 |
Single-family [Member] | Adjustable Rate Residential Mortgage | Seriously Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 165 | 167 |
Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | 195 | 122 |
Current | 337,499 | 330,496 |
Total recorded investment in loans | 337,694 | 330,618 |
Recorded investment in loans 90 days or more delinquent and accruing interest | 0 | 0 |
Recorded investment in nonaccrual loans | 91 | 435 |
Table Footnote [Abstract] | ||
Nonaccrualloanswithnotallowance | $ 33 | |
Multifamily [Member] | Minimum [Member] | ||
Table Footnote [Abstract] | ||
Serious delinquency, days past due | 60 days | |
Multifamily [Member] | Maximum [Member] | ||
Table Footnote [Abstract] | ||
Serious delinquency, days past due | 89 days | |
Multifamily [Member] | 30 to 59 Days Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | $ 37 | 7 |
Multifamily [Member] | Seriously Delinquent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Days delinquent | $ 158 | $ 115 |
Mortgage Loans Credit Quality I
Mortgage Loans Credit Quality Indicators - SF (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total recorded investment in loans | $ 3,368,810 | $ 3,336,929 |
Financing Receivable, before Allowance for Credit Loss | 3,367,916 | 3,336,405 |
Single-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,989,182 | |
Single-family [Member] | Estimated mark-to-market loan-to-value ratio less than or equal to 80% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,603,619 | |
Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 246,326 | |
Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 133,049 | |
Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 100% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,188 | |
Multifamily [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 9,858 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 69,854 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 64,740 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 55,370 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 47,488 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 90,384 | |
Financing Receivable, before Allowance for Credit Loss | 337,694 | |
Fixed Rate Residential Mortgage 30 and 20 year Member | Single-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,517,547 | |
Fixed Rate Residential Mortgage 30 and 20 year Member | Single-family [Member] | Estimated mark-to-market loan-to-value ratio less than or equal to 80% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,145,018 | |
Fixed Rate Residential Mortgage 30 and 20 year Member | Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 237,623 | |
Fixed Rate Residential Mortgage 30 and 20 year Member | Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 130,152 | |
Fixed Rate Residential Mortgage 30 and 20 year Member | Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 100% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,754 | |
FixedRateResidentialMortgage15yearMember | Single-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 374,087 | |
FixedRateResidentialMortgage15yearMember | Single-family [Member] | Estimated mark-to-market loan-to-value ratio less than or equal to 80% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 368,181 | |
FixedRateResidentialMortgage15yearMember | Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,556 | |
FixedRateResidentialMortgage15yearMember | Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,284 | |
FixedRateResidentialMortgage15yearMember | Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 100% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 66 | |
Other [Member] | Single-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 52,640 | |
Other [Member] | Single-family [Member] | Estimated mark-to-market loan-to-value ratio less than or equal to 80% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 47,005 | |
Other [Member] | Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,872 | |
Other [Member] | Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,398 | |
Other [Member] | Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 100% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,365 | |
Adjustable Rate Residential Mortgage | Single-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 44,908 | |
Adjustable Rate Residential Mortgage | Single-family [Member] | Estimated mark-to-market loan-to-value ratio less than or equal to 80% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 43,415 | |
Adjustable Rate Residential Mortgage | Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,275 | |
Adjustable Rate Residential Mortgage | Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 215 | |
Adjustable Rate Residential Mortgage | Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 100% | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3 | |
Single-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total recorded investment in loans | 3,031,116 | 3,006,311 |
Financing Receivable, Originated in Current Fiscal Year | 127,092 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 558,808 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 295,791 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 346,087 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 387,217 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,299,852 | |
Financing Receivable, before Allowance for Credit Loss | 3,014,847 | |
Single-family [Member] | Estimated mark-to-market loan-to-value ratio less than or equal to 80% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 92,095 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 366,985 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 205,209 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 303,352 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 376,234 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,272,296 | |
Financing Receivable, before Allowance for Credit Loss | 2,616,171 | |
Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 16,992 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 97,376 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 73,989 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 40,407 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 10,249 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 16,790 | |
Financing Receivable, before Allowance for Credit Loss | 255,803 | |
Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 18,005 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 94,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,432 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,134 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 538 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5,939 | |
Financing Receivable, before Allowance for Credit Loss | 137,048 | |
Single-family [Member] | Estimated mark-to-market loan-to-value ratio greater than 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 447 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 161 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 194 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 196 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,827 | |
Financing Receivable, before Allowance for Credit Loss | 5,825 | |
Single-family [Member] | Fixed Rate Residential Mortgage 30 and 20 year Member | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total recorded investment in loans | 2,546,890 | 2,517,547 |
Financing Receivable, Originated in Current Fiscal Year | 110,254 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 494,441 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 266,896 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 294,875 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 323,151 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,057,273 | |
Financing Receivable, before Allowance for Credit Loss | 2,546,890 | |
Single-family [Member] | Fixed Rate Residential Mortgage 30 and 20 year Member | Estimated mark-to-market loan-to-value ratio less than or equal to 80% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 76,429 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 307,581 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 177,622 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 252,599 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 312,333 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,034,737 | |
Financing Receivable, before Allowance for Credit Loss | 2,161,301 | |
Single-family [Member] | Fixed Rate Residential Mortgage 30 and 20 year Member | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 16,159 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 93,510 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 72,787 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 40,029 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 10,145 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 14,220 | |
Financing Receivable, before Allowance for Credit Loss | 246,850 | |
Single-family [Member] | Fixed Rate Residential Mortgage 30 and 20 year Member | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 17,666 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 92,907 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,344 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,080 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 503 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,715 | |
Financing Receivable, before Allowance for Credit Loss | 134,215 | |
Single-family [Member] | Fixed Rate Residential Mortgage 30 and 20 year Member | Estimated mark-to-market loan-to-value ratio greater than 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 443 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 143 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 167 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 170 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,601 | |
Financing Receivable, before Allowance for Credit Loss | 4,524 | |
Single-family [Member] | FixedRateResidentialMortgage15yearMember | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total recorded investment in loans | 375,545 | 374,087 |
Financing Receivable, Originated in Current Fiscal Year | 16,350 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 61,282 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 24,019 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 42,367 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 58,689 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 172,838 | |
Financing Receivable, before Allowance for Credit Loss | 375,545 | |
Single-family [Member] | FixedRateResidentialMortgage15yearMember | Estimated mark-to-market loan-to-value ratio less than or equal to 80% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 15,233 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 56,811 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 23,322 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 42,251 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 58,651 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 172,743 | |
Financing Receivable, before Allowance for Credit Loss | 369,011 | |
Single-family [Member] | FixedRateResidentialMortgage15yearMember | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 795 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,502 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 668 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 97 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 23 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 46 | |
Financing Receivable, before Allowance for Credit Loss | 5,131 | |
Single-family [Member] | FixedRateResidentialMortgage15yearMember | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 322 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 967 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 22 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 10 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 23 | |
Financing Receivable, before Allowance for Credit Loss | 1,352 | |
Single-family [Member] | FixedRateResidentialMortgage15yearMember | Estimated mark-to-market loan-to-value ratio greater than 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 7 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 26 | |
Financing Receivable, before Allowance for Credit Loss | 51 | |
Single-family [Member] | Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total recorded investment in loans | 66,193 | 69,769 |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 49 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 409 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 999 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,239 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 47,228 | |
Financing Receivable, before Allowance for Credit Loss | 49,924 | |
Single-family [Member] | Other [Member] | Estimated mark-to-market loan-to-value ratio less than or equal to 80% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 42 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 348 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 871 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,134 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 42,367 | |
Financing Receivable, before Allowance for Credit Loss | 44,762 | |
Single-family [Member] | Other [Member] | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 33 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 73 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 60 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,470 | |
Financing Receivable, before Allowance for Credit Loss | 2,640 | |
Single-family [Member] | Other [Member] | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 17 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 37 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 26 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,193 | |
Financing Receivable, before Allowance for Credit Loss | 1,274 | |
Single-family [Member] | Other [Member] | Estimated mark-to-market loan-to-value ratio greater than 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 11 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 18 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 19 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,198 | |
Financing Receivable, before Allowance for Credit Loss | 1,248 | |
Single-family [Member] | Government [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total recorded investment in loans | 16,300 | 17,100 |
Single-family [Member] | Adjustable Rate Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total recorded investment in loans | 42,488 | $ 44,908 |
Financing Receivable, Originated in Current Fiscal Year | 488 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,036 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4,467 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 7,846 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,138 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 22,513 | |
Financing Receivable, before Allowance for Credit Loss | 42,488 | |
Single-family [Member] | Adjustable Rate Residential Mortgage | Estimated mark-to-market loan-to-value ratio less than or equal to 80% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 433 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,551 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,917 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 7,631 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,116 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 22,449 | |
Financing Receivable, before Allowance for Credit Loss | 41,097 | |
Single-family [Member] | Adjustable Rate Residential Mortgage | Estimated mark-to-market loan-to-value ratio greater than 80% and less than or equal to 90% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 38 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 360 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 501 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 208 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 21 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 54 | |
Financing Receivable, before Allowance for Credit Loss | 1,182 | |
Single-family [Member] | Adjustable Rate Residential Mortgage | Estimated mark-to-market loan-to-value ratio greater than 90% and less than or equal to 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 17 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 125 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 49 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 7 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 8 | |
Financing Receivable, before Allowance for Credit Loss | 207 | |
Single-family [Member] | Adjustable Rate Residential Mortgage | Estimated mark-to-market loan-to-value ratio greater than 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2 | |
Financing Receivable, before Allowance for Credit Loss | $ 2 |
Mortgage Loans Credit Quality_2
Mortgage Loans Credit Quality Indicators - MF (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total recorded investment in loans | $ 3,368,810,000,000 | $ 3,336,929,000,000 |
Financing Receivable, before Allowance for Credit Loss | 3,367,916,000,000 | 3,336,405,000,000 |
Multifamily [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 337,694,000,000 | |
Financing Receivable, Originated in Current Fiscal Year | 9,858,000,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 69,854,000,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 64,740,000,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 55,370,000,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 47,488,000,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 90,384,000,000 | |
Doubtful [Member] | Multifamily [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 39,000,000 | 5 |
Non-Classified [Member] | Multifamily [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 330,202,000,000 | 323,773,000,000 |
Financing Receivable, Originated in Current Fiscal Year | 9,858,000,000 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 69,507,000,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 63,830,000,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 53,715,000,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 46,030,000,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 87,262,000,000 | |
Classified | Multifamily [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 7,492,000,000 | 6,845,000,000 |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 347,000,000 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 910,000,000 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,655,000,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,458,000,000 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,122,000,000 | |
Internal Credit Risk | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 330,618,000,000 | |
Multifamily [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total recorded investment in loans | $ 337,694,000,000 | $ 330,618,000,000 |
Mortgage Loans Individually Imp
Mortgage Loans Individually Impaired Loans (Details) $ in Millions | Dec. 31, 2019USD ($) |
Financing Receivable, Impaired [Line Items] | |
Individually impaired loans with related allowance recorded: unpaid principal balance | $ 79,696 |
Individually impaired loans with related allowance recorded: total recorded investment | 76,543 |
Related allowance for loan losses | (8,220) |
Individually impaired loans with no related allowance recorded: unpaid principal balance | 22,424 |
Total individually impaired loans: total recorded investment | 97,876 |
Individually impaired loans with no related allowance recorded: total recorded investment | 21,333 |
Impaired Financing Receivable, Unpaid Principal Balance | 102,120 |
Single-family [Member] | |
Financing Receivable, Impaired [Line Items] | |
Recorded investment | 96,900 |
Individually impaired loans with related allowance recorded: unpaid principal balance | 79,382 |
Individually impaired loans with related allowance recorded: total recorded investment | 76,228 |
Related allowance for loan losses | (8,175) |
Individually impaired loans with no related allowance recorded: unpaid principal balance | 22,061 |
Individually impaired loans with no related allowance recorded: total recorded investment | 20,968 |
Single-family [Member] | FixedRateResidentialMortgage15yearMember | |
Financing Receivable, Impaired [Line Items] | |
Individually impaired loans with related allowance recorded: unpaid principal balance | 954 |
Individually impaired loans with related allowance recorded: total recorded investment | 960 |
Related allowance for loan losses | (24) |
Individually impaired loans with no related allowance recorded: unpaid principal balance | 410 |
Individually impaired loans with no related allowance recorded: total recorded investment | 407 |
Single-family [Member] | Fixed Rate Residential Mortgage 30 and 20 year Member | |
Financing Receivable, Impaired [Line Items] | |
Individually impaired loans with related allowance recorded: unpaid principal balance | 63,091 |
Individually impaired loans with related allowance recorded: total recorded investment | 61,033 |
Related allowance for loan losses | (5,851) |
Individually impaired loans with no related allowance recorded: unpaid principal balance | 18,372 |
Individually impaired loans with no related allowance recorded: total recorded investment | 17,578 |
Single-family [Member] | Other [Member] | |
Financing Receivable, Impaired [Line Items] | |
Individually impaired loans with related allowance recorded: unpaid principal balance | 15,181 |
Individually impaired loans with related allowance recorded: total recorded investment | 14,078 |
Related allowance for loan losses | (2,291) |
Individually impaired loans with no related allowance recorded: unpaid principal balance | 3,014 |
Individually impaired loans with no related allowance recorded: total recorded investment | 2,718 |
Single-family [Member] | Adjustable Rate Residential Mortgage | |
Financing Receivable, Impaired [Line Items] | |
Individually impaired loans with related allowance recorded: unpaid principal balance | 156 |
Individually impaired loans with related allowance recorded: total recorded investment | 157 |
Related allowance for loan losses | (9) |
Individually impaired loans with no related allowance recorded: unpaid principal balance | 265 |
Individually impaired loans with no related allowance recorded: total recorded investment | 265 |
Multifamily [Member] | |
Financing Receivable, Impaired [Line Items] | |
Recorded investment | 102 |
Individually impaired loans with related allowance recorded: unpaid principal balance | 314 |
Individually impaired loans with related allowance recorded: total recorded investment | 315 |
Related allowance for loan losses | (45) |
Individually impaired loans with no related allowance recorded: unpaid principal balance | 363 |
Individually impaired loans with no related allowance recorded: total recorded investment | $ 365 |
Mortgage Loans Individually I_2
Mortgage Loans Individually Impaired Loans - 2 (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Financing Receivable, Impaired [Line Items] | |
Individually impaired loans with related allowance recorded: average recorded investment | $ 97,988 |
Individually impaired loans with no related allowance recorded: total interest income recognized | 270 |
Table Footnote [Abstract] | |
Individually impaired loans with related allowance recorded: total interest income recognized | 1,023 |
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis | 95 |
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis | 31 |
Individually impaired loans with no related allowance recorded: average recorded investment | 18,545 |
Impaired Financing Receivable, Average Recorded Investment | 116,533 |
Individually impaired loans: total interest income recognized | 1,293 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 126 |
Single-family [Member] | |
Financing Receivable, Impaired [Line Items] | |
Individually impaired loans with related allowance recorded: average recorded investment | 97,741 |
Individually impaired loans with no related allowance recorded: total interest income recognized | 268 |
Table Footnote [Abstract] | |
Individually impaired loans with related allowance recorded: total interest income recognized | 1,021 |
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis | 95 |
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis | 31 |
Individually impaired loans with no related allowance recorded: average recorded investment | 18,192 |
Single-family [Member] | Other [Member] | |
Financing Receivable, Impaired [Line Items] | |
Individually impaired loans with related allowance recorded: average recorded investment | 19,898 |
Individually impaired loans with no related allowance recorded: total interest income recognized | 48 |
Table Footnote [Abstract] | |
Individually impaired loans with related allowance recorded: total interest income recognized | 204 |
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis | 15 |
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis | 3 |
Individually impaired loans with no related allowance recorded: average recorded investment | 3,000 |
Single-family [Member] | FixedRateResidentialMortgage15yearMember | |
Financing Receivable, Impaired [Line Items] | |
Individually impaired loans with related allowance recorded: average recorded investment | 1,323 |
Individually impaired loans with no related allowance recorded: total interest income recognized | 4 |
Table Footnote [Abstract] | |
Individually impaired loans with related allowance recorded: total interest income recognized | 12 |
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis | 1 |
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis | 1 |
Individually impaired loans with no related allowance recorded: average recorded investment | 318 |
Single-family [Member] | Fixed Rate Residential Mortgage 30 and 20 year Member | |
Financing Receivable, Impaired [Line Items] | |
Individually impaired loans with related allowance recorded: average recorded investment | 76,400 |
Individually impaired loans with no related allowance recorded: total interest income recognized | 212 |
Table Footnote [Abstract] | |
Individually impaired loans with related allowance recorded: total interest income recognized | 804 |
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis | 79 |
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis | 26 |
Individually impaired loans with no related allowance recorded: average recorded investment | 14,474 |
Single-family [Member] | Adjustable Rate Residential Mortgage | |
Financing Receivable, Impaired [Line Items] | |
Individually impaired loans with related allowance recorded: average recorded investment | 120 |
Individually impaired loans with no related allowance recorded: total interest income recognized | 4 |
Table Footnote [Abstract] | |
Individually impaired loans with related allowance recorded: total interest income recognized | 1 |
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis | 0 |
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis | 1 |
Individually impaired loans with no related allowance recorded: average recorded investment | 400 |
Multifamily [Member] | |
Financing Receivable, Impaired [Line Items] | |
Individually impaired loans with related allowance recorded: average recorded investment | 247 |
Individually impaired loans with no related allowance recorded: total interest income recognized | 2 |
Table Footnote [Abstract] | |
Individually impaired loans with related allowance recorded: total interest income recognized | 2 |
Individually impaired loans with related allowance recorded: interest income recognized on a cash basis | 0 |
Individually impaired loans with no related allowance recorded: interest income recognized on a cash basis | 0 |
Individually impaired loans with no related allowance recorded: average recorded investment | $ 353 |
Mortgage Loans TDRs (Details)
Mortgage Loans TDRs (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)contracts | Mar. 31, 2019USD ($)contracts | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Average term extension of a single-family modified loan | 168 months | 157 months |
Average interest rate reduction of a single-family modified loan | 0.32% | 0.10% |
Number of loans troubled debt restructurings activity | contracts | 12,610 | 13,896 |
Recorded investment troubled debt restructurings activity | $ | $ 2,099 | $ 2,112 |
Single-family [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans troubled debt restructurings activity | contracts | 12,610 | 13,893 |
Recorded investment troubled debt restructurings activity | $ | $ 2,099 | $ 2,099 |
Multifamily [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans troubled debt restructurings activity | contracts | 0 | 3 |
Recorded investment troubled debt restructurings activity | $ | $ 0 | $ 13 |
Fixed Rate Residential Mortgage 30 and 20 year Member | Single-family [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans troubled debt restructurings activity | contracts | 10,856 | 11,445 |
Recorded investment troubled debt restructurings activity | $ | $ 1,909 | $ 1,826 |
FixedRateResidentialMortgage15yearMember | Single-family [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans troubled debt restructurings activity | contracts | 1,073 | 1,295 |
Recorded investment troubled debt restructurings activity | $ | $ 98 | $ 114 |
Other [Member] | Single-family [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans troubled debt restructurings activity | contracts | 537 | 936 |
Recorded investment troubled debt restructurings activity | $ | $ 68 | $ 127 |
Adjustable Rate Residential Mortgage | Single-family [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans troubled debt restructurings activity | contracts | 144 | 217 |
Recorded investment troubled debt restructurings activity | $ | $ 24 | $ 32 |
Mortgage Loans TDRs with Sub De
Mortgage Loans TDRs with Sub Defaults (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)contracts | Mar. 31, 2019USD ($)contracts | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans troubled debt restructurings subsequent default | contracts | 3,561 | 5,159 |
Recorded investment troubled debt restructurings subsequent default | $ | $ 578 | $ 777 |
Single-family [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans troubled debt restructurings subsequent default | contracts | 3,559 | 5,159 |
Recorded investment troubled debt restructurings subsequent default | $ | $ 576 | $ 777 |
Single-family [Member] | Fixed Rate Residential Mortgage 30 and 20 year Member | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans troubled debt restructurings subsequent default | contracts | 3,175 | 4,376 |
Recorded investment troubled debt restructurings subsequent default | $ | $ 521 | $ 664 |
Single-family [Member] | FixedRateResidentialMortgage15yearMember | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans troubled debt restructurings subsequent default | contracts | 50 | 132 |
Recorded investment troubled debt restructurings subsequent default | $ | $ 3 | $ 8 |
Single-family [Member] | Other [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans troubled debt restructurings subsequent default | contracts | 327 | 643 |
Recorded investment troubled debt restructurings subsequent default | $ | $ 51 | $ 104 |
Single-family [Member] | Adjustable Rate Residential Mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans troubled debt restructurings subsequent default | contracts | 7 | 8 |
Recorded investment troubled debt restructurings subsequent default | $ | $ 1 | $ 1 |
Multifamily [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans troubled debt restructurings subsequent default | contracts | 2 | 0 |
Recorded investment troubled debt restructurings subsequent default | $ | $ 2 | $ 0 |
Mortgage Loans Non-accrual Loan
Mortgage Loans Non-accrual Loans (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Nonaccrual [Line Items] | ||
Recorded investment in nonaccrual loans | $ 27,265 | $ 27,981 |
Financing Receivable, Nonaccrual, Interest Income | 117 | |
Single-family [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 182 | |
Recorded investment in nonaccrual loans | 27,174 | 27,546 |
Financing Receivable, Nonaccrual, Interest Income | 117 | |
FinancingReceivablePeriodPastDueWriteOff | 87 | |
Single-family [Member] | Fixed Rate Residential Mortgage 30 and 20 year Member | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Recorded investment in nonaccrual loans | 23,212 | 23,427 |
Financing Receivable, Nonaccrual, Interest Income | 101 | |
Single-family [Member] | FixedRateResidentialMortgage15yearMember | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Recorded investment in nonaccrual loans | 856 | 858 |
Financing Receivable, Nonaccrual, Interest Income | 2 | |
Single-family [Member] | Other [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Recorded investment in nonaccrual loans | 2,827 | 2,973 |
Financing Receivable, Nonaccrual, Interest Income | 13 | |
Single-family [Member] | AdjustableRate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Recorded investment in nonaccrual loans | 279 | |
Single-family [Member] | Adjustable Rate Residential Mortgage | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Recorded investment in nonaccrual loans | 288 | |
Financing Receivable, Nonaccrual, Interest Income | 1 | |
Multifamily [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 1 | |
Recorded investment in nonaccrual loans | 91 | $ 435 |
Financing Receivable, Nonaccrual, Interest Income | $ 0 |
Allowance for Loan Losses Rollf
Allowance for Loan Losses Rollforward by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Loan Losses [Roll Forward] | ||||||
Allowance for loan losses for loans held for investment | $ (13,209) | $ (13,232) | $ (13,209) | $ (10,738) | $ (9,016) | $ (14,203) |
Benefit (provision) for loan losses | 2,584 | (634) | ||||
Charge-offs | 89 | 381 | ||||
Recoveries | (4) | (45) | ||||
Other | (28) | 1 | ||||
Ending balance | (13,209) | (13,232) | ||||
Single-family [Member] | ||||||
Allowance for Loan Losses [Roll Forward] | ||||||
Free Standing Credit Enhancements | 58 | |||||
Multifamily [Member] | ||||||
Allowance for Loan Losses [Roll Forward] | ||||||
Free Standing Credit Enhancements | 127 | |||||
Single-family [Member] | ||||||
Allowance for Loan Losses [Roll Forward] | ||||||
Allowance for loan losses for loans held for investment | (12,070) | (12,985) | (12,070) | (9,988) | (8,759) | (13,969) |
Benefit (provision) for loan losses | 2,177 | (647) | ||||
Charge-offs | 70 | 381 | ||||
Recoveries | (3) | (45) | ||||
Other | (28) | 1 | ||||
Ending balance | (12,070) | (12,985) | ||||
Multifamily [Member] | ||||||
Allowance for Loan Losses [Roll Forward] | ||||||
Allowance for loan losses for loans held for investment | (1,139) | (247) | $ (1,139) | (750) | $ (257) | $ (234) |
Benefit (provision) for loan losses | 407 | 13 | ||||
Charge-offs | 19 | 0 | ||||
Recoveries | (1) | 0 | ||||
Other | 0 | 0 | ||||
Ending balance | $ (1,139) | $ (247) | ||||
Accounting Standards Update 2016-13 [Member] | ||||||
Allowance for Loan Losses [Roll Forward] | ||||||
Allowance for loan losses for loans held for investment | (1,722) | |||||
Accounting Standards Update 2016-13 [Member] | Single-family [Member] | ||||||
Allowance for Loan Losses [Roll Forward] | ||||||
Allowance for loan losses for loans held for investment | (1,229) | |||||
Accounting Standards Update 2016-13 [Member] | Multifamily [Member] | ||||||
Allowance for Loan Losses [Roll Forward] | ||||||
Allowance for loan losses for loans held for investment | $ (493) |
Allowance for Loan Losses and T
Allowance for Loan Losses and Total Recorded Investment in HFI Loans (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses for individually impaired loans | $ (8,220) | ||||
Allowance for loan losses for collectively reserved loans | (796) | ||||
Total allowance for loan losses | $ (13,209) | $ (10,738) | (9,016) | $ (13,232) | $ (14,203) |
Recorded investment in individually impaired loans | 97,876 | ||||
Recorded investment in collectively reserved loans | 3,239,053 | ||||
Total recorded investment in loans | 3,368,810 | 3,336,929 | |||
Single-family [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses for individually impaired loans | (8,175) | ||||
Allowance for loan losses for collectively reserved loans | (584) | ||||
Total allowance for loan losses | (12,070) | (9,988) | (8,759) | (12,985) | (13,969) |
Recorded investment in individually impaired loans | 97,196 | ||||
Recorded investment in collectively reserved loans | 2,909,115 | ||||
Total recorded investment in loans | 3,006,311 | ||||
Multifamily [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses for individually impaired loans | (45) | ||||
Allowance for loan losses for collectively reserved loans | (212) | ||||
Total allowance for loan losses | $ (1,139) | $ (750) | (257) | $ (247) | $ (234) |
Recorded investment in individually impaired loans | 680 | ||||
Recorded investment in collectively reserved loans | 329,938 | ||||
Total recorded investment in loans | $ 330,618 |
Investments in Securities Tradi
Investments in Securities Trading 1 (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments in Trading Securities [Line Items] | ||
Trading, at fair value | $ 52,941 | $ 48,123 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2) | (1) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 88 | 130 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 10 | 13 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 105 | 340 |
Other [Member] | ||
Schedule of Investments in Trading Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 130 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Mortgage-related securities [Member] | ||
Schedule of Investments in Trading Securities [Line Items] | ||
Trading, at fair value | 8,141 | 8,543 |
Fannie Mae [Member] | ||
Schedule of Investments in Trading Securities [Line Items] | ||
Trading, at fair value | 3,530 | 3,424 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 66 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 10 | 10 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 105 | 337 |
Other agency [Member] | ||
Schedule of Investments in Trading Securities [Line Items] | ||
Trading, at fair value | 4,167 | 4,490 |
Private-label and other mortgage securities [Member] | ||
Schedule of Investments in Trading Securities [Line Items] | ||
Trading, at fair value | 444 | 629 |
Non-mortgage-related securities [Member] | ||
Schedule of Investments in Trading Securities [Line Items] | ||
Trading, at fair value | 44,800 | 39,580 |
U.S. Treasury securities [Member] | ||
Schedule of Investments in Trading Securities [Line Items] | ||
Trading, at fair value | 44,727 | 39,501 |
Other securities [Member] | ||
Schedule of Investments in Trading Securities [Line Items] | ||
Trading, at fair value | 73 | 79 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Schedule of Investments in Trading Securities [Line Items] | ||
Trading, at fair value | $ 863 | $ 896 |
Investments in Securities Tra_2
Investments in Securities Trading 2 (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Net trading gains (losses) | $ 647 | $ 92 |
Net trading gains (losses) recognized in the period related to securities still held at period end | $ 591 | $ 89 |
Investments in Securities Avail
Investments in Securities Available-for-sale Securities 1 (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized gains | $ 21 | $ 61 |
Total proceeds (excludes initial sale of securities from new portfolio securitizations) | $ 50 | $ 131 |
Investments in Securities Ava_2
Investments in Securities Available-for-sale Securities 2 (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Total amortized cost | $ 2,147 | $ 2,281 |
Gross unrealized gains | 157 | 137 |
Gross unrealized losses | (12) | (14) |
Total fair value | 2,289 | 2,404 |
Allowance for credit losses | (3) | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | 8 | 10 |
Fannie Mae [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total amortized cost | 1,393 | 1,445 |
Gross unrealized gains | 123 | 85 |
Gross unrealized losses | (11) | (10) |
Total fair value | 1,505 | 1,520 |
Allowance for credit losses | 0 | |
Other agency [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total amortized cost | 171 | 183 |
Gross unrealized gains | 19 | 15 |
Gross unrealized losses | 0 | 0 |
Total fair value | 190 | 198 |
Allowance for credit losses | 0 | |
Alt-A and subprime private-label securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total amortized cost | 4 | 34 |
Gross unrealized gains | 3 | 23 |
Gross unrealized losses | 0 | 0 |
Total fair value | 7 | 57 |
Allowance for credit losses | 0 | |
Mortgage revenue bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total amortized cost | 291 | 309 |
Gross unrealized gains | 9 | 9 |
Gross unrealized losses | (1) | (3) |
Total fair value | 296 | 315 |
Allowance for credit losses | (3) | |
Other mortgage-related securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total amortized cost | 288 | 310 |
Gross unrealized gains | 3 | 5 |
Gross unrealized losses | 0 | (1) |
Total fair value | 291 | $ 314 |
Allowance for credit losses | $ 0 |
Investments in Securities Ava_3
Investments in Securities Available-for-sale Securities 3 (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Consecutive Months, Gross Unrealized Losses | $ 2 | $ 1 |
Less than 12 Consecutive Months, Fair Value | 88 | 130 |
12 Consecutive Months or Longer, Gross Unrealized Losses | (10) | (13) |
12 Consecutive Months or Longer, Fair Value | 105 | 340 |
AOCI, Debt Securities, Available-for-sale without Allowance for Credit Loss, Cumulative Gain (Loss), after Tax | 115 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 105 | 340 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 88 | 130 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 10 | 13 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (31) | (34) |
Fannie Mae [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Consecutive Months, Gross Unrealized Losses | 1 | 0 |
Less than 12 Consecutive Months, Fair Value | 66 | 0 |
12 Consecutive Months or Longer, Gross Unrealized Losses | (10) | (10) |
12 Consecutive Months or Longer, Fair Value | 105 | 337 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 105 | 337 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 66 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 10 | 10 |
Mortgage revenue bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Consecutive Months, Gross Unrealized Losses | 1 | 0 |
Less than 12 Consecutive Months, Fair Value | 22 | 0 |
12 Consecutive Months or Longer, Gross Unrealized Losses | 0 | (3) |
12 Consecutive Months or Longer, Fair Value | 0 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 22 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | 3 |
Other mortgage-related securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Consecutive Months, Gross Unrealized Losses | 1 | |
Less than 12 Consecutive Months, Fair Value | 130 | |
12 Consecutive Months or Longer, Gross Unrealized Losses | 0 | |
12 Consecutive Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 130 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 |
Investments in Securities Other
Investments in Securities Other-than-temporary Impairments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 36 |
Investments in Securities Sched
Investments in Securities Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income [Line Items] | ||
Accumulated Other Comprehensive Income , Net of Tax, Available-for-sale Securities, Other-than-temporary Impairment not Recorded | $ 97 | |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $ 31 | 34 |
Accumulated other comprehensive income | $ 146 | 131 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | $ 36 |
Investments in Securities Matur
Investments in Securities Maturity Information (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total amortized cost | $ 2,147 | $ 2,281 |
Total fair value | 2,289 | 2,404 |
Amortized cost of investments in securities | 2,147 | 2,281 |
Debt Securities, Available-for-sale | 2,289 | 2,404 |
Estimated of Fair Value [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total fair value | 2,289 | |
One Year or Less, Fair Value | 2 | |
After One Year through Five Years, Fair Value | 63 | |
After Five Years through Ten Years, Fair Value | 189 | |
After Ten Years, Fair Value | 2,035 | |
Debt Securities, Available-for-sale | 2,289 | |
Carrying Value [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total fair value | 2,144 | |
One Year or Less, Fair Value | 2 | |
After One Year through Five Years, Fair Value | 60 | |
After Five Years through Ten Years, Fair Value | 171 | |
After Ten Years, Fair Value | 1,911 | |
Debt Securities, Available-for-sale | 2,144 | |
Fannie Mae [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total amortized cost | 1,393 | 1,445 |
Total fair value | 1,505 | 1,520 |
Amortized cost of investments in securities | 1,393 | 1,445 |
Debt Securities, Available-for-sale | 1,505 | 1,520 |
Fannie Mae [Member] | Estimated of Fair Value [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total fair value | 1,505 | |
One Year or Less, Fair Value | 0 | |
After One Year through Five Years, Fair Value | 14 | |
After Five Years through Ten Years, Fair Value | 109 | |
After Ten Years, Fair Value | 1,382 | |
Debt Securities, Available-for-sale | 1,505 | |
Fannie Mae [Member] | Carrying Value [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total fair value | 1,393 | |
One Year or Less, Fair Value | 0 | |
After One Year through Five Years, Fair Value | 14 | |
After Five Years through Ten Years, Fair Value | 96 | |
After Ten Years, Fair Value | 1,283 | |
Debt Securities, Available-for-sale | 1,393 | |
Other agency [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total amortized cost | 171 | 183 |
Total fair value | 190 | 198 |
Amortized cost of investments in securities | 171 | 183 |
Debt Securities, Available-for-sale | 190 | 198 |
Other agency [Member] | Estimated of Fair Value [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total fair value | 190 | |
One Year or Less, Fair Value | 0 | |
After One Year through Five Years, Fair Value | 17 | |
After Five Years through Ten Years, Fair Value | 25 | |
After Ten Years, Fair Value | 148 | |
Debt Securities, Available-for-sale | 190 | |
Other agency [Member] | Carrying Value [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total fair value | 171 | |
One Year or Less, Fair Value | 0 | |
After One Year through Five Years, Fair Value | 16 | |
After Five Years through Ten Years, Fair Value | 23 | |
After Ten Years, Fair Value | 132 | |
Debt Securities, Available-for-sale | 171 | |
Alt-A and subprime private-label securities [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total amortized cost | 4 | 34 |
Total fair value | 7 | 57 |
Amortized cost of investments in securities | 4 | 34 |
Debt Securities, Available-for-sale | 7 | 57 |
Alt-A and subprime private-label securities [Member] | Estimated of Fair Value [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total fair value | 7 | |
One Year or Less, Fair Value | 0 | |
After One Year through Five Years, Fair Value | 0 | |
After Five Years through Ten Years, Fair Value | 3 | |
After Ten Years, Fair Value | 4 | |
Debt Securities, Available-for-sale | 7 | |
Alt-A and subprime private-label securities [Member] | Carrying Value [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total fair value | 4 | |
One Year or Less, Fair Value | 0 | |
After One Year through Five Years, Fair Value | 0 | |
After Five Years through Ten Years, Fair Value | 2 | |
After Ten Years, Fair Value | 2 | |
Debt Securities, Available-for-sale | 4 | |
Mortgage revenue bonds [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total amortized cost | 291 | 309 |
Total fair value | 296 | 315 |
Amortized cost of investments in securities | 291 | 309 |
Debt Securities, Available-for-sale | 296 | 315 |
Mortgage revenue bonds [Member] | Estimated of Fair Value [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total fair value | 296 | |
One Year or Less, Fair Value | 2 | |
After One Year through Five Years, Fair Value | 32 | |
After Five Years through Ten Years, Fair Value | 28 | |
After Ten Years, Fair Value | 234 | |
Debt Securities, Available-for-sale | 296 | |
Mortgage revenue bonds [Member] | Carrying Value [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total fair value | 288 | |
One Year or Less, Fair Value | 2 | |
After One Year through Five Years, Fair Value | 30 | |
After Five Years through Ten Years, Fair Value | 27 | |
After Ten Years, Fair Value | 229 | |
Debt Securities, Available-for-sale | 288 | |
Other mortgage-related securities [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total amortized cost | 288 | 310 |
Total fair value | 291 | 314 |
Amortized cost of investments in securities | 288 | 310 |
Debt Securities, Available-for-sale | 291 | $ 314 |
Other mortgage-related securities [Member] | Estimated of Fair Value [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total fair value | 291 | |
One Year or Less, Fair Value | 0 | |
After One Year through Five Years, Fair Value | 0 | |
After Five Years through Ten Years, Fair Value | 24 | |
After Ten Years, Fair Value | 267 | |
Debt Securities, Available-for-sale | 291 | |
Other mortgage-related securities [Member] | Carrying Value [Member] | ||
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Rolling Maturity | ||
Total fair value | 288 | |
One Year or Less, Fair Value | 0 | |
After One Year through Five Years, Fair Value | 0 | |
After Five Years through Ten Years, Fair Value | 23 | |
After Ten Years, Fair Value | 265 | |
Debt Securities, Available-for-sale | $ 288 |
Financial Guarantees Financial
Financial Guarantees Financial Guarantees and Maximum Recovery (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Financial Guarantees and Maximum Recovery [Line Items] | ||
Maximum Exposure | $ 17,886 | $ 18,471 |
Guaranty Obligation | 141 | 154 |
Maximum Recovery | 7,739 | 8,098 |
Unconsolidated VIEs [Member] | Unconsolidated Fannie Mae MBS [Member] | ||
Financial Guarantees and Maximum Recovery [Line Items] | ||
Maximum Exposure | 5,487 | 5,801 |
Guaranty Obligation | 18 | 26 |
Maximum Recovery | 5,244 | 5,545 |
Unconsolidated VIEs [Member] | Other guaranty arrangements [Member] | ||
Financial Guarantees and Maximum Recovery [Line Items] | ||
Maximum Exposure | 12,399 | 12,670 |
Guaranty Obligation | 123 | 128 |
Maximum Recovery | 2,495 | 2,553 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Unconsolidated VIEs [Member] | ||
Financial Guarantees and Maximum Recovery [Line Items] | ||
Single security, Freddie Mac issued securities backing unconsolidated Fannie Mae securities | $ 72,700 | $ 50,100 |
Maximum [Member] | ||
Financial Guarantees and Maximum Recovery [Line Items] | ||
Contractual terms of our guarantees | 33 years |
Short-Term and Long-Term Debt S
Short-Term and Long-Term Debt Short-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Short-Term Debt [Line Items] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | $ 0 | $ 478 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | ||
Short-Term Debt [Line Items] | ||
Debt, Weighted Average Interest Rate | 0.00% | 1.67% |
Intraday line of credit [Member] | ||
Short-Term Debt [Line Items] | ||
Line of credit maximum borrowing capacity | $ 15,000 | $ 15,000 |
Fannie Mae [Member] | ||
Short-Term Debt [Line Items] | ||
Short-term debt, outstanding | $ 58,337 | $ 26,662 |
Short-term debt, weighted-average interest rate | 0.71% | 1.56% |
Short-Term and Long-Term Debt L
Short-Term and Long-Term Debt Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Long-Term Debt [Line Items] | ||
Long-term debt, outstanding | $ 3,504,219 | $ 3,440,724 |
Long-term debt, weighted-average interest rate | 2.76% | 2.78% |
Consolidated Trusts [Member] | ||
Long-Term Debt [Line Items] | ||
Long-term debt, outstanding | $ 3,334,098 | $ 3,285,139 |
Long-term debt, weighted-average interest rate | 2.78% | 2.78% |
Fannie Mae [Member] | ||
Long-Term Debt [Line Items] | ||
Long-term debt, outstanding | $ 170,121 | $ 155,585 |
Long-term debt, weighted-average interest rate | 2.43% | 2.86% |
Unamortized discounts and premiums, other cost basis adjustments and fair value adjustments | $ 586 | $ 2 |
Fannie Mae [Member] | Senior Fixed [Member] | ||
Long-Term Debt [Line Items] | ||
Long-term debt, outstanding | $ 110,114 | $ 123,958 |
Long-term debt, weighted-average interest rate | 2.57% | 2.47% |
Fannie Mae [Member] | Senior fixed benchmark notes and bonds [Member] | ||
Long-Term Debt [Line Items] | ||
Long-term debt, outstanding | $ 83,115 | $ 86,114 |
Long-term debt, weighted-average interest rate | 2.70% | 2.66% |
Fannie Mae [Member] | Senior fixed medium-term notes [Member] | ||
Long-Term Debt [Line Items] | ||
Long-term debt, outstanding | $ 22,919 | $ 32,590 |
Long-term debt, weighted-average interest rate | 1.59% | 1.57% |
Fannie Mae [Member] | Senior fixed other debt [Member] | ||
Long-Term Debt [Line Items] | ||
Long-term debt, outstanding | $ 4,080 | $ 5,254 |
Long-term debt, weighted-average interest rate | 5.47% | 5.01% |
Fannie Mae [Member] | Senior floating [Member] | ||
Long-Term Debt [Line Items] | ||
Long-term debt, outstanding | $ 59,980 | $ 31,596 |
Long-term debt, weighted-average interest rate | 2.17% | 4.40% |
Fannie Mae [Member] | Senior floating medium-term notes [Member] | ||
Long-Term Debt [Line Items] | ||
Long-term debt, outstanding | $ 40,078 | $ 9,774 |
Long-term debt, weighted-average interest rate | 0.54% | 1.66% |
Fannie Mae [Member] | Senior floating Connecticut Avenue Securities [Member] | ||
Long-Term Debt [Line Items] | ||
Long-term debt, outstanding | $ 19,470 | $ 21,424 |
Long-term debt, weighted-average interest rate | 5.42% | 5.61% |
Fannie Mae [Member] | Senior floating other debt [Member] | ||
Long-Term Debt [Line Items] | ||
Long-term debt, outstanding | $ 432 | $ 398 |
Long-term debt, weighted-average interest rate | 7.37% | 6.27% |
Fannie Mae [Member] | Secured borrowings [Member] | ||
Long-Term Debt [Line Items] | ||
Long-term debt, outstanding | $ 27 | $ 31 |
Long-term debt, weighted-average interest rate | 2.60% | 2.31% |
Derivative Instruments Derivati
Derivative Instruments Derivatives 1 - Notional and FV Position (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Asset Derivatives [Abstract] | ||
Notional amount | $ 392,994 | $ 243,475 |
Derivative asset, estimated fair value | 2,771 | 271 |
Netting adjustment | (2,137) | (1,288) |
Liability Derivatives [Abstract] | ||
Notional amount | 256,812 | 196,666 |
Derivative liability, estimated fair value | (3,809) | (435) |
Netting adjustment | 2,607 | 1,694 |
Table Footnote [Abstract] | ||
Cash collateral posted for derivative instruments | 1,400 | 1,000 |
Cash collateral received for derivative instruments | 896 | 635 |
Pay-fixed Swap | ||
Asset Derivatives [Abstract] | ||
Notional amount | 50,946 | 41,052 |
Derivative asset, estimated fair value | 0 | 0 |
Liability Derivatives [Abstract] | ||
Notional amount | 29,603 | 29,178 |
Derivative liability, estimated fair value | (1,930) | (970) |
Receive-fixed Swap | ||
Asset Derivatives [Abstract] | ||
Notional amount | 94,704 | 73,579 |
Derivative asset, estimated fair value | 1,151 | 816 |
Liability Derivatives [Abstract] | ||
Notional amount | 9,854 | 26,382 |
Derivative liability, estimated fair value | (2) | (62) |
Basis Swap | ||
Asset Derivatives [Abstract] | ||
Notional amount | 273 | 273 |
Derivative asset, estimated fair value | 205 | 149 |
Liability Derivatives [Abstract] | ||
Notional amount | 0 | 0 |
Derivative liability, estimated fair value | 0 | 0 |
Foreign Currency Swap | ||
Asset Derivatives [Abstract] | ||
Notional amount | 215 | 229 |
Derivative asset, estimated fair value | 29 | 39 |
Liability Derivatives [Abstract] | ||
Notional amount | 217 | 232 |
Derivative liability, estimated fair value | (93) | (65) |
Pay-fixed Swaption | ||
Asset Derivatives [Abstract] | ||
Notional amount | 4,600 | 4,600 |
Derivative asset, estimated fair value | 7 | 18 |
Liability Derivatives [Abstract] | ||
Notional amount | 5,875 | 6,375 |
Derivative liability, estimated fair value | (328) | (219) |
Receive-fixed Swaption | ||
Asset Derivatives [Abstract] | ||
Notional amount | 6,625 | 2,875 |
Derivative asset, estimated fair value | 619 | 106 |
Liability Derivatives [Abstract] | ||
Notional amount | 350 | 4,600 |
Derivative liability, estimated fair value | (130) | (232) |
Future [Member] | ||
Asset Derivatives [Abstract] | ||
Notional amount | 53,742 | 20,507 |
Derivative asset, estimated fair value | 0 | 0 |
Liability Derivatives [Abstract] | ||
Notional amount | 0 | 0 |
Derivative liability, estimated fair value | 0 | 0 |
Risk Management Derivatives | ||
Asset Derivatives [Abstract] | ||
Notional amount | 211,105 | 143,115 |
Derivative asset, estimated fair value | 2,011 | 1,128 |
Accrued interest receivable (payable) | 195 | 226 |
Netting adjustment | (2,137) | (1,288) |
Total net risk management derivatives | 69 | 66 |
Liability Derivatives [Abstract] | ||
Notional amount | 45,899 | 66,767 |
Derivative liability, estimated fair value | (2,483) | (1,548) |
Accrued interest receivable (payable) | (310) | (250) |
Netting adjustment | 2,607 | 1,694 |
Total net risk management derivatives | (186) | (104) |
Mortgage commitments to purchase whole loans | ||
Asset Derivatives [Abstract] | ||
Notional amount | 31,152 | 7,115 |
Derivative asset, estimated fair value | 413 | 15 |
Liability Derivatives [Abstract] | ||
Notional amount | 10,452 | 1,787 |
Derivative liability, estimated fair value | (56) | (1) |
Forward contracts to purchase mortgage-related securities | ||
Asset Derivatives [Abstract] | ||
Notional amount | 103,770 | 55,531 |
Derivative asset, estimated fair value | 2,153 | 137 |
Liability Derivatives [Abstract] | ||
Notional amount | 10,936 | 9,560 |
Derivative liability, estimated fair value | (36) | (28) |
Forward contracts to sell mortgage-related securities | ||
Asset Derivatives [Abstract] | ||
Notional amount | 20,070 | 9,282 |
Derivative asset, estimated fair value | 99 | 13 |
Liability Derivatives [Abstract] | ||
Notional amount | 177,213 | 109,066 |
Derivative liability, estimated fair value | (3,502) | (277) |
Mortgage commitment derivatives | ||
Asset Derivatives [Abstract] | ||
Notional amount | 154,992 | 71,928 |
Derivative asset, estimated fair value | 2,665 | 165 |
Netting adjustment | 0 | 0 |
Liability Derivatives [Abstract] | ||
Notional amount | 198,601 | 120,413 |
Derivative liability, estimated fair value | (3,594) | (306) |
Netting adjustment | 0 | 0 |
Other | ||
Asset Derivatives [Abstract] | ||
Notional amount | 26,897 | 28,432 |
Derivative asset, estimated fair value | 37 | 40 |
Liability Derivatives [Abstract] | ||
Notional amount | 12,312 | 9,486 |
Derivative liability, estimated fair value | $ (29) | $ (25) |
Derivative Instruments Deriva_2
Derivative Instruments Derivatives 2 - FV Gains and Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Fair Value Gain (Loss) on Derivative, Net | $ (1,365) | $ (695) |
Net accrual of periodic settlements | 5,347 | 4,796 |
Pay-fixed Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Fair Value Gain (Loss) on Derivative, Net | (4,029) | (1,335) |
Receive-fixed Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Fair Value Gain (Loss) on Derivative, Net | 3,343 | 1,281 |
Basis Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Fair Value Gain (Loss) on Derivative, Net | 56 | 24 |
Foreign Currency Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Fair Value Gain (Loss) on Derivative, Net | (38) | 19 |
Pay-fixed Swaption | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Fair Value Gain (Loss) on Derivative, Net | (148) | (177) |
Receive-fixed Swaption | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Fair Value Gain (Loss) on Derivative, Net | 632 | 7 |
Future [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Fair Value Gain (Loss) on Derivative, Net | (71) | 59 |
Risk Management Derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Fair Value Gain (Loss) on Derivative, Net | (361) | (388) |
Net accrual of periodic settlements | (106) | (266) |
Mortgage commitment derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Fair Value Gain (Loss) on Derivative, Net | (993) | (300) |
Other | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Fair Value Gain (Loss) on Derivative, Net | $ (11) | $ (7) |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Net interest income | $ 5,347,000,000 | $ 4,796,000,000 |
Fee and other income | 308,000,000 | 134,000,000 |
Net revenues | 5,655,000,000 | 4,930,000,000 |
Investment gains, net | (158,000,000) | 133,000,000 |
Fair value gains (losses), net | (276,000,000) | (831,000,000) |
Administrative expenses | (749,000,000) | (744,000,000) |
Benefit (provision) for credit losses | (2,583,000,000) | 650,000,000 |
Foreclosed property income (expense) | (80,000,000) | (140,000,000) |
Credit-related income (expense) | (2,663,000,000) | 510,000,000 |
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees | (637,000,000) | (593,000,000) |
Credit enhancement expense | (331,000,000) | (171,000,000) |
Other expenses, net | (263,000,000) | (207,000,000) |
Income before federal income taxes | 578,000,000 | 3,027,000,000 |
Provision for federal income taxes | (117,000,000) | (627,000,000) |
Net income | 461,000,000 | 2,400,000,000 |
Single-family [Member] | ||
Segment Reporting Information [Line Items] | ||
Credit enhancement expense | (312,000,000) | (167,000,000) |
Multifamily [Member] | ||
Segment Reporting Information [Line Items] | ||
Credit enhancement expense | (19,000,000) | (4,000,000) |
US Treasury [Member] | ||
Segment Reporting Information [Line Items] | ||
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees | (637,000,000) | (593,000,000) |
Business Segments [Member] | Single-family [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 4,541,000,000 | 4,039,000,000 |
Fee and other income | 152,000,000 | 106,000,000 |
Net revenues | 4,693,000,000 | 4,145,000,000 |
Investment gains, net | (152,000,000) | 94,000,000 |
Fair value gains (losses), net | (460,000,000) | (887,000,000) |
Administrative expenses | (629,000,000) | (631,000,000) |
Benefit (provision) for credit losses | (2,172,000,000) | 661,000,000 |
Foreclosed property income (expense) | (78,000,000) | (143,000,000) |
Credit-related income (expense) | (2,250,000,000) | 518,000,000 |
Other expenses, net | (167,000,000) | (170,000,000) |
Income before federal income taxes | 86,000,000 | 2,309,000,000 |
Provision for federal income taxes | (18,000,000) | (484,000,000) |
Net income | 68,000,000 | 1,825,000,000 |
Business Segments [Member] | Single-family [Member] | US Treasury [Member] | ||
Segment Reporting Information [Line Items] | ||
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees | (637,000,000) | (593,000,000) |
Business Segments [Member] | Multifamily [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 806,000,000 | 757,000,000 |
Fee and other income | 156,000,000 | 28,000,000 |
Net revenues | 962,000,000 | 785,000,000 |
Investment gains, net | (6,000,000) | 39,000,000 |
Fair value gains (losses), net | 184,000,000 | 56,000,000 |
Administrative expenses | (120,000,000) | (113,000,000) |
Benefit (provision) for credit losses | (411,000,000) | (11,000,000) |
Foreclosed property income (expense) | (2,000,000) | 3,000,000 |
Credit-related income (expense) | (413,000,000) | (8,000,000) |
Other expenses, net | (96,000,000) | (37,000,000) |
Income before federal income taxes | 492,000,000 | 718,000,000 |
Provision for federal income taxes | (99,000,000) | (143,000,000) |
Net income | 393,000,000 | 575,000,000 |
Business Segments [Member] | Multifamily [Member] | US Treasury [Member] | ||
Segment Reporting Information [Line Items] | ||
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees | $ 0 | $ 0 |
Concentrations of Credit Risk S
Concentrations of Credit Risk SF Risk Characteristics (Details) - Single-family [Member] | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Guaranty Book of Business [Member] | Conventional Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 days delinquent (percentage of book of business) | 1.16% | 1.07% |
60 days delinquent (percentage of book of business) | 0.27% | 0.29% |
Seriously delinquent (percentage of book of business) | 0.59% | 0.59% |
30 days delinquent (percentage of conventional loans) | 1.31% | 1.27% |
60 days delinquent (percentage of conventional loans) | 0.32% | 0.35% |
Seriously delinquent (percentage of conventional loans) | 0.66% | 0.66% |
Guaranty Book of Business [Member] | Conventional Loan [Member] | Estimated mark-to-market loan-to-value ratio greater than 100% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Seriously delinquent (percentage of conventional loans) | 10.06% | 10.14% |
Guaranty Book of Business [Member] | Conventional Loan [Member] | Alt-A | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Seriously delinquent (percentage of conventional loans) | 2.95% | 2.95% |
Percentage of Unpaid Principal Balance of Loans | 1.00% | 2.00% |
Guaranty Book of Business [Member] | Conventional Loan [Member] | 2004 and prior | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Seriously delinquent (percentage of conventional loans) | 2.48% | 2.48% |
Percentage of Unpaid Principal Balance of Loans | 2.00% | 2.00% |
Guaranty Book of Business [Member] | Conventional Loan [Member] | 2005-2008 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Seriously delinquent (percentage of conventional loans) | 4.11% | 4.11% |
Percentage of Unpaid Principal Balance of Loans | 3.00% | 4.00% |
Guaranty Book of Business [Member] | Conventional Loan [Member] | 2009-2020 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Seriously delinquent (percentage of conventional loans) | 0.35% | 0.35% |
Percentage of Unpaid Principal Balance of Loans | 95.00% | 94.00% |
Guaranty Book of Business [Member] | Conventional Loan [Member] | California | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Seriously delinquent (percentage of conventional loans) | 0.33% | 0.32% |
Percentage of Unpaid Principal Balance of Loans | 19.00% | 19.00% |
Guaranty Book of Business [Member] | Conventional Loan [Member] | Florida | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Seriously delinquent (percentage of conventional loans) | 0.83% | 0.84% |
Percentage of Unpaid Principal Balance of Loans | 6.00% | 6.00% |
Guaranty Book of Business [Member] | Conventional Loan [Member] | ILLINOIS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Seriously delinquent (percentage of conventional loans) | 0.91% | 0.91% |
Percentage of Unpaid Principal Balance of Loans | 4.00% | 4.00% |
Guaranty Book of Business [Member] | Conventional Loan [Member] | New Jersey | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Seriously delinquent (percentage of conventional loans) | 1.13% | 1.13% |
Percentage of Unpaid Principal Balance of Loans | 3.00% | 3.00% |
Guaranty Book of Business [Member] | Conventional Loan [Member] | New York | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Seriously delinquent (percentage of conventional loans) | 1.19% | 1.18% |
Percentage of Unpaid Principal Balance of Loans | 5.00% | 5.00% |
Guaranty Book of Business [Member] | Conventional Loan [Member] | All other states | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Seriously delinquent (percentage of conventional loans) | 0.64% | 0.64% |
Percentage of Unpaid Principal Balance of Loans | 63.00% | 63.00% |
Minimum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Serious delinquency, days past due | 90 days |
Concentrations of Credit Risk M
Concentrations of Credit Risk MF Risk Characteristics (Details) - Multifamily [Member] | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Minimum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Serious delinquency, days past due | 60 days | |
Current debt service coverage ratio reporting lag | 3 months | |
Maximum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Serious delinquency, days past due | 89 days | |
Current debt service coverage ratio (higher risk loans) | 1 | |
Current debt service coverage ratio reporting lag | 6 months | |
Guaranty Book of Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30 days delinquent (percentage of book of business) | 0.03% | 0.02% |
Seriously delinquent (percentage of book of business) | 0.05% | 0.04% |
Guaranty Book of Business [Member] | Original LTV ratio greater than 80% [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of book of business | 1.00% | 1.00% |
Loans seriously delinquent, percentage by unpaid principal balance | 0.00% | 0.00% |
Guaranty Book of Business [Member] | Original LTV ratio less than or equal to 80% [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of book of business | 99.00% | 99.00% |
Loans seriously delinquent, percentage by unpaid principal balance | 0.05% | 0.04% |
Guaranty Book of Business [Member] | Current DSCR below 1.0 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of book of business | 2.00% | 2.00% |
Loans seriously delinquent, percentage by unpaid principal balance | 0.68% | 0.48% |
Concentrations of Credit Risk O
Concentrations of Credit Risk Other Concentrations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | |||
Estimated benefit included in loss reserves | $ 1,400,000,000 | $ 410,000,000 | |
Receivable from claims on insured, defaulted loans excluding government insured loans | 607,000,000 | 654,000,000 | |
Allowance for mortgage insurance receivable | $ 502,000,000 | 541,000,000 | |
PMI Mortgage Insurance Company [Member] | |||
Concentration Risk [Line Items] | |||
Mortgage insurance coverage risk in force percentage to be paid in cash | 76.50% | ||
Mortgage insurance coverage risk in force percentage to be deferred | 23.50% | ||
Triad Guaranty Insurance Corporation 1 [Member] | |||
Concentration Risk [Line Items] | |||
Mortgage insurance coverage risk in force percentage to be paid in cash | 75.00% | ||
Mortgage insurance coverage risk in force percentage to be deferred | 25.00% | ||
Single-family [Member] | Guaranty Book of Business [Member] | |||
Concentration Risk [Line Items] | |||
Mortgage insurance coverage risk in force | $ 164,524,000,000 | $ 163,194,000,000 | |
Mortgage insurance coverage risk in force as percentage | 6.00% | 6.00% | |
Primary mortgage insurance | $ 164,218,000,000 | $ 162,855,000,000 | |
Pool mortgage insurance | $ 306,000,000 | $ 339,000,000 | |
Single-family [Member] | Guaranty Book of Business [Member] | Credit Concentration Risk [Member] | Group of Largest Mortgage Servicers including Affiliates [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 59.00% | 59.00% | |
Single-family [Member] | Guaranty Book of Business [Member] | Credit Concentration Risk [Member] | Group of Largest Mortgage Servicers including Affiliates [Member] | Non-Depository Servicer [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 28.00% | 27.00% | |
Single-family [Member] | Guaranty Book of Business [Member] | Credit Concentration Risk [Member] | Wells Fargo Bank N.A. [Member] | Depository Servicer [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 17.00% | 17.00% | |
Single-family [Member] | Guaranty Book of Business [Member] | Credit Concentration Risk [Member] | Other Servicers [Member] | Depository Servicer [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 14.00% | 15.00% | |
Single-family [Member] | Guaranty Book of Business [Member] | Insurance Service Provider Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 100.00% | 100.00% | |
Mortgage insurance coverage risk in force for insurers with credit quality deterioration | $ 3,100,000,000 | ||
Percentage of Concentration Risk | 2.00% | ||
Single-family [Member] | Guaranty Book of Business [Member] | Insurance Service Provider Concentration Risk [Member] | Arch Capital Group Ltd. | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 23.00% | 23.00% | |
Single-family [Member] | Guaranty Book of Business [Member] | Insurance Service Provider Concentration Risk [Member] | Radian Guaranty, Inc. | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 20.00% | 20.00% | |
Single-family [Member] | Guaranty Book of Business [Member] | Insurance Service Provider Concentration Risk [Member] | Mortgage Guaranty Insurance Corp. | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 18.00% | 18.00% | |
Single-family [Member] | Guaranty Book of Business [Member] | Insurance Service Provider Concentration Risk [Member] | Genworth Mortgage Insurance Corp.(2) | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 16.00% | 15.00% | |
Single-family [Member] | Guaranty Book of Business [Member] | Insurance Service Provider Concentration Risk [Member] | Essent Guaranty, Inc. | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 13.00% | 14.00% | |
Single-family [Member] | Guaranty Book of Business [Member] | Insurance Service Provider Concentration Risk [Member] | Others | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 10.00% | 10.00% | |
Multifamily [Member] | Guaranty Book of Business [Member] | Credit Concentration Risk [Member] | Group of Largest Mortgage Servicers including Affiliates [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 48.00% | 48.00% | |
Multifamily [Member] | Guaranty Book of Business [Member] | Credit Concentration Risk [Member] | Wells Fargo Bank N.A. [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 13.00% | 13.00% | |
Multifamily [Member] | Guaranty Book of Business [Member] | Credit Concentration Risk [Member] | Walker & Dunlop, LLC [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 12.00% | 12.00% | |
Multifamily [Member] | Guaranty Book of Business [Member] | Credit Concentration Risk [Member] | Other Servicers [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of Risk-in-Force Coverage by Mortgage Insurer | 23.00% | 23.00% |
Netting Arrangements (Details)
Netting Arrangements (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Offsetting Assets [Line Items] | ||
Fair Value of Securities Received as Collateral that Have Been Resold or Repledged | $ 0 | $ 0 |
Derivative Liability, Not Subject to Master Netting Arrangement | 29 | 25 |
Assets: | ||
Derivative assets, gross amount | 4,871 | 1,519 |
Derivative assets, gross amount offset | (2,137) | (1,288) |
Derivative assets, net amount presented in our condensed consolidated balance sheets | 2,734 | 231 |
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments | (1,228) | (101) |
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral | (499) | (1) |
Derivative assets, net amount | 1,007 | 129 |
Securities purchased under agreements to resell or similar arrangements, gross amount | 20,175 | 24,928 |
Securities purchased under agreements to resell or similar arrangements, gross amount offset | 0 | 0 |
Securities Purchased under Agreements to Resell, Not Subject to Master Netting Arrangement | 20,175 | 24,928 |
Securities purchased under agreements to resell or similar arrangements, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments | 0 | 0 |
Securities purchased under agreements to resell or similar arrangements, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral | (20,175) | (24,928) |
Securities purchased under agreements to resell or similar arrangements, net amount | 0 | 0 |
Total assets, gross amount | 25,046 | 26,447 |
Total assets, gross amount offset | (2,137) | (1,288) |
Total assets, net amount presented in our condensed consolidated balance sheets | 22,909 | 25,159 |
Total assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments | (1,228) | (101) |
Total assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral | (20,674) | (24,929) |
Total assets, net amount | 1,007 | 129 |
Liabilities: | ||
Derivative liabilities, gross amount | (6,387) | (2,104) |
Derivative liabilities, gross amount offset | 2,607 | 1,694 |
Derivative liabilities, net amount presented in our condensed consolidated balance sheets | (3,780) | (410) |
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments | 1,228 | 101 |
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral | 2,385 | 182 |
Derivative liabilities, net amount | (167) | (127) |
Total liabilities, gross amount | (6,387) | (2,582) |
Total liabilities, gross amount offset | 2,607 | 1,694 |
Total liabilities, net amount presented in our condensed consolidated balance sheets | (3,780) | (888) |
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments | 1,228 | 101 |
Total liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral | 2,385 | 657 |
Total liabilities, net amount | (167) | (130) |
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral | 3 | |
Securities Sold under Agreements to Repurchase, Not Subject to Master Netting Arrangement | 478 | |
Securities Sold under Agreements to Repurchase, Gross | 478 | |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 475 | |
Single-family [Member] | ||
Liabilities: | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 182 | |
Risk Management Derivatives | ||
Assets: | ||
Derivative assets, gross amount offset | (2,137) | (1,288) |
Liabilities: | ||
Derivative liabilities, gross amount offset | 2,607 | 1,694 |
Mortgage commitment derivatives | ||
Assets: | ||
Derivative assets, gross amount | 2,665 | 165 |
Derivative assets, gross amount offset | 0 | 0 |
Derivative assets, net amount presented in our condensed consolidated balance sheets | 2,665 | 165 |
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments | (1,228) | (101) |
Derivative assets, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral | (499) | (1) |
Derivative assets, net amount | 938 | 63 |
Liabilities: | ||
Derivative liabilities, gross amount | (3,594) | (306) |
Derivative liabilities, gross amount offset | 0 | 0 |
Derivative liabilities, net amount presented in our condensed consolidated balance sheets | (3,594) | (306) |
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, financial instruments | 1,228 | 101 |
Derivative liabilities, under master netting arrangements, amounts not offset in our condensed consolidated balance sheets, collateral | 2,349 | 181 |
Derivative liabilities, net amount | (17) | (24) |
Over the Counter [Member] | Risk Management Derivatives | ||
Assets: | ||
Derivative assets, gross amount | 2,206 | 1,354 |
Derivative assets, gross amount offset | (2,202) | (1,334) |
Derivative assets, net amount presented in our condensed consolidated balance sheets | 4 | 20 |
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 | 4 | 20 |
Liabilities: | ||
Derivative liabilities, gross amount | (2,793) | (1,798) |
Derivative liabilities, gross amount offset | 2,643 | 1,695 |
Derivative liabilities, net amount presented in our condensed consolidated balance sheets | (150) | (103) |
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 | (150) | (103) |
Exchange Cleared [Member] | Risk Management Derivatives | ||
Assets: | ||
Derivative assets, gross amount | 0 | 0 |
Derivative assets, gross amount offset | 65 | 46 |
Derivative assets, net amount presented in our condensed consolidated balance sheets | 65 | 46 |
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 | 65 | 46 |
Liabilities: | ||
Derivative liabilities, gross amount | 0 | 0 |
Derivative liabilities, gross amount offset | (36) | (1) |
Derivative liabilities, net amount presented in our condensed consolidated balance sheets | (36) | (1) |
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 | 36 | 1 |
Derivative liabilities, net amount | $ 0 | $ 0 |
Netting Arrangements Narratives
Netting Arrangements Narratives (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Fair value of non-cash collateral we pledged | $ 4,200 | $ 2,300 |
Fair value of non-cash collateral received | 20,100 | 24,700 |
Fair value of non-cash collateral received that can be resold or repledged | 20,100 | 23,800 |
Fair value of securities received as collateral that have been resold or repledge | 0 | 0 |
Derivative assets not subject to enforceable master netting arrangements | 37 | 40 |
Derivative liabilities not subject to enforceable master netting arrangements | (29) | (25) |
Cash and Cash Equivalents [Member] | ||
Derivative [Line Items] | ||
Securities purchased under agreements to resell | $ 12,400 | $ 11,400 |
Fair Value Levels Hierarchy (De
Fair Value Levels Hierarchy (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets [Abstract] | ||
Mortgage loans held for investment, at fair value | $ 7,701 | $ 7,825 |
Other assets [Abstract] | ||
Derivative assets, gross amount offset | (2,137) | (1,288) |
Other liabilities [Abstract] | ||
Derivative liabilities, gross amount offset | (2,607) | (1,694) |
Mortgage commitment derivatives | ||
Other assets [Abstract] | ||
Derivative assets, gross amount offset | 0 | 0 |
Other liabilities [Abstract] | ||
Derivative liabilities, gross amount offset | 0 | 0 |
Fannie Mae [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 4,752 | 5,687 |
Consolidated Trusts [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 22,855 | 21,880 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Trading securities | 44,727 | 39,501 |
Available-for-sale securities | 0 | 0 |
Mortgage loans held for investment, at fair value | 0 | 0 |
Other assets [Abstract] | ||
Derivatives assets at fair value | 0 | 0 |
Total assets at fair value | 161,035 | 89,558 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fannie Mae [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Consolidated Trusts [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Trading securities | 8,052 | 8,576 |
Available-for-sale securities | 1,521 | 1,612 |
Mortgage loans held for investment, at fair value | 3,395,898 | 3,270,535 |
Other assets [Abstract] | ||
Derivatives assets at fair value | 4,661 | 1,360 |
Total assets at fair value | 3,439,362 | 3,313,691 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 6,386 | 2,092 |
Total liabilities at fair value | 3,682,046 | 3,506,144 |
Significant Other Observable Inputs (Level 2) [Member] | Fannie Mae [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 176,634 | 164,144 |
Significant Other Observable Inputs (Level 2) [Member] | Consolidated Trusts [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 3,440,638 | 3,312,763 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Trading securities | 162 | 46 |
Available-for-sale securities | 768 | 792 |
Mortgage loans held for investment, at fair value | 118,612 | 127,650 |
Other assets [Abstract] | ||
Derivatives assets at fair value | 247 | 199 |
Total assets at fair value | 128,464 | 136,048 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 30 | 37 |
Total liabilities at fair value | 34,111 | 32,362 |
Significant Unobservable Inputs (Level 3) [Member] | Fannie Mae [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 2,215 | 401 |
Significant Unobservable Inputs (Level 3) [Member] | Consolidated Trusts [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 31,767 | 31,827 |
Recurring Fair Value Measurements [Member] | ||
Assets [Abstract] | ||
Trading securities | 52,941 | 48,123 |
Available-for-sale securities | 2,289 | 2,404 |
Mortgage loans held for investment, at fair value | 7,701 | 7,825 |
Other assets [Abstract] | ||
Derivatives assets at fair value | 2,771 | 271 |
Derivative assets, gross amount offset | (2,137) | (1,288) |
Total assets at fair value | 65,702 | 58,623 |
Liabilities [Abstract] | ||
Long-term debt, fair value | 27,607 | 27,567 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 3,809 | 435 |
Derivative liabilities, gross amount offset | (2,607) | (1,694) |
Total liabilities at fair value | 31,416 | 28,002 |
Recurring Fair Value Measurements [Member] | Swaps [Member] | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 1,580 | 1,230 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 2,335 | 1,347 |
Recurring Fair Value Measurements [Member] | Swaptions [Member] | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 626 | 124 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 458 | 451 |
Recurring Fair Value Measurements [Member] | Mortgage commitment derivatives | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 2,665 | 165 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 3,594 | 306 |
Recurring Fair Value Measurements [Member] | Other [Member] | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 37 | 40 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 29 | 25 |
Recurring Fair Value Measurements [Member] | Fannie Mae [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 4,752 | 5,687 |
Recurring Fair Value Measurements [Member] | Fannie Mae [Member] | Senior floating [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 4,752 | 5,687 |
Recurring Fair Value Measurements [Member] | Consolidated Trusts [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 22,855 | 21,880 |
Recurring Fair Value Measurements [Member] | Fannie Mae [Member] | ||
Assets [Abstract] | ||
Trading securities | 3,530 | 3,424 |
Available-for-sale securities | 1,505 | 1,520 |
Recurring Fair Value Measurements [Member] | Other agency [Member] | ||
Assets [Abstract] | ||
Trading securities | 4,167 | 4,490 |
Available-for-sale securities | 190 | 198 |
Recurring Fair Value Measurements [Member] | Private-label and other mortgage securities [Member] | ||
Assets [Abstract] | ||
Trading securities | 444 | 629 |
Available-for-sale securities | 7 | 57 |
Recurring Fair Value Measurements [Member] | Mortgage revenue bonds [Member] | ||
Assets [Abstract] | ||
Available-for-sale securities | 296 | 315 |
Recurring Fair Value Measurements [Member] | Other [Member] | ||
Assets [Abstract] | ||
Available-for-sale securities | 291 | 314 |
Recurring Fair Value Measurements [Member] | U.S. Treasury securities [Member] | ||
Assets [Abstract] | ||
Trading securities | 44,727 | 39,501 |
Recurring Fair Value Measurements [Member] | Other securities [Member] | ||
Assets [Abstract] | ||
Trading securities | 73 | 79 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets [Abstract] | ||
Trading securities | 44,727 | 39,501 |
Available-for-sale securities | 0 | 0 |
Mortgage loans held for investment, at fair value | 0 | 0 |
Other assets [Abstract] | ||
Derivatives assets at fair value | 0 | 0 |
Total assets at fair value | 44,727 | 39,501 |
Liabilities [Abstract] | ||
Long-term debt, fair value | 0 | 0 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Swaps [Member] | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 0 | 0 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 0 | 0 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Swaptions [Member] | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 0 | 0 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 0 | 0 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage commitment derivatives | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 0 | 0 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 0 | 0 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 0 | 0 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 0 | 0 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fannie Mae [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 0 | 0 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fannie Mae [Member] | Senior floating [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 0 | 0 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Consolidated Trusts [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 0 | 0 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fannie Mae [Member] | ||
Assets [Abstract] | ||
Trading securities | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other agency [Member] | ||
Assets [Abstract] | ||
Trading securities | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Private-label and other mortgage securities [Member] | ||
Assets [Abstract] | ||
Trading securities | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage revenue bonds [Member] | ||
Assets [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other [Member] | ||
Assets [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury securities [Member] | ||
Assets [Abstract] | ||
Trading securities | 44,727 | 39,501 |
Recurring Fair Value Measurements [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other securities [Member] | ||
Assets [Abstract] | ||
Trading securities | 0 | 0 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets [Abstract] | ||
Trading securities | 8,052 | 8,576 |
Available-for-sale securities | 1,521 | 1,612 |
Mortgage loans held for investment, at fair value | 7,063 | 7,137 |
Other assets [Abstract] | ||
Derivatives assets at fair value | 4,661 | 1,360 |
Total assets at fair value | 21,297 | 18,685 |
Liabilities [Abstract] | ||
Long-term debt, fair value | 27,092 | 27,094 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 6,386 | 2,092 |
Total liabilities at fair value | 33,478 | 29,186 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Swaps [Member] | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 1,370 | 1,071 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 2,334 | 1,346 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Swaptions [Member] | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 626 | 124 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 458 | 440 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage commitment derivatives | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 2,665 | 165 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 3,594 | 306 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 0 | 0 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 0 | 0 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fannie Mae [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 4,320 | 5,289 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fannie Mae [Member] | Senior floating [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 4,320 | 5,289 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Consolidated Trusts [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 22,772 | 21,805 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fannie Mae [Member] | ||
Assets [Abstract] | ||
Trading securities | 3,462 | 3,379 |
Available-for-sale securities | 1,317 | 1,349 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other agency [Member] | ||
Assets [Abstract] | ||
Trading securities | 4,167 | 4,489 |
Available-for-sale securities | 190 | 198 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Private-label and other mortgage securities [Member] | ||
Assets [Abstract] | ||
Trading securities | 350 | 629 |
Available-for-sale securities | 7 | 57 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage revenue bonds [Member] | ||
Assets [Abstract] | ||
Available-for-sale securities | 0 | 0 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member] | ||
Assets [Abstract] | ||
Available-for-sale securities | 7 | 8 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury securities [Member] | ||
Assets [Abstract] | ||
Trading securities | 0 | 0 |
Recurring Fair Value Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other securities [Member] | ||
Assets [Abstract] | ||
Trading securities | 73 | 79 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Trading securities | 162 | 171 |
Available-for-sale securities | 768 | 792 |
Mortgage loans held for investment, at fair value | 638 | 688 |
Other assets [Abstract] | ||
Derivatives assets at fair value | 247 | 199 |
Total assets at fair value | 1,815 | 1,725 |
Liabilities [Abstract] | ||
Long-term debt, fair value | 515 | 473 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 30 | 37 |
Total liabilities at fair value | 545 | 510 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Swaps [Member] | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 210 | 159 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 1 | 1 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Swaptions [Member] | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 0 | 0 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 0 | 11 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage commitment derivatives | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 0 | 0 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 0 | 0 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other [Member] | ||
Other assets [Abstract] | ||
Derivatives assets at fair value | 37 | 40 |
Other liabilities [Abstract] | ||
Derivative liabilities at fair value | 29 | 25 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fannie Mae [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 432 | 398 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fannie Mae [Member] | Senior floating [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 432 | 398 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Consolidated Trusts [Member] | ||
Liabilities [Abstract] | ||
Long-term debt, fair value | 83 | 75 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fannie Mae [Member] | ||
Assets [Abstract] | ||
Trading securities | 68 | 45 |
Available-for-sale securities | 188 | 171 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other agency [Member] | ||
Assets [Abstract] | ||
Trading securities | 0 | 1 |
Available-for-sale securities | 0 | 0 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Private-label and other mortgage securities [Member] | ||
Assets [Abstract] | ||
Trading securities | 94 | 0 |
Available-for-sale securities | 0 | 0 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage revenue bonds [Member] | ||
Assets [Abstract] | ||
Available-for-sale securities | 296 | 315 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other [Member] | ||
Assets [Abstract] | ||
Available-for-sale securities | 284 | 306 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury securities [Member] | ||
Assets [Abstract] | ||
Trading securities | 0 | 0 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other securities [Member] | ||
Assets [Abstract] | ||
Trading securities | $ 0 | 0 |
Recurring Fair Value Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member] | Trading Securities | ||
Assets [Abstract] | ||
Trading securities | $ 46 |
Fair Value Level 3 Rollforward
Fair Value Level 3 Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Trading securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | $ (10) | $ 2 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 46 | 33 |
Total gains (losses) (realized/unrealized) Included in Net Income | (9) | 2 |
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issues | 0 | 0 |
Settlements | 0 | (1) |
Transfers out of Level 3 | (12) | 0 |
Transfers into Level 3 | 137 | 33 |
Ending Balance | 162 | 67 |
Trading securities [Member] | Fannie Mae [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | (10) | 2 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 45 | 32 |
Total gains (losses) (realized/unrealized) Included in Net Income | (9) | 2 |
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issues | 0 | 0 |
Settlements | 0 | 0 |
Transfers out of Level 3 | (11) | 0 |
Transfers into Level 3 | 43 | 33 |
Ending Balance | 68 | 67 |
Trading securities [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 0 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1 | |
Total gains (losses) (realized/unrealized) Included in Net Income | 0 | |
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss) | 0 | |
Purchases | 0 | |
Sales | 0 | |
Issues | 0 | |
Settlements | 0 | |
Transfers out of Level 3 | (1) | |
Transfers into Level 3 | 0 | |
Ending Balance | 0 | |
Trading securities [Member] | Private-label and other mortgage securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 0 | 1 |
Total gains (losses) (realized/unrealized) Included in Net Income | 0 | 0 |
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issues | 0 | 0 |
Settlements | 0 | (1) |
Transfers out of Level 3 | 0 | 0 |
Transfers into Level 3 | 94 | 0 |
Ending Balance | 94 | 0 |
Available-for-sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 792 | 952 |
Total gains (losses) (realized/unrealized) Included in Net Income | (14) | 7 |
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss) | 5 | (1) |
Purchases | 342 | 0 |
Sales | (342) | 0 |
Issues | 0 | 0 |
Settlements | (29) | (18) |
Transfers out of Level 3 | 0 | (41) |
Transfers into Level 3 | 14 | 85 |
Ending Balance | 768 | 984 |
Available-for-sale Securities [Member] | Fannie Mae [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 171 | 152 |
Total gains (losses) (realized/unrealized) Included in Net Income | 0 | 0 |
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss) | 4 | 4 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issues | 0 | 0 |
Settlements | (1) | 0 |
Transfers out of Level 3 | 0 | (41) |
Transfers into Level 3 | 14 | 84 |
Ending Balance | 188 | 199 |
Available-for-sale Securities [Member] | Private-label and other mortgage securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 0 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 24 | |
Total gains (losses) (realized/unrealized) Included in Net Income | 0 | |
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss) | 0 | |
Purchases | 0 | |
Sales | 0 | |
Issues | 0 | |
Settlements | (1) | |
Transfers out of Level 3 | 0 | |
Transfers into Level 3 | 0 | |
Ending Balance | 23 | |
Available-for-sale Securities [Member] | Mortgage revenue bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 315 | 434 |
Total gains (losses) (realized/unrealized) Included in Net Income | (3) | 0 |
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss) | 2 | 0 |
Purchases | 74 | 0 |
Sales | (74) | 0 |
Issues | 0 | 0 |
Settlements | (18) | (9) |
Transfers out of Level 3 | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Ending Balance | 296 | 425 |
Available-for-sale Securities [Member] | Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 306 | 342 |
Total gains (losses) (realized/unrealized) Included in Net Income | (11) | 7 |
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss) | (1) | (5) |
Purchases | 268 | 0 |
Sales | (268) | 0 |
Issues | 0 | 0 |
Settlements | (10) | (8) |
Transfers out of Level 3 | 0 | 0 |
Transfers into Level 3 | 0 | 1 |
Ending Balance | 284 | 337 |
Mortgage loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | (26) | 11 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 688 | 937 |
Total gains (losses) (realized/unrealized) Included in Net Income | (24) | 14 |
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issues | 0 | 0 |
Settlements | (29) | (34) |
Transfers out of Level 3 | (23) | (28) |
Transfers into Level 3 | 26 | 45 |
Ending Balance | 638 | 934 |
Net derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 44 | 44 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 162 | 194 |
Total gains (losses) (realized/unrealized) Included in Net Income | 41 | 98 |
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issues | 0 | 0 |
Settlements | (4) | (89) |
Transfers out of Level 3 | 18 | 0 |
Transfers into Level 3 | 0 | 0 |
Ending Balance | 217 | 203 |
Long-term debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Liabilities | (30) | (26) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (473) | (552) |
Total gains (losses) (realized/unrealized) Included in Net Income | (30) | 28 |
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 0 | 0 |
Settlements | 3 | 5 |
Transfers out of Level 3 | 0 | 49 |
Transfers into Level 3 | (15) | (74) |
Ending Balance | (515) | (600) |
Long-term debt [Member] | Consolidated Trusts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Liabilities | 4 | (1) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (75) | (201) |
Total gains (losses) (realized/unrealized) Included in Net Income | (4) | 3 |
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 0 | 0 |
Settlements | 3 | 5 |
Transfers out of Level 3 | 0 | 49 |
Transfers into Level 3 | (15) | (74) |
Ending Balance | (83) | (224) |
Long-term debt [Member] | Senior floating [Member] | Fannie Mae [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Liabilities | (34) | (25) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (398) | (351) |
Total gains (losses) (realized/unrealized) Included in Net Income | 34 | (25) |
Total gains (losses) (realized/unrealized) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Ending Balance | (432) | (376) |
Other Comprehensive Income (Loss) [Member] | Trading securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 0 | 0 |
Other Comprehensive Income (Loss) [Member] | Trading securities [Member] | Fannie Mae [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 0 | 0 |
Other Comprehensive Income (Loss) [Member] | Trading securities [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 0 | |
Other Comprehensive Income (Loss) [Member] | Trading securities [Member] | Private-label and other mortgage securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 0 | 0 |
Other Comprehensive Income (Loss) [Member] | Available-for-sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 6 | (2) |
Other Comprehensive Income (Loss) [Member] | Available-for-sale Securities [Member] | Fannie Mae [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 3 | 2 |
Other Comprehensive Income (Loss) [Member] | Available-for-sale Securities [Member] | Private-label and other mortgage securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 0 | |
Other Comprehensive Income (Loss) [Member] | Available-for-sale Securities [Member] | Mortgage revenue bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 4 | 0 |
Other Comprehensive Income (Loss) [Member] | Available-for-sale Securities [Member] | Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | (1) | (4) |
Other Comprehensive Income (Loss) [Member] | Mortgage loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 0 | 0 |
Other Comprehensive Income (Loss) [Member] | Net derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Assets | 0 | 0 |
Other Comprehensive Income (Loss) [Member] | Long-term debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Liabilities | 0 | 0 |
Other Comprehensive Income (Loss) [Member] | Long-term debt [Member] | Consolidated Trusts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Liabilities | 0 | 0 |
Other Comprehensive Income (Loss) [Member] | Long-term debt [Member] | Senior floating [Member] | Fannie Mae [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Unrealized Gain (Losses) Related to Liabilities | $ 0 | $ 0 |
Fair Value Level 3 Valuation In
Fair Value Level 3 Valuation Inputs (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Inputs, Quantitative Information [Line Items] | ||
Derivatives | $ 2,734 | $ 231 |
Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Trading securities | 52,941 | 48,123 |
Available-for-sale securities | 2,289 | 2,404 |
Assets, Fair Value Disclosure | 65,702 | 58,623 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Trading securities | 44,727 | 39,501 |
Available-for-sale securities | 0 | 0 |
Assets, Fair Value Disclosure | 161,035 | 89,558 |
Mortgage loans held-for-sale, at lower of cost or fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Trading securities | 44,727 | 39,501 |
Available-for-sale securities | 0 | 0 |
Assets, Fair Value Disclosure | 44,727 | 39,501 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Trading securities | 8,052 | 8,576 |
Available-for-sale securities | 1,521 | 1,612 |
Assets, Fair Value Disclosure | 3,439,362 | 3,313,691 |
Mortgage loans held-for-sale, at lower of cost or fair value | 86 | 229 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Trading securities | 8,052 | 8,576 |
Available-for-sale securities | 1,521 | 1,612 |
Assets, Fair Value Disclosure | 21,297 | 18,685 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Mortgage loans held-for-sale, at lower of cost or fair value | 4 | 274 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Trading securities | 162 | 46 |
Available-for-sale securities | 768 | 792 |
Assets, Fair Value Disclosure | 128,464 | 136,048 |
Mortgage loans held-for-sale, at lower of cost or fair value | 8,402 | 7,054 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Trading securities | 162 | 171 |
Available-for-sale securities | 768 | 792 |
Derivatives | 217 | 162 |
Assets, Fair Value Disclosure | 1,815 | 1,725 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | Various Valuation Technique without Inputs [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Derivatives | 8 | 15 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | Dealer Mark [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Derivatives | 209 | 147 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 6,019 | 2,598 |
Mortgage loans held-for-sale, at lower of cost or fair value | 3,653 | 1,076 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | Single Vendor Without Inputs [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Mortgage loans held-for-sale, at lower of cost or fair value | 1,886 | 605 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | Consensus Without Inputs [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Mortgage loans held-for-sale, at lower of cost or fair value | 1,767 | 471 |
Agency | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Available-for-sale securities | 188 | |
Agency | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | Various Valuation Technique without Inputs [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Trading securities | 68 | 46 |
Available-for-sale securities | 75 | |
Agency | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | Consensus Without Inputs [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Available-for-sale securities | 113 | 107 |
Private-label and other mortgage securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Trading securities | 444 | 629 |
Available-for-sale securities | 7 | 57 |
Private-label and other mortgage securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Trading securities | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Private-label and other mortgage securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Trading securities | 350 | 629 |
Available-for-sale securities | 7 | 57 |
Private-label and other mortgage securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Trading securities | 94 | 0 |
Available-for-sale securities | 0 | 0 |
Mortgage revenue bonds [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Available-for-sale securities | 296 | 315 |
Mortgage revenue bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Mortgage revenue bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Mortgage revenue bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Available-for-sale securities | 296 | 315 |
Mortgage revenue bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | Single Vendor With Inputs [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Available-for-sale securities | 211 | 222 |
Mortgage revenue bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | Various Valuation Technique without Inputs [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Trading securities | 94 | 64 |
Available-for-sale securities | 85 | 93 |
Other [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Available-for-sale securities | 291 | 314 |
Other [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Available-for-sale securities | 7 | 8 |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Available-for-sale securities | 284 | 306 |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | Various Valuation Technique without Inputs [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Available-for-sale securities | 36 | 39 |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | Discounted Cash Flow with Inputs [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Available-for-sale securities | $ 248 | $ 267 |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | Discounted Cash Flow with Inputs [Member] | Available-for-sale Securities [Member] | Minimum [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Spreads (%) | 32.50% | 23.00% |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | Discounted Cash Flow with Inputs [Member] | Available-for-sale Securities [Member] | Minimum [Member] | Measurement Input, Default Rate [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input (%) | 620 | 300 |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | Discounted Cash Flow with Inputs [Member] | Available-for-sale Securities [Member] | Maximum [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Spreads (%) | 376.00% | 205.10% |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | Discounted Cash Flow with Inputs [Member] | Available-for-sale Securities [Member] | Maximum [Member] | Measurement Input, Default Rate [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input (%) | 620 | 300 |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | Discounted Cash Flow with Inputs [Member] | Available-for-sale Securities [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Spreads (%) | 97.50% | 76.10% |
Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | Discounted Cash Flow with Inputs [Member] | Available-for-sale Securities [Member] | Weighted Average [Member] | Measurement Input, Default Rate [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input (%) | 620 | 300 |
Fair Value Level 3 Valuation -
Fair Value Level 3 Valuation - Nonrecurring (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Inputs, Quantitative Information [Line Items] | ||
Mortgage loans held for investment, at fair value | $ 7,701 | $ 7,825 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Mortgage loans held-for-sale, at lower of cost or fair value | 86 | 229 |
Mortgage loans held for investment, at fair value | 3,395,898 | 3,270,535 |
Total assets at fair value | 3,439,362 | 3,313,691 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Mortgage loans held-for-sale, at lower of cost or fair value | 8,402 | 7,054 |
Mortgage loans held for investment, at fair value | 118,612 | 127,650 |
Total assets at fair value | 128,464 | 136,048 |
Fair Value, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Mortgage loans held-for-sale, at lower of cost or fair value | 4 | 274 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Mortgage loans held-for-sale, at lower of cost or fair value | 3,653 | 1,076 |
Total assets at fair value | 6,019 | 2,598 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Single Vendor Without Inputs [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Mortgage loans held-for-sale, at lower of cost or fair value | 1,886 | 605 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Consensus Without Inputs [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Mortgage loans held-for-sale, at lower of cost or fair value | $ 1,767 | $ 471 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Accepted Offers [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Number of Acquired Properties Valuated, Percentage | 14.00% | 12.00% |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Proprietary Home Price Model and Appraisals [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Number of Acquired Properties Valuated, Percentage | 81.00% | 85.00% |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Single-family [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Acquired property, net | $ 816 | $ 918 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Single-family [Member] | Various Valuation Technique without Inputs [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Acquired property, net | 52 | 51 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Single-family [Member] | Internal Model [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Mortgage loans held for investment, at fair value | 1,491 | 555 |
Acquired property, net | 113 | 164 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Single-family [Member] | Accepted Offers [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Acquired property, net | 106 | 101 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Single-family [Member] | Appraisals [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Acquired property, net | 356 | 362 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Single-family [Member] | Walk Forwards [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Acquired property, net | 189 | 240 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Multifamily [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Mortgage loans held for investment, at fair value | 52 | 40 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Multifamily [Member] | Various Valuation Technique without Inputs [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Mortgage loans held for investment, at fair value | 52 | 16 |
Acquired property, net | 7 | 9 |
Fair Value, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Multifamily [Member] | Asset Manager Estimate [Member] | ||
Fair Value Inputs, Quantitative Information [Line Items] | ||
Mortgage loans held for investment, at fair value | $ 0 | $ 24 |
Fair Value Fair Value of Financ
Fair Value Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Measurement [Domain] | ||
Financial assets [Abstract] | ||
Derivative assets, gross amount offset | $ (2,137) | $ (1,288) |
Financial liabilities [Abstract] | ||
Derivative liabilities, gross amount offset | (2,607) | (1,694) |
Mortgage loans held for investment, at fair value | 7,701 | 7,825 |
Derivative assets, gross amount offset | (2,137) | (1,288) |
Derivative liabilities, gross amount offset | (2,607) | (1,694) |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents and restricted cash | 116,308 | 50,057 |
Federal funds sold and securities purchased under agreements to resell or similar arrangements | 0 | 0 |
Trading securities | 44,727 | 39,501 |
Available-for-sale securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Mortgage loans held for investment, at fair value | 0 | 0 |
Advances to lenders | 0 | 0 |
Derivatives assets at fair value | 0 | 0 |
Guaranty assets and buy-ups | 0 | 0 |
Total financial assets | 161,035 | 89,558 |
Financial liabilities [Abstract] | ||
Derivative liabilities at fair value | 0 | 0 |
Guaranty obligations | 0 | 0 |
Total financial liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents and restricted cash | 12,400 | 11,350 |
Federal funds sold and securities purchased under agreements to resell or similar arrangements | 7,775 | 13,578 |
Trading securities | 8,052 | 8,576 |
Available-for-sale securities | 1,521 | 1,612 |
Mortgage loans held for sale | 86 | 229 |
Mortgage loans held for investment, at fair value | 3,395,898 | 3,270,535 |
Advances to lenders | 8,969 | 6,451 |
Derivatives assets at fair value | 4,661 | 1,360 |
Guaranty assets and buy-ups | 0 | 0 |
Total financial assets | 3,439,362 | 3,313,691 |
Financial liabilities [Abstract] | ||
Derivative liabilities at fair value | 6,386 | 2,092 |
Guaranty obligations | 0 | 0 |
Total financial liabilities | 3,682,046 | 3,506,144 |
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 478 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents and restricted cash | 0 | 0 |
Federal funds sold and securities purchased under agreements to resell or similar arrangements | 0 | 0 |
Trading securities | 162 | 46 |
Available-for-sale securities | 768 | 792 |
Mortgage loans held for sale | 8,402 | 7,054 |
Mortgage loans held for investment, at fair value | 118,612 | 127,650 |
Advances to lenders | 2 | 2 |
Derivatives assets at fair value | 247 | 199 |
Guaranty assets and buy-ups | 271 | 305 |
Total financial assets | 128,464 | 136,048 |
Financial liabilities [Abstract] | ||
Derivative liabilities at fair value | 30 | 37 |
Guaranty obligations | 99 | 97 |
Total financial liabilities | 34,111 | 32,362 |
Fannie Mae [Member] | ||
Financial liabilities [Abstract] | ||
Long-term debt | 4,752 | 5,687 |
Fannie Mae [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial liabilities [Abstract] | ||
Short-term debt | 0 | 0 |
Long-term debt | 0 | 0 |
Fannie Mae [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial liabilities [Abstract] | ||
Short-term debt | 58,388 | 26,667 |
Long-term debt | 176,634 | 164,144 |
Fannie Mae [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial liabilities [Abstract] | ||
Short-term debt | 0 | 0 |
Long-term debt | 2,215 | 401 |
Consolidated Trusts [Member] | ||
Financial liabilities [Abstract] | ||
Long-term debt | 22,855 | 21,880 |
Consolidated Trusts [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial liabilities [Abstract] | ||
Long-term debt | 0 | 0 |
Consolidated Trusts [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Financial liabilities [Abstract] | ||
Long-term debt | 3,440,638 | 3,312,763 |
Consolidated Trusts [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Financial liabilities [Abstract] | ||
Long-term debt | 31,767 | 31,827 |
Carrying Value [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents and restricted cash | 128,708 | 61,407 |
Federal funds sold and securities purchased under agreements to resell or similar arrangements | 7,775 | 13,578 |
Trading securities | 52,941 | 48,123 |
Available-for-sale securities | 2,289 | 2,404 |
Mortgage loans held for sale | 8,103 | 6,773 |
Mortgage loans held for investment, at fair value | 3,354,707 | 3,327,389 |
Advances to lenders | 8,971 | 6,453 |
Derivatives assets at fair value | 2,771 | 271 |
Guaranty assets and buy-ups | 127 | 142 |
Total financial assets | 3,566,392 | 3,466,540 |
Financial liabilities [Abstract] | ||
Derivative liabilities at fair value | 3,809 | 435 |
Guaranty obligations | 141 | 154 |
Total financial liabilities | 3,566,506 | 3,468,453 |
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 478 | |
Carrying Value [Member] | Fannie Mae [Member] | ||
Financial liabilities [Abstract] | ||
Short-term debt | 58,337 | 26,662 |
Long-term debt | 170,121 | 155,585 |
Carrying Value [Member] | Consolidated Trusts [Member] | ||
Financial liabilities [Abstract] | ||
Long-term debt | 3,334,098 | 3,285,139 |
Estimated of Fair Value [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents and restricted cash | 128,708 | 61,407 |
Federal funds sold and securities purchased under agreements to resell or similar arrangements | 7,775 | 13,578 |
Trading securities | 52,941 | 48,123 |
Available-for-sale securities | 2,289 | 2,404 |
Mortgage loans held for sale | 8,488 | 7,283 |
Mortgage loans held for investment, at fair value | 3,514,510 | 3,398,185 |
Advances to lenders | 8,971 | 6,453 |
Derivatives assets at fair value | 2,771 | 271 |
Guaranty assets and buy-ups | 271 | 305 |
Total financial assets | 3,726,724 | 3,538,009 |
Financial liabilities [Abstract] | ||
Derivative liabilities at fair value | 3,809 | 435 |
Guaranty obligations | 99 | 97 |
Total financial liabilities | 3,713,550 | 3,536,812 |
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 478 | |
Estimated of Fair Value [Member] | Fannie Mae [Member] | ||
Financial liabilities [Abstract] | ||
Short-term debt | 58,388 | 26,667 |
Long-term debt | 178,849 | 164,545 |
Estimated of Fair Value [Member] | Consolidated Trusts [Member] | ||
Financial liabilities [Abstract] | ||
Long-term debt | $ 3,472,405 | $ 3,344,590 |
Fair Value Fair Value Option (D
Fair Value Fair Value Option (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Document Period End Date | Mar. 31, 2020 | ||
Mortgage loans held for investment, at fair value | $ 7,701 | $ 7,825 | |
Difference between unpaid principal balance and the fair value of nonaccrual loans | 20 | 11 | |
Fair value of nonaccrual loans | 121 | 129 | |
Fair value of loans that are 90 days or more past due | 73 | 80 | |
Difference between unpaid principal balance and the fair value of these 90 days or more past due loans | $ 16 | $ 10 | |
Single-family [Member] | Minimum [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Serious delinquency, days past due | 90 days | 90 days | |
Fannie Mae [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Long-term debt, fair value | $ 4,752 | $ 5,687 | |
Consolidated Trusts [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Long-term debt, fair value | 22,855 | 21,880 | |
Loans [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Mortgage loans held for investment, at fair value | 7,701 | 7,825 | |
Loans, unpaid principal balance | 7,261 | 7,514 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 151 | $ 113 | |
Long-term debt [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 262 | $ (330) | |
Long-term debt [Member] | Fannie Mae [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Long-term debt, fair value | 4,752 | 5,687 | |
Long-term debt, unpaid principal balance | 4,860 | 5,200 | |
Long-term debt [Member] | Consolidated Trusts [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Long-term debt, fair value | 22,855 | 21,880 | |
Long-term debt, unpaid principal balance | $ 20,219 | $ 19,653 |
Fair Value Changes in FV under
Fair Value Changes in FV under the FV Option (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Loans [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value (gains) losses, net | $ (151) | $ (113) |
Long-term debt [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value (gains) losses, net | $ (262) | $ 330 |
Uncategorized Items - fnm-20200
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,139,000,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 13,469,000,000 |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 131,000,000 |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 687,000,000 |
Treasury Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (7,400,000,000) |
Senior Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 120,836,000,000 |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (119,915,000,000) |
Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 19,130,000,000 |
Accounting Standards Update 2016-13 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (1,139,000,000) |