Federal National Mortgage Association (FNMA) 10-K14 Feb 232022 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2022	Feb. 01, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity File Number	0-50231
Entity Registrant Name	FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE
Entity Central Index Key	0000310522
Entity Tax Identification Number	52-0883107
Entity Incorporation, State or Country Code	X1
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 498
Entity Common Stock, Shares Outstanding		1,158,087,567
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(g) Security	Common Stock, without par value
Series T
Document Information [Line Items]
Title of 12(g) Security	8.25% Non-Cumulative Preferred Stock, Series T, stated value $25 per share
Series S
Document Information [Line Items]
Title of 12(g) Security	Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series S, stated value $25 per share
Series R
Document Information [Line Items]
Title of 12(g) Security	7.625% Non-Cumulative Preferred Stock, Series R, stated value $25 per share
Series Q
Document Information [Line Items]
Title of 12(g) Security	6.75% Non-Cumulative Preferred Stock, Series Q, stated value $25 per share
Series P
Document Information [Line Items]
Title of 12(g) Security	Variable Rate Non-Cumulative Preferred Stock, Series P, stated value $25 per share
Series O
Document Information [Line Items]
Title of 12(g) Security	Variable Rate Non-Cumulative Preferred Stock, Series O, stated value $50 per share
Convertible Series 2004-1
Document Information [Line Items]
Title of 12(g) Security	5.375% Non-Cumulative Convertible Series 2004-1 Preferred Stock, stated value $100,000 per share
Series N
Document Information [Line Items]
Title of 12(g) Security	5.50% Non-Cumulative Preferred Stock, Series N, stated value $50 per share
Series M
Document Information [Line Items]
Title of 12(g) Security	4.75% Non-Cumulative Preferred Stock, Series M, stated value $50 per share
Series L
Document Information [Line Items]
Title of 12(g) Security	5.125% Non-Cumulative Preferred Stock, Series L, stated value $50 per share
Series I
Document Information [Line Items]
Title of 12(g) Security	5.375% Non-Cumulative Preferred Stock, Series I, stated value $50 per share
Series H
Document Information [Line Items]
Title of 12(g) Security	5.81% Non-Cumulative Preferred Stock, Series H, stated value $50 per share
Series G
Document Information [Line Items]
Title of 12(g) Security	Variable Rate Non-Cumulative Preferred Stock, Series G, stated value $50 per share
Series F
Document Information [Line Items]
Title of 12(g) Security	Variable Rate Non-Cumulative Preferred Stock, Series F, stated value $50 per share
Series E
Document Information [Line Items]
Title of 12(g) Security	5.10% Non-Cumulative Preferred Stock, Series E, stated value $50 per share
Series D
Document Information [Line Items]
Title of 12(g) Security	5.25% Non-Cumulative Preferred Stock, Series D, stated value $50 per share

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	McLean, Virginia

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 57,987	$ 42,448
Restricted cash and cash equivalents	29,854	66,183
Securities purchased under agreements to resell or similar arrangements	14,565	20,743
Investments in securities, at fair value	50,825	89,043
Mortgage loans:
Loans held for sale, at lower of cost or fair value	2,033	5,134
Total loans held for investment	4,123,750	3,968,737
Allowance for loan losses	(11,347)	(5,629)
Total loans held for investment, net of allowance	4,112,403	3,963,108
Total mortgage loans	4,114,436	3,968,242
Advances to lenders	1,502	8,414
Deferred tax assets, net	12,911	12,715
Accrued interest receivable, net	9,821	9,264
Other assets	13,387	12,114
Total assets	4,305,288	4,229,166
Liabilities:
Accrued interest payable	9,917	9,186
Other liabilities	13,206	14,432
Total liabilities	4,245,011	4,181,809
Commitments and contingencies (Note 16)	0	0
Fannie Mae stockholders’ equity:
Senior preferred stock (liquidation preference of $180,339 and $163,672, respectively)	120,836	120,836
Preferred stock, 700,000,000 shares are authorized—555,374,922 shares issued and outstanding	19,130	19,130
Common stock, no par value, no maximum authorization—1,308,762,703 shares issued and 1,158,087,567 shares outstanding	687	687
Accumulated deficit	(73,011)	(85,934)
Accumulated other comprehensive income	35	38
Treasury stock, at cost, 150,675,136 shares	(7,400)	(7,400)
Total stockholders’ equity	60,277	47,357
Total liabilities and equity	4,305,288	4,229,166
Fannie Mae
Mortgage loans:
Total loans held for investment	52,081	61,025
Liabilities:
Debt	134,168	200,892
Consolidated Trusts
ASSETS
Restricted cash and cash equivalents	23,348	59,203
Securities purchased under agreements to resell or similar arrangements	3,475	13,533
Mortgage loans:
Total loans held for investment	4,071,669	3,907,712
Accrued interest receivable, net	9,241	8,878
Liabilities:
Accrued interest payable	9,347	8,517
Debt	4,087,720	3,957,299
Other liabilities	$ 1,748	$ 1,245

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Restricted cash and cash equivalents	$ 29,854	$ 66,183
Securities purchased under agreements to resell or similar arrangements	14,565	20,743
Total loans held for investment, fair value	3,645	4,964
Accrued interest receivable, net	9,821	9,264
Interest receivable, allowance for credit loss	111	140
Accrued interest payable	9,917	9,186
Other liabilities	13,206	14,432
Senior preferred stock, liquidation preference	$ 180,339	$ 163,672
Preferred stock, shares authorized	700,000,000	700,000,000
Preferred stock, shares issued	555,374,922	555,374,922
Preferred stock, shares outstanding	555,374,922	555,374,922
Common stock, shares issued	1,308,762,703	1,308,762,703
Common stock, shares outstanding	1,158,087,567	1,158,087,567
Treasury stock, shares	150,675,136	150,675,136
Consolidated Trusts
Restricted cash and cash equivalents	$ 23,348	$ 59,203
Securities purchased under agreements to resell or similar arrangements	3,475	13,533
Accrued interest receivable, net	9,241	8,878
Accrued interest payable	9,347	8,517
Long-term debt	16,260	21,735
Other liabilities	1,748	1,245
Fannie Mae
Long-term debt	$ 1,161	$ 2,381

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income:
Investments in securities	$ 1,828	$ 582	$ 972
Mortgage loans	117,813	98,930	106,316
Other	656	163	281
Total interest income	120,297	99,675	107,569
Interest expense:
Short-term debt	(76)	(4)	(182)
Long-term debt	(90,798)	(70,084)	(82,521)
Total interest expense	(90,874)	(70,088)	(82,703)
Net interest income	29,423	29,587	24,866
Benefit (provision) for credit losses	(6,277)	5,130	(678)
Net interest income after benefit (provision) for credit losses	23,146	34,717	24,188
Non-interest Income:
Investment gains (losses), net	(297)	1,352	907
Fair value gains (losses), net	1,284	155	(2,501)
Fee and other income	312	361	462
Non-interest income (loss)	1,299	1,868	(1,132)
Administrative expenses:
Salaries and employee benefits	(1,671)	(1,493)	(1,554)
Professional services	(850)	(817)	(921)
Other administrative expenses	(808)	(755)	(593)
Total administrative expenses	(3,329)	(3,065)	(3,068)
TCCA fees	(3,369)	(3,071)	(2,673)
Credit enhancement expense	(1,323)	(1,051)	(1,361)
Change in expected credit enhancement recoveries	727	(194)	233
Other expenses, net	(918)	(1,255)	(1,308)
Total expenses	(8,212)	(8,636)	(8,177)
Income before federal income taxes	16,233	27,949	14,879
Provision for federal income taxes	(3,310)	(5,773)	(3,074)
Net income	12,923	22,176	11,805
Other comprehensive loss	(3)	(78)	(15)
Total comprehensive income	12,920	22,098	11,790
Dividends distributed or amounts attributable to senior preferred stock	(12,920)	(22,098)	(11,790)
Net income attributable to common stockholders, basic	3	78	15
Net income attributable to common stockholders, diluted	$ 3	$ 78	$ 15
Earnings (loss) per share - basic (in dollars per share)	$ 0	$ 0.01	$ 0
Earnings (loss) per share - diluted (in dollars per share)	$ 0	$ 0.01	$ 0
Weighted-average common shares outstanding, basic	5,867	5,867	5,867
Weighted-average common shares outstanding, diluted	5,893	5,893	5,893

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows provided by (used in) operating activities:
Net income	$ 12,923	$ 22,176	$ 11,805
Reconciliation of net income to net cash provided by (used in) operating activities:
Amortization of cost basis adjustments	(5,731)	(10,763)	(9,190)
Net impact of hedged mortgage assets and debt	(423)	(268)	0
Provision (benefit) for credit losses	6,277	(5,130)	678
Valuation (gains) losses	361	(1,996)	(2,618)
Current and deferred federal income taxes	(200)	300	3,152
Net gains related to the disposition of acquired property and preforeclosure sales, including credit enhancements	(1,782)	(1,780)	(924)
Net change in accrued interest receivable	(1,826)	(618)	(2,749)
Net change in servicer advances	(217)	(2,131)	932
Other, net	(343)	438	(361)
Net change in trading securities	34,787	46,983	(73,659)
Net cash provided by (used in) operating activities	43,826	47,211	(72,934)
Cash flows provided by investing activities:
Purchases of loans held for investment	(247,016)	(649,238)	(766,699)
Advances to lenders	(178,450)	(393,016)	(339,043)
Proceeds from disposition of acquired property and preforeclosure sales	2,694	3,536	5,991
Net change in federal funds sold and securities purchased under agreements to resell	6,178	7,457	(14,622)
Other, net	(1,103)	711	1,169
Net cash provided by investing activities	90,128	90,850	26,685
Cash flows provided by (used in) financing activities:
Other, net	0	69	(510)
Net cash provided by (used in) financing activities	(154,744)	(145,053)	100,465
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	(20,790)	(6,992)	54,216
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	108,631	115,623	61,407
Cash, cash equivalents and restricted cash and cash equivalents at end of period	87,841	108,631	115,623
Cash paid during the period for:
Interest	101,469	106,205	113,878
Income taxes	3,511	5,500	3,950
Non-cash activities:
Mortgage loans acquired by assuming debt or advances to lenders	185,205	398,026	369,733
Net transfers from mortgage loans of Fannie Mae to mortgage loans of consolidated trusts	265,066	663,849	709,451
Transfers from advances to lenders to loans held for investment of consolidated trusts	185,203	384,700	318,426
Net transfers from mortgage loans to acquired property	2,344	3,000	3,940
Fannie Mae
Cash flows provided by investing activities:
Proceeds from repayments of loans acquired as held for investment	7,609	11,212	10,672
Proceeds from sales of loans acquired as held for investment	7,501	17,130	8,744
Cash flows provided by (used in) financing activities:
Proceeds from the issuance of debt	340,708	317,867	580,220
Payments to redeem debt	(403,967)	(405,368)	(472,795)
Consolidated Trusts
Cash flows provided by investing activities:
Proceeds from repayments and sales of loans acquired as held for investment	492,715	1,093,058	1,120,473
Cash flows provided by (used in) financing activities:
Proceeds from the issuance of debt	469,955	1,097,497	1,091,242
Payments to redeem debt	$ (561,440)	$ (1,155,118)	$ (1,097,692)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Deficit) - USD ($) shares in Millions, $ in Millions	Total	Transition impact of the adoption of the CECL standard	Adjusted balance	Senior Preferred Stock	Senior Preferred Stock Adjusted balance	Preferred Stock	Preferred Stock Adjusted balance	Common Stock	Common Stock Adjusted balance	Accumulated Deficit	Accumulated Deficit Transition impact of the adoption of the CECL standard	Accumulated Deficit Adjusted balance	Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Adjusted balance	Treasury Stock	Treasury Stock Adjusted balance
Beginning balance (shares) at Dec. 31, 2019				1		556		1,158
Beginning balance at Dec. 31, 2019	$ 14,608	$ (1,139)	$ 13,469	$ 120,836	$ 120,836	$ 19,130	$ 19,130	$ 687	$ 687	$ (118,776)	$ (1,139)	$ (119,915)	$ 131	$ 131	$ (7,400)	$ (7,400)
Comprehensive income:
Net income	11,805									11,805
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of taxes	(12)												(12)
Reclassification adjustment for gains included in net income, net of taxes	(11)												(11)
Other, net of taxes	8												8
Total comprehensive income	11,790
Ending balance (shares) at Dec. 31, 2020				1		556		1,158
Ending balance at Dec. 31, 2020	25,259			$ 120,836		$ 19,130		$ 687		(108,110)			116		(7,400)
Comprehensive income:
Net income	22,176									22,176
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of taxes	(18)												(18)
Reclassification adjustment for gains included in net income, net of taxes	(49)												(49)
Other, net of taxes	(11)												(11)
Total comprehensive income	22,098
Ending balance (shares) at Dec. 31, 2021				1		556		1,158
Ending balance at Dec. 31, 2021	47,357			$ 120,836		$ 19,130		$ 687		(85,934)			38		(7,400)
Comprehensive income:
Net income	12,923									12,923
Other comprehensive income, net of tax effect:
Changes in net unrealized gains on available-for-sale securities, net of taxes	(33)												(33)
Reclassification adjustment for gains included in net income, net of taxes	13												13
Other, net of taxes	17												17
Total comprehensive income	12,920
Ending balance (shares) at Dec. 31, 2022				1		556		1,158
Ending balance at Dec. 31, 2022	$ 60,277			$ 120,836		$ 19,130		$ 687		$ (73,011)			$ 35		$ (7,400)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Deficit) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Changes in net unrealized gains on available-for-sale securities, tax	$ (8)	$ 4	$ 3
Reclassification adjustment for gains included in net loss, tax	3	13	3
Other, tax	$ 4	$ 3	$ 2

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization Fannie Mae is a leading source of financing for mortgages in the United States. We are a shareholder-owned corporation organized as a government-sponsored entity (“GSE”) and existing under the Federal National Mortgage Association Charter Act (the “Charter Act” or our “charter”). We were chartered by Congress to provide liquidity and stability to the residential mortgage market and to promote access to mortgage credit. 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 operate in the secondary mortgage market, primarily working with lenders who originate loans to borrowers. We do not originate loans or lend money directly to consumers in the primary mortgage market. Instead, we acquire and securitize mortgage loans originated by lenders into Fannie Mae mortgage-backed securities (“MBS”) that we guarantee; purchase mortgage loans and mortgage-related securities, primarily for securitization and sale at a later date; manage mortgage credit risk; and engage in other activities that increase the supply of affordable housing. We have two reportable business segments: Single-Family and Multifamily. The Single-Family business operates in the secondary mortgage market relating to loans secured by properties containing four or fewer residential dwelling units. The Multifamily business operates in the secondary mortgage market relating primarily to loans secured by properties containing five or more residential units. We describe the management reporting and allocation process used to generate our segment results in “Note 10, Segment Reporting.” Conservatorship On September 7, 2008, the Secretary of the Treasury and the Director of FHFA announced several actions taken by Treasury and FHFA regarding Fannie Mae, which included: (1) placing us in conservatorship, with FHFA acting as our conservator, and (2) the execution of a senior preferred stock purchase agreement by our conservator, on our behalf, and Treasury, pursuant to which we issued to Treasury both senior preferred stock and a warrant to purchase common stock. Under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended, including by the Housing and Economic Recovery Act of 2008 (together, the “GSE Act”), the conservator immediately succeeded to (1) all rights, titles, powers and privileges of Fannie Mae, and of any stockholder, officer or director of Fannie Mae with respect to Fannie Mae and its assets, and (2) title to the books, records and assets of any other legal custodian of Fannie Mae. The conservator subsequently issued an order that provided for our Board of Directors to exercise specified functions and authorities. The conservator also provided instructions regarding matters for which conservator decision or notification is required. The conservator retains the authority to amend or withdraw its order and instructions at any time. The conservator has the power to transfer or sell any asset or liability of Fannie Mae (subject to limitations and post-transfer notice provisions for transfers of qualified financial contracts) without any approval, assignment of rights or consent of any party. However, mortgage loans and mortgage-related assets that have been transferred to a Fannie Mae MBS trust must be held by the conservator for the beneficial owners of the Fannie Mae MBS and cannot be used to satisfy the general creditors of Fannie Mae. Neither the conservatorship nor the terms of our agreements with Treasury change our obligation to make required payments on our debt securities or perform under our mortgage guaranty obligations. The conservatorship has no specified termination date and there continues to be significant uncertainty regarding our future, including how long we will continue to exist in our current form, the extent of our role in the market, the level of government support of our business, how long we will be in conservatorship, what form we will have and what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will continue to exist following conservatorship. Under the GSE Act, the Director of FHFA must place us into receivership if they make 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 Senior Preferred Stock Purchase Agreement, Senior Preferred Stock and Warrant Senior Preferred Stock Purchase Agreement Under our senior preferred stock purchase agreement with Treasury, in September 2008 we issued Treasury one million shares of senior preferred stock and a warrant to purchase shares of our common stock. The senior preferred stock purchase agreement and the dividend and liquidation provisions of the senior preferred stock were amended in January 2021 pursuant to a letter agreement between Fannie Mae, through FHFA in its capacity as conservator, and Treasury. The changes include the following: • The dividend provisions of the senior preferred stock were amended to permit us to retain increases in our net worth until our net worth exceeds the amount of adjusted total capital necessary for us to meet the capital requirements and buffers under the enterprise regulatory capital framework discussed in “Note 12, Regulatory Capital Requirements.” After the “capital reserve end date,” which is defined as the last day of the second consecutive fiscal quarter during which we have had and maintained capital equal to, or in excess of, all of the capital requirements and buffers under the enterprise regulatory capital framework, the amount of quarterly dividends to Treasury will be equal to the lesser of any quarterly increase in our net worth and a 10% annual rate on the then-current liquidation preference of the senior preferred stock. • At the end of each fiscal quarter, through and including the capital reserve end date, the liquidation preference of the senior preferred stock will be increased by an amount equal to the increase in our net worth, if any, during the immediately prior fiscal quarter. • We may issue and retain up to $70 billion in proceeds from the sale of common stock without Treasury’s prior consent, provided that (1) Treasury has already exercised its warrant in full, and (2) all currently pending significant litigation relating to the conservatorship and to an amendment to the senior preferred stock purchase agreement made in August 2012 has been resolved, which may require Treasury’s assent. • FHFA may release us from conservatorship without Treasury’s consent after (1) all currently pending significant litigation relating to the conservatorship and to the August 2012 amendment to the senior preferred stock purchase agreement has been resolved, and (2) our common equity tier 1 capital, together with any other common stock that we may issue in a public offering, equals or exceeds 3% of our adjusted total assets (as defined in the enterprise regulatory capital framework). • New restrictive covenants were added relating to our single-family and multifamily business activities. On September 14, 2021, Fannie Mae, through FHFA acting in its capacity as Fannie Mae’s conservator, entered into a letter agreement with Treasury temporarily suspending certain of the restrictive business covenants that were added in the January 2021 letter agreement amending the senior preferred stock purchase agreement. Under the terms of the September 2021 letter agreement, the suspension of these provisions will terminate six months after Treasury so notifies us. 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 December 31, 2022, and the amount of remaining funding available to us under the agreement is $113.9 billion. We have not received any funding from Treasury under this commitment since the first quarter of 2018. The aggregate liquidation preference of the senior preferred stock increased to $180.3 billion as of December 31, 2022 and will further increase to $181.8 billion as of March 31, 2023 due to the $1.4 billion increase in our net worth during the fourth quarter of 2022. Both the January and September 2021 letter agreements have been accounted for as modifications of the senior preferred stock purchase agreement. As a result, there is no change in the carrying value of the senior preferred stock. The terms of the senior preferred stock purchase agreement, as amended, including Treasury’s funding commitment, are described more fully in “Note 11, Equity.” The enterprise regulatory capital framework is discussed in “Note 12, Regulatory Capital Requirements.” Senior Preferred Stock For information about the senior preferred stock, see “Note 11, Equity.” Warrant On September 7, 2008, we, through FHFA in its capacity as conservator, issued to Treasury a warrant to purchase, at a nominal price, shares of our common stock equal to 79.9% of the total common stock outstanding on a fully diluted basis on the date the warrant is exercised. The warrant may be exercised, in whole or in part, at any time on or before September 7, 2028. We recorded the warrant at fair value in our stockholders’ equity as a component of additional paid-in-capital. The fair value of the warrant was calculated using the Black-Scholes Option Pricing Model. Since the warrant has an exercise price of $0.00001 per share, the model is insensitive to the risk-free rate and volatility assumptions used in the calculation and the share value of the warrant is equal to the price of the underlying common stock. We estimated that the fair value of the warrant at issuance was $3.5 billion based on the price of our common stock on September 8, 2008, which was after the dilutive effect of the warrant had been reflected in the market price. Subsequent changes in the fair value of the warrant are not recognized in our financial statements. If the warrant is exercised, the stated value of the common stock issued will be reclassified as “Common stock” in our consolidated balance sheets. Because the warrant’s exercise price per share is considered non-substantive (compared to the market price of our common stock), the warrant was determined to have characteristics of non-voting common stock, and thus is included in the computation of basic and diluted earnings per share. The weighted-average shares of common stock outstanding for 2022, 2021 and 2020 included shares of common stock that would be issuable upon full exercise of the warrant issued to Treasury. Impact of U.S. Government Support We continue to rely on support from Treasury to eliminate any net worth deficits we may experience in the future, which would otherwise trigger our being placed into receivership. Based on consideration of all the relevant conditions and events affecting our operations, including our reliance on the U.S. government, we continue to operate as a going concern and in accordance with FHFA’s provision of authority. In addition to MBS issuances and retained earnings, we fund our business through the issuance of short-term and long-term debt securities in the domestic and international capital markets. Accordingly, we are subject to “roll over,” or refinancing, risk on our outstanding debt. Our ability to issue long-term debt has been strong primarily due to actions taken by the federal government to support our business and our debt securities. 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 December 31, 2022, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $180.3 billion. See “Senior Preferred Stock Purchase Agreement, Senior Preferred Stock and Warrant” 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 a result, CSS is deemed a related party. As a part of our joint ownership, Fannie Mae, Freddie Mac and CSS are parties to a limited liability company agreement that sets forth the overall framework for the joint venture, including Fannie Mae’s and Freddie Mac’s rights and responsibilities as members of CSS. Fannie Mae, Freddie Mac and CSS are also parties to a customer services agreement that sets forth the terms under which CSS provides mortgage securitization services to us and Freddie Mac, including the operation of the common securitization platform, as well as an administrative services agreement. CSS operates as a separate company from us and Freddie Mac, with all funding and limited administrative support services and other resources provided to it by us and Freddie Mac. In the ordinary course of business, Fannie Mae may purchase and sell securities issued by Treasury and Freddie Mac in the capital markets. Some of the structured securities we issue are backed in whole or in part by Freddie Mac securities. Fannie Mae and Freddie Mac each have agreed to indemnify the other party for losses caused by: its failure to meet its payment or other specified obligations under the trust agreements pursuant to which the underlying resecuritized securities were issued; its failure to meet its obligations under the customer services agreement; its violations of laws; or with respect to material misstatements or omissions in offering documents, ongoing disclosures and materials relating to the underlying resecuritized securities. 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 Treasury Making Home Affordable Program Our administrative expenses were reduced by $15 million, $17 million and $19 million for the years ended December 31, 2022, 2021 and 2020, respectively, due to reimbursements from Treasury and Freddie Mac for expenses incurred as program administrator for Treasury’s Home Affordable Modification Program (“HAMP”) and other initiatives under Treasury’s Making Home Affordable Program. Obligation to Pay TCCA Fees to Treasury 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. To meet our obligations under the TCCA and at the direction of FHFA, we increased the guaranty fee on all single-family residential mortgages delivered to us by 10 basis points in April 2012. The resulting fee revenue and expense are recorded in “Interest income: Mortgage loans” and “TCCA fees,” respectively, in our consolidated statements of operations and comprehensive income. In November 2021, the Infrastructure Investment and Jobs Act was enacted, which extended to October 1, 2032 our obligation under the TCCA to collect 10 basis points in guaranty fees on single-family residential mortgages delivered to us and pay the associated revenue to Treasury. In January 2022, FHFA advised us to continue to pay these TCCA fees to Treasury with respect to all single-family loans acquired by us before October 1, 2032, and to continue to remit these amounts to Treasury on and after October 1, 2032 with respect to loans we acquired before this date until those loans are paid off or otherwise liquidated. We recognized $3.4 billion, $3.1 billion and $2.7 billion in TCCA fees during the years ended December 31, 2022, 2021 and 2020, respectively, of which $854 million and $801 million had not been remitted as of December 31, 2022 and 2021, respectively. Treasury Interest in Affordable Housing Allocations 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 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, with 35% of this amount payable to Treasury’s Capital Magnet Fund. We recognized $101 million, $209 million and $211 million in “Other expenses, net” in connection with Treasury’s Capital Magnet Fund for the years ended December 31, 2022, 2021 and 2020, respectively. We paid $209 million and $211 million to Treasury’s Capital Magnet Fund in 2022 and 2021, respectively. In 2023, we expect to pay $101 million to Treasury’s Capital Magnet Fund based on our new business purchases in 2022. 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 consolidated statements of operations and comprehensive income, of $132 million, $140 million and $139 million for the years ended December 31, 2022, 2021 and 2020, respectively. Transactions with CSS and Freddie Mac We contributed funds to CSS, the company we jointly own with Freddie Mac, of $65 million, $76 million and $88 million for the years ended December 31, 2022, 2021 and 2020, respectively. These contributions are recorded in “Other expenses, net” in our consolidated statements of operations and comprehensive income. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). To conform to our current-period presentation, we have reclassified certain amounts reported in our prior periods’ consolidated financial statements. Use of Estimates Preparing consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of our consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, the allowance for loan losses. Actual results could be different from these estimates. Principles of Consolidation Our 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 an entity such as a variable interest entity (“VIE”) through arrangements that do not involve voting interests. The majority of Fannie Mae’s controlling interests arise from arrangements with VIEs. VIE Assessment We have interests in various entities that are considered VIEs. A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. We determine whether an entity is a VIE by performing a qualitative analysis, which requires certain subjective decisions including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. The primary types of VIE entities with which we are involved are securitization trusts guaranteed by us via lender swap and portfolio securitization transactions, special-purpose vehicles (“SPVs”) associated with certain credit risk transfer programs, limited partnership investments in low-income housing tax credit (“LIHTC”) and other housing partnerships, as well as mortgage and asset-backed trusts that were not created by us. For more information on the primary types of VIE entities with which we are involved, see “Note 2, Consolidations and Transfers of Financial Assets.” Primary Beneficiary Determination If an entity is a VIE, we consider whether our variable interest in that entity causes us to be the primary beneficiary. We are deemed to be the primary beneficiary of a VIE when we have both (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and (2) exposure to benefits and/or losses that could potentially be significant to the entity. The primary beneficiary of the VIE is required to consolidate and account for the assets, liabilities, and noncontrolling interests of the VIE in its consolidated financial statements. The assessment of which party has the power to direct the activities of the VIE may require significant management judgment when (1) more than one party has power or (2) more than one party is involved in the design of the VIE but no party has the power to direct the ongoing activities that could be significant. We continually assess whether we are the primary beneficiary of the VIEs with which we are involved and therefore may consolidate or deconsolidate a VIE through the duration of our involvement. Examples of certain events that may change whether or not we consolidate the VIE include a change in the design of the entity or a change in our ownership in the entity. Measurement of Consolidated Assets and Liabilities When we are the transferor of assets into a VIE that we consolidate at the time of the transfer, we continue to recognize the assets and liabilities of the VIE at the amounts that they would have been recognized if we had not transferred them, and no gain or loss is recognized. For all other VIEs that we consolidate (that is, those for which we are not the transferor), we recognize the assets and liabilities of the VIE in our consolidated financial statements at fair value, and we recognize a gain or loss for the difference between (1) the fair value of the consideration paid, fair value of noncontrolling interests and the reported amount of any previously held interests, and (2) the net amount of the fair value of the assets and liabilities recognized upon consolidation. However, for the securitization trusts established under our lender swap program, no gain or loss is recognized if the trust is consolidated at formation as there is no difference in the respective fair value of (1) and (2) above. We record gains or losses that are associated with the consolidation of VIEs as a component of “Investment gains (losses), net” in our consolidated statements of operations and comprehensive income . If we cease to be deemed the primary beneficiary of a VIE, we deconsolidate the VIE. We use fair value to measure the initial cost basis for any retained interests that are recorded upon the deconsolidation of a VIE. Any difference between the fair value and the previous carrying amount of our investment in the VIE is recorded in “Investment gains (losses), net” in our consolidated statements of operations and comprehensive income. Purchase/Sale of Fannie Mae Securities We actively purchase and sell guaranteed MBS that have been issued through lender swap and portfolio securitization transactions. The accounting for the purchase and sale of our guaranteed MBS issued by the trusts differs based on the characteristics of the securitization trusts and whether the trusts are consolidated and is discussed in “Single-Class Securitization Trusts,” “Single-Class Resecuritization Trusts” and “Multi-Class Resecuritization Trusts” below. Uniform Mortgage-Backed Securities (“UMBS”) Uniform Mortgage-Backed Securities (“UMBS”) are common mortgage-backed securities issued by both Fannie Mae and Freddie Mac to finance fixed-rate mortgage loans backed by one- to four-unit single-family properties. We and Freddie Mac began issuing UMBS and resecuritizing UMBS certificates into structured securities in June 2019. The structured securities backed by UMBS that we issue include Supers, which are single-class resecuritization transactions, Real Estate Mortgage Investment Conduit securities (“REMICs”) and interest-only and principal-only strip securities (“SMBS”), which are multi-class resecuritization transactions. Since June 2019, we have resecuritized UMBS, Supers and other structured securities issued by Freddie Mac. The mortgage loans that serve as collateral for Freddie Mac-issued UMBS are not held in trusts that are consolidated by Fannie Mae. When we include Freddie Mac securities in our structured securities, we are subject to additional credit risk because we guarantee securities that were not previously guaranteed by Fannie Mae. However, Freddie Mac continues to guarantee the payment of principal and interest on the underlying Freddie Mac securities that we have resecuritized. We have concluded that this additional credit risk is negligible because of the funding commitment available to Freddie Mac through its senior preferred stock purchase agreement with Treasury. Single-Class Securitization Trusts We create single-class securitization trusts to issue single-class Fannie Mae MBS (including UMBS) that evidence an undivided interest in the mortgage loans held in the trust. Investors in single-class Fannie Mae MBS receive principal and interest payments in proportion to their percentage ownership of the MBS issuance. We guarantee to each single-class securitization trust that we will supplement amounts received by the securitization trust as required to permit timely payments of principal and interest on the related Fannie Mae MBS. This guaranty exposes us to credit losses on the loans underlying Fannie Mae MBS. Single-class securitization trusts are used for lender swap and portfolio securitization transactions. A lender swap transaction occurs when a mortgage lender delivers a pool of single-family mortgage loans to us, which we immediately deposit into an MBS trust. The MBS are then issued to the lender in exchange for the mortgage loans. A portfolio securitization transaction occurs when we purchase mortgage loans from third-party sellers for cash and later deposit these loans into an MBS trust. The securities issued through a portfolio securitization are then sold to investors for cash. We consolidate single-class securitization trusts that are issued under these programs when our role as guarantor and master servicer provides us with the power to direct matters, such as the servicing of the 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 (for example, when the loan collateral is subject to a Federal Housing Administration guaranty and related Servicing Guide). When we purchase single-class Fannie Mae MBS issued from a consolidated trust, we account for the transaction as an extinguishment of the related debt in our consolidated financial statements. We record a gain or loss on the extinguishment of such debt to the extent that the purchase price of the MBS does not equal the carrying value of the related consolidated debt reported in our consolidated balance sheets (including unamortized premiums, discounts or other cost basis adjustments) at the time of purchase. When we sell single-class Fannie Mae MBS that were issued from a consolidated trust, we account for the transaction as the issuance of debt in our consolidated financial statements. We amortize the related premiums, discounts and other cost basis adjustments into income over the contractual life of the MBS. If a single-class securitization trust is not consolidated, we account for the purchase and subsequent sale of such securities as the transfer of an investment security in accordance with the accounting guidance for transfers of financial assets. Single-Class Resecuritization Trusts Fannie Mae single-class resecuritization trusts are created by depositing MBS into a new securitization trust for the purpose of aggregating multiple mortgage-related securities into one combined security. Single-class resecuritization securities pass through directly to the holders of the securities all of the cash flows of the underlying MBS held in the trust. Since June 2019, these securities can be collateralized directly or indirectly by cash flows from underlying securities issued by Fannie Mae, Freddie Mac, or a combination of both. Resecuritization trusts backed directly or indirectly only by Fannie Mae MBS are non-commingled resecuritization trusts. Resecuritization trusts collateralized directly or indirectly by cash flows either in part or in whole from Freddie Mac MBS are commingled resecuritization trusts. Securities issued by our non-commingled single-class resecuritization trusts are backed solely by Fannie Mae MBS, and the guaranty we provide on the trust does not subject us to additional credit risk because we have already provided a guarantee on the underlying securities. Further, the securities issued by our non-commingled single-class resecuritization trusts pass through all of the cash flows of the underlying Fannie Mae MBS directly to the holders of the securities. Accordingly, these securities are deemed to be substantially the same as the underlying Fannie Mae MBS collateral. Additionally, our involvement with these trusts does not provide us with any incremental rights or powers that would enable us to direct any activities of the trusts. We have concluded that we are not the primary beneficiary of and, as a result, we do not consolidate our non-commingled single-class resecuritization trusts. Therefore, we account for purchases and sales of securities issued by non-commingled single-class resecuritization trusts as extinguishments and issuances of the underlying MBS debt, respectively. Securities issued by our commingled single-class resecuritization trusts are backed in whole or in part by Freddie Mac securities. As discussed in “Note 6, Financial Guarantees,” the guaranty we provide to the commingled single-class resecuritization trust subjects us to additional credit risk to the extent that we are providing a guaranty for the timely payment of principal and interest on the underlying Freddie Mac securities that we have not previously guaranteed. Accordingly, securities issued by our commingled resecuritization trusts are not deemed to be substantially the same as the underlying collateral. We do not have any incremental rights or powers related to commingled single-class resecuritization trusts that would enable us to direct any activities of the underlying trust. As a result, we have concluded that we are not the primary beneficiary of, and therefore do not consolidate, our commingled single-class resecuritization trusts unless we have the unilateral right to dissolve the trust. We have this right when we hold 100% of the beneficial interests issued by the resecuritization trust. Therefore, we account for purchases and sales of these securities as the transfer of an investment security in accordance with the accounting guidance for transfers of financial assets. Multi-Class Resecuritization Trusts Multi-

Consolidations and Transfers of

Consolidations and Transfers of Financial Assets	12 Months Ended
Consolidations and Transfers of Financial Assets	Dec. 31, 2022
Consolidations and Transfers of Financial Assets [Abstract]
Consolidations and Transfers of Financial Assets	Consolidations and Transfers of Financial Assets We have interests in various entities that are considered to be VIEs. The primary types of entities are: • securitization and resecuritization trusts, guaranteed by us via lender swap transactions; • portfolio securitization transactions; • commingled resecuritization trusts; • mortgage-backed trusts that were not created by us; • housing partnerships that are established to finance the acquisition, construction, development or rehabilitation of affordable multifamily and single-family housing; and • certain credit risk transfer transactions. These interests include investments in securities issued by VIEs, such as Fannie Mae MBS created pursuant to our securitization transactions. 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, 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. Types of VIEs Securitization and Resecuritization Trusts Under our lender swap and portfolio securitization transactions, mortgage loans are transferred to a trust specifically for the purpose of issuing a single class of guaranteed securities that are collateralized by the underlying mortgage loans referred to as “first-level securities.” The trust’s permitted activities include receiving the transferred assets, issuing beneficial interests, establishing the guaranty and servicing the underlying mortgage loans. In our capacity as issuer, master servicer, trustee and guarantor, we earn fees for our obligations to each trust. Additionally, we may retain or purchase a portion of the securities issued by each trust. In our structured securitization transactions, we earn fees for assisting lenders and dealers with the design and issuance of structured mortgage-related securities, referred to as “second-level securities.” In contrast to first-level securities, the trust assets can include both Fannie Mae securities and Freddie Mac securities as the underlying collateral. These structured securities include Fannie Megas ® and Supers ® , which are single-class resecuritizations, as well as REMICs and SMBS, which are multi-class resecuritizations, and separate the cash flows from underlying assets into separately tradable interests. When we issue a structured security backed in whole or in part by Freddie Mac securities, we provide a new and separate guaranty of principal and interest on the newly-formed structured security. If Freddie Mac were to fail to make a payment due on its securities underlying a Fannie Mae-issued structured security, we would be obligated under our guaranty to fund any shortfall. To the extent that the trust assets are Fannie Mae securities, the trust has permitted activities that are similar to those for our lender swap and portfolio securitization transactions. Additionally, we may retain or purchase a portion of the securities issued by each trust. We also hold investments in or provide a guaranty of mortgage-backed securities that have been issued via private-label trusts. These trusts are structured to provide investors with a beneficial interest in a pool of receivables or other financial assets, typically mortgage loans. The trusts act as vehicles to allow loan originators to securitize assets. Securities are structured from the underlying pool of assets to provide for varying degrees of risk. The originators of the financial assets or the underwriters of the transaction create the trusts and typically own the residual interest in the trusts’ assets. Our involvement in these entities is typically limited to our investment in the beneficial interests that we have purchased or the guaranty we provide. Limited Partnerships We invest in various limited partnerships that sponsor affordable housing projects utilizing the LIHTC pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to increase the supply of affordable housing in the United States and to serve communities in need. In addition, our investments in LIHTC partnerships generate both tax credits and net operating losses that may reduce our federal income tax liability. Our LIHTC investments primarily represent limited partnership interests in entities that have been organized by a fund manager who acts as the general partner. These fund investments seek out equity investments in LIHTC operating partnerships that have been established to identify, develop and operate multifamily housing that is leased to qualifying residential tenants. SPVs Associated with Our Credit Risk Transfer Programs We transfer mortgage credit risk to investors through CAS REMIC and CAS credit-linked note (“CLN”) trusts. In October 2019, we issued our first Multifamily Connecticut Avenue Securities (“MCAS”) transaction, which is a CAS CLN, and in December 2019, we issued our first single-family CAS CLN. The structure of CAS CLNs is similar to CAS REMICs; however, CAS CLNs allow us to transfer risk on reference pools containing seasoned loans. Since the REMIC election was not made on the loans in the reference pools at the time of acquisition, these trusts do not qualify as REMICs. Each CAS trust is a separate legal entity which issues notes that are fully collateralized by amounts deposited into a collateral account held by the CAS trust. To the extent that collateral held by the CAS trust and the earnings thereon are insufficient relative to the payments due to holders of the CAS notes, we may be required to make payments to the CAS trust. The CAS trusts qualify as VIEs. We do not have the power to direct significant activities of the CAS trusts while the CAS notes are outstanding, and, therefore, we do not consolidate CAS trusts. Consolidated VIEs If an entity is a VIE, we consider whether our variable interest in that entity causes us to be the primary beneficiary. The primary beneficiary of the VIE is required to consolidate and account for the assets, liabilities and noncontrolling interests of the VIE in its consolidated financial statements. An enterprise is deemed to be the primary beneficiary when the enterprise has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and exposure to benefits and/or losses could potentially be significant to the entity. In general, the investors in the obligations of consolidated VIEs have recourse only to the assets of those VIEs and do not have recourse to us, except where we provide a guaranty to the VIE. We continually assess whether we are the primary beneficiary of the VIEs with which we are involved and therefore may consolidate or deconsolidate a VIE through the duration of our involvement. 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 years ended December 31, 2022, 2021 and 2020, the unpaid principal balance of portfolio securitizations was $270.5 billion, $682.9 billion and $745.2 billion, respectively. The substantial majority of these portfolio securitization transactions generally do not qualify for sale treatment. Portfolio securitization trusts that do qualify for sale treatment primarily consist of loans that are guaranteed or insured, in whole or in part, by the U.S. government. We retain interests from the transfer and sale of mortgage-related securities to unconsolidated single-class and multi-class portfolio securitization trusts. As of December 31, 2022, the unpaid principal balance of retained interests was $910 million and its related fair value was $1.4 billion. The unpaid principal balance of retained interests was $1.1 billion and its related fair value was $2.0 billion as of December 31, 2021. For the years ended December 31, 2022, 2021 and 2020, the principal, interest and other fees received on retained interests was $397 million, $558 million and $700 million, respectively. Portfolio Securitizations As noted above, we consolidate the substantial majority of our single-class MBS trusts. The assets and liabilities of consolidated trusts created via portfolio securitization transactions are reported in our consolidated balance sheets. We recognize assets obtained and liabilities incurred in qualifying sales of portfolio securitizations at fair value. Proceeds from the initial sale of securities from portfolio securitizations were $666 million for the year ended December 31, 2020. We had no proceeds from the initial sale of securities from portfolio securitizations for the years ended December 31, 2022 and 2021. Our continuing involvement in the form of guaranty assets and guaranty liabilities with assets that were transferred into unconsolidated trusts is not material to our consolidated financial statements. 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 December 31, 2022 2021 (Dollars in millions) Assets and liabilities recorded in our consolidated balance sheets related to unconsolidated mortgage-backed trusts: Investments in securities, at fair value $ 3,353 $ 4,709 Other assets 40 35 Other liabilities (45) (41) Net carrying amount $ 3,348 $ 4,703 Our maximum exposure to loss generally represents the greater of our carrying value in the entity or the unpaid principal balance of the assets covered by our guaranty. Our involvement in unconsolidated resecuritization trusts may give rise to additional exposure to loss depending on the type of resecuritization trust. Fannie Mae non-commingled resecuritization trusts are backed entirely by Fannie Mae MBS. These non-commingled single-class and multi-class resecuritization trusts are not consolidated and do not give rise to any additional exposure to loss as we already consolidate the underlying collateral. Fannie Mae commingled resecuritization trusts are backed in whole or in part by Freddie Mac securities. The guaranty that we provide to these commingled resecuritization trusts may increase our exposure to loss to the extent that we are providing a guaranty for the timely payment and interest on the underlying Freddie Mac securities that we have not previously guaranteed. Our maximum exposure to loss for these unconsolidated trusts is measured by the amount of Freddie Mac securities that are held in these resecuritization trusts. Our maximum exposure to loss related to unconsolidated securitization and resecuritization trusts, which includes but is not limited to our exposure to these Freddie Mac securities, was approximately $240 billion and $220 billion as of December 31, 2022 and 2021, respectively. The total assets of our unconsolidated securitization and resecuritization trusts were approximately $240 billion and $250 billion as of December 31, 2022 and 2021, respectively. The maximum exposure to loss for our unconsolidated limited partnerships and similar legal entities, which consist of LIHTC, community investments and other entities, was $427 million and the related net carrying value was $424 million as of December 31, 2022. As of December 31, 2021, the maximum exposure to loss was $292 million and the related net carrying value was $288 million. The total assets of these limited partnership investments were $4.3 billion and $3.7 billion as of December 31, 2022 and 2021, respectively. The maximum exposure to loss related to our involvement with unconsolidated SPVs that transfer credit risk represents the unpaid principal balance and accrued interest payable of obligations issued by the CAS and MCAS SPVs. The maximum exposure to loss related to these unconsolidated SPVs was $16.9 billion and $10.4 billion as of December 31, 2022 and 2021, respectively. The total assets related to these unconsolidated SPVs were $17.0 billion and $10.4 billion as of December 31, 2022 and 2021, respectively. The unpaid principal balance of our multifamily loan portfolio wa s $431.4 billion as of December 31, 2022. 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.

Mortgage Loans

Mortgage Loans	12 Months Ended
Mortgage Loans	Dec. 31, 2022
Receivables [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. For purposes of our notes to the consolidated financial statements, we report the amortized cost of HFI loans for which we have not elected the fair value option at the unpaid principal balance, net of unamortized premiums and discounts, hedge-related basis adjustments, other cost basis adjustments, and accrued interest receivable in these “Note 3, Mortgage Loans” disclosures. For purposes of our consolidated balance sheets, we present accrued interest receivable, net separately from the amortized cost of our loans held for investment. We report the carrying value of HFS loans at the lower of cost or fair value and record valuation changes in “Investment gains (losses), net” in our 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. Financing receivable classes used for disclosure consist of: “20- and 30-year or more, amortizing fixed-rate,” “15-year or less, amortizing fixed-rate,” “Adjustable-rate” and “Other.” The “Other” class primarily consists of reverse mortgage loans, interest-only loans, negative-amortizing loans and second liens. The following table displays the carrying value of our mortgage loans and allowance for loan losses. As of December 31, 2022 2021 (Dollars in millions) Single-family $ 3,644,158 $ 3,495,573 Multifamily 431,440 403,452 Total unpaid principal balance of mortgage loans 4,075,598 3,899,025 Cost basis and fair value adjustments, net 50,185 74,846 Allowance for loan losses for HFI loans (11,347) (5,629) Total mortgage loans (1) $ 4,114,436 $ 3,968,242 (1) Excludes $9.5 billion and $9.1 billion of accrued interest receivable, net of allowance as of December 31, 2022 and 2021. The following table displays information about our purchase of HFI loans, redesignation of loans and the sales of mortgage loans during the period. For the Year Ended December 31, 2022 2021 2020 (Dollars in millions) Purchase of HFI loans: Single-family unpaid principal balance $ 614,836 $ 1,354,705 $ 1,358,744 Multifamily unpaid principal balance 69,206 69,185 75,517 Single family loans redesignated from HFI to HFS: Amortized cost $ 7,825 $ 16,606 $ 8,309 Lower of cost or fair value adjustment at time of redesignation (1) (679) (372) (291) Allowance reversed at time of redesignation 373 1,605 963 Single family loans redesignated from HFS to HFI: Amortized cost $ 2,004 $ 5 $ 144 Single-family loans sold: Unpaid principal balance $ 8,069 $ 16,977 $ 9,519 Realized gains, net 126 1,624 831 (1) Consists of the write-off against the allowance at the time of redesignation. The amortized cost of single-family mortgage loans for which formal foreclosure proceedings were in process was $4.6 billion and $4.4 billion as of December 31, 2022 and 2021. As a result of our various loss mitigation and foreclosure prevention efforts, we expect that a portion of the loans in the process of formal foreclosure proceedings will not ultimately foreclose. Aging Analysis The following tables display an aging analysis of the total amortized cost of our HFI mortgage loans by portfolio segment and class of financing receivable, excluding loans for which we have elected the fair value option. As of December 31, 2022 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 $ 27,891 $ 6,774 $ 19,990 $ 54,655 $ 3,092,199 $ 3,146,854 $ 13,257 $ 3,254 15-year or less, amortizing fixed-rate 1,902 314 800 3,016 488,452 491,468 666 82 Adjustable-rate 176 38 127 341 26,767 27,108 90 24 Other (2) 660 179 898 1,737 30,362 32,099 424 324 Total single-family 30,629 7,305 21,815 59,749 3,637,780 3,697,529 14,437 3,684 Multifamily (3) 173 N/A 955 1,128 431,094 432,222 11 13 Total $ 30,802 $ 7,305 $ 22,770 $ 60,877 $ 4,068,874 $ 4,129,751 $ 14,448 $ 3,697 As of December 31, 2021 30 - 59 Days Delinquent 60 - 89 Days Delinquent Seriously Delinquent (1) Total Delinquent Current Total Loans 90 Days or More Delinquent and Accruing Interest Nonaccrual Loans with No Allowance (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 22,862 $ 5,192 $ 38,288 $ 66,342 $ 2,902,763 $ 2,969,105 $ 24,236 $ 6,271 15-year or less, amortizing fixed-rate 2,024 326 1,799 4,149 529,278 533,427 1,454 193 Adjustable-rate 161 36 374 571 25,771 26,342 287 63 Other (2) 786 204 1,942 2,932 35,013 37,945 1,008 545 Total single-family 25,833 5,758 42,403 73,994 3,492,825 3,566,819 26,985 7,072 Multifamily (3) 114 N/A 1,693 1,807 404,398 406,205 317 107 Total $ 25,947 $ 5,758 $ 44,096 $ 75,801 $ 3,897,223 $ 3,973,024 $ 27,302 $ 7,179 (1) Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due. (2) Reverse mortgage loans included in “Other” are not aged due to their nature and are included in the current column. (3) Multifamily loans 60-89 days delinquent are included in the seriously delinquent column. Credit Quality Indicators The following tables display the total amortized cost of our single-family HFI loans by class of financing receivable, year of origination and credit quality indicator, excluding loans for which we have elected the fair value option. The estimated mark-to-market loan to value (“LTV”) ratio is a primary factor we consider when estimating our allowance for loan losses for single-family loans. As LTV ratios increase, the borrower’s equity in the home decreases, which may negatively affect the borrower’s ability to refinance or to sell the property for an amount at or above the outstanding balance of the loan. As of December 31, 2022, by Year of Origination (1) 2022 2021 2020 2019 2018 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% $ 281,257 $ 896,977 $ 820,452 $ 149,067 $ 70,306 $ 651,297 $ 2,869,356 Greater than 80% and less than or equal to 90% 84,864 86,335 5,904 1,152 618 1,062 179,935 Greater than 90% and less than or equal to 100% 84,664 9,284 1,333 217 77 224 95,799 Greater than 100% 1,230 208 56 18 12 240 1,764 Total 20- and 30-year or more, amortizing fixed-rate 452,015 992,804 827,745 150,454 71,013 652,823 3,146,854 15-year or less, amortizing fixed-rate: Less than or equal to 80% 37,830 185,511 134,336 20,239 7,324 103,841 489,081 Greater than 80% and less than or equal to 90% 1,363 410 33 3 — 2 1,811 Greater than 90% and less than or equal to 100% 552 16 1 — — 1 570 Greater than 100% 3 1 — — — 2 6 Total 15-year or less, amortizing fixed-rate 39,748 185,938 134,370 20,242 7,324 103,846 491,468 Adjustable-rate: Less than or equal to 80% 3,971 6,383 1,865 821 906 11,226 25,172 Greater than 80% and less than or equal to 90% 1,013 236 12 3 1 3 1,268 Greater than 90% and less than or equal to 100% 645 21 — — 1 — 667 Greater than 100% 1 — — — — — 1 Total adjustable-rate 5,630 6,640 1,877 824 908 11,229 27,108 Other: Less than or equal to 80% — — — 29 222 22,103 22,354 Greater than 80% and less than or equal to 90% — — — — 1 129 130 Greater than 90% and less than or equal to 100% — — — — 1 56 57 Greater than 100% — — — — — 57 57 Total other — — — 29 224 22,345 22,598 Total $ 497,393 $ 1,185,382 $ 963,992 $ 171,549 $ 79,469 $ 790,243 $ 3,688,028 Total for all classes by LTV ratio: (2) Less than or equal to 80% $ 323,058 $ 1,088,871 $ 956,653 $ 170,156 $ 78,758 $ 788,467 $ 3,405,963 Greater than 80% and less than or equal to 90% 87,240 86,981 5,949 1,158 620 1,196 183,144 Greater than 90% and less than or equal to 100% 85,861 9,321 1,334 217 79 281 97,093 Greater than 100% 1,234 209 56 18 12 299 1,828 Total $ 497,393 $ 1,185,382 $ 963,992 $ 171,549 $ 79,469 $ 790,243 $ 3,688,028 As of December 31, 2021, by Year of Origination (1) 2021 2020 2019 2018 2017 Prior Total (Dollars in millions) Estimated mark-to-market LTV ratio: (2) 20- and 30-year or more, amortizing fixed-rate: Less than or equal to 80% $ 798,830 $ 881,290 $ 177,909 $ 87,825 $ 111,059 $ 666,327 $ 2,723,240 Greater than 80% and less than or equal to 90% 129,340 39,689 2,689 1,056 622 1,687 175,083 Greater than 90% and less than or equal to 100% 66,667 2,278 544 229 57 460 70,235 Greater than 100% 21 12 9 16 22 467 547 Total 20- and 30-year or more, amortizing fixed-rate 994,858 923,269 181,151 89,126 111,760 668,941 2,969,105 15-year or less, amortizing fixed-rate: Less than or equal to 80% 196,163 157,076 25,390 9,595 20,715 121,027 529,966 Greater than 80% and less than or equal to 90% 2,576 259 16 4 2 7 2,864 Greater than 90% and less than or equal to 100% 579 5 — 1 1 4 590 Greater than 100% — — — — 2 5 7 Total 15-year or less, amortizing fixed-rate 199,318 157,340 25,406 9,600 20,720 121,043 533,427 Adjustable-rate: Less than or equal to 80% 6,166 2,235 1,065 1,236 2,524 12,501 25,727 Greater than 80% and less than or equal to 90% 438 25 7 4 2 3 479 Greater than 90% and less than or equal to 100% 135 1 — — — — 136 Greater than 100% — — — — — — — Total adjustable-rate 6,739 2,261 1,072 1,240 2,526 12,504 26,342 Other: Less than or equal to 80% — — 34 268 655 26,930 27,887 Greater than 80% and less than or equal to 90% — — — 3 6 275 284 Greater than 90% and less than or equal to 100% — — — 1 2 133 136 Greater than 100% — — — 1 1 141 143 Total other — — 34 273 664 27,479 28,450 Total $ 1,200,915 $ 1,082,870 $ 207,663 $ 100,239 $ 135,670 $ 829,967 $ 3,557,324 Total for all classes by LTV ratio: (2) Less than or equal to 80% $ 1,001,159 $ 1,040,601 $ 204,398 $ 98,924 $ 134,953 $ 826,785 $ 3,306,820 Greater than 80% and less than or equal to 90% 132,354 39,973 2,712 1,067 632 1,972 178,710 Greater than 90% and less than or equal to 100% 67,381 2,284 544 231 60 597 71,097 Greater than 100% 21 12 9 17 25 613 697 Total $ 1,200,915 $ 1,082,870 $ 207,663 $ 100,239 $ 135,670 $ 829,967 $ 3,557,324 (1) Excludes $9.5 billion as of December 31, 2022 and 2021, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies, which represents primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV ratio. (2) The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan divided by the estimated current value of the property as of the end of each reported period, which we calculate using an internal valuation model that estimates periodic changes in home value. The following tables display the total amortized cost 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 December 31, 2022, by Year of Origination 2022 2021 2020 2019 2018 Prior Total (Dollars in millions) Internally assigned credit risk rating: Non-classified (1) $ 57,987 $ 64,206 $ 75,596 $ 59,562 $ 48,774 $ 104,078 $ 410,203 Classified (2) 1,415 1,580 1,388 2,816 2,496 12,324 22,019 Total $ 59,402 $ 65,786 $ 76,984 $ 62,378 $ 51,270 $ 116,402 $ 432,222 As of December 31, 2021, by Year of Origination 2021 2020 2019 2018 2017 Prior Total (Dollars in millions) Internally assigned credit risk rating: Non-classified (1) $ 58,986 $ 79,602 $ 64,278 $ 55,552 $ 44,037 $ 87,549 $ 390,004 Classified (2) 21 595 2,288 2,114 4,091 7,092 16,201 Total $ 59,007 $ 80,197 $ 66,566 $ 57,666 $ 48,128 $ 94,641 $ 406,205 (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. We had loans in our seniors housing portfolio with an amortized cost of $9.2 billion as of December 31, 2022 and $5.6 billion as of December 31, 2021 classified as substandard. “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. We had loans with an amortized cost of $8 million as of December 31, 2022 and less than $1 million as of December 31, 2021 classified as doubtful. Loss Mitigation Options for Borrowers Experiencing Financial Difficulty As part of our loss mitigation activities, we may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty. In addition to loan modifications, we also provide other loss mitigation options to assist borrowers who experience financial difficulties. Below we provide disclosures relating to loan restructurings where borrowers were experiencing financial difficulty, including restructurings that resulted in an insignificant payment delay. The disclosures exclude loans classified as held for sale and those for which we have elected the fair value option. See “Note 1, Summary of Significant Accounting Policies” for additional information on our accounting policies for single-family and multifamily loans that have been restructured. Single-Family Loan Restructurings We offer several types of restructurings to single-family borrowers that may result in a payment delay, interest rate reduction, term extension, or combination thereof. We do not typically offer principal forgiveness. We offer the following types of restructurings to single-family borrowers that only result in a payment delay: • a forbearance plan is a short-term loss mitigation option which grants a period of time (typically in 6-month increments and generally do not exceed a total of 12 months) during which the borrower’s monthly payment obligations are reduced or suspended. A forbearance plan does not impact our reporting of when a loan is considered past due, which remains based on the contractual terms of the loan. Borrowers may exit a forbearance plan by repaying all past due amounts to fully reinstate the loan, paying off the loan in full, or entering into another loss mitigation option, such as a repayment plan, a payment deferral, or a loan modification. The vast majority of forbearance plans offered since 2020 relate to a COVID-19-related financial hardship where we have authorized our servicers to offer a forbearance plan for up to 18 months for eligible borrowers; • a repayment plan is a short-term loss mitigation option that allows borrowers a specific period of time to return the loan to current status by paying the regular monthly payment plus additional agreed-upon delinquent amounts (generally for a period up to 12 months and the monthly repayment plan amount must not exceed 150% of the contractual mortgage payment). A repayment plan does not impact our reporting of when a loan is considered past due, which remains based on the contractual terms of the loan. At the end of the repayment plan, the borrower resumes making the regular monthly payment; and • a payment deferral is a loss mitigation option which defers the repayment of the delinquent principal and interest payments and other eligible default-related amounts that were advanced on behalf of the borrower by converting them into a non-interest-bearing balance due at the earlier of the payoff date, the maturity date, or sale or transfer of the property. The remaining mortgage terms, interest rate, payment schedule, and maturity date remain unchanged, and no trial period is required. The number of months of payments deferred varies based on the types of hardships the borrower is facing. We also offer single-family borrowers loan modifications, which contractually change the terms of the loan. Our loan modification programs generally require completion of a trial period of three to four months where the borrower makes reduced monthly payments prior to receiving the modification. During the trial period, the mortgage loan is not contractually modified and continues to be reported as past due according to its contractual terms. The reduced payments that are made by the borrower during the trial period will result in a payment delay with respect to the original contractual terms of the loan. After successful completion of the trial period, and the borrower’s execution of a modification agreement, the mortgage loan is contractually modified. Our loan modifications include the following concessions: • capitalization of past due amounts, a form of payment delay, which capitalizes interest and other eligible default related amounts that were advanced on behalf of the borrower that are past due into the unpaid principal balance; and • a term extension, which typically extends the contractual maturity date of the loan to 40 years from the effective date of the modification. In addition to these concessions, loan modifications may also include an interest rate reduction, which reduces the contractual interest rate of the loan, or a principal forbearance, which is another form of payment delay that includes forbearing repayment of a portion of the principal balance as a non-interest bearing amount that is due at the earlier of the payoff date, the maturity date, or sale or transfer of the property. Multifamily Loan Restructurings For multifamily borrowers, loan restructurings include short-term forbearance plans and loan modification programs, which primarily result in term extensions of up to one year with no change to the loan’s interest rate. In certain cases, we may make more significant modifications of terms for borrowers experiencing financial difficulty, such as reducing the interest rate, converting to interest-only payments, extending the maturity for longer than one year, providing principal forbearance, or some combination of these terms. Restructurings for Borrowers Experiencing Financial Difficulty The following table displays the amortized cost of HFI mortgage loans that were restructured during the year ended December 31, 2022, presented by portfolio segment and class of financing receivable. For the Year Ended December 31, 2022 Payment Delay (Only) Forbearance Plan Payment Deferral Trial Modification and Repayment Plans Payment Delay and Term Extension (1) Payment Delay, Term Extension and Interest Rate Reduction (1) Total Percentage of Total by Financing Class (2) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 15,697 $ 16,875 $ 5,287 $ 4,109 $ 11,342 $ 53,310 2 % 15-year or less, amortizing fixed-rate 794 875 233 3 2 1,907 * Adjustable-rate 90 76 36 — 39 241 1 Other 296 369 181 121 450 1,417 4 Total single-family 16,877 18,195 5,737 4,233 11,833 56,875 2 Multifamily 283 — — — 40 323 * Total (3) $ 17,160 $ 18,195 $ 5,737 $ 4,233 $ 11,873 $ 57,198 1 * Represents less than 0.5% of total by financing class. (1) Represents loans that received a contractual modification. (2) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable. (3) Excludes $4.0 billion for the year ended December 31, 2022 for loans that received a loss mitigation activity during the period that paid off, repurchased or sold prior to period end. Also excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale. Loans may move from one category to another, as a result of the restructuring(s) they received during the period. Our estimate of future credit losses uses a lifetime methodology, derived from modeled loan performance based on the extensive historical experience of loans with similar risk characteristics, adjusted to reflect current conditions and reasonable and supportable forecasts. The historical loss experience used in our single-family and multifamily credit loss models includes the impact of the loss mitigation options provided to borrowers experiencing financial difficulty, and also includes the impact of projected loss severities as a result of a loan default. The following tables summarize the financial impacts of loan modifications and payment deferrals made to single-family HFI loans during the year ended December 31, 2022, presented by class of financing receivable. We discuss the qualitative impacts of forbearance plans, repayment plans, and trial modifications earlier in this footnote. As a result, those loss mitigation options are excluded from the table below. For the Year Ended December 31, 2022 Weighted-Average Interest Rate Reduction Weighted-Average Term Extension Average Amount Capitalized as a Result of a Payment Delay (1) Loan by class of financing receivable: (2) 20- and 30-year or more, amortizing fixed-rate 1.42 % 179 $ 22,248 15-year or less, amortizing fixed-rate 2.54 55 19,276 Adjustable-rate 0.70 — 22,153 Other 1.80 187 22,773 (1) Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole dollars. (2) Excludes the financial effects of modifications for loans that were paid off or otherwise liquidated as of period end. The following tables display the amortized cost of HFI loans that received a completed modification or payment deferral on or after January 1, 2022, the date we adopted ASU 2022-02, through December 31, 2022 and that defaulted in the period presented. The substantial majority of loans that received a completed modification or a payment deferral during the fourth quarter of 2022 did not default during the period. For purposes of this disclosure, we define loans that had a payment default as single-family loans with completed modifications that are two or more months delinquent during the period; or multifamily loans with completed modifications that are one or more months delinquent during the period. For loans that receive a forbearance plan, repayment plan or trial modification, these loss mitigation options generally remain in default until the loan is no longer delinquent as a result of the payment of all past-due amounts or as a result of a loan modification or payment deferral. Therefore, forbearance plans, repayment plans and trial modifications are not included in default tables below. For the Year Ended December 31, 2022 Payment Delay as a Result of a Payment Deferral (Only) Payment Delay and Term Extension Payment Delay, Term Extension and Interest Rate Reduction Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 1,695 $ 258 $ 648 $ 2,601 15-year or less, amortizing fixed-rate 56 — — 56 Adjustable-rate 7 — 3 10 Other 41 11 42 94 Total single-family 1,799 269 693 2,761 Multifamily — — — — Total loans that subsequently defaulted (1) $ 1,799 $ 269 $ 693 $ 2,761 (1) Represents amortized cost as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale. The following table displays an aging analysis of HFI mortgage loans that were restructured on or after January 1, 2022, the date we adopted ASU 2022-02, through December 31, 2022, presented by portfolio segment and class of financing receivable. The substantial majority of loans that received a completed modification or a payment deferral during the fourth quarter of 2022 were not delinquent. As of December 31, 2022 30-59 Days Delinquent 60-89 Days Delinquent (1) Seriously Delinquent Total Delinquent Current Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 4,113 $ 2,785 $ 13,995 $ 20,893 $ 27,379 $ 48,272 15-year or less, amortizing fixed-rate 147 114 552 813 962 1,775 Adjustable-rate 15 14 79 108 117 225 Other 113 67 365 545 755 1,300 Total single-family loans modified 4,388 2,980 14,991 22,359 29,213 51,572 Multifamily 3 N/A 265 268 55 323 Total loans restructured (2) $ 4,391 $ 2,980 $ 15,256 $ 22,627 $ 29,268 $ 51,895 (1) Multifamily loans 60-89 days delinquent are included in the seriously delinquent column. (2) Represents the amortized cost basis as of period end. Troubled Debt Restructuring Disclosures Prior to Our Adoption of ASU 2022-02 Prior to our adoption of ASU 2022-02, we accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR. In addition to formal loan modifications, we accounted for informal restructurings as a TDR if we deferred more than three missed payments to a borrower experiencing financial difficulty. We also classified bankruptcy relief provided to certain borrowers as TDRs. However, our TDR accounting described herein was suspended for most of our loss mitigation activities through our election to account for certain eligible loss mitigation activities occurring between March 2020 and January 1, 2022 under the COVID-19 relief granted pursuant to the CARES Act and the Consolidated Appropriations Act of 2021. Effective January 1, 2022, we adopted ASU 2022-02, which eliminated TDR accounting prospectively for all restructurings occurring on or after January 1, 2022. Loans that were restructured in a TDR prior to the adoption of ASU 2022-02 will continue to be accounted for under the historical TDR accounting until the loan is paid off, liquidated or subsequently modified. See “Note 1, Summary of Significant Accounting Policies” in this report for more information on our adoption of ASU 2022-02. The substantial majority of the loan modifications accounted for as TDRs resulted from a payment delay, term extension, interest rate reduction or a combination thereof. The average term extension of a single-family modified loan was 145 months and 163 months for the years ended December 31, 2021 and 2020, respectively. The average interest rate reduction was 0.57 and 0.37 percentage points for the years ended December 31, 2021 and 2020, respectively. The following table displays the number of loans and amortized cost of loans classified as a TDR during the period. For the Year Ended December 31, 2021 2020 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed rate 10,815 $ 1,717 29,938 $ 5,125 15-year or less, amortizing fixed rate 1,165 93 2,956 257 Adjustable-rate 116 17 467 72 Other 524 56 1,688 211 Total single-family 12,620 1,883 35,049 5,665 Multifamily — — — — Total TDRs 12,620 $ 1,883 35,049 $ 5,665 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 modifications 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 Year Ended December 31, 2021 2020 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed rate 7,799 $ 1,302 14,127 $ 2,578 15-year or less, amortizing fixed rate 489 37 148 10 Adjustable-rate 33 5 16 2 Other 922 166 1,291 208 Total single-family 9,243 1,510 15,582 2,798 Multifamily — — 4 16 Total TDRs that subsequently defaulted 9,243 $ 1,510 15,586 $ 2,814 Nonaccrual Loans The table below displays the accrued interest receivable written off through the reversal of interest income for nonaccrual loans. For the Year Ended December 31, 2022 2022 2021 2020 (Dollars in millions) Accrued interest receivable written off through the reversal of interest income: Single-family $ 61 $ 163 $ 206 Multifamily 1 1 19 The table below includes the amortized cost of and interest income recognized on our HFI single-family and multifamily loans on nonaccrual status by class, excluding loans for which we have elected the fair value option. As of December 31, For the Year Ended December 31, 2022 2021 2020 2019 2022 2021 2020 Amortized Cost Total Interest Income Recognized (1) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 9,447 $ 17,599 $ 22,907 $ 23,427 $ 207 $ 292 $ 461 15-year or less, amortizing fixed-rate 200 430 853 858 4 6 15 Adjustable-rate 53 107 270 288 1 1 5 Other 617 1,101 2,475 2,973 11 15 43 Total single-family 10,317 19,237 26,505 27,546 223 314 524 Multifamily 2,200 1,259 2,069 435 75 14 59 Total nonaccrual loans $ 12,517 $ 20,496 $ 28,574 $ 27,981 $ 298 $ 328 $ 583 (1) Interest income recognized includes amortization of any deferred cost basis adjustments while the loan is performing and that is not reversed when the loan is placed on nonaccrual status. For loans negatively impacted by the COVID-19 pandemic, also includes amounts accrued but not collected prior to the loan being placed on nonaccrual status. For single-family, interest income recognized includes payments received on nonaccrual loans held as of period end.

Allowance for Loan Losses

Allowance for Loan Losses	12 Months Ended
Allowance for Loan Losses	Dec. 31, 2022
Receivables [Abstract]
Allowance for Loan Losses	Allowance for Loan Losses We maintain an allowance for loan losses for HFI loans held by Fannie Mae and by consolidated Fannie Mae MBS trusts, excluding loans for which we have elected the fair value option. When calculating our allowance for loan losses, we consider the unpaid principal balance, net of unamortized premiums and discounts, and other cost basis adjustments of HFI loans at the balance sheet date. We record write-offs as a reduction to our allowance for loan losses at the point of foreclosure, completion of a short sale, upon the redesignation of nonperforming and reperforming loans from HFI to HFS or when a loan is determined to be uncollectible. The following table displays changes in our allowance for single-family loans, multifamily loans and total allowance for loan losses, including the transition impact of adopting the CECL standard, on January 1, 2020. The benefit or provision for loan losses excludes provision for accrued interest receivable losses, guaranty loss reserves and credit losses on available-for-sale (“AFS”) debt securities. Cumulatively, these amounts are recognized as “Benefit (provision) for credit losses” in our consolidated statements of operations and comprehensive income. For the Year Ended December 31, 2022 2021 2020 (Dollars in millions) Single-family allowance for loan losses: Beginning balance $ (4,950) $ (9,344) $ (8,759) Transition impact of the adoption of the CECL standard — — (1,229) Benefit (provision) for loan losses (5,061) 4,503 127 Write-offs 883 417 457 Recoveries (276) (419) (93) Other (39) (107) 153 Ending balance $ (9,443) $ (4,950) $ (9,344) Multifamily allowance for loan losses: Beginning balance $ (679) $ (1,208) $ (257) Transition impact of the adoption of the CECL standard — — (493) Benefit (provision) for loan losses (1,245) 519 (593) Write-offs 43 59 136 Recoveries (23) (49) (1) Ending balance $ (1,904) $ (679) $ (1,208) Total allowance for loan losses: Beginning balance $ (5,629) $ (10,552) $ (9,016) Transition impact of the adoption of the CECL standard — — (1,722) Benefit (provision) for loan losses (6,306) 5,022 (466) Write-offs 926 476 593 Recoveries (299) (468) (94) Other (39) (107) 153 Ending balance $ (11,347) $ (5,629) $ (10,552) Our benefit or provision for loan losses can vary substantially from period to period based on a number of factors, such as changes in actual and forecasted home prices or property valuations, fluctuations in actual and forecasted interest rates, borrower payment behavior, events such as natural disasters or pandemics, the type, volume and effectiveness of our loss mitigation activities, including forbearances and loan modifications, the volume of foreclosures completed, and the volume and pricing of loans redesignated from HFI to HFS. Our benefit or provision can also be impacted by updates to the models, assumptions, and data used in determining our allowance for loan losses. In recent periods, changes in actual and projected interest rates have been a meaningful driver of our benefit or provision for loan losses as these changes drive prepayment speeds and impact the measurement of the economic concessions granted to borrowers on modified loans. Pursuant to our adoption of ASU 2022-02, effective January 1, 2022, we prospectively discontinued TDR accounting and no longer measure the economic concession for restructurings occurring on or after the adoption date. This accounting also results in the elimination of any existing economic concession related to a loan that was previously designated as a TDR if such loan is restructured on or after January 1, 2022. See “Note 1, Summary of Significant Accounting Policies—New Accounting Guidance” for more information about our adoption of ASU 2022-02. T he primary factors that contributed to our single-family provision for loan losses for 2022 were: • Net provision from actual and forecasted home prices. Provision from home price changes was primarily driven by our home price forecast, which estimates home price declines in 2023 and 2024. Lower forecasted home prices increase the likelihood that loans will default and increase the amount of credit loss on loans that do default, which increases our estimate of loss reserves and provision for loan losses. • Provision from changes in loan activity, which includes provision on newly acquired loans. The portion of our single-family acquisitions consisting of purchase loans increased in 2022 compared with 2021. As we shift to more purchase loans, the credit profile of our acquisitions weakens as purchase loans generally have higher origination LTV ratios than refinance loans. This drove a higher estimated risk of default and loss severity in the allowance and therefore a higher loan loss provision for those loans at the time of acquisition. In addition, in 2022, our loan loss provision also increased as our more negative home price forecast increased our estimate of losses on newly acquired loans. • Provision from higher actual and projected interest rates. As mortgage rates increase, we expect a decrease in future prepayments on single-family loans, including modified loans accounted for as TDRs. Lower expected prepayments extend the expected lives of these loans resulting in an increase in expected losses. For TDR loans, longer expected lives also increase the expected impairment relating to economic concessions provided on them, resulting in a provision for loan losses. T he primary factors that contributed to our single-family benefit for loan losses for 2021 were: • Benefit from actual and forecasted home prices. In 2021, actual home price growth was at record levels. Higher home prices decrease the likelihood that loans will default and reduce the amount of credit loss on loans that do default, which impacts our estimate of losses and ultimately reduces our loss reserves and provision for loan losses. • Benefit from the redesignation of loans from HFI to HFS. We redesignated certain nonperforming and reperforming single-family loans from HFI to HFS, as we no longer intended to hold them for the foreseeable future or to maturity. Upon redesignation of these loans, we recorded the loans at the lower of cost or fair value with a write-off against the allowance for loan losses. Amounts recorded in the allowance related to these loans exceeded the amounts written off, resulting in a net benefit for loan losses. • Benefit from changes in assumptions regarding COVID-19 forbearance and loan delinquencies. During the first half of 2021, management used its judgment to supplement the loss projections developed by our credit loss model to account for uncertainty arising from the COVID-19 pandemic that was not represented in historical data or otherwise captured by our credit model. For the second half of 2021, management removed the remaining non-modeled adjustment as the effects of the government’s economic stimulus, the vaccine rollout, and the effectiveness of COVID-19-related loss mitigation strategies were much less uncertain. The impact of these factors was partially offset by provision for higher actual and projected interest rates, which reduced our single-family benefit for loan losses recognized in 2021. The increase in single-family write-offs in 2022 compared with 2021 was primarily driven by higher lower-of-cost-or-market adjustments at the time of loan redesignation due to price declines on our HFS loans as interest rates rose during the year. In addition, we had higher write-offs on single-family loans that went into foreclosure in 2022. The primary factors that contributed to our multifamily provision for loan losses in 2022 were: • Provision relating to our multifamily seniors housing portfolio. As of December 31, 2022, our estimate of credit losses reflected an increased probability of default and greater expected severity of loss on our seniors housing portfolio. As of December 31, 2022, nearly all of the seniors housing loans in our guaranty book of business were current on their payments. However, our seniors housing portfolio has been disproportionately impacted by recent market conditions, which has resulted in higher expected losses on this portfolio. Seniors housing has been negatively impacted by elevated vacancy rates and higher operating costs, which have been exacerbated by recent inflation pressures. This has reduced the net operating income on many seniors housing properties, which in turn has led to lower estimated property values. These factors, combined with increased costs associated with adjustable-rate mortgages due to a sharp rise in short-term interest rates during the latter half of 2022, have put additional stress on our seniors housing portfolio and increased our estimate of credit losses on these loans. As of December 31, 2022, our seniors housing portfolio had an unpaid principal balance of $16.6 billion, of which 39% were adjustable-rate mortgages. • Provision for higher actual and projected interest rates. Rising interest rates may reduce the ability of multifamily borrowers to refinance their loans, which often have balloon balances at maturity, increasing our provision for loan losses. Additionally, rising interest rates increase the chance that multifamily borrowers with adjustable-rate mortgages may default due to higher payments if the property net operating income is not increasing at a similar pace. The primary factors that contributed to our multifamily benefit for loan losses in 2021 were: • Benefit from actual and projected economic data. In 2021, property value forecasts increased due to continued demand for multifamily housing. In addition, improved job growth led to an increase in projected average property net operating income, which reduced the probability of loan defaults, resulting in a benefit for credit losses. • Benefit from lower expected credit losses as a result of the COVID-19 pandemic. Similar to our single-family benefit for credit losses described above, for the first half of 2021 management used its judgment to supplement the loss projections developed by our credit loss model to account for uncertainty arising from the COVID-19 pandemic. For the second half of 2021, management removed the remaining non-modeled adjustment as the effects of the economic stimulus, the vaccine rollout, and the effectiveness of COVID-19-related loss mitigation strategies were much less uncertain.

Investments in Securities

Investments in Securities	12 Months Ended
Investments in Securities	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments in Securities	Investments in Securities Trading Securities Trading securities are recorded at fair value with subsequent changes in fair value recorded as “Fair value gains (losses), net” in our consolidated statements of operations and comprehensive income. The following table displays our investments in trading securities. As of December 31, 2022 2021 (Dollars in millions) Mortgage-related securities (includes $427 million and $593 million, respectively, related to consolidated trusts) $ 3,211 $ 4,606 Non-mortgage-related securities (includes $3.9 billion and $4.2 billion, respectively, pledged as collateral) (1) 46,918 83,600 Total trading securities $ 50,129 $ 88,206 (1) Primarily includes U.S. Treasury securities. The following table displays information about our net trading gains (losses). For the Year Ended December 31, 2022 2021 2020 (Dollars in millions) Net trading gains (losses) $ (3,504) $ (1,060) $ 513 Net trading gains (losses) recognized in the period related to securities still held at period end (2,865) (997) 252 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 loss” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains (losses), net” in our consolidated statements of operations and comprehensive income. We define the amortized cost basis of our AFS securities as unpaid principal balance, net of unamortized premiums and discounts, and other cost basis adjustments. We record an allowance for credit losses for AFS securities that reflects the impairment for credit losses, which are limited to the amount that fair value is less than the amortized cost. Impairment due to non-credit losses are recorded as unrealized losses within “Other comprehensive loss.” The following tables display the amortized cost, allowance for credit losses, gross unrealized gains and losses in accumulated other comprehensive income (loss) (“AOCI”), and fair value by major security type for AFS securities. As of December 31, 2022 Total Amortized Cost Allowance for Credit Losses Gross Unrealized Gains in AOCI Gross Unrealized Losses in AOCI Total Fair Value (Dollars in millions) Agency securities (1) $ 445 $ — $ 3 $ (22) $ 426 Other mortgage-related securities 269 (3) 5 (1) 270 Total $ 714 $ (3) $ 8 $ (23) $ 696 As of December 31, 2021 Total Amortized Cost Allowance for Credit Losses Gross Unrealized Gains in AOCI Gross Unrealized Losses in AOCI Total Fair Value (Dollars in millions) Agency securities (1) $ 504 $ — $ 14 $ (11) $ 507 Other mortgage-related securities 323 * 10 (3) 330 Total $ 827 * $ 24 $ (14) $ 837 s * Total allowance for credit losses is less than $0.5 million as of December 31, 2021. (1) Agency securities consist of securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae. 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 December 31, 2022 2021 Less Than 12 Consecutive Months 12 Consecutive Months or Longer Less Than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses in AOCI Fair Value Gross Unrealized Losses in AOCI Fair Value Gross Unrealized Losses in AOCI Fair Value Gross Unrealized Losses in AOCI Fair Value (Dollars in millions) Agency securities $ (12) $ 161 $ (10) $ 159 $ (5) $ 225 $ (6) $ 102 Other mortgage-related securities (1) 8 — — (3) 3 — — Total $ (13) $ 169 $ (10) $ 159 $ (8) $ 228 $ (6) $ 102 The following table displays the gross realized gains (losses) and proceeds on sales of AFS securities. For the Year Ended December 31, 2022 2021 2020 (Dollars in millions) Gross realized gains $ — $ 59 $ 57 Total proceeds (excludes initial sale of securities from new portfolio securitizations) — 582 361 The following tables display net unrealized gains and losses on AFS securities and other amounts recorded within our accumulated other comprehensive income, net of tax. As of December 31, 2022 2021 2020 (Dollars in millions) Net unrealized gains (losses) on AFS securities for which we have not recorded an allowance for credit losses $ (13) $ 9 $ 74 Net unrealized gains (losses) on AFS securities for which we have recorded an allowance for credit losses — (2) — Other 48 31 42 Accumulated other comprehensive income $ 35 $ 38 $ 116 Maturity Information The following table displays the amortized cost and fair value of our AFS securities by major security type and remaining contractual maturity, assuming no principal prepayments. The contractual maturity of mortgage-backed securities is not a reliable indicator of their expected life because borrowers generally have the right to prepay their obligations at any time. As of December 31, 2022 Total Carrying Amount (1) Total Fair Value 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) Agency securities $ 445 $ 426 $ — $ — $ 3 $ 3 $ 12 $ 12 $ 430 $ 411 Other mortgage-related securities 266 270 1 1 17 17 16 17 232 235 Total $ 711 $ 696 $ 1 $ 1 $ 20 $ 20 $ 28 $ 29 $ 662 $ 646 Weighted-average interest rate (2) 7.27 % 7.68 % 6.80 % 6.64 % 7.31 % (1) Net carrying amount consists of amortized cost, net of allowance for credit losses on AFS securities but does not include any unrealized fair value gains or losses. (2) Weighted-average interest rate includes the effects of discounts, premiums and other cost basis adjustments.

Financial Guarantees

Financial Guarantees	12 Months Ended
Financial Guarantees	Dec. 31, 2022
Guarantees [Abstract]
Financial Guarantees	Financial Guarantees We recognize a guaranty obligation for our obligation to stand ready to perform on our guarantees to unconsolidated trusts and other guaranty arrangements. These off-balance sheet guarantees expose us to credit losses primarily relating to the unpaid principal balance of our unconsolidated Fannie Mae MBS and other financial guarantees. The maximum remaining contractual term of our guarantees is 29 years; however, the actual term of each guaranty may be significantly less than the contractual term based on the prepayment characteristics of the related mortgage loans. We measure our guaranty reserve for estimated credit losses for off-balance sheet exposures over the contractual period for which they are exposed to the credit risk, unless that obligation is unconditionally cancellable by the issuer. As the guarantor of structured securities backed in whole or in part by Freddie Mac-issued securities, we extend our guaranty to the underlying Freddie Mac securities in our resecuritization trusts. However, Freddie Mac continues to guarantee the payment of principal and interest on the underlying Freddie Mac securities that we have resecuritized. When we began issuing UMBS, we entered into an indemnification agreement under which Freddie Mac agreed to indemnify us for losses caused by its failure to meet its payment or other specified obligations under the trust agreements pursuant to which the underlying resecuritized securities were issued. As a result, and due to the funding commitment available to Freddie Mac through its senior preferred stock purchase agreement with Treasury, we have concluded that the associated credit risk is negligible. Accordingly, we exclude from the following table Freddie Mac securities backing unconsolidated Fannie Mae-issued structured securities of $234.0 billion and $212.3 billion as of December 31, 2022 and December 31, 2021, respectively. The following table displays our off-balance sheet maximum exposure, guaranty obligation recognized in our consolidated balance sheets and the potential maximum recovery from third parties through available credit enhancements and recourse related to our financial guarantees. As of December 31, 2022 2021 Maximum Exposure Guaranty Obligation Maximum Recovery (1) Maximum Exposure Guaranty Obligation Maximum Recovery (1) (Dollars in millions) Unconsolidated Fannie Mae MBS $ 3,139 $ 15 $ 3,058 $ 3,733 $ 16 $ 3,626 Other guaranty arrangements (2) 9,573 79 2,012 10,423 85 2,117 Total $ 12,712 $ 94 $ 5,070 $ 14,156 $ 101 $ 5,743 (1) Recoverability of such credit enhancements and recourse is subject to, among other factors, the ability of our mortgage insurers and the U.S. government, as a financial guarantor, to meet their obligations to us. For information on our mortgage insurers, see “Note 13, 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	12 Months Ended
Short-Term and Long-Term Debt	Dec. 31, 2022
Debt Disclosure [Abstract]
Short-Term and Long-Term Debt	Short-Term and Long-Term Debt In January 2021, we began applying fair value hedge accounting to certain debt issuances. The objective of our fair value hedges is to reduce GAAP earnings volatility related to changes in benchmark interest rates. See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures. Short-Term Debt The following table displays our outstanding short-term debt (debt with an original contractual maturity of one year or less) and weighted-average interest rates of this debt. As of December 31, 2022 2021 Outstanding Weighted- Average Interest Rate (1) Outstanding Weighted- Average Interest Rate (1) (Dollars in millions) Short-term debt of Fannie Mae $ 10,204 3.93 % $ 2,795 0.03 % (1) Includes the effects of discounts, premiums and other cost basis adjustments. Long-Term Debt Long-term debt represents debt with an original contractual maturity of greater than one year. The following table displays our outstanding long-term debt. As of December 31, 2022 2021 Maturities Outstanding (1) Weighted- Average Interest Rate (2) Maturities Outstanding (1) Weighted- Average Interest Rate (2) (Dollars in millions) Senior fixed: Benchmark notes and bonds 2023 - 2030 $ 72,261 2.35 % 2022 - 2030 $ 89,618 2.13 % Medium-term notes (3) 2023 - 2031 39,476 0.78 2022 - 2031 38,312 0.60 Other (4) 2023 - 2038 6,778 4.00 2023 - 2038 7,045 3.73 Total senior fixed 118,515 1.94 134,975 1.78 Senior floating: Medium-term notes (3) N/A — — 2022 51,583 0.32 Connecticut Avenue Securities (5) 2023 - 2031 5,207 8.80 2023 - 2031 11,166 4.30 Other (6) 2037 242 10.00 2037 373 7.17 Total senior floating 5,449 8.86 63,122 1.05 Total long-term debt of Fannie Mae (7) 123,964 2.23 198,097 1.55 Debt of consolidated trusts 2023 - 2062 4,087,720 2.47 2022 - 2061 3,957,299 1.89 Total long-term debt $ 4,211,684 2.47 % $ 4,155,396 1.88 % (1) Outstanding debt balance consists of the unpaid principal balance, premiums and discounts, fair value adjustments, hedge-related basis adjustments, and other cost basis adjustments. (2) Excludes the effects of fair value adjustments and hedge-related basis adjustments. (3) Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt. (4) Includes other long-term debt with an original contractual maturity of greater than 10 years and foreign exchange bonds. (5) Consists of CAS debt issued prior to November 2018, a portion of which is reported at fair value. (6) Consists of structured debt instruments that are reported at fair value. (7) Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments in a net discount position of $5.1 billion and $1.6 billion as of December 31, 2022 and 2021, respectively. Our long-term debt includes a variety of debt types. We issue fixed and floating-rate medium-term notes with maturities greater than one year that are issued through dealer banks. We also offer Benchmark Notes ® that provide increased efficiency, liquidity and tradability to the market through regularly-scheduled issuance dates that are used if needed during the year. Additionally, we have historically issued notes and bonds denominated in a foreign currency but have not issued any foreign currency debt in the periods presented. We effectively convert all outstanding foreign currency-denominated transactions into U.S. dollars through the use of foreign currency swaps for the purpose of funding our mortgage assets. Our long-term debt also includes CAS securities issued prior to November 2018, which are 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. Our other long-term debt includes callable and non-callable securities, which include all long-term non-Benchmark securities, such as zero-coupon bonds, fixed rate and other long-term securities, and are generally negotiated underwritings with one or more dealers or dealer banks. Characteristics of Debt As of December 31, 2022 and 2021, the face amount of our debt securities of Fannie Mae was $139.3 billion and $202.5 billion, respectively. As of December 31, 2022, we had zero-coupon debt with a face amount of $10.0 billion, which had an effective interest rate of 3.91%. As of December 31, 2021, we had zero-coupon debt with a face amount of $3.2 billion, which had an effective interest rate of 0.66%. We issue callable debt instruments to manage the duration and prepayment risk of expected cash flows of the mortgage assets we own. Our outstanding debt as of December 31, 2022 and 2021 included $43.3 billion and $47.0 billion, respectively, of callable debt that could be redeemed, in whole or in part, at our option on or after a specified date. The following table displays the amount of our long-term debt as of December 31, 2022 by year of maturity for each of the years 2023 through 2027 and thereafter. The first column assumes that we pay off this debt at maturity or on the call date if the call has been announced, while the second column assumes that we redeem our callable debt at the next available call date. Long-Term Debt by Year of Maturity Assuming Callable Debt (Dollars in millions) 2023 $ 23,226 $ 56,679 2024 18,951 13,712 2025 37,730 20,911 2026 9,189 6,795 2027 5,608 4,080 Thereafter 29,260 21,787 Total long-term debt of Fannie Mae (1) 123,964 123,964 Debt of consolidated trusts (2) 4,087,720 4,087,720 Total long-term debt $ 4,211,684 $ 4,211,684 (1) Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments.

Derivative Instruments

Derivative Instruments	12 Months Ended
Derivative Instruments	Dec. 31, 2022
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 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 fall into these broad categories: • Interest-rate swap contracts. An interest-rate swap is a transaction between two parties in which each party agrees to exchange payments tied to different interest rates or indices for a specified period of time, generally based on a notional amount of principal. The types of interest-rate swaps we use include pay-fixed swaps, receive-fixed swaps and basis swaps. • Interest-rate option contracts. These contracts primarily include pay-fixed swaptions, receive-fixed swaptions, cancelable swaps and interest-rate caps. A swaption is an option contract that allows us or a counterparty to enter into a pay-fixed or receive-fixed swap at some point in the future. • Foreign currency swaps. These swaps convert debt that we issue in foreign denominated currencies into U.S. dollars. We enter into foreign currency swaps only to the extent that we hold foreign currency debt. • Futures. These are standardized exchange-traded contracts that either obligate a buyer to buy an asset at a predetermined date and price or a seller to sell an asset at a predetermined date and price. The types of futures contracts we enter into include SOFR and U.S. Treasury. 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 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 consolidated balance sheets. See “Note 15, Fair Value” for additional information on derivatives recorded at fair value. We present cash flows from derivatives as operating activities in our consolidated statements of cash flows. Fair Value Hedge Accounting As discussed in “Note 1, Summary of Significant Accounting Policies,” we implemented a fair value hedge accounting program in January 2021. Pursuant to this program, we may designate certain interest-rate swaps as hedging instruments in hedges of the change in fair value attributable to the designated benchmark interest rate for certain closed pools of fixed-rate, single-family mortgage loans or our funding debt. For hedged items in qualifying fair value hedging relationships, changes in fair value attributable to the designated risk are recognized as a basis adjustment to the hedged item. We also report changes in the fair value of the derivative hedging instrument in the same consolidated statements of operations and comprehensive income line item used to recognize the earnings effect of the hedged item’s basis adjustment. The objective of our fair value hedges is to reduce GAAP earnings volatility related to changes in benchmark interest rates. Notional and Fair Value Position of our Derivatives The following table displays the notional amount and estimated fair value of our asset and liability derivative instruments. As of December 31, 2022 2021 Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives (Dollars in millions) Risk management derivatives designated as hedging instruments: Swaps: (1) Pay-fixed $ 5,582 $ — $ — $ 4,347 $ — $ — Receive-fixed 33,276 — — 40,686 — — Total risk management derivatives designated as hedging instruments 38,858 — — 45,033 — — Risk management derivatives not designated as hedging instruments: Swaps: (1) Pay-fixed 97,808 — — 56,817 — — Receive-fixed 99,799 1 (4,525) 56,874 — (1,131) Basis 41,250 25 — 250 152 — Foreign currency 300 — (98) 336 25 (34) Swaptions: (1) Pay-fixed 5,286 204 (18) 4,341 52 (2) Receive-fixed 2,136 7 (45) 1,091 10 (21) Total risk management derivatives not designated as hedging instruments 246,579 237 (4,686) 119,709 239 (1,188) Netting adjustment (2) — (154) 4,662 — (237) 1,173 Total risk management derivatives portfolio 285,437 83 (24) 164,742 2 (15) Mortgage commitment derivatives: Mortgage commitments to purchase whole loans 2,596 4 (8) 13,192 17 (5) Forward contracts to purchase mortgage-related securities 17,808 50 (57) 58,021 83 (34) Forward contracts to sell mortgage-related securities 35,302 35 (13) 111,173 69 (158) Total mortgage commitment derivatives 55,706 89 (78) 182,386 169 (197) Credit enhancement derivatives 23,784 3 (66) 19,256 — (21) Derivatives at fair value $ 364,927 $ 175 $ (168) $ 366,384 $ 171 $ (233) (1) Centrally cleared derivatives have no ascribable fair value because the positions are settled daily. (2) 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. Cash collateral posted was $4.5 billion and $966 million as of December 31, 2022 and 2021, respectively. Cash collateral received was $5 million and $30 million as of December 31, 2022 and 2021, respectively. We record all gains and losses, including accrued interest, on derivatives while they are not in a qualifying hedging relationship in “Fair value gains (losses), net” in our 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 Year Ended December 31, 2022 2021 2020 (Dollars in millions) Risk management derivatives: Swaps: Pay-fixed $ 5,541 $ 2,207 $ (2,764) Receive-fixed (4,788) (1,783) 2,226 Basis (143) (51) 43 Foreign currency (87) (26) 23 Swaptions: Pay-fixed 142 38 (146) Receive-fixed (19) (217) 595 Futures (1) 1 (76) Net contractual interest income (expense) on interest-rate swaps (265) 16 (261) Total risk management derivatives fair value gains (losses), net 380 185 (360) Mortgage commitment derivatives fair value gains (losses), net 2,708 551 (2,654) Credit enhancement derivatives fair value gains (losses), net (97) (178) 182 Total derivatives fair value gains (losses), net $ 2,991 $ 558 $ (2,832) Effect of Fair Value Hedge Accounting The following table displays the effect of fair value hedge accounting on our consolidated statement of operations and comprehensive income, including gains and losses recognized on fair value hedging relationships. For the Year Ended December 31, 2022 2021 Interest Income: Mortgage Loans Interest Expense: Long-Term Debt Interest Income: Mortgage Loans Interest Expense: Long-Term Debt (Dollars in millions) Total amounts presented in our consolidated statements of operations and comprehensive income $ 117,813 $ (90,798) $ 98,930 $ (70,084) Gains (losses) from fair value hedging relationships: Mortgage loans HFI and related interest-rate contracts: Hedged items $ (790) $ — $ 140 $ — Discontinued hedge-related basis adjustment amortization 28 — (6) — Derivatives designated as hedging instruments 785 — (145) — Interest accruals on derivative hedging instruments 13 — (12) — Debt of Fannie Mae and related interest-rate contracts: Hedged items — 3,978 — 1,370 Discontinued hedge-related basis adjustment amortization — (524) — (89) Derivatives designated as hedging instruments — (3,321) — (1,308) Interest accruals on derivative hedging instruments — (240) — 223 Gains (losses) recognized in net interest income on fair value hedging relationships $ 36 $ (107) $ (23) $ 196 Hedged Items in Fair Value Hedging Relationships The following table displays the carrying amounts of the hedged items that have been in qualifying fair value hedges recorded in our consolidated balance sheets, including the hedged item’s cumulative basis adjustments and the closed portfolio balances under the last-of-layer method. The hedged item carrying amounts and total basis adjustments include both open and discontinued hedges. The amortized cost and designated UPB consists only of open hedges as of December 31, 2022. As of December 31, 2022 Carrying Amount Assets (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount Closed Portfolio of Mortgage Loans Under Last-of-Layer Method Total Basis Adjustments (1)(2) Remaining Adjustments - Discontinued Hedge Total Amortized Cost Designated UPB (Dollars in millions) Mortgage loans HFI $ 293,788 $ (628) $ (628) $ 98,377 $ 5,187 Debt of Fannie Mae (73,790) 4,713 4,713 N/A N/A As of December 31, 2021 Carrying Amount Assets (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount Closed Portfolio of Mortgage Loans Under Last-of-Layer Method Total Basis Adjustments (1)(2) Remaining Adjustments - Discontinued Hedge Total Amortized Cost Designated UPB (Dollars in millions) Mortgage loans HFI $ 174,080 $ 134 $ 134 $ 56,786 $ 4,389 Debt of Fannie Mae (72,174) 1,281 1,281 N/A N/A (1) No basis adjustment associated with open hedges, as all hedges are designated at the close of business, with a one-day term. (2) Based on the unamortized balance of the hedge-related cost basis. Derivative Counterparty Credit Exposure Our derivative counterparty credit exposure relates principally to interest-rate derivative contracts. We are exposed to the risk that a counterparty in a derivative transaction will default on payments due to us, which may require us to seek a replacement derivative from a different counterparty. This replacement may be at a higher cost, or we may be unable to find a suitable replacement. We manage our derivative counterparty credit exposure relating to our risk management derivative transactions mainly through enforceable master netting arrangements, which allow us to net derivative assets and liabilities with the same counterparty or clearing organization and clearing member. For our OTC derivative transactions, we require counterparties to post collateral, which may include cash, U.S. Treasury securities, agency debt and agency mortgage-related securities. See “Note 14, Netting Arrangements” for information on our rights to offset assets and liabilities as of December 31, 2022 and 2021.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Provision for Federal Income Taxes We are subject to federal income tax, but we are exempt from state and local income taxes. The following table displays the components of our provision for federal income taxes. For the Year Ended December 31, 2022 2021 2020 (Dollars in millions) Current income tax benefit (provision) $ (3,505) $ (5,521) $ (3,803) Deferred income tax benefit (provision) (1) 195 (252) 729 Provision for federal income taxes $ (3,310) $ (5,773) $ (3,074) (1) Amount excludes the current income tax effect of items recognized directly in “Total stockholders' equity.” The following table displays the difference between the statutory corporate tax rate and our effective tax rate. For the Year Ended December 31, 2022 2021 2020 Statutory corporate tax rate 21.0 % 21.0 % 21.0 % Research tax credits (1.5) — — Equity investments in affordable housing projects (0.1) (0.1) (0.1) Valuation allowance 0.7 — — Other 0.3 (0.2) (0.2) Effective tax rate 20.4 % 20.7 % 20.7 % Our effective tax rate is the provision for federal income taxes expressed as a percentage of income or loss before federal income taxes. Our effective tax rates for the years 2022, 2021, and 2020 were impacted by the benefits of our investments in housing projects eligible for low-income housing tax credits. Our effective tax rate for 2022 was also impacted by the benefit of the research tax credits claimed on current year and amended prior year returns, and the valuation allowance against the deferred tax asset relating to capital loss carryforwards. Deferred Tax Assets and Liabilities We evaluate our deferred tax assets for recoverability using a consistent approach which considers the relative impact of negative and positive evidence, including our historical profitability and projections of future taxable income. Our framework for assessing the recoverability of deferred tax assets requires us to weigh all available evidence, to the extent it exists, including: • the sustainability of recent profitability required to realize the deferred tax assets; • the cumulative net income or losses in our consolidated statements of operations and comprehensive income in recent years; • unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels on a continuing basis in future years; • the funding available to us under the senior preferred stock purchase agreement; and • the carryforward period for capital losses. As of December 31, 2022, we continued to conclude that the positive evidence in favor of the recoverability of our deferred tax assets, except the deferred tax asset relating to capital loss carryforwards, outweighed the negative evidence and that it is more likely than not that our deferred tax assets will be realized. For the deferred tax asset relating to capital loss carryforwards, we concluded that the negative evidence outweighed the positive evidence, and it is more likely than not that these capital loss carryforwards will not be utilized during the allowable five-year carryforward period, which will expire in 2027 if unused. Therefore, a valuation allowance has been recorded against our capital loss carryforward deferred tax asset, which is included in “Other, net” in the table below. The following table displays our deferred tax assets and deferred tax liabilities. As of December 31, 2022 2021 (Dollars in millions) Deferred tax assets: Mortgage and mortgage-related assets $ 6,764 $ 7,547 Allowance for loan losses and basis in acquired property, net 2,055 1,060 Derivative instruments 1,153 778 Partnership and other equity investments 52 88 Interest-only securities 3,811 3,977 Other, net 295 — Total deferred tax assets 14,130 13,450 Deferred tax liabilities: Debt instruments 1,104 377 Other, net — 358 Total deferred tax liabilities 1,104 735 Valuation allowance (115) — Deferred tax assets, net $ 12,911 $ 12,715 Unrecognized Tax Benefits We had $60 million of unrecognized tax benefits for the year ended December 31, 2022. If these positions were to resolve favorably, our effective tax would be reduced in future periods by $60 million. We had no unrecognized tax benefits for the years ended December 31, 2021 and 2020. Our tax years 2019 through 2021 remain open to examination by the IRS.

Segment Reporting

Segment Reporting	12 Months Ended
Segment Reporting	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We have two reportable business segments, which are based on the type of business activities each perform: Single-Family and Multifamily. Results of our two business segments are intended to reflect each segment as if it were a stand-alone business. The sum of the results for our two business segments equals our consolidated results of operations. The section below provides a discussion of our business segments. Single-Family Business Segment • Works with lenders to acquire and securitize single-family mortgage loans delivered to us by lenders into Fannie Mae MBS. • Issues structured Fannie Mae MBS backed by single-family mortgage assets and provides other services to single-family lenders. • Prices and manages the credit risk on loans in our single-family guaranty book of business. Also enters into transactions that transfer a portion of the credit risk on some of the loans in our single-family guaranty book of business to third parties. • Works to reduce costs of defaulted single-family loans through home retention solutions and foreclosure alternatives, management of foreclosures and our REO inventory, selling nonperforming loans and pursuing contractual remedies from lenders, servicers and providers of credit enhancements. Multifamily Business Segment • Works with lenders to acquire and securitize multifamily mortgage loans delivered to us by lenders into Fannie Mae MBS. • Issues structured multifamily Fannie Mae MBS through our Fannie Mae Guaranteed Multifamily Structures (“Fannie Mae GeMS TM ”) program and provides other services to our multifamily lenders. • Prices and manages the credit risk on loans in our multifamily guaranty book of business. Lenders retain a portion of the credit risk in most multifamily transactions. • Enters into transactions that transfer an additional portion of Fannie Mae’s credit risk on some of the loans in our multifamily guaranty book of business to third parties. • Works to maintain credit quality of the book, prevent foreclosure, reduce costs of defaulted multifamily loans, manage our REO inventory, and pursue contractual remedies from lenders, servicers and providers of credit enhancements. Segment Allocations and Results The majority of our assets, revenues and expenses are directly associated with each respective business segment and are included in determining its asset balance and operating results. Those assets, revenues and expenses that are not directly attributable to a particular business segment are allocated based on the size of each segment’s guaranty book of business. The substantial majority of the gains and losses associated with our risk management derivatives, including the impact of hedge accounting, are allocated to our Single-Family business segment. The following table displays total assets by segment. As of December 31, 2022 2021 (Dollars in millions) Single-Family $ 3,844,092 $ 3,782,447 Multifamily 461,196 446,719 Total assets $ 4,305,288 $ 4,229,166 We operate our business solely in the United States and its territories, and accordingly, we generate no revenue from and have no long-lived assets, other than financial instruments, in geographic locations other than the United States and its territories. The following tables display our segment results. For the Year Ended December 31, 2022 Single-Family Multifamily Total (Dollars in millions) Net interest income (1)(9) $ 24,736 $ 4,687 $ 29,423 Fee and other income (2) 224 88 312 Net revenues 24,960 4,775 29,735 Investment losses, net (3) (223) (74) (297) Fair value gains (losses), net (4)(9) 1,364 (80) 1,284 Administrative expenses (2,789) (540) (3,329) Provision for credit losses (5) (5,029) (1,248) (6,277) TCCA fees (6) (3,369) — (3,369) Credit enhancement expense (7) (1,062) (261) (1,323) Change in expected credit enhancement recoveries (8) 470 257 727 Other expenses, net (778) (140) (918) Income before federal income taxes 13,544 2,689 16,233 Provision for federal income taxes (2,774) (536) (3,310) Net income $ 10,770 $ 2,153 $ 12,923 For the Year Ended December 31, 2021 Single-Family Multifamily Total (Dollars in millions) Net interest income (1)(9) $ 25,429 $ 4,158 $ 29,587 Fee and other income (2) 269 92 361 Net revenues 25,698 4,250 29,948 Investment gains (losses), net (3) 1,392 (40) 1,352 Fair value gains (losses), net (4)(9) 167 (12) 155 Administrative expenses (2,557) (508) (3,065) Benefit for credit losses (5) 4,600 530 5,130 TCCA fees (6) (3,071) — (3,071) Credit enhancement expense (7) (812) (239) (1,051) Change in expected credit enhancement recoveries (8) (86) (108) (194) Other expenses, net (1,208) (47) (1,255) Income before federal income taxes 24,123 3,826 27,949 Provision for federal income taxes (4,996) (777) (5,773) Net income $ 19,127 $ 3,049 $ 22,176 For the Year Ended December 31, 2020 Single-Family Multifamily Total (Dollars in millions) Net interest income (1)(9) $ 21,502 $ 3,364 $ 24,866 Fee and other income (2) 368 94 462 Net revenues 21,870 3,458 25,328 Investment gains, net (3) 728 179 907 Fair value gains (losses), net (4)(9) (2,539) 38 (2,501) Administrative expenses (2,559) (509) (3,068) Provision for credit losses (5) (75) (603) (678) TCCA fees (6) (2,673) — (2,673) Credit enhancement expense (7) (1,141) (220) (1,361) Change in expected credit enhancement recoveries (8) 89 144 233 Other expenses, net (1,212) (96) (1,308) Income before federal income taxes 12,488 2,391 14,879 Provision for federal income taxes (2,607) (467) (3,074) Net income $ 9,881 $ 1,924 $ 11,805 (1) Net interest income primarily consists of guaranty fees received as compensation for assuming and managing the credit risk on loans underlying Fannie Mae MBS held by third parties for the respective business segment, and the difference between the interest income earned on the respective business segment’s mortgage assets in our retained mortgage portfolio and the interest expense associated with the debt funding those assets. Revenues from single-family guaranty fees include revenues generated by the 10 basis point increase in guaranty fees pursuant to the TCCA, the incremental revenue from which is remitted to Treasury and not retained by us. Also includes yield maintenance revenue we recognized on the prepayment of multifamily loans. (2) Single-family fee and other income primarily consists of compensation for engaging in structured transactions and providing other lender services. Multifamily fee and other income consists of fees associated with Multifamily business activities, including credit enhancements for tax-exempt multifamily housing revenue bonds. (3) Single-family investment gains and losses primarily consist of gains and losses on the sale of mortgage assets. Multifamily investment gains and losses primarily consist of gains and losses on resecuritization activity. (4) Single-family fair value gains and losses primarily consist of fair value gains and losses on risk management and mortgage commitment derivatives, trading securities, fair value option debt, and other financial instruments associated with our single-family guaranty book of business. Multifamily fair value gains and losses primarily consist of fair value gains and losses on MBS commitment derivatives, trading securities and other financial instruments associated with our multifamily guaranty book of business. (5) Benefit (provision) for credit losses is based on loans underlying the segment’s guaranty book of business. (6) Consists of the portion of our single-family guaranty fees that is remitted to Treasury pursuant to the TCCA. (7) Single-family credit enhancement expense consists of costs associated with our freestanding credit enhancements, which include primarily costs associated with our CIRT TM , CAS and enterprise-paid mortgage insurance (“EPMI”) programs. Multifamily credit enhancement expense primarily consists of costs associated with our Multifamily CIRT TM (“MCIRT TM ”) and MCAS TM programs as well as amortization expense for certain lender risk-sharing programs. Excludes CAS transactions accounted for as debt instruments and credit risk transfer programs accounted for as derivative instruments. (8) Consists of change in benefits recognized from our freestanding credit enhancements, primarily from our CAS and CIRT programs as well as certain lender risk-sharing arrangements, including our multifamily DUS ® program. (9) In January 2021, we began applying fair value hedge accounting. For qualifying hedging relationships, fair value changes attributable to movements in the designated benchmark interest rates for hedged mortgage loans and funding debt and the fair value change of the designated portion of the paired interest-rate swaps are recognized in “Net interest income.” In prior years, all fair value changes for interest-rate swaps were recognized in “Fair value gains (losses), net.” See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures.

Equity

Equity	12 Months Ended
Equity	Dec. 31, 2022
Equity [Abstract]
Equity	Equity Common Stock Shares of common stock outstanding, net of shares held as treasury stock, totaled 1.2 billion as of December 31, 2022 and 2021. During conservatorship, the rights and powers of shareholders are suspended. Accordingly, our common shareholders have no ability to elect directors or to vote on other matters during the conservatorship unless FHFA elects to delegate this authority to them. The senior preferred stock purchase agreement with Treasury prohibits the payment of dividends on common stock without the prior written consent of Treasury. The conservator also has eliminated common stock dividends. In addition, we issued a warrant to Treasury that provides Treasury with the right to purchase for a nominal price shares of our common stock equal to 79.9% of the total number of shares of common stock outstanding on a fully diluted basis on the date of exercise, which would substantially dilute the ownership in Fannie Mae of our common stockholders at the time of exercise. Refer to the “Senior Preferred Stock and Common Stock Warrant” section of this note for more information. Preferred Stock The following table displays our senior preferred stock and preferred stock outstanding. Issued and Outstanding as of December 31, Annual Dividend Rate as of December 31, 2022 2022 2021 Stated Value per Share Title Issue Date Shares Amount Shares Amount Redeemable on or After (Dollars and shares in millions, except per share amounts) Senior Preferred Stock Series 2008-2 September 8, 2008 1 $ 120,836 1 $ 120,836 $ 120,836 (1) N/A (2) N/A (3) Preferred Stock Series D September 30, 1998 3 $ 150 3 $ 150 $ 50 5.250 % September 30, 1999 Series E April 15, 1999 3 150 3 150 50 5.100 April 15, 2004 Series F March 20, 2000 14 690 14 690 50 2.016 (4) March 31, 2002 (5) Series G August 8, 2000 6 288 6 288 50 4.024 (6) September 30, 2002 (5) Series H April 6, 2001 8 400 8 400 50 5.810 April 6, 2006 Series I October 28, 2002 6 300 6 300 50 5.375 October 28, 2007 Series L April 29, 2003 7 345 7 345 50 5.125 April 29, 2008 Series M June 10, 2003 9 460 9 460 50 4.750 June 10, 2008 Series N September 25, 2003 5 225 5 225 50 5.500 September 25, 2008 Series O December 30, 2004 50 2,500 50 2,500 50 7.000 (7) December 31, 2007 Convertible Series 2004-I (8) December 30, 2004 — 2,492 — 2,492 100,000 5.375 January 5, 2008 Series P September 28, 2007 40 1,000 40 1,000 25 5.504 (9) September 30, 2012 Series Q October 4, 2007 15 375 15 375 25 6.750 September 30, 2010 Series R (10) November 21, 2007 21 530 21 530 25 7.625 November 21, 2012 Series S December 11, 2007 280 7,000 280 7,000 25 8.984 (11) December 31, 2010 (12) Series T (13) May 19, 2008 89 2,225 89 2,225 25 8.250 May 20, 2013 Total 556 $ 19,130 556 $ 19,130 (1) Initial stated value per share was $1,000. Based on our draws of funds under the senior preferred stock purchase agreement with Treasury, the stated value per share on December 31, 2022 was $120,836. (2) Dividends on the senior preferred stock are currently calculated based on our net worth as of the end of the immediately preceding fiscal quarter less an applicable capital reserve amount. The capital reserve amount, starting with the quarterly dividend period ending on December 31, 2020, increased to the amount of adjusted total capital necessary for us to meet the capital requirements and buffers set forth in the enterprise regulatory capital framework described in “Note 12, Regulatory Capital Requirements.” (3) Any liquidation preference of our senior preferred stock in excess of $1 billion may be repaid through an issuance of common or preferred stock, which would require the consent of the conservator and Treasury. The initial $1 billion liquidation preference may be repaid only in conjunction with termination of Treasury’s funding commitment under the senior preferred stock purchase agreement. (4) Rate effective March 31, 2022. Variable dividend rate resets every two years at a per annum rate equal to the two-year Constant Maturity U.S. Treasury Rate (“CMT”) minus 0.16% with a cap of 11% per year. (5) Represents initial call date. Redeemable every two years thereafter. (6) Rate effective September 30, 2022. Variable dividend rate resets every two years at a per annum rate equal to the two-year CMT rate minus 0.18% with a cap of 11% per year. (7) Rate effective December 31, 2022. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7% or 10-year CMT rate plus 2.375%. (8) Issued and outstanding shares were 24,922 as of December 31, 2022 and 2021. (9) Rate effective December 31, 2022. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 4.5% or 3-Month LIBOR plus 0.75%. (10) On November 21, 2007, we issued 20 million shares of preferred stock in the amount of $500 million. Subsequent to the initial issuance, we issued an additional 1.2 million shares in the amount of $30 million on December 14, 2007 under the same terms as the initial issuance. (11) Rate effective December 31, 2022. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.75% or 3-Month LIBOR plus 4.23%. (12) Represents initial call date. Redeemable every five years thereafter. (13) On May 19, 2008, we issued 80 million shares of preferred stock in the amount of $2 billion. Subsequent to the initial issuance, we issued an additional 8 million shares in the amount of $200 million on May 22, 2008 and 1 million shares in the amount of $25 million on June 4, 2008 under the same terms as the initial issuance. As described under “Senior Preferred Stock and Common Stock Warrant” below, we issued senior preferred stock that ranks senior to all other series of preferred stock as to both dividends and distributions upon dissolution, liquidation or winding down of the company. The senior preferred stock purchase agreement with Treasury also prohibits the payment of dividends on preferred stock (other than the senior preferred stock) without the prior written consent of Treasury. The conservator also has eliminated preferred stock dividends, other than dividends on the senior preferred stock. Each series of our preferred stock has no par value, is non-participating, is non-voting and has a liquidation preference equal to the stated value per share. None of our preferred stock is convertible into or exchangeable for any of our other stock or obligations, with the exception of the Convertible Series 2004-1. Shares of the Convertible Series 2004-1 Preferred Stock are convertible at any time, at the option of the holders, into shares of Fannie Mae common stock at a conversion price of $94.31 per share of common stock (equivalent to a conversion rate of 1,060.3329 shares of common stock for each share of Series 2004-1 Preferred Stock). The conversion price is adjustable, as necessary, to maintain the stated conversion rate into common stock. Events which may trigger an adjustment to the conversion price include certain changes in our common stock dividend rate, subdivisions of our outstanding common stock into a greater number of shares, combinations of our outstanding common stock into a smaller number of shares and issuances of any shares by reclassification of our common stock. No such events have occurred. Holders of preferred stock (other than the senior preferred stock) are entitled to receive non-cumulative, quarterly dividends when, and if, declared by our Board of Directors, but have no right to require redemption of any shares of preferred stock. Payment of dividends on preferred stock (other than the senior preferred stock) is not mandatory but has priority over payment of dividends on common stock, which are also declared by the Board of Directors. If dividends on the preferred stock are not paid or set aside for payment for a given dividend period, dividends may not be paid on our common stock for that period. There were no dividends declared or paid on preferred stock for the years ended December 31, 2022, 2021, or 2020. After a specified period, we have the option to redeem preferred stock (other than the senior preferred stock) at its redemption price plus the dividend (whether or not declared) for the then-current period accrued to, but excluding, the date of redemption. The redemption price is equal to the stated value for all issues of preferred stock except Series O, which has a redemption price of $50 to $52.50 depending on the year of redemption and Convertible Series 2004-1, which has a redemption price of $105,000 per share. Our preferred stock is traded in the over-the-counter market. Senior Preferred Stock and Common Stock Warrant On September 8, 2008, we issued to Treasury one million shares of Variable Liquidation Preference Senior Preferred Stock, Series 2008-2, with an aggregate stated value and initial liquidation preference of $1 billion. On September 7, 2008, we issued a warrant to purchase common stock to Treasury. The warrant gives Treasury the right to purchase shares of our common stock equal to 79.9% of the total number of shares of common stock outstanding on a fully diluted basis on the date of exercise. The senior preferred stock and the warrant were issued to Treasury as an initial commitment fee in consideration of the commitment from Treasury to provide funds to us under the terms and conditions set forth in the senior preferred stock purchase agreement. We did not receive any cash proceeds as a result of issuing these shares or the warrant. We have assigned a value of $4.5 billion to Treasury’s commitment, which was recorded as a reduction to additional paid-in-capital at the time of the issuance and was partially offset by the aggregate fair value of the warrant. There was no impact to the total balance of stockholders’ equity as a result of the issuance. Variable Liquidation Preference Senior Preferred Stock, Series 2008-2 Dividend Provisions As a result of the January 2021 letter agreement, the dividend rate and liquidation preference of the senior preferred stock depend on whether we have reached the “capital reserve end date,” which is defined in the January 2021 letter agreement as the last day of the second consecutive fiscal quarter during which we have had and maintained capital equal to, or in excess of, all of the capital requirements and buffers under the enterprise regulatory capital framework discussed in “Note 12, Regulatory Capital Requirements.” Treasury, as the holder of the senior preferred stock, is entitled to receive, when, as and if declared, out of legally available funds, cumulative quarterly cash dividends. We had no dividends declared and paid on the senior preferred stock for the years ended December 31, 2022, 2021, or 2020. The dividends we have paid to Treasury on the senior preferred stock during conservatorship have been declared by, and paid at the direction of, our conservator, acting as successor to the rights, titles, powers and privileges of the Board of Directors. Dividend payments we make to Treasury do not restore or increase the amount of funding available to us under the senior preferred stock purchase agreement. Dividend amount prior to capital reserve end date The terms of the senior preferred stock provide for dividends each quarter in the amount, if any, by which our net worth as of the end of the immediately preceding fiscal quarter exceeds an applicable capital reserve amount. The January 2021 letter agreement increased the applicable capital reserve amount, starting with the quarterly dividend period ending on December 31, 2020, from $25 billion to the amount of adjusted total capital necessary for us to meet the capital requirements and buffers set forth in the enterprise regulatory capital framework. If our net worth does not exceed this amount as of the end of the immediately preceding fiscal quarter, then dividends will neither accumulate nor be payable for such period. Our net worth is defined as the amount, if any, by which our total assets (excluding Treasury’s funding commitment and any unfunded amounts related to the commitment) exceed our total liabilities (excluding any obligation with respect to capital stock), in each case as reflected on our balance sheet prepared in accordance with GAAP. Dividend amount following capital reserve end date Beginning on the first dividend period following the capital reserve end date, the applicable quarterly dividend amount on the senior preferred stock will be the lesser of: (1) a 10% annual rate on the then-current liquidation preference of the senior preferred stock; and (2) an amount equal to the incremental increase in our net worth during the immediately prior fiscal quarter. However , the applicable quarterly dividend amount will immediately increase to a 12% annual rate on the then-current liquidation preference of the senior preferred stock if we fail to timely pay dividends in cash to Treasury. This increased dividend amount will continue until the dividend period following the date we have paid, in cash, full cumulative dividends to Treasury (including any unpaid dividends), at which point the applicable quarterly dividend amount will revert to the prior calculation method. Liquidation Preference Shares of the senior preferred stock have no par value and have a stated value and initial liquidation preference equal to $1,000 per share, for an aggregate initial liquidation preference of $1 billion. Under the terms that currently govern the senior preferred stock, the aggregate liquidation preference will be increased by the following: • any amounts Treasury pays to us pursuant to its funding commitment under the senior preferred stock purchase agreement (as of the date of this filing, the cumulative amount Treasury has paid to us under its funding commitment is $119.8 billion); • any quarterly commitment fees that are payable but not paid in cash (no such fees have become payable, nor will such fees be set until the capital reserve end date); • any dividends that are payable but not paid in cash to Treasury, regardless of whether or not they are declared; and • at the end of each fiscal quarter through and including the capital reserve end date, an amount equal to the increase in our net worth, if any, during the immediately prior fiscal quarter. The aggregate liquidation preference of the senior preferred stock was $180.3 billion as of December 31, 2022 and will further increase to $181.8 billion as of March 31, 2023, due to the $1.4 billion increase in our net worth during the fourth quarter of 2022. The senior preferred stock ranks ahead of our common stock and all other outstanding series of our preferred stock, as well as any capital stock we issue in the future, as to both dividends and rights upon liquidation. As a result, if we are liquidated, the holder of the senior preferred stock is entitled to its then current liquidation preference before any distribution is made to the holders of our common stock or other preferred stock. Limitations on Redemption and Paydown of Liquidation Preference; Requirement to Pay Net Proceeds of Capital Stock Issuances to Reduce Liquidation Preference We are not permitted to redeem the senior preferred stock prior to the termination of Treasury’s funding commitment under the senior preferred stock purchase agreement. Moreover, we are not permitted to pay down the liquidation preference of the outstanding shares of senior preferred stock except to the extent of (1) accumulated and unpaid dividends previously added to the liquidation preference and not previously paid down; and (2) quarterly commitment fees previously added to the liquidation preference and not previously paid down. In addition to these exceptions, if we issue any shares of capital stock for cash while the senior preferred stock is outstanding, the net proceeds of the issuance, with the exception of up to $70 billion in aggregate gross cash proceeds from the issuance of common stock, must be used to pay down the liquidation preference of the senior preferred stock; however, the liquidation preference of each share of senior preferred stock may not be paid down below $1,000 per share prior to the termination of Treasury’s funding commitment. Following the termination of Treasury’s funding commitment, we may pay down the liquidation preference of all outstanding shares of senior preferred stock at any time, in whole or in part. Limitations on Dividends, Distributions, etc. The senior preferred stock provides that we may not declare or pay dividends on, make distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with respect to, any common stock or other securities ranking junior to the senior preferred stock unless (1) full cumulative dividends on the outstanding senior preferred stock (including any unpaid dividends added to the liquidation preference) have been declared and paid in cash; and (2) all amounts required to be paid with the net proceeds of any issuance of capital stock for cash (as described in the preceding paragraph) have been paid in cash. Common Stock Warrant The warrant gives Treasury the right to purchase shares of our common stock equal to 79.9% of the total number of shares of our common stock outstanding on a fully diluted basis on the date the warrant is exercised. The warrant may be exercised in whole or in part at any time on or before September 7, 2028, by delivery to Fannie Mae of: • a notice of exercise; • payment of the exercise price of $0.00001 per share; and • the warrant. If the market price of one share of common stock is greater than the exercise price, in lieu of exercising the warrant by payment of the exercise price, Treasury may elect to receive shares equal to the value of the warrant (or portion thereof being canceled) pursuant to the formula specified in the warrant. Upon exercise of the warrant, Treasury may assign the right to receive the shares of common stock issuable upon exercise to any other person. If the warrant is exercised, the stated value of the common stock issued will be reclassified as “Common stock” in our consolidated balance sheets. As of February 14, 2023, Treasury has not exercised the warrant. Senior Preferred Stock Purchase Agreement with Treasury Funding Commitment Under the senior preferred stock purchase agreement, Treasury made a commitment to provide funding, under certain conditions, to eliminate deficits in our net worth. As of December 31, 2022, Treasury has provided us with a total of $119.8 billion under its senior preferred stock purchase agreement funding commitment, and the amount of funding remaining available to us under the agreement was $113.9 billion. If we were to have a net worth deficit in a future period, we would be required to obtain additional funding from Treasury pursuant to the senior preferred stock purchase agreement to avoid being placed into receivership. If we were to draw additional funds from Treasury under the agreement with respect to a future period, the amount of remaining funding under the agreement would be reduced by the amount of our draw. The senior preferred stock purchase agreement provides that the deficiency amount will be calculated differently if we become subject to receivership or other liquidation process. The deficiency amount may be increased above the otherwise applicable amount upon our mutual written agreement with Treasury. In addition, if the Director of FHFA determines that the Director will be mandated by law to appoint a receiver for us unless our capital is increased by receiving funds under the commitment in an amount up to the deficiency amount (subject to the maximum amount that may be funded under the agreement), then FHFA, in its capacity as our conservator, may request that Treasury provide funds to us in such amount. The senior preferred stock purchase agreement also provides that, if we have a deficiency amount as of the date of completion of the liquidation of our assets, we may request funds from Treasury in an amount up to the deficiency amount (subject to the maximum amount that may be funded under the agreement). Any amounts that we draw under the senior preferred stock purchase agreement will be added to the liquidation preference of the senior preferred stock. No additional shares of senior preferred stock are required to be issued under the senior preferred stock purchase agreement. Commitment Fee The senior preferred stock purchase agreement provides for the payment of an unspecified quarterly commitment fee to Treasury to compensate Treasury for its ongoing support under the senior preferred stock purchase agreement. As amended by the January 2021 letter agreement, the agreement provides that (1) through and continuing until the capital reserve end date, the periodic commitment fee will not be set, accrue, or be payable, and (2) not later than the capital reserve end date, we and Treasury, in consultation with the Chair of the Federal Reserve, will agree to set the periodic commitment fee. Covenants The senior preferred stock purchase agreement contains covenants that prohibit us from taking a number of actions without the prior written consent of Treasury, including: • declaring or paying dividends or making other distributions on or redeeming, purchasing, retiring or otherwise acquiring our equity securities (other than the senior preferred stock or warrant); • selling or issuing equity securities, except for stock issuances made (1) to Treasury, (2) pursuant to obligations that existed at the time we entered conservatorship, and (3) as amended by the January 2021 letter agreement, for common stock ranking pari passu or junior to the common stock issued to Treasury in connection with the exercise of its warrant, provided that (i) Treasury has already exercised its warrant in full, and (ii) all currently pending significant litigation relating to the conservatorship and the August 2012 amendment to the senior preferred stock purchase agreement has been resolved, which may require Treasury’s assent. Net proceeds of the issuance of any shares of capital stock for cash while the senior preferred stock is outstanding, except for up to $70 billion in aggregate gross cash proceeds from the issuance of common stock, must be used to pay down the liquidation preference of the senior preferred stock; • terminating or seeking to terminate our conservatorship, other than through a receivership, except that, as revised by the January 2021 letter agreement, FHFA can terminate our conservatorship without the prior consent of Treasury if several conditions are met, including (1) all currently pending significant litigation relating to the conservatorship and the August 2012 amendment to the senior preferred stock purchase agreement has been resolved, and (2) for two or more consecutive quarters, our common equity tier 1 capital (as defined in the enterprise regulatory capital framework), together with any stockholder equity that would result from a firm commitment public underwritten offering of common stock which is fully consummated concurrent with the termination of conservatorship, equals or exceeds at least 3% of our adjusted total assets (as defined in the enterprise regulatory capital framework); • selling, transferring, leasing or otherwise disposing of any assets, except for dispositions for fair market value in limited circumstances including if (a) the transaction is in the ordinary course of business and consistent with past practice or (b) the assets have a fair market value individually or in the aggregate of less than $250 million; • issuing subordinated debt; • entering into a corporate reorganization, recapitalization, merger, acquisition or similar event; and • engaging in transactions with affiliates other than on arm’s-length terms or in the ordinary course of business. Covenants in the senior preferred stock purchase agreement also subject us to limits on the amount of mortgage assets that we may own and the total amount of our indebtedness. • Mortgage Asset Limit. The senior preferred stock purchase agreement limits the amount of mortgage assets we are permitted to own to $225 billion. We are currently managing our business to a $202.5 billion mortgage asset cap pursuant to instructions from FHFA. Our mortgage assets as of December 31, 2022 were $79.5 billion, which includes 10% of the notional value of interest-only securities we hold. This adjustment is based on instruction from FHFA for the purpose of measuring mortgage assets against the cap. • Debt Limit. Our debt limit under the senior preferred stock purchase agreement is set at 120% of the amount of mortgage assets we were allowed to own under the agreement on December 31 of the immediately preceding calendar year. This debt limit is currently $270 billion. As calculated for this purpose, our indebtedness as of December 31, 2022 was $139.3 billion. Another covenant prohibits us from entering into any new compensation arrangements or increasing amounts or benefits payable under existing compensation arrangements with any of our executive officers (as defined by SEC rules) without the consent of the Director of FHFA, in consultation with the Secretary of the Treasury. In addition to the changes described above to covenants already in the senior preferred stock purchase agreement, the January 2021 letter agreement added additional covenants: • We are required to comply with the enterprise regulatory capital framework rule as published by FHFA in the Federal Register on December 17, 2020, disregarding any subsequent amendments or modifications to the rule. FHFA subsequently published additional final rules amending the enterprise regulatory capital framework in 2022. FHFA has instructed us to report our capital requirements under the amended enterprise regulatory capital framework, not under the original requirements of the framework published in December 2020. Accordingly, we are not in compliance with this covenant. • Additional restrictive covenants that relate to our single-family business activities, including the type of loans we may acquire, which are currently in effect. • Additional single-family and multifamily business restrictions that were subsequently temporarily suspended pursuant to a letter agreement dated September 14, 2021 between us, through FHFA in its capacity as conservator, and Treasury. Annual Risk Management Plan Covenant. Each year we remain in conservatorship we are required to provide Treasury a risk management plan that sets out our strategy for reducing our risk profile, describes the actions we will take to reduce the financial and operational risk associated with each of our business segments, and includes an assessment of our performance against the planned actions described in the prior year’s plan. We submitted our most recent risk management plan to Treasury in December 2022. Although our compliance with the covenants in the senior preferred stock purchase agreement is not a condition of Treasury’s funding commitment under that agreement, FHFA, as our conservator and regulator, has the authority to direct compliance or impose consequences for any non-compliance with that agreement. Termination Provisions The senior preferred stock purchase agreement provides that Treasury’s funding commitment will terminate under any of the following circumstances: • the completion of our liquidation and fulfillment of Treasury’s obligations under its funding commitment at that time; • the payment in full of, or reasonable provision for, all of our liabilities (whether or not contingent, including mortgage guaranty obligations); or • the funding by Treasury of the maximum amount under the agreement. In addition, Treasury may terminate its funding commitment and declare the senior preferred stock purchase agreement null and void if a court vacates, modifies, amends, conditions, enjoins, stays or otherwise affects the appointment of the conservator or otherwise curtails the conservator’s powers. Treasury may not terminate its funding commitment solely by reason of our being in conservatorship, receivership or other insolvency proceeding, or due to our financial condition or any adverse change in our financial condition. Waivers and Amendments The senior preferred stock purchase agreement provides that most provisions of the agreement may be waived or amended by mutual written agreement of the parties. No waiver or amendment of the agreement, however, may decrease Treasury’s aggregate funding commitment or add conditions to Treasury’s funding commitment if the waiver or amendment would adversely affect in any material respect the holders of our debt securities or guaranteed Fannie Mae MBS. Third-party Enforcement Rights If we default on payments with respect to our debt securities or guaranteed Fannie Mae MBS and Treasury fails to perform its obligations under its funding commitment, and if we and/or the conservator are not diligently pursuing remedies in respect of that failure, the senior preferred stock purchase agreement provides that any holder of such defaulted debt securities or Fannie Mae MBS may file a claim in the United States Court of Federal Claims for relief requiring Treasury to fund us up to (1) the amount necessary to cure the payment defaults on our debt and Fannie Mae MBS, (2) the deficiency amount, or (3) the amount of remaining funding under the senior preferred stock purchase agreement, whichever is the least. Any payment that Treasury makes under those circumstances would be treated for

Regulatory Capital Requirements

Regulatory Capital Requirements	12 Months Ended
Regulatory Capital Requirements	Dec. 31, 2022
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory Capital Requirements	Regulatory Capital Requirements FHFA published a final rule establishing a new enterprise regulatory capital framework for the GSEs in December 2020. FHFA published three additional final rules amending the enterprise regulatory capital framework in March 2022 and June 2022. We refer to the rule’s requirements, as amended, as the “enterprise regulatory capital framework.” Although the enterprise regulatory capital framework went into effect in February 2021, we are not required to hold capital according to the framework’s requirements until the date of termination of our conservatorship, or such later date as may be ordered by FHFA. The enterprise regulatory capital framework includes the following requirements under the standardized approach related to the amount and form of capital we must hold: • Supplemental leverage and risk-based capital requirements based largely on definitions of capital used in U.S. banking regulators’ regulatory capital framework. Under the leverage capital requirements, we must maintain a tier 1 capital ratio of 2.5% of adjusted total assets. Under the risk-based capital requirements, we must maintain minimum common equity tier 1 capital, tier 1 capital, and adjusted total capital ratios of 4.5%, 6%, and 8%, respectively, of risk-weighted assets; • A requirement that we hold prescribed capital buffers that can be drawn down in periods of financial stress and then rebuilt over time as economic conditions improve. If we fall below the prescribed buffer amounts, we must restrict capital distributions such as stock repurchases and dividends, as well as discretionary bonus payments to executives, until the buffer amounts are restored. The prescribed capital buffers represent the amount of capital we are required to hold above the minimum leverage and risk-based capital requirements. ◦ The prescribed leverage buffer amount (“PLBA”) represents the amount of tier 1 capital we are required to hold above the minimum tier 1 leverage capital requirement; ◦ The risk-based capital buffers consist of three separate components: a stability capital buffer, a stress capital buffer, and a countercyclical capital buffer. Taken together, these risk-based buffers comprise the prescribed capital conservation buffer amount (“PCCBA”). The PCCBA must be comprised entirely of common equity tier 1 capital; and • Specific minimum percentages, or “floors,” on the risk-weights applicable to single-family and multifamily exposures, as well as retained portions of credit risk transfer transactions. The table below sets forth information about our capital requirements under the standardized approach of the enterprise regulatory capital framework. Available capital for purposes of the enterprise regulatory capital framework excludes the stated value of the senior preferred stock ($120.8 billion) and other amounts specified in footnote 2 to the table below. Because of these exclusions, we had a deficit in available capital as of December 31, 2022, even though we had positive net worth under GAAP of $60.3 billion as of December 31, 2022. As of December 31, 2022, we had a $258 billion shortfall of our available capital (deficit) to the adjusted total capital requirement (including buffers) of $184 billion under the standardized approach of the rule as shown in the table below. As of December 31, 2022, our risk-based adjusted total capital requirement (including buffers) represented the amount of capital needed to be fully capitalized under the standardized approach to the rule. Capital Metrics under the Enterprise Regulatory Capital Framework as of December 31, 2022 (1) (Dollars in billions) Adjusted total assets $ 4,552 Risk-weighted assets 1,316 Amounts Ratios Available Capital (Deficit) (2) Minimum Capital Requirement Total Capital Requirement (including Buffers) (4) Available Capital (Deficit) Ratio (3) Minimum Capital Ratio Requirement Total Capital Requirement Ratio (including Buffers) Risk-based capital: Total capital (statutory) (5) $ (49) $ 105 $ 105 (3.7) % 8.0 % 8.0 % Common equity tier 1 capital (93) 59 138 (7.0) 4.5 10.5 Tier 1 capital (74) 79 158 (5.6) 6.0 12.0 Adjusted total capital (74) 105 184 (5.6) 8.0 14.0 Leverage capital: Core capital (statutory) (6) (61) 114 114 (1.3) 2.5 2.5 Tier 1 capital (74) 114 137 (1.6) 2.5 3.0 (1) Ratios are calculated as a percentage of risk-weighted assets for risk-based capital metrics and as a percentage of adjusted total assets for leverage capital metrics. (2) Available capital (deficit) for all line items excludes the stated value of the senior preferred stock ($120.8 billion). Available capital (deficit) for all line items except total capital and core capital also deducts a portion of deferred tax assets. Deferred tax assets arising from temporary differences between GAAP and tax requirements are deducted from capital to the extent they exceed 10% of common equity. As of December 31, 2022, this resulted in the full deduction of deferred tax assets ($12.9 billion) from our available capital (deficit). Available capital (deficit) for common equity tier 1 capital also excludes the value of the non-cumulative perpetual preferred stock ($19.1 billion). (3) Ratios are negative because we had a deficit in available capital for each tier of capital. (4) The applicable buffer for common equity tier 1 capital, tier 1 capital, and adjusted total capital is the PCCBA, which is composed of a stress capital buffer, a stability capital buffer, and a countercyclical capital buffer. The applicable buffer for tier 1 capital (leverage based) is the PLBA. The stress capital buffer and countercyclical capital buffer are each calculated by multiplying prescribed factors by adjusted total assets as of the last day of the previous calendar quarter. The 2022 stability capital buffer is calculated by multiplying a factor determined based on our share of mortgage debt outstanding by adjusted total assets as of December 31, 2020. The prescribed leverage buffer for 2022 is set at 50% of the 2022 stability buffer. Going forward the stability buffer and the prescribed leverage buffer will be updated with an effective date that depends on whether the stability capital buffer increases or decreases relative to the previously calculated value. (5) The sum of (a) core capital (see definition in footnote 6 below); and (b) a general allowance for foreclosure losses, which (i) shall include an allowance for portfolio mortgage losses, an allowance for non-reimbursable foreclosure costs on government claims, and an allowance for liabilities reflected on the balance sheet for estimated foreclosure losses on mortgage-backed securities; and (ii) shall not include any reserves made or held against specific assets; and (c) any other amounts from sources of funds available to absorb losses that the Director of FHFA by regulation determines are appropriate to include in determining total capital. (6) The sum of (a) the stated value of our outstanding common stock (common stock less treasury stock); (b) the stated value of our outstanding perpetual non-cumulative preferred stock; (c) our paid-in capital; and (d) our retained earnings (accumulated deficit). Core capital does not include: (a) accumulated other comprehensive income or (b) senior preferred stock. As a result of our capital shortfall, our maximum payout ratio under the enterprise regulatory capital framework as of December 31, 2022 was 0%. While it is not applicable until the date of termination of our conservatorship, our maximum payout ratio represents the percentage of eligible retained income that we are permitted to pay out in the form of distributions or discretionary bonus payments under the enterprise regulatory capital framework. The maximum payout ratio for a given quarter is the lowest of the payout ratios determined by our capital conservation buffer and our leverage buffer. Restrictions on Capital Distributions and Dividends Statutory Restrictions. Under the GSE Act, FHFA has authority to prohibit capital distributions, including payment of dividends, if we fail to meet our capital requirements. If FHFA classifies us as significantly undercapitalized, the approval of the Director of FHFA is required for any dividend payment. Under the Charter Act and the GSE Act, we are not permitted to make a capital distribution if, after making the distribution, we would be undercapitalized. The Director of FHFA, however, may permit us to repurchase shares if the repurchase is made in connection with the issuance of additional shares or obligations in at least an equivalent amount and will reduce our financial obligations or otherwise improve our financial condition. Restrictions Relating to Conservatorship. Our conservator announced on September 7, 2008 that we would not pay any dividends on the common stock or on any series of preferred stock, other than the senior preferred stock. In addition, FHFA’s regulations relating to conservatorship and receivership operations prohibit us from paying any dividends while in conservatorship unless authorized by the Director of FHFA. The Director of FHFA has directed us to make dividend payments on the senior preferred stock on a quarterly basis for every dividend period for which dividends were payable. Restrictions Under Senior Preferred Stock Purchase Agreement and Senior Preferred Stock. The senior preferred stock purchase agreement prohibits us from declaring or paying any dividends on Fannie Mae equity securities (other than the senior preferred stock) without the prior written consent of Treasury. In addition, the provisions of the senior preferred stock provide for dividends each quarter through and including the capital reserve end date in the amount, if any, by which our net worth as of the end of the immediately preceding fiscal quarter exceeds an applicable capital reserve amount. Starting with the quarterly dividend period ending on December 31, 2020, the applicable capital reserve amount is the amount of adjusted total capital necessary for us to meet the capital requirements and buffers set forth in the enterprise regulatory capital framework. The capital reserve end date is defined as the last day of the second consecutive fiscal quarter during which we have had and maintained capital equal to, or in excess of, all of the capital requirements and buffers under the enterprise regulatory capital framework. After the capital reserve end date, the amount of quarterly dividends to Treasury will be equal to the lesser of any quarterly increase in our net worth and a 10% annual rate on the then-current liquidation preference of the senior preferred stock. As a result, our ability to retain earnings in excess of the capital requirements and buffers set forth in the enterprise regulatory capital framework will be limited. For more information on the terms of the senior preferred stock purchase agreement and senior preferred stock, see “Note 1, Summary of Significant Accounting Policies” and “Note 11, Equity.” Additional Restrictions Relating to Preferred Stock. Payment of dividends on our common stock is also subject to the prior payment of dividends on our preferred stock and our senior preferred stock. Payment of dividends on all outstanding preferred stock, other than the senior preferred stock, is also subject to the prior payment of dividends on the senior preferred stock. While not currently applicable, our payment of dividends and capital distributions will be subject to the following restrictions under the enterprise regulatory capital framework effective on the date of termination of our conservatorship: Restrictions Under Enterprise Regulatory Capital Framework. During a calendar quarter, we will not be permitted to pay dividends or make any other capital distributions (or create an obligation to make such distributions) that, in the aggregate, exceed the amount equal to our eligible retained income for the quarter multiplied by our maximum payout ratio. The maximum payout ratio for a given quarter is the lowest of the payout ratios determined by our capital conservation buffer and our leverage buffer. We will not be subject to this limitation on distributions if we have a capital conservation buffer that is greater than our prescribed capital conservation buffer amount and a leverage buffer that is greater than our prescribed leverage buffer amount. Notwithstanding the above-described limitations, FHFA may permit us to make a distribution upon our request, if FHFA determines that the distribution would not be contrary to the purposes of this section of the enterprise regulatory capital framework or to our safety and soundness. We will not be permitted to make any distributions during a quarter if our eligible retained income is negative and either (a) our capital conservation buffer is less than our stress capital buffer or (b) our leverage buffer is less than our prescribed leverage buffer amount.

Concentrations of Credit Risk

Concentrations of Credit Risk	12 Months Ended
Concentrations of Credit Risk	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk	Concentrations of Credit Risk Concentrations of credit risk arise when a number of customers and counterparties engage in similar activities or have similar economic characteristics that make them susceptible to similar changes in industry conditions, which could affect their ability to meet their contractual obligations. Based on our assessment of business conditions that could impact our financial results, we have determined that concentrations of credit risk exist among: • single-family and multifamily borrowers (including geographic concentrations and loans with certain higher-risk characteristics); • mortgage insurers; • mortgage sellers and servicers; • multifamily lenders with risk sharing; and • derivative counterparties and parties associated with our off-balance sheet transactions. Concentrations for each of these groups are discussed below. Single-Family Loan Borrowers Regional economic conditions may affect a borrower’s ability to repay a mortgage loan and the property value underlying the loan. Geographic concentrations increase the exposure of our guaranty book of business to changes in credit risk. Single-family borrowers are primarily affected by home prices and interest rates. To manage credit risk and comply with our charter requirements, we typically require primary mortgage insurance or other credit enhancements if the current LTV ratio ( i.e. , the ratio of the unpaid principal balance of a loan to the current value of the property that serves as collateral) of a single-family conventional mortgage loan is greater than 80% when the loan is delivered to us. Multifamily Loan Borrowers Numerous factors affect a multifamily borrower’s ability to repay the loan and the value of the property underlying the loan. Multifamily loans are generally non-recourse to the borrower. The most significant factors affecting credit risk are rental income, property valuations, and general economic conditions. The average unpaid principal balance for multifamily loans is significantly larger than for single-family borrowers and, therefore, individual defaults for multifamily borrowers can result in more significant losses. We continually monitor the performance and risk characteristics of our multifamily loans, underlying properties and borrowers on an ongoing basis. As part of our multifamily risk management activities, we perform detailed loan reviews that evaluate property performance, borrower and geographic concentrations, lender qualifications, counterparty risk and contract compliance. We generally require mortgage servicers to obtain and submit periodic property operating information and condition reviews, allowing us to monitor the performance of individual loans. We use this information to evaluate the credit quality of our portfolio, identify potential problem loans and initiate appropriate loss mitigation activities. Geographic Concentration The following table displays the regional geographic concentration of single-family and multifamily loans in our guaranty book of business, measured by the unpaid principal balance of the loans. Geographic Concentration (1) Percentage of Single-Family Conventional Guaranty Book of Business Percentage of Multifamily Guaranty Book of Business As of December 31, As of December 31, 2022 2021 2022 2021 Midwest 14 % 14 % 12 % 11 % Northeast 16 16 15 15 Southeast 23 23 27 27 Southwest 19 18 22 22 West 28 29 24 25 Total 100 % 100 % 100 % 100 % (1) Midwest consists of IL, IN, IA, MI, MN, NE, ND, OH, SD and WI. Northeast consists of CT, DE, ME, MA, NH, NJ, NY, PA, PR, RI, VT and VI. Southeast consists of AL, DC, FL, GA, KY, MD, MS, NC, SC, TN, VA and WV. Southwest consists of AZ, AR, CO, KS, LA, MO, NM, OK, TX and UT. West consists of AK, CA, GU, HI, ID, MT, NV, OR, WA and WY. Risk Characteristics of our Guaranty Book of Business One of the measures by which we gauge our credit risk is the delinquency status of the mortgage loans in our guaranty book of business. For single-family and multifamily loans, we use this information, in conjunction with housing market and other economic data, to structure our pricing and our eligibility and underwriting criteria to reflect the current risk of loans with higher-risk characteristics, and in some cases we decide to significantly reduce our participation in riskier loan product categories. Management also uses this data together with other credit risk measures to identify key trends that guide the development of our loss mitigation strategies. We report the delinquency status of our single-family and multifamily guaranty book of business below. We report loans receiving COVID-19-related payment forbearance as delinquent according to the contractual terms of the loans. Single-Family Credit Risk Characteristics For single-family loans, management monitors the serious delinquency rate, which is the percentage of single-family loans (based on 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 December 31, 2022 2021 30 Days Delinquent 60 Days Delinquent Seriously Delinquent (1) 30 Days Delinquent 60 Days Delinquent Seriously Delinquent (1) Percentage of single-family conventional guaranty book of business based on UPB 0.84 % 0.20 % 0.60 % 0.73 % 0.16 % 1.20 % Percentage of single-family conventional loans based on loan count 0.96 0.23 0.65 0.86 0.20 1.25 As of December 31, 2022 2021 Percentage of Seriously Delinquent Rate (1) Percentage of Seriously Delinquent Rate (1) Estimated mark-to-market LTV ratio: 80.01% to 90% 5 % 0.68 % 5 % 0.88 % 90.01% to 100% 3 0.40 2 0.51 Greater than 100% * 4.04 * 12.41 Geographical distribution: California 19 0.46 19 1.01 Florida 6 0.90 6 1.59 Illinois 3 0.86 3 1.55 New Jersey 3 0.85 3 1.90 New York 5 1.12 5 2.24 All other states 64 0.62 64 1.16 Vintages: 2008 and prior 2 2.78 3 4.90 2009-2022 98 0.53 97 1.01 * Represents less than 0.5% of single-family conventional book of business. (1) Based on loan count, consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of December 31, 2022 and 2021. Multifamily Credit Risk Characteristics For multifamily loans, management monitors the serious delinquency rate, which is the percentage of multifamily loans, based on unpaid principal balance, that are 60 days or more past due, and loans with other higher risk characteristics to determine our 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 December 31, 2022 (1) 2021 (1) 30 Days Delinquent Seriously Delinquent (2) 30 Days Delinquent Seriously Delinquent (2) Percentage of multifamily guaranty book of business 0.04 % 0.24 % 0.03 % 0.42 % As of December 31, 2022 2021 Percentage of Multifamily Guaranty Book of Business (1) Serious Delinquency Rate (2)(3) Percentage of Multifamily Guaranty Book of Business (1) Serious Delinquency Rate (2)(3) Original LTV ratio: Greater than 80% 1 % 0.85 % 1 % 0.13 % Less than or equal to 80% 99 0.24 99 0.42 Current DSCR below 1.0 (4) 3 3.88 2 13.90 (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) For 2022, our estimates of current DSCRs are based on the latest available income information from quarterly and annual statements for these properties including the related debt service. For 2021, our estimates of current DSCRs are based on the latest available annual statements. 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 December 31, 2022 2021 Risk in Force Percentage of Single-Family Conventional Guaranty Book of Business Risk in Force Percentage of Single-Family Conventional Guaranty Book of Business (Dollars in millions) Mortgage insurance risk in force: Primary mortgage insurance $ 193,549 $ 176,587 Pool mortgage insurance 237 261 Total mortgage insurance risk in force $ 193,786 5 % $ 176,848 5 % Mortgage insurance only covers losses that are realized after the borrower defaults and title to the property is subsequently transferred, such as after a foreclosure, short-sale, or a deed-in-lieu of foreclosure. Also, mortgage insurance does not protect us from all losses on covered loans. For example, mortgage insurance does not cover property damage that is not covered by the hazard insurance we require, and such damage may result in a reduction to, or a denial of, mortgage insurance benefits. Specifically, a property damaged by a flood that was outside a Federal Emergency Management Agency (“FEMA”)-identified Special Flood Hazard Area, where we require coverage, or a property damaged by an earthquake are the most likely scenarios where property damage may result in a default not covered by hazard insurance. The table below displays our mortgage insurer counterparties that provided 10% or more of the risk in force mortgage insurance coverage on mortgage loans in our single-family conventional guaranty book of business. Percentage of Risk-in-Force Coverage by Mortgage Insurer As of December 31, 2022 2021 Counterparty: (1) Mortgage Guaranty Insurance Corp. 19 % 19 % Arch Capital Group Ltd. 18 19 Radian Guaranty, Inc. 17 17 Enact Mortgage Insurance Corp. (2) 17 17 Essent Guaranty, Inc. 16 16 National Mortgage Insurance Corp. 12 11 Others 1 1 Total 100 % 100 % (1) Insurance coverage amounts provided for each counterparty may include coverage provided by affiliates and subsidiaries of the counterparty. (2) Genworth Mortgage Insurance Corp. was renamed Enact Mortgage Insurance Corp. effective February 7, 2022. We have counterparty credit risk relating to the potential insolvency of, or non-performance by, monoline mortgage insurers that insure single-family loans we purchase or guarantee. There is risk that these counterparties may fail to fulfill their obligations to pay our claims under insurance policies. On at least a quarterly basis, we assess our mortgage insurer counterparties’ respective abilities to fulfill their obligations to us. Our assessment includes financial reviews and analyses of the insurers’ portfolios and capital adequacy. If we determine that it is probable that we will not collect all of our claims from one or more of our mortgage insurer counterparties, it could increase our loss reserves, which could adversely affect our results of operations, liquidity, financial condition and net worth. When we estimate the credit losses that are inherent in our mortgage loans and under the terms of our guaranty obligations, we also consider the recoveries that we expect to receive from primary mortgage insurance, as mortgage insurance recoveries reduce the severity of the loss associated with defaulted loans if the borrower defaults and title to the property is subsequently transferred. Mortgage insurance does not cover credit losses that result from a reduction in mortgage interest paid by the borrower in connection with a loan modification, forbearance of principal, or forbearance of scheduled loan payments. We evaluate the financial condition of our mortgage insurer counterparties and adjust the contractually due recovery amounts to ensure that expected credit losses as of the balance sheet date are included in our loss reserve estimate. As a result, if our assessment of one or more of our mortgage insurer counterparties’ ability to fulfill their respective obligations to us worsens, it could increase our loss reserves. As of December 31, 2022 and 2021, our estimated benefit from mortgage insurance, which is based on estimated credit losses as of period end, reduced our loss reserves by $2.2 billion and $559 million, respectively. When an insured loan held in our retained mortgage portfolio subsequently goes into foreclosure, we charge off the loan, eliminating any previously-recorded loss reserves, and record REO and a mortgage insurance receivable for the claim proceeds deemed probable of recovery, as appropriate. However, if a mortgage insurer rescinds, cancels or denies insurance coverage, the initial receivable becomes due from the mortgage seller or servicer. We had outstanding receivables of $515 million recorded in “Other assets” in our consolidated balance sheets as of December 31, 2022 and $533 million as of December 31, 2021 related to amounts claimed on insured, defaulted loans excluding government-insured loans. We assessed these outstanding receivables for collectability, and established a valuation allowance of $462 million as of December 31, 2022 and $479 million as of December 31, 2021, which reduced our claim receivable to the amount considered probable of collection. Mortgage Servicers and Sellers. Mortgage servicers collect mortgage and escrow payments from borrowers, pay taxes and insurance costs from escrow accounts, monitor and report delinquencies, and perform other required activities, including loss mitigation, on our behalf. Our mortgage servicers and sellers may also be obligated to repurchase loans or foreclosed properties, reimburse us for losses or provide other remedies under certain circumstances, such as if it is determined that the mortgage loan did not meet our underwriting or eligibility requirements, if certain loan representations and warranties are violated or if mortgage insurers rescind coverage. Our representation and warranty framework does not require repurchase for loans that have breaches of certain selling representations and warranties if they have met specified criteria for relief. Our business with mortgage servicers is concentrated. The table below displays the percentage of our single-family conventional guaranty book of business serviced by our top five depository single-family mortgage servicers and top five non-depository single-family mortgage servicers (i.e., servicers that are not insured depository institutions), and identifies one servicer that serviced 10% or more of our single-family guaranty book of business as of December 31, 2021, based on unpaid principal balance. Percentage of Single-Family Conventional As of December 31, 2022 2021 Wells Fargo Bank, N.A. (together with its affiliates) 9 % 10 % Remaining top five depository servicers 13 11 Top five non-depository servicers 23 23 Total 45 % 44 % The table below displays the percentage of our multifamily guaranty book of business serviced by our top five multifamily mortgage servicers, and identifies two servicers that serviced 10% or more of our multifamily guaranty book of business based on unpaid principal balance. Percentage of Multifamily As of December 31, 2022 2021 Walker & Dunlop, Inc. 13 % 12 % Wells Fargo Bank, N.A. (together with its affiliates) 11 11 Remaining top five servicers 24 24 Total 48 % 47 % Multifamily Lenders with Risk Sharing. We enter into risk sharing agreements with lenders pursuant to which the lenders agree to bear all or some portion of the credit losses on the covered loans. Our maximum potential loss recovery from lenders under these risk sharing agreements on both DUS and non-DUS multifamily loans was $103.9 billion as of December 31, 2022, compared with $97.6 billion as of December 31, 2021. As of December 31, 2022, 53% of our maximum potential loss recovery on multifamily loans was from five DUS lenders, as compared with 52% as of December 31, 2021. Derivatives Counterparties. For information on credit risk associated with our derivative transactions and repurchase agreements see “Note 8, Derivative Instruments” and “Note 14, Netting Arrangements.”

Netting Arrangements

Netting Arrangements	12 Months Ended
Netting Arrangements	Dec. 31, 2022
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 and securities purchased under agreements to resell, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our consolidated balance sheets. As of December 31, 2022 Gross Amount Offset (1) Net Amount Presented in our Consolidated Balance Sheets Amounts Not Offset in our Consolidated Balance Sheets Gross Amount Financial Instruments (2) Collateral (3) Net Amount (Dollars in millions) Assets: OTC risk management derivatives $ 237 $ (234) $ 3 $ — $ — $ 3 Cleared risk management derivatives — 80 80 — — 80 Mortgage commitment derivatives 89 — 89 (50) (12) 27 Total derivative assets 326 (154) 172 (4) (50) (12) 110 Securities purchased under agreements to resell (5) 69,415 — 69,415 — (69,415) — Total assets $ 69,741 $ (154) $ 69,587 $ (50) $ (69,427) $ 110 Liabilities: OTC risk management derivatives $ (4,686) $ 4,662 $ (24) $ — $ — $ (24) Cleared risk management derivatives — — — — — — Mortgage commitment derivatives (78) — (78) 50 7 (21) Total liabilities $ (4,764) $ 4,662 $ (102) (4) $ 50 $ 7 $ (45) As of December 31, 2021 Gross Amount Offset (1) Net Amount Presented in our Consolidated Balance Sheets Amounts Not Offset in our Consolidated Balance Sheets Gross Amount Financial Instruments (2) Collateral (3) Net Amount (Dollars in millions) Assets: OTC risk management derivatives $ 239 $ (237) $ 2 $ — $ — $ 2 Cleared risk management derivatives — — — — — — Mortgage commitment derivatives 169 — 169 (133) — 36 Total derivative assets 408 (237) 171 (4) (133) — 38 Securities purchased under agreements to resell (5) 64,843 — 64,843 — (64,843) — Total assets $ 65,251 $ (237) $ 65,014 $ (133) $ (64,843) $ 38 Liabilities: OTC risk management derivatives $ (1,188) $ 1,183 $ (5) $ — $ — $ (5) Cleared risk management derivatives — (10) (10) — 10 — Mortgage commitment derivatives (197) — (197) 133 56 (8) Total liabilities $ (1,385) $ 1,173 $ (212) (4) $ 133 $ 66 $ (13) (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 consolidated balance sheets. (3) Represents collateral received that has not been recognized and not offset in our consolidated balance sheets as well as collateral posted which has been recognized but not offset in our consolidated balance sheets. Does not include collateral held or posted in excess of our exposure. The fair value of non-cash collateral we pledged which the counterparty was permitted to sell or repledge was $2.1 billion and $2.5 billion as of December 31, 2022 and 2021, respectively. The fair value of non-cash collateral received was $69.5 billion and $64.9 billion, of which $28.7 billion and $25.6 billion could be sold or repledged as of December 31, 2022 and 2021, respectively. None of the underlying collateral was sold or repledged as of December 31, 2022 and 2021. (4) Excludes derivative assets recognized in our consolidated balance sheets of $3 million as of December 31, 2022, and derivative liabilities recognized in our consolidated balance sheets of $66 million and $21 million as of December 31, 2022 and 2021, respectively, that were not subject to enforceable master netting arrangements. We had no derivative assets recognized in our consolidated balance sheets as of December 31, 2021 that were not subject to enforceable master netting arrangements. (5) Includes $45.2 billion and $29.1 billion of securities purchased under agreements to resell classified as “Cash and cash equivalents” in our consolidated balance sheets as of December 31, 2022 and 2021, respectively. Includes $9.7 billion and $15.0 billion in securities purchased under agreements to resell classified as “Restricted cash and cash equivalents” in our consolidated balance sheets as of December 31, 2022 and 2021, respectively. Derivative instruments are recorded at fair value and securities purchased under agreements to resell are recorded at amortized cost in our consolidated balance sheets. We determine our rights to offset the assets and liabilities presented above with the same counterparty, including collateral posted or received, based on the contractual arrangements entered into with our individual counterparties and various rules and regulations that would govern the insolvency of a derivative counterparty. The following is a description, under various agreements, of the nature of those rights and their effect or potential effect on our financial position. The terms of the majority of our contracts for OTC risk management derivatives are governed under master agreements of the International Swaps and Derivatives Association Inc. (“ISDA”). These agreements provide that all transactions entered into under the agreement with the counterparty constitute a single contractual relationship. An event of default by the counterparty allows the early termination of all outstanding transactions under the same ISDA agreement and we may offset all outstanding amounts related to the terminated transactions including collateral posted or received. The terms of our contracts for cleared derivatives are governed under the rules of the clearing organization and the agreement between us and the clearing member of that clearing organization. In the event of a clearing organization default, all open positions at the clearing organization are closed and a net position (on a clearing member by clearing member basis) is calculated. Unless otherwise transferred, in the event of a clearing member default, all open positions cleared through that clearing member are closed and a net position is calculated. The terms of our contracts for mortgage commitment derivatives are primarily governed by the Fannie Mae Single-Family Selling Guide (“Selling Guide”), for Fannie Mae-approved lenders, or Master Securities Forward Transaction Agreements (“MSFTA”), for counterparties that are not Fannie Mae-approved lenders. In the event of default by the counterparty, both the Selling Guide and the MSFTA allow us to terminate all outstanding transactions under the applicable agreement and offset all outstanding amounts related to the terminated transactions including collateral posted or received. Under the Selling Guide, upon a lender event of default, we generally may offset any amounts owed to a lender against any amounts a lender may owe us under any other existing agreement, regardless of whether or not such other agreements are in default or payments are immediately due. The terms of our contracts for securities purchased under agreements to resell are governed by Master Repurchase Agreements, which are based on the guidelines prescribed by the Securities Industry and Financial Markets Association. Master Repurchase Agreements provide that all transactions under the agreement constitute a single contractual relationship. An event of default by the counterparty allows the early termination of all outstanding transactions under the same agreement and we may offset all outstanding amounts related to the terminated transactions including collateral posted or received. In addition to these contractual relationships, we are also a clearing member of two divisions of Fixed Income Clearing Corporation (“FICC”), a central counterparty (“CCP”). One FICC division clears our trades involving securities purchased under agreements to resell, securities sold under agreements to repurchase, and other non-mortgage related securities. The other division clears our forward purchase and sale commitments of mortgage-related securities, including dollar roll transactions. As a result of these trades, we are required to post initial and variation margin payments as well as settle certain positions daily in cash. As a clearing member of FICC, we are exposed to the risk that the FICC or one or more of the CCP’s clearing members fails to perform its obligations as described below. • A default by or the financial or operational failure of FICC would require us to replace contracts cleared through FICC, thereby increasing operational costs and potentially resulting in losses. • We may also be exposed to losses if a clearing member of FICC defaults on its obligations as each clearing member is required to absorb a portion of those fellow-clearing member losses. As a result, we could lose the margin that we have posted to FICC. Moreover, our exposure could exceed the amount of margin that we previously posted to FICC, since FICC’s rules require non-defaulting clearing members to cover, on a pro rata basis, losses caused by a clearing member’s default. We are unable to develop an estimate of the maximum potential amount of future payments that we could be required to make to FICC under these arrangements as our exposure is dependent on the volume of trades FICC clearing members execute now and in the future, which varies daily. Although we are unable to develop an estimate of our maximum exposure, we expect that losses caused by any clearing member would be partially offset by the fair value of margin posted by the defaulting clearing member and any other available assets of the CCP for those purposes. We believe that the risk of a material loss is remote due to FICC’s margin and settlement requirements, guarantee funds and other resources that are available in the event of a default.

Fair Value

Fair Value	12 Months Ended
Fair Value	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value	Fair Value We use fair value measurements for the initial recording of certain assets and liabilities and periodic remeasurement of certain assets and liabilities on a recurring or nonrecurring basis. Fair Value Measurement Fair value measurement guidance defines fair value, establishes a framework for measuring fair value and sets forth disclosures around fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. The guidance establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority, Level 1, to measurements based on unadjusted quoted prices in active markets for identical assets or liabilities. The next highest priority, Level 2, is given to measurements of assets and liabilities based on limited observable inputs or observable inputs for similar assets and liabilities. The lowest priority, Level 3, is given to measurements based on unobservable inputs. Recurring Changes in Fair Value The following tables display our assets and liabilities measured in our 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 December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustment (1) Estimated Fair Value Recurring fair value measurements: (Dollars in millions) Assets: Trading securities: Mortgage-related $ — $ 3,164 $ 47 $ — $ 3,211 Non-mortgage-related (3) 46,898 20 — — 46,918 Total trading securities 46,898 3,184 47 — 50,129 Available-for-sale securities: Agency (4) — 55 371 — 426 Other mortgage-related — 7 263 — 270 Total available-for-sale securities — 62 634 — 696 Mortgage loans — 3,102 543 — 3,645 Derivative assets — 300 29 (154) 175 Total assets at fair value $ 46,898 $ 6,648 $ 1,253 $ (154) $ 54,645 Liabilities: Long-term debt: Of Fannie Mae $ — $ 919 $ 242 $ — $ 1,161 Of consolidated trusts — 16,124 136 — 16,260 Total long-term debt — 17,043 378 — 17,421 Derivative liabilities — 4,764 66 (4,662) 168 Total liabilities at fair value $ — $ 21,807 $ 444 $ (4,662) $ 17,589 Fair Value Measurements as of December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustment (1) Estimated Fair Value Recurring fair value measurements: (Dollars in millions) Assets: Cash equivalents, including restricted cash equivalents (2) $ 250 $ — $ — $ — $ 250 Trading securities: Mortgage-related — 4,549 57 — 4,606 Non-mortgage-related (3) 83,581 19 — — 83,600 Total trading securities 83,581 4,568 57 — 88,206 Available-for-sale securities: Agency (4) — 76 431 — 507 Other mortgage-related — 8 322 — 330 Total available-for-sale securities — 84 753 — 837 Mortgage loans — 4,209 755 — 4,964 Derivative assets — 256 152 (237) 171 Total assets at fair value $ 83,831 $ 9,117 $ 1,717 $ (237) $ 94,428 Liabilities: Long-term debt: Of Fannie Mae $ — $ 2,008 $ 373 $ — $ 2,381 Of consolidated trusts — 21,640 95 — 21,735 Total long-term debt — 23,648 468 — 24,116 Derivative liabilities — 1,385 21 (1,173) 233 Total liabilities at fair value $ — $ 25,033 $ 489 $ (1,173) $ 24,349 (1) Derivative contracts are reported on a gross basis by level. The netting adjustment represents the effect of the legal right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received. (2) Cash equivalents and restricted cash equivalents are composed of U.S. Treasury securities that have a maturity at the date of acquisition of three months or less. (3) Primarily includes U.S. Treasury securities. (4) Agency securities consist of securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae. The following tables display a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). The tables also display gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized in our consolidated statements of operations and comprehensive income for Level 3 assets and liabilities. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Year Ended December 31, 2022 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2022 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2022 (1) Balance, December 31, 2021 Included in Net Income Included in Total OCI (Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Level 3 Balance, December 31, 2022 (Dollars in millions) Trading securities: Mortgage-related $ 57 $ (8) (5)(6) $ — $ — $ — $ — $ (1) $ (54) $ 53 $ 47 $ (6) $ — Available-for-sale securities: Agency $ 431 $ 2 $ (18) $ — $ — $ — $ (44) $ — $ — $ 371 $ — $ (14) Other mortgage-related 322 (10) (2) — — — (46) (2) 1 263 — (2) Total available-for-sale securities $ 753 $ (8) (6)(7) $ (20) $ — $ — $ — $ (90) $ (2) $ 1 $ 634 $ — $ (16) Mortgage loans $ 755 $ (67) (5)(6) $ — $ — $ (4) $ — $ (135) $ (82) $ 76 $ 543 $ (57) $ — Net derivatives 131 (204) (5) — — — — 36 — — (37) (168) — Long-term debt: Of Fannie Mae $ (373) $ 131 (5) $ — $ — $ — $ — $ — $ — $ — $ (242) $ 131 $ — Of consolidated trusts (95) 6 (5)(6) — — — (86) 39 2 (2) (136) 6 — Total long-term debt $ (468) $ 137 $ — $ — $ — $ (86) $ 39 $ 2 $ (2) $ (378) $ 137 $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Year Ended December 31, 2021 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2021 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2021 (1) Balance, December 31, 2020 Included in Net Income Included in Total OCI (Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Level 3 Balance, December 31, 2021 (Dollars in millions) Trading securities: Mortgage-related $ 95 $ (24) (5)(6) $ — $ 18 $ — $ — $ — $ (165) $ 133 $ 57 $ — $ — Available-for-sale securities: Agency $ 195 $ 1 $ (1) $ — $ — $ — $ (33) $ (107) $ 376 $ 431 $ — $ 2 Other mortgage-related 453 13 (6) — — — (138) — — 322 — (1) Total available-for-sale securities $ 648 $ 14 (6)(7) $ (7) $ — $ — $ — $ (171) $ (107) $ 376 $ 753 $ — $ 1 Mortgage loans $ 861 $ 31 (5)(6) $ — $ 89 $ (66) $ — $ (194) $ (86) $ 120 $ 755 $ 26 $ — Net derivatives 333 (209) (5) — — — — 7 — — 131 (202) — Long-term debt: Of Fannie Mae $ (416) $ 43 (5) $ — $ — $ — $ — $ — $ — $ — $ (373) $ 43 $ — Of consolidated trusts (83) (1) (5)(6) — — — — 16 20 (47) (95) (2) — Total long-term debt $ (499) $ 42 $ — $ — $ — $ — $ 16 $ 20 $ (47) $ (468) $ 41 $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Year Ended December 31, 2020 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2020 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2020 (1) Balance, December 31, 2019 Included in Net Income Included in Total OCI (Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Level 3 Balance, December 31, 2020 (Dollars in millions) Trading securities: Mortgage-related $ 46 $ (9) (5)(6) $ — $ — $ (95) $ — $ (3) $ (49) $ 205 $ 95 $ (8) $ — Available-for-sale securities: Agency $ 171 $ 1 $ 4 $ — $ (1) $ — $ (15) $ (243) $ 278 $ 195 $ — $ — Other mortgage-related 621 (9) 1 — — — (162) — 2 453 — 4 Total available-for-sale securities $ 792 $ (8) (6)(7) $ 5 $ — $ (1) $ — $ (177) $ (243) $ 280 $ 648 $ — $ 4 Mortgage loans $ 688 $ 47 (5)(6) $ — $ — $ (21) $ — $ (132) $ (104) $ 383 $ 861 $ 11 $ — Net derivatives 162 233 (5) — — — — (80) 18 — 333 159 — Long-term debt: Of Fannie Mae $ (398) $ (41) (5) $ — $ — $ — $ — $ 23 $ — $ — $ (416) $ (41) $ — Of consolidated trusts (75) (2) (5)(6) — — — — 18 5 (29) (83) (1) — Total long-term debt $ (473) $ (43) $ — $ — $ — $ — $ 41 $ 5 $ (29) $ (499) $ (42) $ — (1) Gains (losses) are included in “Other comprehensive loss” in our consolidated statements of operations and comprehensive income. (2) Purchases and sales include activity related to the consolidation and deconsolidation of assets of securitization trusts. (3) Issues and settlements include activity related to the consolidation and deconsolidation of liabilities of securitization trusts. (4) Amount represents temporary changes in fair value. Amortization, accretion and the impairment of credit losses are not considered unrealized and are not included in this amount. (5) Gains (losses) are included in “Fair value gains (losses), net” i (6) Gains (losses) included in “Net interest income” in our consolidated statements of operations and comprehensive income includes amortization of cost basis adjustments. 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 December 31, 2022 Fair Value Significant Valuation Techniques Significant Unobservable Inputs (1) Range (1) Weighted - Average (1)(2) (Dollars in millions) Recurring fair value measurements: Trading securities: Mortgage-related (3) $ 47 Various Available-for-sale securities: Agency (3) 371 Consensus Other mortgage-related 142 Discounted Cash Flow Spreads (bps) 531.0 - 582.0 557.7 96 Single Vendor 25 Various Total other mortgage-related 263 Total available-for-sale securities $ 634 Net derivatives $ 25 Dealer Mark (62) Discounted Cash Flow Total net derivatives $ (37) Fair Value Measurements as of December 31, 2021 Fair Value Significant Valuation Techniques Significant Unobservable Inputs (1) Range (1) Weighted - Average (1)(2) (Dollars in millions) Recurring fair value measurements: Trading securities: Mortgage-related (3) $ 57 Various Available-for-sale securities: Agency (3) 379 Consensus 52 Various Total Agency 431 Other mortgage-related 175 Discounted Cash Flow Spreads (bps) 409.0 - 434.0 422.0 94 Single Vendor Spreads (bps) 9.3 - 49.4 27.2 53 Various Total other mortgage-related 322 Total available-for-sale securities $ 753 Net derivatives $ 152 Dealer Mark (21) Discounted Cash Flow Total net derivatives $ 131 (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 consolidated balance sheets certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when we evaluate loans for impairment). We held no Level 1 assets or liabilities that were measured at fair value on a nonrecurring basis as of December 31, 2022 or 2021. We held $30 million and $38 million in Level 2 assets as of December 31, 2022 and 2021, respectively, composed of mortgage loans held for sale that were impaired. We had no Level 2 or Level 3 liabilities that were measured at fair value on a nonrecurring basis as of December 31, 2022 or 2021. The following table displays valuation techniques for our Level 3 assets measured at fair value on a nonrecurring basis. Fair Value Measurements as of December 31, Valuation Techniques 2022 2021 (Dollars in millions) Nonrecurring fair value measurements: Mortgage loans: (1) Mortgage loans held for sale, at lower of cost or fair value Consensus $ 1,571 $ 201 Single Vendor 92 1,383 Total mortgage loans held for sale, at lower of cost or fair value 1,663 1,584 Single-family mortgage loans held for investment, at amortized cost Internal Model 1,636 867 Multifamily mortgage loans held for investment, at amortized cost Appraisal 3 37 Broker Price Opinion 614 118 Internal Model 27 23 Total multifamily mortgage loans held for investment, at amortized cost 644 178 Acquired property, net: Single-family Accepted Offer 17 13 Appraisal 65 73 Internal Model 215 75 Walk Forward 91 37 Various 12 11 Total single-family 400 209 Multifamily Various 119 34 Total nonrecurring assets at fair value $ 4,462 $ 2,872 (1) When we measure impairment, including recoveries, based on the fair value of the loan or the underlying collateral and impairment is recorded on any component of the mortgage loan, including accrued interest receivable and amounts due from the borrower for advances of taxes and insurance, we present the entire fair value measurement amount with the corresponding mortgage loan. We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The following is a description of 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. Instruments Valuation Techniques Classification U.S Treasury Securities We classify securities whose values are based on quoted market prices in active markets for identical assets as Level 1 of the valuation hierarchy. Level 1 Trading Securities and Available-for-Sale Securities We classify securities in active markets as Level 2 of the valuation hierarchy if quoted market prices in active markets for identical assets are not available. For all valuation techniques used for securities where there is limited activity or less transparency around these inputs to the valuation, these securities are classified as Level 3 of the valuation hierarchy. Single Vendor: Uses one vendor price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example, spreads) are disclosed in the table above. Consensus: Uses an average of two or more vendor prices for similar securities. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example, spreads) are disclosed in the table above. Level 2 and 3 Discounted Cash Flow: In the absence of prices provided by third-party pricing services supported by observable market data, we estimate the fair value of a portion of our securities using a discounted cash flow technique that uses inputs such as default rates, prepayment speeds, loss severity and spreads based on market assumptions where available. For private-label securities, an increase in unobservable prepayment speeds in isolation would generally result in an increase in fair value, and an increase in unobservable spreads, severity rates or default rates in isolation would generally result in a decrease in fair value. For mortgage revenue bonds classified as Level 3 of the valuation hierarchy, an increase in unobservable spreads would result in a decrease in fair value. Although we have disclosed unobservable inputs for the fair value of our recurring Level 3 securities above, interrelationships exist among these inputs such that a change in one unobservable input typically results in a change to one or more of the other inputs. Mortgage Loans Held for Investment Build-up: We derive the fair value of performing mortgage loans using a build-up valuation technique starting with the base value for our Fannie Mae MBS with similar characteristics and then add or subtract the fair value of the associated guaranty asset, guaranty obligation (“GO”) and master servicing arrangement. We set the GO equal to the estimated fair value we would receive if we were to issue our guaranty to an unrelated party in a stand-alone arm’s length transaction at the measurement date. The fair value of the GO is estimated based on our current guaranty pricing for loans underwritten after 2008 and our internal valuation models considering management’s best estimate of key loan characteristics for loans underwritten before 2008. Our performing loans are generally classified as Level 2 of the valuation hierarchy to the extent that significant inputs are observable. To the extent that unobservable inputs are significant, the loans are classified as Level 3 of the valuation hierarchy. Level 2 and 3 Consensus: Calculated through the extrapolation of indicative sample bids obtained from multiple active market participants plus the estimated value of any applicable mortgage insurance, the estimated fair value using the Consensus method represents an estimate of the prices we would receive if we were to sell these single-family nonperforming and certain reperforming loans in the whole loan market. The fair value of any mortgage insurance on a nonperforming or reperforming loan is estimated using product-specific pricing grids that have been derived from loan-level bids on whole loan transactions. These loans are generally classified as Level 3 of the valuation hierarchy because significant inputs are unobservable. To the extent that significant inputs are observable, the loans are classified as Level 2 of the valuation hierarchy. We estimate the fair value for a portion of our senior-subordinated trust structures using the average of two or more vendor prices at the security level as a proxy for estimating loan fair value. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable. Single Vendor: We estimate the fair value of our reverse mortgages using the single vendor valuation technique. Internal Model: The internal model used to value collateral contains four sub-component models: 1) Location Model, 2) Neighborhood Model, 3) Automated Valuation Model (“AVM”) Imputation Model and 4) Final Valuation Model. These models consider characteristics of the property, neighborhood, local housing markets, underlying loan and home price growth to derive a final estimated value. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable. Instruments Valuation Techniques Classification Mortgage Loans Held for Investment Appraisal: We use appraisals to estimate the fair value for a portion of our multifamily loans based on either estimated replacement cost, the present value of future cash flows, or sales of similar properties. Significant unobservable inputs include estimated replacement or construction costs, property net operating income, capitalization rates, and adjustments made to sales of comparable properties based on characteristics such as financing, conditions of sale, and physical characteristics of the property. Broker Price Opinion: We use broker price opinions to estimate the fair value for a portion of our multifamily loans. This technique uses both current property value and the property value adjusted for stabilization and market conditions. The unobservable inputs used in this technique are property net operating income and market capitalization rates to estimate property value. Asset Manager Estimate: This technique uses the net operating income and tax assessments of the specific property as well as Metropolitan Statistical Area-specific market capitalization rates and average per unit sales values to estimate property fair value. Level 2 and 3 An increase in prepayment speeds in isolation would generally result in an increase in the fair value of our mortgage loans classified as Level 3 of the valuation hierarchy, and an increase in severity rates, default rates or spreads in isolation would generally result in a decrease in fair value. Although we have disclosed unobservable inputs for the fair value of the mortgage loans classified as Level 3 above, interrelationships exist among these inputs such that a change in one unobservable input typically results in a change to one or more of the other inputs. Mortgage Loans Held for Sale Loans are reported at the lower of cost or fair value in our consolidated balance sheets. The valuation methodology and inputs used in estimating the fair value of HFS loans are the same as our HFI loans and are described above in “Mortgage Loans Held for Investment.” To the extent that significant inputs are unobservable, the loans are classified within level 3 of the valuation hierarchy. Level 2 and 3 Acquired Property, Net and Other Assets Single-family acquired property valuation techniques Accepted Offer: An Offer to Purchase Real Estate that has been submitted by a potential purchaser of an acquired property and accepted by Fannie Mae in a pending sale. Appraisal: An appraisal is an estimate based on recent historical data of the value of a specific property by a certified or licensed appraiser. Adjustments are made for differences between comparable properties for unobservable inputs such as square footage, location, and condition of the property. Broker Price Opinion: This technique provides an estimate of what the property is worth based upon a real estate broker’s use of specific market research and a sales comparison approach that is similar to the appraisal process. This information, all of which is unobservable, is used along with recent and pending sales and current listings of similar properties to arrive at an estimate of value. Level 3 Property Inspection Report with Value: This technique provides an estimate of what the property is worth based upon a third party model that is adjusted for condition of the property and/or any other factors impacting the marketability. Appraisal and Broker Price Opinion, and Property Inspection Report with Value Walk Forward (“Walk Forward”): We use these techniques to adjust appraisal, broker price opinion, and property inspection valuations for changing market conditions by applying a walk forward factor based on local price movements since the time the third-party value was obtained. Internal Model: We use an internal model to estimate fair value for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.” Multifamily acquired property valuation techniques Appraisal: We use this method to estimate property values for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.” Broker Price Opinion: We use this method to estimate property values for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.” Asset Manager Estimate: We use this method to estimate property values for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.” Instruments Valuation Techniques Classification Asset and Liability Derivative Instruments (collectively “Derivatives”) The valuation process for the majority of our risk management derivatives uses observable market data provided by third-party sources, resulting in Level 2 classification of the valuation hierarchy. Single Vendor: We use one vendor price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique. Clearing House: We use the clearing house-provided value for interest-rate derivatives which are transacted through a clearing house. Internal Model: We use internal models to value interest-rate derivatives which are valued by referencing yield curves derived from observable interest rates and spreads to project and discount cash flows to present value. Discounted Cash Flow: We use discounted cash flow to estimate fair value for credit enhancement derivatives related to CRT. Dealer Mark: Certain highly complex structured swaps primarily use a single dealer mark due to lack of transparency in the market and may be modeled using observable interest rates and volatility levels as well as significant unobservable assumptions, resulting in Level 3 classification of the valuation hierarchy. Mortgage commitment derivatives that use observable market data, quotes and actual transaction price levels adjusted for market movement are typically classified as Level 2 of the valuation hierarchy. To the extent mortgage commitment derivatives include adjustments for market movement that cannot be corroborated by observable market data, we classify them as Level 3 of the valuation hierarchy. Level 2 and 3 Debt of Fannie Mae and Consolidated Trusts We classify debt instruments that have quoted market prices in active markets for similar liabilities when traded as assets as Level 2 of the valuation hierarchy. For all valuation techniques used for debt instruments where there is limited activity or less transparency around these inputs to the valuation, these debt instruments are classified as Level 3 of the valuation hierarchy. Consensus: Uses an average of two or more vendor prices or dealer marks that represents estimated fair value for similar liabilities when traded as assets. Single Vendor: Uses a single vendor price that represents estimated fair value for these liabilities when traded as assets. Discounted Cash Flow: Uses spreads based on market assumptions where available. The valuation methodology and inputs used in estimating the fair value of MBS assets are described under “Trading Securities and Available-for-Sale Securities.” Level 2 and 3 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 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 December 31, 2022 Carrying Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustment Estimated Fair Value (Dollars in millions) Financial assets: Cash and cash equivalents, including restricted cash and cash equivalents $ 87,841 $ 32,991 $ 54,850 $ — $ — $ 87,841 Securities purchased under agreements to resell 14,565 — 14,565 — — 14,565 Trading securities 50,129 46,898 3,184 47 — 50,129 Available-for-sale securities 696 — 62 634 — 696 Mortgage loans held for sale 2,033 — 48 2,029 — 2,077 Mortgage loans held for investment, net of allowance for loan losses 4,112,403 — 3,437,979 171,857 — 3,609,836 Advances to lenders 1,502 — 1,502 — — 1,502 Derivative assets at fair value 175 — 300 29 (154) 175 Guaranty assets and buy-ups 87 — — 166 — 166 Total financial assets $ 4,269,431 $ 79,889 $ 3,512,490 $ 174,762 $ (154) $ 3,766,987 Financial liabilities: Short-term debt: Of Fannie Mae $ 10,204 $ — $ 10,208 $ — $ — $ 10,208 Long-term debt: Of Fannie Mae 123,964 — 122,066 558 — 122,624 Of consolidated trusts 4,087,720 — 3,511,958 42,150 — 3,554,108 Derivative liabilities at fair value 168 — 4,764 66 (4,662) 168 Guaranty obligations 94 — — 66 — 66 Total financial liabilities $ 4,222,150 $ — $ 3,648,996 $ 42,840 $ (4,662) $ 3,687,174 As of December 31, 2021 Carrying Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Netting Adjustment Estimated Fair Value (Dollars in millions) Financial assets: Cash and cash equivalents, including restricted cash and cash equivalents $ 108,631 $ 64,531 $ 44,100 $ — $ — $ 108,631 Securities purchased under agreements to resell 20,743 — 20,743 — — 20,743 Trading securities 88,206 83,581 4,568 57 — 88,206 Available-for-sale securities 837 — 84 753 — 837 Mortgage loans held for sale 5,134 — 178 5,307 — 5,485 Mortgage loans held for investment, net of allowance for loan losses 3,963,108 — 3,796,917 209,090 — 4,006,007 Advances to lenders 8,414 — 8,413 1 — 8,414 Derivative assets at fair value 171 — 256 152 (237) 171 Guaranty assets and buy-ups 92 — — 207 — 207 Total financial assets $ 4,195,336 $ 148,112 $ 3,875,259 $ 215,567 $ (237) $ 4,238,701 Financial liabilities: Short-term debt: Of Fannie Mae $ 2,795 $ — $ 2,795 $ — $ — $ 2,795 Long-term debt: Of Fannie Mae 198,097 — 205,142 799 — 205,941 Of consolidated trusts 3,957,299 — 3,951,537 32,644 — 3,984,181 Derivative liabilities at fair value 233 — 1,385 21 (1,173) 233 Guaranty obligations 101 — — 101 — 101 Total financial liabilities $ 4,158,525 $ — $ 4,160,859 $ 33,565 $ (1,173) $ 4,193,251 The following is a description of the valuation techniques we use for fair value measurement of our financial instruments as well as our basis for classifying these measurements as Level 1, Level 2 or Level 3 of the valuation hierarchy in certain specific situations. Instruments Description Classification Financial Instruments for which Fair Value Approximates Carrying Value We hold certain financial instruments that are not carried at fair value but for which the carrying value approximates fair value due to the short-term nature and negligible credit risk inherent in them. These financial instruments include cash and cash equivalents, the majority of advances to lenders, and securities sold/purchased under agreements to repurchase/resell. Level 1 and 2 Securities Sold/Purchased Under Agreements to Repurchase/Resell The carrying value for the majority of these specific instruments approximates the fair value due to the short-term nature and the negligible inherent credit risk, as they involve the exchange of collateral that is easily traded. Were we to calculate the fair value of these instruments, we would use observable inputs. Level 2 Mortgage Loans Held for Sale Loans are reported at the lower of cost or fair value in our consolidated balance sheets. The valuation methodology and inputs used in estimating the fair value of HFS loans are the same as for our HFI loans and are described under “Fair Value Measurement—Mortgage Loans Held for Investment” in the valuation techniques for assets and liabilities held at fair value table. To the extent that significant inputs are unobservable, the loans are classified within Level 3 of the valuation hierarchy. Level 2 and 3 Mortgage Loans Held for Investment For a description of loan valuation techniques, refer to “Fair Value Measurement—Mortgage Loans Held for Investment” in the valuation techniques for assets and liabilities held at fair value table. We measure the fair value of certain loans that are delivered under the Home Affordable Refinance Program ® (“HARP ® ”) using a modified build-up approach while the loan is performing. Under this modified approach, we set the credit component of the consolidated loans (that is, the guaranty obligation) equal to the compensation we would currently receive for a loan delivered to us under the program because the total compensation for these loans is equal to their current exit price in the government-sponsored enterprise securitization market. If, subsequent to delivery, the refinanced loan becomes past due or is modified, the fair value of the guaranty obligation is then measured consistent with other loans that have similar characteristics. Level 2 and 3

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
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 the court will apply the law. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel may view the evidence and applicable law. On a quarterly basis, we review relevant information about 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 the likelihood of a loss is probable and we can reasonably estimate the amount of such loss. We are often unable to estimate the possible losses or ranges of losses, particularly for proceedings that are in their early stages of development, where plaintiffs seek indeterminate or unspecified damages, where there may be novel or unsettled legal questions relevant to the proceedings, or where settlement negotiations have not occurred or progressed. Given the uncertainties involved in any action or proceeding, regardless of whether we have established an accrual, the ultimate resolution of certain of these matters may be material to our operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of our net income or loss for that period. In addition to the matters specifically described below, we are involved in a number of legal and regulatory proceedings that arise in the ordinary course of business that we do not expect will have a material impact on our business or financial condition. Senior Preferred Stock Purchase Agreements Litigation A consolidated class action (“ In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations ”) and a non-class action lawsuit, Fairholme Funds v. FHFA , filed by Fannie Mae and Freddie Mac 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 in these lawsuits allege that the net worth sweep dividend provisions of the senior preferred stock that were implemented pursuant to the August 2012 amendments nullified certain of the shareholders’ rights and caused them harm. Plaintiffs in the class action represent a class of Fannie Mae preferred shareholders and classes of Freddie Mac common and preferred shareholders. On September 23, 2022, the court issued a summary judgment ruling that permitted the plaintiffs in these lawsuits to present to a jury their claims for breach of the implied covenant of good faith and fair dealing. The cases were consolidated for trial and the trial was conducted from October 17, 2022 to November 1, 2022. The jury was not able to reach a verdict and the judge declared a mistrial on November 7, 2022. A new trial is scheduled to begin on July 24, 2023. In the trial, plaintiffs requested $779 million in damages from Fannie Mae and prejudgment interest on the amount of any damages. We estimate that prejudgment interest, if awarded in the new trial, would be calculated at a rate of 5.75% and expect plaintiffs to seek such interest from August 17, 2012. Prejudgment interest calculated from August 17, 2012 through December 31, 2022 based on the amount of damages plaintiffs requested would be approximately $460 million. The ultimate amount of prejudgment interest awarded, if any, would be impacted by the amount of damages awarded, the date from and through which interest is calculated, and other determinations by the court. At this time, we do not believe the likelihood of loss is probable; therefore, we have not established an accrual in connection with these lawsuits. However, it is reasonably possible that the plaintiffs could ultimately prevail in this matter and, if so, we may incur a loss up to the amount of damages discussed above and any related interest. Unconditional Purchase and Lease Commitments We have unconditional commitments related to the purchase of loans and mortgage-related securities. These include both on- and off-balance sheet commitments. A portion of these have been recorded as derivatives in our consolidated balance sheets. We lease certain premises and equipment under agreements that expire at various dates through August 31, 2037. Some of these leases provide for payment by the lessee of property taxes, insurance premiums, cost of maintenance and other costs. Rent expenses for operating leases were $101 million, $108 million and $94 million for the years ended December 31, 2022, 2021 and 2020, respectively. The following table summarizes by remaining maturity, non-cancelable future commitments related to loan and mortgage purchases, operating leases and other agreements. As of December 31, 2022 Loans and Mortgage-Related Securities (1) Operating Leases (2) Other (3) (Dollars in millions) 2023 $ 21,117 $ 79 $ 193 2024 — 80 49 2025 — 82 19 2026 — 83 7 2027 — 84 1 Thereafter — 657 — Total $ 21,117 $ 1,065 $ 269 (1) Primarily includes mortgage commitment derivatives. (2) Includes amounts related to office buildings and equipment leases. (3) Includes purchase commitments for certain telecommunications services, computer software and services, and other agreements and commitments.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Segment Reporting	We have two reportable business segments: Single-Family and Multifamily. The Single-Family business operates in the secondary mortgage market relating to loans secured by properties containing four or fewer residential dwelling units. The Multifamily business operates in the secondary mortgage market relating primarily to loans secured by properties containing five or more residential units. We have two reportable business segments, which are based on the type of business activities each perform: Single-Family and Multifamily. Results of our two business segments are intended to reflect each segment as if it were a stand-alone business. The sum of the results for our two business segments equals our consolidated results of operations.
Conservatorship	Conservatorship On September 7, 2008, the Secretary of the Treasury and the Director of FHFA announced several actions taken by Treasury and FHFA regarding Fannie Mae, which included: (1) placing us in conservatorship, with FHFA acting as our conservator, and (2) the execution of a senior preferred stock purchase agreement by our conservator, on our behalf, and Treasury, pursuant to which we issued to Treasury both senior preferred stock and a warrant to purchase common stock. Under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended, including by the Housing and Economic Recovery Act of 2008 (together, the “GSE Act”), the conservator immediately succeeded to (1) all rights, titles, powers and privileges of Fannie Mae, and of any stockholder, officer or director of Fannie Mae with respect to Fannie Mae and its assets, and (2) title to the books, records and assets of any other legal custodian of Fannie Mae. The conservator subsequently issued an order that provided for our Board of Directors to exercise specified functions and authorities. The conservator also provided instructions regarding matters for which conservator decision or notification is required. The conservator retains the authority to amend or withdraw its order and instructions at any time. The conservator has the power to transfer or sell any asset or liability of Fannie Mae (subject to limitations and post-transfer notice provisions for transfers of qualified financial contracts) without any approval, assignment of rights or consent of any party. However, mortgage loans and mortgage-related assets that have been transferred to a Fannie Mae MBS trust must be held by the conservator for the beneficial owners of the Fannie Mae MBS and cannot be used to satisfy the general creditors of Fannie Mae. Neither the conservatorship nor the terms of our agreements with Treasury change our obligation to make required payments on our debt securities or perform under our mortgage guaranty obligations. The conservatorship has no specified termination date and there continues to be significant uncertainty regarding our future, including how long we will continue to exist in our current form, the extent of our role in the market, the level of government support of our business, how long we will be in conservatorship, what form we will have and what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will continue to exist following conservatorship. Under the GSE Act, the Director of FHFA must place us into receivership if they make 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
Obligation to Pay TCCA Fees to Treasury	To meet our obligations under the TCCA and at the direction of FHFA, we increased the guaranty fee on all single-family residential mortgages delivered to us by 10 basis points in April 2012. The resulting fee revenue and expense are recorded in “Interest income: Mortgage loans” and “TCCA fees,” respectively, in our consolidated statements of operations and comprehensive income. In November 2021, the Infrastructure Investment and Jobs Act was enacted, which extended to October 1, 2032 our obligation under the TCCA to collect 10 basis points in guaranty fees on single-family residential mortgages delivered to us and pay the associated revenue to Treasury. In January 2022, FHFA advised us to continue to pay these TCCA fees to Treasury with respect to all single-family loans acquired by us before October 1, 2032, and to continue to remit these amounts to Treasury on and after October 1, 2032 with respect to loans we acquired before this date until those loans are paid off or otherwise liquidated.
Related Parties	Related Parties Because Treasury holds a warrant to purchase shares of Fannie Mae common stock equal to 79.9% of the total number of shares of Fannie Mae common stock, we and Treasury are deemed related parties. As of December 31, 2022, Treasury held an investment in our senior preferred stock with an aggregate liquidation preference of $180.3 billion. See “Senior Preferred Stock Purchase Agreement, Senior Preferred Stock and Warrant” 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 a result, CSS is deemed a related party. As a part of our joint ownership, Fannie Mae, Freddie Mac and CSS are parties to a limited liability company agreement that sets forth the overall framework for the joint venture, including Fannie Mae’s and Freddie Mac’s rights and responsibilities as members of CSS. Fannie Mae, Freddie Mac and CSS are also parties to a customer services agreement that sets forth the terms under which CSS provides mortgage securitization services to us and Freddie Mac, including the operation of the common securitization platform, as well as an administrative services agreement. CSS operates as a separate company from us and Freddie Mac, with all funding and limited administrative support services and other resources provided to it by us and Freddie Mac. In the ordinary course of business, Fannie Mae may purchase and sell securities issued by Treasury and Freddie Mac in the capital markets. Some of the structured securities we issue are backed in whole or in part by Freddie Mac securities. Fannie Mae and Freddie Mac each have agreed to indemnify the other party for losses caused by: its failure to meet its payment or other specified obligations under the trust agreements pursuant to which the underlying resecuritized securities were issued; its failure to meet its obligations under the customer services agreement; its violations of laws; or with respect to material misstatements or omissions in offering documents, ongoing disclosures and materials relating to the underlying resecuritized securities. Additionally, we make regular income tax payments to and receive tax refunds from the Internal Revenue Service (“IRS”), a bureau of Treasury.
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). To conform to our current-period presentation, we have reclassified certain amounts reported in our prior periods’ consolidated financial statements.
Use of Estimates	Use of Estimates Preparing consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of our consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, the allowance for loan losses. Actual results could be different from these estimates.
Principles of Consolidation	Principles of Consolidation Our 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 an entity such as a variable interest entity (“VIE”) through arrangements that do not involve voting interests. The majority of Fannie Mae’s controlling interests arise from arrangements with VIEs. VIE Assessment We have interests in various entities that are considered VIEs. A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. We determine whether an entity is a VIE by performing a qualitative analysis, which requires certain subjective decisions including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. The primary types of VIE entities with which we are involved are securitization trusts guaranteed by us via lender swap and portfolio securitization transactions, special-purpose vehicles (“SPVs”) associated with certain credit risk transfer programs, limited partnership investments in low-income housing tax credit (“LIHTC”) and other housing partnerships, as well as mortgage and asset-backed trusts that were not created by us. For more information on the primary types of VIE entities with which we are involved, see “Note 2, Consolidations and Transfers of Financial Assets.” Primary Beneficiary Determination If an entity is a VIE, we consider whether our variable interest in that entity causes us to be the primary beneficiary. We are deemed to be the primary beneficiary of a VIE when we have both (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and (2) exposure to benefits and/or losses that could potentially be significant to the entity. The primary beneficiary of the VIE is required to consolidate and account for the assets, liabilities, and noncontrolling interests of the VIE in its consolidated financial statements. The assessment of which party has the power to direct the activities of the VIE may require significant management judgment when (1) more than one party has power or (2) more than one party is involved in the design of the VIE but no party has the power to direct the ongoing activities that could be significant. We continually assess whether we are the primary beneficiary of the VIEs with which we are involved and therefore may consolidate or deconsolidate a VIE through the duration of our involvement. Examples of certain events that may change whether or not we consolidate the VIE include a change in the design of the entity or a change in our ownership in the entity. Measurement of Consolidated Assets and Liabilities When we are the transferor of assets into a VIE that we consolidate at the time of the transfer, we continue to recognize the assets and liabilities of the VIE at the amounts that they would have been recognized if we had not transferred them, and no gain or loss is recognized. For all other VIEs that we consolidate (that is, those for which we are not the transferor), we recognize the assets and liabilities of the VIE in our consolidated financial statements at fair value, and we recognize a gain or loss for the difference between (1) the fair value of the consideration paid, fair value of noncontrolling interests and the reported amount of any previously held interests, and (2) the net amount of the fair value of the assets and liabilities recognized upon consolidation. However, for the securitization trusts established under our lender swap program, no gain or loss is recognized if the trust is consolidated at formation as there is no difference in the respective fair value of (1) and (2) above. We record gains or losses that are associated with the consolidation of VIEs as a component of “Investment gains (losses), net” in our consolidated statements of operations and comprehensive income . If we cease to be deemed the primary beneficiary of a VIE, we deconsolidate the VIE. We use fair value to measure the initial cost basis for any retained interests that are recorded upon the deconsolidation of a VIE. Any difference between the fair value and the previous carrying amount of our investment in the VIE is recorded in “Investment gains (losses), net” in our consolidated statements of operations and comprehensive income. Purchase/Sale of Fannie Mae Securities We actively purchase and sell guaranteed MBS that have been issued through lender swap and portfolio securitization transactions. The accounting for the purchase and sale of our guaranteed MBS issued by the trusts differs based on the characteristics of the securitization trusts and whether the trusts are consolidated and is discussed in “Single-Class Securitization Trusts,” “Single-Class Resecuritization Trusts” and “Multi-Class Resecuritization Trusts” below. Uniform Mortgage-Backed Securities (“UMBS”) Uniform Mortgage-Backed Securities (“UMBS”) are common mortgage-backed securities issued by both Fannie Mae and Freddie Mac to finance fixed-rate mortgage loans backed by one- to four-unit single-family properties. We and Freddie Mac began issuing UMBS and resecuritizing UMBS certificates into structured securities in June 2019. The structured securities backed by UMBS that we issue include Supers, which are single-class resecuritization transactions, Real Estate Mortgage Investment Conduit securities (“REMICs”) and interest-only and principal-only strip securities (“SMBS”), which are multi-class resecuritization transactions. Since June 2019, we have resecuritized UMBS, Supers and other structured securities issued by Freddie Mac. The mortgage loans that serve as collateral for Freddie Mac-issued UMBS are not held in trusts that are consolidated by Fannie Mae. When we include Freddie Mac securities in our structured securities, we are subject to additional credit risk because we guarantee securities that were not previously guaranteed by Fannie Mae. However, Freddie Mac continues to guarantee the payment of principal and interest on the underlying Freddie Mac securities that we have resecuritized. We have concluded that this additional credit risk is negligible because of the funding commitment available to Freddie Mac through its senior preferred stock purchase agreement with Treasury. Single-Class Securitization Trusts We create single-class securitization trusts to issue single-class Fannie Mae MBS (including UMBS) that evidence an undivided interest in the mortgage loans held in the trust. Investors in single-class Fannie Mae MBS receive principal and interest payments in proportion to their percentage ownership of the MBS issuance. We guarantee to each single-class securitization trust that we will supplement amounts received by the securitization trust as required to permit timely payments of principal and interest on the related Fannie Mae MBS. This guaranty exposes us to credit losses on the loans underlying Fannie Mae MBS. Single-class securitization trusts are used for lender swap and portfolio securitization transactions. A lender swap transaction occurs when a mortgage lender delivers a pool of single-family mortgage loans to us, which we immediately deposit into an MBS trust. The MBS are then issued to the lender in exchange for the mortgage loans. A portfolio securitization transaction occurs when we purchase mortgage loans from third-party sellers for cash and later deposit these loans into an MBS trust. The securities issued through a portfolio securitization are then sold to investors for cash. We consolidate single-class securitization trusts that are issued under these programs when our role as guarantor and master servicer provides us with the power to direct matters, such as the servicing of the 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 (for example, when the loan collateral is subject to a Federal Housing Administration guaranty and related Servicing Guide). When we purchase single-class Fannie Mae MBS issued from a consolidated trust, we account for the transaction as an extinguishment of the related debt in our consolidated financial statements. We record a gain or loss on the extinguishment of such debt to the extent that the purchase price of the MBS does not equal the carrying value of the related consolidated debt reported in our consolidated balance sheets (including unamortized premiums, discounts or other cost basis adjustments) at the time of purchase. When we sell single-class Fannie Mae MBS that were issued from a consolidated trust, we account for the transaction as the issuance of debt in our consolidated financial statements. We amortize the related premiums, discounts and other cost basis adjustments into income over the contractual life of the MBS. If a single-class securitization trust is not consolidated, we account for the purchase and subsequent sale of such securities as the transfer of an investment security in accordance with the accounting guidance for transfers of financial assets. Single-Class Resecuritization Trusts Fannie Mae single-class resecuritization trusts are created by depositing MBS into a new securitization trust for the purpose of aggregating multiple mortgage-related securities into one combined security. Single-class resecuritization securities pass through directly to the holders of the securities all of the cash flows of the underlying MBS held in the trust. Since June 2019, these securities can be collateralized directly or indirectly by cash flows from underlying securities issued by Fannie Mae, Freddie Mac, or a combination of both. Resecuritization trusts backed directly or indirectly only by Fannie Mae MBS are non-commingled resecuritization trusts. Resecuritization trusts collateralized directly or indirectly by cash flows either in part or in whole from Freddie Mac MBS are commingled resecuritization trusts. Securities issued by our non-commingled single-class resecuritization trusts are backed solely by Fannie Mae MBS, and the guaranty we provide on the trust does not subject us to additional credit risk because we have already provided a guarantee on the underlying securities. Further, the securities issued by our non-commingled single-class resecuritization trusts pass through all of the cash flows of the underlying Fannie Mae MBS directly to the holders of the securities. Accordingly, these securities are deemed to be substantially the same as the underlying Fannie Mae MBS collateral. Additionally, our involvement with these trusts does not provide us with any incremental rights or powers that would enable us to direct any activities of the trusts. We have concluded that we are not the primary beneficiary of and, as a result, we do not consolidate our non-commingled single-class resecuritization trusts. Therefore, we account for purchases and sales of securities issued by non-commingled single-class resecuritization trusts as extinguishments and issuances of the underlying MBS debt, respectively. Securities issued by our commingled single-class resecuritization trusts are backed in whole or in part by Freddie Mac securities. As discussed in “Note 6, Financial Guarantees,” the guaranty we provide to the commingled single-class resecuritization trust subjects us to additional credit risk to the extent that we are providing a guaranty for the timely payment of principal and interest on the underlying Freddie Mac securities that we have not previously guaranteed. Accordingly, securities issued by our commingled resecuritization trusts are not deemed to be substantially the same as the underlying collateral. We do not have any incremental rights or powers related to commingled single-class resecuritization trusts that would enable us to direct any activities of the underlying trust. As a result, we have concluded that we are not the primary beneficiary of, and therefore do not consolidate, our commingled single-class resecuritization trusts unless we have the unilateral right to dissolve the trust. We have this right when we hold 100% of the beneficial interests issued by the resecuritization trust. Therefore, we account for purchases and sales of these securities as the transfer of an investment security in accordance with the accounting guidance for transfers of financial assets. Multi-Class Resecuritization Trusts Multi-class resecuritization trusts are trusts we create to issue multi-class Fannie Mae structured securities, including REMICs and SMBS, in which the cash flows of the underlying mortgage assets are divided, creating several classes of securities, each of which represents a beneficial ownership interest in a separate portion of cash flows. We guarantee to each multi-class resecuritization trust that we will supplement amounts received by the trusts as required to permit timely guaranty payments on the related Fannie Mae structured securities. Since June 2019, these multi-class structured securities can be collateralized, directly or indirectly, by securities issued by Fannie Mae, Freddie Mac or a combination of both. The guaranty we provide to our non-commingled multi-class resecuritization trusts does not subject us to additional credit risk , because the underlying assets are Fannie Mae-issued securities for which we have already provided a guaranty. However, for commingled multi-class structured securities, we are subject to additional credit risk to the extent we are providing a guaranty for the timely payment of principal and interest on the underlying Freddie Mac securities that we have not previously guaranteed. For both commingled and non-commingled multi-class resecuritization trusts, we may also be exposed to prepayment risk via our ownership of securities issued by these trusts. We do not have the ability via our involvement with a multi-class resecuritization trust to impact either the credit risk or prepayment risk to which we are exposed. Therefore, we have concluded that we do not have the characteristics of a controlling financial interest and do not consolidate multi-class resecuritization trusts unless we have the unilateral right to dissolve the trust. This ability exists only when we hold 100% of the outstanding beneficial interests issued by the resecuritization trust. Securities issued by multi-class resecuritization trusts do not directly pass through all of the cash flows of the underlying securities, and therefore the issued and underlying securities are not considered substantially the same. Accordingly, we account for purchases and sales of securities issued by the multi-class resecuritization trusts as transfers of an investment security in accordance with the accounting guidance for transfers of financial assets.
Transfers of Financial Assets	Transfers of Financial Assets We evaluate each transfer of financial assets to determine whether the transfer qualifies as a sale. If a transfer does not meet the criteria for sale treatment, the transferred assets remain in our consolidated balance sheets and we record a liability to the extent of any proceeds received in connection with the transfer. We record transfers of financial assets in which we surrender control of the transferred assets as sales. When a transfer that qualifies as a sale is completed, we derecognize all assets transferred and recognize all assets obtained and liabilities incurred at fair value. The difference between the carrying basis of the assets transferred and the fair value of the net proceeds from the sale is recorded as a component of “Investment gains (losses), net” in our consolidated statements of operations and comprehensive income. Retained interests are primarily derived from transfers associated with our portfolio securitizations in the form of Fannie Mae securities. We separately describe the subsequent accounting, as well as how we determine fair value, for our retained interests in the “Investments in Securities” section of this note. We enter into repurchase agreements that involve contemporaneous trades to purchase and sell securities. These transactions are accounted for as secured financings since the transferor has not relinquished control over the transferred assets. These transactions are reported as securities purchased under agreements to resell and securities sold under agreements to repurchase in our consolidated balance sheets except for securities purchased under agreements to resell on an overnight basis, which are included in cash and cash equivalents in our consolidated balance sheets.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents and Statements of Cash Flows	Cash and Cash Equivalents, Restricted Cash and Cash Equivalents and Statements of Cash Flows Short-term investments that have a maturity at the date of acquisition of three months or less and are readily convertible to known amounts of cash are generally considered cash equivalents. We also include securities purchased under agreements to resell on an overnight basis in “cash and cash equivalents” in our consolidated balance sheets. We may pledge as collateral certain short-term investments classified as cash equivalents. “Restricted cash and cash equivalents” in our consolidated balance sheets represents cash advanced to the extent such amounts are due to, but have not yet been remitted to, MBS certificateholders. Similarly, when we or our servicers collect and hold cash that is due to certain Fannie Mae MBS trusts in advance of our requirement to remit these amounts to the trusts, we recognize the collected cash amounts as restricted cash. In addition, we recognize restricted cash when we and our servicers advance payments on delinquent loans to consolidated Fannie Mae MBS trusts, which have not yet been remitted to MBS certificateholders. Cash may also be recognized as restricted cash as a result of restrictions related to certain consolidated partnership funds as well as for certain collateral arrangements for which we do not have the right to use the cash. Fannie Mae, in its role as trustee, invests funds held by consolidated trusts directly in eligible short-term third-party investments, which may include investments in cash equivalents that are composed of overnight repurchase agreements and U.S. Treasuries that have a maturity at the date of acquisition of three months or less. The funds underlying these short-term investments are restricted per the trust agreements. In the presentation of our consolidated statements of cash flows, we present cash flows from derivatives that do not contain financing elements and mortgage loans held for sale at acquisition as operating activities. We present cash flows from securities purchased under agreements to resell as investing activities. Cash flows from securities sold under agreements to repurchase are presented as financing activities in “Other, net.” We classify cash flows from trading securities based on their nature and purpose. We classify cash flows related to mortgage loans acquired as held-for-investment, including loans of Fannie Mae and loans of consolidated trusts, as either investing activities (for principal repayments or sales proceeds) or operating activities (for interest received from borrowers included as a component of our net income). Cash flows related to debt securities issued by consolidated trusts are classified as either financing activities (for repayments of principal to
Investments in Securities	Investments in Securities Securities Classified as Trading or Available-for-Sale Fannie Mae MBS included in “Investments in securities, at fair value” When we own Fannie Mae MBS issued by unconsolidated trusts, we do not derecognize any components of the guaranty assets, guaranty obligations, or any other outstanding recorded amounts associated with the guaranty transaction because our contractual obligation to the MBS trust remains in force until the trust is liquidated. We determine the fair value of Fannie Mae MBS based on observable market prices because most Fannie Mae MBS are actively traded. For any subsequent purchase or sale, we continue to account for any outstanding recorded amounts associated with the guaranty transaction on the same basis of accounting. Impairment of Available-for-Sale Securities An AFS debt security is impaired if the fair value of the investment is less than its amortized cost basis. In these circumstances, we separate the difference between the amortized cost basis of the security and its fair value into the amount representing the credit loss, which we recognize as an allowance in “Benefit (provision) for credit losses” in our consolidated statements of operations and comprehensive income, and the amount related to all other factors, which we recognize in “Other comprehensive loss,” net of taxes, in our consolidated statements of operations and comprehensive income. 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 through “Investment gains (losses), net.” 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 loss” and we recognize realized gains and losses from the sale of AFS securities in “Investment gains (losses), net” in our consolidated statements of operations and comprehensive income. We define the amortized cost basis of our AFS securities as unpaid principal balance, net of unamortized premiums and discounts, and other cost basis adjustments. We record an allowance for credit losses for AFS securities that reflects the impairment for credit losses, which are limited to the amount that fair value is less than the amortized cost. Impairment due to non-credit losses are recorded as unrealized losses within “Other comprehensive loss.”
Loans Held for Sale	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 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, whereas 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 “Benefit (provision) for credit losses” 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	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 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 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, including any unamortized premiums, discounts, and other cost basis adjustments. For purposes of our 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 and Allowance for Loan Losses	Nonaccrual Loans For single-family loans negatively impacted by the COVID-19 pandemic, we continue to recognize interest income for up to six months of delinquency provided that the loan was either current as of March 1, 2020 or originated after March 1, 2020. We continue to accrue interest income beyond six months of delinquency provided that the collection of principal and interest continues to be reasonably assured. For multifamily loans that are in a forbearance arrangement and that have been negatively impacted by the pandemic, we continue to recognize interest income for up to six months of delinquency and then place them on nonaccrual status when the borrower is six months past due. For loans that have been negatively impacted by COVID-19, we establish a valuation allowance for expected credit losses on the accrued interest receivable balance applying the process that we have established for both single-family and multifamily loans. The credit expense related to this valuation allowance is classified as a component of the provision for credit losses. Accrued interest receivable is written off when the amount is deemed to be uncollectible. Loans that are in active forbearance arrangements are not evaluated for write-off. For loans not subject to the COVID-19-related nonaccrual policy, we discontinue accruing interest when we believe collectability of principal and interest is not reasonably assured, which for both single-family and multifamily loans is generally when the loan becomes two or more months past due according to its contractual terms. A loan is reported as past due if a full payment of principal and interest is not received within one month of its due date. When a loan is placed on nonaccrual status based on delinquency status, we write-off the accrued interest receivable and reverse previously accrued interest through interest income. For loans not subject to the COVID-19-related guidance, 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. Interest income previously accrued but not collected is reversed through interest income at the date the loan is placed on nonaccrual status. See “Note 4, Allowance for Loan Losses” for additional information about our current-period provision for loan losses. For single-family loans, we recognize any contractual interest payments received on the loan while on nonaccrual status as a reduction of accrued interest receivable, if any, and then recognize interest income on a cash basis. For multifamily loans we apply any payment received on a cost recovery basis to reduce amortized cost of the mortgage loan. Thus, we do not recognize any interest income on a multifamily loan placed on nonaccrual status until the amortized cost of the loan has been reduced to zero. Cost basis adjustments on held-for-investment loans are amortized into interest income over the contractual life of the loan using the effective interest method. No amortization is recognized during periods in which the loan is on non-accrual status. A nonaccrual loan is returned to accrual status when the collectability of principal and interest in full is reasonably assured. We generally determine that collectability is reasonably assured when the loan returns to current payment status. If a loan is restructured for a borrower experiencing financial difficulty, we require a performance period of up to 6 months before we return the loan to accrual status. Upon a loan’s return to accrual status, we resume the recognition of interest income and the amortization of cost basis adjustments, if any, into interest income. If interest is capitalized pursuant to a restructuring, any capitalized interest that had not been previously recognized as interest income or that had been reversed through interest income when the loan was placed on nonaccrual status is recorded as a discount to the loan and amortized over the remaining contractual life of the loan. 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 loan losses does not consider benefits from freestanding credit enhancements, such as our Connecticut Avenue Securities ® (“CAS”) and Credit Insurance Risk Transfer™ (“CIRT™”) programs and multifamily Delegated Underwriting and Servicing (“DUS ® ”) lender risk-sharing arrangements, which are recorded in “Other assets” in our consolidated balance sheets. 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. The excess of a loan’s amortized cost over its fair value is treated as a write-off loss that is deducted from the allowance for loan losses. We include expected recoveries of amounts previously written off and expected to be written off in determining our allowance for loan losses. Our benefit or provision for loan losses can vary substantially from period to period based on a number of factors, such as changes in actual and forecasted home prices or property valuations, fluctuations in actual and forecasted interest rates, borrower payment behavior, events such as natural disasters or pandemics, the type, volume and effectiveness of our loss mitigation activities, including forbearances and loan modifications, the volume of foreclosures completed, and the volume and pricing of loans redesignated from HFI to HFS. Our benefit or provision can also be impacted by updates to the models, assumptions, and data used in determining our allowance for loan losses. In recent periods, changes in actual and projected interest rates have been a meaningful driver of our benefit or provision for loan losses as these changes drive prepayment speeds and impact the measurement of the economic
Impaired Financing Receivable	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. For single-family home prices, we develop regional forecasts based on Metropolitan Statistical Area data 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 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. We update the discount rate of the loan each reporting period to reflect changes in expected prepayments. We may modify loans to borrowers experiencing financial difficulty as part of our loss mitigation activities. We consider the effects of actual restructurings in our estimate of expected credit losses. 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 property values. Our reasonable and supportable forecasts for multifamily rental income and property values, which are projected based on Metropolitan Statistical Area data, extend through the contractual maturity of the loans. When foreclosure of a multifamily 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. Restructured Loans As described in “New Accounting Guidance” below, effective January 1, 2022. we adopted the guidance related to the elimination of the recognition and measurement of troubled debt restructurings (“TDRs”) and the enhancement of disclosures for loan restructurings for borrowers experiencing financial difficulty using the prospective transition method. Pursuant to this guidance, when a single-family loan is restructured, we continue to measure impairment on the loan using a discounted cash flow approach that utilizes a prepayment-adjusted discount rate that is based on the loan’s restructured terms. Using a post-restructuring interest rate does not result in the recognition of an economic concession in the allowance for loan losses. Additionally, loan modifications to single-family and multifamily borrowers are evaluated to determine whether they result in a new loan or a continuation of an existing loan. Modifications made by Fannie Mae for borrowers experiencing financial difficulty are generally accounted for as a continuation of the existing loan as the terms of the restructured loans are typically not at market rates. Prior to our adoption of this guidance, most of our restructurings were accounted for as TDRs. Under the TDR accounting model, we used the discount rate that was in effect prior to the restructuring to measure impairment on single-family loans which resulted in the recognition, in the allowance for loan losses, of the economic concession that we granted to borrowers as part of the loan restructuring. The measurement of the impairment on multifamily loans was not significantly impacted by our adoption of this guidance since the allowance for these loans is not measured based on a discounted cash flow approach. As we have elected a prospective transition for the TDR-elimination guidance effective January 1, 2022, the economic concession on a single-family loan that was previously restructured and accounted for as a TDR will continue to be measured in our allowance for loan losses using the discount rate that was in effect prior to the restructuring and the economic concession may increase or decrease as we update our cash flow assumptions related to the loan’s expected life. Further, the component of the allowance for loan losses representing economic concessions will decrease as the borrower makes payments in accordance with the restructured terms of the mortgage loan and as the loan is sold, liquidated, or subsequently restructured. In general, the effect of our current accounting for loan modifications is consistent with the accounting that we applied under section 401 3 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to modifications of loans not previously restructured in a TDR. The CARES Act provided temporary relief from the accounting and reporting requirements for TDRs regarding certain loan modifications related to COVID-19 beginning March 2020 through December 31, 2021.
Advances to Lenders	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. We individually negotiate early lender funding advances with our lenders. Early lender funding advances have terms up to 60 days and earn a short-term market rate of interest.
Acquired Property, Net	Acquired Property, Net We recognize foreclosed property ( i.e. , “Acquired property, net”) upon the earlier of the loan foreclosure event or when we take physical possession of the property ( i.e. , through a deed-in-lieu of foreclosure transaction). We present foreclosed property in “Other assets” in our consolidated balance sheets. We held $1.6 billion and $1.3 billion of acquired property, net as of December 31, 2022 and December 31, 2021, respectively. We initially measure foreclosed property at its fair value less its estimated costs to sell. We treat any excess of our amortized cost in the loan over the fair value less estimated costs to sell the property as a write-off to the “Allowance for loan losses” in our consolidated balance sheets. Any excess of the fair value less estimated costs to sell the property over our amortized cost in the loan is recognized first to recover any previously written-off amounts, then to recover any forgone, contractually due interest, and lastly to “Other expenses, net” in our consolidated statements of operations and comprehensive income. We classify foreclosed properties as HFS when we intend to sell the property and the following conditions are met at either acquisition or within a relatively short period thereafter: we are actively marketing the property and it is available for immediate sale in its current condition such that the sale is reasonably expected to take place within one year. We report these properties at the lower of their carrying amount or fair value less estimated selling costs. We do not depreciate these properties. We recognize a loss for any subsequent write-down of the property to its fair value less its estimated costs to sell through a valuation allowance with an offsetting charge to “Other expenses, net” in our consolidated statements of operations and comprehensive income. We recognize a recovery for any subsequent increase in fair value less estimated costs to sell up to the cumulative loss previously recognized through the valuation allowance. We recognize gains or losses on sales of foreclosed property through “Other expenses, net” in our consolidated statements of operations and comprehensive income. Properties that do not meet the criteria to be classified as HFS are classified as held for use. These properties are depreciated and are evaluated for impairment when circumstances indicate that the carrying amount of the property is no longer recoverable.
Commitments to Purchase and Sell Mortgage Loans and Securities	Commitments to Purchase and Sell Mortgage Loans and Securities We enter into commitments to purchase and sell mortgage-backed securities and to purchase single-family and multifamily mortgage loans. Certain commitments to purchase or sell mortgage-backed securities and to purchase single-family mortgage loans are accounted for as derivatives. Our commitments to purchase multifamily loans are not accounted for as derivatives because they do not meet the criteria for net settlement. When derivative purchase commitments settle, we include the fair value on the settlement date in the cost basis of the loan or unconsolidated security we purchase. When derivative commitments to sell securities settle, we include the fair value of the commitment on the settlement date in the cost basis of the security we sell. Purchases and sales of securities issued by our consolidated MBS trusts are treated as extinguishments or issuances of debt, respectively. For commitments to purchase and sell securities issued by our consolidated MBS trusts, we recognize the fair value of the commitment on the settlement date as a component of debt extinguishment gains and losses or in the cost basis of the debt issued, respectively. Regular-way securities trades provide for delivery of securities within the time generally established by regulations or conventions in the market in which the trade occurs and are exempt from application of derivative accounting. Commitments to purchase or sell securities that we account for on a trade-date basis are also exempt from the derivative accounting requirements. We record the purchase and sale of an existing security on its trade date when the commitment to purchase or sell the existing security settles within the period of time that is customary in the market in which those trades take place. Additionally, contracts for the forward purchase or sale of when-issued and to-be-announced (“TBA”) securities are exempt from the derivative accounting requirements if there is no other way to purchase or sell that security, delivery of that security and settlement will occur within the shortest period possible for that type of security and it is probable at inception and throughout the term of the individual contract that physical delivery of the security will occur. Since our commitments for the purchase of when-issued and TBA securities can be net settled and we do not document that physical settlement is probable, we account for all such commitments as derivatives.
Derivative Instruments	Derivative Instruments We recognize our derivatives as either assets or liabilities in our consolidated balance sheets at their fair value on a trade date basis. Changes in fair value and interest accruals on derivatives not in qualifying fair value hedging relationships are recorded as “Fair value gains (losses), net” in our consolidated statements of operations and comprehensive income. We offset the carrying amounts of certain derivatives that are in gain positions and loss positions as well as cash collateral receivables and payables associated with derivative positions pursuant to the terms of enforceable master netting arrangements. We offset these amounts only when we have the legal right to offset under the contract and we have met all the offsetting conditions. For our over-the-counter (“OTC”) derivative positions, our master netting arrangements allow us to net derivative assets and liabilities with the same counterparty. For our cleared derivative contracts, our master netting arrangements allow us to net our exposure by clearing organization and by clearing member. After offsetting, we report derivatives in a gain position in “Other assets” and derivatives in a loss position in “Other liabilities” in our consolidated balance sheets. We evaluate financial instruments that we purchase or issue and other financial and non-financial contracts for embedded derivatives. To identify embedded derivatives that we must account for separately, we determine whether: (1) the economic characteristics of the embedded derivative are not clearly and closely related to the economic characteristics of the financial instrument or other contract (i.e., the host contract); (2) the financial instrument or other contract itself is not already measured at fair value with changes in fair value included in earnings; and (3) a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative. If the embedded derivative meets all three of these conditions, we elect to carry the hybrid contract in its entirety at fair value with changes in fair value recorded in earnings. Fair Value Hedge Accounting In January 2021, to reduce earnings volatility related to changes in benchmark interest rates, we began applying fair value hedge accounting to certain pools of single-family mortgage loans and certain issuances of our funding debt by designating such instruments as the hedged item in hedging relationships with interest-rate swaps. In these relationships, we have designated the change in the benchmark interest rate, either the London Inter-bank Offered Rate (“LIBOR”) or Secured Overnight Financing Rate (“SOFR”), as the risk being hedged. We have elected to use the last-of-layer method to hedge certain pools of single-family mortgage loans. This election involves establishing fair value hedging relationships on the portion of each loan pool that is not expected to be affected by prepayments, defaults and other events that affect the timing and amount of cash flows. The term of each hedging relationship is generally one business day and we establish hedging relationships daily to align our hedge accounting with our risk management practices. We apply hedge accounting to qualifying hedging relationships. A qualifying hedging relationship exists when changes in the fair value of a derivative hedging instrument are expected to be highly effective in offsetting changes in the fair value of the hedged item attributable to the risk being hedged during the term of the hedging relationship. We assess hedge effectiveness using statistical regression analysis. A hedging relationship is considered highly effective if the total change in fair value of the hedging instrument and the change in the fair value of the hedged item due to changes in the benchmark interest rate offset each other within a range of 80% to 125% and certain other statistical tests are met. If a hedging relationship qualifies for hedge accounting, the change in the fair value of the interest-rate swaps and the change in the fair value of the hedged item for the risk being hedged are recorded through net interest income. A corresponding basis adjustment is recorded against the hedged item, either the pool of mortgage loans or the debt, for the changes in the fair value attributable to the risk being hedged. For hedging relationships that hedge pools of single-family mortgage loans, basis adjustments are allocated to individual single-family loans based on the relative unpaid principal balance of each loan at the termination of the hedging relationship. The cumulative basis adjustments on the hedged item are amortized into earnings using the effective interest method over the contractual life of the hedged item, with amortization beginning upon termination of the hedging relationship. All changes in fair value of the designated portion of the derivative hedging instrument (i.e., interest-rate swap), including interest accruals, are recorded in the same line item in the consolidated statements of operations and comprehensive income used to record the earnings effect of the hedged item. Therefore, changes in the fair value of the hedged mortgage loans and debt attributable to the risk being hedged are recognized in “Interest income” or “Interest expense,” respectively, along with the changes in the fair value of the respective derivative hedging instruments. The recognition of basis adjustments on the hedged item and the subsequent amortization are noncash activities and are removed from net income to derive the “Net cash provided by operating activities” in our consolidated statements of cash flows. Cash paid or received on designated derivative instruments during a hedging relationship is reported as “Net cash provided by operating activities” in the consolidated statements of cash flows.
Collateral	Collateral We enter into various transactions where we pledge and accept collateral, the most common of which are our derivative transactions. Required collateral levels vary depending on the credit rating and type of counterparty. We also pledge and receive collateral under our repurchase and reverse repurchase agreements. In order to reduce potential exposure to repurchase counterparties, a third-party custodian typically maintains the collateral and any margin. We monitor the fair value of the collateral received from our counterparties, and we may require additional collateral from those counterparties, as we deem appropriate. Cash Collateral We record cash collateral accepted from a counterparty that we have the right to use as “Cash and cash equivalents” and cash collateral accepted from a counterparty that we do not have the right to use as “Restricted cash and cash equivalents” in our consolidated balance sheets. We net our obligation to return cash collateral pledged to us against the fair value of derivatives in a gain position recorded in “Other assets” in our consolidated balance sheets as part of our counterparty netting calculation. For derivative positions with the same counterparty under master netting arrangements where we pledge cash collateral, we remove it from “Cash and cash equivalents” and net the right to receive it against the fair value of derivatives in a loss position recorded in “Other liabilities” in our consolidated balance sheets as a part of our counterparty netting calculation. Non-Cash Collateral We classify securities pledged to counterparties as either “Investments in securities, at fair value” or “Cash and cash equivalents” in our consolidated balance sheets. Securities pledged to counterparties that have been consolidated with the underlying assets recognized as loans are included as “Mortgage loans” in our consolidated balance sheets.
Debt	Debt Our consolidated balance sheets contain debt of Fannie Mae as well as debt of consolidated trusts. We report debt issued by us as “Debt of Fannie Mae” and by consolidated trusts as “Debt of consolidated trusts.” Debt issued by us represents debt that we issue to third parties to fund our general business activities and certain credit risk-sharing securities. The debt of consolidated trusts represents the amount of Fannie Mae MBS issued from such trusts that is held by third-party certificateholders and prepayable without penalty at any time. We report deferred items, including premiums, discounts and other cost basis adjustments, as adjustments to the related debt balances in our consolidated balance sheets.
Interest Expense	We classify interest expense as either short-term or long-term based on the contractual maturity of the related debt. We recognize the amortization of premiums, discounts and other cost basis adjustments through interest expense using the effective interest method usually over the contractual term of the debt. Amortization of premiums, discounts and other cost basis adjustments begins at the time of debt issuance.
Income Taxes	Income Taxes We recognize deferred tax assets and liabilities based on the differences in the book and tax bases of assets and liabilities. We measure deferred tax assets and liabilities using enacted tax rates that are applicable to the period(s) that the differences are expected to reverse. We adjust deferred tax assets and liabilities for the effects of changes in tax laws and rates in the period of enactment. We recognize investment and other tax credits through our effective tax rate calculation assuming that we will be able to realize the full benefit of the credits. We invest in LIHTC projects and elect the proportional amortization method for the associated tax credits. We amortize the cost of a LIHTC investment each reporting period in proportion to the tax credits and other tax benefits received. We recognize the resulting amortization We evaluate our deferred tax assets for recoverability using a consistent approach which considers the relative impact of negative and positive evidence, including our historical profitability and projections of future taxable income. Our framework for assessing the recoverability of deferred tax assets requires us to weigh all available evidence, to the extent it exists, including: • the sustainability of recent profitability required to realize the deferred tax assets; • the cumulative net income or losses in our consolidated statements of operations and comprehensive income in recent years; • unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels on a continuing basis in future years; • the funding available to us under the senior preferred stock purchase agreement; and
Income Tax Uncertainties	We account for uncertain tax positions using a two-step approach whereby we recognize an income tax benefit if, based on the technical merits of a tax position, it is more likely than not that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation. We then measure the recognized tax benefit based on the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. We recognize interest expense and penalties on unrecognized tax benefits as “Other expenses, net” in our consolidated statements of operations and comprehensive income.
Earnings per Share	Earnings per ShareEarnings 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 attributable to common stockholders excludes amounts attributable to the senior preferred stock, which increase the liquidation preference as described above in “Senior Preferred Stock Purchase Agreement, Senior Preferred Stock and Warrant.”The calculation of diluted EPS includes all the components of basic earnings per share, plus the dilutive effect of common stock equivalents such as convertible securities and stock options. Weighted-average shares outstanding is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued.
New Accounting Guidance	New Accounting Guidance Adoption of ASU 2022-02 The Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments – Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) in March 2022. As noted above, effective January 1, 2022, we adopted the amendments within ASU 2022-02 related to the elimination of the recognition and measurement of TDRs and the enhancement of disclosures for loan restructurings for borrowers experiencing financial difficulty using the prospective transition method. At adoption of this guidance, there was no material impact on our financial statements. The amendments in ASU 2022-02 that we have not adopted as of December 31, 2022, as permitted in the guidance, require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases in the existing vintage disclosures. These amendments are effective for fiscal years beginning after December 15, 2022 for creditors that have adopted the amendments in Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. We plan to include the required disclosures in our Form 10-Q filing for the period ended March 31, 2023, which is not expected to have a material impact on our financial statements. Fair Value Hedging - Portfolio Layer Method On March 28, 2022, the FASB issued ASU 2022-01, Fair Value Hedging – Portfolio Layer Method, which clarifies the guidance on fair value hedge accounting of interest rate risk portfolios of financial assets. The ASU expands the scope of the current last-of-layer method to allow entities to apply this method, renamed the portfolio layer method, to non-prepayable financial assets and to designate multiple hedge relationships within a single closed portfolio of financial assets. Additionally, the ASU clarifies that basis adjustments related to existing portfolio layer hedge relationships should not be considered when measuring credit losses on the financial assets included in the closed portfolio. Further, the ASU clarifies that any reversal of fair value hedge basis adjustments associated with an actual breach should be recognized in interest income immediately. The ASU is effective for public business entities for fiscal years beginning after December 15, 2022, and interim periods within those years. The adoption of this guidance on January 1, 2023 is not expected to have a material impact on our financial statements. Reference Rate Reform In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting which extends the period of optional temporary relief provided to entities to ease the potential burden of transitioning away from LIBOR and other discontinued interest rates. The FASB had previously issued guidance that provided 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 but had limited that relief to contract modifications made and hedging relationships entered into through December 31, 2022 (the “sunset date”). The ASU, which is effective immediately, extends the sunset date to December 31, 2024. The adoption of this guidance did not have a material impact on our financial statements.
Troubled Debt Restructuring	Prior to our adoption of ASU 2022-02, we accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR. In addition to formal loan modifications, we accounted for informal restructurings as a TDR if we deferred more than three missed payments to a borrower experiencing financial difficulty. We also classified bankruptcy relief provided to certain borrowers as TDRs. However, our TDR accounting described herein was suspended for most of our loss mitigation activities through our election to account for certain eligible loss mitigation activities occurring between March 2020 and January 1, 2022 under the COVID-19 relief granted pursuant to the CARES Act and the Consolidated Appropriations Act of 2021. Effective January 1, 2022, we adopted ASU 2022-02, which eliminated TDR accounting prospectively for all restructurings occurring on or after January 1, 2022. Loans that were restructured in a TDR prior to the adoption of ASU 2022-02 will continue to be accounted for under the historical TDR accounting until the loan is paid off, liquidated or subsequently modified.
Financial Guarantees	We recognize a guaranty obligation for our obligation to stand ready to perform on our guarantees to unconsolidated trusts and other guaranty arrangements. These off-balance sheet guarantees expose us to credit losses primarily relating to the unpaid principal balance of our unconsolidated Fannie Mae MBS and other financial guarantees.We measure our guaranty reserve for estimated credit losses for off-balance sheet exposures over the contractual period for which they are exposed to the credit risk, unless that obligation is unconditionally cancellable by the issuer.
Derivatives, Hedging	Pursuant to this program, we may designate certain interest-rate swaps as hedging instruments in hedges of the change in fair value attributable to the designated benchmark interest rate for certain closed pools of fixed-rate, single-family mortgage loans or our funding debt. For hedged items in qualifying fair value hedging relationships, changes in fair value attributable to the designated risk are recognized as a basis adjustment to the hedged item. We also report changes in the fair value of the derivative hedging instrument in the same consolidated statements of operations and comprehensive income line item used to recognize the earnings effect of the hedged item’s basis adjustment.
Derivatives, Offsetting	Derivative instruments are recorded at fair value and securities purchased under agreements to resell are recorded at amortized cost in our consolidated balance sheets.We determine our rights to offset the assets and liabilities presented above with the same counterparty, including collateral posted or received, based on the contractual arrangements entered into with our individual counterparties and various rules and regulations that would govern the insolvency of a derivative counterparty.
Fair Value Measurements	Fair Value Measurement Fair value measurement guidance defines fair value, establishes a framework for measuring fair value and sets forth disclosures around fair value measurements. This guidance applies whenever other accounting guidance requires or permits assets or liabilities to be measured at fair value. The guidance establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority, Level 1, to measurements based on unadjusted quoted prices in active markets for identical assets or liabilities. The next highest priority, Level 2, is given to measurements of assets and liabilities based on limited observable inputs or observable inputs for similar assets and liabilities. The lowest priority, Level 3, is given to measurements based on unobservable inputs. Fair Value Option We elect the fair value option for loans and debt that contain embedded derivatives that would otherwise require bifurcation. 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	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 consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.”
Concentration Risk	One of the measures by which we gauge our credit risk is the delinquency status of the mortgage loans in our guaranty book of business. For single-family and multifamily loans, we use this information, in conjunction with housing market and other economic data, to structure our pricing and our eligibility and underwriting criteria to reflect the current risk of loans with higher-risk characteristics, and in some cases we decide to significantly reduce our participation in riskier loan product categories. Management also uses this data together with other credit risk measures to identify key trends that guide the development of our loss mitigation strategies.
Commitments and Contingencies	On a quarterly basis, we review relevant information about all pending legal actions and proceedings for the purpose of evaluating and revising our contingencies, accruals and disclosures. We establish an accrual only for matters when the likelihood of a loss is probable and we can reasonably estimate the amount of such loss.

Consolidations and Transfers _2

Consolidations and Transfers of Financial Assets (Tables)	12 Months Ended
Consolidations and Transfers of Financial Assets (Tables)	Dec. 31, 2022
Consolidations and Transfers of Financial Assets [Abstract]
Schedule of Unconsolidated Variable Interest Entities	The following table displays the carrying amount and classification of our assets and liabilities that relate to our involvement with unconsolidated securitization and resecuritization trusts. As of December 31, 2022 2021 (Dollars in millions) Assets and liabilities recorded in our consolidated balance sheets related to unconsolidated mortgage-backed trusts: Investments in securities, at fair value $ 3,353 $ 4,709 Other assets 40 35 Other liabilities (45) (41) Net carrying amount $ 3,348 $ 4,703

Mortgage Loans (Tables)

Mortgage Loans (Tables)	12 Months Ended
Mortgage Loans (Tables)	Dec. 31, 2022
Receivables [Abstract]
Loans in Mortgage Portfolio	The following table displays the carrying value of our mortgage loans and allowance for loan losses. As of December 31, 2022 2021 (Dollars in millions) Single-family $ 3,644,158 $ 3,495,573 Multifamily 431,440 403,452 Total unpaid principal balance of mortgage loans 4,075,598 3,899,025 Cost basis and fair value adjustments, net 50,185 74,846 Allowance for loan losses for HFI loans (11,347) (5,629) Total mortgage loans (1) $ 4,114,436 $ 3,968,242 (1) Excludes $9.5 billion and $9.1 billion of accrued interest receivable, net of allowance as of December 31, 2022 and 2021. The following table displays information about our purchase of HFI loans, redesignation of loans and the sales of mortgage loans during the period. For the Year Ended December 31, 2022 2021 2020 (Dollars in millions) Purchase of HFI loans: Single-family unpaid principal balance $ 614,836 $ 1,354,705 $ 1,358,744 Multifamily unpaid principal balance 69,206 69,185 75,517 Single family loans redesignated from HFI to HFS: Amortized cost $ 7,825 $ 16,606 $ 8,309 Lower of cost or fair value adjustment at time of redesignation (1) (679) (372) (291) Allowance reversed at time of redesignation 373 1,605 963 Single family loans redesignated from HFS to HFI: Amortized cost $ 2,004 $ 5 $ 144 Single-family loans sold: Unpaid principal balance $ 8,069 $ 16,977 $ 9,519 Realized gains, net 126 1,624 831 (1) Consists of the write-off against the allowance at the time of redesignation.
Aging Analysis	The following tables display an aging analysis of the total amortized cost of our HFI mortgage loans by portfolio segment and class of financing receivable, excluding loans for which we have elected the fair value option. As of December 31, 2022 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 $ 27,891 $ 6,774 $ 19,990 $ 54,655 $ 3,092,199 $ 3,146,854 $ 13,257 $ 3,254 15-year or less, amortizing fixed-rate 1,902 314 800 3,016 488,452 491,468 666 82 Adjustable-rate 176 38 127 341 26,767 27,108 90 24 Other (2) 660 179 898 1,737 30,362 32,099 424 324 Total single-family 30,629 7,305 21,815 59,749 3,637,780 3,697,529 14,437 3,684 Multifamily (3) 173 N/A 955 1,128 431,094 432,222 11 13 Total $ 30,802 $ 7,305 $ 22,770 $ 60,877 $ 4,068,874 $ 4,129,751 $ 14,448 $ 3,697 As of December 31, 2021 30 - 59 Days Delinquent 60 - 89 Days Delinquent Seriously Delinquent (1) Total Delinquent Current Total Loans 90 Days or More Delinquent and Accruing Interest Nonaccrual Loans with No Allowance (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 22,862 $ 5,192 $ 38,288 $ 66,342 $ 2,902,763 $ 2,969,105 $ 24,236 $ 6,271 15-year or less, amortizing fixed-rate 2,024 326 1,799 4,149 529,278 533,427 1,454 193 Adjustable-rate 161 36 374 571 25,771 26,342 287 63 Other (2) 786 204 1,942 2,932 35,013 37,945 1,008 545 Total single-family 25,833 5,758 42,403 73,994 3,492,825 3,566,819 26,985 7,072 Multifamily (3) 114 N/A 1,693 1,807 404,398 406,205 317 107 Total $ 25,947 $ 5,758 $ 44,096 $ 75,801 $ 3,897,223 $ 3,973,024 $ 27,302 $ 7,179 (1) Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due. (2) Reverse mortgage loans included in “Other” are not aged due to their nature and are included in the current column. (3) Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.
Credit Quality Indicators	The following tables display the total amortized cost of our single-family HFI loans by class of financing receivable, year of origination and credit quality indicator, excluding loans for which we have elected the fair value option. The estimated mark-to-market loan to value (“LTV”) ratio is a primary factor we consider when estimating our allowance for loan losses for single-family loans. As LTV ratios increase, the borrower’s equity in the home decreases, which may negatively affect the borrower’s ability to refinance or to sell the property for an amount at or above the outstanding balance of the loan. As of December 31, 2022, by Year of Origination (1) 2022 2021 2020 2019 2018 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% $ 281,257 $ 896,977 $ 820,452 $ 149,067 $ 70,306 $ 651,297 $ 2,869,356 Greater than 80% and less than or equal to 90% 84,864 86,335 5,904 1,152 618 1,062 179,935 Greater than 90% and less than or equal to 100% 84,664 9,284 1,333 217 77 224 95,799 Greater than 100% 1,230 208 56 18 12 240 1,764 Total 20- and 30-year or more, amortizing fixed-rate 452,015 992,804 827,745 150,454 71,013 652,823 3,146,854 15-year or less, amortizing fixed-rate: Less than or equal to 80% 37,830 185,511 134,336 20,239 7,324 103,841 489,081 Greater than 80% and less than or equal to 90% 1,363 410 33 3 — 2 1,811 Greater than 90% and less than or equal to 100% 552 16 1 — — 1 570 Greater than 100% 3 1 — — — 2 6 Total 15-year or less, amortizing fixed-rate 39,748 185,938 134,370 20,242 7,324 103,846 491,468 Adjustable-rate: Less than or equal to 80% 3,971 6,383 1,865 821 906 11,226 25,172 Greater than 80% and less than or equal to 90% 1,013 236 12 3 1 3 1,268 Greater than 90% and less than or equal to 100% 645 21 — — 1 — 667 Greater than 100% 1 — — — — — 1 Total adjustable-rate 5,630 6,640 1,877 824 908 11,229 27,108 Other: Less than or equal to 80% — — — 29 222 22,103 22,354 Greater than 80% and less than or equal to 90% — — — — 1 129 130 Greater than 90% and less than or equal to 100% — — — — 1 56 57 Greater than 100% — — — — — 57 57 Total other — — — 29 224 22,345 22,598 Total $ 497,393 $ 1,185,382 $ 963,992 $ 171,549 $ 79,469 $ 790,243 $ 3,688,028 Total for all classes by LTV ratio: (2) Less than or equal to 80% $ 323,058 $ 1,088,871 $ 956,653 $ 170,156 $ 78,758 $ 788,467 $ 3,405,963 Greater than 80% and less than or equal to 90% 87,240 86,981 5,949 1,158 620 1,196 183,144 Greater than 90% and less than or equal to 100% 85,861 9,321 1,334 217 79 281 97,093 Greater than 100% 1,234 209 56 18 12 299 1,828 Total $ 497,393 $ 1,185,382 $ 963,992 $ 171,549 $ 79,469 $ 790,243 $ 3,688,028 As of December 31, 2021, by Year of Origination (1) 2021 2020 2019 2018 2017 Prior Total (Dollars in millions) Estimated mark-to-market LTV ratio: (2) 20- and 30-year or more, amortizing fixed-rate: Less than or equal to 80% $ 798,830 $ 881,290 $ 177,909 $ 87,825 $ 111,059 $ 666,327 $ 2,723,240 Greater than 80% and less than or equal to 90% 129,340 39,689 2,689 1,056 622 1,687 175,083 Greater than 90% and less than or equal to 100% 66,667 2,278 544 229 57 460 70,235 Greater than 100% 21 12 9 16 22 467 547 Total 20- and 30-year or more, amortizing fixed-rate 994,858 923,269 181,151 89,126 111,760 668,941 2,969,105 15-year or less, amortizing fixed-rate: Less than or equal to 80% 196,163 157,076 25,390 9,595 20,715 121,027 529,966 Greater than 80% and less than or equal to 90% 2,576 259 16 4 2 7 2,864 Greater than 90% and less than or equal to 100% 579 5 — 1 1 4 590 Greater than 100% — — — — 2 5 7 Total 15-year or less, amortizing fixed-rate 199,318 157,340 25,406 9,600 20,720 121,043 533,427 Adjustable-rate: Less than or equal to 80% 6,166 2,235 1,065 1,236 2,524 12,501 25,727 Greater than 80% and less than or equal to 90% 438 25 7 4 2 3 479 Greater than 90% and less than or equal to 100% 135 1 — — — — 136 Greater than 100% — — — — — — — Total adjustable-rate 6,739 2,261 1,072 1,240 2,526 12,504 26,342 Other: Less than or equal to 80% — — 34 268 655 26,930 27,887 Greater than 80% and less than or equal to 90% — — — 3 6 275 284 Greater than 90% and less than or equal to 100% — — — 1 2 133 136 Greater than 100% — — — 1 1 141 143 Total other — — 34 273 664 27,479 28,450 Total $ 1,200,915 $ 1,082,870 $ 207,663 $ 100,239 $ 135,670 $ 829,967 $ 3,557,324 Total for all classes by LTV ratio: (2) Less than or equal to 80% $ 1,001,159 $ 1,040,601 $ 204,398 $ 98,924 $ 134,953 $ 826,785 $ 3,306,820 Greater than 80% and less than or equal to 90% 132,354 39,973 2,712 1,067 632 1,972 178,710 Greater than 90% and less than or equal to 100% 67,381 2,284 544 231 60 597 71,097 Greater than 100% 21 12 9 17 25 613 697 Total $ 1,200,915 $ 1,082,870 $ 207,663 $ 100,239 $ 135,670 $ 829,967 $ 3,557,324 (1) Excludes $9.5 billion as of December 31, 2022 and 2021, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies, which represents primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV ratio. (2) The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan divided by the estimated current value of the property as of the end of each reported period, which we calculate using an internal valuation model that estimates periodic changes in home value. The following tables display the total amortized cost 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 December 31, 2022, by Year of Origination 2022 2021 2020 2019 2018 Prior Total (Dollars in millions) Internally assigned credit risk rating: Non-classified (1) $ 57,987 $ 64,206 $ 75,596 $ 59,562 $ 48,774 $ 104,078 $ 410,203 Classified (2) 1,415 1,580 1,388 2,816 2,496 12,324 22,019 Total $ 59,402 $ 65,786 $ 76,984 $ 62,378 $ 51,270 $ 116,402 $ 432,222 As of December 31, 2021, by Year of Origination 2021 2020 2019 2018 2017 Prior Total (Dollars in millions) Internally assigned credit risk rating: Non-classified (1) $ 58,986 $ 79,602 $ 64,278 $ 55,552 $ 44,037 $ 87,549 $ 390,004 Classified (2) 21 595 2,288 2,114 4,091 7,092 16,201 Total $ 59,007 $ 80,197 $ 66,566 $ 57,666 $ 48,128 $ 94,641 $ 406,205 (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. We had loans in our seniors housing portfolio with an amortized cost of $9.2 billion as of December 31, 2022 and $5.6 billion as of December 31, 2021 classified as substandard. “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. We had loans with an amortized cost of $8 million as of December 31, 2022 and less than $1 million as of December 31, 2021 classified as doubtful.
Financing Receivable, Loan Modification	The following table displays the amortized cost of HFI mortgage loans that were restructured during the year ended December 31, 2022, presented by portfolio segment and class of financing receivable. For the Year Ended December 31, 2022 Payment Delay (Only) Forbearance Plan Payment Deferral Trial Modification and Repayment Plans Payment Delay and Term Extension (1) Payment Delay, Term Extension and Interest Rate Reduction (1) Total Percentage of Total by Financing Class (2) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 15,697 $ 16,875 $ 5,287 $ 4,109 $ 11,342 $ 53,310 2 % 15-year or less, amortizing fixed-rate 794 875 233 3 2 1,907 * Adjustable-rate 90 76 36 — 39 241 1 Other 296 369 181 121 450 1,417 4 Total single-family 16,877 18,195 5,737 4,233 11,833 56,875 2 Multifamily 283 — — — 40 323 * Total (3) $ 17,160 $ 18,195 $ 5,737 $ 4,233 $ 11,873 $ 57,198 1 * Represents less than 0.5% of total by financing class. (1) Represents loans that received a contractual modification. (2) Based on the amortized cost basis as of period end, divided by the period end amortized cost basis of the corresponding class of financing receivable. (3) Excludes $4.0 billion for the year ended December 31, 2022 for loans that received a loss mitigation activity during the period that paid off, repurchased or sold prior to period end. Also excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale. Loans may move from one category to another, as a result of the restructuring(s) they received during the period. The following tables summarize the financial impacts of loan modifications and payment deferrals made to single-family HFI loans during the year ended December 31, 2022, presented by class of financing receivable. We discuss the qualitative impacts of forbearance plans, repayment plans, and trial modifications earlier in this footnote. As a result, those loss mitigation options are excluded from the table below. For the Year Ended December 31, 2022 Weighted-Average Interest Rate Reduction Weighted-Average Term Extension Average Amount Capitalized as a Result of a Payment Delay (1) Loan by class of financing receivable: (2) 20- and 30-year or more, amortizing fixed-rate 1.42 % 179 $ 22,248 15-year or less, amortizing fixed-rate 2.54 55 19,276 Adjustable-rate 0.70 — 22,153 Other 1.80 187 22,773 (1) Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole dollars. The following table displays an aging analysis of HFI mortgage loans that were restructured on or after January 1, 2022, the date we adopted ASU 2022-02, through December 31, 2022, presented by portfolio segment and class of financing receivable. The substantial majority of loans that received a completed modification or a payment deferral during the fourth quarter of 2022 were not delinquent. As of December 31, 2022 30-59 Days Delinquent 60-89 Days Delinquent (1) Seriously Delinquent Total Delinquent Current Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 4,113 $ 2,785 $ 13,995 $ 20,893 $ 27,379 $ 48,272 15-year or less, amortizing fixed-rate 147 114 552 813 962 1,775 Adjustable-rate 15 14 79 108 117 225 Other 113 67 365 545 755 1,300 Total single-family loans modified 4,388 2,980 14,991 22,359 29,213 51,572 Multifamily 3 N/A 265 268 55 323 Total loans restructured (2) $ 4,391 $ 2,980 $ 15,256 $ 22,627 $ 29,268 $ 51,895 (1) Multifamily loans 60-89 days delinquent are included in the seriously delinquent column. (2) Represents the amortized cost basis as of period end. The following table displays the number of loans and amortized cost of loans classified as a TDR during the period. For the Year Ended December 31, 2021 2020 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed rate 10,815 $ 1,717 29,938 $ 5,125 15-year or less, amortizing fixed rate 1,165 93 2,956 257 Adjustable-rate 116 17 467 72 Other 524 56 1,688 211 Total single-family 12,620 1,883 35,049 5,665 Multifamily — — — — Total TDRs 12,620 $ 1,883 35,049 $ 5,665 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 modifications 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 Year Ended December 31, 2021 2020 Number of Loans Amortized Cost Number of Loans Amortized Cost (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed rate 7,799 $ 1,302 14,127 $ 2,578 15-year or less, amortizing fixed rate 489 37 148 10 Adjustable-rate 33 5 16 2 Other 922 166 1,291 208 Total single-family 9,243 1,510 15,582 2,798 Multifamily — — 4 16 Total TDRs that subsequently defaulted 9,243 $ 1,510 15,586 $ 2,814
Financing Receivable, Modified, Subsequent Default	The following tables display the amortized cost of HFI loans that received a completed modification or payment deferral on or after January 1, 2022, the date we adopted ASU 2022-02, through December 31, 2022 and that defaulted in the period presented. The substantial majority of loans that received a completed modification or a payment deferral during the fourth quarter of 2022 did not default during the period. For purposes of this disclosure, we define loans that had a payment default as single-family loans with completed modifications that are two or more months delinquent during the period; or multifamily loans with completed modifications that are one or more months delinquent during the period. For loans that receive a forbearance plan, repayment plan or trial modification, these loss mitigation options generally remain in default until the loan is no longer delinquent as a result of the payment of all past-due amounts or as a result of a loan modification or payment deferral. Therefore, forbearance plans, repayment plans and trial modifications are not included in default tables below. For the Year Ended December 31, 2022 Payment Delay as a Result of a Payment Deferral (Only) Payment Delay and Term Extension Payment Delay, Term Extension and Interest Rate Reduction Total (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 1,695 $ 258 $ 648 $ 2,601 15-year or less, amortizing fixed-rate 56 — — 56 Adjustable-rate 7 — 3 10 Other 41 11 42 94 Total single-family 1,799 269 693 2,761 Multifamily — — — — Total loans that subsequently defaulted (1) $ 1,799 $ 269 $ 693 $ 2,761 (1) Represents amortized cost as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale.
Financing Receivable, Nonaccrual	The table below displays the accrued interest receivable written off through the reversal of interest income for nonaccrual loans. For the Year Ended December 31, 2022 2022 2021 2020 (Dollars in millions) Accrued interest receivable written off through the reversal of interest income: Single-family $ 61 $ 163 $ 206 Multifamily 1 1 19 The table below includes the amortized cost of and interest income recognized on our HFI single-family and multifamily loans on nonaccrual status by class, excluding loans for which we have elected the fair value option. As of December 31, For the Year Ended December 31, 2022 2021 2020 2019 2022 2021 2020 Amortized Cost Total Interest Income Recognized (1) (Dollars in millions) Single-family: 20- and 30-year or more, amortizing fixed-rate $ 9,447 $ 17,599 $ 22,907 $ 23,427 $ 207 $ 292 $ 461 15-year or less, amortizing fixed-rate 200 430 853 858 4 6 15 Adjustable-rate 53 107 270 288 1 1 5 Other 617 1,101 2,475 2,973 11 15 43 Total single-family 10,317 19,237 26,505 27,546 223 314 524 Multifamily 2,200 1,259 2,069 435 75 14 59 Total nonaccrual loans $ 12,517 $ 20,496 $ 28,574 $ 27,981 $ 298 $ 328 $ 583 (1) Interest income recognized includes amortization of any deferred cost basis adjustments while the loan is performing and that is not reversed when the loan is placed on nonaccrual status. For loans negatively impacted by the COVID-19 pandemic, also includes amounts accrued but not collected prior to the loan being placed on nonaccrual status. For single-family, interest income recognized includes payments received on nonaccrual loans held as of period end.

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	12 Months Ended
Allowance for Loan Losses (Tables)	Dec. 31, 2022
Receivables [Abstract]
Allowance for Loan Losses Roll Forward by Segment	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, on January 1, 2020. The benefit or provision for loan losses excludes provision for accrued interest receivable losses, guaranty loss reserves and credit losses on available-for-sale (“AFS”) debt securities. Cumulatively, these amounts are recognized as “Benefit (provision) for credit losses” in our consolidated statements of operations and comprehensive income. For the Year Ended December 31, 2022 2021 2020 (Dollars in millions) Single-family allowance for loan losses: Beginning balance $ (4,950) $ (9,344) $ (8,759) Transition impact of the adoption of the CECL standard — — (1,229) Benefit (provision) for loan losses (5,061) 4,503 127 Write-offs 883 417 457 Recoveries (276) (419) (93) Other (39) (107) 153 Ending balance $ (9,443) $ (4,950) $ (9,344) Multifamily allowance for loan losses: Beginning balance $ (679) $ (1,208) $ (257) Transition impact of the adoption of the CECL standard — — (493) Benefit (provision) for loan losses (1,245) 519 (593) Write-offs 43 59 136 Recoveries (23) (49) (1) Ending balance $ (1,904) $ (679) $ (1,208) Total allowance for loan losses: Beginning balance $ (5,629) $ (10,552) $ (9,016) Transition impact of the adoption of the CECL standard — — (1,722) Benefit (provision) for loan losses (6,306) 5,022 (466) Write-offs 926 476 593 Recoveries (299) (468) (94) Other (39) (107) 153 Ending balance $ (11,347) $ (5,629) $ (10,552)

Investments in Securities (Tabl

Investments in Securities (Tables)	12 Months Ended
Investments in Securities (Tables)	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments In Trading Securities	The following table displays our investments in trading securities. As of December 31, 2022 2021 (Dollars in millions) Mortgage-related securities (includes $427 million and $593 million, respectively, related to consolidated trusts) $ 3,211 $ 4,606 Non-mortgage-related securities (includes $3.9 billion and $4.2 billion, respectively, pledged as collateral) (1) 46,918 83,600 Total trading securities $ 50,129 $ 88,206 (1) Primarily includes U.S. Treasury securities.
Schedule of Trading Securities Gains (Losses), Net	The following table displays information about our net trading gains (losses). For the Year Ended December 31, 2022 2021 2020 (Dollars in millions) Net trading gains (losses) $ (3,504) $ (1,060) $ 513 Net trading gains (losses) recognized in the period related to securities still held at period end (2,865) (997) 252
Schedule of Available-for-sale Securities Reconciliation	The following tables display the amortized cost, allowance for credit losses, gross unrealized gains and losses in accumulated other comprehensive income (loss) (“AOCI”), and fair value by major security type for AFS securities. As of December 31, 2022 Total Amortized Cost Allowance for Credit Losses Gross Unrealized Gains in AOCI Gross Unrealized Losses in AOCI Total Fair Value (Dollars in millions) Agency securities (1) $ 445 $ — $ 3 $ (22) $ 426 Other mortgage-related securities 269 (3) 5 (1) 270 Total $ 714 $ (3) $ 8 $ (23) $ 696 As of December 31, 2021 Total Amortized Cost Allowance for Credit Losses Gross Unrealized Gains in AOCI Gross Unrealized Losses in AOCI Total Fair Value (Dollars in millions) Agency securities (1) $ 504 $ — $ 14 $ (11) $ 507 Other mortgage-related securities 323 * 10 (3) 330 Total $ 827 * $ 24 $ (14) $ 837 s * Total allowance for credit losses is less than $0.5 million as of December 31, 2021. (1) Agency securities consist of securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae.
Available-for-sale, Unrealized Loss Position, Fair Value	The following tables display additional information regarding gross unrealized losses and fair value by major security type for AFS securities in an unrealized loss position, excluding allowance for credit losses. As of December 31, 2022 2021 Less Than 12 Consecutive Months 12 Consecutive Months or Longer Less Than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses in AOCI Fair Value Gross Unrealized Losses in AOCI Fair Value Gross Unrealized Losses in AOCI Fair Value Gross Unrealized Losses in AOCI Fair Value (Dollars in millions) Agency securities $ (12) $ 161 $ (10) $ 159 $ (5) $ 225 $ (6) $ 102 Other mortgage-related securities (1) 8 — — (3) 3 — — Total $ (13) $ 169 $ (10) $ 159 $ (8) $ 228 $ (6) $ 102
Schedule of Available-for-sale Securities Realized Gain (Loss)	The following table displays the gross realized gains (losses) and proceeds on sales of AFS securities. For the Year Ended December 31, 2022 2021 2020 (Dollars in millions) Gross realized gains $ — $ 59 $ 57 Total proceeds (excludes initial sale of securities from new portfolio securitizations) — 582 361
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables display net unrealized gains and losses on AFS securities and other amounts recorded within our accumulated other comprehensive income, net of tax. As of December 31, 2022 2021 2020 (Dollars in millions) Net unrealized gains (losses) on AFS securities for which we have not recorded an allowance for credit losses $ (13) $ 9 $ 74 Net unrealized gains (losses) on AFS securities for which we have recorded an allowance for credit losses — (2) — Other 48 31 42 Accumulated other comprehensive income $ 35 $ 38 $ 116
Investments Classified by Contractual Maturity Date	The following table displays the amortized cost and fair value of our AFS securities by major security type and remaining contractual maturity, assuming no principal prepayments. The contractual maturity of mortgage-backed securities is not a reliable indicator of their expected life because borrowers generally have the right to prepay their obligations at any time. As of December 31, 2022 Total Carrying Amount (1) Total Fair Value 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) Agency securities $ 445 $ 426 $ — $ — $ 3 $ 3 $ 12 $ 12 $ 430 $ 411 Other mortgage-related securities 266 270 1 1 17 17 16 17 232 235 Total $ 711 $ 696 $ 1 $ 1 $ 20 $ 20 $ 28 $ 29 $ 662 $ 646 Weighted-average interest rate (2) 7.27 % 7.68 % 6.80 % 6.64 % 7.31 % (1) Net carrying amount consists of amortized cost, net of allowance for credit losses on AFS securities but does not include any unrealized fair value gains or losses. (2) Weighted-average interest rate includes the effects of discounts, premiums and other cost basis adjustments.

Financial Guarantees (Tables)

Financial Guarantees (Tables)	12 Months Ended
Financial Guarantees (Tables)	Dec. 31, 2022
Guarantees [Abstract]
Schedule of Guarantor Obligations	The following table displays our off-balance sheet maximum exposure, guaranty obligation recognized in our consolidated balance sheets and the potential maximum recovery from third parties through available credit enhancements and recourse related to our financial guarantees. As of December 31, 2022 2021 Maximum Exposure Guaranty Obligation Maximum Recovery (1) Maximum Exposure Guaranty Obligation Maximum Recovery (1) (Dollars in millions) Unconsolidated Fannie Mae MBS $ 3,139 $ 15 $ 3,058 $ 3,733 $ 16 $ 3,626 Other guaranty arrangements (2) 9,573 79 2,012 10,423 85 2,117 Total $ 12,712 $ 94 $ 5,070 $ 14,156 $ 101 $ 5,743 (1) Recoverability of such credit enhancements and recourse is subject to, among other factors, the ability of our mortgage insurers and the U.S. government, as a financial guarantor, to meet their obligations to us. For information on our mortgage insurers, see “Note 13, 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)	12 Months Ended
Short-Term and Long-Term Debt (Tables)	Dec. 31, 2022
Debt Disclosure [Abstract]
Short-Term Debt	The following table displays our outstanding short-term debt (debt with an original contractual maturity of one year or less) and weighted-average interest rates of this debt. As of December 31, 2022 2021 Outstanding Weighted- Average Interest Rate (1) Outstanding Weighted- Average Interest Rate (1) (Dollars in millions) Short-term debt of Fannie Mae $ 10,204 3.93 % $ 2,795 0.03 % (1) Includes the effects of discounts, premiums and other cost basis adjustments.
Long-Term Debt	The following table displays our outstanding long-term debt. As of December 31, 2022 2021 Maturities Outstanding (1) Weighted- Average Interest Rate (2) Maturities Outstanding (1) Weighted- Average Interest Rate (2) (Dollars in millions) Senior fixed: Benchmark notes and bonds 2023 - 2030 $ 72,261 2.35 % 2022 - 2030 $ 89,618 2.13 % Medium-term notes (3) 2023 - 2031 39,476 0.78 2022 - 2031 38,312 0.60 Other (4) 2023 - 2038 6,778 4.00 2023 - 2038 7,045 3.73 Total senior fixed 118,515 1.94 134,975 1.78 Senior floating: Medium-term notes (3) N/A — — 2022 51,583 0.32 Connecticut Avenue Securities (5) 2023 - 2031 5,207 8.80 2023 - 2031 11,166 4.30 Other (6) 2037 242 10.00 2037 373 7.17 Total senior floating 5,449 8.86 63,122 1.05 Total long-term debt of Fannie Mae (7) 123,964 2.23 198,097 1.55 Debt of consolidated trusts 2023 - 2062 4,087,720 2.47 2022 - 2061 3,957,299 1.89 Total long-term debt $ 4,211,684 2.47 % $ 4,155,396 1.88 % (1) Outstanding debt balance consists of the unpaid principal balance, premiums and discounts, fair value adjustments, hedge-related basis adjustments, and other cost basis adjustments. (2) Excludes the effects of fair value adjustments and hedge-related basis adjustments. (3) Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt. (4) Includes other long-term debt with an original contractual maturity of greater than 10 years and foreign exchange bonds. (5) Consists of CAS debt issued prior to November 2018, a portion of which is reported at fair value. (6) Consists of structured debt instruments that are reported at fair value. (7) Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments in a net discount position of $5.1 billion and $1.6 billion as of December 31, 2022 and 2021, respectively.
Long-Term Debt by Year of Maturity	The following table displays the amount of our long-term debt as of December 31, 2022 by year of maturity for each of the years 2023 through 2027 and thereafter. The first column assumes that we pay off this debt at maturity or on the call date if the call has been announced, while the second column assumes that we redeem our callable debt at the next available call date. Long-Term Debt by Year of Maturity Assuming Callable Debt (Dollars in millions) 2023 $ 23,226 $ 56,679 2024 18,951 13,712 2025 37,730 20,911 2026 9,189 6,795 2027 5,608 4,080 Thereafter 29,260 21,787 Total long-term debt of Fannie Mae (1) 123,964 123,964 Debt of consolidated trusts (2) 4,087,720 4,087,720 Total long-term debt $ 4,211,684 $ 4,211,684 (1) Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
Derivative Instruments (Tables)	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional and Fair Value Position	The following table displays the notional amount and estimated fair value of our asset and liability derivative instruments. As of December 31, 2022 2021 Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives (Dollars in millions) Risk management derivatives designated as hedging instruments: Swaps: (1) Pay-fixed $ 5,582 $ — $ — $ 4,347 $ — $ — Receive-fixed 33,276 — — 40,686 — — Total risk management derivatives designated as hedging instruments 38,858 — — 45,033 — — Risk management derivatives not designated as hedging instruments: Swaps: (1) Pay-fixed 97,808 — — 56,817 — — Receive-fixed 99,799 1 (4,525) 56,874 — (1,131) Basis 41,250 25 — 250 152 — Foreign currency 300 — (98) 336 25 (34) Swaptions: (1) Pay-fixed 5,286 204 (18) 4,341 52 (2) Receive-fixed 2,136 7 (45) 1,091 10 (21) Total risk management derivatives not designated as hedging instruments 246,579 237 (4,686) 119,709 239 (1,188) Netting adjustment (2) — (154) 4,662 — (237) 1,173 Total risk management derivatives portfolio 285,437 83 (24) 164,742 2 (15) Mortgage commitment derivatives: Mortgage commitments to purchase whole loans 2,596 4 (8) 13,192 17 (5) Forward contracts to purchase mortgage-related securities 17,808 50 (57) 58,021 83 (34) Forward contracts to sell mortgage-related securities 35,302 35 (13) 111,173 69 (158) Total mortgage commitment derivatives 55,706 89 (78) 182,386 169 (197) Credit enhancement derivatives 23,784 3 (66) 19,256 — (21) Derivatives at fair value $ 364,927 $ 175 $ (168) $ 366,384 $ 171 $ (233) (1) Centrally cleared derivatives have no ascribable fair value because the positions are settled daily. (2) 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. Cash collateral posted was $4.5 billion and $966 million as of December 31, 2022 and 2021, respectively. Cash collateral received was $5 million and $30 million as of December 31, 2022 and 2021, respectively.
Schedule of Derivative Fair Value Gain (Loss), Net	The following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives. For the Year Ended December 31, 2022 2021 2020 (Dollars in millions) Risk management derivatives: Swaps: Pay-fixed $ 5,541 $ 2,207 $ (2,764) Receive-fixed (4,788) (1,783) 2,226 Basis (143) (51) 43 Foreign currency (87) (26) 23 Swaptions: Pay-fixed 142 38 (146) Receive-fixed (19) (217) 595 Futures (1) 1 (76) Net contractual interest income (expense) on interest-rate swaps (265) 16 (261) Total risk management derivatives fair value gains (losses), net 380 185 (360) Mortgage commitment derivatives fair value gains (losses), net 2,708 551 (2,654) Credit enhancement derivatives fair value gains (losses), net (97) (178) 182 Total derivatives fair value gains (losses), net $ 2,991 $ 558 $ (2,832)
Schedule of Effect of Fair Value Hedge Accounting	The following table displays the effect of fair value hedge accounting on our consolidated statement of operations and comprehensive income, including gains and losses recognized on fair value hedging relationships. For the Year Ended December 31, 2022 2021 Interest Income: Mortgage Loans Interest Expense: Long-Term Debt Interest Income: Mortgage Loans Interest Expense: Long-Term Debt (Dollars in millions) Total amounts presented in our consolidated statements of operations and comprehensive income $ 117,813 $ (90,798) $ 98,930 $ (70,084) Gains (losses) from fair value hedging relationships: Mortgage loans HFI and related interest-rate contracts: Hedged items $ (790) $ — $ 140 $ — Discontinued hedge-related basis adjustment amortization 28 — (6) — Derivatives designated as hedging instruments 785 — (145) — Interest accruals on derivative hedging instruments 13 — (12) — Debt of Fannie Mae and related interest-rate contracts: Hedged items — 3,978 — 1,370 Discontinued hedge-related basis adjustment amortization — (524) — (89) Derivatives designated as hedging instruments — (3,321) — (1,308) Interest accruals on derivative hedging instruments — (240) — 223 Gains (losses) recognized in net interest income on fair value hedging relationships $ 36 $ (107) $ (23) $ 196 The following table displays the carrying amounts of the hedged items that have been in qualifying fair value hedges recorded in our consolidated balance sheets, including the hedged item’s cumulative basis adjustments and the closed portfolio balances under the last-of-layer method. The hedged item carrying amounts and total basis adjustments include both open and discontinued hedges. The amortized cost and designated UPB consists only of open hedges as of December 31, 2022. As of December 31, 2022 Carrying Amount Assets (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount Closed Portfolio of Mortgage Loans Under Last-of-Layer Method Total Basis Adjustments (1)(2) Remaining Adjustments - Discontinued Hedge Total Amortized Cost Designated UPB (Dollars in millions) Mortgage loans HFI $ 293,788 $ (628) $ (628) $ 98,377 $ 5,187 Debt of Fannie Mae (73,790) 4,713 4,713 N/A N/A As of December 31, 2021 Carrying Amount Assets (Liabilities) Cumulative Amount of Fair Value Hedging Basis Adjustments Included in the Carrying Amount Closed Portfolio of Mortgage Loans Under Last-of-Layer Method Total Basis Adjustments (1)(2) Remaining Adjustments - Discontinued Hedge Total Amortized Cost Designated UPB (Dollars in millions) Mortgage loans HFI $ 174,080 $ 134 $ 134 $ 56,786 $ 4,389 Debt of Fannie Mae (72,174) 1,281 1,281 N/A N/A (1) No basis adjustment associated with open hedges, as all hedges are designated at the close of business, with a one-day term. (2) Based on the unamortized balance of the hedge-related cost basis.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table displays the components of our provision for federal income taxes. For the Year Ended December 31, 2022 2021 2020 (Dollars in millions) Current income tax benefit (provision) $ (3,505) $ (5,521) $ (3,803) Deferred income tax benefit (provision) (1) 195 (252) 729 Provision for federal income taxes $ (3,310) $ (5,773) $ (3,074) (1) Amount excludes the current income tax effect of items recognized directly in “Total stockholders' equity.”
Schedule of Effective Income Tax Rate Reconciliation	The following table displays the difference between the statutory corporate tax rate and our effective tax rate. For the Year Ended December 31, 2022 2021 2020 Statutory corporate tax rate 21.0 % 21.0 % 21.0 % Research tax credits (1.5) — — Equity investments in affordable housing projects (0.1) (0.1) (0.1) Valuation allowance 0.7 — — Other 0.3 (0.2) (0.2) Effective tax rate 20.4 % 20.7 % 20.7 %
Schedule of Deferred Tax Assets and Liabilities	The following table displays our deferred tax assets and deferred tax liabilities. As of December 31, 2022 2021 (Dollars in millions) Deferred tax assets: Mortgage and mortgage-related assets $ 6,764 $ 7,547 Allowance for loan losses and basis in acquired property, net 2,055 1,060 Derivative instruments 1,153 778 Partnership and other equity investments 52 88 Interest-only securities 3,811 3,977 Other, net 295 — Total deferred tax assets 14,130 13,450 Deferred tax liabilities: Debt instruments 1,104 377 Other, net — 358 Total deferred tax liabilities 1,104 735 Valuation allowance (115) — Deferred tax assets, net $ 12,911 $ 12,715

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
Segment Reporting (Tables)	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Assets by Segment	The following table displays total assets by segment. As of December 31, 2022 2021 (Dollars in millions) Single-Family $ 3,844,092 $ 3,782,447 Multifamily 461,196 446,719 Total assets $ 4,305,288 $ 4,229,166
Schedule of Segment Reporting	The following tables display our segment results. For the Year Ended December 31, 2022 Single-Family Multifamily Total (Dollars in millions) Net interest income (1)(9) $ 24,736 $ 4,687 $ 29,423 Fee and other income (2) 224 88 312 Net revenues 24,960 4,775 29,735 Investment losses, net (3) (223) (74) (297) Fair value gains (losses), net (4)(9) 1,364 (80) 1,284 Administrative expenses (2,789) (540) (3,329) Provision for credit losses (5) (5,029) (1,248) (6,277) TCCA fees (6) (3,369) — (3,369) Credit enhancement expense (7) (1,062) (261) (1,323) Change in expected credit enhancement recoveries (8) 470 257 727 Other expenses, net (778) (140) (918) Income before federal income taxes 13,544 2,689 16,233 Provision for federal income taxes (2,774) (536) (3,310) Net income $ 10,770 $ 2,153 $ 12,923 For the Year Ended December 31, 2021 Single-Family Multifamily Total (Dollars in millions) Net interest income (1)(9) $ 25,429 $ 4,158 $ 29,587 Fee and other income (2) 269 92 361 Net revenues 25,698 4,250 29,948 Investment gains (losses), net (3) 1,392 (40) 1,352 Fair value gains (losses), net (4)(9) 167 (12) 155 Administrative expenses (2,557) (508) (3,065) Benefit for credit losses (5) 4,600 530 5,130 TCCA fees (6) (3,071) — (3,071) Credit enhancement expense (7) (812) (239) (1,051) Change in expected credit enhancement recoveries (8) (86) (108) (194) Other expenses, net (1,208) (47) (1,255) Income before federal income taxes 24,123 3,826 27,949 Provision for federal income taxes (4,996) (777) (5,773) Net income $ 19,127 $ 3,049 $ 22,176 For the Year Ended December 31, 2020 Single-Family Multifamily Total (Dollars in millions) Net interest income (1)(9) $ 21,502 $ 3,364 $ 24,866 Fee and other income (2) 368 94 462 Net revenues 21,870 3,458 25,328 Investment gains, net (3) 728 179 907 Fair value gains (losses), net (4)(9) (2,539) 38 (2,501) Administrative expenses (2,559) (509) (3,068) Provision for credit losses (5) (75) (603) (678) TCCA fees (6) (2,673) — (2,673) Credit enhancement expense (7) (1,141) (220) (1,361) Change in expected credit enhancement recoveries (8) 89 144 233 Other expenses, net (1,212) (96) (1,308) Income before federal income taxes 12,488 2,391 14,879 Provision for federal income taxes (2,607) (467) (3,074) Net income $ 9,881 $ 1,924 $ 11,805 (1) Net interest income primarily consists of guaranty fees received as compensation for assuming and managing the credit risk on loans underlying Fannie Mae MBS held by third parties for the respective business segment, and the difference between the interest income earned on the respective business segment’s mortgage assets in our retained mortgage portfolio and the interest expense associated with the debt funding those assets. Revenues from single-family guaranty fees include revenues generated by the 10 basis point increase in guaranty fees pursuant to the TCCA, the incremental revenue from which is remitted to Treasury and not retained by us. Also includes yield maintenance revenue we recognized on the prepayment of multifamily loans. (2) Single-family fee and other income primarily consists of compensation for engaging in structured transactions and providing other lender services. Multifamily fee and other income consists of fees associated with Multifamily business activities, including credit enhancements for tax-exempt multifamily housing revenue bonds. (3) Single-family investment gains and losses primarily consist of gains and losses on the sale of mortgage assets. Multifamily investment gains and losses primarily consist of gains and losses on resecuritization activity. (4) Single-family fair value gains and losses primarily consist of fair value gains and losses on risk management and mortgage commitment derivatives, trading securities, fair value option debt, and other financial instruments associated with our single-family guaranty book of business. Multifamily fair value gains and losses primarily consist of fair value gains and losses on MBS commitment derivatives, trading securities and other financial instruments associated with our multifamily guaranty book of business. (5) Benefit (provision) for credit losses is based on loans underlying the segment’s guaranty book of business. (6) Consists of the portion of our single-family guaranty fees that is remitted to Treasury pursuant to the TCCA. (7) Single-family credit enhancement expense consists of costs associated with our freestanding credit enhancements, which include primarily costs associated with our CIRT TM , CAS and enterprise-paid mortgage insurance (“EPMI”) programs. Multifamily credit enhancement expense primarily consists of costs associated with our Multifamily CIRT TM (“MCIRT TM ”) and MCAS TM programs as well as amortization expense for certain lender risk-sharing programs. Excludes CAS transactions accounted for as debt instruments and credit risk transfer programs accounted for as derivative instruments. (8) Consists of change in benefits recognized from our freestanding credit enhancements, primarily from our CAS and CIRT programs as well as certain lender risk-sharing arrangements, including our multifamily DUS ® program. (9) In January 2021, we began applying fair value hedge accounting. For qualifying hedging relationships, fair value changes attributable to movements in the designated benchmark interest rates for hedged mortgage loans and funding debt and the fair value change of the designated portion of the paired interest-rate swaps are recognized in “Net interest income.” In prior years, all fair value changes for interest-rate swaps were recognized in “Fair value gains (losses), net.” See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures.

Equity (Tables)

Equity (Tables)	12 Months Ended
Equity (Tables)	Dec. 31, 2022
Equity [Abstract]
Schedule of Preferred Stock	The following table displays our senior preferred stock and preferred stock outstanding. Issued and Outstanding as of December 31, Annual Dividend Rate as of December 31, 2022 2022 2021 Stated Value per Share Title Issue Date Shares Amount Shares Amount Redeemable on or After (Dollars and shares in millions, except per share amounts) Senior Preferred Stock Series 2008-2 September 8, 2008 1 $ 120,836 1 $ 120,836 $ 120,836 (1) N/A (2) N/A (3) Preferred Stock Series D September 30, 1998 3 $ 150 3 $ 150 $ 50 5.250 % September 30, 1999 Series E April 15, 1999 3 150 3 150 50 5.100 April 15, 2004 Series F March 20, 2000 14 690 14 690 50 2.016 (4) March 31, 2002 (5) Series G August 8, 2000 6 288 6 288 50 4.024 (6) September 30, 2002 (5) Series H April 6, 2001 8 400 8 400 50 5.810 April 6, 2006 Series I October 28, 2002 6 300 6 300 50 5.375 October 28, 2007 Series L April 29, 2003 7 345 7 345 50 5.125 April 29, 2008 Series M June 10, 2003 9 460 9 460 50 4.750 June 10, 2008 Series N September 25, 2003 5 225 5 225 50 5.500 September 25, 2008 Series O December 30, 2004 50 2,500 50 2,500 50 7.000 (7) December 31, 2007 Convertible Series 2004-I (8) December 30, 2004 — 2,492 — 2,492 100,000 5.375 January 5, 2008 Series P September 28, 2007 40 1,000 40 1,000 25 5.504 (9) September 30, 2012 Series Q October 4, 2007 15 375 15 375 25 6.750 September 30, 2010 Series R (10) November 21, 2007 21 530 21 530 25 7.625 November 21, 2012 Series S December 11, 2007 280 7,000 280 7,000 25 8.984 (11) December 31, 2010 (12) Series T (13) May 19, 2008 89 2,225 89 2,225 25 8.250 May 20, 2013 Total 556 $ 19,130 556 $ 19,130 (1) Initial stated value per share was $1,000. Based on our draws of funds under the senior preferred stock purchase agreement with Treasury, the stated value per share on December 31, 2022 was $120,836. (2) Dividends on the senior preferred stock are currently calculated based on our net worth as of the end of the immediately preceding fiscal quarter less an applicable capital reserve amount. The capital reserve amount, starting with the quarterly dividend period ending on December 31, 2020, increased to the amount of adjusted total capital necessary for us to meet the capital requirements and buffers set forth in the enterprise regulatory capital framework described in “Note 12, Regulatory Capital Requirements.” (3) Any liquidation preference of our senior preferred stock in excess of $1 billion may be repaid through an issuance of common or preferred stock, which would require the consent of the conservator and Treasury. The initial $1 billion liquidation preference may be repaid only in conjunction with termination of Treasury’s funding commitment under the senior preferred stock purchase agreement. (4) Rate effective March 31, 2022. Variable dividend rate resets every two years at a per annum rate equal to the two-year Constant Maturity U.S. Treasury Rate (“CMT”) minus 0.16% with a cap of 11% per year. (5) Represents initial call date. Redeemable every two years thereafter. (6) Rate effective September 30, 2022. Variable dividend rate resets every two years at a per annum rate equal to the two-year CMT rate minus 0.18% with a cap of 11% per year. (7) Rate effective December 31, 2022. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7% or 10-year CMT rate plus 2.375%. (8) Issued and outstanding shares were 24,922 as of December 31, 2022 and 2021. (9) Rate effective December 31, 2022. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 4.5% or 3-Month LIBOR plus 0.75%. (10) On November 21, 2007, we issued 20 million shares of preferred stock in the amount of $500 million. Subsequent to the initial issuance, we issued an additional 1.2 million shares in the amount of $30 million on December 14, 2007 under the same terms as the initial issuance. (11) Rate effective December 31, 2022. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.75% or 3-Month LIBOR plus 4.23%. (12) Represents initial call date. Redeemable every five years thereafter. (13) On May 19, 2008, we issued 80 million shares of preferred stock in the amount of $2 billion. Subsequent to the initial issuance, we issued an additional 8 million shares in the amount of $200 million on May 22, 2008 and 1 million shares in the amount of $25 million on June 4, 2008 under the same terms as the initial issuance.

Regulatory Capital Requiremen_2

Regulatory Capital Requirements (Tables)	12 Months Ended
Regulatory Capital Requirements (Tables)	Dec. 31, 2022
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory Capital Classification Measures	Capital Metrics under the Enterprise Regulatory Capital Framework as of December 31, 2022 (1) (Dollars in billions) Adjusted total assets $ 4,552 Risk-weighted assets 1,316 Amounts Ratios Available Capital (Deficit) (2) Minimum Capital Requirement Total Capital Requirement (including Buffers) (4) Available Capital (Deficit) Ratio (3) Minimum Capital Ratio Requirement Total Capital Requirement Ratio (including Buffers) Risk-based capital: Total capital (statutory) (5) $ (49) $ 105 $ 105 (3.7) % 8.0 % 8.0 % Common equity tier 1 capital (93) 59 138 (7.0) 4.5 10.5 Tier 1 capital (74) 79 158 (5.6) 6.0 12.0 Adjusted total capital (74) 105 184 (5.6) 8.0 14.0 Leverage capital: Core capital (statutory) (6) (61) 114 114 (1.3) 2.5 2.5 Tier 1 capital (74) 114 137 (1.6) 2.5 3.0 (1) Ratios are calculated as a percentage of risk-weighted assets for risk-based capital metrics and as a percentage of adjusted total assets for leverage capital metrics. (2) Available capital (deficit) for all line items excludes the stated value of the senior preferred stock ($120.8 billion). Available capital (deficit) for all line items except total capital and core capital also deducts a portion of deferred tax assets. Deferred tax assets arising from temporary differences between GAAP and tax requirements are deducted from capital to the extent they exceed 10% of common equity. As of December 31, 2022, this resulted in the full deduction of deferred tax assets ($12.9 billion) from our available capital (deficit). Available capital (deficit) for common equity tier 1 capital also excludes the value of the non-cumulative perpetual preferred stock ($19.1 billion). (3) Ratios are negative because we had a deficit in available capital for each tier of capital. (4) The applicable buffer for common equity tier 1 capital, tier 1 capital, and adjusted total capital is the PCCBA, which is composed of a stress capital buffer, a stability capital buffer, and a countercyclical capital buffer. The applicable buffer for tier 1 capital (leverage based) is the PLBA. The stress capital buffer and countercyclical capital buffer are each calculated by multiplying prescribed factors by adjusted total assets as of the last day of the previous calendar quarter. The 2022 stability capital buffer is calculated by multiplying a factor determined based on our share of mortgage debt outstanding by adjusted total assets as of December 31, 2020. The prescribed leverage buffer for 2022 is set at 50% of the 2022 stability buffer. Going forward the stability buffer and the prescribed leverage buffer will be updated with an effective date that depends on whether the stability capital buffer increases or decreases relative to the previously calculated value. (5) The sum of (a) core capital (see definition in footnote 6 below); and (b) a general allowance for foreclosure losses, which (i) shall include an allowance for portfolio mortgage losses, an allowance for non-reimbursable foreclosure costs on government claims, and an allowance for liabilities reflected on the balance sheet for estimated foreclosure losses on mortgage-backed securities; and (ii) shall not include any reserves made or held against specific assets; and (c) any other amounts from sources of funds available to absorb losses that the Director of FHFA by regulation determines are appropriate to include in determining total capital. (6) The sum of (a) the stated value of our outstanding common stock (common stock less treasury stock); (b) the stated value of our outstanding perpetual non-cumulative preferred stock; (c) our paid-in capital; and (d) our retained earnings (accumulated deficit). Core capital does not include: (a) accumulated other comprehensive income or (b) senior preferred stock.

Concentrations of Credit Risk (

Concentrations of Credit Risk (Tables)	12 Months Ended
Concentrations of Credit Risk (Tables)	Dec. 31, 2022
Concentration Risk [Line Items]
Schedules of Concentration of Risk, by Risk Factor	The following table displays the regional geographic concentration of single-family and multifamily loans in our guaranty book of business, measured by the unpaid principal balance of the loans. Geographic Concentration (1) Percentage of Single-Family Conventional Guaranty Book of Business Percentage of Multifamily Guaranty Book of Business As of December 31, As of December 31, 2022 2021 2022 2021 Midwest 14 % 14 % 12 % 11 % Northeast 16 16 15 15 Southeast 23 23 27 27 Southwest 19 18 22 22 West 28 29 24 25 Total 100 % 100 % 100 % 100 % (1) Midwest consists of IL, IN, IA, MI, MN, NE, ND, OH, SD and WI. Northeast consists of CT, DE, ME, MA, NH, NJ, NY, PA, PR, RI, VT and VI. Southeast consists of AL, DC, FL, GA, KY, MD, MS, NC, SC, TN, VA and WV. Southwest consists of AZ, AR, CO, KS, LA, MO, NM, OK, TX and UT. West consists of AK, CA, GU, HI, ID, MT, NV, OR, WA and WY.
Single-family
Concentration Risk [Line Items]
Schedules of Concentration of Risk, by Risk Factor	The table below displays the percentage of our single-family conventional guaranty book of business serviced by our top five depository single-family mortgage servicers and top five non-depository single-family mortgage servicers (i.e., servicers that are not insured depository institutions), and identifies one servicer that serviced 10% or more of our single-family guaranty book of business as of December 31, 2021, based on unpaid principal balance. Percentage of Single-Family Conventional As of December 31, 2022 2021 Wells Fargo Bank, N.A. (together with its affiliates) 9 % 10 % Remaining top five depository servicers 13 11 Top five non-depository servicers 23 23 Total 45 % 44 %
Schedule of Delinquency Status Guaranty Book of Business	The following tables display the delinquency status and serious delinquency rates for specified loan categories of our single-family conventional guaranty book of business. As of December 31, 2022 2021 30 Days Delinquent 60 Days Delinquent Seriously Delinquent (1) 30 Days Delinquent 60 Days Delinquent Seriously Delinquent (1) Percentage of single-family conventional guaranty book of business based on UPB 0.84 % 0.20 % 0.60 % 0.73 % 0.16 % 1.20 % Percentage of single-family conventional loans based on loan count 0.96 0.23 0.65 0.86 0.20 1.25
Schedule of Risk Characteristics Guaranty Book of Business	As of December 31, 2022 2021 Percentage of Seriously Delinquent Rate (1) Percentage of Seriously Delinquent Rate (1) Estimated mark-to-market LTV ratio: 80.01% to 90% 5 % 0.68 % 5 % 0.88 % 90.01% to 100% 3 0.40 2 0.51 Greater than 100% * 4.04 * 12.41 Geographical distribution: California 19 0.46 19 1.01 Florida 6 0.90 6 1.59 Illinois 3 0.86 3 1.55 New Jersey 3 0.85 3 1.90 New York 5 1.12 5 2.24 All other states 64 0.62 64 1.16 Vintages: 2008 and prior 2 2.78 3 4.90 2009-2022 98 0.53 97 1.01 * Represents less than 0.5% of single-family conventional book of business. (1) Based on loan count, consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of December 31, 2022 and 2021.
Schedule of Risk in Force Mortgage Insurance Coverage	The following table displays our total mortgage insurance risk in force by primary and pool insurance, as well as the total risk-in-force mortgage insurance coverage as a percentage of the single-family conventional guaranty book of business. As of December 31, 2022 2021 Risk in Force Percentage of Single-Family Conventional Guaranty Book of Business Risk in Force Percentage of Single-Family Conventional Guaranty Book of Business (Dollars in millions) Mortgage insurance risk in force: Primary mortgage insurance $ 193,549 $ 176,587 Pool mortgage insurance 237 261 Total mortgage insurance risk in force $ 193,786 5 % $ 176,848 5 %
Schedule of Risk in Force Mortgage Insurance Coverage, by Counterparty	The table below displays our mortgage insurer counterparties that provided 10% or more of the risk in force mortgage insurance coverage on mortgage loans in our single-family conventional guaranty book of business. Percentage of Risk-in-Force Coverage by Mortgage Insurer As of December 31, 2022 2021 Counterparty: (1) Mortgage Guaranty Insurance Corp. 19 % 19 % Arch Capital Group Ltd. 18 19 Radian Guaranty, Inc. 17 17 Enact Mortgage Insurance Corp. (2) 17 17 Essent Guaranty, Inc. 16 16 National Mortgage Insurance Corp. 12 11 Others 1 1 Total 100 % 100 % (1) Insurance coverage amounts provided for each counterparty may include coverage provided by affiliates and subsidiaries of the counterparty. (2) Genworth Mortgage Insurance Corp. was renamed Enact Mortgage Insurance Corp. effective February 7, 2022.
Multifamily
Concentration Risk [Line Items]
Schedules of Concentration of Risk, by Risk Factor	The table below displays the percentage of our multifamily guaranty book of business serviced by our top five multifamily mortgage servicers, and identifies two servicers that serviced 10% or more of our multifamily guaranty book of business based on unpaid principal balance. Percentage of Multifamily As of December 31, 2022 2021 Walker & Dunlop, Inc. 13 % 12 % Wells Fargo Bank, N.A. (together with its affiliates) 11 11 Remaining top five servicers 24 24 Total 48 % 47 %
Schedule of Delinquency Status Guaranty Book of Business	The following tables display the delinquency status and serious delinquency rates for specified loan categories of our multifamily guaranty book of business. As of December 31, 2022 (1) 2021 (1) 30 Days Delinquent Seriously Delinquent (2) 30 Days Delinquent Seriously Delinquent (2) Percentage of multifamily guaranty book of business 0.04 % 0.24 % 0.03 % 0.42 % (2) Consists of multifamily loans that were 60 days or more past due as of the dates indicated.
Schedule of Risk Characteristics Guaranty Book of Business	As of December 31, 2022 2021 Percentage of Multifamily Guaranty Book of Business (1) Serious Delinquency Rate (2)(3) Percentage of Multifamily Guaranty Book of Business (1) Serious Delinquency Rate (2)(3) Original LTV ratio: Greater than 80% 1 % 0.85 % 1 % 0.13 % Less than or equal to 80% 99 0.24 99 0.42 Current DSCR below 1.0 (4) 3 3.88 2 13.90 (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) For 2022, our estimates of current DSCRs are based on the latest available income information from quarterly and annual statements for these properties including the related debt service. For 2021, our estimates of current DSCRs are based on the latest available annual statements.

Netting Arrangements (Tables)

Netting Arrangements (Tables)	12 Months Ended
Netting Arrangements (Tables)	Dec. 31, 2022
Offsetting [Abstract]
Schedule of Offsetting	The tables below display information related to derivatives and securities purchased under agreements to resell, which are subject to an enforceable master netting arrangement or similar agreement that are either offset or not offset in our consolidated balance sheets. As of December 31, 2022 Gross Amount Offset (1) Net Amount Presented in our Consolidated Balance Sheets Amounts Not Offset in our Consolidated Balance Sheets Gross Amount Financial Instruments (2) Collateral (3) Net Amount (Dollars in millions) Assets: OTC risk management derivatives $ 237 $ (234) $ 3 $ — $ — $ 3 Cleared risk management derivatives — 80 80 — — 80 Mortgage commitment derivatives 89 — 89 (50) (12) 27 Total derivative assets 326 (154) 172 (4) (50) (12) 110 Securities purchased under agreements to resell (5) 69,415 — 69,415 — (69,415) — Total assets $ 69,741 $ (154) $ 69,587 $ (50) $ (69,427) $ 110 Liabilities: OTC risk management derivatives $ (4,686) $ 4,662 $ (24) $ — $ — $ (24) Cleared risk management derivatives — — — — — — Mortgage commitment derivatives (78) — (78) 50 7 (21) Total liabilities $ (4,764) $ 4,662 $ (102) (4) $ 50 $ 7 $ (45) As of December 31, 2021 Gross Amount Offset (1) Net Amount Presented in our Consolidated Balance Sheets Amounts Not Offset in our Consolidated Balance Sheets Gross Amount Financial Instruments (2) Collateral (3) Net Amount (Dollars in millions) Assets: OTC risk management derivatives $ 239 $ (237) $ 2 $ — $ — $ 2 Cleared risk management derivatives — — — — — — Mortgage commitment derivatives 169 — 169 (133) — 36 Total derivative assets 408 (237) 171 (4) (133) — 38 Securities purchased under agreements to resell (5) 64,843 — 64,843 — (64,843) — Total assets $ 65,251 $ (237) $ 65,014 $ (133) $ (64,843) $ 38 Liabilities: OTC risk management derivatives $ (1,188) $ 1,183 $ (5) $ — $ — $ (5) Cleared risk management derivatives — (10) (10) — 10 — Mortgage commitment derivatives (197) — (197) 133 56 (8) Total liabilities $ (1,385) $ 1,173 $ (212) (4) $ 133 $ 66 $ (13) (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 consolidated balance sheets. (3) Represents collateral received that has not been recognized and not offset in our consolidated balance sheets as well as collateral posted which has been recognized but not offset in our consolidated balance sheets. Does not include collateral held or posted in excess of our exposure. The fair value of non-cash collateral we pledged which the counterparty was permitted to sell or repledge was $2.1 billion and $2.5 billion as of December 31, 2022 and 2021, respectively. The fair value of non-cash collateral received was $69.5 billion and $64.9 billion, of which $28.7 billion and $25.6 billion could be sold or repledged as of December 31, 2022 and 2021, respectively. None of the underlying collateral was sold or repledged as of December 31, 2022 and 2021. (4) Excludes derivative assets recognized in our consolidated balance sheets of $3 million as of December 31, 2022, and derivative liabilities recognized in our consolidated balance sheets of $66 million and $21 million as of December 31, 2022 and 2021, respectively, that were not subject to enforceable master netting arrangements. We had no derivative assets recognized in our consolidated balance sheets as of December 31, 2021 that were not subject to enforceable master netting arrangements. (5) Includes $45.2 billion and $29.1 billion of securities purchased under agreements to resell classified as “Cash and cash equivalents” in our consolidated balance sheets as of December 31, 2022 and 2021, respectively. Includes $9.7 billion and $15.0 billion in securities purchased under agreements to resell classified as “Restricted cash and cash equivalents” in our consolidated balance sheets as of December 31, 2022 and 2021, respectively.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
Fair Value (Tables)	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Recurring Changes in Fair Value	The following tables display our assets and liabilities measured in our 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 December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustment (1) Estimated Fair Value Recurring fair value measurements: (Dollars in millions) Assets: Trading securities: Mortgage-related $ — $ 3,164 $ 47 $ — $ 3,211 Non-mortgage-related (3) 46,898 20 — — 46,918 Total trading securities 46,898 3,184 47 — 50,129 Available-for-sale securities: Agency (4) — 55 371 — 426 Other mortgage-related — 7 263 — 270 Total available-for-sale securities — 62 634 — 696 Mortgage loans — 3,102 543 — 3,645 Derivative assets — 300 29 (154) 175 Total assets at fair value $ 46,898 $ 6,648 $ 1,253 $ (154) $ 54,645 Liabilities: Long-term debt: Of Fannie Mae $ — $ 919 $ 242 $ — $ 1,161 Of consolidated trusts — 16,124 136 — 16,260 Total long-term debt — 17,043 378 — 17,421 Derivative liabilities — 4,764 66 (4,662) 168 Total liabilities at fair value $ — $ 21,807 $ 444 $ (4,662) $ 17,589 Fair Value Measurements as of December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustment (1) Estimated Fair Value Recurring fair value measurements: (Dollars in millions) Assets: Cash equivalents, including restricted cash equivalents (2) $ 250 $ — $ — $ — $ 250 Trading securities: Mortgage-related — 4,549 57 — 4,606 Non-mortgage-related (3) 83,581 19 — — 83,600 Total trading securities 83,581 4,568 57 — 88,206 Available-for-sale securities: Agency (4) — 76 431 — 507 Other mortgage-related — 8 322 — 330 Total available-for-sale securities — 84 753 — 837 Mortgage loans — 4,209 755 — 4,964 Derivative assets — 256 152 (237) 171 Total assets at fair value $ 83,831 $ 9,117 $ 1,717 $ (237) $ 94,428 Liabilities: Long-term debt: Of Fannie Mae $ — $ 2,008 $ 373 $ — $ 2,381 Of consolidated trusts — 21,640 95 — 21,735 Total long-term debt — 23,648 468 — 24,116 Derivative liabilities — 1,385 21 (1,173) 233 Total liabilities at fair value $ — $ 25,033 $ 489 $ (1,173) $ 24,349 (1) Derivative contracts are reported on a gross basis by level. The netting adjustment represents the effect of the legal right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received. (2) Cash equivalents and restricted cash equivalents are composed of U.S. Treasury securities that have a maturity at the date of acquisition of three months or less. (3) Primarily includes U.S. Treasury securities. (4) Agency securities consist of securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae.
Fair Value Measurements Using Significant Unobservable Input (Level 3)	The following tables display a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). The tables also display gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized in our consolidated statements of operations and comprehensive income for Level 3 assets and liabilities. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Year Ended December 31, 2022 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2022 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2022 (1) Balance, December 31, 2021 Included in Net Income Included in Total OCI (Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Level 3 Balance, December 31, 2022 (Dollars in millions) Trading securities: Mortgage-related $ 57 $ (8) (5)(6) $ — $ — $ — $ — $ (1) $ (54) $ 53 $ 47 $ (6) $ — Available-for-sale securities: Agency $ 431 $ 2 $ (18) $ — $ — $ — $ (44) $ — $ — $ 371 $ — $ (14) Other mortgage-related 322 (10) (2) — — — (46) (2) 1 263 — (2) Total available-for-sale securities $ 753 $ (8) (6)(7) $ (20) $ — $ — $ — $ (90) $ (2) $ 1 $ 634 $ — $ (16) Mortgage loans $ 755 $ (67) (5)(6) $ — $ — $ (4) $ — $ (135) $ (82) $ 76 $ 543 $ (57) $ — Net derivatives 131 (204) (5) — — — — 36 — — (37) (168) — Long-term debt: Of Fannie Mae $ (373) $ 131 (5) $ — $ — $ — $ — $ — $ — $ — $ (242) $ 131 $ — Of consolidated trusts (95) 6 (5)(6) — — — (86) 39 2 (2) (136) 6 — Total long-term debt $ (468) $ 137 $ — $ — $ — $ (86) $ 39 $ 2 $ (2) $ (378) $ 137 $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Year Ended December 31, 2021 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2021 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2021 (1) Balance, December 31, 2020 Included in Net Income Included in Total OCI (Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Level 3 Balance, December 31, 2021 (Dollars in millions) Trading securities: Mortgage-related $ 95 $ (24) (5)(6) $ — $ 18 $ — $ — $ — $ (165) $ 133 $ 57 $ — $ — Available-for-sale securities: Agency $ 195 $ 1 $ (1) $ — $ — $ — $ (33) $ (107) $ 376 $ 431 $ — $ 2 Other mortgage-related 453 13 (6) — — — (138) — — 322 — (1) Total available-for-sale securities $ 648 $ 14 (6)(7) $ (7) $ — $ — $ — $ (171) $ (107) $ 376 $ 753 $ — $ 1 Mortgage loans $ 861 $ 31 (5)(6) $ — $ 89 $ (66) $ — $ (194) $ (86) $ 120 $ 755 $ 26 $ — Net derivatives 333 (209) (5) — — — — 7 — — 131 (202) — Long-term debt: Of Fannie Mae $ (416) $ 43 (5) $ — $ — $ — $ — $ — $ — $ — $ (373) $ 43 $ — Of consolidated trusts (83) (1) (5)(6) — — — — 16 20 (47) (95) (2) — Total long-term debt $ (499) $ 42 $ — $ — $ — $ — $ 16 $ 20 $ (47) $ (468) $ 41 $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) For the Year Ended December 31, 2020 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2020 (4)(5) Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31, 2020 (1) Balance, December 31, 2019 Included in Net Income Included in Total OCI (Loss) (1) Purchases (2) Sales (2) Issues (3) Settlements (3) Transfers out of Level 3 Transfers into Level 3 Balance, December 31, 2020 (Dollars in millions) Trading securities: Mortgage-related $ 46 $ (9) (5)(6) $ — $ — $ (95) $ — $ (3) $ (49) $ 205 $ 95 $ (8) $ — Available-for-sale securities: Agency $ 171 $ 1 $ 4 $ — $ (1) $ — $ (15) $ (243) $ 278 $ 195 $ — $ — Other mortgage-related 621 (9) 1 — — — (162) — 2 453 — 4 Total available-for-sale securities $ 792 $ (8) (6)(7) $ 5 $ — $ (1) $ — $ (177) $ (243) $ 280 $ 648 $ — $ 4 Mortgage loans $ 688 $ 47 (5)(6) $ — $ — $ (21) $ — $ (132) $ (104) $ 383 $ 861 $ 11 $ — Net derivatives 162 233 (5) — — — — (80) 18 — 333 159 — Long-term debt: Of Fannie Mae $ (398) $ (41) (5) $ — $ — $ — $ — $ 23 $ — $ — $ (416) $ (41) $ — Of consolidated trusts (75) (2) (5)(6) — — — — 18 5 (29) (83) (1) — Total long-term debt $ (473) $ (43) $ — $ — $ — $ — $ 41 $ 5 $ (29) $ (499) $ (42) $ — (1) Gains (losses) are included in “Other comprehensive loss” in our consolidated statements of operations and comprehensive income. (2) Purchases and sales include activity related to the consolidation and deconsolidation of assets of securitization trusts. (3) Issues and settlements include activity related to the consolidation and deconsolidation of liabilities of securitization trusts. (4) Amount represents temporary changes in fair value. Amortization, accretion and the impairment of credit losses are not considered unrealized and are not included in this amount. (5) Gains (losses) are included in “Fair value gains (losses), net” i (6) Gains (losses) included in “Net interest income” in our consolidated statements of operations and comprehensive income includes amortization of cost basis adjustments.
Fair Value Measurement Inputs and Valuation Techniques	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 December 31, 2022 Fair Value Significant Valuation Techniques Significant Unobservable Inputs (1) Range (1) Weighted - Average (1)(2) (Dollars in millions) Recurring fair value measurements: Trading securities: Mortgage-related (3) $ 47 Various Available-for-sale securities: Agency (3) 371 Consensus Other mortgage-related 142 Discounted Cash Flow Spreads (bps) 531.0 - 582.0 557.7 96 Single Vendor 25 Various Total other mortgage-related 263 Total available-for-sale securities $ 634 Net derivatives $ 25 Dealer Mark (62) Discounted Cash Flow Total net derivatives $ (37) Fair Value Measurements as of December 31, 2021 Fair Value Significant Valuation Techniques Significant Unobservable Inputs (1) Range (1) Weighted - Average (1)(2) (Dollars in millions) Recurring fair value measurements: Trading securities: Mortgage-related (3) $ 57 Various Available-for-sale securities: Agency (3) 379 Consensus 52 Various Total Agency 431 Other mortgage-related 175 Discounted Cash Flow Spreads (bps) 409.0 - 434.0 422.0 94 Single Vendor Spreads (bps) 9.3 - 49.4 27.2 53 Various Total other mortgage-related 322 Total available-for-sale securities $ 753 Net derivatives $ 152 Dealer Mark (21) Discounted Cash Flow Total net derivatives $ 131 (1) Valuation techniques for which no unobservable inputs are disclosed generally reflect the use of third-party pricing services or dealers, and the range of unobservable inputs applied by these sources is not readily available or cannot be reasonably estimated. Where we have disclosed unobservable inputs for consensus and single vendor techniques, those inputs are based on our validations performed at the security level using discounted cash flows. (2) Unobservable inputs were weighted by the relative fair value of the instruments. (3) Includes Fannie Mae and Freddie Mac securities. The following table displays valuation techniques for our Level 3 assets measured at fair value on a nonrecurring basis. Fair Value Measurements as of December 31, Valuation Techniques 2022 2021 (Dollars in millions) Nonrecurring fair value measurements: Mortgage loans: (1) Mortgage loans held for sale, at lower of cost or fair value Consensus $ 1,571 $ 201 Single Vendor 92 1,383 Total mortgage loans held for sale, at lower of cost or fair value 1,663 1,584 Single-family mortgage loans held for investment, at amortized cost Internal Model 1,636 867 Multifamily mortgage loans held for investment, at amortized cost Appraisal 3 37 Broker Price Opinion 614 118 Internal Model 27 23 Total multifamily mortgage loans held for investment, at amortized cost 644 178 Acquired property, net: Single-family Accepted Offer 17 13 Appraisal 65 73 Internal Model 215 75 Walk Forward 91 37 Various 12 11 Total single-family 400 209 Multifamily Various 119 34 Total nonrecurring assets at fair value $ 4,462 $ 2,872 (1) When we measure impairment, including recoveries, based on the fair value of the loan or the underlying collateral and impairment is recorded on any component of the mortgage loan, including accrued interest receivable and amounts due from the borrower for advances of taxes and insurance, we present the entire fair value measurement amount with the corresponding mortgage loan. Instruments Valuation Techniques Classification U.S Treasury Securities We classify securities whose values are based on quoted market prices in active markets for identical assets as Level 1 of the valuation hierarchy. Level 1 Trading Securities and Available-for-Sale Securities We classify securities in active markets as Level 2 of the valuation hierarchy if quoted market prices in active markets for identical assets are not available. For all valuation techniques used for securities where there is limited activity or less transparency around these inputs to the valuation, these securities are classified as Level 3 of the valuation hierarchy. Single Vendor: Uses one vendor price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example, spreads) are disclosed in the table above. Consensus: Uses an average of two or more vendor prices for similar securities. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example, spreads) are disclosed in the table above. Level 2 and 3 Discounted Cash Flow: In the absence of prices provided by third-party pricing services supported by observable market data, we estimate the fair value of a portion of our securities using a discounted cash flow technique that uses inputs such as default rates, prepayment speeds, loss severity and spreads based on market assumptions where available. For private-label securities, an increase in unobservable prepayment speeds in isolation would generally result in an increase in fair value, and an increase in unobservable spreads, severity rates or default rates in isolation would generally result in a decrease in fair value. For mortgage revenue bonds classified as Level 3 of the valuation hierarchy, an increase in unobservable spreads would result in a decrease in fair value. Although we have disclosed unobservable inputs for the fair value of our recurring Level 3 securities above, interrelationships exist among these inputs such that a change in one unobservable input typically results in a change to one or more of the other inputs. Mortgage Loans Held for Investment Build-up: We derive the fair value of performing mortgage loans using a build-up valuation technique starting with the base value for our Fannie Mae MBS with similar characteristics and then add or subtract the fair value of the associated guaranty asset, guaranty obligation (“GO”) and master servicing arrangement. We set the GO equal to the estimated fair value we would receive if we were to issue our guaranty to an unrelated party in a stand-alone arm’s length transaction at the measurement date. The fair value of the GO is estimated based on our current guaranty pricing for loans underwritten after 2008 and our internal valuation models considering management’s best estimate of key loan characteristics for loans underwritten before 2008. Our performing loans are generally classified as Level 2 of the valuation hierarchy to the extent that significant inputs are observable. To the extent that unobservable inputs are significant, the loans are classified as Level 3 of the valuation hierarchy. Level 2 and 3 Consensus: Calculated through the extrapolation of indicative sample bids obtained from multiple active market participants plus the estimated value of any applicable mortgage insurance, the estimated fair value using the Consensus method represents an estimate of the prices we would receive if we were to sell these single-family nonperforming and certain reperforming loans in the whole loan market. The fair value of any mortgage insurance on a nonperforming or reperforming loan is estimated using product-specific pricing grids that have been derived from loan-level bids on whole loan transactions. These loans are generally classified as Level 3 of the valuation hierarchy because significant inputs are unobservable. To the extent that significant inputs are observable, the loans are classified as Level 2 of the valuation hierarchy. We estimate the fair value for a portion of our senior-subordinated trust structures using the average of two or more vendor prices at the security level as a proxy for estimating loan fair value. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable. Single Vendor: We estimate the fair value of our reverse mortgages using the single vendor valuation technique. Internal Model: The internal model used to value collateral contains four sub-component models: 1) Location Model, 2) Neighborhood Model, 3) Automated Valuation Model (“AVM”) Imputation Model and 4) Final Valuation Model. These models consider characteristics of the property, neighborhood, local housing markets, underlying loan and home price growth to derive a final estimated value. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable. Instruments Valuation Techniques Classification Mortgage Loans Held for Investment Appraisal: We use appraisals to estimate the fair value for a portion of our multifamily loans based on either estimated replacement cost, the present value of future cash flows, or sales of similar properties. Significant unobservable inputs include estimated replacement or construction costs, property net operating income, capitalization rates, and adjustments made to sales of comparable properties based on characteristics such as financing, conditions of sale, and physical characteristics of the property. Broker Price Opinion: We use broker price opinions to estimate the fair value for a portion of our multifamily loans. This technique uses both current property value and the property value adjusted for stabilization and market conditions. The unobservable inputs used in this technique are property net operating income and market capitalization rates to estimate property value. Asset Manager Estimate: This technique uses the net operating income and tax assessments of the specific property as well as Metropolitan Statistical Area-specific market capitalization rates and average per unit sales values to estimate property fair value. Level 2 and 3 An increase in prepayment speeds in isolation would generally result in an increase in the fair value of our mortgage loans classified as Level 3 of the valuation hierarchy, and an increase in severity rates, default rates or spreads in isolation would generally result in a decrease in fair value. Although we have disclosed unobservable inputs for the fair value of the mortgage loans classified as Level 3 above, interrelationships exist among these inputs such that a change in one unobservable input typically results in a change to one or more of the other inputs. Mortgage Loans Held for Sale Loans are reported at the lower of cost or fair value in our consolidated balance sheets. The valuation methodology and inputs used in estimating the fair value of HFS loans are the same as our HFI loans and are described above in “Mortgage Loans Held for Investment.” To the extent that significant inputs are unobservable, the loans are classified within level 3 of the valuation hierarchy. Level 2 and 3 Acquired Property, Net and Other Assets Single-family acquired property valuation techniques Accepted Offer: An Offer to Purchase Real Estate that has been submitted by a potential purchaser of an acquired property and accepted by Fannie Mae in a pending sale. Appraisal: An appraisal is an estimate based on recent historical data of the value of a specific property by a certified or licensed appraiser. Adjustments are made for differences between comparable properties for unobservable inputs such as square footage, location, and condition of the property. Broker Price Opinion: This technique provides an estimate of what the property is worth based upon a real estate broker’s use of specific market research and a sales comparison approach that is similar to the appraisal process. This information, all of which is unobservable, is used along with recent and pending sales and current listings of similar properties to arrive at an estimate of value. Level 3 Property Inspection Report with Value: This technique provides an estimate of what the property is worth based upon a third party model that is adjusted for condition of the property and/or any other factors impacting the marketability. Appraisal and Broker Price Opinion, and Property Inspection Report with Value Walk Forward (“Walk Forward”): We use these techniques to adjust appraisal, broker price opinion, and property inspection valuations for changing market conditions by applying a walk forward factor based on local price movements since the time the third-party value was obtained. Internal Model: We use an internal model to estimate fair value for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.” Multifamily acquired property valuation techniques Appraisal: We use this method to estimate property values for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.” Broker Price Opinion: We use this method to estimate property values for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.” Asset Manager Estimate: We use this method to estimate property values for distressed properties. The valuation methodology and inputs used are described under “Mortgage Loans Held for Investment.” Instruments Valuation Techniques Classification Asset and Liability Derivative Instruments (collectively “Derivatives”) The valuation process for the majority of our risk management derivatives uses observable market data provided by third-party sources, resulting in Level 2 classification of the valuation hierarchy. Single Vendor: We use one vendor price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique. Clearing House: We use the clearing house-provided value for interest-rate derivatives which are transacted through a clearing house. Internal Model: We use internal models to value interest-rate derivatives which are valued by referencing yield curves derived from observable interest rates and spreads to project and discount cash flows to present value. Discounted Cash Flow: We use discounted cash flow to estimate fair value for credit enhancement derivatives related to CRT. Dealer Mark: Certain highly complex structured swaps primarily use a single dealer mark due to lack of transparency in the market and may be modeled using observable interest rates and volatility levels as well as significant unobservable assumptions, resulting in Level 3 classification of the valuation hierarchy. Mortgage commitment derivatives that use observable market data, quotes and actual transaction price levels adjusted for market movement are typically classified as Level 2 of the valuation hierarchy. To the extent mortgage commitment derivatives include adjustments for market movement that cannot be corroborated by observable market data, we classify them as Level 3 of the valuation hierarchy. Level 2 and 3 Debt of Fannie Mae and Consolidated Trusts We classify debt instruments that have quoted market prices in active markets for similar liabilities when traded as assets as Level 2 of the valuation hierarchy. For all valuation techniques used for debt instruments where there is limited activity or less transparency around these inputs to the valuation, these debt instruments are classified as Level 3 of the valuation hierarchy. Consensus: Uses an average of two or more vendor prices or dealer marks that represents estimated fair value for similar liabilities when traded as assets. Single Vendor: Uses a single vendor price that represents estimated fair value for these liabilities when traded as assets. Discounted Cash Flow: Uses spreads based on market assumptions where available. The valuation methodology and inputs used in estimating the fair value of MBS assets are described under “Trading Securities and Available-for-Sale Securities.” Level 2 and 3 As of December 31, 2021 Carrying Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Netting Adjustment Estimated Fair Value (Dollars in millions) Financial assets: Cash and cash equivalents, including restricted cash and cash equivalents $ 108,631 $ 64,531 $ 44,100 $ — $ — $ 108,631 Securities purchased under agreements to resell 20,743 — 20,743 — — 20,743 Trading securities 88,206 83,581 4,568 57 — 88,206 Available-for-sale securities 837 — 84 753 — 837 Mortgage loans held for sale 5,134 — 178 5,307 — 5,485 Mortgage loans held for investment, net of allowance for loan losses 3,963,108 — 3,796,917 209,090 — 4,006,007 Advances to lenders 8,414 — 8,413 1 — 8,414 Derivative assets at fair value 171 — 256 152 (237) 171 Guaranty assets and buy-ups 92 — — 207 — 207 Total financial assets $ 4,195,336 $ 148,112 $ 3,875,259 $ 215,567 $ (237) $ 4,238,701 Financial liabilities: Short-term debt: Of Fannie Mae $ 2,795 $ — $ 2,795 $ — $ — $ 2,795 Long-term debt: Of Fannie Mae 198,097 — 205,142 799 — 205,941 Of consolidated trusts 3,957,299 — 3,951,537 32,644 — 3,984,181 Derivative liabilities at fair value 233 — 1,385 21 (1,173) 233 Guaranty obligations 101 — — 101 — 101 Total financial liabilities $ 4,158,525 $ — $ 4,160,859 $ 33,565 $ (1,173) $ 4,193,251 The following is a description of the valuation techniques we use for fair value measurement of our financial instruments as well as our basis for classifying these measurements as Level 1, Level 2 or Level 3 of the valuation hierarchy in certain specific situations. Instruments Description Classification Financial Instruments for which Fair Value Approximates Carrying Value We hold certain financial instruments that are not carried at fair value but for which the carrying value approximates fair value due to the short-term nature and negligible credit risk inherent in them. These financial instruments include cash and cash equivalents, the majority of advances to lenders, and securities sold/purchased under agreements to repurchase/resell. Level 1 and 2 Securities Sold/Purchased Under Agreements to Repurchase/Resell The carrying value for the majority of these specific instruments approximates the fair value due to the short-term nature and the negligible inherent credit risk, as they involve the exchange of collateral that is easily traded. Were we to calculate the fair value of these instruments, we would use observable inputs. Level 2 Mortgage Loans Held for Sale Loans are reported at the lower of cost or fair value in our consolidated balance sheets. The valuation methodology and inputs used in estimating the fair value of HFS loans are the same as for our HFI loans and are described under “Fair Value Measurement—Mortgage Loans Held for Investment” in the valuation techniques for assets and liabilities held at fair value table. To the extent that significant inputs are unobservable, the loans are classified within Level 3 of the valuation hierarchy. Level 2 and 3 Mortgage Loans Held for Investment For a description of loan valuation techniques, refer to “Fair Value Measurement—Mortgage Loans Held for Investment” in the valuation techniques for assets and liabilities held at fair value table. We measure the fair value of certain loans that are delivered under the Home Affordable Refinance Program ® (“HARP ® ”) using a modified build-up approach while the loan is performing. Under this modified approach, we set the credit component of the consolidated loans (that is, the guaranty obligation) equal to the compensation we would currently receive for a loan delivered to us under the program because the total compensation for these loans is equal to their current exit price in the government-sponsored enterprise securitization market. If, subsequent to delivery, the refinanced loan becomes past due or is modified, the fair value of the guaranty obligation is then measured consistent with other loans that have similar characteristics. Level 2 and 3 Advances to Lenders The carrying value for the majority of our advances to lenders approximates the fair value due to the short-term nature and the negligible inherent credit risk. If we were to calculate the fair value of these instruments, we would use discounted cash flow models that use observable inputs such as spreads based on market assumptions, resulting in Level 2 classification. Advances to lenders also include loans that do not qualify for Fannie Mae MBS securitization and are valued using a discounted cash flow technique that uses estimated credit spreads of similar collateral and prepayment speeds that consider recent prepayment activity. We classify these valuations as Level 3 given that significant inputs are not observable or are determined by extrapolation of observable inputs. Level 2 and 3 Guaranty Assets and Buy-ups Guaranty assets related to our portfolio securitizations are recorded in our consolidated balance sheets at fair value on a recurring basis and are classified as Level 3. Guaranty assets in lender swap transactions are recorded in our consolidated balance sheets at the lower of cost or fair value. These assets, which are measured at fair value on a nonrecurring basis, are also classified as Level 3. We estimate the fair value of guaranty assets by using proprietary models to project cash flows based on management’s best estimate of key assumptions such as prepayment speeds and forward yield curves. Because guaranty assets are similar to an interest-only income stream, the projected cash flows are discounted at rates that consider the current spreads on interest-only swaps that reference Fannie Mae MBS and also liquidity considerations of the guaranty assets. The fair value of guaranty assets includes the fair value of any associated buy-ups. Level 3 Guaranty Obligations The fair value of all guaranty obligations, measured subsequent to their initial recognition, is our estimate of a hypothetical transaction price we would receive if we were to issue our guaranty to an unrelated party in a standalone arm’s-length transaction at the measurement date. The valuation methodology and inputs used in estimating the fair value of the guaranty obligations are described under “Fair Value Measurement—Mortgage loans held for investment—build-up” in the valuation techniques for assets and liabilities held at fair value. Level 3
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 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 December 31, 2022 Carrying Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting Adjustment Estimated Fair Value (Dollars in millions) Financial assets: Cash and cash equivalents, including restricted cash and cash equivalents $ 87,841 $ 32,991 $ 54,850 $ — $ — $ 87,841 Securities purchased under agreements to resell 14,565 — 14,565 — — 14,565 Trading securities 50,129 46,898 3,184 47 — 50,129 Available-for-sale securities 696 — 62 634 — 696 Mortgage loans held for sale 2,033 — 48 2,029 — 2,077 Mortgage loans held for investment, net of allowance for loan losses 4,112,403 — 3,437,979 171,857 — 3,609,836 Advances to lenders 1,502 — 1,502 — — 1,502 Derivative assets at fair value 175 — 300 29 (154) 175 Guaranty assets and buy-ups 87 — — 166 — 166 Total financial assets $ 4,269,431 $ 79,889 $ 3,512,490 $ 174,762 $ (154) $ 3,766,987 Financial liabilities: Short-term debt: Of Fannie Mae $ 10,204 $ — $ 10,208 $ — $ — $ 10,208 Long-term debt: Of Fannie Mae 123,964 — 122,066 558 — 122,624 Of consolidated trusts 4,087,720 — 3,511,958 42,150 — 3,554,108 Derivative liabilities at fair value 168 — 4,764 66 (4,662) 168 Guaranty obligations 94 — — 66 — 66 Total financial liabilities $ 4,222,150 $ — $ 3,648,996 $ 42,840 $ (4,662) $ 3,687,174 As of December 31, 2021 Carrying Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Netting Adjustment Estimated Fair Value (Dollars in millions) Financial assets: Cash and cash equivalents, including restricted cash and cash equivalents $ 108,631 $ 64,531 $ 44,100 $ — $ — $ 108,631 Securities purchased under agreements to resell 20,743 — 20,743 — — 20,743 Trading securities 88,206 83,581 4,568 57 — 88,206 Available-for-sale securities 837 — 84 753 — 837 Mortgage loans held for sale 5,134 — 178 5,307 — 5,485 Mortgage loans held for investment, net of allowance for loan losses 3,963,108 — 3,796,917 209,090 — 4,006,007 Advances to lenders 8,414 — 8,413 1 — 8,414 Derivative assets at fair value 171 — 256 152 (237) 171 Guaranty assets and buy-ups 92 — — 207 — 207 Total financial assets $ 4,195,336 $ 148,112 $ 3,875,259 $ 215,567 $ (237) $ 4,238,701 Financial liabilities: Short-term debt: Of Fannie Mae $ 2,795 $ — $ 2,795 $ — $ — $ 2,795 Long-term debt: Of Fannie Mae 198,097 — 205,142 799 — 205,941 Of consolidated trusts 3,957,299 — 3,951,537 32,644 — 3,984,181 Derivative liabilities at fair value 233 — 1,385 21 (1,173) 233 Guaranty obligations 101 — — 101 — 101 Total financial liabilities $ 4,158,525 $ — $ 4,160,859 $ 33,565 $ (1,173) $ 4,193,251
Fair Value Option	The following table displays the fair value and unpaid principal balance of the financial instruments for which we have made fair value elections. As of December 31, 2022 2021 Loans (1) Long-Term Debt of Fannie Mae Long-Term Debt of Consolidated Trusts Loans (1) Long-Term Debt of Fannie Mae Long-Term Debt of Consolidated Trusts (Dollars in millions) Fair value $ 3,645 $ 1,161 $ 16,260 $ 4,964 $ 2,381 $ 21,735 Unpaid principal balance 3,835 1,145 16,311 4,601 2,197 19,314 (1) Includes nonaccrual loans with a fair value of $40 million and $86 million as of December 31, 2022 and 2021, respectively. Includes loans that are 90 days or more past due with a fair value of $48 million and $125 million as of December 31, 2022 and 2021, respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Fiscal Year Maturity	The following table summarizes by remaining maturity, non-cancelable future commitments related to loan and mortgage purchases, operating leases and other agreements. As of December 31, 2022 Loans and Mortgage-Related Securities (1) Operating Leases (2) Other (3) (Dollars in millions) 2023 $ 21,117 $ 79 $ 193 2024 — 80 49 2025 — 82 19 2026 — 83 7 2027 — 84 1 Thereafter — 657 — Total $ 21,117 $ 1,065 $ 269 (1) Primarily includes mortgage commitment derivatives. (2) Includes amounts related to office buildings and equipment leases. (3) Includes purchase commitments for certain telecommunications services, computer software and services, and other agreements and commitments.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended	12 Months Ended
	Sep. 08, 2008 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) segment shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Mar. 31, 2023 USD ($)	Sep. 07, 2008 $ / shares
Related Parties [Line Items]
Number of reportable segments \| segment				2
Proceeds from issuance of common stock				$ 70,000
Increase in net worth		$ 1,400
TCCA fees				$ 3,369	$ 3,071	$ 2,673
Basis points of each dollar of unpaid principal balance		0.042%		0.042%
Affordable Housing Program obligation		35%		35%
Early lender funding advances, maximum term				60 days
Acquired property, net		$ 1,600		$ 1,600	$ 1,300
Weighted average number of shares, contingently issuable (in shares) \| shares				4,700	4,700	4,700
Incremental common shares attributable to dilutive effect of conversion of preferred stock (in shares) \| shares				26	26	26
US Treasury and Government
Related Parties [Line Items]
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement		119,800		$ 119,800
US Treasury
Related Parties [Line Items]
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement		119,800		119,800
Total available funding from treasury pursuant to the senior preferred stock agreement		113,900		113,900
Aggregate liquidation preference of senior preferred stock		$ 180,300		180,300
Percentage of common shares attributable to warrants								79.90%
Common stock warrant exercise price (in dollars per share) \| $ / shares								$ 0.00001
Fair value of the warrant at issuance	$ 3,500
Home Affordable Modification Program administrative expense reimbursement				$ 15	$ 17	$ 19
TCCA, increase of guarantee fee rate		0.10%		0.10%
TCCA fees				$ 3,369	3,071	2,673
US Treasury \| Other Expense
Related Parties [Line Items]
Affordable Housing Program assessments				101	209	211
Affordable Housing Program assessments paid				209	211
US Treasury \| Single-Family
Related Parties [Line Items]
Recognized TCCA fees that had not been remitted to Treasury as of period end		$ 854		854	801
Federal Housing Finance Agency
Related Parties [Line Items]
FHFA assessment fees/expense				132	140	139
Common Securitization Solutions
Related Parties [Line Items]
Payments to acquire equity method investments				$ 65	$ 76	$ 88
Forecast \| US Treasury
Related Parties [Line Items]
Aggregate liquidation preference of senior preferred stock							$ 181,800
Forecast \| US Treasury \| Other Expense
Related Parties [Line Items]
Affordable Housing Program assessments			$ 101
Series 2008-2
Related Parties [Line Items]
Stock issued (in shares) \| shares	1
Aggregate liquidation preference of senior preferred stock	$ 1,000

Consolidations and Transfers _3

Consolidations and Transfers of Financial Assets - Transfers of Financial Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Transfers of Financial Assets [Line Items]
Portfolio securitizations: unpaid principal balance	$ 270,500,000,000	$ 682,900,000,000	$ 745,200,000,000
Proceeds from the initial sale of securities from portfolio securitizations	0	0	666,000,000
Unconsolidated VIEs
Transfers of Financial Assets [Line Items]
Retained interests: principal and interest received	397,000,000	558,000,000	$ 700,000,000
Unconsolidated VIEs \| Single Class MBS, REMIC & Megas
Transfers of Financial Assets [Line Items]
Retained interests: unpaid principal balance	910,000,000	1,100,000,000
Retained interest: fair value	$ 1,400,000,000	$ 2,000,000,000

Consolidations and Transfers _4

Consolidations and Transfers of Financial Assets - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entities [Line Items]
Investments in securities, at fair value	$ 50,825	$ 89,043
Other assets	13,387	12,114
Other liabilities	(13,206)	(14,432)
Assets	4,305,288	4,229,166
Unpaid principal balance of mortgage loans	4,075,598	3,899,025
Not Primary Beneficiary \| Mortgage-related securities
Variable Interest Entities [Line Items]
Investments in securities, at fair value	3,353	4,709
Other assets	40	35
Other liabilities	(45)	(41)
Net carrying amount	3,348	4,703
Maximum exposure to loss	240,000	220,000
Assets	240,000	250,000
Not Primary Beneficiary \| Partnership interest
Variable Interest Entities [Line Items]
Net carrying amount	424	288
Maximum exposure to loss	427	292
Assets	4,300	3,700
Not Primary Beneficiary \| Debt securities
Variable Interest Entities [Line Items]
Maximum exposure to loss	16,900	10,400
Assets	17,000	10,400
Multifamily
Variable Interest Entities [Line Items]
Unpaid principal balance of mortgage loans	431,440	$ 403,452
Multifamily \| Not Primary Beneficiary
Variable Interest Entities [Line Items]
Unpaid principal balance of mortgage loans	$ 431,400

Mortgage Loans - Loans in Mortg

Mortgage Loans - Loans in Mortgage Portfolio (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	$ 4,075,598	$ 3,899,025
Cost basis and fair value adjustments, net	50,185	74,846
Allowance for loan losses	(11,347)	(5,629)	$ (10,552)	$ (9,016)
Total mortgage loans	4,114,436	3,968,242
Accrued interest receivable, net	9,821	9,264
Mortgage loans
Loans in Mortgage Portfolio [Line Items]
Accrued interest receivable, net	9,500	9,100
Single-family
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	3,644,158	3,495,573
Purchase of HFI loans	614,836	1,354,705	1,358,744
Single family loans redesignated from HFI to HFS, amortized cost	7,825	16,606	8,309
Single family loans redesignated from HFI to HFS, lower of cost or fair value adjustment at time of redesignation	(679)	(372)	(291)
Single family loans redesignated from HFI to HFS, allowance reversed at time of redesignation	373	1,605	963
Single family loans redesignated from HFS to HFI, amortized cost	2,004	5	144
Single-family loans sold, unpaid principal balance	8,069	16,977	9,519
Single-family loans sold, realized gain, net	126	1,624	831
Mortgage loans in process of foreclosure	4,600	4,400
Multifamily
Loans in Mortgage Portfolio [Line Items]
Unpaid principal balance of mortgage loans	431,440	403,452
Purchase of HFI loans	$ 69,206	$ 69,185	$ 75,517

Mortgage Loans - Aging Analysis

Mortgage Loans - Aging Analysis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 4,129,751	$ 3,973,024
Loans 90 Days or More Delinquent and Accruing Interest	14,448	27,302
Nonaccrual Loans with No Allowance	$ 3,697	7,179
Table Footnote
Serious delinquency: days past due	90 days
Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 60,877	75,801
30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	30,802	25,947
60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	7,305	5,758
Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	22,770	44,096
Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	4,068,874	3,897,223
Single-family
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,697,529	3,566,819
Loans 90 Days or More Delinquent and Accruing Interest	14,437	26,985
Nonaccrual Loans with No Allowance	$ 3,684	$ 7,072
Single-family \| Minimum
Table Footnote
Serious delinquency: days past due	90 days	90 days
Single-family \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 59,749	$ 73,994
Single-family \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	30,629	25,833
Single-family \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	7,305	5,758
Single-family \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	21,815	42,403
Single-family \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,637,780	3,492,825
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,146,854	2,969,105
Loans 90 Days or More Delinquent and Accruing Interest	13,257	24,236
Nonaccrual Loans with No Allowance	3,254	6,271
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	54,655	66,342
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	27,891	22,862
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	6,774	5,192
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	19,990	38,288
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,092,199	2,902,763
Single-family \| 15-year or less, amortizing fixed-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	491,468	533,427
Loans 90 Days or More Delinquent and Accruing Interest	666	1,454
Nonaccrual Loans with No Allowance	82	193
Single-family \| 15-year or less, amortizing fixed-rate \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	3,016	4,149
Single-family \| 15-year or less, amortizing fixed-rate \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	1,902	2,024
Single-family \| 15-year or less, amortizing fixed-rate \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	314	326
Single-family \| 15-year or less, amortizing fixed-rate \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	800	1,799
Single-family \| 15-year or less, amortizing fixed-rate \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	488,452	529,278
Single-family \| Adjustable-rate
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	27,108	26,342
Loans 90 Days or More Delinquent and Accruing Interest	90	287
Nonaccrual Loans with No Allowance	24	63
Single-family \| Adjustable-rate \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	341	571
Single-family \| Adjustable-rate \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	176	161
Single-family \| Adjustable-rate \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	38	36
Single-family \| Adjustable-rate \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	127	374
Single-family \| Adjustable-rate \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	26,767	25,771
Single-family \| Other
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	32,099	37,945
Loans 90 Days or More Delinquent and Accruing Interest	424	1,008
Nonaccrual Loans with No Allowance	324	545
Single-family \| Other \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	1,737	2,932
Single-family \| Other \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	660	786
Single-family \| Other \| 60 - 89 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	179	204
Single-family \| Other \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	898	1,942
Single-family \| Other \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	30,362	35,013
Multifamily
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	432,222	406,205
Loans 90 Days or More Delinquent and Accruing Interest	11	317
Nonaccrual Loans with No Allowance	$ 13	107
Multifamily \| Minimum
Table Footnote
Serious delinquency: days past due	60 days
Multifamily \| Maximum
Table Footnote
Serious delinquency: days past due	89 days
Multifamily \| Total Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 1,128	1,807
Multifamily \| 30 - 59 Days Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	173	114
Multifamily \| Seriously Delinquent
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	955	1,693
Multifamily \| Current
Financing Receivable, Past Due [Line Items]
Loans held for investment, excluding fair value option	$ 431,094	$ 404,398

Mortgage Loans - Credit Quality

Mortgage Loans - Credit Quality Indicators - SF (Details) - Single-family - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	$ 497,393	$ 1,200,915
One fiscal year before	1,185,382	1,082,870
Two fiscal years before	963,992	207,663
Three fiscal years before	171,549	100,239
Four fiscal years before	79,469	135,670
Prior	790,243	829,967
Total loans held for investment	3,688,028	3,557,324
Less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	323,058	1,001,159
One fiscal year before	1,088,871	1,040,601
Two fiscal years before	956,653	204,398
Three fiscal years before	170,156	98,924
Four fiscal years before	78,758	134,953
Prior	788,467	826,785
Total loans held for investment	3,405,963	3,306,820
Greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	87,240	132,354
One fiscal year before	86,981	39,973
Two fiscal years before	5,949	2,712
Three fiscal years before	1,158	1,067
Four fiscal years before	620	632
Prior	1,196	1,972
Total loans held for investment	183,144	178,710
Greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	85,861	67,381
One fiscal year before	9,321	2,284
Two fiscal years before	1,334	544
Three fiscal years before	217	231
Four fiscal years before	79	60
Prior	281	597
Total loans held for investment	97,093	71,097
Greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	1,234	21
One fiscal year before	209	12
Two fiscal years before	56	9
Three fiscal years before	18	17
Four fiscal years before	12	25
Prior	299	613
Total loans held for investment	1,828	697
20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	452,015	994,858
One fiscal year before	992,804	923,269
Two fiscal years before	827,745	181,151
Three fiscal years before	150,454	89,126
Four fiscal years before	71,013	111,760
Prior	652,823	668,941
Total loans held for investment	3,146,854	2,969,105
20- and 30-year or more, amortizing fixed-rate \| Less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	281,257	798,830
One fiscal year before	896,977	881,290
Two fiscal years before	820,452	177,909
Three fiscal years before	149,067	87,825
Four fiscal years before	70,306	111,059
Prior	651,297	666,327
Total loans held for investment	2,869,356	2,723,240
20- and 30-year or more, amortizing fixed-rate \| Greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	84,864	129,340
One fiscal year before	86,335	39,689
Two fiscal years before	5,904	2,689
Three fiscal years before	1,152	1,056
Four fiscal years before	618	622
Prior	1,062	1,687
Total loans held for investment	179,935	175,083
20- and 30-year or more, amortizing fixed-rate \| Greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	84,664	66,667
One fiscal year before	9,284	2,278
Two fiscal years before	1,333	544
Three fiscal years before	217	229
Four fiscal years before	77	57
Prior	224	460
Total loans held for investment	95,799	70,235
20- and 30-year or more, amortizing fixed-rate \| Greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	1,230	21
One fiscal year before	208	12
Two fiscal years before	56	9
Three fiscal years before	18	16
Four fiscal years before	12	22
Prior	240	467
Total loans held for investment	1,764	547
15-year or less, amortizing fixed-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	39,748	199,318
One fiscal year before	185,938	157,340
Two fiscal years before	134,370	25,406
Three fiscal years before	20,242	9,600
Four fiscal years before	7,324	20,720
Prior	103,846	121,043
Total loans held for investment	491,468	533,427
15-year or less, amortizing fixed-rate \| Less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	37,830	196,163
One fiscal year before	185,511	157,076
Two fiscal years before	134,336	25,390
Three fiscal years before	20,239	9,595
Four fiscal years before	7,324	20,715
Prior	103,841	121,027
Total loans held for investment	489,081	529,966
15-year or less, amortizing fixed-rate \| Greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	1,363	2,576
One fiscal year before	410	259
Two fiscal years before	33	16
Three fiscal years before	3	4
Four fiscal years before	0	2
Prior	2	7
Total loans held for investment	1,811	2,864
15-year or less, amortizing fixed-rate \| Greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	552	579
One fiscal year before	16	5
Two fiscal years before	1	0
Three fiscal years before	0	1
Four fiscal years before	0	1
Prior	1	4
Total loans held for investment	570	590
15-year or less, amortizing fixed-rate \| Greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	3	0
One fiscal year before	1	0
Two fiscal years before	0	0
Three fiscal years before	0	0
Four fiscal years before	0	2
Prior	2	5
Total loans held for investment	6	7
Adjustable-rate
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	5,630	6,739
One fiscal year before	6,640	2,261
Two fiscal years before	1,877	1,072
Three fiscal years before	824	1,240
Four fiscal years before	908	2,526
Prior	11,229	12,504
Total loans held for investment	27,108	26,342
Adjustable-rate \| Less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	3,971	6,166
One fiscal year before	6,383	2,235
Two fiscal years before	1,865	1,065
Three fiscal years before	821	1,236
Four fiscal years before	906	2,524
Prior	11,226	12,501
Total loans held for investment	25,172	25,727
Adjustable-rate \| Greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	1,013	438
One fiscal year before	236	25
Two fiscal years before	12	7
Three fiscal years before	3	4
Four fiscal years before	1	2
Prior	3	3
Total loans held for investment	1,268	479
Adjustable-rate \| Greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	645	135
One fiscal year before	21	1
Two fiscal years before	0	0
Three fiscal years before	0	0
Four fiscal years before	1	0
Prior	0	0
Total loans held for investment	667	136
Adjustable-rate \| Greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	1	0
One fiscal year before	0	0
Two fiscal years before	0	0
Three fiscal years before	0	0
Four fiscal years before	0	0
Prior	0	0
Total loans held for investment	1	0
Other
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	0
One fiscal year before	0	0
Two fiscal years before	0	34
Three fiscal years before	29	273
Four fiscal years before	224	664
Prior	22,345	27,479
Total loans held for investment	22,598	28,450
Other \| Less than or equal to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	0
One fiscal year before	0	0
Two fiscal years before	0	34
Three fiscal years before	29	268
Four fiscal years before	222	655
Prior	22,103	26,930
Total loans held for investment	22,354	27,887
Other \| Greater than 80% and less than or equal to 90%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	0
One fiscal year before	0	0
Two fiscal years before	0	0
Three fiscal years before	0	3
Four fiscal years before	1	6
Prior	129	275
Total loans held for investment	130	284
Other \| Greater than 90% and less than or equal to 100%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	0
One fiscal year before	0	0
Two fiscal years before	0	0
Three fiscal years before	0	1
Four fiscal years before	1	2
Prior	56	133
Total loans held for investment	57	136
Other \| Greater than 100%
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	0	0
One fiscal year before	0	0
Two fiscal years before	0	0
Three fiscal years before	0	1
Four fiscal years before	0	1
Prior	57	141
Total loans held for investment	57	143
Government
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans held for investment	$ 9,500	$ 9,500

Mortgage Loans - Credit Quali_2

Mortgage Loans - Credit Quality Indicators - MF (Details) - Multifamily - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	$ 59,402	$ 59,007
One fiscal year before	65,786	80,197
Two fiscal years before	76,984	66,566
Three fiscal years before	62,378	57,666
Four fiscal years before	51,270	48,128
Prior	116,402	94,641
Total loans held for investment	432,222	406,205
Non-classified
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	57,987	58,986
One fiscal year before	64,206	79,602
Two fiscal years before	75,596	64,278
Three fiscal years before	59,562	55,552
Four fiscal years before	48,774	44,037
Prior	104,078	87,549
Total loans held for investment	410,203	390,004
Classified
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	1,415	21
One fiscal year before	1,580	595
Two fiscal years before	1,388	2,288
Three fiscal years before	2,816	2,114
Four fiscal years before	2,496	4,091
Prior	12,324	7,092
Total loans held for investment	22,019	16,201
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans held for investment	9,200	5,600
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans held for investment	$ 8	$ 1

Mortgage Loans - Loan Restructu

Mortgage Loans - Loan Restructuring - Summary of Loans Restructured (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 57,198
Restructured loans, percent of total financing receivable	1%
Restructured loans, paid off, repurchased or sold during period	$ 4,000
Forbearance Plan
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	17,160
Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	18,195
Trial Modification and Repayment Plans
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	5,737
Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	4,233
Payment Delay, Term Extension and Interest Rate Reduction
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	11,873
Single-family
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 56,875
Restructured loans, percent of total financing receivable	2%
Single-family \| Forbearance Plan
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 16,877
Single-family \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	18,195
Single-family \| Trial Modification and Repayment Plans
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	5,737
Single-family \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	4,233
Single-family \| Payment Delay, Term Extension and Interest Rate Reduction
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	11,833
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 53,310
Restructured loans, percent of total financing receivable	2%
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Forbearance Plan
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 15,697
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	16,875
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Trial Modification and Repayment Plans
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	5,287
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	4,109
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Payment Delay, Term Extension and Interest Rate Reduction
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	11,342
Single-family \| 15-year or less, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 1,907
Restructured loans, percent of total financing receivable
Single-family \| 15-year or less, amortizing fixed-rate \| Forbearance Plan
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 794
Single-family \| 15-year or less, amortizing fixed-rate \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	875
Single-family \| 15-year or less, amortizing fixed-rate \| Trial Modification and Repayment Plans
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	233
Single-family \| 15-year or less, amortizing fixed-rate \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	3
Single-family \| 15-year or less, amortizing fixed-rate \| Payment Delay, Term Extension and Interest Rate Reduction
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	2
Single-family \| Adjustable-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 241
Restructured loans, percent of total financing receivable	1%
Single-family \| Adjustable-rate \| Forbearance Plan
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 90
Single-family \| Adjustable-rate \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	76
Single-family \| Adjustable-rate \| Trial Modification and Repayment Plans
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	36
Single-family \| Adjustable-rate \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	0
Single-family \| Adjustable-rate \| Payment Delay, Term Extension and Interest Rate Reduction
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	39
Single-family \| Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 1,417
Restructured loans, percent of total financing receivable	4%
Single-family \| Other \| Forbearance Plan
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 296
Single-family \| Other \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	369
Single-family \| Other \| Trial Modification and Repayment Plans
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	181
Single-family \| Other \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	121
Single-family \| Other \| Payment Delay, Term Extension and Interest Rate Reduction
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	450
Multifamily
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 323
Restructured loans, percent of total financing receivable
Multifamily \| Forbearance Plan
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 283
Multifamily \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	0
Multifamily \| Trial Modification and Repayment Plans
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	0
Multifamily \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	0
Multifamily \| Payment Delay, Term Extension and Interest Rate Reduction
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 40

Mortgage Loans - Loan Restruc_2

Mortgage Loans - Loan Restructuring - Financial Impacts (Details) - Single-family	12 Months Ended
	Dec. 31, 2022 USD ($) mo
20- and 30-year or more, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	1.42%
Weighted-Average Term Extension (in Months) \| mo	179
Average Amount Capitalized as a Result of a Payment Delay	$ 22,248
15-year or less, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	2.54%
Weighted-Average Term Extension (in Months) \| mo	55
Average Amount Capitalized as a Result of a Payment Delay	$ 19,276
Adjustable-rate
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	0.70%
Average Amount Capitalized as a Result of a Payment Delay	$ 22,153
Other
Loans in Mortgage Portfolio [Line Items]
Weighted-Average Interest Rate Reduction	1.80%
Weighted-Average Term Extension (in Months) \| mo	187
Average Amount Capitalized as a Result of a Payment Delay	$ 22,773

Mortgage Loans - Loan Restruc_3

Mortgage Loans - Loan Restructuring - Subsequent Default (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	$ 2,761	$ 1,510	$ 2,814
Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	1,799
Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	269
Payment Delay, Term Extension and Interest Rate Reduction
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	693
Single-family
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	2,761	1,510	2,798
Single-family \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	1,799
Single-family \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	269
Single-family \| Payment Delay, Term Extension and Interest Rate Reduction
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	693
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	2,601	1,302	2,578
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	1,695
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	258
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Payment Delay, Term Extension and Interest Rate Reduction
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	648
Single-family \| 15-year or less, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	56	37	10
Single-family \| 15-year or less, amortizing fixed-rate \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	56
Single-family \| 15-year or less, amortizing fixed-rate \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	0
Single-family \| 15-year or less, amortizing fixed-rate \| Payment Delay, Term Extension and Interest Rate Reduction
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	0
Single-family \| Adjustable-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	10	5	2
Single-family \| Adjustable-rate \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	7
Single-family \| Adjustable-rate \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	0
Single-family \| Adjustable-rate \| Payment Delay, Term Extension and Interest Rate Reduction
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	3
Single-family \| Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	94	166	208
Single-family \| Other \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	41
Single-family \| Other \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	11
Single-family \| Other \| Payment Delay, Term Extension and Interest Rate Reduction
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	42
Multifamily
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	0	$ 0	$ 16
Multifamily \| Payment Deferral
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	0
Multifamily \| Payment Delay and Term Extension
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	0
Multifamily \| Payment Delay, Term Extension and Interest Rate Reduction
Loans in Mortgage Portfolio [Line Items]
Restructured loans, subsequent default	$ 0

Mortgage Loans - Loan Restruc_4

Mortgage Loans - Loan Restructuring - Aging Analysis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 57,198
Serious delinquency: days past due	90 days
Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 51,895
30 - 59 Days Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	4,391
60 - 89 Days Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	2,980
Seriously Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	15,256
Total Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	22,627
Current \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	29,268
Single-family
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 56,875
Single-family \| Minimum
Loans in Mortgage Portfolio [Line Items]
Serious delinquency: days past due	90 days	90 days
Single-family \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 51,572
Single-family \| 30 - 59 Days Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	4,388
Single-family \| 60 - 89 Days Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	2,980
Single-family \| Seriously Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	14,991
Single-family \| Total Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	22,359
Single-family \| Current \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	29,213
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	53,310
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	48,272
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| 30 - 59 Days Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	4,113
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| 60 - 89 Days Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	2,785
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Seriously Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	13,995
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Total Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	20,893
Single-family \| 20- and 30-year or more, amortizing fixed-rate \| Current \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	27,379
Single-family \| 15-year or less, amortizing fixed-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	1,907
Single-family \| 15-year or less, amortizing fixed-rate \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	1,775
Single-family \| 15-year or less, amortizing fixed-rate \| 30 - 59 Days Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	147
Single-family \| 15-year or less, amortizing fixed-rate \| 60 - 89 Days Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	114
Single-family \| 15-year or less, amortizing fixed-rate \| Seriously Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	552
Single-family \| 15-year or less, amortizing fixed-rate \| Total Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	813
Single-family \| 15-year or less, amortizing fixed-rate \| Current \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	962
Single-family \| Adjustable-rate
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	241
Single-family \| Adjustable-rate \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	225
Single-family \| Adjustable-rate \| 30 - 59 Days Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	15
Single-family \| Adjustable-rate \| 60 - 89 Days Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	14
Single-family \| Adjustable-rate \| Seriously Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	79
Single-family \| Adjustable-rate \| Total Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	108
Single-family \| Adjustable-rate \| Current \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	117
Single-family \| Other
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	1,417
Single-family \| Other \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	1,300
Single-family \| Other \| 30 - 59 Days Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	113
Single-family \| Other \| 60 - 89 Days Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	67
Single-family \| Other \| Seriously Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	365
Single-family \| Other \| Total Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	545
Single-family \| Other \| Current \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	755
Multifamily
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 323
Multifamily \| Minimum
Loans in Mortgage Portfolio [Line Items]
Serious delinquency: days past due	60 days
Multifamily \| Maximum
Loans in Mortgage Portfolio [Line Items]
Serious delinquency: days past due	89 days
Multifamily \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 323
Multifamily \| 30 - 59 Days Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	3
Multifamily \| Seriously Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	265
Multifamily \| Total Delinquent \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	268
Multifamily \| Current \| Forbearance and Repayment Plans and Trial Modification
Loans in Mortgage Portfolio [Line Items]
Restructured loans, amortized cost	$ 55

Mortgage Loans - TDRs (Details)

Mortgage Loans - TDRs (Details) $ in Millions	12 Months Ended
Mortgage Loans - TDRs (Details) $ in Millions	Dec. 31, 2021 USD ($) contract	Dec. 31, 2020 USD ($) contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Average term extension of a single-family modified loan	145 months	163 months
Average interest rate reduction of a single-family modified loan	0.57%	0.37%
Number of loans troubled debt restructurings activity \| contract	12,620	35,049
Restructured loans, amortized cost \| $	$ 1,883	$ 5,665
Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity \| contract	12,620	35,049
Restructured loans, amortized cost \| $	$ 1,883	$ 5,665
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity \| contract	10,815	29,938
Restructured loans, amortized cost \| $	$ 1,717	$ 5,125
Single-family \| 15-year or less, amortizing fixed-rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity \| contract	1,165	2,956
Restructured loans, amortized cost \| $	$ 93	$ 257
Single-family \| Adjustable-rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity \| contract	116	467
Restructured loans, amortized cost \| $	$ 17	$ 72
Single-family \| Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity \| contract	524	1,688
Restructured loans, amortized cost \| $	$ 56	$ 211
Multifamily
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings activity \| contract	0	0
Restructured loans, amortized cost \| $	$ 0	$ 0

Mortgage Loans - TDRs with Sub

Mortgage Loans - TDRs with Sub Defaults (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) contract	Dec. 31, 2020 USD ($) contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings subsequent default \| contract		9,243	15,586
Restructured loans, subsequent default \| $	$ 2,761	$ 1,510	$ 2,814
Single-family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings subsequent default \| contract		9,243	15,582
Restructured loans, subsequent default \| $	2,761	$ 1,510	$ 2,798
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings subsequent default \| contract		7,799	14,127
Restructured loans, subsequent default \| $	2,601	$ 1,302	$ 2,578
Single-family \| 15-year or less, amortizing fixed-rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings subsequent default \| contract		489	148
Restructured loans, subsequent default \| $	56	$ 37	$ 10
Single-family \| Adjustable-rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings subsequent default \| contract		33	16
Restructured loans, subsequent default \| $	10	$ 5	$ 2
Single-family \| Other
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings subsequent default \| contract		922	1,291
Restructured loans, subsequent default \| $	94	$ 166	$ 208
Multifamily
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loans troubled debt restructurings subsequent default \| contract		0	4
Restructured loans, subsequent default \| $	$ 0	$ 0	$ 16

Mortgage Loans - Nonaccrual Loa

Mortgage Loans - Nonaccrual Loans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amortized cost, nonaccrual loans	$ 12,517	$ 20,496	$ 28,574	$ 27,981
Interest income recognized, nonaccrual loans	298	328	583
Single-family
Accrued interest receivable written off	61	163	206
Amortized cost, nonaccrual loans	10,317	19,237	26,505	27,546
Interest income recognized, nonaccrual loans	223	314	524
Single-family \| 20- and 30-year or more, amortizing fixed-rate
Amortized cost, nonaccrual loans	9,447	17,599	22,907	23,427
Interest income recognized, nonaccrual loans	207	292	461
Single-family \| 15-year or less, amortizing fixed-rate
Amortized cost, nonaccrual loans	200	430	853	858
Interest income recognized, nonaccrual loans	4	6	15
Single-family \| Adjustable-rate
Amortized cost, nonaccrual loans	53	107	270	288
Interest income recognized, nonaccrual loans	1	1	5
Single-family \| Other
Amortized cost, nonaccrual loans	617	1,101	2,475	2,973
Interest income recognized, nonaccrual loans	11	15	43
Multifamily
Accrued interest receivable written off	1	1	19
Amortized cost, nonaccrual loans	2,200	1,259	2,069	$ 435
Interest income recognized, nonaccrual loans	$ 75	$ 14	$ 59

Allowance for Loan Losses (Deta

Allowance for Loan Losses (Details) - USD ($) $ in Millions	12 Months Ended
Allowance for Loan Losses (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for Loan Losses [Roll Forward]
Beginning balance	$ (5,629)	$ (10,552)	$ (9,016)
Benefit (provision) for loan losses	(6,306)	5,022	(466)
Write-offs	926	476	593
Recoveries	(299)	(468)	(94)
Other	(39)	(107)	153
Ending balance	(11,347)	(5,629)	(10,552)
Unpaid principal balance of mortgage loans	4,075,598	3,899,025
Multifamily
Allowance for Loan Losses [Roll Forward]
Unpaid principal balance of mortgage loans	431,440	403,452
Multifamily \| Seniors housing portfolio \| Adjustable-rate
Allowance for Loan Losses [Roll Forward]
Unpaid principal balance of mortgage loans	$ 16,600
Percentage of book of business	39%
Transition impact of the adoption of the CECL standard
Allowance for Loan Losses [Roll Forward]
Beginning balance	$ 0	0	(1,722)
Ending balance		0	0
Single-family
Allowance for Loan Losses [Roll Forward]
Beginning balance	(4,950)	(9,344)	(8,759)
Benefit (provision) for loan losses	(5,061)	4,503	127
Write-offs	883	417	457
Recoveries	(276)	(419)	(93)
Other	(39)	(107)	153
Ending balance	(9,443)	(4,950)	(9,344)
Single-family \| Transition impact of the adoption of the CECL standard
Allowance for Loan Losses [Roll Forward]
Beginning balance	0	0	(1,229)
Ending balance		0	0
Multifamily
Allowance for Loan Losses [Roll Forward]
Beginning balance	(679)	(1,208)	(257)
Benefit (provision) for loan losses	(1,245)	519	(593)
Write-offs	43	59	136
Recoveries	(23)	(49)	(1)
Ending balance	(1,904)	(679)	(1,208)
Multifamily \| Transition impact of the adoption of the CECL standard
Allowance for Loan Losses [Roll Forward]
Beginning balance	$ 0	0	(493)
Ending balance		$ 0	$ 0

Investments in Securities - Inv

Investments in Securities - Investments In Trading Securities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 50,129	$ 88,206
Mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	3,211	4,606
Mortgage-related securities \| Consolidated Trusts
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	427	593
Non-mortgage-related securities
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	46,918	83,600
Non-mortgage-related securities \| Pledged as collateral
Schedule of Investments in Trading Securities [Line Items]
Trading, at fair value	$ 3,900	$ 4,200

Investments in Securities - Sch

Investments in Securities - Schedule of Trading Securities Gains (Losses), Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Net trading gains (losses)	$ (3,504)	$ (1,060)	$ 513
Net trading gains (losses) recognized in the period related to securities still held at period end	$ (2,865)	$ (997)	$ 252

Investments in Securities - S_2

Investments in Securities - Schedule of Available-for-sale Securities Reconciliation (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 714	$ 827
Allowance for credit losses	(3)
Gross unrealized gains	8	24
Gross unrealized losses	(23)	(14)
Available-for-sale	696	837
Maximum
Debt Securities, Available-for-sale [Line Items]
Allowance for credit losses		(0.5)
Agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	445	504
Allowance for credit losses	0	0
Gross unrealized gains	3	14
Gross unrealized losses	(22)	(11)
Available-for-sale	426	507
Other mortgage-related securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	269	323
Allowance for credit losses	(3)
Gross unrealized gains	5	10
Gross unrealized losses	(1)	(3)
Available-for-sale	$ 270	330
Other mortgage-related securities \| Maximum
Debt Securities, Available-for-sale [Line Items]
Allowance for credit losses		$ (0.5)

Investments in Securities - Ava

Investments in Securities - Available-for-sale Securities Gains (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Less than 12 consecutive months, gross unrealized losses	$ (13)	$ (8)
Less than 12 consecutive months, fair value	169	228
12 consecutive months or longer, gross unrealized losses	(10)	(6)
12 consecutive months or longer, fair value	159	102
Gross realized gains	0	59	$ 57
Proceeds from sales of available-for-sale securities	0	582	361
Net unrealized gains (losses) on AFS securities for which we have not recorded an allowance for credit losses	(13)	9	74
Net unrealized gains (losses) on AFS securities for which we have recorded an allowance for credit losses	0	(2)	0
Other	48	31	42
Accumulated other comprehensive income	35	38	$ 116
Agency securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 consecutive months, gross unrealized losses	(12)	(5)
Less than 12 consecutive months, fair value	161	225
12 consecutive months or longer, gross unrealized losses	(10)	(6)
12 consecutive months or longer, fair value	159	102
Other
Debt Securities, Available-for-sale [Line Items]
Less than 12 consecutive months, gross unrealized losses	(1)	(3)
Less than 12 consecutive months, fair value	8	3
12 consecutive months or longer, gross unrealized losses	0	0
12 consecutive months or longer, fair value	$ 0	$ 0

Investments in Securities - Mat

Investments in Securities - Maturity Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Total Carrying Amount
Total Carrying Amount, Net	$ 711
Amortized cost, one year or less	1
Amortized cost, after one year through five years	20
Amortized cost, after five years through ten years	28
Amortized cost, after ten years	662
Total Fair Value
Total fair value	696	$ 837
Fair value, one year or less	1
Fair value, after one year through five years	20
Fair value, after five years through ten years	29
Fair value, after ten years	$ 646
Weighted average yield	7.27%
Weighted average yield, one year or less	7.68%
Weighted average yield, after one year through five years	6.80%
Weighted average yield, after five years through ten years	6.64%
Weighted average yield, after ten years	7.31%
Agency securities
Total Carrying Amount
Total Carrying Amount, Net	$ 445
Amortized cost, one year or less	0
Amortized cost, after one year through five years	3
Amortized cost, after five years through ten years	12
Amortized cost, after ten years	430
Total Fair Value
Total fair value	426	507
Fair value, one year or less	0
Fair value, after one year through five years	3
Fair value, after five years through ten years	12
Fair value, after ten years	411
Other mortgage-related securities
Total Carrying Amount
Total Carrying Amount, Net	266
Amortized cost, one year or less	1
Amortized cost, after one year through five years	17
Amortized cost, after five years through ten years	16
Amortized cost, after ten years	232
Total Fair Value
Total fair value	270	$ 330
Fair value, one year or less	1
Fair value, after one year through five years	17
Fair value, after five years through ten years	17
Fair value, after ten years	$ 235

Financial Guarantees (Details)

Financial Guarantees (Details) - USD ($) $ in Millions	12 Months Ended
Financial Guarantees (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial Guarantees and Maximum Recovery [Line Items]
Contractual terms of our guarantees	29 years
Maximum exposure	$ 12,712	$ 14,156
Guaranty obligation	94	101
Maximum recovery	5,070	5,743
Unconsolidated Fannie Mae MBS \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Maximum exposure	3,139	3,733
Guaranty obligation	15	16
Maximum recovery	3,058	3,626
Other guaranty arrangements \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Maximum exposure	9,573	10,423
Guaranty obligation	79	85
Maximum recovery	2,012	2,117
Agency securities \| Unconsolidated VIEs
Financial Guarantees and Maximum Recovery [Line Items]
Freddie Mac collateral included in Fannie Mae commingled security	$ 234,000	$ 212,300

Short-Term and Long-Term Debt -

Short-Term and Long-Term Debt - Short-Term Debt (Details) - Fannie Mae - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Short-term debt, outstanding	$ 10,204	$ 2,795
Short-term debt, weighted-average interest rate	3.93%	0.03%

Short-Term and Long-Term Debt_2

Short-Term and Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 4,211,684	$ 4,155,396
Long-term debt, weighted-average interest rate	2.47%	1.88%
Fannie Mae
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 123,964	$ 198,097
Long-term debt, weighted-average interest rate	2.23%	1.55%
Net unamortized discount, fair value adjustments and other cost basis adjustments	$ 5,100	$ 1,600
Fannie Mae \| Senior Fixed
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 118,515	$ 134,975
Long-term debt, weighted-average interest rate	1.94%	1.78%
Fannie Mae \| Benchmark notes and bonds
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 72,261	$ 89,618
Long-term debt, weighted-average interest rate	2.35%	2.13%
Fannie Mae \| Medium-term notes
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 39,476	$ 38,312
Long-term debt, weighted-average interest rate	0.78%	0.60%
Fannie Mae \| Other
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 6,778	$ 7,045
Long-term debt, weighted-average interest rate	4%	3.73%
Fannie Mae \| Senior floating
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 5,449	$ 63,122
Long-term debt, weighted-average interest rate	8.86%	1.05%
Fannie Mae \| Medium-term notes
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 0	$ 51,583
Long-term debt, weighted-average interest rate	0%	0.32%
Fannie Mae \| Connecticut Avenue Securities
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 5,207	$ 11,166
Long-term debt, weighted-average interest rate	8.80%	4.30%
Fannie Mae \| Other
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 242	$ 373
Long-term debt, weighted-average interest rate	10%	7.17%
Consolidated Trusts
Long-Term Debt [Line Items]
Long-term debt, outstanding	$ 4,087,720	$ 3,957,299
Long-term debt, weighted-average interest rate	2.47%	1.89%

Short-Term and Long-Term Debt_3

Short-Term and Long-Term Debt - Characteristics of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Long-Term Debt by Year of Maturity [Abstract]
Total long-term debt	$ 4,211,684	$ 4,155,396
Assuming Callable Debt Redeemed at Next Available Call Date
Long-Term Debt by Year of Maturity [Abstract]
Total long-term debt	4,211,684
Fannie Mae
Long-Term Debt [Line Items]
Face amount	139,300	202,500
Long-Term Debt by Year of Maturity [Abstract]
2023	23,226
2024	18,951
2025	37,730
2026	9,189
2027	5,608
Thereafter	29,260
Total long-term debt	123,964	198,097
Fannie Mae \| Zero-coupon debt
Long-Term Debt [Line Items]
Face amount	$ 10,000	$ 3,200
Effective interest rate	3.91%	0.66%
Fannie Mae \| Callable
Long-Term Debt [Line Items]
Outstanding debt	$ 43,300	$ 47,000
Fannie Mae \| Assuming Callable Debt Redeemed at Next Available Call Date
Long-Term Debt by Year of Maturity [Abstract]
2023	56,679
2024	13,712
2025	20,911
2026	6,795
2027	4,080
Thereafter	21,787
Total long-term debt	123,964
Consolidated Trusts
Long-Term Debt by Year of Maturity [Abstract]
Total long-term debt	4,087,720	$ 3,957,299
Consolidated Trusts \| Assuming Callable Debt Redeemed at Next Available Call Date
Long-Term Debt by Year of Maturity [Abstract]
Total long-term debt	$ 4,087,720

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Notional and Fair Value Position (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 364,927	$ 366,384
Asset Derivatives
Netting adjustment	(154)	(237)
Derivative assets	175	171
Liability Derivatives
Derivatives liabilities at fair value	(168)	(233)
Table Footnote
Cash collateral posted for derivative instruments	4,500	966
Cash collateral received for derivative instruments	$ 5	$ 30
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total risk management derivatives portfolio
Derivative [Line Items]
Notional amount	$ 285,437	$ 164,742
Asset Derivatives
Netting adjustment	(154)	(237)
Derivative assets	83	2
Liability Derivatives
Netting adjustment	4,662	1,173
Derivatives liabilities at fair value	(24)	(15)
Total risk management derivatives portfolio \| Designated as Hedging Instrument
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Total risk management derivatives portfolio \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	246,579	119,709
Asset Derivatives
Derivative assets, gross	237	239
Liability Derivatives
Derivative liabilities, gross	(4,686)	(1,188)
Total risk management derivatives portfolio \| Fair Value Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	38,858	45,033
Pay-fixed \| Designated as Hedging Instrument
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Pay-fixed \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	97,808	56,817
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Pay-fixed \| Fair Value Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	5,582	4,347
Receive-fixed \| Designated as Hedging Instrument
Asset Derivatives
Derivative assets, gross	0	0
Liability Derivatives
Derivative liabilities, gross	0	0
Receive-fixed \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	99,799	56,874
Asset Derivatives
Derivative assets, gross	1	0
Liability Derivatives
Derivative liabilities, gross	(4,525)	(1,131)
Receive-fixed \| Fair Value Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	33,276	40,686
Basis \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	41,250	250
Asset Derivatives
Derivative assets, gross	25	152
Liability Derivatives
Derivative liabilities, gross	0	0
Foreign currency \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	300	336
Asset Derivatives
Derivative assets, gross	0	25
Liability Derivatives
Derivative liabilities, gross	(98)	(34)
Pay-fixed swaption \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	5,286	4,341
Asset Derivatives
Derivative assets, gross	204	52
Liability Derivatives
Derivative liabilities, gross	(18)	(2)
Receive-fixed swaption \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	2,136	1,091
Asset Derivatives
Derivative assets, gross	7	10
Liability Derivatives
Derivative liabilities, gross	(45)	(21)
Mortgage commitment derivatives
Derivative [Line Items]
Notional amount	55,706	182,386
Asset Derivatives
Netting adjustment	0	0
Derivative assets	89	169
Liability Derivatives
Netting adjustment	0	0
Derivatives liabilities at fair value	(78)	(197)
Mortgage commitments to purchase whole loans
Derivative [Line Items]
Notional amount	2,596	13,192
Asset Derivatives
Derivative assets	4	17
Liability Derivatives
Derivatives liabilities at fair value	(8)	(5)
Forward contracts to purchase mortgage-related securities
Derivative [Line Items]
Notional amount	17,808	58,021
Asset Derivatives
Derivative assets	50	83
Liability Derivatives
Derivatives liabilities at fair value	(57)	(34)
Forward contracts to sell mortgage-related securities
Derivative [Line Items]
Notional amount	35,302	111,173
Asset Derivatives
Derivative assets	35	69
Liability Derivatives
Derivatives liabilities at fair value	(13)	(158)
Credit enhancement derivatives
Derivative [Line Items]
Notional amount	23,784	19,256
Asset Derivatives
Derivative assets	3	0
Liability Derivatives
Derivatives liabilities at fair value	$ (66)	$ (21)

Derivative Instruments - FV Gai

Derivative Instruments - FV Gains and Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	$ 2,991	$ 558	$ (2,832)
Net accrual of periodic settlements	$ 29,423	$ 29,587	$ 24,866
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Changes in fair value, gain (loss)	Changes in fair value, gain (loss)	Changes in fair value, gain (loss)
Pay-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	$ 5,541	$ 2,207	$ (2,764)
Receive-fixed
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	(4,788)	(1,783)	2,226
Basis
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	(143)	(51)	43
Foreign currency
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	(87)	(26)	23
Pay-fixed swaption
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	142	38	(146)
Receive-fixed swaption
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	(19)	(217)	595
Futures
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	(1)	1	(76)
Risk management derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	380	185	(360)
Net accrual of periodic settlements	(265)	16	(261)
Mortgage commitment derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	2,708	551	(2,654)
Credit enhancement derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fair value gains (losses), net	$ (97)	$ (178)	$ 182

Derivative Instruments - Effect

Derivative Instruments - Effect of Fair Value Hedge Accounting (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Mortgage loans	$ 117,813	$ 98,930	$ 106,316
Long-term debt interest expense	(90,798)	(70,084)	$ (82,521)
Interest Rate Risk On Held-for-Investment Mortgage Loan \| Interest Income
Derivative [Line Items]
Net impact of hedged mortgage assets and debt	(790)	140
Discontinued hedge-related basis adjustment amortization	28	(6)
Derivatives designated as hedging instruments	785	(145)
Interest accruals on derivative hedging instruments	13	(12)
Gains (losses) recognized in net interest income on fair value hedging relationships	36	(23)
Interest Rate Risk On Debt \| Interest Expense
Derivative [Line Items]
Net impact of hedged mortgage assets and debt	3,978	1,370
Discontinued hedge-related basis adjustment amortization	(524)	(89)
Derivatives designated as hedging instruments	(3,321)	(1,308)
Interest accruals on derivative hedging instruments	(240)	223
Gains (losses) recognized in net interest income on fair value hedging relationships	$ (107)	$ 196

Derivative Instruments - Hedged

Derivative Instruments - Hedged Items in Fair Value Hedging Relationships (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedged asset, carrying amount	$ 293,788	$ 174,080
Hedged asset, total basis adjustments	(628)	134
Hedged asset, discontinued fair value, remaining adjustments	(628)	134
Closed portfolio, amortized cost	98,377	56,786
Closed portfolio, designated UPB	5,187	4,389
Hedged liability, carrying amount	(73,790)	(72,174)
Hedged liability, total basis adjustments	4,713	1,281
Hedged liability, discontinued fair value, remaining adjustments	$ 4,713	$ 1,281

Income Taxes - Provision for Fe

Income Taxes - Provision for Federal Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Provision (Benefit)
Current income tax benefit (provision)	$ (3,505)	$ (5,521)	$ (3,803)
Deferred income tax provision (provision)	195	(252)	729
Provision for federal income taxes	$ (3,310)	$ (5,773)	$ (3,074)
Effective Income Tax Rate Reconciliation
Statutory corporate tax rate	21%	21%	21%
Research tax credits	(1.50%)	0%	0%
Equity investments in affordable housing projects	(0.10%)	(0.10%)	(0.10%)
Valuation allowance	0.70%	0%	0%
Other	0.30%	(0.20%)	(0.20%)
Effective tax rate	20.40%	20.70%	20.70%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Mortgage and mortgage-related assets	$ 6,764	$ 7,547
Allowance for loan losses and basis in acquired property, net	2,055	1,060
Derivative instruments	1,153	778
Partnership and other equity investments	52	88
Interest-only securities	3,811	3,977
Other, net	295	0
Total deferred tax assets	14,130	13,450
Deferred tax liabilities:
Debt instruments	1,104	377
Other, net	0	358
Total deferred tax liabilities	1,104	735
Valuation allowance	(115)	0
Deferred tax assets, net	$ 12,911	$ 12,715

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 60,000,000	$ 0	$ 0

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting - Schedule of

Segment Reporting - Schedule of Assets by Segment (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 4,305,288	$ 4,229,166
Operating Segments \| Single-Family
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,844,092	3,782,447
Operating Segments \| Multifamily
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 461,196	$ 446,719

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Segment Reporting (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net interest income	$ 29,423	$ 29,587	$ 24,866
Fee and other income	312	361	462
Net revenues	29,735	29,948	25,328
Investment gains (losses), net	(297)	1,352	907
Fair value gains (losses), net	1,284	155	(2,501)
Administrative expenses	(3,329)	(3,065)	(3,068)
Benefit (provision) for credit losses	(6,277)	5,130	(678)
TCCA fees	(3,369)	(3,071)	(2,673)
Credit enhancement expense	(1,323)	(1,051)	(1,361)
Change in expected credit enhancement recoveries	727	(194)	233
Other expenses, net	(918)	(1,255)	(1,308)
Income before federal income taxes	16,233	27,949	14,879
Provision for federal income taxes	(3,310)	(5,773)	(3,074)
Net income	12,923	22,176	11,805
US Treasury
Segment Reporting Information [Line Items]
TCCA fees	(3,369)	(3,071)	(2,673)
Operating Segments \| Single-Family
Segment Reporting Information [Line Items]
Net interest income	24,736	25,429	21,502
Fee and other income	224	269	368
Net revenues	24,960	25,698	21,870
Investment gains (losses), net	(223)	1,392	728
Fair value gains (losses), net	1,364	167	(2,539)
Administrative expenses	(2,789)	(2,557)	(2,559)
Benefit (provision) for credit losses	(5,029)	4,600	(75)
Credit enhancement expense	(1,062)	(812)	(1,141)
Change in expected credit enhancement recoveries	470	(86)	89
Other expenses, net	(778)	(1,208)	(1,212)
Income before federal income taxes	13,544	24,123	12,488
Provision for federal income taxes	(2,774)	(4,996)	(2,607)
Net income	10,770	19,127	9,881
Operating Segments \| Multifamily
Segment Reporting Information [Line Items]
Net interest income	4,687	4,158	3,364
Fee and other income	88	92	94
Net revenues	4,775	4,250	3,458
Investment gains (losses), net	(74)	(40)	179
Fair value gains (losses), net	(80)	(12)	38
Administrative expenses	(540)	(508)	(509)
Benefit (provision) for credit losses	(1,248)	530	(603)
Credit enhancement expense	(261)	(239)	(220)
Change in expected credit enhancement recoveries	257	(108)	144
Other expenses, net	(140)	(47)	(96)
Income before federal income taxes	2,689	3,826	2,391
Provision for federal income taxes	(536)	(777)	(467)
Net income	2,153	3,049	1,924
Operating Segments \| US Treasury \| Single-Family
Segment Reporting Information [Line Items]
TCCA fees	(3,369)	(3,071)	(2,673)
Operating Segments \| US Treasury \| Multifamily
Segment Reporting Information [Line Items]
TCCA fees	$ 0	$ 0	$ 0

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Millions			3 Months Ended	12 Months Ended
	Sep. 08, 2008 USD ($) $ / shares shares	Sep. 08, 2008 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2021 USD ($) shares	Sep. 07, 2008 $ / shares
Class of Stock [Line Items]
Common stock, shares outstanding \| shares			1,158,087,567	1,158,087,567		1,158,087,567
Increase in net worth			$ 1,400
Proceeds from issuance of common stock				$ 70,000
Preferred stock, covenant, maximum mortgage assets			225,000	225,000
Mortgage assets			79,500	79,500
FHFA debt limit			$ 270,000	$ 270,000
Convertible Series 2004-1
Class of Stock [Line Items]
Conversion price per share (in dollars per share) \| $ / shares			$ 94.31	$ 94.31
Conversion rate			1,060.3329	1,060.3329
Preferred stock, redemption price (in dollars per share) \| $ / shares			$ 105,000	$ 105,000
Series 2008-2
Class of Stock [Line Items]
Shares of variable liquidation preference senior preferred stock issued \| shares	1,000,000
Aggregate liquidation preference of senior preferred stock	$ 1,000	$ 1,000
Value assigned to Treasury's commitment and recorded as a reduction to additional paid-in-capital		$ 4,500
Senior preferred stock, stated value per share (in dollars per share) \| $ / shares	$ 1,000	$ 1,000	$ 120,836	$ 120,836
Preferred stock covenant maximum fair market value of assets and properties per transaction			$ 250	$ 250
Preferred stock, covenant, maximum mortgage assets, ratio						120%
Minimum \| Series O
Class of Stock [Line Items]
Preferred stock, redemption price (in dollars per share) \| $ / shares			$ 50	$ 50
Maximum \| Series O
Class of Stock [Line Items]
Preferred stock, redemption price (in dollars per share) \| $ / shares			$ 52.50	$ 52.50
US Treasury
Class of Stock [Line Items]
Percentage of common shares attributable to warrants							79.90%
Aggregate liquidation preference of senior preferred stock			$ 180,300	$ 180,300
Aggregate funding received from US Treasury pursuant to the senior preferred stock purchase agreement			119,800	119,800
Common stock warrant exercise price (in dollars per share) \| $ / shares							$ 0.00001
Total remaining funding available from US Treasury pursuant to the senior preferred stock agreement			113,900	113,900
Fannie Mae
Class of Stock [Line Items]
Preferred stock, covenant, maximum mortgage assets			202,500	202,500
Face amount			$ 139,300	$ 139,300		$ 202,500
Forecast \| US Treasury
Class of Stock [Line Items]
Aggregate liquidation preference of senior preferred stock					$ 181,800

Equity - Schedule of Preferred

Equity - Schedule of Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 08, 2008	Jun. 04, 2008	May 22, 2008	May 19, 2008	Dec. 14, 2007	Nov. 21, 2007
Class of Stock [Line Items]
Senior preferred stock value	$ 120,836	$ 120,836
Preferred stock, shares issued	555,374,922	555,374,922
Preferred stock	$ 19,130	$ 19,130
Preferred stock, shares outstanding	555,374,922	555,374,922
Series 2008-2
Class of Stock [Line Items]
Senior preferred stock issued, shares	1,000,000	1,000,000
Senior preferred stock value	$ 120,836	$ 120,836
Senior preferred stock, stated value per share (in dollars per share)	$ 120,836		$ 1,000
Aggregate liquidation preference of senior preferred stock			$ 1,000
Series D
Class of Stock [Line Items]
Preferred stock, shares issued	3,000,000	3,000,000
Preferred stock	$ 150	$ 150
Preferred stock, stated value per share (in dollars per share)	$ 50
Preferred stock, annual dividend rate	5.25%
Series E
Class of Stock [Line Items]
Preferred stock, shares issued	3,000,000	3,000,000
Preferred stock	$ 150	$ 150
Preferred stock, stated value per share (in dollars per share)	$ 50
Preferred stock, annual dividend rate	5.10%
Series F
Class of Stock [Line Items]
Preferred stock, shares issued	14,000,000	14,000,000
Preferred stock	$ 690	$ 690
Preferred stock, stated value per share (in dollars per share)	$ 50
Preferred stock, annual dividend rate	2.016%
Preferred stock, redemption terms	two
Series G
Class of Stock [Line Items]
Preferred stock, shares issued	6,000,000	6,000,000
Preferred stock	$ 288	$ 288
Preferred stock, stated value per share (in dollars per share)	$ 50
Preferred stock, annual dividend rate	4.024%
Series H
Class of Stock [Line Items]
Preferred stock, shares issued	8,000,000	8,000,000
Preferred stock	$ 400	$ 400
Preferred stock, stated value per share (in dollars per share)	$ 50
Preferred stock, annual dividend rate	5.81%
Series I
Class of Stock [Line Items]
Preferred stock, shares issued	6,000,000	6,000,000
Preferred stock	$ 300	$ 300
Preferred stock, stated value per share (in dollars per share)	$ 50
Preferred stock, annual dividend rate	5.375%
Series L
Class of Stock [Line Items]
Preferred stock, shares issued	7,000,000	7,000,000
Preferred stock	$ 345	$ 345
Preferred stock, stated value per share (in dollars per share)	$ 50
Preferred stock, annual dividend rate	5.125%
Series M
Class of Stock [Line Items]
Preferred stock, shares issued	9,000,000	9,000,000
Preferred stock	$ 460	$ 460
Preferred stock, stated value per share (in dollars per share)	$ 50
Preferred stock, annual dividend rate	4.75%
Series N
Class of Stock [Line Items]
Preferred stock, shares issued	5,000,000	5,000,000
Preferred stock	$ 225	$ 225
Preferred stock, stated value per share (in dollars per share)	$ 50
Preferred stock, annual dividend rate	5.50%
Series O
Class of Stock [Line Items]
Preferred stock, shares issued	50,000,000	50,000,000
Preferred stock	$ 2,500	$ 2,500
Preferred stock, stated value per share (in dollars per share)	$ 50
Preferred stock, annual dividend rate	7%
Convertible Series 2004-1
Class of Stock [Line Items]
Preferred stock, shares issued	24,922	24,922
Preferred stock	$ 2,492	$ 2,492
Preferred stock, stated value per share (in dollars per share)	$ 100,000
Preferred stock, annual dividend rate	5.375%
Preferred stock, shares outstanding	24,922	24,922
Series P
Class of Stock [Line Items]
Preferred stock, shares issued	40,000,000	40,000,000
Preferred stock	$ 1,000	$ 1,000
Preferred stock, stated value per share (in dollars per share)	$ 25
Preferred stock, annual dividend rate	5.504%
Series Q
Class of Stock [Line Items]
Preferred stock, shares issued	15,000,000	15,000,000
Preferred stock	$ 375	$ 375
Preferred stock, stated value per share (in dollars per share)	$ 25
Preferred stock, annual dividend rate	6.75%
Series R
Class of Stock [Line Items]
Preferred stock, shares issued	21,000,000	21,000,000					1,200,000	20,000,000
Preferred stock	$ 530	$ 530					$ 30	$ 500
Preferred stock, stated value per share (in dollars per share)	$ 25
Preferred stock, annual dividend rate	7.625%
Series S
Class of Stock [Line Items]
Preferred stock, shares issued	280,000,000	280,000,000
Preferred stock	$ 7,000	$ 7,000
Preferred stock, stated value per share (in dollars per share)	$ 25
Preferred stock, annual dividend rate	8.984%
Preferred stock, redemption terms	five
Series T
Class of Stock [Line Items]
Preferred stock, shares issued	89,000,000	89,000,000		1,000,000	8,000,000	80,000,000
Preferred stock	$ 2,225	$ 2,225			$ 200	$ 2,000
Preferred stock, stated value per share (in dollars per share)	$ 25
Preferred stock, annual dividend rate	8.25%
Liquidation preference				$ 25
Maximum \| Series F
Class of Stock [Line Items]
Preferred stock, annual dividend rate	11%
Maximum \| Series G
Class of Stock [Line Items]
Preferred stock, annual dividend rate	11%
Minimum \| Series O
Class of Stock [Line Items]
Preferred stock, annual dividend rate	7%
Minimum \| Series P
Class of Stock [Line Items]
Preferred stock, annual dividend rate	4.50%
Minimum \| Series S
Class of Stock [Line Items]
Preferred stock, annual dividend rate	7.75%
Two-year Constant Maturity U.S. Treasury Rate \| Series F
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	0.16%
Two-year Constant Maturity U.S. Treasury Rate \| Series G
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	0.18%
Ten-year Constant Maturity U.S. Treasury Rate \| Series O
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	2.375%
Three-Month LIBOR \| Series P
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	0.75%
Three-Month LIBOR \| Series S
Class of Stock [Line Items]
Preferred stock dividend rate, basis spread on variable rate	4.23%
US Treasury
Class of Stock [Line Items]
Aggregate liquidation preference of senior preferred stock	$ 180,300
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued	556,000,000	556,000,000

Regulatory Capital Requiremen_3

Regulatory Capital Requirements (Details) $ in Millions	12 Months Ended
Regulatory Capital Requirements (Details) $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Senior preferred stock value	$ 120,836	$ 120,836
Net worth	60,300
Shortfall of available capital	258,000
Adjusted total capital requirement (including buffers)	184,000
Adjusted total assets	4,552,000
Risk-weighted assets	1,316,000
Total capital (statutory)
Available Capital (Deficit)	(49,000)
Minimum Capital Requirement	105,000
Total Capital Requirement (including Buffers)	$ 105,000
Available Capital (Deficit) Ratio	(0.037)
Minimum Capital Ratio Requirement	0.080
Total Capital Requirement Ratio (including Buffers)	0.080
Common equity tier 1 capital
Available Capital (Deficit)	$ (93,000)
Minimum Capital Requirement	59,000
Total Capital Requirement (including Buffers)	$ 138,000
Available Capital (Deficit) Ratio	(0.070)
Minimum Capital Ratio Requirement	0.045
Total Capital Requirement Ratio (including Buffers)	0.105
Tier 1 capital
Available Capital (Deficit)	$ (74,000)
Minimum Capital Requirement	79,000
Total Capital Requirement (including Buffers)	$ 158,000
Available Capital (Deficit) Ratio	(0.056)
Minimum Capital Ratio Requirement	0.060
Total Capital Requirement Ratio (including Buffers)	0.120
Adjusted total capital
Available Capital (Deficit)	$ (74,000)
Minimum Capital Requirement	105,000
Total Capital Requirement (including Buffers)	$ 184,000
Available Capital (Deficit) Ratio	(0.056)
Minimum Capital Ratio Requirement	0.080
Total Capital Requirement Ratio (including Buffers)	0.140
Core capital (statutory)
Available Capital (Deficit)	$ (61,000)
Minimum Capital Requirement	114,000
Total Capital Requirement (including Buffers)	$ 114,000
Available Capital (Deficit) Ratio	(0.013)
Minimum Capital Ratio Requirement	0.025
Total Capital Requirement Ratio (including Buffers)	0.025
Tier 1 capital
Available Capital (Deficit)	$ (74,000)
Minimum Capital Requirement	114,000
Total Capital Requirement (including Buffers)	$ 137,000
Available Capital (Deficit) Ratio	(0.016)
Minimum Capital Ratio Requirement	0.025
Total Capital Requirement Ratio (including Buffers)	0.030
Deferred tax assets, net	$ 12,911	12,715
Preferred stock	$ 19,130	$ 19,130
Maximum payout ratio	0

Concentrations of Credit Risk G

Concentrations of Credit Risk Geographic Concentration (Details) - Guaranty Book of Business - Geographic Concentration Risk	Dec. 31, 2022	Dec. 31, 2021
Single-family
Concentration Risk [Line Items]
Percentage of book of business	100%	100%
Single-family \| Midwest
Concentration Risk [Line Items]
Percentage of book of business	14%	14%
Single-family \| Northeast
Concentration Risk [Line Items]
Percentage of book of business	16%	16%
Single-family \| Southeast
Concentration Risk [Line Items]
Percentage of book of business	23%	23%
Single-family \| Southwest
Concentration Risk [Line Items]
Percentage of book of business	19%	18%
Single-family \| West
Concentration Risk [Line Items]
Percentage of book of business	28%	29%
Multifamily
Concentration Risk [Line Items]
Percentage of book of business	100%	100%
Multifamily \| Midwest
Concentration Risk [Line Items]
Percentage of book of business	12%	11%
Multifamily \| Northeast
Concentration Risk [Line Items]
Percentage of book of business	15%	15%
Multifamily \| Southeast
Concentration Risk [Line Items]
Percentage of book of business	27%	27%
Multifamily \| Southwest
Concentration Risk [Line Items]
Percentage of book of business	22%	22%
Multifamily \| West
Concentration Risk [Line Items]
Percentage of book of business	24%	25%

Concentrations of Credit Risk -

Concentrations of Credit Risk - SF Risk Characteristics (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency: days past due	90 days
Single-family \| Guaranty Book of Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)	0.84%	0.73%
60 days delinquent (percentage of book of business)	0.20%	0.16%
Seriously delinquent (percentage of book of business)	0.60%	1.20%
30 days delinquent (percentage of conventional loans)	0.96%	0.86%
60 days delinquent (percentage of conventional loans)	0.23%	0.20%
Seriously delinquent (percentage of conventional loans)	0.65%	1.25%
Single-family \| Guaranty Book of Business \| California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.46%	1.01%
Percentage of book of business	19%	19%
Single-family \| Guaranty Book of Business \| Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.90%	1.59%
Percentage of book of business	6%	6%
Single-family \| Guaranty Book of Business \| Illinois
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.86%	1.55%
Percentage of book of business	3%	3%
Single-family \| Guaranty Book of Business \| New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.85%	1.90%
Percentage of book of business	3%	3%
Single-family \| Guaranty Book of Business \| New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	1.12%	2.24%
Percentage of book of business	5%	5%
Single-family \| Guaranty Book of Business \| All other states
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.62%	1.16%
Percentage of book of business	64%	64%
Single-family \| Guaranty Book of Business \| 80.01% to 90%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.68%	0.88%
Percentage of book of business	5%	5%
Single-family \| Guaranty Book of Business \| 90.01% to 100%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.40%	0.51%
Percentage of book of business	3%	2%
Single-family \| Guaranty Book of Business \| Greater than 100%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	4.04%	12.41%
Percentage of book of business
Single-family \| Guaranty Book of Business \| 2008 and prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	2.78%	4.90%
Percentage of book of business	2%	3%
Single-family \| Guaranty Book of Business \| 2009-2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seriously delinquent (percentage of conventional loans)	0.53%	1.01%
Percentage of book of business	98%	97%
Single-family \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency: days past due	90 days	90 days

Concentrations of Credit Risk_2

Concentrations of Credit Risk - MF Risk Characteristics (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency: days past due	90 days
Multifamily \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency: days past due	60 days
Multifamily \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Serious delinquency: days past due	89 days
DSCR ratio	1
Multifamily \| Guaranty Book of Business
Accounts, Notes, Loans and Financing Receivable [Line Items]
30 days delinquent (percentage of book of business)	0.04%	0.03%
Seriously delinquent (percentage of book of business)	0.24%	0.42%
Multifamily \| Guaranty Book of Business \| Greater than 80%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	1%	1%
Loans seriously delinquent, percentage by unpaid principal balance	0.85%	0.13%
Multifamily \| Guaranty Book of Business \| Less than or equal to 80%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	99%	99%
Loans seriously delinquent, percentage by unpaid principal balance	0.24%	0.42%
Multifamily \| Guaranty Book of Business \| Current DSCR below 1.0
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of book of business	3%	2%
Loans seriously delinquent, percentage by unpaid principal balance	3.88%	13.90%

Concentrations of Credit Risk_3

Concentrations of Credit Risk - Other Concentrations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Estimated benefit included in combined loss reserves	$ 2,200	$ 559
Receivable from claims on insured, defaulted loans excluding government insured loans	515	533
Allowance for mortgage insurance receivable	462	479
Single-family \| Guaranty Book of Business
Concentration Risk [Line Items]
Primary mortgage insurance coverage risk in force	193,549	176,587
Pool mortgage insurance coverage risk in force	237	261
Mortgage insurance coverage risk in force	$ 193,786	$ 176,848
Mortgage insurance coverage risk in force as a percentage of book of business	5%	5%
Single-family \| Guaranty Book of Business \| Credit Concentration Risk \| Group of Largest Mortgage Servicers including Affiliates
Concentration Risk [Line Items]
Concentration risk, percentage	45%	44%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	100%	100%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| Mortgage Guaranty Insurance Corp.
Concentration Risk [Line Items]
Concentration risk, percentage	19%	19%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| Arch Capital Group Ltd.
Concentration Risk [Line Items]
Concentration risk, percentage	18%	19%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| Radian Guaranty, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	17%	17%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| Enact Mortgage Insurance Corp.
Concentration Risk [Line Items]
Concentration risk, percentage	17%	17%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| Essent Guaranty, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	16%	16%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| National Mortgage Insurance Corp.
Concentration Risk [Line Items]
Concentration risk, percentage	12%	11%
Single-family \| Guaranty Book of Business \| Insurance Service Provider Concentration Risk \| Others
Concentration Risk [Line Items]
Concentration risk, percentage	1%	1%
Single-family \| Depository Servicer \| Guaranty Book of Business \| Credit Concentration Risk \| Wells Fargo Bank, N.A. (together with its affiliates)
Concentration Risk [Line Items]
Concentration risk, percentage	9%	10%
Single-family \| Depository Servicer \| Guaranty Book of Business \| Credit Concentration Risk \| Remaining top five servicers
Concentration Risk [Line Items]
Concentration risk, percentage	13%	11%
Single-family \| Non-Depository Servicer \| Guaranty Book of Business \| Credit Concentration Risk \| Group of Largest Mortgage Servicers including Affiliates
Concentration Risk [Line Items]
Concentration risk, percentage	23%	23%
Multifamily
Concentration Risk [Line Items]
Maximum potential loss recovery from lenders under risk sharing agreements	$ 103,900	$ 97,600
Multifamily \| Guaranty Book of Business \| Credit Concentration Risk \| Group of Largest Mortgage Servicers including Affiliates
Concentration Risk [Line Items]
Concentration risk, percentage	48%	47%
Multifamily \| Guaranty Book of Business \| Credit Concentration Risk \| Walker & Dunlop, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	13%	12%
Multifamily \| Guaranty Book of Business \| Credit Concentration Risk \| Wells Fargo Bank, N.A. (together with its affiliates)
Concentration Risk [Line Items]
Concentration risk, percentage	11%	11%
Multifamily \| Guaranty Book of Business \| Credit Concentration Risk \| Remaining top five servicers
Concentration Risk [Line Items]
Concentration risk, percentage	24%	24%
Multifamily \| Accounts Receivable \| Credit Concentration Risk \| Five Major Lenders
Concentration Risk [Line Items]
Concentration risk, percentage	53%	52%

Netting Arrangements (Details)

Netting Arrangements (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Assets:
Derivative assets, gross amount	$ 326,000,000	$ 408,000,000
Derivative asset, gross amount offset	(154,000,000)	(237,000,000)
Derivative assets, net amount presented in our consolidated balance sheets	172,000,000	171,000,000
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	(50,000,000)	(133,000,000)
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	(12,000,000)	0
Derivative assets, net amount	110,000,000	38,000,000
Securities purchased under agreements to resell, or similar arrangements, gross amount	69,415,000,000	64,843,000,000
Securities purchased under agreements to resell or similar arrangements, gross amount offset	0	0
Securities purchased under agreements to resell or similar arrangements, net amount presented in our consolidated balance sheets	69,415,000,000	64,843,000,000
Securities purchased under agreements to resell, under master netting arrangement, amounts not offset in our 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 consolidated balance sheets, collateral	(69,415,000,000)	(64,843,000,000)
Securities purchased under agreements to resell or similar arrangements, net amount	0	0
Total assets, gross amount	69,741,000,000	65,251,000,000
Total assets, gross amount offset	(154,000,000)	(237,000,000)
Total assets, net amount presented in the consolidated balance sheets	69,587,000,000	65,014,000,000
Total assets, under the master netting arrangements, not offset in our consolidated balance sheets, financial instruments	(50,000,000)	(133,000,000)
Total assets, under master netting arrangements, not offset in our consolidated balance sheets, collateral	(69,427,000,000)	(64,843,000,000)
Total assets, net amount	110,000,000	38,000,000
Liabilities:
Total liabilities, gross amount	(4,764,000,000)	(1,385,000,000)
Total liabilities, gross amount offset	4,662,000,000	1,173,000,000
Total liabilities, net amount presented in our consolidated balance sheets	(102,000,000)	(212,000,000)
Total liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial statements	50,000,000	133,000,000
Total liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	7,000,000	66,000,000
Total liabilities, net amount	(45,000,000)	(13,000,000)
Securities received as collateral	69,500,000,000	64,900,000,000
Fair value of securities received as collateral that can be resold or repledged	28,700,000,000	25,600,000,000
Fair value of securities received as collateral that have been resold or repledged	0	0
Derivative asset, not subject to master netting arrangement	3,000,000	0
Derivative liability, not subject to master netting arrangement	66,000,000	21,000,000
Securities purchased under agreements to resell or similar arrangements	14,565,000,000	20,743,000,000
Asset Pledged as Collateral with Right
Assets:
Total assets, under master netting arrangements, not offset in our consolidated balance sheets, collateral	(2,100,000,000)	(2,500,000,000)
Mortgage commitment derivatives
Assets:
Derivative assets, gross amount	89,000,000	169,000,000
Derivative asset, gross amount offset	0	0
Derivative assets, net amount presented in our consolidated balance sheets	89,000,000	169,000,000
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	(50,000,000)	(133,000,000)
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	(12,000,000)	0
Derivative assets, net amount	27,000,000	36,000,000
Liabilities:
Derivative liabilities, gross amount	(78,000,000)	(197,000,000)
Derivative liabilities, gross amount offset	0	0
Derivative liabilities, net amount presented in our consolidated balance sheets	(78,000,000)	(197,000,000)
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	50,000,000	133,000,000
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	7,000,000	56,000,000
Derivative liabilities, net amount	(21,000,000)	(8,000,000)
OTC risk management derivatives \| Risk management derivatives
Assets:
Derivative assets, gross amount	237,000,000	239,000,000
Derivative asset, gross amount offset	(234,000,000)	(237,000,000)
Derivative assets, net amount presented in our consolidated balance sheets	3,000,000	2,000,000
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	0	0
Derivative assets, net amount	3,000,000	2,000,000
Liabilities:
Derivative liabilities, gross amount	(4,686,000,000)	(1,188,000,000)
Derivative liabilities, gross amount offset	4,662,000,000	1,183,000,000
Derivative liabilities, net amount presented in our consolidated balance sheets	(24,000,000)	(5,000,000)
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	0	0
Derivative liabilities, net amount	(24,000,000)	(5,000,000)
Cleared risk management derivatives \| Risk management derivatives
Assets:
Derivative assets, gross amount	0	0
Derivative asset, gross amount offset	80,000,000	0
Derivative assets, net amount presented in our consolidated balance sheets	80,000,000	0
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative assets, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	0	0
Derivative assets, net amount	80,000,000	0
Liabilities:
Derivative liabilities, gross amount	0	0
Derivative liabilities, gross amount offset	0	(10,000,000)
Derivative liabilities, net amount presented in our consolidated balance sheets	0	(10,000,000)
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, financial instruments	0	0
Derivative liabilities, under master netting arrangements, amounts not offset in our consolidated balance sheets, collateral	0	10,000,000
Derivative liabilities, net amount	0	0
Cash and Cash Equivalents
Liabilities:
Securities purchased under agreements to resell or similar arrangements	45,200,000,000	29,100,000,000
Restricted Cash and Cash Equivalent
Liabilities:
Securities purchased under agreements to resell or similar arrangements	$ 9,700,000,000	$ 15,000,000,000

Fair Value - Recurring Changes

Fair Value - Recurring Changes in Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets:
Available-for-sale	$ 696	$ 837
Mortgage loans	3,645	4,964
Derivative assets at fair value	175	171
Derivative asset, gross amount offset	(154)	(237)
Liabilities:
Derivative liabilities at fair value	168	233
Fannie Mae
Liabilities:
Long-term debt	1,161	2,381
Consolidated Trusts
Liabilities:
Long-term debt	16,260	21,735
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash and cash equivalents, including restricted cash and cash equivalents	32,991	64,531
Trading securities	46,898	83,581
Available-for-sale	0	0
Mortgage loans	0	0
Derivative assets at fair value	0	0
Total assets at fair value	79,889	148,112
Liabilities:
Derivative liabilities at fair value	0	0
Total liabilities at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fannie Mae
Liabilities:
Long-term debt	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Consolidated Trusts
Liabilities:
Long-term debt	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Cash and cash equivalents, including restricted cash and cash equivalents	54,850	44,100
Trading securities	3,184	4,568
Available-for-sale	62	84
Mortgage loans	3,437,979	3,796,917
Derivative assets at fair value	300	256
Total assets at fair value	3,512,490	3,875,259
Liabilities:
Derivative liabilities at fair value	4,764	1,385
Total liabilities at fair value	3,648,996	4,160,859
Significant Other Observable Inputs (Level 2) \| Fannie Mae
Liabilities:
Long-term debt	122,066	205,142
Significant Other Observable Inputs (Level 2) \| Consolidated Trusts
Liabilities:
Long-term debt	3,511,958	3,951,537
Significant Unobservable Inputs (Level 3)
Assets:
Cash and cash equivalents, including restricted cash and cash equivalents	0	0
Trading securities	47	57
Available-for-sale	634	753
Mortgage loans	171,857	209,090
Derivative assets at fair value	29	152
Total assets at fair value	174,762	215,567
Liabilities:
Derivative liabilities at fair value	66	21
Total liabilities at fair value	42,840	33,565
Significant Unobservable Inputs (Level 3) \| Fannie Mae
Liabilities:
Long-term debt	558	799
Significant Unobservable Inputs (Level 3) \| Consolidated Trusts
Liabilities:
Long-term debt	42,150	32,644
Recurring
Assets:
Cash and cash equivalents, including restricted cash and cash equivalents		250
Trading securities	50,129	88,206
Available-for-sale	696	837
Mortgage loans	3,645	4,964
Derivative assets at fair value	175	171
Derivative asset, gross amount offset	(154)	(237)
Total assets at fair value	54,645	94,428
Liabilities:
Long-term debt	17,421	24,116
Derivative liabilities at fair value	168	233
Derivative liabilities, gross amount offset	(4,662)	(1,173)
Total liabilities at fair value	17,589	24,349
Recurring \| Mortgage-related securities
Assets:
Trading securities	3,211	4,606
Recurring \| Non-mortgage-related securities
Assets:
Trading securities	46,918	83,600
Recurring \| Agency securities
Assets:
Available-for-sale	426	507
Recurring \| Other
Assets:
Available-for-sale	270	330
Recurring \| Fannie Mae
Liabilities:
Long-term debt	1,161	2,381
Recurring \| Consolidated Trusts
Liabilities:
Long-term debt	16,260	21,735
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash and cash equivalents, including restricted cash and cash equivalents		250
Trading securities	46,898	83,581
Available-for-sale	0	0
Mortgage loans	0	0
Derivative assets at fair value	0	0
Total assets at fair value	46,898	83,831
Liabilities:
Long-term debt	0	0
Derivative liabilities at fair value	0	0
Total liabilities at fair value	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mortgage-related securities
Assets:
Trading securities	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Non-mortgage-related securities
Assets:
Trading securities	46,898	83,581
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Agency securities
Assets:
Available-for-sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other
Assets:
Available-for-sale	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fannie Mae
Liabilities:
Long-term debt	0	0
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Consolidated Trusts
Liabilities:
Long-term debt	0	0
Recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Cash and cash equivalents, including restricted cash and cash equivalents		0
Trading securities	3,184	4,568
Available-for-sale	62	84
Mortgage loans	3,102	4,209
Derivative assets at fair value	300	256
Total assets at fair value	6,648	9,117
Liabilities:
Long-term debt	17,043	23,648
Derivative liabilities at fair value	4,764	1,385
Total liabilities at fair value	21,807	25,033
Recurring \| Significant Other Observable Inputs (Level 2) \| Mortgage-related securities
Assets:
Trading securities	3,164	4,549
Recurring \| Significant Other Observable Inputs (Level 2) \| Non-mortgage-related securities
Assets:
Trading securities	20	19
Recurring \| Significant Other Observable Inputs (Level 2) \| Agency securities
Assets:
Available-for-sale	55	76
Recurring \| Significant Other Observable Inputs (Level 2) \| Other
Assets:
Available-for-sale	7	8
Recurring \| Significant Other Observable Inputs (Level 2) \| Fannie Mae
Liabilities:
Long-term debt	919	2,008
Recurring \| Significant Other Observable Inputs (Level 2) \| Consolidated Trusts
Liabilities:
Long-term debt	16,124	21,640
Recurring \| Significant Unobservable Inputs (Level 3)
Assets:
Cash and cash equivalents, including restricted cash and cash equivalents		0
Trading securities	47	57
Available-for-sale	634	753
Mortgage loans	543	755
Derivative assets at fair value	29	152
Total assets at fair value	1,253	1,717
Liabilities:
Long-term debt	378	468
Derivative liabilities at fair value	66	21
Total liabilities at fair value	444	489
Recurring \| Significant Unobservable Inputs (Level 3) \| Mortgage-related securities
Assets:
Trading securities	47	57
Recurring \| Significant Unobservable Inputs (Level 3) \| Non-mortgage-related securities
Assets:
Trading securities	0	0
Recurring \| Significant Unobservable Inputs (Level 3) \| Agency securities
Assets:
Available-for-sale	371	431
Recurring \| Significant Unobservable Inputs (Level 3) \| Other
Assets:
Available-for-sale	263	322
Recurring \| Significant Unobservable Inputs (Level 3) \| Fannie Mae
Liabilities:
Long-term debt	242	373
Recurring \| Significant Unobservable Inputs (Level 3) \| Consolidated Trusts
Liabilities:
Long-term debt	$ 136	$ 95

Fair Value - Recurring Level 3

Fair Value - Recurring Level 3 Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement Of Income, Extensible List Not Disclosed Flag	Total long-term debt	Total long-term debt	Total long-term debt
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement Of Income, Extensible List Not Disclosed Flag	Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2022(4)(5)	Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2021(4)(5)	Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2020(4)(5)
Fair Value, Recurring Basis, Unobservable Input, Reconciliation, Liability Gain (Loss), Statement Of Income, Extensible List, Not Disclosed Flag	Included in Net Income	Included in Net Income	Included in Net Income
Fair Value, Recurring Basis, Unobservable Input, Reconciliation, Asset Gain (Loss), Statement Of Income, Extensible List, Not Disclosed Flag	Included in Net Income	Included in Net Income	Included in Net Income
Trading securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 57
Total gains or (losses) (realized/unrealized), net income	(8)
Total gains or (losses) (realized/unrealized), OCI	0
Purchases	0
Sales	0
Issues	0
Settlements	(1)
Transfers out of Level 3	(54)
Transfers into Level 3	53
Ending Balance	47	$ 57
Net unrealized gains (losses) included in net income related to assets still held	(6)
Trading securities \| Mortgage-related securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	57	95	$ 46
Total gains or (losses) (realized/unrealized), net income		(24)	(9)
Total gains or (losses) (realized/unrealized), OCI		0	0
Purchases		18	0
Sales		0	(95)
Issues		0	0
Settlements		0	(3)
Transfers out of Level 3		(165)	(49)
Transfers into Level 3		133	205
Ending Balance		57	95
Net unrealized gains (losses) included in net income related to assets still held		0	(8)
Debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	753	648	792
Total gains or (losses) (realized/unrealized), net income	(8)	14	(8)
Total gains or (losses) (realized/unrealized), OCI	(20)	(7)	5
Purchases	0	0	0
Sales	0	0	(1)
Issues	0	0	0
Settlements	(90)	(171)	(177)
Transfers out of Level 3	(2)	(107)	(243)
Transfers into Level 3	1	376	280
Ending Balance	634	753	648
Net unrealized gains (losses) included in net income related to assets still held	(16)	1	4
Debt securities \| Agency securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	431	195	171
Total gains or (losses) (realized/unrealized), net income	2	1	1
Total gains or (losses) (realized/unrealized), OCI	(18)	(1)	4
Purchases	0	0	0
Sales	0	0	(1)
Issues	0	0	0
Settlements	(44)	(33)	(15)
Transfers out of Level 3	0	(107)	(243)
Transfers into Level 3	0	376	278
Ending Balance	371	431	195
Net unrealized gains (losses) included in net income related to assets still held	(14)	2	0
Debt securities \| Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	322	453	621
Total gains or (losses) (realized/unrealized), net income	(10)	13	(9)
Total gains or (losses) (realized/unrealized), OCI	(2)	(6)	1
Purchases	0	0	0
Sales	0	0	0
Issues	0	0	0
Settlements	(46)	(138)	(162)
Transfers out of Level 3	(2)	0	0
Transfers into Level 3	1	0	2
Ending Balance	263	322	453
Net unrealized gains (losses) included in net income related to assets still held	(2)	(1)	4
Mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	755	861	688
Total gains or (losses) (realized/unrealized), net income	(67)	31	47
Total gains or (losses) (realized/unrealized), OCI	0	0	0
Purchases	0	89	0
Sales	(4)	(66)	(21)
Issues	0	0	0
Settlements	(135)	(194)	(132)
Transfers out of Level 3	(82)	(86)	(104)
Transfers into Level 3	76	120	383
Ending Balance	543	755	861
Net unrealized gains (losses) included in net income related to assets still held	(57)	26	11
Net derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	131	333	162
Total gains or (losses) (realized/unrealized), net income	(204)	(209)	233
Total gains or (losses) (realized/unrealized), OCI	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	0	0	0
Settlements	36	7	(80)
Transfers out of Level 3	0	0	18
Transfers into Level 3	0	0	0
Ending Balance	(37)	131	333
Net unrealized gains (losses) included in net income related to assets still held	(168)	(202)	159
Long-term debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(468)	(499)	(473)
Total gains (losses) (realized/unrealized), net income	137	42	(43)
Total gains or (losses) (realized/unrealized), OCI	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	(86)	0	0
Settlements	39	16	41
Transfers out of Level 3	2	20	5
Transfers Into Level 3	(2)	(47)	(29)
Ending Balance	(378)	(468)	(499)
Net unrealized gains (losses) included in net income related to liabilities still held	137	41	(42)
Long-term debt \| Fannie Mae
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(373)	(416)	(398)
Total gains (losses) (realized/unrealized), net income	131	43	(41)
Total gains or (losses) (realized/unrealized), OCI	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	0	0	0
Settlements	0	0	23
Transfers out of Level 3	0	0	0
Transfers Into Level 3	0	0	0
Ending Balance	(242)	(373)	(416)
Net unrealized gains (losses) included in net income related to liabilities still held	131	43	(41)
Long-term debt \| Consolidated Trusts
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(95)	(83)	(75)
Total gains (losses) (realized/unrealized), net income	6	(1)	(2)
Total gains or (losses) (realized/unrealized), OCI	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	(86)	0	0
Settlements	39	16	18
Transfers out of Level 3	2	20	5
Transfers Into Level 3	(2)	(47)	(29)
Ending Balance	(136)	(95)	(83)
Net unrealized gains (losses) included in net income related to liabilities still held	$ 6	$ (2)	$ (1)

Fair Value - Valuation Inputs (

Fair Value - Valuation Inputs (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale	$ 696,000,000	$ 837,000,000
Net derivatives	172,000,000	171,000,000
Mortgage loans	3,645,000,000	4,964,000,000
Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	50,129,000,000	88,206,000,000
Available-for-sale	696,000,000	837,000,000
Total nonrecurring assets at fair value	54,645,000,000	94,428,000,000
Mortgage loans	3,645,000,000	4,964,000,000
Significant Unobservable Inputs (Level 3)
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	47,000,000	57,000,000
Available-for-sale	634,000,000	753,000,000
Mortgage loans held for sale, at lower of cost or fair value	2,029,000,000	5,307,000,000
Total nonrecurring assets at fair value	174,762,000,000	215,567,000,000
Mortgage loans	171,857,000,000	209,090,000,000
Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	47,000,000	57,000,000
Available-for-sale	634,000,000	753,000,000
Net derivatives	(37,000,000)	131,000,000
Total nonrecurring assets at fair value	1,253,000,000	1,717,000,000
Mortgage loans	543,000,000	755,000,000
Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow
Fair Value Inputs, Quantitative Information [Line Items]
Net derivatives	(62,000,000)	(21,000,000)
Significant Unobservable Inputs (Level 3) \| Recurring \| Dealer Mark
Fair Value Inputs, Quantitative Information [Line Items]
Net derivatives	25,000,000	152,000,000
Significant Unobservable Inputs (Level 3) \| Nonrecurring
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	1,663,000,000	1,584,000,000
Total nonrecurring assets at fair value	4,462,000,000	2,872,000,000
Other liabilities, fair value	0	0
Significant Unobservable Inputs (Level 3) \| Nonrecurring \| Single-Family
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	400,000,000	209,000,000
Significant Unobservable Inputs (Level 3) \| Nonrecurring \| Multifamily
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans	644,000,000	178,000,000
Significant Unobservable Inputs (Level 3) \| Nonrecurring \| Various \| Single-Family
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	12,000,000	11,000,000
Significant Unobservable Inputs (Level 3) \| Nonrecurring \| Various \| Multifamily
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	119,000,000	34,000,000
Significant Unobservable Inputs (Level 3) \| Nonrecurring \| Consensus
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	1,571,000,000	201,000,000
Significant Unobservable Inputs (Level 3) \| Nonrecurring \| Single Vendor
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	92,000,000	1,383,000,000
Significant Unobservable Inputs (Level 3) \| Nonrecurring \| Internal Model \| Single-Family
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans	1,636,000,000	867,000,000
Acquired property, net	215,000,000	75,000,000
Significant Unobservable Inputs (Level 3) \| Nonrecurring \| Internal Model \| Multifamily
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans	27,000,000	23,000,000
Significant Unobservable Inputs (Level 3) \| Nonrecurring \| Appraisal \| Single-Family
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	65,000,000	73,000,000
Significant Unobservable Inputs (Level 3) \| Nonrecurring \| Appraisal \| Multifamily
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans	3,000,000	37,000,000
Significant Unobservable Inputs (Level 3) \| Nonrecurring \| Broker Price Opinion \| Multifamily
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans	614,000,000	118,000,000
Significant Unobservable Inputs (Level 3) \| Nonrecurring \| Accepted Offer \| Single-Family
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	17,000,000	13,000,000
Significant Unobservable Inputs (Level 3) \| Nonrecurring \| Walk Forward \| Single-Family
Fair Value Inputs, Quantitative Information [Line Items]
Acquired property, net	91,000,000	37,000,000
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	46,898,000,000	83,581,000,000
Available-for-sale	0	0
Mortgage loans held for sale, at lower of cost or fair value	0	0
Total nonrecurring assets at fair value	79,889,000,000	148,112,000,000
Mortgage loans	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	46,898,000,000	83,581,000,000
Available-for-sale	0	0
Total nonrecurring assets at fair value	46,898,000,000	83,831,000,000
Mortgage loans	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Nonrecurring
Fair Value Inputs, Quantitative Information [Line Items]
Total nonrecurring assets at fair value	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	3,184,000,000	4,568,000,000
Available-for-sale	62,000,000	84,000,000
Mortgage loans held for sale, at lower of cost or fair value	48,000,000	178,000,000
Total nonrecurring assets at fair value	3,512,490,000,000	3,875,259,000,000
Mortgage loans	3,437,979,000,000	3,796,917,000,000
Significant Other Observable Inputs (Level 2) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	3,184,000,000	4,568,000,000
Available-for-sale	62,000,000	84,000,000
Total nonrecurring assets at fair value	6,648,000,000	9,117,000,000
Mortgage loans	3,102,000,000	4,209,000,000
Significant Other Observable Inputs (Level 2) \| Nonrecurring
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans held for sale, at lower of cost or fair value	30,000,000	38,000,000
Other liabilities, fair value	0	0
Mortgage-related securities \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	3,211,000,000	4,606,000,000
Mortgage-related securities \| Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	47,000,000	57,000,000
Mortgage-related securities \| Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	47,000,000	57,000,000
Mortgage-related securities \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	0	0
Mortgage-related securities \| Significant Other Observable Inputs (Level 2) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Trading securities	3,164,000,000	4,549,000,000
Agency \| Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale		431,000,000
Agency \| Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale		52,000,000
Agency \| Significant Unobservable Inputs (Level 3) \| Recurring \| Consensus
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale	371,000,000	379,000,000
Other \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale	270,000,000	330,000,000
Other \| Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale	263,000,000	322,000,000
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Various
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale	25,000,000	53,000,000
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale	$ 142,000,000	$ 175,000,000
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow \| Minimum \| Default rate
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, measurement input	0.05310	0.04090
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow \| Maximum \| Default rate
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, measurement input	0.05820	0.04340
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Discounted Cash Flow \| Weighted average \| Default rate
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, measurement input	0.05577	0.04220
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Single Vendor
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale	$ 96,000,000	$ 94,000,000
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Single Vendor \| Minimum
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, measurement input		0.00093
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Single Vendor \| Maximum
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, measurement input		0.00494
Other \| Significant Unobservable Inputs (Level 3) \| Recurring \| Single Vendor \| Weighted average
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale, measurement input		0.00272
Other \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale	0	$ 0
Other \| Significant Other Observable Inputs (Level 2) \| Recurring
Fair Value Inputs, Quantitative Information [Line Items]
Available-for-sale	$ 7,000,000	$ 8,000,000

Fair Value - Financial Instrume

Fair Value - Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurement [Domain]
Financial assets:
Netting adjustment	$ (154)	$ (237)
Financial liabilities:
Netting adjustment	(4,662)	(1,173)
Available-for-sale	696	837
Mortgage loans	3,645	4,964
Derivative assets at fair value	175	171
Netting adjustment	(154)	(237)
Derivative liabilities at fair value	168	233
Fannie Mae
Financial liabilities:
Long-term debt	1,161	2,381
Consolidated Trusts
Financial liabilities:
Long-term debt	16,260	21,735
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	32,991	64,531
Securities purchased under agreements to resell	0	0
Trading securities	46,898	83,581
Available-for-sale	0	0
Mortgage loans held for sale	0	0
Mortgage loans	0	0
Advances to lenders	0	0
Derivative assets at fair value	0	0
Guaranty assets and buy-ups	0	0
Total assets at fair value	79,889	148,112
Financial liabilities:
Derivative liabilities at fair value	0	0
Guaranty obligations	0	0
Total liabilities at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fannie Mae
Financial liabilities:
Short-term debt	0	0
Long-term debt	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Consolidated Trusts
Financial liabilities:
Long-term debt	0	0
Significant Other Observable Inputs (Level 2)
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	54,850	44,100
Securities purchased under agreements to resell	14,565	20,743
Trading securities	3,184	4,568
Available-for-sale	62	84
Mortgage loans held for sale	48	178
Mortgage loans	3,437,979	3,796,917
Advances to lenders	1,502	8,413
Derivative assets at fair value	300	256
Guaranty assets and buy-ups	0	0
Total assets at fair value	3,512,490	3,875,259
Financial liabilities:
Derivative liabilities at fair value	4,764	1,385
Guaranty obligations	0	0
Total liabilities at fair value	3,648,996	4,160,859
Significant Other Observable Inputs (Level 2) \| Fannie Mae
Financial liabilities:
Short-term debt	10,208	2,795
Long-term debt	122,066	205,142
Significant Other Observable Inputs (Level 2) \| Consolidated Trusts
Financial liabilities:
Long-term debt	3,511,958	3,951,537
Significant Unobservable Inputs (Level 3)
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	0	0
Securities purchased under agreements to resell	0	0
Trading securities	47	57
Available-for-sale	634	753
Mortgage loans held for sale	2,029	5,307
Mortgage loans	171,857	209,090
Advances to lenders	0	1
Derivative assets at fair value	29	152
Guaranty assets and buy-ups	166	207
Total assets at fair value	174,762	215,567
Financial liabilities:
Derivative liabilities at fair value	66	21
Guaranty obligations	66	101
Total liabilities at fair value	42,840	33,565
Significant Unobservable Inputs (Level 3) \| Fannie Mae
Financial liabilities:
Short-term debt	0	0
Long-term debt	558	799
Significant Unobservable Inputs (Level 3) \| Consolidated Trusts
Financial liabilities:
Long-term debt	42,150	32,644
Carrying value
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	87,841	108,631
Securities purchased under agreements to resell	14,565	20,743
Trading securities	50,129	88,206
Available-for-sale	696	837
Mortgage loans held for sale	2,033	5,134
Mortgage loans	4,112,403	3,963,108
Advances to lenders	1,502	8,414
Derivative assets at fair value	175	171
Guaranty assets and buy-ups	87	92
Total assets at fair value	4,269,431	4,195,336
Financial liabilities:
Derivative liabilities at fair value	168	233
Guaranty obligations	94	101
Total liabilities at fair value	4,222,150	4,158,525
Carrying value \| Fannie Mae
Financial liabilities:
Short-term debt	10,204	2,795
Long-term debt	123,964	198,097
Carrying value \| Consolidated Trusts
Financial liabilities:
Long-term debt	4,087,720	3,957,299
Estimate of fair value
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	87,841	108,631
Securities purchased under agreements to resell	14,565	20,743
Trading securities	50,129	88,206
Available-for-sale	696	837
Mortgage loans held for sale	2,077	5,485
Mortgage loans	3,609,836	4,006,007
Advances to lenders	1,502	8,414
Derivative assets at fair value	175	171
Guaranty assets and buy-ups	166	207
Total assets at fair value	3,766,987	4,238,701
Financial liabilities:
Derivative liabilities at fair value	168	233
Guaranty obligations	66	101
Total liabilities at fair value	3,687,174	4,193,251
Estimate of fair value \| Fannie Mae
Financial liabilities:
Short-term debt	10,208	2,795
Long-term debt	122,624	205,941
Estimate of fair value \| Consolidated Trusts
Financial liabilities:
Long-term debt	$ 3,554,108	$ 3,984,181

Fair Value - Fair Value Option

Fair Value - Fair Value Option (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans	$ 3,645	$ 4,964
Fair value of nonaccrual loans	40	86
Fair value of loans that are 90 days past due	$ 48	125
Serious delinquency: days past due	90 days
Changes in fair value, gain (loss)	$ 1,284	155	$ (2,501)
Fannie Mae
Fair Value Inputs, Quantitative Information [Line Items]
Long-term debt	1,161	2,381
Consolidated Trusts
Fair Value Inputs, Quantitative Information [Line Items]
Long-term debt	16,260	21,735
Loans
Fair Value Inputs, Quantitative Information [Line Items]
Mortgage loans	3,645	4,964
Loans, unpaid principal balance	3,835	4,601
Changes in fair value, gain (loss)	(503)	28	263
Long-term debt
Fair Value Inputs, Quantitative Information [Line Items]
Changes in fair value, gain (loss)	2,300	631	$ (432)
Long-term debt \| Fannie Mae
Fair Value Inputs, Quantitative Information [Line Items]
Long-term debt	1,161	2,381
Debt, unpaid principal balance	1,145	2,197
Long-term debt \| Consolidated Trusts
Fair Value Inputs, Quantitative Information [Line Items]
Long-term debt	16,260	21,735
Debt, unpaid principal balance	$ 16,311	$ 19,314

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions		12 Months Ended			124 Months Ended
	Nov. 07, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Loss Contingencies [Line Items]
Rent expenses for operating leases		$ 101	$ 108	$ 94
Judicial Ruling
Loss Contingencies [Line Items]
Damages sought	$ 779
Litigation interest rate	5.75%
Litigation interest					$ 460

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Fiscal Year Maturity (Details) $ in Millions	Dec. 31, 2022 USD ($)
Loans and Mortgage-Related Securities
2023	$ 21,117
2024	0
2025	0
2026	0
2027	0
Thereafter	0
Total	21,117
Operating Leases
2023	79
2024	80
2025	82
2026	83
2027	84
Thereafter	657
Total	1,065
Other
2023	193
2024	49
2025	19
2026	7
2027	1
Thereafter	0
Total	$ 269

Uncategorized Items - fnm-20221

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