Company Quick10K Filing
Quick10K
Federal National Mortgage Association Fannie Mae
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-09-27 Enter Agreement, Exhibits
8-K 2019-08-23 Officers
8-K 2019-08-20 Officers
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-03-26 Officers
8-K 2019-03-19 Officers
8-K 2019-02-14 Earnings, Exhibits
8-K 2019-01-29 Amend Bylaw, Exhibits
8-K 2018-12-20 Officers
8-K 2018-12-19 Officers
8-K 2018-12-12 Officers
8-K 2018-11-02 Earnings, Exhibits
8-K 2018-10-05 Officers
8-K 2018-09-14 Officers
8-K 2018-09-12 Officers
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-07-25 Officers
8-K 2018-07-23 Officers
8-K 2018-07-13 Officers
LPNT Lifepoint Health 1,839
EACQ Easterly Acquisition 197
CYDY Cytodyn 125
VIDE Video Display 6
QBSI Quantum Business Strategies 0
RBCA Republic Bancorp 0
GBBT Global Boatworks Holdings 0
NET Cloudflare 0
EMPM Empire Post Media 0
EST Estre Ambiental 0
FNM 2019-06-30
Part I-Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 1. Financial Statements
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 fanniemaeq206302019ex311.htm
EX-31.2 fanniemaeq206302019ex312.htm
EX-32.1 fanniemaeq206302019ex321.htm
EX-32.2 fanniemaeq206302019ex322.htm

Federal National Mortgage Association Fannie Mae Earnings 2019-06-30

FNM 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
false--12-31Q220190000310522X1FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE0.000421.0P6MP3M0.039000.033330.007540.000050.038910.005900.029400.019330.005930.001650.029240.00661P10YP10YP1Y0.150.820.991000000100000010000001000000P89DP60DP90DP90D7500000001308762703130876270311580875671158087567001310000002652100000052819000000281020000005654700000021896000000436110000002340700000047596000000913300000092770000007928000000854300000015000000000892200000084790000006826000000237530000006370000000227710000000100000007000000019000000310000001000000140000003000000500000035600000036900000000700000000700000000555374922555374922555374922555374922178490000002476500000030610000002775000000320000009830000001506751361506751364600000000 0000310522 2019-01-01 2019-06-30 0000310522 srt:SingleFamilyMember 2019-01-01 2019-06-30 0000310522 srt:MultifamilyMember 2019-01-01 2019-06-30 0000310522 2019-06-30 0000310522 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000310522 2018-12-31 0000310522 srt:ParentCompanyMember 2018-12-31 0000310522 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-30 0000310522 srt:ParentCompanyMember 2019-06-30 0000310522 2018-04-01 2018-06-30 0000310522 2019-04-01 2019-06-30 0000310522 2018-01-01 2018-06-30 0000310522 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-01-01 2018-06-30 0000310522 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-04-01 2018-06-30 0000310522 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-04-01 2019-06-30 0000310522 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-06-30 0000310522 srt:ParentCompanyMember 2018-01-01 2018-06-30 0000310522 srt:ParentCompanyMember 2019-01-01 2019-06-30 0000310522 2018-06-30 0000310522 2017-12-31 0000310522 us-gaap:CommonStockMember 2018-12-31 0000310522 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000310522 us-gaap:RetainedEarningsMember 2018-12-31 0000310522 fnm:SeniorPreferredStockMember 2019-06-30 0000310522 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000310522 us-gaap:RetainedEarningsMember 2019-06-30 0000310522 us-gaap:PreferredStockMember 2018-12-31 0000310522 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0000310522 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000310522 us-gaap:PreferredStockMember 2019-06-30 0000310522 us-gaap:CommonStockMember 2019-06-30 0000310522 fnm:SeniorPreferredStockMember 2018-12-31 0000310522 us-gaap:TreasuryStockMember 2018-12-31 0000310522 us-gaap:TreasuryStockMember 2019-06-30 0000310522 us-gaap:CommonStockMember 2019-03-31 0000310522 us-gaap:PreferredStockMember 2019-03-31 0000310522 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000310522 us-gaap:TreasuryStockMember 2019-03-31 0000310522 fnm:SeniorPreferredStockMember 2019-03-31 0000310522 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000310522 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000310522 us-gaap:RetainedEarningsMember 2019-03-31 0000310522 2019-03-31 0000310522 fnm:SeniorPreferredStockMember 2018-03-31 0000310522 us-gaap:CommonStockMember 2018-06-30 0000310522 2018-03-31 0000310522 fnm:SeniorPreferredStockMember 2018-04-01 2018-06-30 0000310522 fnm:SeniorPreferredStockMember 2018-06-30 0000310522 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000310522 us-gaap:RetainedEarningsMember 2018-06-30 0000310522 us-gaap:PreferredStockMember 2018-03-31 0000310522 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0000310522 us-gaap:CommonStockMember 2018-03-31 0000310522 us-gaap:TreasuryStockMember 2018-06-30 0000310522 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000310522 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000310522 us-gaap:TreasuryStockMember 2018-03-31 0000310522 us-gaap:PreferredStockMember 2018-06-30 0000310522 us-gaap:RetainedEarningsMember 2018-03-31 0000310522 fnm:SeniorPreferredStockMember 2018-01-01 2018-06-30 0000310522 us-gaap:RetainedEarningsMember 2018-01-01 2018-06-30 0000310522 us-gaap:PreferredStockMember 2017-12-31 0000310522 us-gaap:CommonStockMember 2017-12-31 0000310522 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000310522 fnm:SeniorPreferredStockMember 2017-12-31 0000310522 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000310522 us-gaap:RetainedEarningsMember 2017-12-31 0000310522 us-gaap:TreasuryStockMember 2017-12-31 0000310522 fnm:UsTreasuryMember 2019-06-30 0000310522 us-gaap:ScenarioForecastMember 2019-09-30 2019-09-30 0000310522 2019-06-30 2019-06-30 0000310522 fnm:UsTreasuryMember 2019-04-01 2019-06-30 0000310522 fnm:UsTreasuryMember 2018-01-01 2018-06-30 0000310522 us-gaap:OtherExpenseMember fnm:UsTreasuryMember 2019-06-30 2019-06-30 0000310522 fnm:FederalHousingFinanceAgencyMember 2019-04-01 2019-06-30 0000310522 fnm:UsTreasuryMember 2018-04-01 2018-06-30 0000310522 fnm:FederalHousingFinanceAgencyMember 2018-04-01 2018-06-30 0000310522 us-gaap:OtherExpenseMember fnm:UsTreasuryMember 2018-01-01 2018-06-30 0000310522 fnm:CommonSecuritizationSolutionsMember 2019-04-01 2019-06-30 0000310522 us-gaap:OtherExpenseMember fnm:UsTreasuryMember 2019-04-01 2019-06-30 0000310522 fnm:CommonSecuritizationSolutionsMember 2018-01-01 2018-06-30 0000310522 fnm:UsTreasuryMember 2019-01-01 2019-06-30 0000310522 fnm:FederalHousingFinanceAgencyMember 2019-01-01 2019-06-30 0000310522 fnm:CommonSecuritizationSolutionsMember 2019-01-01 2019-06-30 0000310522 fnm:UsTreasuryMember srt:SingleFamilyMember 2019-06-30 0000310522 fnm:FederalHousingFinanceAgencyMember 2018-01-01 2018-06-30 0000310522 us-gaap:OtherExpenseMember fnm:UsTreasuryMember 2019-01-01 2019-06-30 0000310522 fnm:CommonSecuritizationSolutionsMember 2018-04-01 2018-06-30 0000310522 us-gaap:OtherExpenseMember fnm:UsTreasuryMember 2018-04-01 2018-06-30 0000310522 us-gaap:ScenarioForecastMember 2020-01-01 0000310522 us-gaap:MortgageBackedSecuritiesMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-06-30 0000310522 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-12-31 0000310522 srt:MultifamilyMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-06-30 0000310522 srt:PartnershipInterestMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-06-30 0000310522 srt:MultifamilyMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:DebtSecuritiesMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:DebtSecuritiesMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-06-30 0000310522 srt:PartnershipInterestMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember fnm:SingleClassMBSREMICMegasMember 2019-06-30 0000310522 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-04-01 2019-06-30 0000310522 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-04-01 2018-06-30 0000310522 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember fnm:SingleClassMBSREMICMegasMember 2018-12-31 0000310522 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-01-01 2018-06-30 0000310522 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-01-01 2019-06-30 0000310522 srt:SingleFamilyMember 2019-06-30 0000310522 srt:MultifamilyMember 2019-06-30 0000310522 srt:MultifamilyMember 2018-12-31 0000310522 srt:SingleFamilyMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember 2019-06-30 0000310522 srt:SingleFamilyMember us-gaap:UsGovernmentAgencyInsuredLoansMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember 2019-06-30 0000310522 us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember us-gaap:UsGovernmentAgencyInsuredLoansMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember us-gaap:UsGovernmentAgencyInsuredLoansMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-06-30 0000310522 srt:MultifamilyMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-06-30 0000310522 srt:MultifamilyMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-06-30 0000310522 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-06-30 0000310522 us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-06-30 0000310522 srt:SingleFamilyMember us-gaap:UsGovernmentAgencyInsuredLoansMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-06-30 0000310522 srt:MultifamilyMember srt:MinimumMember 2019-01-01 2019-06-30 0000310522 srt:SingleFamilyMember srt:MinimumMember 2019-01-01 2019-06-30 0000310522 srt:MultifamilyMember srt:MaximumMember 2019-01-01 2019-06-30 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember 2018-12-31 0000310522 srt:SingleFamilyMember us-gaap:UsGovernmentAgencyInsuredLoansMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember 2018-12-31 0000310522 srt:MultifamilyMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember us-gaap:UsGovernmentAgencyInsuredLoansMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2018-12-31 0000310522 us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember us-gaap:UsGovernmentAgencyInsuredLoansMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2018-12-31 0000310522 us-gaap:FinancingReceivables30To59DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember us-gaap:UsGovernmentAgencyInsuredLoansMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-12-31 0000310522 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-12-31 0000310522 srt:MultifamilyMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2018-12-31 0000310522 srt:MultifamilyMember srt:MaximumMember 2018-01-01 2018-12-31 0000310522 srt:SingleFamilyMember srt:MinimumMember 2018-01-01 2018-12-31 0000310522 srt:MultifamilyMember srt:MinimumMember 2018-01-01 2018-12-31 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioLessThanOrEqualTo80PercentMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan90PercentAndLessThanOrEqualTo100PercentMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan100PercentLoansRecordedInvestmentMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan100PercentLoansRecordedInvestmentMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan80PercentAndLessThanOrEqualTo90PercentMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember fnm:EstimatedMarkToMarketLoanToValueRatioLessThanOrEqualTo80PercentMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember fnm:EstimatedMarkToMarketLoanToValueRatioLessThanOrEqualTo80PercentMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan90PercentAndLessThanOrEqualTo100PercentMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioLessThanOrEqualTo80PercentMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan90PercentAndLessThanOrEqualTo100PercentMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan90PercentAndLessThanOrEqualTo100PercentMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioLessThanOrEqualTo80PercentMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan100PercentLoansRecordedInvestmentMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan80PercentAndLessThanOrEqualTo90PercentMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan90PercentAndLessThanOrEqualTo100PercentMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan90PercentAndLessThanOrEqualTo100PercentMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan80PercentAndLessThanOrEqualTo90PercentMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioLessThanOrEqualTo80PercentMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan80PercentAndLessThanOrEqualTo90PercentMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan80PercentAndLessThanOrEqualTo90PercentMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan80PercentAndLessThanOrEqualTo90PercentMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan100PercentLoansRecordedInvestmentMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan100PercentLoansRecordedInvestmentMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThan100PercentLoansRecordedInvestmentMember 2018-12-31 0000310522 srt:MultifamilyMember fnm:NonClassifiedMember 2018-12-31 0000310522 srt:MultifamilyMember us-gaap:SubstandardMember 2018-12-31 0000310522 srt:MultifamilyMember us-gaap:SubstandardMember 2019-06-30 0000310522 srt:MultifamilyMember fnm:NonClassifiedMember 2019-06-30 0000310522 srt:MultifamilyMember us-gaap:DoubtfulMember 2019-06-30 0000310522 srt:MultifamilyMember us-gaap:DoubtfulMember 2018-12-31 0000310522 srt:SingleFamilyMember 2019-04-01 2019-06-30 0000310522 srt:MultifamilyMember 2018-04-01 2018-06-30 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember 2019-04-01 2019-06-30 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember 2019-04-01 2019-06-30 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember 2018-04-01 2018-06-30 0000310522 srt:MultifamilyMember 2019-04-01 2019-06-30 0000310522 srt:SingleFamilyMember us-gaap:UsGovernmentAgencyInsuredLoansMember 2018-04-01 2018-06-30 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember 2019-04-01 2019-06-30 0000310522 srt:SingleFamilyMember 2018-04-01 2018-06-30 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember 2018-04-01 2018-06-30 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember 2018-04-01 2018-06-30 0000310522 srt:SingleFamilyMember us-gaap:UsGovernmentAgencyInsuredLoansMember 2019-04-01 2019-06-30 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember 2018-01-01 2018-06-30 0000310522 srt:SingleFamilyMember fnm:PrimaryMortgageLoanMember 2019-01-01 2019-06-30 0000310522 srt:MultifamilyMember 2018-01-01 2018-06-30 0000310522 srt:SingleFamilyMember us-gaap:UsGovernmentAgencyInsuredLoansMember 2018-01-01 2018-06-30 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember 2018-01-01 2018-06-30 0000310522 srt:SingleFamilyMember fnm:AltAMortgageLoansMember 2019-01-01 2019-06-30 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember 2018-01-01 2018-06-30 0000310522 srt:SingleFamilyMember 2018-01-01 2018-06-30 0000310522 srt:SingleFamilyMember fnm:OtherMortgageLoanMember 2019-01-01 2019-06-30 0000310522 srt:SingleFamilyMember us-gaap:UsGovernmentAgencyInsuredLoansMember 2019-01-01 2019-06-30 0000310522 2017-01-01 2017-12-31 0000310522 srt:SingleFamilyMember 2019-01-01 2019-06-30 0000310522 srt:MultifamilyMember 2019-01-01 2019-06-30 0000310522 srt:SingleFamilyMember 2019-03-31 0000310522 srt:MultifamilyMember 2018-04-01 2018-06-30 0000310522 srt:SingleFamilyMember 2018-04-01 2018-06-30 0000310522 srt:SingleFamilyMember 2019-04-01 2019-06-30 0000310522 srt:SingleFamilyMember 2018-01-01 2018-06-30 0000310522 srt:MultifamilyMember 2018-12-31 0000310522 srt:MultifamilyMember 2018-06-30 0000310522 srt:SingleFamilyMember 2018-06-30 0000310522 srt:MultifamilyMember 2017-12-31 0000310522 srt:SingleFamilyMember 2019-06-30 0000310522 srt:MultifamilyMember 2018-01-01 2018-06-30 0000310522 srt:MultifamilyMember 2019-04-01 2019-06-30 0000310522 srt:MultifamilyMember 2019-06-30 0000310522 srt:SingleFamilyMember 2018-12-31 0000310522 srt:MultifamilyMember 2019-03-31 0000310522 srt:SingleFamilyMember 2018-03-31 0000310522 srt:SingleFamilyMember 2017-12-31 0000310522 srt:MultifamilyMember 2018-03-31 0000310522 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2019-06-30 0000310522 fnm:NonmortgagerelatedsecuritiesMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2019-06-30 0000310522 us-gaap:DomesticCorporateDebtSecuritiesMember 2019-06-30 0000310522 fnm:NonmortgagerelatedsecuritiesMember 2019-06-30 0000310522 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesMember 2019-06-30 0000310522 us-gaap:USTreasurySecuritiesMember 2019-06-30 0000310522 us-gaap:USTreasurySecuritiesMember 2018-12-31 0000310522 us-gaap:DomesticCorporateDebtSecuritiesMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesMember 2018-12-31 0000310522 us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember 2019-06-30 0000310522 us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember 2018-12-31 0000310522 us-gaap:GuaranteeTypeOtherMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-12-31 0000310522 fnm:NonconsolidatedFannieMaesecuritiesMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-06-30 0000310522 fnm:NonconsolidatedFannieMaesecuritiesMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:GuaranteeTypeOtherMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-06-30 0000310522 srt:MaximumMember 2019-01-01 2019-06-30 0000310522 srt:MinimumMember 2019-01-01 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-06-30 0000310522 us-gaap:LineOfCreditMember 2019-06-30 0000310522 us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember 2019-06-30 0000310522 us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember 2018-12-31 0000310522 us-gaap:LineOfCreditMember 2018-12-31 0000310522 srt:ParentCompanyMember fnm:SeniorFloatingOtherDebtMember 2019-06-30 0000310522 srt:ParentCompanyMember fnm:SeniorFloatingDebtMember 2018-12-31 0000310522 srt:ParentCompanyMember fnm:SecuredBorrowingsMember 2018-12-31 0000310522 srt:ParentCompanyMember fnm:SeniorFixedMediumTermNotesMember 2019-06-30 0000310522 srt:ParentCompanyMember fnm:SeniorFixedBenchmarkNotesAndBondsMember 2019-06-30 0000310522 srt:ParentCompanyMember fnm:SeniorFixedMediumTermNotesMember 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2019-06-30 0000310522 srt:ParentCompanyMember fnm:SeniorFloatingDebtMember 2019-06-30 0000310522 srt:ParentCompanyMember fnm:SeniorFloatingConnecticutAvenueSecurityMember 2018-12-31 0000310522 srt:ParentCompanyMember fnm:SeniorFixedDebtMember 2018-12-31 0000310522 srt:ParentCompanyMember fnm:SeniorFloatingMediumTermNotesMember 2019-06-30 0000310522 srt:ParentCompanyMember fnm:SecuredBorrowingsMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2018-12-31 0000310522 srt:ParentCompanyMember fnm:SeniorFixedOtherDebtMember 2018-12-31 0000310522 srt:ParentCompanyMember fnm:SeniorFloatingMediumTermNotesMember 2018-12-31 0000310522 srt:ParentCompanyMember fnm:SeniorFixedDebtMember 2019-06-30 0000310522 srt:ParentCompanyMember fnm:SeniorFixedBenchmarkNotesAndBondsMember 2018-12-31 0000310522 srt:ParentCompanyMember fnm:SeniorFloatingOtherDebtMember 2018-12-31 0000310522 srt:ParentCompanyMember fnm:SeniorFixedOtherDebtMember 2019-06-30 0000310522 srt:ParentCompanyMember fnm:SeniorFloatingConnecticutAvenueSecurityMember 2019-06-30 0000310522 srt:ParentCompanyMember srt:MaximumMember 2019-01-01 2019-06-30 0000310522 srt:ParentCompanyMember srt:MinimumMember 2019-01-01 2019-06-30 0000310522 srt:ParentCompanyMember srt:MinimumMember 2018-01-01 2018-12-31 0000310522 srt:ParentCompanyMember srt:MaximumMember 2018-01-01 2018-12-31 0000310522 fnm:MortgageCommitmentDerivativesMember 2019-06-30 0000310522 us-gaap:InterestRateContractMember 2019-06-30 0000310522 fnm:ReceiveFixedSwapMember 2019-06-30 0000310522 us-gaap:InterestRateContractMember 2018-12-31 0000310522 fnm:PayFixedSwapMember 2018-12-31 0000310522 us-gaap:OtherContractMember 2019-06-30 0000310522 fnm:ForwardContractsToPurchaseMortgageRelatedSecuritiesMember 2019-06-30 0000310522 fnm:ReceiveFixedSwaptionMember 2018-12-31 0000310522 us-gaap:OtherContractMember 2018-12-31 0000310522 fnm:ForwardContractsToSellMortgageRelatedSecuritiesMember 2018-12-31 0000310522 us-gaap:BasisSwapMember 2018-12-31 0000310522 fnm:PayFixedSwaptionMember 2018-12-31 0000310522 us-gaap:BasisSwapMember 2019-06-30 0000310522 us-gaap:CurrencySwapMember 2018-12-31 0000310522 fnm:ForwardContractsToSellMortgageRelatedSecuritiesMember 2019-06-30 0000310522 fnm:PayFixedSwaptionMember 2019-06-30 0000310522 fnm:MortgageCommitmentDerivativesMember 2018-12-31 0000310522 us-gaap:CurrencySwapMember 2019-06-30 0000310522 us-gaap:FutureMember 2019-06-30 0000310522 fnm:PayFixedSwapMember 2019-06-30 0000310522 fnm:ReceiveFixedSwapMember 2018-12-31 0000310522 fnm:ReceiveFixedSwaptionMember 2019-06-30 0000310522 fnm:MortgageCommitmentsToPurchaseWholeLoansMember 2018-12-31 0000310522 us-gaap:FutureMember 2018-12-31 0000310522 fnm:MortgageCommitmentsToPurchaseWholeLoansMember 2019-06-30 0000310522 fnm:ForwardContractsToPurchaseMortgageRelatedSecuritiesMember 2018-12-31 0000310522 fnm:ReceiveFixedSwaptionMember 2018-04-01 2018-06-30 0000310522 fnm:PayFixedSwapMember 2019-01-01 2019-06-30 0000310522 fnm:ReceiveFixedSwapMember 2019-04-01 2019-06-30 0000310522 us-gaap:BasisSwapMember 2018-04-01 2018-06-30 0000310522 us-gaap:CurrencySwapMember 2018-04-01 2018-06-30 0000310522 us-gaap:InterestRateContractMember 2018-04-01 2018-06-30 0000310522 fnm:PayFixedSwaptionMember 2018-01-01 2018-06-30 0000310522 us-gaap:InterestRateContractMember 2018-01-01 2018-06-30 0000310522 us-gaap:CurrencySwapMember 2019-04-01 2019-06-30 0000310522 us-gaap:BasisSwapMember 2018-01-01 2018-06-30 0000310522 us-gaap:CurrencySwapMember 2019-01-01 2019-06-30 0000310522 fnm:ReceiveFixedSwapMember 2018-01-01 2018-06-30 0000310522 fnm:PayFixedSwapMember 2018-04-01 2018-06-30 0000310522 us-gaap:InterestRateContractMember 2019-01-01 2019-06-30 0000310522 us-gaap:OtherContractMember 2018-01-01 2018-06-30 0000310522 fnm:ReceiveFixedSwaptionMember 2019-01-01 2019-06-30 0000310522 fnm:PayFixedSwapMember 2019-04-01 2019-06-30 0000310522 fnm:ReceiveFixedSwaptionMember 2019-04-01 2019-06-30 0000310522 fnm:PayFixedSwaptionMember 2019-01-01 2019-06-30 0000310522 us-gaap:FutureMember 2019-01-01 2019-06-30 0000310522 fnm:MortgageCommitmentDerivativesMember 2019-04-01 2019-06-30 0000310522 us-gaap:BasisSwapMember 2019-01-01 2019-06-30 0000310522 fnm:MortgageCommitmentDerivativesMember 2019-01-01 2019-06-30 0000310522 us-gaap:InterestRateContractMember 2019-04-01 2019-06-30 0000310522 us-gaap:OtherContractMember 2018-04-01 2018-06-30 0000310522 us-gaap:CurrencySwapMember 2018-01-01 2018-06-30 0000310522 fnm:PayFixedSwaptionMember 2019-04-01 2019-06-30 0000310522 us-gaap:FutureMember 2018-04-01 2018-06-30 0000310522 fnm:ReceiveFixedSwaptionMember 2018-01-01 2018-06-30 0000310522 fnm:MortgageCommitmentDerivativesMember 2018-01-01 2018-06-30 0000310522 fnm:PayFixedSwapMember 2018-01-01 2018-06-30 0000310522 us-gaap:OtherContractMember 2019-01-01 2019-06-30 0000310522 us-gaap:FutureMember 2019-04-01 2019-06-30 0000310522 fnm:ReceiveFixedSwapMember 2018-04-01 2018-06-30 0000310522 us-gaap:OtherContractMember 2019-04-01 2019-06-30 0000310522 fnm:ReceiveFixedSwapMember 2019-01-01 2019-06-30 0000310522 fnm:PayFixedSwaptionMember 2018-04-01 2018-06-30 0000310522 us-gaap:FutureMember 2018-01-01 2018-06-30 0000310522 us-gaap:BasisSwapMember 2019-04-01 2019-06-30 0000310522 fnm:MortgageCommitmentDerivativesMember 2018-04-01 2018-06-30 0000310522 us-gaap:OperatingSegmentsMember srt:SingleFamilyMember 2018-04-01 2018-06-30 0000310522 us-gaap:OperatingSegmentsMember srt:MultifamilyMember 2019-04-01 2019-06-30 0000310522 us-gaap:OperatingSegmentsMember srt:MultifamilyMember 2018-04-01 2018-06-30 0000310522 us-gaap:OperatingSegmentsMember srt:SingleFamilyMember 2019-04-01 2019-06-30 0000310522 us-gaap:OperatingSegmentsMember fnm:UsTreasuryMember srt:SingleFamilyMember 2019-04-01 2019-06-30 0000310522 us-gaap:OperatingSegmentsMember fnm:UsTreasuryMember srt:MultifamilyMember 2018-04-01 2018-06-30 0000310522 us-gaap:OperatingSegmentsMember fnm:UsTreasuryMember srt:MultifamilyMember 2019-04-01 2019-06-30 0000310522 us-gaap:OperatingSegmentsMember fnm:UsTreasuryMember srt:SingleFamilyMember 2018-04-01 2018-06-30 0000310522 us-gaap:OperatingSegmentsMember srt:SingleFamilyMember 2018-01-01 2018-06-30 0000310522 us-gaap:OperatingSegmentsMember srt:SingleFamilyMember 2019-01-01 2019-06-30 0000310522 us-gaap:OperatingSegmentsMember srt:MultifamilyMember 2019-01-01 2019-06-30 0000310522 us-gaap:OperatingSegmentsMember srt:MultifamilyMember 2018-01-01 2018-06-30 0000310522 us-gaap:OperatingSegmentsMember fnm:UsTreasuryMember srt:MultifamilyMember 2018-01-01 2018-06-30 0000310522 us-gaap:OperatingSegmentsMember fnm:UsTreasuryMember srt:MultifamilyMember 2019-01-01 2019-06-30 0000310522 us-gaap:OperatingSegmentsMember fnm:UsTreasuryMember srt:SingleFamilyMember 2018-01-01 2018-06-30 0000310522 us-gaap:OperatingSegmentsMember fnm:UsTreasuryMember srt:SingleFamilyMember 2019-01-01 2019-06-30 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember fnm:AltAMortgageLoansMember fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember fnm:Vintages2009toCurrentYearMember fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember fnm:Vintages2009toCurrentYearMember fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember fnm:Vintages2005to2008Member fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember fnm:OtherStatesMember fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember fnm:OtherStatesMember fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember stpr:FL fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember stpr:NJ fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember stpr:NY fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember fnm:Vintages2004andPriorMember fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember stpr:FL fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember stpr:NJ fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember fnm:Vintages2005to2008Member fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember fnm:Vintages2004andPriorMember fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember stpr:NY fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThanOneHundredPercentMember fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember stpr:CA fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember fnm:AltAMortgageLoansMember fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember stpr:CA fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 srt:SingleFamilyMember fnm:ConventionalMortgageMember fnm:EstimatedMarkToMarketLoanToValueRatioGreaterThanOneHundredPercentMember fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 srt:MultifamilyMember fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 srt:MultifamilyMember fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:MultifamilyMember fnm:OriginalLoanToValueRatioGreaterThanEightyPercentMember fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 srt:MultifamilyMember fnm:CurrentDebtServiceCoverageRatioLessThanOneHundredPercentMember fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 srt:MultifamilyMember fnm:CurrentDebtServiceCoverageRatioLessThanOneHundredPercentMember fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:MultifamilyMember fnm:OriginalLoanToValueRatioGreaterThanEightyPercentMember fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:MultifamilyMember fnm:OriginalLoanToValueRatioLessThanOrEqualToEightyPercentMember fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:MultifamilyMember fnm:OriginalLoanToValueRatioLessThanOrEqualToEightyPercentMember fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 fnm:GroupOfLargestMortgageServicersIncludingAffiliatesMember srt:MultifamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:WellsFargoBankN.A.Member srt:MultifamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 fnm:WalkerDunlopLLCMember srt:MultifamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:WalkerDunlopLLCMember srt:MultifamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 fnm:GroupOfLargestMortgageServicersIncludingAffiliatesMember srt:MultifamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 fnm:OtherTopServicersMember srt:MultifamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 fnm:WellsFargoBankN.A.Member srt:MultifamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:OtherTopServicersMember srt:MultifamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:MortgageGuarantyInsuranceCorp.Member srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:OthercounterpartiesMember srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:RadianGuarantyIncMember srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 fnm:EssentGuarantyIncMember srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:ArchCapitalGroupLtd.Member srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:OthercounterpartiesMember srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 fnm:RadianGuarantyIncMember srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:ArchCapitalGroupLtd.Member srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:GenworthMortgageInsuranceCorp.Member srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 fnm:EssentGuarantyIncMember srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 fnm:GenworthMortgageInsuranceCorp.Member srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:MortgageGuarantyInsuranceCorp.Member srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember 2018-12-31 0000310522 fnm:TriadGuarantyInsuranceCorporation1Member 2019-06-30 0000310522 fnm:PMIMortgageInsuranceCompanyMember 2019-06-30 0000310522 srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember fnm:InsuranceServiceProviderConcentrationRiskMember 2019-06-30 0000310522 fnm:DepositoryServicerMember fnm:OtherTopServicersMember srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 fnm:GroupOfLargestMortgageServicersIncludingAffiliatesMember srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 fnm:DepositoryServicerMember fnm:WellsFargoBankN.A.Member srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:NonDepositoryServicerMember fnm:GroupOfLargestMortgageServicersIncludingAffiliatesMember srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:DepositoryServicerMember fnm:WellsFargoBankN.A.Member srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 fnm:GroupOfLargestMortgageServicersIncludingAffiliatesMember srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:DepositoryServicerMember fnm:OtherTopServicersMember srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2019-01-01 2019-06-30 0000310522 fnm:NonDepositoryServicerMember fnm:GroupOfLargestMortgageServicersIncludingAffiliatesMember srt:SingleFamilyMember fnm:GuarantyBookOfBusinessMember us-gaap:CreditConcentrationRiskMember 2018-01-01 2018-12-31 0000310522 us-gaap:InterestRateContractMember us-gaap:ExchangeClearedMember 2019-06-30 0000310522 us-gaap:InterestRateContractMember us-gaap:OverTheCounterMember 2019-06-30 0000310522 us-gaap:InterestRateContractMember us-gaap:ExchangeClearedMember 2018-12-31 0000310522 us-gaap:InterestRateContractMember us-gaap:OverTheCounterMember 2018-12-31 0000310522 us-gaap:CashAndCashEquivalentsMember 2019-06-30 0000310522 us-gaap:CashAndCashEquivalentsMember 2018-12-31 0000310522 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:SwaptionMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:OtherContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 fnm:MortgageCommitmentDerivativesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:SwaptionMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:SwaptionMember us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:SwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:OtherContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:SwapMember us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 fnm:MortgageCommitmentDerivativesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:SwapMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:SwaptionMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:OtherContractMember us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:OtherContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:SwapMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 fnm:MortgageCommitmentDerivativesMember us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 fnm:MortgageCommitmentDerivativesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:OtherContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember fnm:SeniorFloatingDebtMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:SwaptionMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:SwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:OtherContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:SwapMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:SwaptionMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:SwapMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember fnm:SeniorFloatingDebtMember 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:SeniorFloatingDebtMember 2018-12-31 0000310522 fnm:MortgageCommitmentDerivativesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:OtherContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:SwaptionMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:SwaptionMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:FairValueMeasurementsRecurringMember fnm:SeniorFloatingDebtMember 2018-12-31 0000310522 fnm:MortgageCommitmentDerivativesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:SwapMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 fnm:MortgageCommitmentDerivativesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 fnm:MortgageCommitmentDerivativesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:OtherContractMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:DomesticCorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:SeniorFloatingDebtMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:FairValueMeasurementsRecurringMember fnm:SeniorFloatingDebtMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember fnm:SeniorFloatingDebtMember 2019-06-30 0000310522 us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember fnm:SeniorFloatingDebtMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember us-gaap:OtherComprehensiveIncomeMember fnm:SeniorFloatingDebtMember 2018-01-01 2018-06-30 0000310522 us-gaap:MortgagesMember 2018-01-01 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2017-12-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2018-01-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2017-12-31 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember fnm:SeniorFloatingDebtMember 2018-01-01 2018-06-30 0000310522 us-gaap:LongTermDebtMember 2018-01-01 2018-06-30 0000310522 us-gaap:DerivativeMember 2018-01-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-01-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2018-01-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:OtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000310522 us-gaap:LongTermDebtMember 2017-12-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember 2018-01-01 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2018-01-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember 2018-01-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2018-01-01 2018-06-30 0000310522 us-gaap:LongTermDebtMember 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember 2018-01-01 2018-06-30 0000310522 us-gaap:LongTermDebtMember us-gaap:OtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000310522 us-gaap:MortgagesMember us-gaap:OtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000310522 us-gaap:LongTermDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-01-01 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2018-01-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2018-06-30 0000310522 us-gaap:MortgagesMember 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember 2018-06-30 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember fnm:SeniorFloatingDebtMember 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2017-12-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2017-12-31 0000310522 us-gaap:DerivativeMember us-gaap:OtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:OtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember 2017-12-31 0000310522 us-gaap:LongTermDebtMember us-gaap:OtherComprehensiveIncomeMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-01-01 2018-06-30 0000310522 us-gaap:DerivativeMember 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember 2017-12-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:OtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000310522 us-gaap:DerivativeMember 2017-12-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2017-12-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:OtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember fnm:SeniorFloatingDebtMember 2017-12-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2017-12-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:OtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember 2018-06-30 0000310522 us-gaap:LongTermDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2017-12-31 0000310522 us-gaap:LongTermDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:OtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:OtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:OtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember 2017-12-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember 2018-06-30 0000310522 us-gaap:MortgagesMember 2017-12-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:OtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2018-04-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember 2018-04-01 2018-06-30 0000310522 us-gaap:LongTermDebtMember 2018-04-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember 2018-04-01 2018-06-30 0000310522 us-gaap:LongTermDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-04-01 2018-06-30 0000310522 us-gaap:LongTermDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-03-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2018-04-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember 2018-03-31 0000310522 us-gaap:MortgagesMember 2018-04-01 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember 2018-04-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-04-01 2018-06-30 0000310522 us-gaap:DerivativeMember us-gaap:OtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember 2018-03-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2018-03-31 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember fnm:SeniorFloatingDebtMember 2018-04-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2018-04-01 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2018-04-01 2018-06-30 0000310522 us-gaap:LongTermDebtMember 2018-03-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:OtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000310522 us-gaap:LongTermDebtMember us-gaap:OtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000310522 us-gaap:DerivativeMember 2018-04-01 2018-06-30 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember us-gaap:OtherComprehensiveIncomeMember fnm:SeniorFloatingDebtMember 2018-04-01 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:OtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:OtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-03-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:OtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000310522 us-gaap:LongTermDebtMember us-gaap:OtherComprehensiveIncomeMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-04-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:OtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000310522 us-gaap:DerivativeMember 2018-03-31 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember fnm:SeniorFloatingDebtMember 2018-03-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:OtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2018-04-01 2018-06-30 0000310522 us-gaap:MortgagesMember us-gaap:OtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:OtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2018-03-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2018-03-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2018-03-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:OtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000310522 us-gaap:MortgagesMember 2018-03-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember 2018-03-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2019-04-01 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember fnm:SeniorFloatingDebtMember 2019-04-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember 2019-04-01 2019-06-30 0000310522 us-gaap:LongTermDebtMember 2019-04-01 2019-06-30 0000310522 us-gaap:DerivativeMember 2019-04-01 2019-06-30 0000310522 us-gaap:MortgagesMember 2019-04-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember 2019-04-01 2019-06-30 0000310522 us-gaap:LongTermDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-04-01 2019-06-30 0000310522 us-gaap:LongTermDebtMember 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2019-04-01 2019-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2019-04-01 2019-06-30 0000310522 us-gaap:DerivativeMember 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:OtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-04-01 2019-06-30 0000310522 us-gaap:MortgagesMember 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember 2019-03-31 0000310522 us-gaap:DerivativeMember 2019-03-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember 2019-04-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2019-03-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:OtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:OtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:OtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000310522 us-gaap:MortgagesMember us-gaap:OtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2019-03-31 0000310522 us-gaap:LongTermDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-03-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:OtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:OtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember 2019-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember 2019-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember 2019-03-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2019-03-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-03-31 0000310522 us-gaap:DerivativeMember us-gaap:OtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000310522 us-gaap:MortgagesMember 2019-03-31 0000310522 us-gaap:LongTermDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-30 0000310522 us-gaap:LongTermDebtMember us-gaap:OtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember fnm:SeniorFloatingDebtMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember fnm:SeniorFloatingDebtMember 2019-03-31 0000310522 us-gaap:LongTermDebtMember 2019-03-31 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember us-gaap:OtherComprehensiveIncomeMember fnm:SeniorFloatingDebtMember 2019-04-01 2019-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:OtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000310522 us-gaap:LongTermDebtMember us-gaap:OtherComprehensiveIncomeMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-04-01 2019-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember 2019-03-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember 2019-01-01 2019-06-30 0000310522 us-gaap:DerivativeMember 2019-01-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember 2019-01-01 2019-06-30 0000310522 us-gaap:LongTermDebtMember 2019-01-01 2019-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2019-01-01 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember fnm:SeniorFloatingDebtMember 2018-12-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember 2018-12-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember 2019-01-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2019-01-01 2019-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2019-01-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-12-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-01-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2019-01-01 2019-06-30 0000310522 us-gaap:LongTermDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2018-12-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:OtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember us-gaap:OtherComprehensiveIncomeMember fnm:SeniorFloatingDebtMember 2019-01-01 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember fnm:SeniorFloatingDebtMember 2019-01-01 2019-06-30 0000310522 us-gaap:LongTermDebtMember 2018-12-31 0000310522 us-gaap:MortgagesMember 2019-01-01 2019-06-30 0000310522 us-gaap:LongTermDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:MortgagesMember us-gaap:OtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember 2018-12-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2018-12-31 0000310522 us-gaap:DerivativeMember us-gaap:OtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2018-12-31 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2018-12-31 0000310522 us-gaap:LongTermDebtMember us-gaap:OtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:OtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:OtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000310522 us-gaap:DerivativeMember 2018-12-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:OtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000310522 us-gaap:MortgagesMember 2018-12-31 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember us-gaap:OtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:OtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000310522 us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember 2018-12-31 0000310522 us-gaap:LongTermDebtMember us-gaap:OtherComprehensiveIncomeMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:OtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000310522 us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:OtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember fnm:ConsensusWithoutInputsMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:MultifamilyMember fnm:OtherValuationTechniqueMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:SingleFamilyMember fnm:InternalModelMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:SingleFamilyMember fnm:AcceptedOffersMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:MultifamilyMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:SingleFamilyMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:SingleFamilyMember fnm:WalkForwardsMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:SingleFamilyMember fnm:OtherValuationTechniqueMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:SingleFamilyMember fnm:AppraisalsMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:MultifamilyMember fnm:OtherValuationTechniqueMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:SingleFamilyMember fnm:OtherValuationTechniqueMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:SingleFamilyMember fnm:AcceptedOffersMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:SingleFamilyMember fnm:InternalModelMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember fnm:SingleVendorWithoutInputsMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:SingleFamilyMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember fnm:SingleVendorWithoutInputsMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:MultifamilyMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember fnm:ConsensusWithoutInputsMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:SingleFamilyMember fnm:WalkForwardsMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:MultifamilyMember fnm:AssetManagerEstimateMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:MultifamilyMember fnm:AssetManagerEstimateMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember srt:SingleFamilyMember fnm:AppraisalsMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember fnm:ProprietaryHomePriceModelAndAppraisalsMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember fnm:AcceptedOffersMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-06-30 0000310522 srt:MinimumMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MeasurementInputDefaultRateMember fnm:DiscountedCashFlowWithInputsMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:OtherValuationTechniqueMember 2019-06-30 0000310522 srt:WeightedAverageMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MeasurementInputConstantPrepaymentRateMember fnm:DiscountedCashFlowWithInputsMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:OtherValuationTechniqueMember 2019-06-30 0000310522 srt:WeightedAverageMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MeasurementInputDefaultRateMember fnm:DiscountedCashFlowWithInputsMember 2019-06-30 0000310522 us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:OtherValuationTechniqueMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:DealerMarkMember 2019-06-30 0000310522 srt:WeightedAverageMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MeasurementInputLossSeverityMember fnm:DiscountedCashFlowWithInputsMember 2019-06-30 0000310522 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:OtherValuationTechniqueMember 2019-06-30 0000310522 us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0000310522 us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:ConsensusWithoutInputsMember 2019-06-30 0000310522 srt:MinimumMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MeasurementInputConstantPrepaymentRateMember fnm:DiscountedCashFlowWithInputsMember 2019-06-30 0000310522 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:SingleVendorWithInputsMember 2019-06-30 0000310522 srt:MinimumMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MeasurementInputLossSeverityMember fnm:DiscountedCashFlowWithInputsMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:DiscountedCashFlowWithInputsMember 2019-06-30 0000310522 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:OtherValuationTechniqueMember 2018-12-31 0000310522 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:OtherValuationTechniqueMember 2018-12-31 0000310522 srt:MinimumMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MeasurementInputLossSeverityMember fnm:DiscountedCashFlowWithInputsMember 2018-12-31 0000310522 srt:WeightedAverageMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MeasurementInputDefaultRateMember fnm:DiscountedCashFlowWithInputsMember 2018-12-31 0000310522 srt:MinimumMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MeasurementInputConstantPrepaymentRateMember fnm:DiscountedCashFlowWithInputsMember 2018-12-31 0000310522 srt:MinimumMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MeasurementInputDefaultRateMember fnm:DiscountedCashFlowWithInputsMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:OtherValuationTechniqueMember 2018-12-31 0000310522 us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:OtherValuationTechniqueMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:DealerMarkMember 2018-12-31 0000310522 srt:WeightedAverageMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MeasurementInputLossSeverityMember fnm:DiscountedCashFlowWithInputsMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:OtherValuationTechniqueMember 2018-12-31 0000310522 srt:WeightedAverageMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MeasurementInputConstantPrepaymentRateMember fnm:DiscountedCashFlowWithInputsMember 2018-12-31 0000310522 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:SingleVendorWithInputsMember 2018-12-31 0000310522 us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:DiscountedCashFlowWithInputsMember 2018-12-31 0000310522 srt:WeightedAverageMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:SingleVendorWithInputsMember 2018-12-31 0000310522 srt:MinimumMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:SingleVendorWithInputsMember 2019-06-30 0000310522 srt:MinimumMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:SingleVendorWithInputsMember 2018-12-31 0000310522 srt:WeightedAverageMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:SingleVendorWithInputsMember 2019-06-30 0000310522 srt:MaximumMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:SingleVendorWithInputsMember 2019-06-30 0000310522 srt:MaximumMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:SingleVendorWithInputsMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember fnm:AcceptedOffersMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel1Member 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember fnm:ProprietaryHomePriceModelAndAppraisalsMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 0000310522 srt:WeightedAverageMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:DiscountedCashFlowWithInputsMember 2018-12-31 0000310522 srt:WeightedAverageMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:DiscountedCashFlowWithInputsMember 2019-06-30 0000310522 srt:MaximumMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:DiscountedCashFlowWithInputsMember 2019-06-30 0000310522 srt:MaximumMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:DiscountedCashFlowWithInputsMember 2018-12-31 0000310522 srt:MinimumMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:DiscountedCashFlowWithInputsMember 2019-06-30 0000310522 srt:MinimumMember us-gaap:AvailableforsaleSecuritiesMember us-gaap:MortgageBackedSecuritiesOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember fnm:DiscountedCashFlowWithInputsMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member 2018-12-31 0000310522 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel1Member 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel3Member 2018-12-31 0000310522 us-gaap:FairValueInputsLevel2Member 2018-12-31 0000310522 us-gaap:FairValueDisclosureItemAmountsDomain 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0000310522 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel2Member us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000310522 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel1Member us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel1Member 2019-06-30 0000310522 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel1Member 2019-06-30 0000310522 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member 2019-06-30 0000310522 us-gaap:FairValueInputsLevel2Member 2019-06-30 0000310522 us-gaap:FairValueDisclosureItemAmountsDomain 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel2Member us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-30 0000310522 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel3Member 2019-06-30 0000310522 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-30 0000310522 us-gaap:FairValueInputsLevel1Member us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-30 0000310522 srt:ParentCompanyMember us-gaap:FairValueInputsLevel2Member 2019-06-30 0000310522 us-gaap:FairValueInputsLevel3Member us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-30 0000310522 us-gaap:LongTermDebtMember 2018-04-01 2018-06-30 0000310522 srt:MinimumMember srt:SingleFamilyMember 2019-01-01 2019-06-30 0000310522 us-gaap:LoansReceivableMember 2018-04-01 2018-06-30 0000310522 us-gaap:LongTermDebtMember 2019-04-01 2019-06-30 0000310522 us-gaap:LoansReceivableMember 2019-01-01 2019-06-30 0000310522 us-gaap:LongTermDebtMember 2018-01-01 2018-06-30 0000310522 us-gaap:LoansReceivableMember 2019-04-01 2019-06-30 0000310522 us-gaap:LongTermDebtMember 2019-01-01 2019-06-30 0000310522 us-gaap:LoansReceivableMember 2018-01-01 2018-06-30 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember 2018-12-31 0000310522 us-gaap:LoansReceivableMember 2019-06-30 0000310522 us-gaap:LoansReceivableMember 2018-12-31 0000310522 srt:ParentCompanyMember us-gaap:LongTermDebtMember 2019-06-30 0000310522 us-gaap:LongTermDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2018-12-31 0000310522 us-gaap:LongTermDebtMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-30 0000310522 srt:MinimumMember srt:SingleFamilyMember 2018-01-01 2018-12-31 xbrli:pure iso4217:USD iso4217:USD xbrli:shares xbrli:shares fnm:contracts fnm:segments
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from     to         
Commission file number: 0-50231
Federal National Mortgage Association
(Exact name of registrant as specified in its charter)
Fannie Mae
Federally chartered corporation
52-0883107
1100 15th Street, NW

 
800
 
232-6643
 
 
 
Washington,
DC
20005
 
 
 
 
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
(Address of principal executive offices, including zip code)
 
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
None
N/A
N/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
As of June 30, 2019, there were 1,158,087,567 shares of common stock of the registrant outstanding.
 




TABLE OF CONTENTS
 
 
Page
PART I—Financial Information
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 3.
Item 4.
PART II—Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

Fannie Mae Second Quarter 2019 Form 10-Q
i


 
 
MD&A | Introduction


PART I—FINANCIAL INFORMATION
Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
 
We have been under conservatorship, with the Federal Housing Finance Agency (“FHFA”) acting as conservator, since September 6, 2008. As conservator, FHFA succeeded to all rights, titles, powers and privileges of the company, and of any shareholder, officer or director of the company with respect to the company and its assets. The conservator has since provided for the exercise of certain authorities by our Board of Directors. Our directors do not have any fiduciary duties to any person or entity except to the conservator and, accordingly, are not obligated to consider the interests of the company, the holders of our equity or debt securities, or the holders of Fannie Mae MBS unless specifically directed to do so by the conservator.
 
 
We do not know when or how the conservatorship will terminate, what further changes to our business will be made during or following 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 or whether we will continue to exist following conservatorship. Congress and the Administration continue to consider options for reform of the housing finance system, including Fannie Mae. We are not permitted to retain more than $3.0 billion in capital reserves or to pay dividends or other distributions to stockholders other than the U.S. Department of the Treasury (“Treasury”). Our agreements with Treasury include covenants that significantly restrict our business activities. For additional information on the conservatorship, the uncertainty of our future, our agreements with Treasury, and recent developments relating to housing finance reform, see “Business—Conservatorship, Treasury Agreements and Housing Finance Reform,” “Business—Charter Act and Regulation” and “Risk Factors” in our Form 10-K for the year ended December 31, 2018 (“2018 Form 10-K”), and “Legislation and Regulation” and “Risk Factors” in this report.
 
 
 
 
You should read this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) in conjunction with our unaudited condensed consolidated financial statements and related notes in this report and the more detailed information in our 2018 Form 10-K. You can find a “Glossary of Terms Used in This Report” in the MD&A of our 2018 Form 10-K.
Forward-looking statements in this report are based on management’s current expectations and are subject to significant uncertainties and changes in circumstances, as we describe in “Forward-Looking Statements.” Future events and our future results may differ materially from those reflected in our forward-looking statements due to a variety of factors, including those discussed in “Risk Factors” and elsewhere in this report and in our 2018 Form 10-K.
Introduction
 
By federal charter, Fannie Mae provides a stable source of liquidity to the mortgage market and supports the availability and affordability of housing in the United States. 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 borrowers in the primary mortgage market. Instead, we securitize mortgage loans originated by lenders into Fannie Mae mortgage-backed securities that we guarantee (which we refer to as Fannie Mae MBS or our MBS); 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 support access to credit and the supply of affordable housing. Our common stock is traded in the over-the-counter market and quoted on the OTCQB, operated by OTC Markets Group, Inc., under the ticker symbol “FNMA.”
Through our single-family and multifamily business segments, we provided $247 billion in liquidity to the mortgage market in the first half of 2019, which enabled the financing of approximately 1.2 million home purchases, refinancings or rental units.
Fannie Mae Provided $247 Billion in Liquidity in the First Half of 2019
 
$34.1B
 
354K
Multifamily Rental Units
 
 
 
 
 
 
 
 
 
$135.5B
 
546K
Single-Family Home Purchases
 
 
 
 
 
 
 
 
 
$77.6B
 
324K
Single-Family Refinancings
 
 
 
 
 
 
 
 
 
Unpaid Principal Balance
 
Units

Fannie Mae Second Quarter 2019 Form 10-Q
1


 
 
MD&A | Executive Summary


Executive Summary
 
Summary of Our Financial Performance
Quarterly Condensed Consolidated Results
chart-dd1d5c6eb1f857e9ad1.jpg
 
 
The decrease in our net income in the second quarter of 2019, compared with the second quarter of 2018, was primarily driven by:
a shift from fair value gains to fair value losses; and
a decrease in net interest income.
See “Consolidated Results of Operations” for more information on our financial results.

 
Year-to-Date Condensed Consolidated Results

chart-033e8a31e213032f9dd.jpg
 
 
The decrease in our net income in the first half of 2019, compared with the first half of 2018, was primarily driven by:
a shift from fair value gains to fair value losses;
a decrease in net interest income; and
an increase in other expenses;
partially offset by an increase in our credit-related income.
See “Consolidated Results of Operations” for more information on our financial results.

 
Net Worth. Our net worth of $6.4 billion as of June 30, 2019 reflects our comprehensive income of $3.4 billion for the second quarter of 2019 and $3.0 billion in retained capital reserves.

Fannie Mae Second Quarter 2019 Form 10-Q
2


 
 
MD&A | Executive Summary


Financial Performance Outlook
Our long-term financial performance will depend on many factors, including:
the size of and our share of the U.S. mortgage market, which in turn will depend upon such factors as population growth, household formation and home price appreciation; and
actions by FHFA, the Administration and Congress relating to our business and housing finance reform, including the capital requirements that will be applicable to us, our ongoing financial obligations to Treasury and our competitive environment.
While we expect to remain profitable on an annual basis for the foreseeable future, certain factors could result in significant volatility in our financial results from quarter to quarter or year to year. We expect quarterly volatility in our financial results due to a number of factors, particularly changes in market conditions that result in fluctuations in the estimated fair value of our derivatives and other financial instruments that we mark to market through our earnings. Other factors that may result in volatility in our quarterly financial results include factors that affect our loss reserves, such as redesignations of loans from held for investment (“HFI”) to held for sale (“HFS”), changes in interest rates, home prices or accounting standards, or events such as natural disasters, and other factors, as we discuss in “Risk Factors” and “Consolidated Results of Operations” in our 2018 Form 10-K and in this report. Further, our implementation on January 1, 2020 of Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (the “CECL standard”) will likely introduce additional volatility in our results as credit-related income or expense will include expected lifetime losses on our loans and other financial instruments subject to the standard and thus become more sensitive to fluctuations in these factors.
The potential for significant volatility in our financial results could result in a net loss in a future quarter. We are permitted to retain up to $3.0 billion in capital reserves as a buffer in the event of a net loss in a future quarter. However, any net loss we experience in the future could be greater than the amount of our capital reserves, which would result in a net worth deficit for that quarter. For example, we currently estimate that our adoption of the CECL standard will result in a reduction in our retained earnings in the first quarter of 2020 of up to $4 billion on an after-tax basis, which could result in a net worth deficit for that quarter. As described further in “Note 1, Summary of Significant Accounting Policies—New Accounting Guidance,” this estimate is based on a number of assumptions and we are still assessing the impact of various implementation issues relating to the CECL standard, as well as recently proposed accounting guidance relating to the standard. The resolution of these items may reduce CECL’s impact on our retained earnings upon adoption. Whether our CECL standard implementation will result in a net worth deficit will depend on a number of factors, including the composition of our book of business, our expectations of future economic conditions, our results of operations for the second half of 2019 and the first quarter of 2020, and the resolution of the issues described above. If we experience a net worth deficit in a future quarter, we will be required to draw funds from Treasury under our senior preferred stock purchase agreement with Treasury to avoid being placed into receivership. See “Risk Factors” in our 2018 Form 10-K for a discussion of the risks associated with the limitations on our ability to rebuild our capital reserves, including factors that could result in a net loss or net worth deficit in a future quarter.

Fannie Mae Second Quarter 2019 Form 10-Q
3


 
 
MD&A | Executive Summary


Treasury Draws and Dividend Payments
Treasury has made a commitment under a 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 issued shares of senior preferred stock to Treasury in 2008. Acting as successor to the rights, titles, powers and privileges of the Board, the conservator has declared and directed us to pay dividends to Treasury on the senior preferred stock on a quarterly basis for every dividend period for which dividends were payable since we entered conservatorship in 2008.
The chart below shows all of the funds we have drawn from Treasury pursuant to the senior preferred stock purchase agreement, as well as all of the dividends we have paid to Treasury on the senior preferred stock.
Treasury Draws and Dividend Payments: 2008 - Q2 2019
(Dollars in billions)
chart-5992be8e2f3359b7a91.jpg
(1) 
Under the terms of the senior preferred stock purchase agreement, dividend payments we make to Treasury do not offset our prior draws of funds from Treasury. Amounts may not sum due to rounding.
(2) 
Treasury draws are shown in the period for which requested, not when the funds were received by us. Draw requests have been funded in the quarter following a net worth deficit.
We expect to pay Treasury a third quarter 2019 dividend of $3.4 billion by September 30, 2019. The terms of the senior preferred stock currently provide for dividends each quarter in the amount, if any, by which our net worth as of the end of the prior quarter exceeds a $3.0 billion capital reserve amount. We refer to this as a “net worth sweep” dividend.
As of the date of this filing, the maximum amount of remaining funding under the agreement is $113.9 billion. 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. Dividend payments we make to Treasury do not restore or increase the amount of funding available to us under the agreement. For a description of the terms of the senior preferred stock purchase agreement and the senior preferred stock, see “BusinessConservatorship, Treasury Agreements and Housing Finance Reform” in our 2018 Form 10-K.
Although Treasury owns our senior preferred stock and a warrant to purchase 79.9% of our common stock and has made a commitment under the senior preferred stock purchase agreement to provide us with funds to maintain a positive net worth under specified conditions, the U.S. government does not guarantee our securities or other obligations.

Fannie Mae Second Quarter 2019 Form 10-Q
4


 
MD&A | Legislation and Regulation


Legislation and Regulation
 
The information in this section updates and supplements information regarding legislative and regulatory developments affecting our business set forth in “Business—Conservatorship, Treasury Agreements and Housing Finance Reform” and “Business—Charter Act and Regulation” in our 2018 Form 10-K, as well as in “MD&A—Legislation and Regulation” in our Form 10-Q for the quarter ended March 31, 2019 (“First Quarter 2019 Form 10-Q”). Also see “Risk Factors” in this report and in our 2018 Form 10-K for discussions of risks relating to legislative and regulatory matters.
Housing Finance Reform
Administration Developments. In March 2019, President Trump issued a memorandum directing the Secretary of the Treasury to develop a plan (the “Treasury Housing Reform Plan”) for administrative and legislative reforms for Fannie Mae and Freddie Mac (collectively referred to as the “government-sponsored enterprises” or the “GSEs”) to achieve the following goals:
ending the conservatorships of the GSEs upon the completion of specified reforms;
facilitating competition in the housing finance market;
establishing regulation of the GSEs that safeguards their safety and soundness and minimizes the risks they pose to the financial stability of the United States; and
providing that the federal government is properly compensated for any explicit or implicit support it provides to the GSEs or the secondary housing finance market.
The memorandum states that the Treasury Housing Reform Plan shall include reform proposals to achieve the following specific objectives and, for those reforms that can be implemented administratively, include a timeline for implementation:
preserving access for qualified homebuyers to 30-year fixed-rate mortgages and other mortgage options that best serve the financial needs of potential homebuyers;
maintaining equal access to the federal housing finance system for lenders of all sizes, charter types, and geographic locations, including the maintenance of a cash window for loan sales;
establishing appropriate capital and liquidity requirements for the GSEs;
increasing competition and participation of the private sector in the mortgage market, including by authorizing FHFA to approve guarantors of conventional mortgage loans in the secondary market;
mitigating the risks undertaken by the GSEs, including by altering, if necessary, our respective policies on loan limits, program and product offerings, credit underwriting parameters, and the use of private capital to transfer credit risk;
recommending appropriate size and risk profiles for the GSEs’ retained mortgage and investment portfolios;
defining the role of the GSEs in multifamily mortgage finance;
defining the mission of the Federal Home Loan Bank system and its role in supporting federal housing finance;
evaluating, in consultation with the Secretary of the U.S. Department of Housing and Urban Development (“HUD”) and the Director of the Bureau of Consumer Financial Protection, the “QM patch.” The QM patch refers to a special class of conventional mortgage loans that will be considered “qualified mortgages” under the Truth in Lending Act if they (1) meet certain qualified mortgage requirements generally and (2) are eligible for sale to Fannie Mae or Freddie Mac;
defining the GSEs’ role in promoting affordable housing without duplicating support provided by the Federal Housing Administration (“FHA”) or other federal programs; and
setting the conditions necessary for the termination of the conservatorships of the GSEs, which shall include the following conditions being satisfied:
the federal government is fully compensated for the explicit and implicit guarantees provided by it to the GSEs or any successor entities in the form of an ongoing payment to the United States;
the GSEs’ activities are restricted to their core statutory mission and the size of investment and retained mortgage portfolios is appropriately limited; and
the GSEs are subjected to heightened prudential requirements and safety and soundness standards, including increased capital requirements, designed to prevent a future taxpayer bailout and minimize risks to financial stability.
The memorandum also directs the Secretary of HUD to develop a plan for reforming FHA and Ginnie Mae. All plans are to be submitted to the President for approval as soon as practicable. As of the time of this filing, the Treasury Housing Reform Plan has not been published.

Fannie Mae Second Quarter 2019 Form 10-Q
5


 
MD&A | Legislation and Regulation


Congressional Developments. In June 2019, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing on whether Fannie Mae and Freddie Mac should be designated as systemically important financial institutions by the Financial Stability Oversight Council. If we were to become designated as a systemically important financial institution, we would become subject to additional regulation and oversight by the Federal Reserve Board.
We expect the Administration, FHFA and Congress to continue to consider housing finance reform, which could result in significant changes in our structure and role in the future, as well as other changes to our business and competitive environment. As a result, there continues to be significant uncertainty regarding the future of our company. See “Risk Factors” in this report and in our 2018 Form 10-K for more information on our uncertain future, including the risks to our business and profitability arising from our conservatorship status and potential housing finance reform.
Qualified Mortgage Advance Notice of Proposed Rulemaking
On July 25, 2019, the Consumer Financial Protection Bureau (“CFPB”) issued an advance notice of proposed rulemaking seeking information relating to the expiration of the “QM patch” described above, which is scheduled to expire on the earlier of January 10, 2021 or when Fannie Mae and Freddie Mac cease to be in conservatorship or receivership. The CFPB’s notice states that it currently plans to allow the QM patch to expire in January 2021 or after a short extension, if necessary, to facilitate a smooth and orderly transition away from the QM patch. The CFPB’s notice requests comments on possible amendments to the ability to repay/qualified mortgage rule, including whether to revise Regulation Z’s definition of a qualified mortgage in light of the QM patch’s scheduled expiration. Although the ability to repay/qualified mortgage rule does not apply to us, as we do not originate loans in the primary mortgage market, these rules apply to the lenders from which we acquire single-family mortgage loans. Changes in this rule may affect, perhaps materially, the quality and quantity of loans available for delivery to us, and the competition we face for the acquisition and guaranty of mortgage assets. See “Business—Charter Act and Regulation—GSE Act and Other Regulation” in our 2018 Form 10-K for more information on the ability to repay/qualified mortgage rule.
The Future of LIBOR and Alternative Reference Rates
In 2017, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced its intention to stop persuading or compelling the group of major banks that sustains LIBOR to submit rate quotations after 2021. As a result, it is uncertain whether LIBOR will continue to be quoted after 2021. We have exposure to LIBOR, including in financial instruments that mature after 2021. Our exposure arises from our acquisitions of loans and securities, our sales of securities, and our entry into derivative transactions that reference LIBOR. We are actively taking steps to facilitate an orderly transition from LIBOR. We have created an enterprise program office focused on:
identifying and monitoring our exposure to LIBOR now and after 2021;
updating our infrastructure (including models and systems) to prepare for the transition;
developing key milestones and timelines for the adoption of alternative reference rates for new acquisitions of loans and securities, and for new securities issuances;
monitoring the market adoption of alternative reference rates and industry-standard contractual fallback provisions; and
participating in industry working groups.
These efforts are overseen by our LIBOR Enterprise Steering Council, which includes members of senior management. We also coordinate with FHFA on our LIBOR transition efforts. As part of these efforts, we have sought to identify the risks inherent in this transition and engaged external business and legal consultants focused on LIBOR and alternative indices. We continue to analyze potential risks associated with the LIBOR transition, including financial, operational, legal, reputational and compliance risks.
In addition to the work we are doing on an enterprise level to facilitate an orderly transition from LIBOR, we also are a voting member of the Alternative Reference Rates Committee (the “ARRC”) and participate in its working groups. The ARRC is a group of private-market participants convened by the Federal Reserve Board and the Federal Reserve Bank of New York to identify a set of alternative U.S. dollar reference interest rates and an adoption plan for those alternative rates. Banking and financial regulators, including FHFA, also participate in the ARRC as ex-officio members. In 2017, the ARRC recommended an alternative reference rate, referred to as the Secured Overnight Financing Rate (“SOFR”). The Federal Reserve Bank of New York began publishing SOFR in 2018. In support of the ARRC’s efforts to develop SOFR as a key market index, we issued the market’s first SOFR securities in 2018 and to date we have issued a total of $17.5 billion in SOFR-indexed floating-rate corporate debt. We also have entered into SOFR-indexed interest rate swaps and futures transactions to further support the development of this emerging index.
As part of its continued effort to develop plans to transition to SOFR as the new market benchmark, in July 2019, the ARRC published a white paper that provides a framework for the use of SOFR for newly originated consumer residential adjustable-rate mortgage products. We support the framework and intend to create a SOFR-indexed adjustable-rate mortgage product for new originations after systems and processes have been put in place to accommodate the new index.

Fannie Mae Second Quarter 2019 Form 10-Q
6


 
MD&A | Legislation and Regulation


At this time, we are unable to predict whether or when LIBOR will cease to be available or if SOFR will become the benchmark to replace LIBOR. Because we routinely engage in transactions involving financial instruments that reference LIBOR, these developments could have a material impact on us, borrowers, investors, and our customers and counterparties. See “Risk Factors” in this report for a discussion of the risks to our results of operations, financial condition, liquidity and net worth posed by the potential discontinuance of LIBOR.
Single Security Initiative & Common Securitization Platform
 
Overview
On June 3, 2019, we and Freddie Mac began issuing single-family uniform mortgage-backed securities, or “UMBSTM.” We also began using the common securitization platform operated by Common Securitization Solutions, LLC (“CSS”) to perform certain aspects of the securitization process for our single-family Fannie Mae MBS issuances beginning in May 2019. This represents the final implementation of the Single Security Initiative that we, Freddie Mac and FHFA have been working on since 2014. The objective of the Single Security Initiative is to enhance the overall liquidity of Fannie Mae and Freddie Mac mortgage-backed securities eligible for trading in the to-be-announced (“TBA”) market by supporting their fungibility without regard to which company is the issuer. The Single Security Initiative and the common securitization platform represent significant changes for the mortgage market and for our securitization operations and business.
Single Security Initiative and UMBS
Each of Fannie Mae and Freddie Mac issues and guarantees UMBS and structured securities backed by UMBS and other securities, as described below.
UMBS. Each of Fannie Mae and Freddie Mac issues and guarantees UMBS that are directly backed by the mortgage loans it has acquired, referred to as “first-level securities.” UMBS issued by Fannie Mae are backed only by mortgage loans that Fannie Mae has acquired, and similarly UMBS issued by Freddie Mac are backed only by mortgage loans that Freddie Mac has acquired. There is no commingling of Fannie Mae- and Freddie Mac-acquired loans within UMBS.
Mortgage loans backing UMBS are limited to fixed-rate mortgage loans eligible for financing through the TBA market. We continue to issue some types of Fannie Mae MBS that are not TBA-eligible and therefore are not issued as UMBS, such as single-family Fannie Mae MBS backed by adjustable-rate mortgages and all multifamily Fannie Mae MBS.
Structured Securities. Each of Fannie Mae and Freddie Mac also issues and guarantees structured mortgage-backed securities, referred to as “second-level securities,” that are resecuritizations of UMBS or previously-issued structured securities. In contrast to UMBS, second-level securities can be commingled—that is, they can include both Fannie Mae securities and Freddie Mac securities as the underlying collateral for the security. This ability to commingle resecuritized UMBS is intended to further promote the fungibility and liquidity of TBA-eligible securities. These structured securities include SupersTM, which are single-class resecuritizations, and real estate mortgage investment conduit securities (“REMICs”), which are multi-class resecuritizations. While Supers are backed only by TBA-eligible securities, REMICs can be backed by TBA-eligible or non-TBA-eligible securities.
The key features of UMBS are the same as those of legacy single-family Fannie Mae MBS. Accordingly, all single-family Fannie Mae MBS that are directly backed by fixed-rate loans and generally eligible for trading in the TBA market are UMBS, whether issued before or after the June 3, 2019 Single Security Initiative implementation date. In this report, we use the term “Fannie Mae-issued UMBS” to refer to single-family Fannie Mae MBS that are directly backed by fixed-rate mortgage loans and generally eligible for trading in the TBA market. We use the term “Fannie Mae MBS” or “our MBS” to refer to any type of mortgage-backed security that we issue, including UMBS, Supers, REMICs and other types of single-family or multifamily mortgage-backed securities. References to our single-family guaranty book of business in this report exclude Freddie Mac-acquired mortgage loans underlying Freddie Mac mortgage-related securities that we have resecuritized.
When we issue a structured security backed in whole or 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. In June 2019, we entered into an indemnification agreement with Freddie Mac relating to the commingled structured securities that we and Freddie Mac issue. Under the indemnification agreement, 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 described below; its violations of laws; or with respect to material misstatements or omissions in offering documents, ongoing disclosures and related materials relating to the underlying resecuritized securities.

Fannie Mae Second Quarter 2019 Form 10-Q
7


 
MD&A | Single Security Initiative & Common Securitization Platform

Common Securitization Solutions, LLC and the Common Securitization Platform
The common securitization platform operated by CSS has replaced certain elements of Fannie Mae’s and Freddie Mac’s proprietary systems for securitizing single-family mortgages and performing associated back-office and administrative functions. The design of the common securitization platform also allows for the potential integration of additional market participants in the future. We no longer use our individual proprietary securitization function for our single-family MBS issuances. In addition to using the common securitization platform for our newly issued UMBS issuances, we are also now using the common securitization platform for certain ongoing administrative functions for our previously issued and outstanding single-family Fannie Mae MBS. We do not use the common securitization platform operated by CSS for securitizing or performing associated administrative functions for our multifamily Fannie Mae MBS.
CSS is jointly owned by us and Freddie Mac. CSS operates as a separate company from us and Freddie Mac, with funding and limited administrative support services and other resources provided to it by us and Freddie Mac. We are parties to the following agreements relating to the governance and operation of CSS and the common securitization platform.
Limited Liability Company Agreement. 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, the governance process for CSS and the intellectual property rights of Fannie Mae, Freddie Mac and CSS in the common securitization platform. Fannie Mae and Freddie Mac each has a 50% ownership interest in CSS, and each company makes capital contributions of equal value to CSS. CSS is governed by a four-member Board of Managers, with two members appointed by Fannie Mae and two members appointed by Freddie Mac. Board actions require the affirmative vote of at least one Fannie Mae manager and one Freddie Mac manager. The agreement provides that FHFA has a prominent role in CSS’s governance while Fannie Mae and Freddie Mac are in conservatorship or receivership, including: the right to approve specified significant matters such as budgets, business plans, capital contributions, and appointments, compensation and removal of CSS officers; the right to attend meetings of the CSS Board of Managers; and the authority to resolve any deadlocks. CSS owns the common securitization platform and has granted a non-exclusive perpetual, paid-up license to each of Fannie Mae and Freddie Mac to use the materials and intellectual property owned and licensed by CSS while each is a member of CSS.
Customer Services Agreement. Fannie Mae, Freddie Mac and CSS are 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. CSS uses the common securitization platform to perform data validation, issuance, at-issuance and ongoing disclosures, tax reporting and bond administration for Fannie Mae’s single-family mortgage-backed securities. Fannie Mae and Freddie Mac do not pay service fees under the customer services agreement; CSS operations are funded solely through capital contributions from Fannie Mae and Freddie Mac pursuant to the limited liability company agreement described above.
Administrative Services Agreement. Each of Fannie Mae and Freddie Mac is party to a separate administrative services agreement with CSS that sets forth the support services each company provides to CSS. We provide procurement services to CSS. Freddie Mac provides tax-related services to CSS.
See “Risk Factors” in this report and in our 2018 Form 10-K and “Risk Management—Institutional Counterparty Credit Risk Management—Counterparty Credit Risk Exposure arising from the Single Security Initiative” in this report for a discussion of the risks to our business associated with the Single Security Initiative and the common securitization platform.


Fannie Mae Second Quarter 2019 Form 10-Q
8


 
MD&A | Key Market Economic Indicators


Key Market Economic Indicators
 
The graphs below display certain macroeconomic indicators that can significantly influence our business and financial results.
Selected Benchmark Interest Rates
chart-91c11f3f47615e03be2.jpg
——— 3-month LIBOR(1)
——— 2-year swap rate(1)
——— 10-year swap rate(1)
——— 10-year Treasury rate(1)
——— 30-year Fannie Mae MBS par coupon rate(1)
——— 30-year FRM rate(2)

(1) 
According to Bloomberg.
(2) 
Refers to the U.S. weekly average fixed-rate mortgage rate according to Freddie Mac's Primary Mortgage Market Survey®. These rates are reported using the latest available data for a given period.
How Interest Rates Can Affect Our Financial Results
Net interest income. In a rising interest rate environment, our mortgage loans tend to prepay more slowly, which typically results in lower net amortization income from cost basis adjustments on mortgage loans and related debt. Conversely, in a declining interest rate environment, our mortgage loans tend to prepay faster, resulting in higher net amortization income from cost basis adjustments on mortgage loans and related debt.
Fair value gains (losses). We have exposure to fair value gains and losses resulting from changes in interest rates, primarily through our risk management derivatives and mortgage commitment derivatives, which we mark to market. Generally, we experience fair value losses when swap rates decrease and fair value gains when swap rates increase; however, because the composition of our derivative position varies across the yield curve, different yield curve changes (for example, parallel, steepening or flattening) will generate different gains and losses.
Credit-related income (expense). Increases in mortgage interest rates tend to lengthen the expected lives of our modified loans, which generally increases the impairment on these loans and results in increases in the provision for credit losses. Conversely, decreases in mortgage interest rates tend to shorten the expected lives of our modified loans, which reduces the impairment on these loans and results in decreases in the provision for credit losses.

Fannie Mae Second Quarter 2019 Form 10-Q
9


 
MD&A | Key Market Economic Indicators


chart-f91b5520a6165db2993.jpg
We expect home price appreciation on a national basis to slow slightly in 2019, as compared with 2018. We also expect significant regional variation in the timing and rate of home price growth. For further discussion on housing activity, see “Single-Family Business—Single-Family Mortgage Market” and “Multifamily Business—Multifamily Mortgage Market.”
How home prices can affect our financial results
Actual and forecasted home prices impact our provision or benefit for credit losses.
Changes in home prices affect the amount of equity that borrowers have in their homes. Borrowers with less equity typically have higher delinquency and default rates.
As home prices increase, the severity of losses we incur on defaulted loans that we hold or guarantee decreases because the amount we can recover from the properties securing the loans increases. Decreases in home prices increase the losses we incur on defaulted loans.
(1) 
Calculated internally using property data on loans purchased by Fannie Mae, Freddie Mac, and other third-party home sales data. Fannie Mae’s home price index is a weighted repeat transactions index, measuring average price changes in repeat sales on the same properties. Fannie Mae’s home price index excludes prices on properties sold in foreclosure. Fannie Mae’s home price estimates are based on preliminary data and are subject to change as additional data become available.
chart-7e4bec60ad2f5563b29.jpg
How housing activity can affect our financial results
Homebuilding has typically been a leading indicator of broader economic indicators, such as the U.S. Gross Domestic Product, or GDP, and the unemployment rate. Residential construction activity tends to soften prior to a weakness in the economy and can improve prior to a recovery in economic activity. Broader economic indicators can affect several mortgage market factors including the demand for both single-family and multifamily housing and the level of loan delinquencies.
Fewer housing starts results in fewer properties being available for purchase, which can lower the volume of originations in the mortgage market.
Construction activity can also affect credit losses. When the pace of construction does not meet demand, the resulting growth in home prices can increase the risk profile of newly acquired home purchase loans and increase the risk of default if home prices subsequently decline. Reduced construction may also coincide with a broader deterioration in housing conditions, which may result in higher future delinquencies and greater losses on defaulted loans.
(2) 
According to U.S. Census Bureau and subject to revision.

Fannie Mae Second Quarter 2019 Form 10-Q
10


 
MD&A | Key Market Economic Indicators


GDP, Unemployment Rate and Personal Income
chart-1847353ee52a5791a3e.jpg
(1) 
According to the U.S. Bureau of Labor Statistics and subject to revision.
(2) 
According to the U.S. Bureau of Economic Analysis, calculated by the Federal Reserve Bank of St. Louis and subject to revision.
(3) 
According to the U.S. Bureau of Economic Analysis and subject to revision.
How GDP, the unemployment rate and personal income can affect our financial results
Changes in GDP, the unemployment rate and personal income can affect several mortgage market factors, including the demand for both single-family and multifamily housing and the level of loan delinquencies.
Decreases in the unemployment rate typically result in lower levels of delinquencies, which often correlate to a decrease in credit losses.
Slower growth or outright declines in personal income heightens the risk of delinquency by reducing homeowners’ ability to pay their mortgages. Slower income growth could also negatively impact affordability, constraining home sales and mortgage originations.

See “Risk Factors” in our 2018 Form 10-K and this report for further discussion of risks to our business and financial results associated with interest rates, home prices, housing activity and economic conditions.


Fannie Mae Second Quarter 2019 Form 10-Q
11


 
MD&A | Consolidated Results of Operations


Consolidated Results of Operations
 
This section provides a discussion of our condensed consolidated results of operations and should be read together with our condensed consolidated financial statements, including the accompanying notes.
Summary of Condensed Consolidated Results of Operations
 
 
For the Three Months Ended June 30,
 
 
 
For the Six Months Ended June 30,
 
 
 
 
 
 
 
 
 
 
 
2019
 
2018
 
Variance
 
2019
 
2018
 
Variance
 
 
(Dollars in millions)
Net interest income
 
$
5,150

 
$
5,377

 
$
(227
)
 
$
9,883

 
$
10,609

 
$
(726
)
Fee and other income
 
246

 
239

 
7

 
473

 
559

 
(86
)
Net revenues
 
5,396

 
5,616

 
(220
)
 
10,356

 
11,168

 
(812
)
Investment gains, net
 
461

 
277

 
184

 
594

 
527

 
67

Fair value gains (losses), net
 
(754
)
 
229

 
(983
)
 
(1,585
)
 
1,274

 
(2,859
)
Administrative expenses
 
(744
)
 
(755
)
 
11

 
(1,488
)
 
(1,505
)
 
17

Credit-related income:
 
 
 
 
 
 
 
 
 
 
 
 
Benefit for credit losses
 
1,225

 
1,296

 
(71
)
 
1,875

 
1,513

 
362

Foreclosed property expense
 
(128
)
 
(139
)
 
11

 
(268
)
 
(301
)
 
33

Total credit-related income
 
1,097

 
1,157

 
(60
)
 
1,607

 
1,212

 
395

Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees
 
(600
)
 
(565
)
 
(35
)
 
(1,193
)
 
(1,122
)
 
(71
)
Other expenses, net
 
(535
)