falsedesktopFNM2020-12-31000031052221000156{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Federally chartered corporation\t52-0883107\t1100 15th Street NW\t\t\t800\t232-6643\n\t\tWashington\tDC\t20005\t\t\n(State or other jurisdiction of incorporation or organization)\t(I.R.S. Employer Identification No.)\t(Address of principal executive offices including zip code)\t\t\t(Registrant's telephone number including area code)\t\n", "q10k_tbl_1": "Common Stock without par value\n8.25% Non-Cumulative Preferred Stock Series T stated value $25 per share\nFixed-to-Floating Rate Non-Cumulative Preferred Stock Series S stated value $25 per share\n7.625% Non-Cumulative Preferred Stock Series R stated value $25 per share\n6.75% Non-Cumulative Preferred Stock Series Q stated value $25 per share\nVariable Rate Non-Cumulative Preferred Stock Series P stated value $25 per share\nVariable Rate Non-Cumulative Preferred Stock Series O stated value $50 per share\n5.375% Non-Cumulative Convertible Series 2004-1 Preferred Stock stated value $100000 per share\n5.50% Non-Cumulative Preferred Stock Series N stated value $50 per share\n4.75% Non-Cumulative Preferred Stock Series M stated value $50 per share\n5.125% Non-Cumulative Preferred Stock Series L stated value $50 per share\n5.375% Non-Cumulative Preferred Stock Series I stated value $50 per share\n5.81% Non-Cumulative Preferred Stock Series H stated value $50 per share\nVariable Rate Non-Cumulative Preferred Stock Series G stated value $50 per share\nVariable Rate Non-Cumulative Preferred Stock Series F stated value $50 per share\n5.10% Non-Cumulative Preferred Stock Series E stated value $50 per share\n5.25% Non-Cumulative Preferred Stock Series D stated value $50 per share\n", "q10k_tbl_2": "Large accelerated filer\t☑\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\nEmerging growth company\t☐\t\t\n", "q10k_tbl_3": "Table of Contents\t\t\n\t\tPage\nPART I\t\t\nItem 1.\tBusiness\t1\n\tIntroduction\t1\n\tExecutive Summary\t2\n\tSummary of Our Financial Performance\t2\n\tCOVID-19 Impact\t3\n\tOur Mission and Charter\t5\n\tMortgage Securitizations\t6\n\tManaging Mortgage Credit Risk\t9\n\tConservatorship Treasury Agreements and Housing Finance Reform\t12\n\tLegislation and Regulation\t19\n\tHuman Capital\t29\n\tWhere You Can Find Additional Information\t30\n\tForward-Looking Statements\t30\nItem 1A.\tRisk Factors\t34\nItem 1B.\tUnresolved Staff Comments\t57\nItem 2.\tProperties\t57\nItem 3.\tLegal Proceedings\t57\nItem 4.\tMine Safety Disclosures\t59\nPART II\t\t\nItem 5.\tMarket for Registrant's Common Equity Related Stockholder Matters and Issuer Purchases of Equity Securities\t60\nItem 6.\tSelected Financial Data\t61\nItem 7.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t63\n\tKey Market Economic Indicators\t63\n\tConsolidated Results of Operations\t67\n\tConsolidated Balance Sheet Analysis\t79\n\tRetained Mortgage Portfolio\t80\n\tGuaranty Book of Business\t83\n\tBusiness Segments\t84\n\tSingle-Family Business\t85\n\tSingle-Family Mortgage Market\t87\n\tSingle-Family Market Activity\t88\n\tSingle-Family Business Metrics\t90\n\tSingle-Family Business Financial Results\t91\n\tSingle-Family Mortgage Credit Risk Management\t94\n\tMultifamily Business\t122\n\tMultifamily Mortgage Market\t124\n\tMultifamily Market Activity\t125\n\tMultifamily Business Metrics\t125\n\tMultifamily Business Financial Results\t128\n\tMultifamily Mortgage Credit Risk Management\t129\n\tLiquidity and Capital Management\t136\n", "q10k_tbl_4": "\tOff-Balance Sheet Arrangements\t145\n\tRisk Management\t147\n\tMortgage Credit Risk Management\t149\n\tInstitutional Counterparty Credit Risk Management\t151\n\tMarket Risk Management including Interest-Rate Risk Management\t159\n\tLiquidity and Funding Risk Management\t164\n\tOperational Risk Management\t164\n\tCritical Accounting Policies and Estimates\t165\n\tImpact of Future Adoption of New Accounting Guidance\t166\n\tGlossary of Terms Used in This Report\t166\nItem 7A.\tQuantitative and Qualitative Disclosures about Market Risk\t169\nItem 8.\tFinancial Statements and Supplementary Data\t169\nItem 9.\tChanges in and Disagreements with Accountants on Accounting and Financial Disclosure\t169\nItem 9A.\tControls and Procedures\t169\nItem 9B.\tOther Information\t174\nPART III\t\t\nItem 10.\tDirectors Executive Officers and Corporate Governance\t174\n\tDirectors\t174\n\tCorporate Governance\t178\n\tESG Matters\t185\n\tReport of the Audit Committee of the Board of Directors\t188\n\tExecutive Officers\t190\nItem 11.\tExecutive Compensation\t192\n\tCompensation Discussion and Analysis\t192\n\tCompensation Committee Report\t210\n\tCompensation Risk Assessment\t210\n\tCompensation Tables and Other Information\t211\nItem 12.\tSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters\t219\nItem 13.\tCertain Relationships and Related Transactions and Director Independence\t220\n\tPolicies and Procedures Relating to Transactions with Related Persons\t220\n\tTransactions with Related Persons\t222\n\tDirector Independence\t223\nItem 14.\tPrincipal Accounting Fees and Services\t225\nPART IV\t\t\nItem 15.\tExhibits Financial Statement Schedules\t226\nItem 16.\tForm 10-K Summary\t228\nINDEX TO CONSOLIDATED FINANCIAL STATEMENTS\t\tF-1\n", "q10k_tbl_5": "Single-Family Housing Goals(1)\t\t\t\t\t\t\t\t\n\t2019\t\t\t\t\t\t2020\t\n\tFHFA Benchmark\t\tSingle-Family Market Level\t\tResult\t\tFHFA Benchmark\t\nLow-income (≤80% of area median income) families home purchases\t24\t%\t26.6\t%\t27.8\t%\t24\t%\nVery low-income (≤50% of area median income) families home purchases\t6\t\t6.6\t\t6.5\t\t6\t\nLow-income areas home purchases(2)\t19\t\t22.9\t\t24.5\t\t19\t\nLow-income and high-minority areas home purchases(3)\t14\t\t18.1\t\t19.5\t\t14\t\nLow-income families refinances\t21\t\t24.0\t\t23.8\t\t21\t\n", "q10k_tbl_6": "Multifamily Housing Goals\t\t\t\n\t2019\t\t2020\n\tGoal\tResult\tGoal\n\t(in units)\t\t\nLow-income families\t315000\t385763\t315000\nVery low-income families\t60000\t79649\t60000\nSmall affordable multifamily properties(1)\t10000\t17832\t10000\n", "q10k_tbl_7": "\t\tFor the Year Ended December 31\t\t\t\t\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\t2017\t\t2016\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\nStatement of operations data:\t\t\t\t\t\t\t\t\t\t\t\nNet revenues(1)\t\t25328\t\t21859\t\t21828\t\t22562\t\t21764\t\nNet income attributable to Fannie Mae\t\t11805\t\t14160\t\t15959\t\t2463\t\t12313\t\nNew business purchase data:\t\t\t\t\t\t\t\t\t\t\t\nNew business purchases(2)\t\t1435305\t\t666878\t\t512023\t\t569616\t\t637425\t\nPerformance ratios:\t\t\t\t\t\t\t\t\t\t\t\nNet interest yield(3)\t\t0.68\t%\t0.62\t%\t0.64\t%\t0.65\t%\t0.68\t%\nEfficiency ratio(4)\t\t31.17\t\t33.22\t\t31.22\t\t26.85\t\t25.03\t\nCredit (income) loss ratio (in basis points):(5)\t\t\t\t\t\t\t\t\t\t\t\nSingle-family\t\t(0.6)\tbps\t1.5\tbps\t6.8\tbps\t7.6\tbps\t12.8\tbps\nMultifamily\t\t4.3\t\t(0.1)\t\t0.6\t\t(0.7)\t\t(0.2)\t\nReturn on assets(6)\t\t0.32\t%\t0.41\t%\t0.47\t%\t0.07\t%\t0.38\t%\nNet worth ratio(7)\t\t0.63\t\t0.42\t\t*\t\t*\t\t*\t\n\t\tAs of December 31\t\t\t\t\t\t\t\t\t\n\t\t2020\t\t2019\t\t2018\t\t2017\t\t2016\t\nCredit quality data:\t\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\nTotal troubled debt restructurings on accrual status\t\t69532\t\t81700\t\t98375\t\t110130\t\t127494\t\nTotal nonaccrual loans(8)\t\t29716\t\t29147\t\t32150\t\t47369\t\t44450\t\nLoss reserves(9)\t\t(10798)\t\t(9047)\t\t(14252)\t\t(19400)\t\t(23835)\t\nLoss reserves as a percentage of guaranty book of business:\t\t\t\t\t\t\t\t\t\t\t\nSingle-family(10)\t\t0.30\t%\t0.30\t%\t0.49\t%\t0.65\t%\t0.83\t%\nMultifamily(11)\t\t0.32\t\t0.08\t\t0.08\t\t0.09\t\t0.08\t\n", "q10k_tbl_8": "Balance sheet data:\t\t\t\t\t\nInvestments in securities\t138239\t50527\t45296\t39522\t48925\nMortgage loans net of allowance\t3653892\t3334162\t3249395\t3178525\t3079753\nTotal assets\t3985749\t3503319\t3418318\t3345529\t3287968\nShort-term debt\t12173\t26662\t24896\t33756\t35579\nLong-term debt\t3923563\t3440724\t3367024\t3296298\t3226737\nTotal liabilities\t3960490\t3488711\t3412078\t3349215\t3281897\nSenior preferred stock\t120836\t120836\t120836\t117149\t117149\nPreferred stock\t19130\t19130\t19130\t19130\t19130\nTotal Fannie Mae stockholders' equity (deficit)\t25259\t14608\t6240\t(3686)\t6071\nNet worth surplus (deficit)\t25259\t14608\t6240\t(3686)\t6071\n", "q10k_tbl_9": "\tAs of December 31\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\n\t(Dollars in millions)\t\t\t\t\nBook of business data:\t\t\t\t\t\nGuaranty book of business(12)\t3714454\t3367498\t3269152\t3211858\t3134005\n", "q10k_tbl_10": "Summary of Consolidated Results of Operations\t\t\t\t\t\t\t\n\tFor the Year Ended December 31\t\t\tVariance\t\t\t\n\t2020\t2019\t2018\t2020 vs. 2019\t\t2019 vs. 2018\t\n\t(Dollars in millions)\t\t\t\t\t\t\nNet interest income(1)\t24866\t21293\t21273\t\t3573\t\t20\nFee and other income\t462\t566\t555\t\t(104)\t\t11\nNet revenues\t25328\t21859\t21828\t\t3469\t\t31\nInvestment gains net\t907\t1770\t952\t\t(863)\t\t818\nFair value gains (losses) net\t(2501)\t(2214)\t1121\t\t(287)\t\t(3335)\nAdministrative expenses\t(3068)\t(3023)\t(3059)\t\t(45)\t\t36\nCredit-related income:\t\t\t\t\t\t\t\nBenefit (provision) for credit losses\t(678)\t4011\t3309\t\t(4689)\t\t702\nForeclosed property expense\t(177)\t(515)\t(617)\t\t338\t\t102\nTotal credit-related income (expense)\t(855)\t3496\t2692\t\t(4351)\t\t804\nTCCA fees\t(2673)\t(2432)\t(2284)\t\t(241)\t\t(148)\nCredit enhancement expense(2)\t(1361)\t(1134)\t(679)\t\t(227)\t\t(455)\nChange in expected credit enhancement recoveries(3)\t233\t0\t0\t\t233\t\t0\nOther expenses net(4)\t(1131)\t(745)\t(472)\t\t(386)\t\t(273)\nIncome before federal income taxes\t14879\t17577\t20099\t\t(2698)\t\t(2522)\nProvision for federal income taxes\t(3074)\t(3417)\t(4140)\t\t343\t\t723\nNet income\t11805\t14160\t15959\t\t(2355)\t\t(1799)\nTotal comprehensive income\t11790\t13969\t15611\t\t(2179)\t\t(1642)\n", "q10k_tbl_11": "Components of Net Interest Income\t\t\t\t\t\n\tFor the Year Ended December 31\t\t\tVariance\t\n\t2020\t2019\t2018\t2020 vs. 2019\t2019 vs. 2018\n\t(Dollars in millions)\t\t\t\t\nNet interest income from guaranty book of business:\t\t\t\t\t\nBase guaranty fee income(1)\t11157\t9711\t8908\t1446\t803\nBase guaranty fee income related to TCCA(2)\t2673\t2432\t2284\t241\t148\nNet amortization income\t9121\t5866\t5655\t3255\t211\nTotal net interest income from guaranty book of business\t22951\t18009\t16847\t4942\t1162\nNet interest income from portfolios(3)\t1915\t3284\t4426\t(1369)\t(1142)\nTotal net interest income\t24866\t21293\t21273\t3573\t20\n", "q10k_tbl_12": "Analysis of Net Interest Income and Yield(1)\t\t\t\t\t\t\t\t\t\n\tFor the Year Ended December 31\t\t\t\t\t\t\t\t\n\t2020\t\t\t2019\t\t\t2018\t\t\n\tAverage Balance\tInterest Income/ Expense\tAverage Rates Earned/Paid\tAverage Balance\tInterest Income/ Expense\tAverage Rates Earned/Paid\tAverage Balance\tInterest Income/ Expense\tAverage Rates Earned/Paid\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\nInterest-earning assets:\t\t\t\t\t\t\t\t\t\nMortgage loans of Fannie Mae\t114132\t3917\t3.43%\t116350\t4959\t4.26%\t149878\t6641\t4.43%\nMortgage loans of consolidated trusts\t3369573\t102399\t3.04\t3181505\t112415\t3.53\t3083060\t108388\t3.52\nTotal mortgage loans(2)\t3483705\t106316\t3.05\t3297855\t117374\t3.56\t3232938\t115029\t3.56\nMortgage-related securities\t9793\t327\t3.34\t10115\t421\t4.16\t10744\t440\t4.10\nNon-mortgage-related securities(3)\t123218\t645\t0.51\t61332\t1381\t2.22\t55809\t1126\t1.99\nFederal funds sold and securities purchased under agreements to resell or similar arrangements\t41807\t146\t0.34\t35891\t843\t2.32\t37338\t742\t1.96\nAdvances to lenders\t8551\t135\t1.55\t5410\t163\t2.97\t4102\t136\t3.27\nTotal interest-earning assets\t3667074\t107569\t2.93%\t3410603\t120182\t3.52%\t3340931\t117473\t3.52%\nInterest-bearing liabilities:\t\t\t\t\t\t\t\t\t\nShort-term funding debt\t33068\t(182)\t0.54\t23426\t(501)\t2.11\t25835\t(464)\t1.77\nLong-term funding debt\t204832\t(3181)\t1.55\t164752\t(4115)\t2.50\t200478\t(4557)\t2.27\nCAS debt\t17915\t(857)\t4.78\t23630\t(1433)\t6.06\t24247\t(1391)\t5.74\nTotal debt of Fannie Mae\t255815\t(4220)\t1.65\t211808\t(6049)\t2.86\t250560\t(6412)\t2.56\nDebt securities of consolidated trusts held by third parties\t3403052\t(78483)\t2.31\t3190070\t(92840)\t2.91\t3084846\t(89788)\t2.91\nTotal interest-bearing liabilities\t3658867\t(82703)\t2.26%\t3401878\t(98889)\t2.91%\t3335406\t(96200)\t2.88%\nNet interest income/net interest yield\t\t24866\t0.68%\t\t21293\t0.62%\t\t21273\t0.64%\n", "q10k_tbl_13": "Rate/Volume Analysis of Changes in Net Interest Income\t\t\t\t\t\t\t\t\n\t2020 vs. 2019\t\t\t\t\t2019 vs. 2018\t\t\n\tTotal Variance\t\tVariance Due to:(1)\t\t\tTotal Variance\tVariance Due to:(1)\t\n\t\tVolume\t\tRate\t\tVolume\tRate\n\t(Dollars in millions)\t\t\t\t\t\t\t\nInterest income:\t\t\t\t\t\t\t\t\nMortgage loans of Fannie Mae\t(1042)\t\t(93)\t\t(949)\t(1682)\t(1437)\t(245)\nMortgage loans of consolidated trusts\t(10016)\t\t6369\t\t(16385)\t4027\t3475\t552\nTotal mortgage loans\t(11058)\t\t6276\t\t(17334)\t2345\t2038\t307\nMortgage-related securities\t(94)\t\t(19)\t\t(75)\t(19)\t(26)\t7\nNon-mortgage-related securities(2)\t(736)\t\t786\t\t(1522)\t255\t118\t137\nFederal funds sold and securities purchased under agreements to resell or similar arrangements\t(697)\t\t120\t\t(817)\t101\t(30)\t131\nAdvances to lenders\t(28)\t\t70\t\t(98)\t27\t40\t(13)\nTotal interest income\t(12613)\t\t7233\t\t(19846)\t2709\t2140\t569\nInterest expense:\t\t\t\t\t\t\t\t\nShort-term funding debt\t319\t\t(152)\t\t471\t(37)\t46\t(83)\nLong-term funding debt\t934\t\t(852)\t\t1786\t442\t864\t(422)\nCAS debt\t576\t\t307\t\t269\t(42)\t36\t(78)\nTotal debt of Fannie Mae\t1829\t\t(697)\t\t2526\t363\t946\t(583)\nDebt securities of consolidated trusts held by third parties\t14357\t\t(5989)\t\t20346\t(3052)\t(3115)\t63\nTotal interest expense\t16186\t\t(6686)\t\t22872\t(2689)\t(2169)\t(520)\nNet interest income\t3573\t\t547\t\t3026\t20\t(29)\t49\n", "q10k_tbl_14": "Fair Value Gains (Losses) Net\t\t\t\n\tFor the Year Ended December 31\t\t\n\t2020\t2019\t2018\n\t(Dollars in millions)\t\t\nRisk management derivatives fair value gains (losses) attributable to:\t\t\t\nNet contractual interest expense on interest-rate swaps\t(261)\t(833)\t(1061)\nNet change in fair value during the period\t(99)\t(199)\t1133\nTotal risk management derivatives fair value gains (losses) net\t(360)\t(1032)\t72\nMortgage commitment derivatives fair value gains (losses) net\t(2654)\t(1043)\t324\nCredit enhancement derivatives fair value gains (losses) net\t182\t(35)\t26\nTotal derivatives fair value gains (losses) net\t(2832)\t(2110)\t422\nTrading securities gains net\t513\t322\t126\nCAS debt fair value gains net\t327\t145\t208\nOther net(1)\t(509)\t(571)\t365\nFair value gains (losses) net\t(2501)\t(2214)\t1121\n", "q10k_tbl_15": "Components of Provision for Credit Losses and Change in Expected Credit Enhancement Recoveries\n\t\t\t\tFor the Year Ended December 31 2020\t\t\n\t(Dollars in millions)\t\t\t\t\t\nSingle-family provision for credit losses:\t\t\t\t\t\t\nChanges in loan activity(1)\t\t\t\t(31)\t\t\nRedesignation of loans from HFI to HFS\t\t\t\t672\t\t\nActual and forecasted home prices\t\t\t\t1536\t\t\nActual and projected interest rates\t\t\t\t1085\t\t\nChange in actual and expected loan delinquencies and change in assumptions regarding COVID-19 forbearance(2)\t\t\t\t(3021)\t\t\nOther(3)\t\t\t\t(314)\t\t\nSingle-family provision for credit losses\t\t\t\t(73)\t\t\nMultifamily provision for credit losses:\t\t\t\t\t\t\nChanges in loan activity(1)\t\t\t\t(234)\t\t\nActual and projected interest rates\t\t\t\t210\t\t\nActual and projected economic data and estimated impact of the COVID-19 pandemic\t\t\t\t(648)\t\t\nOther(3)\t\t\t\t70\t\t\nMultifamily provision for credit losses\t\t\t\t(602)\t\t\nTotal provision for credit losses\t\t\t\t(675)\t\t\nChange in expected credit enhancement recoveries:(4)\t\t\t\t\t\t\nSingle-family\t\t\t\t89\t\t\nMultifamily\t\t\t\t137\t\t\nTotal change in expected credit enhancement recoveries\t\t\t\t226\t\t\n", "q10k_tbl_16": "Components of Benefit for Credit Losses\t\t\n\tFor the Year Ended December 31\t\n\t2019\t2018\n\t(Dollars in millions)\t\nSingle-family benefit for credit losses:\t\t\nChanges in loan activity(1)\t458\t797\nRedesignation of loans from HFI to HFS\t1489\t1907\nActual and forecasted home prices\t859\t1200\nActual and projected interest rates\t291\t(803)\nOther(2)\t941\t212\nTotal single-family benefit for credit losses\t4038\t3313\n", "q10k_tbl_17": "Summary of Consolidated Balance Sheets\t\t\t\t\n\tAs of December 31\t\t\t\n\t2020\t2019\t\tVariance\n\t(Dollars in millions)\t\t\t\nAssets\t\t\t\t\nCash and cash equivalents and federal funds sold and securities purchased under agreements to resell or similar arrangements\t66537\t\t34762\t31775\nRestricted cash\t77286\t\t40223\t37063\nInvestments in securities\t138239\t\t50527\t87712\nMortgage loans:\t\t\t\t\nOf Fannie Mae\t117911\t\t101668\t16243\nOf consolidated trusts\t3546533\t\t3241510\t305023\nAllowance for loan losses\t(10552)\t\t(9016)\t(1536)\nMortgage loans net of allowance for loan losses\t3653892\t\t3334162\t319730\nDeferred tax assets net\t12947\t\t11910\t1037\nOther assets\t36848\t\t31735\t5113\nTotal assets\t3985749\t\t3503319\t482430\nLiabilities and equity\t\t\t\t\nDebt:\t\t\t\t\nOf Fannie Mae\t289572\t\t182247\t107325\nOf consolidated trusts\t3646164\t\t3285139\t361025\nOther liabilities\t24754\t\t21325\t3429\nTotal liabilities\t3960490\t\t3488711\t471779\nFannie Mae stockholders' equity (deficit):\t\t\t\t\nSenior preferred stock\t120836\t\t120836\t0\nOther net deficit\t(95577)\t\t(106228)\t10651\nTotal equity\t25259\t\t14608\t10651\nTotal liabilities and equity\t3985749\t\t3503319\t482430\n", "q10k_tbl_18": "Retained Mortgage Portfolio\t\t\t\t\n\tAs of December 31\t\t\t\n\t2020\t\t2019\t\n\t(Dollars in millions)\t\t\t\nLender liquidity:\t\t\t\t\nAgency securities(1)\t\t34810\t\t38375\nMortgage loans\t\t45895\t\t21152\nTotal lender liquidity\t\t80705\t\t59527\nLoss mitigation mortgage loans(2)\t\t56315\t\t60731\nOther:\t\t\t\t\nReverse mortgage loans\t\t12388\t\t17129\nMortgage loans\t\t4881\t\t6546\nReverse mortgage securities(3)\t\t7185\t\t7575\nPrivate-label and other securities\t\t473\t\t1250\nFannie Mae-wrapped private-label securities\t\t521\t\t581\nMortgage revenue bonds\t\t182\t\t272\nTotal other\t\t25630\t\t33353\nTotal retained mortgage portfolio\t\t162650\t\t153611\nRetained mortgage portfolio by segment:\t\t\t\t\nSingle-family mortgage loans and mortgage-related securities\t\t154943\t\t145179\nMultifamily mortgage loans and mortgage-related securities\t\t7707\t\t8432\n", "q10k_tbl_19": "Composition of Fannie Mae Guaranty Book of Business\t\t\t\t\t\t\n\tAs of December 31\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n\tSingle-Family\tMultifamily\tTotal\tSingle-Family\tMultifamily\tTotal\n\t(Dollars in millions)\t\t\t\t\t\nConventional guaranty book of business(1)\t3305030\t386379\t3691409\t2997475\t341522\t3338997\nGovernment guaranty book of business(2)\t20777\t2268\t23045\t27422\t1079\t28501\nGuaranty book of business\t3325807\t388647\t3714454\t3024897\t342601\t3367498\nFreddie Mac securities guaranteed by Fannie Mae(3)\t137316\t0\t137316\t50100\t0\t50100\nTotal Fannie Mae guarantees\t3463123\t388647\t3851770\t3074997\t342601\t3417598\n", "q10k_tbl_20": "Single-Family Business Financial Results(1)\t\t\t\t\t\t\t\n\tFor the Year Ended December 31\t\t\tVariance\t\t\t\n\t2020\t2019\t2018\t2020 vs. 2019\t\t2019 vs. 2018\t\n\t(Dollars in millions)\t\t\t\t\t\t\nNet interest income(2)\t21502\t18013\t18162\t\t3489\t\t(149)\nFee and other income\t368\t453\t450\t\t(85)\t\t3\nNet revenues\t21870\t18466\t18612\t\t3404\t\t(146)\nInvestment gains net\t728\t1589\t850\t\t(861)\t\t739\nFair value gains (losses) net\t(2539)\t(2216)\t1210\t\t(323)\t\t(3426)\nAdministrative expenses\t(2559)\t(2565)\t(2631)\t\t6\t\t66\nCredit-related income (expense)(3)\t(232)\t3515\t2709\t\t(3747)\t\t806\nTCCA fees(2)\t(2673)\t(2432)\t(2284)\t\t(241)\t\t(148)\nCredit enhancement expense\t(1141)\t(927)\t(514)\t\t(214)\t\t(413)\nChange in expected credit enhancement recoveries(4)\t89\t0\t0\t\t89\t\t0\nOther expenses net(5)\t(1055)\t(734)\t(498)\t\t(321)\t\t(236)\nIncome before federal income taxes\t12488\t14696\t17454\t\t(2208)\t\t(2758)\nProvision for federal income taxes\t(2607)\t(2859)\t(3708)\t\t252\t\t849\nNet income\t9881\t11837\t13746\t\t(1956)\t\t(1909)\n", "q10k_tbl_21": "Key Risk Characteristics of Single-Family Conventional Business Volume and Guaranty Book of Business(1)\t\t\t\t\t\t\t\t\t\t\t\t\n\tPercent of Single-Family Conventional Business Volume at Acquisition(2) For the Year Ended December 31\t\t\t\t\t\tPercent of Single-Family Conventional Guaranty Book of Business(3) As of December 31\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\t2020\t\t2019\t\t2018\t\nOriginal LTV ratio:(4)\t\t\t\t\t\t\t\t\t\t\t\t\n<= 60%\t27\t%\t17\t%\t16\t%\t23\t%\t19\t%\t19\t%\n60.01% to 70%\t16\t\t13\t\t12\t\t14\t\t13\t\t13\t\n70.01% to 80%\t34\t\t37\t\t37\t\t35\t\t37\t\t38\t\n80.01% to 90%\t11\t\t13\t\t13\t\t11\t\t12\t\t12\t\n90.01% to 95%\t10\t\t13\t\t15\t\t11\t\t12\t\t11\t\n95.01% to 100%\t2\t\t7\t\t7\t\t4\t\t5\t\t4\t\nGreater than 100%\t*\t\t*\t\t*\t\t2\t\t2\t\t3\t\nTotal\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\nWeighted average\t71\t%\t76\t%\t77\t%\t74\t%\t76\t%\t75\t%\nAverage loan amount\t279800\t\t259897\t\t232651\t\t185047\t\t173804\t\t170076\t\nEstimated mark-to-market LTV ratio:(5)\t\t\t\t\t\t\t\t\t\t\t\t\n<= 60%\t\t\t\t\t\t\t52\t%\t54\t%\t54\t%\n60.01% to 70%\t\t\t\t\t\t\t17\t\t17\t\t18\t\n70.01% to 80%\t\t\t\t\t\t\t18\t\t16\t\t16\t\n80.01% to 90%\t\t\t\t\t\t\t9\t\t8\t\t8\t\n90.01% to 100%\t\t\t\t\t\t\t4\t\t5\t\t4\t\nGreater than 100%\t\t\t\t\t\t\t*\t\t*\t\t*\t\nTotal\t\t\t\t\t\t\t100\t%\t100\t%\t100\t%\nWeighted average\t\t\t\t\t\t\t58\t%\t57\t%\t57\t%\nFICO credit score at origination:\t\t\t\t\t\t\t\t\t\t\t\t\n< 620\t*\t%\t*\t%\t*\t%\t1\t%\t1\t%\t2\t%\n620 to < 660\t2\t\t3\t\t6\t\t4\t\t5\t\t5\t\n660 to < 680\t2\t\t4\t\t5\t\t4\t\t5\t\t5\t\n680 to < 700\t5\t\t7\t\t9\t\t7\t\t7\t\t7\t\n700 to < 740\t18\t\t23\t\t23\t\t20\t\t21\t\t20\t\n>= 740\t73\t\t63\t\t57\t\t64\t\t61\t\t61\t\nTotal\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\nWeighted average\t760\t\t749\t\t743\t\t750\t\t746\t\t746\t\nDTI ratio at origination:(6)\t\t\t\t\t\t\t\t\t\t\t\t\n<= 43%\t79\t%\t72\t%\t66\t%\t77\t%\t76\t%\t77\t%\n43.01% to 45%\t8\t\t9\t\t9\t\t9\t\t9\t\t9\t\nGreater than 45%\t13\t\t19\t\t25\t\t14\t\t15\t\t14\t\nTotal\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\nWeighted average\t34\t%\t36\t%\t37\t%\t35\t%\t35\t%\t35\t%\n", "q10k_tbl_22": "\tPercent of Single-Family Conventional Business Volume at Acquisition(2) For the Year Ended December 31\t\t\t\t\t\tPercent of Single-Family Conventional Guaranty Book of Business(3) As of December 31\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\t2020\t\t2019\t\t2018\t\nProduct type:\t\t\t\t\t\t\t\t\t\t\t\t\nFixed-rate:(7)\t\t\t\t\t\t\t\t\t\t\t\t\nLong-term\t85\t%\t89\t%\t90\t%\t85\t%\t85\t%\t84\t%\nIntermediate-term\t15\t\t10\t\t8\t\t14\t\t13\t\t14\t\nTotal fixed-rate\t100\t\t99\t\t98\t\t99\t\t98\t\t98\t\nAdjustable-rate\t*\t\t1\t\t2\t\t1\t\t2\t\t2\t\nTotal\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\nNumber of property units:\t\t\t\t\t\t\t\t\t\t\t\t\n1 unit\t98\t%\t98\t%\t98\t%\t97\t%\t97\t%\t97\t%\n2-4 units\t2\t\t2\t\t2\t\t3\t\t3\t\t3\t\nTotal\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\nProperty type:\t\t\t\t\t\t\t\t\t\t\t\t\nSingle-family homes\t92\t%\t91\t%\t90\t%\t91\t%\t91\t%\t91\t%\nCondo/Co-op\t8\t\t9\t\t10\t\t9\t\t9\t\t9\t\nTotal\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\nOccupancy type:\t\t\t\t\t\t\t\t\t\t\t\t\nPrimary residence\t92\t%\t92\t%\t89\t%\t90\t%\t89\t%\t89\t%\nSecond/vacation home\t4\t\t4\t\t5\t\t4\t\t4\t\t4\t\nInvestor\t4\t\t4\t\t6\t\t6\t\t7\t\t7\t\nTotal\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\nLoan purpose:\t\t\t\t\t\t\t\t\t\t\t\t\nPurchase\t30\t%\t52\t%\t65\t%\t38\t%\t45\t%\t43\t%\nCash-out refinance\t19\t\t20\t\t22\t\t20\t\t19\t\t20\t\nOther refinance\t51\t\t28\t\t13\t\t42\t\t36\t\t37\t\nTotal\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\nGeographic concentration:(8)\t\t\t\t\t\t\t\t\t\t\t\t\nMidwest\t14\t%\t14\t%\t14\t%\t14\t%\t15\t%\t15\t%\nNortheast\t12\t\t13\t\t14\t\t17\t\t17\t\t17\t\nSoutheast\t21\t\t22\t\t23\t\t22\t\t22\t\t22\t\nSouthwest\t20\t\t21\t\t21\t\t19\t\t18\t\t18\t\nWest\t33\t\t30\t\t28\t\t28\t\t28\t\t28\t\nTotal\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\t100\t%\nOrigination year:\t\t\t\t\t\t\t\t\t\t\t\t\n2014 and prior\t\t\t\t\t\t\t25\t%\t38\t%\t46\t%\n2015\t\t\t\t\t\t\t5\t\t8\t\t10\t\n2016\t\t\t\t\t\t\t8\t\t14\t\t16\t\n2017\t\t\t\t\t\t\t7\t\t12\t\t15\t\n2018\t\t\t\t\t\t\t6\t\t11\t\t13\t\n2019\t\t\t\t\t\t\t11\t\t17\t\t0\t\n2020\t\t\t\t\t\t\t38\t\t0\t\t0\t\nTotal\t\t\t\t\t\t\t100\t%\t100\t%\t100\t%\n", "q10k_tbl_23": "Single-Family High-Balance Loans\t\t\t\t\n\tAs of December 31\t\t\t\n\t2020\t\t2019\t\nUnpaid principal balance (in billions)\t210.9\t\t212.0\t\nPercentage of single-family conventional guaranty book of business\t7\t%\t7\t%\n", "q10k_tbl_24": "Single-Family Adjustable-Rate Mortgage and Rate-Reset Modifications(1)\t\t\t\t\t\t\t\n\tReset Year\t\t\t\t\t\t\n\t2021\t2022\t2023\t2024\t2025\tThereafter\tTotal\n\t(Dollars in millions)\t\t\t\t\t\t\nARMs(2)\t20740\t3390\t2689\t3215\t2308\t6551\t38893\nRate-Reset Modifications and Other(3)\t3457\t637\t11\t1\t0\t1\t4107\n", "q10k_tbl_25": "Single-Family Loans with Credit Enhancement\t\t\t\t\t\n\tAs of December 31\t\t\t\t\n\t2020\t\t\t2019\t\n\t\tUnpaid Principal Balance\tPercentage of Single-Family Conventional Guaranty Book of Business\tUnpaid Principal Balance\tPercentage of Single-Family Conventional Guaranty Book of Business\n\t(Dollars in billions)\t\t\t\t\nPrimary mortgage insurance and other\t\t681\t21%\t653\t22%\nConnecticut Avenue Securities\t\t608\t19\t919\t31\nCredit Insurance Risk Transfer\t\t216\t7\t275\t10\nLender risk-sharing\t\t131\t4\t147\t5\nLess: Loans covered by multiple credit enhancements\t\t(304)\t(9)\t(438)\t(15)\nTotal single-family loans with credit enhancement\t\t1332\t42%\t1556\t53%\n", "q10k_tbl_26": "\tTransaction Description\tOther Key Characteristics\nCAS\t- We transfer to investors a portion of the mortgage credit risk associated with losses on a reference pool of mortgage loans. - We create a reference pool consisting of recently acquired single-family mortgage loans included in our guaranty book of business and create a hypothetical securitization structure with notional credit risk positions or tranches (that is first loss mezzanine and senior). - CAS debt is issued related to the first loss mezzanine and senior loss risk positions. - We retain the senior loss and all or a portion of the first loss tranche in CAS transactions. In addition we retain a pro rata share of risk equal to approximately 5% of all notes sold in mezzanine tranches. - CAS debt is recognized as \"debt of Fannie Mae\" in our consolidated balance sheets. CAS debt issued to investors beginning January 2016 through October 2018 is recognized at amortized cost. CAS debt we issued prior to 2016 is recognized at fair value. - We stopped issuing this form of CAS in October 2018.\t- The principal balance of CAS debt decreases as a result of credit losses on loans in the related reference pool. These write downs of the principal balance reduce the total amount of payments we are obligated to make to investors on the CAS debt. - Credit losses on the loans in the reference pool for a CAS transaction are first applied to reduce the outstanding principal balance of the first loss tranche. - If credit losses on these loans exceed the outstanding principal balance of the first loss tranche losses would then be applied to reduce the outstanding principal balance of the mezzanine loss tranche. - Generally issued with a stated final maturity date of either 10 or 12.5 years from issuance. - After maturity CAS debt provides no further credit protection with respect to the remaining loans in the reference pool underlying that CAS transaction. - Significant lag exists between the time when we recognize a provision for credit losses and when we recognize the related recovery from the CAS transaction. - Presents minimal counterparty risk as we receive the proceeds that would reimburse us for certain credit events on the related loans upon the issuance of CAS.\nCAS REMIC\tCAS REMIC® transactions are similar to CAS transactions with some key differences: - CAS REMIC offerings are structured as notes that qualify as interests in a REMIC issued by a non-consolidated trust not as corporate debt but we obtain credit protection through arrangements that we execute with the trust. - We recognize the cost of credit protection in \"Credit enhancement expense\" in our consolidated statements of operations and comprehensive income. - We recognize the expected benefits from the credit protection in \"Change in expected credit enhancement recoveries\" in our consolidated statements of operations and comprehensive income.\tCAS REMICs have characteristics similar to CAS with some key differences: - Enables expanded participation by real estate investment trusts and certain international investors. - Aligns the timing of our recognition of credit losses with the related recovery from CAS REMIC transactions. We record the expected benefit and the loss in the same period with our adoption of the CECL standard in January 2020. - Beginning with our July 2019 issuances: extended the stated final maturity date from 12.5 to 20 years from issuance shortened the call option from 10 years to 7 years; and retained a smaller first loss position. These updates were primarily designed to further reduce the capital requirements associated with loans in the reference pool under FHFA's conservatorship capital framework. - Presents minimal counterparty risk as the CAS trust receives the proceeds that would reimburse us for certain credit events on the related loans upon the issuance of the CAS REMIC.\n", "q10k_tbl_27": "\tTransaction Description\tOther Key Characteristics\nCAS Credit-linked notes (\"CLN\")\tCAS CLN transactions are similar to CAS REMIC transactions with some key differences: - In December 2019 we began offering CAS CLNs in addition to CAS REMICs. CAS CLNs allow us to obtain credit protection on reference pools containing seasoned loans such as Refi PlusTM loans. - Since the loans used in our CAS CLNs were not tagged for use in a REMIC transaction at the time of acquisition CAS CLNs do not qualify as interests in a REMIC. Since May 2018 we have taken a REMIC election on the majority of single-family loans we acquire.\t- CAS CLNs do not provide as broad of a range of investor participation as CAS REMICs.\nCIRT\t- Insurance transactions whereby we obtain actual loss coverage on pools of loans either directly from an insurance provider that retains the risk or from an insurance provider that simultaneously cedes all of its risk to one or more reinsurers. - In CIRT deals we generally retain an initial portion of losses on the loans in the pool (for example the first 0.4% of the initial pool unpaid principal balance). Reinsurers cover losses above this retention amount up to a detachment point (for example the next 3.0% of the initial pool unpaid principal balance). We retain all losses above this detachment point. - We make premium payments on CIRT deals that we recognize in \"Credit enhancement expense\" in our consolidated statements of operations and comprehensive income.\t- The insurance layer typically provides coverage for losses on the pool that are likely to occur only in a stressed economic environment. - Insurance benefits are received after the underlying property has been liquidated and all applicable proceeds including private mortgage insurance benefits have been applied to the loss. - A portion of the insurers' or reinsurers' obligations is collateralized with highly-rated liquid assets held in a trust account initially determined according to the ratings of such insurer or reinsurer. Contractual provisions require additional collateral to be posted in the event of adverse developments with the counterparty such as a ratings downgrade. - Generally written for 10 or 12-1/2 year terms.\nLender risk-sharing\t- Customized lender risk-sharing transactions. - In most transactions lenders invest directly in a portion of the credit risk on mortgage loans they originate and/or service.\t- Transactions are generally structured so that a portion of the credit risk on the underlying mortgage loans is shared without increasing our counterparty exposure. - In March 2020 FHFA instructed us to wind down our single-family lender risk-sharing transactions by the end of 2020.\n", "q10k_tbl_28": "Outstanding as of December 31 2020\t\t\t\t\t\n(Dollars in billions)\t\t\t\t\t\n\t\t\tSenior\tFannie Mae(1)\tOutstanding Reference Pool(5)(7)\n971\t\t\t\nMezzanine\tFannie Mae(1)\tCIRT(2)(3)\tCAS(2)\tLender Risk-Sharing(2)(4)\n1\t10\t17\t4\t1021\nFirst Loss\tFannie Mae(1)\t\tCAS(2)(6)\tLender Risk-Sharing(2)(4)\n9\t\t6\t3\n", "q10k_tbl_29": "Credit Risk Transfer Transactions\t\t\n\tFor the Year Ended December 31\t\n\t2020\t2019\nCash paid or transferred for:\t(Dollars in millions)\t\nCAS transactions(1)\t1003\t981\nCIRT transactions\t382\t360\nLender risk-sharing transactions\t415\t285\n", "q10k_tbl_30": "Single-Family Loans Currently without Credit Enhancement\t\t\t\t\n\tAs of\t\t\t\n\tDecember 31 2020\t\tDecember 31 2019\t\n\tUnpaid Principal Balance\tPercentage of Single-Family Conventional Guaranty Book of Business\tUnpaid Principal Balance\tPercentage of Single-Family Conventional Guaranty Book of Business\n\t(Dollars in billions)\t\t\t\nLow LTV ratio or short-term(1)\t938\t29%\t736\t25%\nPre-credit risk transfer program inception(2)\t462\t14\t608\t20\nRecently acquired(3)\t934\t29\t287\t10\nOther(4)\t286\t9\t246\t8\nLess: Loans in multiple categories\t(751)\t(23)\t(481)\t(16)\nTotal single-family loans currently without credit enhancement\t1869\t58%\t1396\t47%\n", "q10k_tbl_31": "Delinquency Status and Activity of Single-Family Conventional Loans\t\t\t\n\tAs of December 31\t\t\n\t2020\t2019\t2018\nDelinquency status:\t\t\t\n30 to 59 days delinquent\t1.02%\t1.27%\t1.37%\n60 to 89 days delinquent\t0.36\t0.35\t0.38\nSeriously delinquent (\"SDQ\")\t2.87\t0.66\t0.76\nPercentage of SDQ loans that have been delinquent for more than 180 days\t67\t49\t49\nPercentage of SDQ loans that have been delinquent for more than two years\t3\t11\t12\n", "q10k_tbl_32": "\tFor the Year Ended December 31\t\t\n\t2020\t2019\t2018\nSingle-family SDQ loans (number of loans):\t\t\t\nBeginning balance\t112434\t130440\t212183\nAdditions\t833719\t199995\t227199\nRemovals:\t\t\t\nModifications and other loan workouts\t(246524)\t(44853)\t(99140)\nLiquidations and sales\t(58019)\t(55472)\t(79105)\nCured or less than 90 days delinquent\t(145804)\t(117676)\t(130697)\nTotal removals\t(450347)\t(218001)\t(308942)\nEnding balance\t495806\t112434\t130440\n", "q10k_tbl_33": "Single-Family Conventional Seriously Delinquent Loan Concentration Analysis\t\t\t\t\t\t\t\t\t\n\tAs of December 31\t\t\t\t\t\t\t\t\t\t\t\n\t2020\t\t\t2019\t\t\t2018\t\t\t\t\t\t\t\t\n\tPercentage of Book Outstanding\tPercentage of Seriously Delinquent Loans(1)\tSerious Delinquency Rate\tPercentage of Book Outstanding\tPercentage of Seriously Delinquent Loans(1)\tSerious Delinquency Rate\tPercentage of Book Outstanding\tPercentage of Seriously Delinquent Loans(1)\tSerious Delinquency Rate\t\t\t\t\t\t\nStates:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nCalifornia\t19%\t12%\t2.62%\t19%\t6%\t0.32%\t19%\t6%\t0.34%\t\t\t\t\t\t\nFlorida\t6\t9\t4.17\t6\t8\t0.84\t6\t10\t1.16\t\t\t\t\t\t\nIllinois\t3\t5\t3.10\t4\t6\t0.91\t4\t5\t0.98\t\t\t\t\t\t\nNew Jersey\t3\t5\t4.57\t3\t5\t1.13\t4\t5\t1.38\t\t\t\t\t\t\nNew York\t5\t7\t4.79\t5\t8\t1.18\t5\t8\t1.40\t\t\t\t\t\t\nAll other states\t64\t62\t2.59\t63\t67\t0.64\t62\t66\t0.73\t\t\t\t\t\t\nProduct type:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nAlt-A(2)\t1\t5\t9.32\t2\t9\t2.95\t2\t11\t3.35\t\t\t\t\t\t\nVintages:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n2004 and prior\t2\t9\t5.88\t2\t20\t2.48\t3\t23\t2.69\t\t\t\t\t\t\n2005-2008\t2\t15\t9.98\t4\t33\t4.11\t5\t39\t4.61\t\t\t\t\t\t\n2009-2020\t96\t76\t2.39\t94\t47\t0.35\t92\t38\t0.34\t\t\t\t\t\t\nEstimated mark-to-market LTV ratio:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<= 60%\t52\t56\t2.52\t54\t52\t0.53\t54\t48\t0.58\t\t\t\t\t\t\n60.01% to 70%\t17\t18\t3.73\t17\t17\t0.80\t18\t17\t0.87\t\t\t\t\t\t\n70.01% to 80%\t18\t14\t3.05\t16\t14\t0.75\t16\t14\t0.90\t\t\t\t\t\t\n80.01% to 90%\t9\t9\t4.17\t8\t9\t1.00\t8\t10\t1.24\t\t\t\t\t\t\n90.01% to 100%\t4\t2\t1.85\t5\t4\t0.86\t4\t5\t1.33\t\t\t\t\t\t\nGreater than 100%\t*\t1\t22.43\t*\t4\t10.14\t*\t6\t9.85\t\t\t\t\t\t\nCredit enhanced:(3)\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nPrimary MI & other(4)\t21\t27\t4.36\t22\t26\t0.96\t21\t26\t1.11\t\t\t\t\t\t\nCredit risk transfer(5)\t30\t37\t3.69\t45\t16\t0.27\t39\t10\t0.24\t\t\t\t\t\t\nNon-credit enhanced\t58\t51\t2.36\t47\t66\t0.79\t53\t69\t0.85\t\t\t\t\t\t\n", "q10k_tbl_34": "Delinquency and Accrual Status of Single-Family Loans in Forbearance\t\t\t\t\n\tAs of December 31 2020\t\t\t\n\tNumber of Loans\tUnpaid Principal Balance(1)\tPercentage of Loans in Forbearance(2)\tPercentage of Loans on Accrual Status\t\t\t\t\t\t\n\t(Dollars in millions)\t\t\t\nDelinquency status:\t\t\t\t\t\t\t\t\t\t\nCurrent\t64159\t12110\t12%\t100%\t\t\t\t\t\t\n30 to 59 days delinquent\t40653\t7672\t8\t97\t\t\t\t\t\t\n60 to 89 days delinquent\t35107\t6658\t7\t85\t\t\t\t\t\t\nSeriously delinquent:\t\t\t\t\t\t\t\t\t\t\n90 to 180 days delinquent\t126611\t24961\t24\t85\t\t\t\t\t\t\n180+ days delinquent\t258025\t56379\t49\t82\t\t\t\t\t\t\nTotal seriously delinquent\t384636\t81340\t73\t83\t\t\t\t\t\t\nTotal loans in forbearance(3)\t524555\t107780\t100%\t86\t\t\t\t\t\t\nPercentage of single-family conventional guaranty book of business\t3.0%\t3.4%\t\t\t\t\t\t\t\t\n\tAs of December 31 2019\t\t\t\n\tNumber of Loans\tUnpaid Principal Balance(1)\tPercentage of Loans in Forbearance(2)\tPercentage of Loans on Accrual Status\t\t\t\t\t\t\nDelinquency status:\t(Dollars in millions)\t\t\t\nCurrent\t454\t76\t8%\t100%\t\t\t\t\t\t\n30 to 59 days delinquent\t592\t103\t11\t86\t\t\t\t\t\t\n60 to 89 days delinquent\t710\t126\t13\t1\t\t\t\t\t\t\nSeriously delinquent:\t\t\t\t\t\t\t\t\t\t\n90 to 180 days delinquent\t2555\t482\t47\t1\t\t\t\t\t\t\n180+ days delinquent\t1104\t204\t21\t*\t\t\t\t\t\t\nTotal seriously delinquent\t3659\t686\t68\t*\t\t\t\t\t\t\nTotal loans in forbearance(3)\t5415\t991\t100%\t18\t\t\t\t\t\t\nPercentage of single-family conventional guaranty book of business\t*\t*\t\t\t\t\t\t\t\t\n", "q10k_tbl_35": "Select Higher-Risk Characteristics of Single-Family Loans in Forbearance\t\t\t\t\n\tAs of December 31 2020\t\tAs of December 31 2019\t\n\tNumber of Loans\tPercentage of Unpaid Principal Balance in Forbearance\tNumber of Loans\tPercentage of Unpaid Principal Balance in Forbearance\nLoans in forbearance with certain higher-risk characteristics:(1)\t\t\t\t\nEstimated mark-to-market LTV ratio > 80%\t62144\t15%\t1073\t24%\nEstimated mark-to-market LTV ratio > 80% without mortgage insurance\t6811\t2\t54\t1\nDTI > 43%\t201354\t41\t1956\t39\nFICO credit score at origination < 680\t159017\t26\t2395\t42\n", "q10k_tbl_36": "Status of Single-Family Forbearance Loans\t\n\tAs of December 31 2020\n\tNumber of Loans\t\t\t\t\t\t\tPercentage of Loans with Forbearance by Category\t\t\t\t\t\nLoans that received a forbearance by status:\t\t\t\t\t\t\t\t\t\t\t\t\t\nActive forbearance\t524555\t\t\t\t\t\t\t40\t\t\t%\t\t\nPayment deferral(1)\t220414\t\t\t\t\t\t\t17\t\t\t\t\t\nModification(2)\t13277\t\t\t\t\t\t\t1\t\t\t\t\t\nReinstated(3)\t337086\t\t\t\t\t\t\t26\t\t\t\t\t\nOther(4)\t45655\t\t\t\t\t\t\t3\t\t\t\t\t\nTotal loans that received a forbearance in our single-family guaranty book of business\t1140987\t\t\t\t\t\t\t87\t\t\t\t\t\nLoans that have received a forbearance but liquidated\t167388\t\t\t\t\t\t\t13\t\t\t\t\t\nTotal loans that have received a forbearance(5)\t1308375\t\t\t\t\t\t\t100\t\t\t%\t\t\n", "q10k_tbl_37": "Aging of Accrued Interest Receivable Net of Allowance on Single-Family Loans in Forbearance\t\n\tAs of December 31 2020\n\t(Dollars in millions)\nAging analysis of accrued interest receivable:\t\t\t\t\t\t\t\t\t\t\nCurrent\t32\t\t\t\t\t\t\t\t\t\n30 to 59 days delinquent\t46\t\t\t\t\t\t\t\t\t\n60 to 89 days delinquent\t55\t\t\t\t\t\t\t\t\t\nSeriously delinquent:\t\t\t\t\t\t\t\t\t\t\n90 to 180 days delinquent\t377\t\t\t\t\t\t\t\t\t\n180+ days delinquent\t1427\t\t\t\t\t\t\t\t\t\nTotal accrued interest receivable\t1937\t\t\t\t\t\t\t\t\t\nAllowance for accrued interest receivable\t(173)\t\t\t\t\t\t\t\t\t\nTotal accrued interest receivable net\t1764\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_38": "Percentage of Single-Family Completed Loan Modifications That Were Current or Paid Off at One and Two Years Post-Modification\t\t\t\t\t\t\t\t\n\t2019 Modifications\t\t\t\t2018 Modifications\t\t\t\n\tQ4\tQ3\tQ2\tQ1\tQ4\tQ3\tQ2\tQ1\nOne Year Post-Modification\t60%\t58%\t60%\t68%\t72%\t79%\t78%\t64%\nTwo Years Post-Modification\t\t\t\t\t69\t73\t71\t72\n", "q10k_tbl_39": "Single-Family REO Properties\t\t\t\t\t\t\n\tFor the Year Ended December 31\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\nSingle-family REO properties (number of properties):\t\t\t\t\t\t\nBeginning of period inventory of single-family REO properties(1)\t17501\t\t20156\t\t26311\t\nAcquisitions by geographic area:(2)\t\t\t\t\t\t\nMidwest\t1507\t\t4881\t\t6107\t\nNortheast\t1237\t\t4867\t\t6460\t\nSoutheast\t1859\t\t6360\t\t7814\t\nSouthwest\t1021\t\t2892\t\t3713\t\nWest\t433\t\t1667\t\t2001\t\nTotal REO acquisitions (1)\t6057\t\t20667\t\t26095\t\nDispositions of REO\t(15585)\t\t(23322)\t\t(32250)\t\nEnd of period inventory of single-family REO properties(1)\t7973\t\t17501\t\t20156\t\nCarrying value of single-family REO properties (dollars in millions)\t1149\t\t2290\t\t2503\t\nSingle-family foreclosure rate(3)\t0.04\t%\t0.12\t%\t0.15\t%\nREO net sales price to unpaid principal balance(4)\t88\t%\t78\t%\t77\t%\nShort sales net sales price to unpaid principal balance(5)\t81\t%\t78\t%\t77\t%\n", "q10k_tbl_40": "Single-Family Credit Loss Metrics and Loan Sale Performance\t\t\t\t\t\t\t\t\t\n\tFor the Year Ended December 31\t\t\t\t\t\t\t\t\n\t2020\t\t\t2019\t\t\t2018\t\t\n\tAmount\tRatio(1)\t\tAmount\tRatio(1)\t\tAmount\tRatio(1)\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\nWrite-offs\t(177)\t\t\t(318)\t\t\t(698)\t\t\nRecoveries\t111\t\t\t117\t\t\t323\t\t\nForeclosed property expense\t(157)\t\t\t(523)\t\t\t(604)\t\t\nCredit losses and credit loss ratio\t(223)\t0.7\tbps\t(724)\t2.5\tbps\t(979)\t3.4\tbps\nWrite-offs on the redesignation of mortgage loans from HFI to HFS(2)\t(291)\t\t\t(995)\t\t\t(1478)\t\t\nGains on sales and other valuation adjustments(3)\t704\t\t\t1270\t\t\t492\t\t\nNet gains (losses) from credit losses write-offs on redesignation and gains on sales and other valuation adjustments and related ratios\t190\t(0.6)\tbps\t(449)\t1.5\tbps\t(1965)\t6.8\tbps\n", "q10k_tbl_41": "Single-Family Credit Loss Concentration Analysis\t\t\t\t\n\tPercentage of Single-Family Conventional Guaranty Book of Business Outstanding(1)\t\tPercentage of Single-Family Credit Losses(2)\t\n\tAs of December 31\t\tAs of December 31\t\n\t2020\t2019\t2020\t2019\nGeographical distribution:\t\t\t\t\nCalifornia\t19%\t19%\t7%\t9%\nFlorida\t6\t6\t9\t12\nIllinois\t3\t4\t14\t10\nNew Jersey\t3\t3\t8\t10\nNew York\t5\t5\t9\t9\nAll other states\t64\t63\t53\t50\nSelect higher-risk products:\t\t\t\t\nAlt-A loans\t1\t2\t14\t17\nVintages:(3)\t\t\t\t\n2004 and prior\t2\t2\t13\t12\n2005 - 2008\t2\t4\t54\t61\n2009 - 2020\t96\t94\t33\t27\n", "q10k_tbl_42": "Single-Family Loss Reserves\t\t\t\t\t\n\tFor the Year Ended December 31\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\n\t(Dollars in millions)\t\t\t\t\nChanges in loss reserves:\t\t\t\t\t\nBeginning balance\t(8779)\t(14007)\t(19155)\t(23639)\t(28325)\nTransition impact of the adoption of the CECL standard\t(1231)\t0\t0\t0\t0\nBenefit (provision) for credit losses\t(73)\t4038\t3313\t2090\t2092\nWrite-offs\t468\t1313\t2176\t2868\t3323\nRecoveries\t(111)\t(117)\t(323)\t(445)\t(638)\nOther\t153\t(6)\t(18)\t(29)\t(91)\nEnding balance\t(9573)\t(8779)\t(14007)\t(19155)\t(23639)\nWrite-offs net of recoveries as a percentage of the average single-family conventional guaranty book of business (in bps)\t1.2\t4.1\t6.4\t8.3\t9.3\nLoss reserves as a percentage of single-family:\t\t\t\t\t\nConventional guaranty book of business\t0.30%\t0.30%\t0.49%\t0.65%\t0.83%\nNonaccrual loans at amortized cost\t34.63\t30.58\t44.24\t40.80\t53.67\nCertain higher risk loan categories as a percentage of single-family loss reserves:\t\t\t\t\t\n2005-2008 loan vintages\t46%\t72%\t76%\t78%\t81%\nAlt-A loans\t13\t21\t20\t22\t23\n", "q10k_tbl_43": "Single-Family TDR Activity on HFI Loans\t\t\t\n\tFor the Year Ended December 31\t\t\n\t2020\t2019\t2018\n\t(Dollars in millions)\t\t\nBeginning balance\t101938\t123951\t143843\nNew TDRs\t5860\t8319\t14867\nForeclosures(1)\t(689)\t(1794)\t(2446)\nPayoffs and other reductions\t(19944)\t(28538)\t(32313)\nEnding balance\t87165\t101938\t123951\n", "q10k_tbl_44": "Single-Family TDRs on Accrual Status and Nonaccrual Loans\t\t\t\t\t\n\tAs of December 31\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\n\t(Dollars in millions)\t\t\t\t\nTDRs on accrual status\t69503\t81634\t98320\t110043\t127353\nNonaccrual loans\t27643\t28708\t31658\t46945\t44047\nTotal TDRs on accrual status and nonaccrual loans\t97146\t110342\t129978\t156988\t171400\nAccruing on-balance sheet loans past due 90 days or more(1)\t77181\t191\t228\t353\t402\n", "q10k_tbl_45": "\tFor the Year Ended December 31\t\t\t\t\t\n\t\t2020\t2019\t2018\t2017\t2016\n\t(Dollars in millions)\t\t\t\t\t\nInterest related to on-balance sheet TDRs on accrual status and nonaccrual loans:\t\t\t\t\t\t\nInterest income forgone(2)\t\t1462\t1524\t2000\t3009\t4102\nInterest income recognized(3)\t\t3691\t4513\t5292\t5705\t5996\n", "q10k_tbl_46": "Multifamily Business Financial Results(1)\t\t\t\t\t\t\t\n\tFor the Year Ended December 31\t\t\tVariance\t\t\t\n\t2020\t2019\t2018\t2020 vs. 2019\t\t2019 vs. 2018\t\n\t(Dollars in millions)\t\t\t\t\t\t\nNet interest income\t3364\t3280\t3111\t\t84\t\t169\nFee and other income\t94\t113\t105\t\t(19)\t\t8\nNet revenues\t3458\t3393\t3216\t\t65\t\t177\nFair value gains (losses) net\t38\t2\t(89)\t\t36\t\t91\nAdministrative expenses\t(509)\t(458)\t(428)\t\t(51)\t\t(30)\nCredit-related expense(2)\t(623)\t(19)\t(17)\t\t(604)\t\t(2)\nCredit enhancement expense\t(220)\t(207)\t(165)\t\t(13)\t\t(42)\nChange in expected credit enhancement recoveries(3)\t144\t0\t0\t\t144\t\t0\nOther income net(4)\t103\t170\t128\t\t(67)\t\t42\nIncome before federal income taxes\t2391\t2881\t2645\t\t(490)\t\t236\nProvision for federal income taxes\t(467)\t(558)\t(432)\t\t91\t\t(126)\nNet income\t1924\t2323\t2213\t\t(399)\t\t110\n", "q10k_tbl_47": "Key Risk Characteristics of Multifamily Guaranty Book of Business\t\t\t\t\t\t\n\tAs of December 31\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\nWeighted-average original LTV ratio\t\t66%\t\t66%\t\t66%\nOriginal LTV ratio greater than 80%\t\t1\t\t1\t\t1\nOriginal DSCR less than or equal to 1.10\t\t10\t\t11\t\t12\nFull interest-only loans\t\t30\t\t27\t\t24\nPartial interest-only loans(1)\t\t51\t\t51\t\t49\n", "q10k_tbl_48": "Multifamily Back-End Credit Risk Transfer Activity\t\t\t\t\n\tFor the Year Ended December 31 2020\t\tInception to December 31 2020\t\n\tNumber of Back-End Credit Risk Transfer Transactions\tUnpaid Principal Balance Covered at Issuance\tNumber of Back-End Credit Risk Transfer Transactions\tUnpaid Principal Balance Covered at issuance\n\t(Dollars in millions)\t\t\t\nMCIRT\t1\t8720\t8\t80617\nMCAS\t1\t12212\t2\t29293\nTotal\t2\t20932\t10\t109910\n", "q10k_tbl_49": "Multifamily Loans in Back-End Credit Risk Transfer Transactions\t\t\t\n\tAs of December 31\t\t\t\t\t\n\t2020\t\t2019\t\t\t\n\tUnpaid Principal Balance\tPercentage of Multifamily Guaranty Book of Business\tUnpaid Principal Balance\tPercentage of Multifamily Guaranty Book of Business\t\t\n\t(Dollars in millions)\t\t\t\t\t\nMCIRT\t72166\t19%\t66851\t20%\t\t\nMCAS\t28968\t7\t17077\t5\t\t\nTotal\t101134\t26%\t83928\t25%\t\t\n", "q10k_tbl_50": "Status and SDQ Rate of Multifamily Forbearance Loans\t\t\t\t\t\n\tAs of December 31 2020\t\t\t\t\n\tNumber of Loans\tUnpaid Principal Balance\tPercentage of Unpaid Principal Balance in Book of Business\tPercentage of Unpaid Principal Balance with Forbearance by Category\tPercentage of Loans on Accrual Status\t\t\t\tSerious Delinquency Rate\t\t\n\t(Dollars in millions)\t\t\t\t\nLoans that received a forbearance by status:(1)\t\t\t\t\t\t\t\t\t\t\t\nActive forbearance(2)\t88\t1689\t0.4%\t32%\t32%\t\t\t\t100%\t\t\nRepayment plan\t183\t2707\t0.8\t52\t82\t\t\t\t61\t\t\nReinstated(3)\t56\t491\t0.1\t10\t100\t\t\t\t0\t\t\nDefaulted(4)\t33\t325\t0.1\t6\t0\t\t\t\t100\t\t\nTotal loans that received a forbearance\t360\t5212\t1.4\t100%\t63\t\t\t\t71\t\t\nLoans that have not received a forbearance\t28285\t379335\t98.6\t0\t100\t\t\t\t0.03\t\t\nTotal multifamily guaranty book of business\t28645\t384547\t100%\t1.4%\t99%\t\t\t\t0.98 %\t\t\n", "q10k_tbl_51": "Multifamily Credit Loss Performance Metrics\t\t\t\t\t\t\t\t\t\n\tFor the Year Ended December 31\t\t\t\t\t\t\t\t\n\t2020\t\t\t2019\t\t\t2018\t\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\nWrite-offs(1)\t\t(136)\t\t\t(8)\t\t\t(4)\t\nRecoveries(2)\t\t1\t\t\t4\t\t\t0\t\nForeclosed property income (expense)\t\t(20)\t\t\t8\t\t\t(13)\t\nCredit income (losses)\t\t(155)\t\t\t4\t\t\t(17)\t\nFreestanding loss-sharing benefit(3)\t\t21\t\t\t0\t\t\t0\t\nCredit income (losses) net of freestanding loss-sharing benefit\t\t(134)\t\t\t4\t\t\t(17)\t\nCredit (income) loss ratio (in bps)(4)\t\t4.3\t\t\t(0.1)\t\t\t0.6\t\nCredit (income) loss ratio net of freestanding loss-sharing benefit (in bps)(2)(3)\t\t3.7\t\t\tN/A\t\t\tN/A\t\nMultifamily initial write-off severity rate(5)\t\t22.8\t%\t\t21.6\t%\t\t17.1\t%\nMultifamily loan write-off count\t\t11\t\t\t5\t\t\t11\t\n", "q10k_tbl_52": "Multifamily Loss Reserves\t\t\t\t\t\n\tFor the Year Ended December 31\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\n\t(Dollars in millions)\t\t\t\t\nChanges in loss reserves:\t\t\t\t\t\nBeginning balance\t(268)\t(245)\t(245)\t(196)\t(265)\nTransition impact of the adoption of the CECL standard(1)\t(490)\t0\t0\t0\t0\nBenefit (provision) for credit losses\t(602)\t(27)\t(4)\t(49)\t63\nWrite-offs\t136\t8\t4\t3\t11\nRecoveries\t(1)\t(4)\t0\t(3)\t(6)\nOther\t0\t0\t0\t0\t1\nEnding balance\t(1225)\t(268)\t(245)\t(245)\t(196)\nExpected benefit of freestanding credit enhancements on multifamily loans not netted against loss reserves as of the end of the period(2)\t358\tN/A\tN/A\tN/A\tN/A\nLoss reserves as a percentage of multifamily guaranty book of business\t0.32%\t0.08%\t0.08%\t0.09%\t0.08%\n", "q10k_tbl_53": "Multifamily TDRs on Accrual Status and Nonaccrual Loans\t\t\t\t\t\n\tAs of December 31\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\n\t(Dollars in millions)\t\t\t\t\nTDRs on accrual status\t29\t66\t55\t87\t141\nNonaccrual loans\t2073\t439\t492\t424\t403\nTotal TDRs on accrual status and nonaccrual loans\t2102\t505\t547\t511\t544\nAccruing on-balance sheet loans past due 90 days or more\t610\t0\t0\t0\t0\n", "q10k_tbl_54": "\tFor the Year Ended December 31\t\t\t\t\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\t2017\t\t2016\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\nInterest related to on-balance sheet TDRs on accrual status and nonaccrual loans:\t\t\t\t\t\t\t\t\t\t\nInterest income forgone(1)\t\t19\t\t16\t\t22\t\t17\t\t21\nInterest income recognized(2)\t\t60\t\t3\t\t3\t\t7\t\t9\n", "q10k_tbl_55": "Selected Debt Information\t\t\n\tAs of\t\n\tDecember 31 2020\tDecember 31 2019\n\t(Dollars in billions)\t\nSelected Weighted-Average Interest Rates(1)\t\t\nInterest rate on short-term debt\t0.18%\t1.56%\nInterest rate on long-term debt including portion maturing within one year\t1.34%\t2.86%\nInterest rate on callable long-term debt\t1.40%\t3.39%\nSelected Maturity Data\t\t\nWeighted-average maturity of debt maturing within one year (in days)\t196\t137\nWeighted-average maturity of debt maturing in more than one year (in months)\t52\t66\nOther Data\t\t\nOutstanding callable long-term debt\t57.5\t38.5\nConnecticut Avenue Securities debt(2)\t15.0\t21.4\n", "q10k_tbl_56": "Activity in Debt of Fannie Mae\t\t\t\n\tFor the Year Ended December 31\t\t\n\t2020\t2019\t2018\n\t(Dollars in millions)\t\t\nIssued during the period:\t\t\t\nShort-term:\t\t\t\nAmount\t194604\t562189\t540686\nWeighted-average interest rate\t1.04%\t2.13%\t1.63%\nLong-term:(1)\t\t\t\nAmount\t198528\t21545\t22014\nWeighted-average interest rate\t0.52%\t2.20%\t3.07%\nTotal issued:\t\t\t\nAmount\t393132\t583734\t562700\nWeighted-average interest rate\t0.77%\t2.13%\t1.68%\nPaid off during the period:(2)\t\t\t\nShort-term:\t\t\t\nAmount\t209595\t559938\t549184\nWeighted-average interest rate\t1.09%\t1.99%\t1.51%\nLong-term:(1)\t\t\t\nAmount\t76308\t73547\t58497\nWeighted-average interest rate\t1.77%\t2.38%\t1.48%\nTotal paid off:\t\t\t\nAmount\t285903\t633485\t607681\nWeighted-average interest rate\t1.27%\t2.04%\t1.51%\n", "q10k_tbl_57": "Outstanding Short-Term Debt(1)\t\t\t\n\t2020\t2019\t2018\n\t(Dollars in millions)\t\t\nFederal funds purchased and securities sold under agreements to repurchase:\t\t\t\nAmount outstanding as of December 31\t0\t478\t0\nWeighted-average interest rate\t-%\t1.67%\t-%\nAverage outstanding during the year(2)\t419\t234\t83\nWeighted-average interest rate\t0.14%\t1.95%\t1.08%\nMaximum outstanding during the year(3)\t9000\t1726\t1500\nTotal short-term debt of Fannie Mae:\t\t\t\nAmount outstanding as of December 31\t12173\t26662\t24896\nWeighted-average interest rate\t0.18%\t1.56%\t2.29%\nAverage outstanding during the year(2)\t20952\t18547\t23237\nWeighted-average interest rate\t0.70%\t2.08%\t1.73%\nMaximum outstanding during the year(3)\t40800\t33461\t37446\n", "q10k_tbl_58": "Contractual Obligations\t\t\t\t\t\n\tPayment Due by Period as of December 31 2020\t\t\t\t\n\tTotal\tLess than 1 Year\t1 to < 3 Years\t3 to 5 Years\tMore than 5 Years\n\t(Dollars in millions)\t\t\t\t\nLong-term debt obligations(1)\t277399\t66631\t96539\t59355\t54874\nContractual interest on long-term obligations\t23456\t3592\t5872\t4876\t9116\nOperating lease obligations(2)\t1239\t55\t145\t163\t876\nPurchase obligations:\t\t\t\t\t\nMortgage commitments(3)\t189259\t189259\t0\t0\t0\nOther purchase obligations(4)\t303\t130\t168\t5\t0\nOther liabilities reflected in our consolidated balance sheets(5)\t1806\t1248\t495\t27\t36\nTotal contractual obligations\t493462\t260915\t103219\t64426\t64902\n", "q10k_tbl_59": "Interest-Rate Sensitivity of Net Portfolio to Changes in Interest-Rate Level and Slope of Yield Curve\t\t\t\t\n\tAs of December 31(1)(2)\t\t\t\n\t2020\t\t2019\t\n\t(Dollars in millions)\t\t\t\nRate level shock:\t\t\t\t\n-100 basis points\t\t(179)\t\t57\n-50 basis points\t\t8\t\t11\n+50 basis points\t\t(111)\t\t51\n+100 basis points\t\t(154)\t\t160\nRate slope shock:\t\t\t\t\n-25 basis points (flattening)\t\t(9)\t\t(20)\n+25 basis points (steepening)\t\t4\t\t22\n", "q10k_tbl_60": "\tFor the Three Months Ended December 31(1)(3)\t\t\t\t\t\t\t\t\t\n\t2020\t\t\t\t\t2019\t\t\t\t\n\tDuration Gap\tRate Slope Shock 25 bps\t\tRate Level Shock 50 bps\t\tDuration Gap\tRate Slope Shock 25 bps\t\tRate Level Shock 50 bps\t\n\t\tMarket Value Sensitivity\t\t\t\t\tMarket Value Sensitivity\t\t\t\n\t(In years)\t(Dollars in millions)\t\t\t\t(In years)\t(Dollars in millions)\t\t\t\nAverage\t0.02\t\t(32)\t\t(46)\t(0.02)\t\t(19)\t\t5\nMinimum\t(0.03)\t\t(51)\t\t(129)\t(0.05)\t\t(27)\t\t(20)\nMaximum\t0.08\t\t(9)\t\t27\t0.04\t\t(12)\t\t34\nStandard deviation\t0.03\t\t14\t\t49\t0.02\t\t4\t\t13\n", "q10k_tbl_61": "Derivative Impact on Interest-Rate Risk (50 Basis Points)\t\t\t\t\n\tAs of December 31(1)\t\t\t\n\t2020\t\t2019\t\n\t(Dollars in millions)\t\t\t\nBefore derivatives\t\t(613)\t\t(197)\nAfter derivatives\t\t8\t\t51\nEffect of derivatives\t\t621\t\t248\n", "q10k_tbl_62": "Compensation Element\tForm\tPrimary Compensation Objectives\tKey Features\nBase Salary\tFixed cash payments which are paid during the year on a biweekly basis.\tAttract and retain named executives by providing a fixed level of current cash compensation.\tBase salary reflects each named executive's level of responsibility and experience as well as individual performance over time. Base salary rate may not exceed $600000 for any employee including the named executives while we are in conservatorship.\nDeferred Salary (Not applicable to our Chief Executive Officer)\tDeferred salary is earned in biweekly increments over the course of the performance year and is paid in quarterly installments in March June September and December of the following year.(1) There are two elements of deferred salary: - a fixed portion that is generally subject to reduction if an executive leaves the company within one year following the end of the performance year unless he or she has met specified age and years of service requirements; and - an at-risk portion that is subject to reduction based on assessments of corporate and individual performance following the end of the performance year. Interest accrues on deferred salary at one-half of the one-year Treasury Bill rate in effect on the last business day immediately preceding the year in which the deferred salary is earned.\tFixed Deferred Salary\t\nRetain named executives.\tEarned but unpaid fixed deferred salary is generally subject to reduction if a named executive leaves the company within one year following the end of the performance year unless he or she has met the age and years of service requirements specified below. The amount of earned but unpaid fixed deferred salary received by the named executive will be reduced by 2% for each full or partial month by which the executive's separation date precedes January 31 of the second year following the performance year (or if later the end of the twenty-fourth month following the month in which the named executive first earned deferred salary). The reduction provisions applicable to payments of earned but unpaid fixed deferred salary do not apply if an officer's employment terminates other than for cause at or after age 62 or age 55 with 10 years of service with Fannie Mae or as a result of death or long-term disability.\nAt-Risk Deferred Salary\t\nRetain named executives and encourage them to achieve corporate and individual performance objectives.\tEqual to 30% of each named executive's total target direct compensation. Half of at-risk deferred salary was subject to reduction based on corporate performance against the 2020 scorecard as determined by FHFA in its discretion. The remaining half of at-risk deferred salary was subject to reduction based on individual performance as determined by the Board of Directors with FHFA's review taking into account corporate performance against the 2020 Board of Directors' goals. There is no potential for at-risk deferred salary to be paid out at greater than 100% of target; at-risk deferred salary is subject only to reduction. If the executive's employment terminates due to death or long-term disability prior to the Board of Directors' and FHFA's determinations of performance the reduction provisions applicable to payments of earned but unpaid at-risk deferred salary do not apply.\n", "q10k_tbl_63": "Summary of 2020 Compensation Actions\t\t\t\t\t\t\t\t\n\t\t\t2020 Corporate Performance-Based At-Risk Deferred Salary\t\t2020 Individual Performance-Based At-Risk Deferred Salary\t\tTotal\t\nName and Principal Position\t2020 Base Salary Rate(1)\t2020 Fixed Deferred Salary\tTarget\tActual % of Target\tTarget\tActual % of Target\tTarget\tActual(2)\nHugh Frater\t600000\t0\t0\t-%\t0\t-%\t600000\t600000\nChief Executive Officer\t\t\t\t\t\t\t\t\nCeleste Brown\t600000\t1500000\t450000\t85\t450000\t95\t3000000\t2933077\nExecutive Vice President and Chief Financial Officer\t\t\t\t\t\t\t\t\nDavid Benson\t600000\t1920000\t540000\t85\t540000\t95\t3600000\t3515077\nPresident\t\t\t\t\t\t\t\t\nAndrew Bon Salle\t500000\t1775000\t487500\t85\t487500\t95\t3250000\t3190962\nFormer Executive Vice President-Single-Family Mortgage Business\t\t\t\t\t\t\t\t\nJeffery Hayward\t500000\t1460000\t420000\t85\t420000\t95\t2800000\t2735231\nExecutive Vice President and Chief Administrative Officer\t\t\t\t\t\t\t\t\nKimberly Johnson(3)\t500000\t1460000\t420000\t85\t420000\t95\t2800000\t2735231\nExecutive Vice President and Chief Operating Officer\t\t\t\t\t\t\t\t\n", "q10k_tbl_64": "Hugh Frater Chief Executive Officer\tMr. Frater provided outstanding leadership to the company in an extraordinarily challenging year. His 2020 accomplishments included: -provided leadership and direction to the company in a time of extraordinary challenges including the economic and market dislocations caused by the COVID-19 pandemic and remote work for substantially all of the company. Under his leadership the company continued to operate profitably and delivered record liquidity to the housing market despite these challenges; -oversaw management's work to achieve all of the objectives set forth in the 2020 scorecard and substantially all of the objectives set forth in the 2020 Board of Directors' goals; -worked with and provided direction to the Management Committee to make significant progress on implementing the company's strategic plan for 2020-2022 including initiatives relating to ESG matters and preparing the company for a potential exit from conservatorship; -improved the organization's culture and employee morale through continuous ongoing engagement with key functional and business leaders and the broader employee base; -made operational changes to increase the company's commitment to diversity and inclusion and ESG including creating a new Executive Vice President and Chief Administrative Officer position with responsibility for those matters; -increased the company's focus on identifying and developing human capital including through talent assessments increasing and improving the training available to employees and enhancing our succession planning process; and -developed a strong working relationship with the FHFA Director and his senior team and oversaw a significant improvement in management's responsiveness to risk and control matters raised by FHFA.\nDavid Benson President\tThe Board determined that Mr. Benson's individual performance-based at-risk deferred salary for 2020 would be paid at 95% of his target. Mr. Benson's continued strong leadership in 2020 was critical to the company's success in achieving the 2020 scorecard and Board of Directors' goals during a period of unprecedented challenges. His 2020 accomplishments included: -helped the company provide record levels of liquidity to the housing market providing stability to the market during this critical time; -under his leadership the company implemented relief measures to help borrowers and renters affected by the COVID-19 pandemic including new forbearance modification and repayment plan options foreclosure and eviction moratoria and the company's Here-to-Help marketing campaign; -assisted the Single-Family and Multifamily businesses to meet or exceed the company's 2020 scorecard and Board of Directors' goals including the objectives relating to return on conservatorship capital for acquisitions managing within Board risk limits administrative expenses housing goals and duty-to-serve obligations; -successfully transitioned nearly all of our workforce to remote operations within 48 hours; -played a key role in the company's initiatives to prepare for a potential exit from conservatorship including hiring financial advisors actively engaging with FHFA and working on underlying business changes; and -oversaw successful organizational realignment and succession activities including the creation of the Chief Administrative Office the transition to a new head of the Multifamily business and working with the departing head of the Single-Family business to transition his responsibilities. Mr. Benson took on the role of interim head of the Single-Family business in January 2021 following Mr. Bon Salle's retirement.\n", "q10k_tbl_65": "Celeste Brown Executive Vice President and Chief Financial Officer\tThe Board determined that Ms. Brown's individual performance-based at-risk deferred salary for 2020 would be paid at 95% of her target. Ms. Brown's many accomplishments in 2020 provided critical support to Fannie Mae's achievement of the company's 2020 goals. Her 2020 accomplishments included: -led the company's initiatives to prepare for a potential exit from conservatorship; -continued focus on reducing expenses improving our capital and resource management capabilities improving our cost transparency and other planning activities designed to establish greater commercial discipline as we work toward exiting conservatorship; -successfully positioned the company to respond to the COVID-19 pandemic by providing housing and economic forecasting and analysis funding accounting policy changes and investor engagement; -implemented interest rate risk management frameworks including finalizing the company's hedge accounting program launched in January 2021; -worked with the business to analyze and respond to FHFA's new capital rule and effectively engaged with FHFA on capital liquidity and strategic topics; and -met or exceeded all 2020 Board goal and 2020 scorecard objectives assigned to the Finance division including those related to return on conservatorship capital for acquisitions managing within Board risk limits administrative expenses competitive intelligence LIBOR transition capital markets risk profile credit risk transfer the conservatorship capital framework and efficient utilization of capital.\nAndrew Bon Salle Former Executive Vice President-Single-Family Mortgage Business\tThe Board determined that Mr. Bon Salle's individual performance-based at-risk deferred salary for 2020 would be paid at 95% of his target. Mr. Bon Salle's strong leadership of the Single-Family business in 2020 contributed to the company's achievement of its 2020 goals in a number of significant ways. His 2020 accomplishments included: -successfully led the Single-Family business during the COVID-19 pandemic. Key role in helping the company provide stability to the single-family housing market in a time of market disruption and uncertainty including by providing flexibilities to allow the market to function working with FHFA to design and implement a range of mortgage forbearance modification and repayment plan options to help borrowers affected by the pandemic and providing forbearance to approximately 1.3 million single-family borrowers; -met or exceeded all 2020 Board goal objectives assigned to the Single-Family business including those relating to return on conservatorship capital for single-family acquisitions single-family credit risk transfers managing within Board risk limits administrative expenses single-family housing goals and duty-to-serve obligations; -met or exceeded all 2020 scorecard objectives assigned to the Single-Family business including those relating to limited English proficiency support the uniform residential loan application single-family risk profile single-family credit risk transfer and mortgage servicing; -helped the Single-Family organization quickly and effectively adapt to working remotely; -continued to work on the company's initiatives to improve operations and enhance technology in the Single-Family business which enabled the organization to successfully transition to remote work and assisted in our response to the COVID-19 pandemic; and -after announcing his retirement worked with the President to ensure a successful transition of responsibilities.\n", "q10k_tbl_66": "Jeffery Hayward Executive Vice President and Chief Administrative Officer Former Executive Vice President and Head of Multifamily\tMr. Hayward was promoted to Executive Vice President and Chief Administrative Officer in August 2020 and prior to that time served as Executive Vice President and Head of Multifamily. The Board determined that Mr. Hayward's individual performance-based at-risk deferred salary for 2020 would be paid at 95% of his target. Mr. Hayward's strong leadership in 2020 contributed to the company's achievement of its 2020 goals in a number of significant ways. His 2020 accomplishments included: -led the company's ESG affordable housing and diversity and inclusion initiatives in 2020 including meeting or exceeding all related Board goals; -in his new Chief Administrative Officer role took actions to understand the impact of the COVID-19 pandemic on employees and enhanced resources available to employees; -assisted with a number of the company's activities relating to establishing greater commercial discipline including closing two regional offices building enterprise-wide metrics to track progress and reducing costs associated with benefits offerings; -during his time as head of the Multifamily business in the first eight months of the year led the company's efforts to meet the objectives relating to the 2020 Board goals assigned to the Multifamily business including those relating to return on conservatorship capital for multifamily acquisitions multifamily credit risk transfers managing within Board risk limits administrative expenses multifamily housing goals and duty-to-serve obligations; -during his time as head of the Multifamily business in the first eight months of the year led the company's efforts to meet the objectives relating to the 2020 scorecard objectives assigned to the Multifamily business including those relating to managing to FHFA's multifamily cap requirement multifamily risk profile multifamily credit risk transfer and mortgage servicing; and -continued to work on initiatives to improve operations and enhance technology in the Multifamily business which enabled the organization to successfully transition to remote work and assisted in our response to the COVID-19 pandemic.\nKimberly Johnson Executive Vice President and Chief Operating Officer\tThe Board determined that Ms. Johnson's individual performance-based at-risk deferred salary for 2020 would be paid at 95% of her target. Ms. Johnson's successful leadership of the Chief Operating Office (\"COO\") organization provided critical support to Fannie Mae's achievement of the company's 2020 goals. Her 2020 accomplishments included: -created a fully digital environment for our technology infrastructure including establishing a new cloud environment a new microservices engine a new Application Programming Interface (\"API\") platform and streaming data capabilities; -modernized the company's underwriting technology infrastructure; -enabled the company to successfully and quickly transition to remote work through established resiliency practices and new technologies which enabled the company to support the housing market and provide a record level of liquidity during the COVID-19 pandemic; also led the company's initiative to partially re-open its offices; -met or exceeded all 2020 Board goal objectives assigned to the COO organization including those relating to cloud adoption reducing expenses and increasing our digital technological and innovation competencies; -met or exceeded all 2020 scorecard objectives assigned to the COO organization including those relating to business resiliency recovery management capabilities protecting the availability integrity and confidentiality of information improving the efficiency and effectiveness of our operations and developing a post-conservatorship strategy and governance framework for CSS/CSP; and -developing and recruiting key talent in the COO organization.\n", "q10k_tbl_67": "Summary Compensation Table for 2020 2019 and 2018\t\t\t\t\t\t\t\n\t\tSalary\t\t\t\t\t\nName and Principal Position(1)\tYear\tBase Salary(2)\tFixed Deferred Salary (Service- Based)(3)\tBonus(4)\tNon-Equity Incentive Plan Compensation(5)\tAll Other Compensation(6)\tTotal\nHugh Frater\t2020\t600000\t0\t0\t0\t48000\t648000\nChief Executive\t2019\t600000\t0\t0\t0\t71104\t671104\nOfficer\t2018\t113077\t0\t0\t0\t139615\t252692\nCeleste Brown\t2020\t623077\t1500000\t0\t816440\t112310\t3051827\nExecutive Vice President\t2019\t569231\t1229231\t700000\t722336\t107164\t3327962\nand Chief Financial Officer\t2018\t505769\t794615\t700000\t562212\t549475\t3112071\nDavid Benson\t2020\t623077\t1920000\t0\t979727\t113710\t3636514\nPresident\t2019\t600000\t1920000\t0\t984782\t121948\t3626730\n\t2018\t600000\t1669615\t0\t981252\t135535\t3386402\nAndrew Bon Salle\t2020\t538462\t1775000\t0\t884476\t100342\t3298280\nFormer Executive Vice\t2019\t500000\t1775000\t0\t889039\t108341\t3272380\nPresident-Single-Family\t2018\t500000\t1741346\t0\t969030\t97824\t3308200\nMortgage Business\t\t\t\t\t\t\t\nJeffery Hayward\t2020\t519231\t1460000\t0\t762010\t93145\t2834386\nExecutive Vice President\t2019\t500000\t1460000\t0\t765941\t99291\t2825232\nand Chief Administrative\t2018\t500000\t1209615\t0\t739140\t112991\t2561746\nOfficer\t\t\t\t\t\t\t\nKimberly Johnson\t2020\t519231\t1460000\t0\t762010\t93145\t2834386\nExecutive Vice President\t2019\t500000\t1373846\t0\t752614\t93369\t2719829\nand Chief Operating\t2018\t500000\t1093846\t0\t689088\t90318\t2373252\nOfficer\t\t\t\t\t\t\t\n", "q10k_tbl_68": "Performance-Based At-Risk Deferred Salary\t\t\t\t\nName\t2020 Corporate Performance-Based At-Risk Deferred Salary\t2020 Individual Performance-Based At-Risk Deferred Salary\tInterest Payable on 2020 At-Risk Deferred Salary\tTotal\nHugh Frater\t0\t0\t0\t0\nCeleste Brown\t382500\t427500\t6440\t816440\nDavid Benson\t459000\t513000\t7727\t979727\nAndrew Bon Salle\t414375\t463125\t6976\t884476\nJeffery Hayward\t357000\t399000\t6010\t762010\nKimberly Johnson\t357000\t399000\t6010\t762010\n", "q10k_tbl_69": "All Other Compensation\t\t\t\t\t\nName\tCompany Contributions to Retirement Savings (401(k)) Plan\tCompany Credits to Supplemental Retirement Savings Plan\tMatching Charitable Award Program\tInterest Payable on 2020 Fixed Deferred Salary\tTotal\nHugh Frater\t22800\t25200\t0\t0\t48000\nCeleste Brown\t22800\t72585\t5000\t11925\t112310\nDavid Benson\t22800\t75046\t600\t15264\t113710\nAndrew Bon Salle\t22800\t58431\t5000\t14111\t100342\nJeffery Hayward\t22800\t58738\t0\t11607\t93145\nKimberly Johnson\t22800\t58738\t0\t11607\t93145\n", "q10k_tbl_70": "Grants of Plan-Based Awards in 2020\t\t\t\t\n\t\tEstimated Future Payouts Under Non-Equity Incentive Plan Awards(1)\t\t\nName\tAward Type\tThreshold\tTarget\tMaximum\nHugh Frater\tAt-risk deferred salary-Corporate\t0\t0\t0\n\tAt-risk deferred salary-Individual\t0\t0\t0\n\tTotal at-risk deferred salary\t0\t0\t0\nCeleste Brown\tAt-risk deferred salary-Corporate\t0\t450000\t450000\n\tAt-risk deferred salary-Individual\t0\t450000\t450000\n\tTotal at-risk deferred salary\t0\t900000\t900000\nDavid Benson\tAt-risk deferred salary-Corporate\t0\t540000\t540000\n\tAt-risk deferred salary-Individual\t0\t540000\t540000\n\tTotal at-risk deferred salary\t0\t1080000\t1080000\nAndrew Bon Salle\tAt-risk deferred salary-Corporate\t0\t487500\t487500\n\tAt-risk deferred salary-Individual\t0\t487500\t487500\n\tTotal at-risk deferred salary\t0\t975000\t975000\nJeffery Hayward\tAt-risk deferred salary-Corporate\t0\t420000\t420000\n\tAt-risk deferred salary-Individual\t0\t420000\t420000\n\tTotal at-risk deferred salary\t0\t840000\t840000\nKimberly Johnson\tAt-risk deferred salary-Corporate\t0\t420000\t420000\n\tAt-risk deferred salary-Individual\t0\t420000\t420000\n\tTotal at-risk deferred salary\t0\t840000\t840000\n", "q10k_tbl_71": "Non-Qualified Deferred Compensation for 2020\t\t\nName\tCompany Contributions in 2020(1)\tAggregate Earnings in 2020(2)\t\t\t\tAggregate Balance at December 31 2020(3)\t\t\nHugh Frater\t25200\t4943\t\t\t\t56802\t\t\nCeleste Brown\t72585\t38041\t\t\t\t228309\t\t\nDavid Benson\t75046\t59711\t\t\t\t874895\t\t\nAndrew Bon Salle\t58431\t80804\t\t\t\t600257\t\t\nJeffery Hayward\t58738\t78299\t\t\t\t686637\t\t\nKimberly Johnson\t58738\t113563\t\t\t\t780637\t\t\n", "q10k_tbl_72": "Balance Amounts Reported in \"All Other Compensation\" in the Summary Compensation Table\t\t\nName\tAmounts in Aggregate Balance Column that Represent Company Contributions Reported as Compensation for 2019 in the Summary Compensation Table\tAmounts in Aggregate Balance Column that Represent Company Contributions Reported as Compensation for 2018 in the Summary Compensation Table\nHugh Frater\t25600\t0\nCeleste Brown\t63600\t41385\nDavid Benson\t73600\t92500\nAndrew Bon Salle\t57600\t58000\nJeffery Hayward\t57600\t72346\nKimberly Johnson\t57600\t57692\n", "q10k_tbl_73": "Potential Payments Upon Termination as of December 31 2020\t\t\t\t\t\t\t\t\nName\t2020 Fixed Deferred Salary(1)\t\t2020 At-Risk Deferred Salary(2)\t\tInterest on 2020 Deferred Salary(3)\t\tTotal\t\nHugh Frater\t\t\t\t\t\t\t\t\nResignation retirement or termination without cause\t\t0\t\t0\t\t0\t\t0\nLong-term disability\t\t0\t\t0\t\t0\t\t0\nDeath\t\t0\t\t0\t\t0\t\t0\nTermination for cause\t\t0\t\t0\t\t0\t\t0\nCeleste Brown\t\t\t\t\t\t\t\t\nResignation retirement or termination without cause\t\t1110000\t\t810000\t\t15264\t\t1935264\nLong-term disability\t\t1500000\t\t900000\t\t19080\t\t2419080\nDeath\t\t1500000\t\t900000\t\t12109\t\t2412109\nTermination for cause\t\t0\t\t0\t\t0\t\t0\nDavid Benson\t\t\t\t\t\t\t\t\nResignation retirement or termination without cause\t\t1920000\t\t972000\t\t22991\t\t2914991\nLong-term disability\t\t1920000\t\t1080000\t\t23850\t\t3023850\nDeath\t\t1920000\t\t1080000\t\t15136\t\t3015136\nTermination for cause\t\t0\t\t0\t\t0\t\t0\nAndrew Bon Salle\t\t\t\t\t\t\t\t\nResignation retirement or termination without cause\t\t1775000\t\t877500\t\t21087\t\t2673587\nLong-term disability\t\t1775000\t\t975000\t\t21863\t\t2771863\nDeath\t\t1775000\t\t975000\t\t13874\t\t2763874\nTermination for cause\t\t0\t\t0\t\t0\t\t0\nJeffery Hayward\t\t\t\t\t\t\t\t\nResignation retirement or termination without cause\t\t1460000\t\t756000\t\t17617\t\t2233617\nLong-term disability\t\t1460000\t\t840000\t\t18285\t\t2318285\nDeath\t\t1460000\t\t840000\t\t11604\t\t2311604\nTermination for cause\t\t0\t\t0\t\t0\t\t0\nKimberly Johnson\t\t\t\t\t\t\t\t\nResignation retirement or termination without cause\t\t1080400\t\t756000\t\t14599\t\t1850999\nLong-term disability\t\t1460000\t\t840000\t\t18285\t\t2318285\nDeath\t\t1460000\t\t840000\t\t11604\t\t2311604\nTermination for cause\t\t0\t\t0\t\t0\t\t0\n", "q10k_tbl_74": "Board Compensation Levels\t\nBoard Service\tCash Compensation\nAnnual retainer for non-executive Chair\t290000\nAnnual retainer for non-management directors (other than the non-executive Chair)\t160000\nCommittee Service\tCash Compensation\nAnnual retainer for Audit Committee Chair\t25000\nAnnual retainer for Risk Policy and Capital Committee Chair\t15000\nAnnual retainer for all other Committee Chairs\t10000\nAnnual retainer for Audit Committee members (other than the Audit Committee Chair)\t10000\n", "q10k_tbl_75": "2020 Non-Management Director Compensation Table\t\t\t\nName\tFees Earned or Paid in Cash\tAll Other Compensation(1)\tTotal\nAmy Alving\t170000\t0\t170000\nSheila Bair(2)\t174806\t0\t174806\nRenee Glover\t170000\t0\t170000\nMichael Heid\t180000\t5000\t185000\nRobert Herz\t185000\t3000\t188000\nAntony Jenkins\t170000\t0\t170000\nKarin Kimbrough\t170000\t0\t170000\nDiane Nordin\t180000\t0\t180000\nJonathan Plutzik(3)\t275194\t0\t275194\nManolo Sánchez\t161708\t5000\t166708\nDirectors who resigned from the Board during 2020 or 2021\t\t\t\nBrian Brooks(4)\t40000\t0\t40000\nRyan Zanin(5)\t173292\t0\t173292\n", "q10k_tbl_76": "Beneficial Ownership of Stock by Directors and Executive Officers\t\t\t\n\t\tNumber of Shares Beneficially Owned(1)\t\nDirectors and Named Executives\tPosition\t8.25% Non-Cumulative Series T Preferred Stock\tCommon Stock\nAmy Alving\tDirector\t0\t0\nSheila Bair\tDirector (Chairwoman of the Board)\t0\t0\nRenee Glover\tDirector\t0\t0\nMichael Heid\tDirector\t0\t0\nRobert Herz\tDirector\t0\t0\nAntony Jenkins\tDirector\t0\t0\nKarin Kimbrough\tDirector\t0\t0\nDiane Nordin\tDirector\t0\t0\nJonathan Plutzik\tDirector\t0\t0\nManolo Sánchez\tDirector\t0\t0\nHugh Frater\tChief Executive Officer and Director\t0\t0\nCeleste Brown\tEVP-Chief Financial Officer\t0\t0\nDavid Benson\tPresident\t0\t0\nAndrew Bon Salle\tFormer EVP-Single-Family Mortgage Business\t1000\t0\nJeffery Hayward\tEVP and Chief Administrative Officer\t0\t14868\nKimberly Johnson\tEVP and Chief Operating Officer\t0\t6669\nAll directors and executive officers as a group (19 persons)(2)\t\t1000\t50683\n", "q10k_tbl_77": "Beneficial Ownership of Stock by 5%+ Holders\t\t\n5% Holders\tCommon Stock Beneficially Owned\tPercent of Class\nU.S. Department of the Treasury\tVariable(1)\t79.9%\n1500 Pennsylvania Avenue NW Washington DC 20220\t\t\nPershing Square Capital Management L.P. PS Management GP LLC William A. Ackman\t115569796(2)\t9.98%\n787 Eleventh Avenue 9th Floor New York New York 10019\t\t\n", "q10k_tbl_78": "\tFor the Year Ended December 31\t\n\t2020\t2019\nDescription of fees:\t\t\nAudit fees\t39546300\t37630000\nAudit-related fees(1)\t315000\t315000\nAll other fees(2)\t105000\t1000\nTotal fees\t39966300\t37946000\n", "q10k_tbl_79": "Item\tDescription\n3.1\tFannie Mae Charter Act (12 U.S.C. § 1716 et seq.) as amended through July 25 2019 (Incorporated by reference to Exhibit 3.1 to Fannie Mae's Quarterly Report on Form 10-Q for the quarter ended September 30 2019 filed October 31 2019)\n3.2\tFannie Mae Bylaws as amended through January 29 2019 (Incorporated by reference to Exhibit 3.2 to Fannie Mae's Annual Report on Form 10-K for the year ended December 31 2018 filed February 14 2019)\n4.1\tDescription of Securities of the Registrant (Incorporated by reference to Exhibit 4.1 to Fannie Mae's Annual Report on Form 10-K for the year ended December 31 2019 filed February 13 2020)\n4.2\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series D (Incorporated by reference to Exhibit 4.1 to Fannie Mae's registration statement on Form 10 filed March 31 2003)\n4.3\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series E (Incorporated by reference to Exhibit 4.2 to Fannie Mae's registration statement on Form 10 filed March 31 2003)\n4.4\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series F (Incorporated by reference to Exhibit 4.3 to Fannie Mae's registration statement on Form 10 filed March 31 2003)\n4.5\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series G (Incorporated by reference to Exhibit 4.4 to Fannie Mae's registration statement on Form 10 filed March 31 2003)\n4.6\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series H (Incorporated by reference to Exhibit 4.5 to Fannie Mae's registration statement on Form 10 filed March 31 2003)\n4.7\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series I (Incorporated by reference to Exhibit 4.6 to Fannie Mae's registration statement on Form 10 filed March 31 2003)\n4.8\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series L (Incorporated by reference to Exhibit 4.7 to Fannie Mae's Quarterly Report on Form 10-Q filed August 8 2008)\n4.9\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series M (Incorporated by reference to Exhibit 4.8 to Fannie Mae's Quarterly Report on Form 10-Q filed August 8 2008)\n4.10\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series N (Incorporated by reference to Exhibit 4.9 to Fannie Mae's Quarterly Report on Form 10-Q filed August 8 2008)\n4.11\tCertificate of Designation of Terms of Fannie Mae Non-Cumulative Convertible Preferred Stock Series 2004-1 (Incorporated by reference to Exhibit 4.10 to Fannie Mae's Annual Report on Form 10-K for the year ended December 31 2009 filed February 26 2010)\n4.12\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series O (Incorporated by reference to Exhibit 4.11 to Fannie Mae's Annual Report on Form 10-K for the year ended December 31 2009 filed February 26 2010)\n4.13\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series P (Incorporated by reference to Exhibit 4.12 to Fannie Mae's Annual Report on Form 10-K for the year ended December 31 2012 filed April 2 2013)\n4.14\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series Q (Incorporated by reference to Exhibit 4.13 to Fannie Mae's Annual Report on Form 10-K for the year ended December 31 2012 filed April 2 2013)\n4.15\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series R (Incorporated by reference to Exhibit 4.14 to Fannie Mae's Annual Report on Form 10-K for the year ended December 31 2012 filed April 2 2013)\n4.16\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series S (Incorporated by reference to Exhibit 4.15 to Fannie Mae's Annual Report on Form 10-K for the year ended December 31 2012 filed April 2 2013)\n4.17\tCertificate of Designation of Terms of Fannie Mae Preferred Stock Series T (Incorporated by reference to Exhibit 4.1 to Fannie Mae's Current Report on Form 8-K filed May 19 2008)\n", "q10k_tbl_80": "4.18\tAmended and Restated Certificate of Designation of Terms of Variable Liquidation Preference Senior Preferred Stock Series 2008-2 amended and restated as of September 30 2019 (Incorporated by reference to Exhibit 4.1 to Fannie Mae's Quarterly Report on Form 10-Q for the quarter ended September 30 2019 filed October 31 2019)\n4.19\tWarrant to Purchase Common Stock dated September 7 2008 (Incorporated by reference to Exhibit 4.3 to Fannie Mae's Current Report on Form 8-K filed September 11 2008)\n4.20\tAmended and Restated Senior Preferred Stock Purchase Agreement dated as of September 26 2008 between the United States Department of the Treasury and Federal National Mortgage Association acting through the Federal Housing Finance Agency as its duly appointed conservator (Incorporated by reference to Exhibit 4.1 to Fannie Mae's Current Report on Form 8-K filed October 2 2008)\n4.21\tAmendment to Amended and Restated Senior Preferred Stock Purchase Agreement dated as of May 6 2009 between the United States Department of the Treasury and Federal National Mortgage Association acting through the Federal Housing Finance Agency as its duly appointed conservator (Incorporated by reference to Exhibit 4.21 to Fannie Mae's Quarterly Report on Form 10-Q for the quarter ended March 31 2009 filed May 8 2009)\n4.22\tSecond Amendment to Amended and Restated Senior Preferred Stock Purchase Agreement dated as of December 24 2009 between the United States Department of the Treasury and Federal National Mortgage Association acting through the Federal Housing Finance Agency as its duly appointed conservator (Incorporated by reference to Exhibit 4.1 to Fannie Mae's Current Report on Form 8-K filed December 30 2009)\n4.23\tThird Amendment to Amended and Restated Senior Preferred Stock Purchase Agreement dated as of August 17 2012 between the United States Department of the Treasury and Federal National Mortgage Association acting through the Federal Housing Finance Agency as its duly appointed conservator (Incorporated by reference to Exhibit 4.1 to Fannie Mae's Current Report on Form 8-K filed August 17 2012)\n4.24\tLetter Agreement between the United States Department of the Treasury and the Federal National Mortgage Association acting through the Federal Housing Finance Agency as its duly appointed conservator dated December 21 2017 (Incorporated by reference to Exhibit 10.1 to Fannie Mae's Current Report on Form 8-K filed December 21 2017)\n4.25\tLetter Agreement between the United States Department of the Treasury and the Federal National Mortgage Association acting through the Federal Housing Finance Agency as its duly appointed conservator dated September 27 2019 (Incorporated by reference to Exhibit 10.1 to Fannie Mae's Current Report on Form 8-K filed October 1 2019)\n4.26\tLetter Agreement between the United States Department of the Treasury and the Federal National Mortgage Association acting through the Federal Housing Finance Agency as its duly appointed conservator dated January 14 2021 (Incorporated by reference to Exhibit 10.1 to Fannie Mae's Current Report on Form 8-K filed January 20 2021)\n10.1\tRepayment Provisions for SEC Executive Officers amended and restated as of March 8 2012† (Incorporated by reference to Exhibit 10.44 to Fannie Mae's Quarterly Report on Form 10-Q for the quarter ended March 31 2012 filed May 9 2012)\n10.2\tFannie Mae Form of Indemnification Agreement for directors and officers of Fannie Mae (Incorporated by reference to Exhibit 10.15 to Fannie Mae's Annual Report on Form 10-K for the year ended December 31 2008 filed February 26 2009.)\n10.3\tFannie Mae Form of Indemnification Agreement for directors and officers of Fannie Mae (Incorporated by reference to Exhibit 10.2 to Fannie Mae's Annual Report on Form 10-K for the year ended December 31 2016 filed February 17 2017)\n10.4\tFannie Mae Form of Indemnification Agreement for directors and officers of Fannie Mae (Incorporated by reference to Exhibit 10.3 to Fannie Mae's Annual Report on Form 10-K for the year ended December 31 2018 filed February 14 2019)\n10.5\tForm of Relocation Repayment Agreement for Officers of Fannie Mae† (Incorporated by reference to Exhibit 10.1 to Fannie Mae's Quarterly Report on Form 10-Q for the quarter ended March 31 2019 filed May 1 2019)\n10.6\tFannie Mae Supplemental Retirement Savings Plan as amended through April 29 2008† (Incorporated by reference to Exhibit 10.2 to Fannie Mae's Quarterly Report on Form 10-Q for the quarter ended June 30 2008 filed August 8 2008)\n10.7\tAmendment to Fannie Mae Supplemental Retirement Savings Plan effective October 8 2008† (Incorporated by reference to Exhibit 10.32 to Fannie Mae's Annual Report on Form 10-K for the year ended December 31 2008 filed February 26 2009)\n10.8\tAmendment to Fannie Mae Supplemental Retirement Savings Plan effective May 14 2010† (Incorporated by reference to Exhibit 10.2 to Fannie Mae's Quarterly Report on Form 10-Q for the quarter ended June 30 2010 filed August 5 2010)\n10.9\tAmendment to Fannie Mae Supplemental Retirement Savings plan for 2012 Executive Compensation Program adopted May 18 2012† (Incorporated by reference to Exhibit 10.3 to Fannie Mae's Quarterly Report on Form 10-Q for the quarter ended June 30 2012 filed August 8 2012)\n10.10\tAmendment to Fannie Mae Supplemental Retirement Savings Plan effective July 1 2013† (Incorporated by reference to Exhibit 10.4 to Fannie Mae's Quarterly Report on Form 10-Q for the quarter ended September 30 2013 filed November 7 2013)\n10.11\tAmendment to Fannie Mae Supplemental Retirement Savings Plan effective December 31 2020†\n10.12\tAmended and Restated Senior Preferred Stock Purchase Agreement dated as of September 26 2008 between the United States Department of the Treasury and Federal National Mortgage Association acting through the Federal Housing Finance Agency as its duly appointed conservator (Incorporated by reference Exhibit 4.1 to Fannie Mae's Current Report on Form 8-K filed October 2 2008)\n", "q10k_tbl_81": "10.13\tAmendment to Amended and Restated Senior Preferred Stock Purchase Agreement dated as of May 6 2009 between the United States Department of the Treasury and Federal National Mortgage Association acting through the Federal Housing Finance Agency as its duly appointed conservator (Incorporated by reference to Exhibit 4.21 to Fannie Mae's Quarterly Report on Form 10-Q filed May 8 2009)\n10.14\tSecond Amendment to Amended and Restated Senior Preferred Stock Purchase Agreement dated as of December 24 2009 between the United States Department of the Treasury and Federal National Mortgage Association acting through the Federal Housing Finance Agency as its duly appointed conservator (Incorporated by reference to Exhibit 4.1 to Fannie Mae's Current Report on Form 8-K filed December 30 2009)\n10.15\tThird Amendment to Amended and Restated Senior Preferred Stock Purchase Agreement dated as of August 17 2012 between the United States Department of the Treasury and Federal National Mortgage Association acting through the Federal Housing Finance Agency as its duly appointed conservator (Incorporated by reference to Exhibit 4.1 to Fannie Mae's Current Report on Form 8-K filed August 17 2012)\n10.16\tLetter Agreement between the United States Department of the Treasury and the Federal National Mortgage Association acting through the Federal Housing Finance Agency as its duly appointed conservator dated December 21 2017 (Incorporated by reference to Exhibit 10.1 to Fannie Mae's Current Report on Form 8-K filed December 21 2017)\n10.17\tLetter Agreement between the United States Department of the Treasury and the Federal National Mortgage Association acting through the Federal Housing Finance Agency as its duly appointed conservator dated September 27 2019 (Incorporated by reference to Exhibit 10.1 to Fannie Mae's Current Report on Form 8-K filed October 1 2019)\n10.18\tLetter Agreement between the United States Department of the Treasury and the Federal National Mortgage Association acting through the Federal Housing Finance Agency as its duly appointed conservator dated January 14 2021 (Incorporated by reference to Exhibit 10.1 to Fannie Mae's Current Report on Form 8-K filed January 20 2021)\n31.1\tCertification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)\n31.2\tCertification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)\n32.1\tCertification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350\n32.2\tCertification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350\n99.1\tThird Amended and Restated Limited Liability Company Agreement of Common Securitization Solutions LLC dated as of January 9 2020 (Incorporated by reference to Exhibit 99.1 to Fannie Mae's Annual Report on Form 10-K for the year ended December 31 2019 dated February 13 2020)\n101. INS\tInline XBRL Instance Document* - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document\n101. SCH\tInline XBRL Taxonomy Extension Schema*\n101. CAL\tInline XBRL Taxonomy Extension Calculation*\n101. DEF\tInline XBRL Taxonomy Extension Definition*\n101. LAB\tInline XBRL Taxonomy Extension Label*\n101. PRE\tInline XBRL Taxonomy Extension Presentation*\n104\tCover Page Interactive Data File*-The Cover Page Interactive Data File does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document included as Exhibit 101\n", "q10k_tbl_82": "Signature\tTitle\tDate\n/s/ Sheila C. Bair\tChair of the Board of Directors\tFebruary 12 2021\nSheila C. Bair\t\t\n/s/ Hugh R. Frater\tChief Executive Officer and Director\tFebruary 12 2021\nHugh R. Frater\t\t\n/s/ Celeste M. Brown\tExecutive Vice President and Chief Financial Officer\tFebruary 12 2021\nCeleste M. Brown\t\t\n/s/ Chryssa C. Halley\tSenior Vice President and Controller\tFebruary 12 2021\nChryssa C. Halley\t\t\n/s/ Amy E. Alving\tDirector\tFebruary 12 2021\nAmy E. Alving\t\t\n", "q10k_tbl_83": "Signature\tTitle\tDate\n/s/ Renee L. Glover\tDirector\tFebruary 12 2021\nRenee L. Glover\t\t\n/s/ Michael J. Heid\tDirector\tFebruary 12 2021\nMichael J. Heid\t\t\n/s/ Robert H. Herz\tDirector\tFebruary 12 2021\nRobert H. Herz\t\t\n/s/ Antony Jenkins\tDirector\tFebruary 12 2021\nAntony Jenkins\t\t\n/s/ Karin Kimbrough\tDirector\tFebruary 12 2021\nKarin Kimbrough\t\t\n/s/ Diane C. Nordin\tDirector\tFebruary 12 2021\nDiane C. Nordin\t\t\n/s/ Jonathan Plutzik\tDirector\tFebruary 12 2021\nJonathan Plutzik\t\t\n/s/ Manuel Sánchez Rodríguez\tDirector\tFebruary 12 2021\nManuel Sánchez Rodríguez\t\t\n", "q10k_tbl_84": "Index to Consolidated Financial Statements\t\t\n\t\tPage\nReport of Independent Registered Public Accounting Firm\t\tF-2\nConsolidated Balance Sheets\t\tF-4\nConsolidated Statements of Operations and Comprehensive Income\t\tF-5\nConsolidated Statements of Cash Flows\t\tF-6\nConsolidated Statements of Changes in Equity (Deficit)\t\tF-7\nNotes to Consolidated Financial Statements\t\tF-8\n\tNote 1-Summary of Significant Accounting Policies\tF-8\n\tNote 2-Consolidations and Transfers of Financial Assets\tF-27\n\tNote 3-Mortgage Loans\tF-30\n\tNote 4-Allowance for Loan Losses\tF-40\n\tNote 5-Investments in Securities\tF-43\n\tNote 6-Financial Guarantees\tF-46\n\tNote 7-Short-Term and Long-Term Debt\tF-47\n\tNote 8-Derivative Instruments\tF-49\n\tNote 9-Income Taxes\tF-51\n\tNote 10-Segment Reporting\tF-53\n\tNote 11-Equity\tF-56\n\tNote 12-Regulatory Capital Requirements\tF-63\n\tNote 13-Concentrations of Credit Risk\tF-64\n\tNote 14-Netting Arrangements\tF-70\n\tNote 15-Fair Value\tF-72\n\tNote 16-Commitments and Contingencies\tF-86\n\tNote 17-Selected Quarterly Financial Information (Unaudited)\tF-88\n", "q10k_tbl_85": "\tAs of December 31\t\t\t\n\t2020\t\t2019\t\nASSETS\t\t\t\t\nCash and cash equivalents\t\t38337\t\t21184\nRestricted cash (includes $68308 and $33294 respectively related to consolidated trusts)\t\t77286\t\t40223\nFederal funds sold and securities purchased under agreements to resell or similar arrangements\t\t28200\t\t13578\nInvestments in securities:\t\t\t\t\nTrading at fair value (includes $6544 and $3037 respectively pledged as collateral)\t\t136542\t\t48123\nAvailable-for-sale at fair value (with an amortized cost of $1606 net of allowance for credit losses of $3 as of December 31 2020)\t\t1697\t\t2404\nTotal investments in securities\t\t138239\t\t50527\nMortgage loans:\t\t\t\t\nLoans held for sale at lower of cost or fair value\t\t5197\t\t6773\nLoans held for investment at amortized cost:\t\t\t\t\nOf Fannie Mae\t\t112726\t\t94911\nOf consolidated trusts\t\t3546521\t\t3241494\nTotal loans held for investment (includes $6490 and $7825 respectively at fair value)\t\t3659247\t\t3336405\nAllowance for loan losses\t\t(10552)\t\t(9016)\nTotal loans held for investment net of allowance\t\t3648695\t\t3327389\nTotal mortgage loans\t\t3653892\t\t3334162\nAdvances to lenders\t\t10449\t\t6453\nDeferred tax assets net\t\t12947\t\t11910\nAccrued interest receivable net (includes $9635 and $8172 respectively related to consolidated trusts and net of an allowance of $216 as of December 31 2020)\t\t9937\t\t8604\nAcquired property net\t\t1261\t\t2366\nOther assets\t\t15201\t\t14312\nTotal assets\t\t3985749\t\t3503319\nLIABILITIES AND EQUITY\t\t\t\t\nLiabilities:\t\t\t\t\nAccrued interest payable (includes $8955 and $9361 respectively related to consolidated trusts)\t\t9719\t\t10228\nDebt:\t\t\t\t\nOf Fannie Mae (includes $3728 and $5687 respectively at fair value)\t\t289572\t\t182247\nOf consolidated trusts (includes $24586 and $21880 respectively at fair value)\t\t3646164\t\t3285139\nOther liabilities (includes $1523 and $376 respectively related to consolidated trusts)\t\t15035\t\t11097\nTotal liabilities\t\t3960490\t\t3488711\nCommitments and contingencies (Note 16)\t\t0\t\t0\nFannie Mae stockholders' equity:\t\t\t\t\nSenior preferred stock (liquidation preference of $142192 and $131178 respectively)\t\t120836\t\t120836\nPreferred stock 700000000 shares are authorized-555374922 shares issued and outstanding\t\t19130\t\t19130\nCommon stock no par value no maximum authorization-1308762703 shares issued and 1158087567 shares outstanding\t\t687\t\t687\nAccumulated deficit\t\t(108110)\t\t(118776)\nAccumulated other comprehensive income\t\t116\t\t131\nTreasury stock at cost 150675136 shares\t\t(7400)\t\t(7400)\nTotal stockholders' equity (See Note 1: Senior Preferred Stock Purchase Agreement Senior Preferred Stock and Warrant for information on the related dividend obligation and liquidation preference)\t\t25259\t\t14608\nTotal liabilities and equity\t\t3985749\t\t3503319\n", "q10k_tbl_86": "\tFor the Year Ended December 31\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\nInterest income:\t\t\t\t\t\t\nTrading securities\t\t874\t\t1627\t\t1336\nAvailable-for-sale securities\t\t98\t\t175\t\t230\nMortgage loans\t\t106316\t\t117374\t\t115029\nFederal funds sold and securities purchased under agreements to resell or similar arrangements\t\t146\t\t843\t\t742\nOther\t\t135\t\t163\t\t136\nTotal interest income\t\t107569\t\t120182\t\t117473\nInterest expense:\t\t\t\t\t\t\nShort-term debt\t\t(182)\t\t(501)\t\t(468)\nLong-term debt\t\t(82521)\t\t(98388)\t\t(95732)\nTotal interest expense\t\t(82703)\t\t(98889)\t\t(96200)\nNet interest income\t\t24866\t\t21293\t\t21273\nBenefit (provision) for credit losses\t\t(678)\t\t4011\t\t3309\nNet interest income after benefit (provision) for credit losses\t\t24188\t\t25304\t\t24582\nInvestment gains net\t\t907\t\t1770\t\t952\nFair value gains (losses) net\t\t(2501)\t\t(2214)\t\t1121\nFee and other income\t\t462\t\t566\t\t555\nNon-interest income (loss)\t\t(1132)\t\t122\t\t2628\nAdministrative expenses:\t\t\t\t\t\t\nSalaries and employee benefits\t\t(1554)\t\t(1486)\t\t(1451)\nProfessional services\t\t(921)\t\t(967)\t\t(1032)\nOther administrative expenses\t\t(593)\t\t(570)\t\t(576)\nTotal administrative expenses\t\t(3068)\t\t(3023)\t\t(3059)\nForeclosed property expense\t\t(177)\t\t(515)\t\t(617)\nTemporary Payroll Tax Cut Continuation Act of 2011 (\"TCCA\") fees\t\t(2673)\t\t(2432)\t\t(2284)\nCredit enhancement expense\t\t(1361)\t\t(1134)\t\t(679)\nChange in expected credit enhancement recoveries\t\t233\t\t0\t\t0\nOther expenses net\t\t(1131)\t\t(745)\t\t(472)\nTotal expenses\t\t(8177)\t\t(7849)\t\t(7111)\nIncome before federal income taxes\t\t14879\t\t17577\t\t20099\nProvision for federal income taxes\t\t(3074)\t\t(3417)\t\t(4140)\nNet income\t\t11805\t\t14160\t\t15959\nOther comprehensive loss:\t\t\t\t\t\t\nChanges in unrealized losses on available-for-sale securities net of reclassification adjustments and taxes\t\t(23)\t\t(179)\t\t(344)\nOther net of taxes\t\t8\t\t(12)\t\t(4)\nTotal other comprehensive loss\t\t(15)\t\t(191)\t\t(348)\nTotal comprehensive income\t\t11790\t\t13969\t\t15611\nNet income\t\t11805\t\t14160\t\t15959\nDividends distributed or amounts attributable to senior preferred stock\t\t(11790)\t\t(13969)\t\t(12613)\nNet income attributable to common stockholders\t\t15\t\t191\t\t3346\nEarnings per share:\t\t\t\t\t\t\nBasic\t\t0.00\t\t0.03\t\t0.58\nDiluted\t\t0.00\t\t0.03\t\t0.57\nWeighted-average common shares outstanding:\t\t\t\t\t\t\nBasic\t\t5867\t\t5762\t\t5762\nDiluted\t\t5893\t\t5893\t\t5893\n", "q10k_tbl_87": "\tFor the Year Ended December 31\t\t\n\t2020\t2019\t2018\nCash flows provided by (used in) operating activities:\t\t\t\nNet income\t11805\t14160\t15959\nReconciliation of net income to net cash provided by (used in) operating activities:\t\t\t\nAmortization of cost basis adjustments\t(9190)\t(6002)\t(5949)\nProvision (benefit) for credit losses\t678\t(4011)\t(3309)\nValuation gains\t(2618)\t(1809)\t(911)\nCurrent and deferred federal income taxes\t3152\t1517\t3680\nNet gains related to the disposition of acquired property and preforeclosure sales including credit enhancements\t(924)\t(917)\t(1785)\nNet change in accrued interest receivable\t(2749)\t332\t204\nNet change in servicer advances\t932\t(67)\t(206)\nOther net\t(225)\t(363)\t442\nNet change in trading securities\t(73659)\t(1630)\t(5454)\nInterest payment on discounted debt\t(136)\t(5964)\t(423)\nNet cash provided by (used in) operating activities\t(72934)\t(4754)\t2248\nCash flows provided by investing activities:\t\t\t\nProceeds from maturities and paydowns of trading securities held for investment\t47\t58\t182\nProceeds from sales of trading securities held for investment\t110\t49\t96\nProceeds from maturities and paydowns of available-for-sale securities\t364\t469\t695\nProceeds from sales of available-for-sale securities\t361\t537\t760\nPurchases of loans held for investment\t(766699)\t(261808)\t(172155)\nProceeds from repayments of loans acquired as held for investment of Fannie Mae\t10672\t12508\t15082\nProceeds from sales of loans acquired as held for investment of Fannie Mae\t8744\t17794\t17511\nProceeds from repayments and sales of loans acquired as held for investment of consolidated trusts\t1120473\t552135\t401045\nAdvances to lenders\t(339043)\t(141395)\t(108294)\nProceeds from disposition of acquired property and preforeclosure sales\t5991\t7425\t9321\nNet change in federal funds sold and securities purchased under agreements to resell or similar arrangements\t(14622)\t19360\t(13468)\nOther net\t287\t(80)\t78\nNet cash provided by investing activities\t26685\t207052\t150853\nCash flows provided by (used in) financing activities:\t\t\t\nProceeds from issuance of debt of Fannie Mae\t580220\t789572\t789355\nPayments to redeem debt of Fannie Mae\t(472795)\t(834294)\t(834366)\nProceeds from issuance of debt of consolidated trusts\t1091242\t435235\t357846\nPayments to redeem debt of consolidated trusts\t(1097692)\t(575706)\t(471151)\nPayments of cash dividends on senior preferred stock to Treasury\t0\t(5601)\t(9372)\nProceeds from senior preferred stock purchase agreement with Treasury\t0\t0\t3687\nOther net\t(510)\t480\t63\nNet cash provided by (used in) financing activities\t100465\t(190314)\t(163938)\nNet increase (decrease) in cash cash equivalents and restricted cash\t54216\t11984\t(10837)\nCash cash equivalents and restricted cash at beginning of period\t61407\t49423\t60260\nCash cash equivalents and restricted cash at end of period\t115623\t61407\t49423\nCash paid during the period for:\t\t\t\nInterest\t113878\t121542\t110415\nIncome taxes\t3950\t1900\t460\nNon-cash activities:\t\t\t\nNet mortgage loans acquired by assuming debt\t369733\t273174\t231478\nNet transfers from mortgage loans of Fannie Mae to mortgage loans of consolidated trusts\t709451\t248463\t185310\nTransfers from advances to lenders to loans held for investment of consolidated trusts\t318426\t128272\t102865\nNet transfers from mortgage loans to acquired property\t3940\t6681\t8131\n", "q10k_tbl_88": "\t\tFannie Mae Stockholders' Equity (Deficit)\t\t\t\t\t\t\t\t\t\t\n\t\tShares Outstanding\t\t\t\t\tSenior Preferred Stock\tPreferred Stock\tCommon Stock\tAccumulated Deficit\tAccumulated Other Comprehensive Income\tTreasury Stock\tTotal Equity (Deficit)\t\t\n\tSenior Preferred\t\tPreferred\t\tCommon\t\nBalance as of December 31 2017\t\t1\t\t556\t\t1158\t117149\t19130\t687\t(133805)\t553\t(7400)\t(3686)\t\t\nSenior preferred stock dividends paid\t\t0\t\t0\t\t0\t0\t0\t0\t(9372)\t0\t0\t(9372)\t\t\nIncrease to senior preferred stock\t\t0\t\t0\t\t0\t3687\t0\t0\t0\t0\t0\t3687\t\t\nComprehensive income:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nNet income\t\t0\t\t0\t\t0\t0\t0\t0\t15959\t0\t0\t15959\t\t\nOther comprehensive income net of tax effect:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nChanges in net unrealized gains on available-for-sale securities (net of taxes of $21)\t\t0\t\t0\t\t0\t0\t0\t0\t0\t(79)\t0\t(79)\t\t\nReclassification adjustment for gains included in net income (net of taxes of $70)\t\t0\t\t0\t\t0\t0\t0\t0\t0\t(265)\t0\t(265)\t\t\nOther (net of taxes of $0)\t\t0\t\t0\t\t0\t0\t0\t0\t0\t(4)\t0\t(4)\t\t\nTotal comprehensive income\t\t\t\t\t\t\t\t\t\t\t\t\t15611\t\t\nReclassification related to Tax Cuts and Jobs Act\t\t0\t\t0\t\t0\t0\t0\t0\t(117)\t117\t0\t0\t\t\nBalance as of December 31 2018\t\t1\t\t556\t\t1158\t120836\t19130\t687\t(127335)\t322\t(7400)\t6240\t\t\nSenior preferred stock dividends paid\t\t0\t\t0\t\t0\t0\t0\t0\t(5601)\t0\t0\t(5601)\t\t\nComprehensive income:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nNet income\t\t0\t\t0\t\t0\t0\t0\t0\t14160\t0\t0\t14160\t\t\nOther comprehensive income net of tax effect:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nChanges in net unrealized gains on available-for-sale securities (net of taxes of $0)\t\t0\t\t0\t\t0\t0\t0\t0\t0\t1\t0\t1\t\t\nReclassification adjustment for gains included in net income (net of taxes of $48)\t\t0\t\t0\t\t0\t0\t0\t0\t0\t(180)\t0\t(180)\t\t\nOther (net of taxes of $3)\t\t0\t\t0\t\t0\t0\t0\t0\t0\t(12)\t0\t(12)\t\t\nTotal comprehensive income\t\t\t\t\t\t\t\t\t\t\t\t\t13969\t\t\nBalance as of December 31 2019\t\t1\t\t556\t\t1158\t120836\t19130\t687\t(118776)\t131\t(7400)\t14608\t\t\nTransition impact net of tax from the adoption of the current expected credit loss standard\t\t0\t\t0\t\t0\t0\t0\t0\t(1139)\t0\t0\t(1139)\t\t\nBalance as of January 1 2020 adjusted\t\t1\t\t556\t\t1158\t120836\t19130\t687\t(119915)\t131\t(7400)\t13469\t\t\nComprehensive income:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nNet income\t\t0\t\t0\t\t0\t0\t0\t0\t11805\t0\t0\t11805\t\t\nOther comprehensive income net of tax effect:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nChanges in net unrealized gains on available-for-sale securities (net of taxes of $3)\t\t0\t\t0\t\t0\t0\t0\t0\t0\t(12)\t0\t(12)\t\t\nReclassification adjustment for gains included in net income (net of taxes of $3)\t\t0\t\t0\t\t0\t0\t0\t0\t0\t(11)\t0\t(11)\t\t\nOther (net of taxes of $2)\t\t0\t\t0\t\t0\t0\t0\t0\t0\t8\t0\t8\t\t\nTotal comprehensive income\t\t\t\t\t\t\t\t\t\t\t\t\t11790\t\t\nBalance as of December 31 2020\t\t1\t\t556\t\t1158\t120836\t19130\t687\t(108110)\t116\t(7400)\t25259\t\t\n", "q10k_tbl_89": "\tBalance as of December 31 2019\tTransition Impact of Adoption of the CECL Standard\tBalance as of January 1 2020\n\t(Dollars in millions)\t\t\nMortgage loans held for sale\t6773\t50\t6823\nAllowance for loan losses\t(9016)\t(1722)\t(10738)\nOther assets(1)\t14312\t230\t14542\nDeferred tax assets net\t11910\t303\t12213\nAccumulated deficit (beginning retained earnings)\t(118776)\t(1139)\t(119915)\n", "q10k_tbl_90": "\tAs of December 31\t\t\t\n\t2020\t\t2019\t\n\t(Dollars in millions)\t\t\t\nAssets and liabilities recorded in our consolidated balance sheets related to unconsolidated mortgage-backed trusts:\t\t\t\t\nAssets:\t\t\t\t\nTrading securities:\t\t\t\t\nFannie Mae\t\t1611\t\t2543\nNon-Fannie Mae\t\t3608\t\t5100\nTotal trading securities\t\t5219\t\t7643\nAvailable-for-sale securities:\t\t\t\t\nFannie Mae\t\t1168\t\t1524\nNon-Fannie Mae\t\t318\t\t574\nTotal available-for-sale securities\t\t1486\t\t2098\nOther assets\t\t41\t\t56\nOther liabilities\t\t(67)\t\t(78)\nNet carrying amount\t\t6679\t\t9719\n", "q10k_tbl_91": "\tAs of December 31\t\n\t2020\t2019\n\t(Dollars in millions)\t\nSingle-family\t3216146\t2972361\nMultifamily\t373722\t327593\nTotal unpaid principal balance of mortgage loans\t3589868\t3299954\nCost basis and fair value adjustments net\t74576\t43224\nAllowance for loan losses for HFI loans\t(10552)\t(9016)\nTotal mortgage loans(1)\t3653892\t3334162\n", "q10k_tbl_92": "\tFor the Year Ended December 31\t\t\n\t2020\t2019\t2018\n\t(Dollars in millions)\t\t\nSingle family loans redesignated from HFI to HFS:\t\t\t\nAmortized cost\t8309\t18245\t23494\nLower of cost or fair value adjustment at time of redesignation(1)\t(291)\t(995)\t(1478)\nAllowance reversed at time of redesignation\t963\t2484\t3385\nSingle family loans redesignated from HFS to HFI:\t\t\t\nAmortized cost\t144\t28\t46\nAllowance established at time of redesignation\t(15)\t(1)\t(2)\nSingle-family loans sold:\t\t\t\nUnpaid principal balance\t9519\t19737\t21918\nRealized gains net\t831\t1238\t444\n", "q10k_tbl_93": "\tAs of December 31 2020\t\t\t\t\t\t\t\t\n\t\t30 - 59 Days Delinquent\t60 - 89 Days Delinquent\tSeriously Delinquent(1)\tTotal Delinquent\tCurrent\tTotal\tLoans 90 Days or More Delinquent and Accruing Interest\tNonaccrual Loans with No Allowance\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\nSingle-family:\t\t\t\t\t\t\t\t\t\n20- and 30-year or more amortizing fixed-rate\t\t24928\t9414\t88276\t122618\t2619585\t2742203\t68526\t6028\n15-year or less amortizing fixed-rate\t\t1987\t601\t5028\t7616\t449443\t457059\t4292\t240\nAdjustable-rate\t\t268\t97\t1143\t1508\t29933\t31441\t907\t114\nOther(2)\t\t1150\t458\t5037\t6645\t47937\t54582\t2861\t771\nTotal single-family\t\t28333\t10570\t99484\t138387\t3146898\t3285285\t76586\t7153\nMultifamily(3)\t\t1140\tN/A\t3688\t4828\t372598\t377426\t610\t302\nTotal\t\t29473\t10570\t103172\t143215\t3519496\t3662711\t77196\t7455\n", "q10k_tbl_94": "\tAs of December 31 2019\t\t\t\t\t\t\t\n\t30 - 59 Days Delinquent\t\t60 - 89 Days Delinquent\tSeriously Delinquent(1)\tTotal Delinquent\tCurrent\tTotal\tLoans 90 Days or More Delinquent and Accruing Interest\n\t(Dollars in millions)\t\t\t\t\t\t\t\nSingle-family:\t\t\t\t\t\t\t\t\n20- and 30-year or more amortizing fixed-rate\t\t26882\t7126\t13082\t47090\t2470457\t2517547\t28\n15-year or less amortizing fixed-rate\t\t1616\t286\t445\t2347\t371740\t374087\t0\nAdjustable-rate\t\t412\t85\t167\t664\t44244\t44908\t0\nOther(2)\t\t2323\t829\t1891\t5043\t64726\t69769\t136\nTotal single-family\t\t31233\t8326\t15585\t55144\t2951167\t3006311\t164\nMultifamily(3)\t\t7\tN/A\t115\t122\t330496\t330618\t0\nTotal\t\t31240\t8326\t15700\t55266\t3281663\t3336929\t164\n", "q10k_tbl_95": "\tAs of December 31 2020 by Year of Origination(1)\t\t\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\tPrior\tTotal\n\t(Dollars in millions)\t\t\t\t\t\t\nEstimated mark-to-market LTV ratio:(2)\t\t\t\t\t\t\t\n20- and 30-year or more amortizing fixed-rate:\t\t\t\t\t\t\t\nLess than or equal to 80%\t794156\t233994\t135849\t183315\t221172\t775636\t2344122\nGreater than 80% and less than or equal to 90%\t157500\t85227\t23440\t5270\t1592\t5958\t278987\nGreater than 90% and less than or equal to 100%\t109743\t4186\t820\t250\t124\t1994\t117117\nGreater than 100%\t28\t7\t28\t77\t81\t1756\t1977\nTotal 20 and 30-year or more amortizing fixed-rate\t1061427\t323414\t160137\t188912\t222969\t785344\t2742203\n15-year or less amortizing fixed-rate:\t\t\t\t\t\t\t\nLess than or equal to 80%\t181418\t41374\t15768\t31497\t46088\t132596\t448741\nGreater than 80% and less than or equal to 90%\t6105\t811\t35\t14\t8\t20\t6993\nGreater than 90% and less than or equal to 100%\t1274\t9\t3\t4\t3\t10\t1303\nGreater than 100%\t0\t0\t3\t3\t3\t13\t22\nTotal 15-year or less amortizing fixed-rate\t188797\t42194\t15809\t31518\t46102\t132639\t457059\nAdjustable-rate:\t\t\t\t\t\t\t\nLess than or equal to 80%\t2935\t1839\t2412\t4765\t2678\t16248\t30877\nGreater than 80% and less than or equal to 90%\t234\t152\t79\t19\t5\t12\t501\nGreater than 90% and less than or equal to 100%\t56\t3\t1\t0\t0\t2\t62\nGreater than 100%\t0\t0\t0\t0\t0\t1\t1\nTotal adjustable-rate\t3225\t1994\t2492\t4784\t2683\t16263\t31441\nOther:\t\t\t\t\t\t\t\nLess than or equal to 80%\t0\t41\t328\t811\t1028\t36216\t38424\nGreater than 80% and less than or equal to 90%\t0\t2\t20\t43\t30\t1298\t1393\nGreater than 90% and less than or equal to 100%\t0\t2\t8\t16\t10\t602\t638\nGreater than 100%\t0\t0\t4\t8\t9\t631\t652\nTotal other\t0\t45\t360\t878\t1077\t38747\t41107\nTotal\t1253449\t367647\t178798\t226092\t272831\t972993\t3271810\nTotal for all classes by LTV ratio:(2)\t\t\t\t\t\t\t\nLess than or equal to 80%\t978509\t277248\t154357\t220388\t270966\t960696\t2862164\nGreater than 80% and less than or equal to 90%\t163839\t86192\t23574\t5346\t1635\t7288\t287874\nGreater than 90% and less than or equal to 100%\t111073\t4200\t832\t270\t137\t2608\t119120\nGreater than 100%\t28\t7\t35\t88\t93\t2401\t2652\nTotal\t1253449\t367647\t178798\t226092\t272831\t972993\t3271810\n", "q10k_tbl_96": "\tAs of December 31 2019(1)\t\t\t\t\n\t20- and 30-Year or More Amortizing Fixed-Rate\t15-Year or Less Amortizing Fixed-Rate\tAdjustable-Rate\tOther\tTotal\n\t(Dollars in millions)\t\t\t\t\nEstimated mark-to-market LTV ratio:(2)\t\t\t\t\t\nLess than or equal to 80%\t2145018\t368181\t43415\t47005\t2603619\nGreater than 80% and less than or equal to 90%\t237623\t4556\t1275\t2872\t246326\nGreater than 90% and less than or equal to 100%\t130152\t1284\t215\t1398\t133049\nGreater than 100%\t4754\t66\t3\t1365\t6188\nTotal\t2517547\t374087\t44908\t52640\t2989182\n", "q10k_tbl_97": "\tAs of December 31 2020 by Year of Origination\t\t\t\t\t\t\n\t2020\t2019\t2018\t2017\t2016\tPrior\tTotal\n\t(Dollars in millions)\t\t\t\t\t\t\nInternally assigned credit risk rating:\t\t\t\t\t\t\t\nNon-classified(1)\t71977\t68296\t62087\t50907\t43174\t70933\t367374\nClassified(2)\t37\t1041\t1529\t2616\t1579\t3250\t10052\nTotal\t72014\t69337\t63616\t53523\t44753\t74183\t377426\n", "q10k_tbl_98": "\tAs of December 31 2019\n\t(Dollars in millions)\nCredit risk profile by internally assigned grade:\t\nNon-classified(1)\t323773\nClassified(2)\t6845\nTotal\t330618\n", "q10k_tbl_99": "\tFor the Year Ended December 31\t\t\t\t\t\t\t\t\t\t\t\n\t2020\t\t\t\t2019\t\t\t\t2018\t\t\t\n\tNumber of Loans\t\tAmortized Cost\t\tNumber of Loans\t\tAmortized Cost\t\tNumber of Loans\t\tAmortized Cost\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\t\t\nSingle-family:\t\t\t\t\t\t\t\t\t\t\t\t\n20- and 30-year or more amortizing fixed rate\t\t29938\t\t5125\t\t43283\t\t7140\t\t79397\t\t12485\n15-year or less amortizing fixed rate\t\t2956\t\t257\t\t4762\t\t424\t\t8953\t\t823\nAdjustable-rate\t\t467\t\t72\t\t813\t\t123\t\t844\t\t129\nOther\t\t1688\t\t211\t\t3001\t\t403\t\t6618\t\t916\nTotal single-family\t\t35049\t\t5665\t\t51859\t\t8090\t\t95812\t\t14353\nMultifamily\t\t0\t\t0\t\t11\t\t56\t\t14\t\t74\nTotal TDRs\t\t35049\t\t5665\t\t51870\t\t8146\t\t95826\t\t14427\n", "q10k_tbl_100": "\tFor the Year Ended December 31\t\t\t\t\t\t\t\t\t\t\t\n\t2020\t\t\t\t2019\t\t\t\t2018\t\t\t\n\tNumber of Loans\t\tAmortized Cost\t\tNumber of Loans\t\tAmortized Cost\t\tNumber of Loans\t\tAmortized Cost\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\t\t\nSingle-family:\t\t\t\t\t\t\t\t\t\t\t\t\n20- and 30-year or more amortizing fixed rate\t\t14127\t\t2578\t\t15189\t\t2366\t\t18344\t\t2675\n15-year or less amortizing fixed rate\t\t148\t\t10\t\t594\t\t45\t\t206\t\t15\nAdjustable-rate\t\t16\t\t2\t\t91\t\t14\t\t63\t\t8\nOther\t\t1291\t\t208\t\t1975\t\t315\t\t3129\t\t523\nTotal single-family\t\t15582\t\t2798\t\t17849\t\t2740\t\t21742\t\t3221\nMultifamily\t\t4\t\t16\t\t2\t\t18\t\t2\t\t3\nTotal TDRs that subsequently defaulted\t\t15586\t\t2814\t\t17851\t\t2758\t\t21744\t\t3224\n", "q10k_tbl_101": "\t\tAs of December 31\t\tFor the Year Ended December 31 2020\n\t\t2020\t2019\n\t\tAmortized Cost\t\tTotal Interest Income Recognized(1)\n\t(Dollars in millions)\t\t\t\nSingle-family:\t\t\t\t\n20- and 30-year or more amortizing fixed-rate\t\t22907\t23427\t461\n15-year or less amortizing fixed-rate\t\t853\t858\t15\nAdjustable-rate\t\t270\t288\t5\nOther\t\t2475\t2973\t43\nTotal single-family\t\t26505\t27546\t524\nMultifamily\t\t2069\t435\t59\nTotal nonaccrual loans\t\t28574\t27981\t583\n", "q10k_tbl_102": "\tAs of December 31 2019\t\t\n\tUnpaid Principal Balance\tTotal Amortized Cost\tRelated Allowance for Loan Losses\n\t(Dollars in millions)\t\t\nIndividually impaired loans:\t\t\t\nWith related allowance recorded:\t\t\t\nSingle-family:\t\t\t\n20- and 30-year or more amortizing fixed-rate\t63091\t61033\t(5851)\n15-year or less amortizing fixed-rate\t954\t960\t(24)\nAdjustable-rate\t156\t157\t(9)\nOther\t15181\t14078\t(2291)\nTotal single-family\t79382\t76228\t(8175)\nMultifamily\t314\t315\t(45)\nTotal individually impaired loans with related allowance recorded\t79696\t76543\t(8220)\nWith no related allowance recorded:(1)\t\t\t\nSingle-family:\t\t\t\n20- and 30-year or more amortizing fixed-rate\t18372\t17578\t0\n15-year or less amortizing fixed-rate\t410\t407\t0\nAdjustable-rate\t265\t265\t0\nOther\t3014\t2718\t0\nTotal single-family\t22061\t20968\t0\nMultifamily\t363\t365\t0\nTotal individually impaired loans with no related allowance recorded\t22424\t21333\t0\nTotal individually impaired loans(2)\t102120\t97876\t(8220)\n", "q10k_tbl_103": "\tFor the Year Ended December 31\t\t\t\t\t\t\t\t\t\t\t\n\t2019\t\t\t\t\t\t2018\t\t\t\t\t\n\tAverage Amortized Cost\t\tTotal Interest Income Recognized\t\tInterest Income Recognized on a Cash Basis\t\tAverage Amortized Cost\t\tTotal Interest Income Recognized\t\tInterest Income Recognized on a Cash Basis\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\t\t\nIndividually impaired loans:\t\t\t\t\t\t\t\t\t\t\t\t\nWith related allowance recorded:\t\t\t\t\t\t\t\t\t\t\t\t\nSingle-family:\t\t\t\t\t\t\t\t\t\t\t\t\n20- and 30-year or more amortizing fixed-rate\t\t69731\t\t2908\t\t260\t\t83498\t\t3463\t\t372\n15-year or less amortizing fixed-rate\t\t1176\t\t40\t\t3\t\t1410\t\t53\t\t8\nAdjustable-rate\t\t141\t\t6\t\t1\t\t154\t\t6\t\t1\nOther\t\t17125\t\t705\t\t51\t\t25170\t\t1039\t\t76\nTotal single-family\t\t88173\t\t3659\t\t315\t\t110232\t\t4561\t\t457\nMultifamily\t\t287\t\t7\t\t0\t\t235\t\t3\t\t0\nTotal individually impaired loans with related allowance recorded\t\t88460\t\t3666\t\t315\t\t110467\t\t4564\t\t457\nWith no related allowance recorded:(1)\t\t\t\t\t\t\t\t\t\t\t\t\nSingle-family:\t\t\t\t\t\t\t\t\t\t\t\t\n20- and 30-year or more amortizing fixed-rate\t\t15569\t\t977\t\t143\t\t14347\t\t938\t\t113\n15-year or less amortizing fixed-rate\t\t339\t\t15\t\t4\t\t192\t\t10\t\t4\nAdjustable-rate\t\t331\t\t15\t\t2\t\t466\t\t19\t\t2\nOther\t\t2836\t\t212\t\t20\t\t3489\t\t278\t\t22\nTotal single-family\t\t19075\t\t1219\t\t169\t\t18494\t\t1245\t\t141\nMultifamily\t\t375\t\t31\t\t0\t\t336\t\t14\t\t0\nTotal individually impaired loans with no related allowance recorded\t\t19450\t\t1250\t\t169\t\t18830\t\t1259\t\t141\nTotal individually impaired loans\t\t107910\t\t4916\t\t484\t\t129297\t\t5823\t\t598\n", "q10k_tbl_104": "\tFor the Year Ended December 31\n\t2020\n\t(Dollars in millions)\nSingle-family allowance for loan losses:\t\nBeginning balance\t(8759)\nTransition impact of the adoption of the CECL standard\t(1229)\nBenefit for loan losses\t127\nWrite-offs\t457\nRecoveries\t(93)\nOther\t153\nEnding Balance\t(9344)\nMultifamily allowance for loan losses:\t\nBeginning balance\t(257)\nTransition impact of the adoption of the CECL standard\t(493)\nProvision for loan losses\t(593)\nWrite-offs\t136\nRecoveries\t(1)\nEnding Balance\t(1208)\nTotal allowance for loan losses:\t\nBeginning balance\t(9016)\nTransition impact of the adoption of the CECL standard\t(1722)\nProvision for loan losses\t(466)\nWrite-offs\t593\nRecoveries\t(94)\nOther\t153\nEnding Balance\t(10552)\n", "q10k_tbl_105": "\tFor the Year Ended December 31\t\n\t2019\t2018\n\t(Dollars in millions)\t\nSingle-family allowance for loan losses:\t\t\nBeginning balance\t(13969)\t(18849)\nBenefit for loan losses\t3988\t2990\nWrite-offs\t1299\t2148\nRecoveries\t(71)\t(240)\nOther\t(6)\t(18)\nEnding Balance\t(8759)\t(13969)\nMultifamily allowance for loan losses:\t\t\nBeginning balance\t(234)\t(235)\nProvision for loan losses\t(27)\t(3)\nWrite-offs\t8\t4\nRecoveries\t(4)\t0\nEnding Balance\t(257)\t(234)\nTotal allowance for loan losses:\t\t\nBeginning balance\t(14203)\t(19084)\nBenefit for loan losses\t3961\t2987\nWrite-offs\t1307\t2152\nRecoveries\t(75)\t(240)\nOther\t(6)\t(18)\nEnding Balance\t(9016)\t(14203)\n", "q10k_tbl_106": "\tAs of December 31\t\t\t\n\t2019\t\t\t\n\tSingle-Family\tMultifamily\t\tTotal\n\t(Dollars in millions)\t\t\t\nAllowance for loan losses by segment:\t\t\t\t\nIndividually impaired loans\t(8175)\t\t(45)\t(8220)\nCollectively reserved loans\t(584)\t\t(212)\t(796)\nTotal allowance for loan losses\t(8759)\t\t(257)\t(9016)\nAmortized cost in loans by segment:\t\t\t\t\nIndividually impaired loans\t97196\t\t680\t97876\nCollectively reserved loans\t2909115\t\t329938\t3239053\nTotal amortized cost in loans\t3006311\t\t330618\t3336929\n", "q10k_tbl_107": "\tAs of December 31\t\n\t2020\t2019\n\t(Dollars in millions)\t\nMortgage-related securities:\t\t\nFannie Mae\t2404\t3424\nOther agency(1)\t3451\t4490\nPrivate-label and other mortgage securities\t158\t629\nTotal mortgage-related securities (includes $793 million and $896 million respectively related to consolidated trusts)\t6013\t8543\nNon-mortgage-related securities:\t\t\nU.S. Treasury securities\t130456\t39501\nOther securities\t73\t79\nTotal non-mortgage-related securities\t130529\t39580\nTotal trading securities\t136542\t48123\n", "q10k_tbl_108": "\tFor the Year Ended December 31\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\n\t(Dollars in millions)\t\t\t\t\t\nNet trading gains\t\t513\t\t322\t\t126\nNet trading gains recognized in the period related to securities still held at period end\t\t252\t\t238\t\t55\n", "q10k_tbl_109": "\tAs of December 31 2020\t\t\t\t\t\t\t\t\t\n\tTotal Amortized Cost(1)\t\tAllowance for Credit Losses\t\tGross Unrealized Gains in AOCI\t\tGross Unrealized Losses in AOCI\t\tTotal Fair Value(1)\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\nFannie Mae\t\t1094\t\t0\t\t86\t\t(12)\t\t1168\nOther agency(2)\t\t59\t\t0\t\t6\t\t0\t\t65\nAlt-A and subprime private-label securities\t\t4\t\t0\t\t2\t\t0\t\t6\nMortgage revenue bonds\t\t211\t\t(3)\t\t8\t\t0\t\t216\nOther mortgage-related securities\t\t238\t\t0\t\t4\t\t0\t\t242\nTotal\t\t1606\t\t(3)\t\t106\t\t(12)\t\t1697\n", "q10k_tbl_110": "\tAs of December 31 2019\t\t\t\t\t\t\t\n\tTotal Amortized Cost(1)(3)\t\tGross Unrealized Gains\t\tGross Unrealized Losses\t\tTotal Fair Value(1)\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\nFannie Mae\t\t1445\t\t85\t\t(10)\t\t1520\nOther agency(2)\t\t183\t\t15\t\t0\t\t198\nAlt-A and subprime private-label securities\t\t34\t\t23\t\t0\t\t57\nMortgage revenue bonds\t\t309\t\t9\t\t(3)\t\t315\nOther mortgage-related securities\t\t310\t\t5\t\t(1)\t\t314\nTotal\t\t2281\t\t137\t\t(14)\t\t2404\n", "q10k_tbl_111": "\tAs of December 31 2020\t\t\t\t\t\t\t\n\tLess Than 12 Consecutive Months\t\t\t\t12 Consecutive Months or Longer\t\t\t\n\tGross Unrealized Losses in AOCI\t\tFair Value\t\tGross Unrealized Losses in AOCI\t\tFair Value\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\nFannie Mae\t\t(1)\t\t40\t\t(11)\t\t94\nMortgage revenue bonds\t\t0\t\t0\t\t0\t\t0\nOther mortgage-related securities\t\t0\t\t0\t\t0\t\t0\nTotal\t\t(1)\t\t40\t\t(11)\t\t94\n\tAs of December 31 2019\t\t\t\t\t\t\t\n\tLess Than 12 Consecutive Months\t\t\t\t12 Consecutive Months or Longer\t\t\t\n\tGross Unrealized Losses\t\tFair Value\t\tGross Unrealized Losses\t\tFair Value\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\nFannie Mae\t\t0\t\t0\t\t(10)\t\t337\nMortgage revenue bonds\t\t0\t\t0\t\t(3)\t\t3\nOther mortgage-related securities\t\t(1)\t\t130\t\t0\t\t0\nTotal\t\t(1)\t\t130\t\t(13)\t\t340\n", "q10k_tbl_112": "\tFor the Year Ended December 31\t\t\n\t2020\t2019\t2018\n\t(Dollars in millions)\t\t\nGross realized gains\t57\t265\t375\nTotal proceeds (excludes initial sale of securities from new portfolio securitizations)\t361\t537\t662\n", "q10k_tbl_113": "\tAs of\t\n\tDecember 31 2019\tDecember 31 2018\n\t(Dollars in millions)\t\nNet unrealized gains on AFS securities for which we have not recorded other-than-temporary impairment (\"OTTI\")\t97\t52\t\t\t\t\t\t\nNet unrealized gains on AFS securities for which we have recorded OTTI\t0\t224\t\t\t\nOther\t34\t46\t\t\t\nAccumulated other comprehensive income\t131\t322\t\t\t\t\t\t\n", "q10k_tbl_114": "\tAs of December 31 2020\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\tTotal Carrying Amount (1)\t\t\tTotal Fair Value\t\t\tOne Year or Less\t\t\t\t\tAfter One Year Through Five Years\t\t\t\t\tAfter Five Years Through Ten Years\t\t\t\t\tAfter Ten Years\t\t\n\t\t\tNet Carrying Amount (1)\t\t\tFair Value\t\t\tNet Carrying Amount (1)\t\tFair Value\t\t\tNet Carrying Amount (1)\t\tFair Value\t\t\tNet Carrying Amount (1)\t\tFair Value\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nFannie Mae\t\t1094\t\t\t1168\t\t\t0\t\t0\t\t\t5\t\t6\t\t\t96\t\t108\t\t\t993\t1054\nOther agency\t\t59\t\t\t65\t\t\t0\t\t0\t\t\t0\t\t0\t\t\t9\t\t10\t\t\t50\t55\nAlt-A and subprime private-label securities\t\t4\t\t\t6\t\t\t0\t\t0\t\t\t0\t\t0\t\t\t3\t\t3\t\t\t1\t3\nMortgage revenue bonds\t\t208\t\t\t216\t\t\t1\t\t1\t\t\t27\t\t28\t\t\t19\t\t20\t\t\t161\t167\nOther mortgage-related securities\t\t238\t\t\t242\t\t\t0\t\t0\t\t\t0\t\t0\t\t\t19\t\t21\t\t\t219\t221\nTotal\t\t1603\t\t\t1697\t\t\t1\t\t1\t\t\t32\t\t34\t\t\t146\t\t162\t\t\t1424\t1500\nWeighted-average yield (1)\t\t5.27%\t\t\t\t\t\t5.90%\t\t\t\t\t6.54%\t\t\t\t\t6.11%\t\t\t\t\t5.16%\t\n", "q10k_tbl_115": "\tAs of December 31\t\t\t\t\t\t\t\t\t\t\n\t2020\t\t\t\t\t\t2019\t\t\t\t\n\tMaximum Exposure\tGuaranty Obligation\t\tMaximum Recovery(1)\t\tMaximum Exposure\t\tGuaranty Obligation\t\tMaximum Recovery(1)\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\t\nUnconsolidated Fannie Mae MBS\t4424\t\t18\t\t4226\t\t5801\t\t26\t\t5545\nOther guaranty arrangements(2)\t11828\t\t109\t\t2438\t\t12670\t\t128\t\t2553\nTotal\t16252\t\t127\t\t6664\t\t18471\t\t154\t\t8098\n", "q10k_tbl_116": "\tAs of December 31\t\t\t\n\t2020\t\t2019\t\n\tOutstanding\tWeighted- Average Interest Rate(1)\tOutstanding\tWeighted- Average Interest Rate(1)\n\t(Dollars in millions)\t\t\t\nFederal funds purchased and securities sold under agreements to repurchase(2)\t0\t-%\t478\t1.67%\nShort-term debt of Fannie Mae\t12173\t0.18\t26662\t1.56\n", "q10k_tbl_117": "\tAs of December 31\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n\tMaturities\tOutstanding(1)\tWeighted- Average Interest Rate(2)\tMaturities\tOutstanding(1)\tWeighted- Average Interest Rate(2)\n\t(Dollars in millions)\t\t\t\t\t\nSenior fixed:\t\t\t\t\t\t\nBenchmark notes and bonds\t2021 - 2030\t106691\t2.03%\t2020 - 2030\t86114\t2.66%\nMedium-term notes(3)\t2021 - 2030\t48524\t0.63\t2020 - 2026\t32590\t1.57\nOther(4)\t2021 - 2038\t6701\t3.90\t2020 - 2038\t5254\t5.01\nTotal senior fixed\t\t161916\t1.69\t\t123958\t2.47\nSenior floating:\t\t\t\t\t\t\nMedium-term notes(3)\t2021 - 2022\t100089\t0.35\t2020 - 2021\t9774\t1.66\nConnecticut Avenue Securities(5)\t2023 - 2031\t14978\t4.16\t2023 - 2031\t21424\t5.61\nOther(6)\t2037\t416\t7.75\t2020 - 2037\t398\t6.27\nTotal senior floating\t\t115483\t0.86\t\t31596\t4.40\nSecured borrowings(7)\t0\t0\t0\t2021 - 2022\t31\t2.31\nTotal long-term debt of Fannie Mae(8)\t\t277399\t1.34\t\t155585\t2.86\nDebt of consolidated trusts\t2021 - 2060\t3646164\t1.88\t2020 - 2059\t3285139\t2.78\nTotal long-term debt\t\t3923563\t1.85%\t\t3440724\t2.78%\n", "q10k_tbl_118": "\tLong-Term Debt by Year of Maturity\t\tAssuming Callable Debt Redeemed at Next Available Call Date\t\n\t(Dollars in millions)\t\t\t\n2021\t\t66631\t\t92454\n2022\t\t65593\t\t82824\n2023\t\t30946\t\t20814\n2024\t\t19762\t\t14881\n2025\t\t39593\t\t21985\nThereafter\t\t54874\t\t44441\nTotal long-term debt of Fannie Mae(1)\t\t277399\t\t277399\nDebt of consolidated trusts(2)\t\t3646164\t\t3646164\nTotal long-term debt\t\t3923563\t\t3923563\n", "q10k_tbl_119": "\tAs of December 31 2020\t\t\t\tAs of December 31 2019\t\t\t\n\tAsset Derivatives\t\tLiability Derivatives\t\tAsset Derivatives\t\tLiability Derivatives\t\n\tNotional Amount\tEstimated Fair Value\tNotional Amount\tEstimated Fair Value\tNotional Amount\tEstimated Fair Value\tNotional Amount\tEstimated Fair Value\n\t(Dollars in millions)\t\t\t\t\t\t\t\nRisk management derivatives:\t\t\t\t\t\t\t\t\nSwaps:\t\t\t\t\t\t\t\t\nPay-fixed\t88361\t0\t11461\t(595)\t41052\t0\t29178\t(970)\nReceive-fixed\t92315\t233\t33919\t(123)\t73579\t816\t26382\t(62)\nBasis\t250\t192\t0\t0\t273\t149\t0\t0\nForeign currency\t237\t57\t239\t(58)\t229\t39\t232\t(65)\nSwaptions:\t\t\t\t\t\t\t\t\nPay-fixed\t5530\t37\t2025\t(118)\t4600\t18\t6375\t(219)\nReceive-fixed\t3355\t346\t700\t(16)\t2875\t106\t4600\t(232)\nFutures(1)\t64398\t0\t0\t0\t20507\t0\t0\t0\nTotal gross risk management derivatives\t254446\t865\t48344\t(910)\t143115\t1128\t66767\t(1548)\nAccrued interest receivable (payable)\t0\t97\t0\t(105)\t0\t226\t0\t(250)\nNetting adjustment(2)\t0\t(905)\t0\t995\t0\t(1288)\t0\t1694\nTotal net risk management derivatives\t254446\t57\t48344\t(20)\t143115\t66\t66767\t(104)\nMortgage commitment derivatives:\t\t\t\t\t\t\t\t\nMortgage commitments to purchase whole loans\t35292\t145\t51\t0\t7115\t15\t1787\t(1)\nForward contracts to purchase mortgage-related securities\t144215\t844\t607\t0\t55531\t137\t9560\t(28)\nForward contracts to sell mortgage-related securities\t199\t0\t227828\t(1426)\t9282\t13\t109066\t(277)\nTotal mortgage commitment derivatives\t179706\t989\t228486\t(1426)\t71928\t165\t120413\t(306)\nCredit enhancement derivatives\t16829\t179\t11368\t(49)\t28432\t40\t9486\t(25)\nDerivatives at fair value\t450981\t1225\t288198\t(1495)\t243475\t271\t196666\t(435)\n", "q10k_tbl_120": "\tFor the Year Ended December 31\t\t\n\t2020\t2019\t2018\n\t(Dollars in millions)\t\t\nRisk management derivatives:\t\t\t\nSwaps:\t\t\t\nPay-fixed\t(2764)\t(3964)\t2940\nReceive-fixed\t2226\t3685\t(1834)\nBasis\t43\t46\t(21)\nForeign currency\t23\t24\t(51)\nSwaptions:\t\t\t\nPay-fixed\t(146)\t(380)\t100\nReceive-fixed\t595\t117\t(39)\nFutures\t(76)\t273\t38\nNet contractual interest expense on interest-rate swaps\t(261)\t(833)\t(1061)\nTotal risk management derivatives fair value gains (losses) net\t(360)\t(1032)\t72\nMortgage commitment derivatives fair value gains (losses) net\t(2654)\t(1043)\t324\nCredit enhancement derivatives fair value gains (losses) net\t182\t(35)\t26\nTotal derivatives fair value gains (losses) net\t(2832)\t(2110)\t422\n", "q10k_tbl_121": "\tFor the Year Ended December 31\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\n\t(Dollars in millions)\t\t\t\t\t\nCurrent income tax benefit (provision)\t\t(3803)\t\t(2089)\t\t114\nDeferred income tax benefit (provision)(1)\t\t729\t\t(1328)\t\t(4254)\nProvision for federal income taxes\t\t(3074)\t\t(3417)\t\t(4140)\n", "q10k_tbl_122": "\tFor the Year Ended December 31\t\t\t\t\t\t\t\t\n\t2020\t\t\t2019\t\t\t2018\t\t\nStatutory corporate tax rate\t\t21.0\t%\t\t21.0\t%\t\t21.0\t%\nEquity investments in affordable housing projects\t\t(0.1)\t\t\t(0.2)\t\t\t(0.6)\t\nChange in unrecognized tax benefits\t\t0\t\t\t(1.2)\t\t\t0\t\nOther\t\t(0.2)\t\t\t(0.2)\t\t\t0.2\t\nEffective tax rate\t\t20.7\t%\t\t19.4\t%\t\t20.6\t%\n", "q10k_tbl_123": "\tAs of December 31\t\t\t\n\t2020\t\t2019\t\n\t(Dollars in millions)\t\t\t\nDeferred tax assets:\t\t\t\t\nMortgage and mortgage-related assets\t\t8241\t\t9290\nAllowance for loan losses and basis in acquired property net\t\t1798\t\t1240\nDebt and derivative instruments\t\t526\t\t627\nPartnership and other equity investments\t\t129\t\t152\nInterest-only securities\t\t2561\t\t788\nTotal deferred tax assets\t\t13255\t\t12097\nDeferred tax liabilities:\t\t\t\t\nUnrealized gains on AFS securities net\t\t20\t\t26\nOther net\t\t288\t\t161\nTotal deferred tax liabilities\t\t308\t\t187\nDeferred tax assets net\t\t12947\t\t11910\n", "q10k_tbl_124": "\tFor the Year Ended December 31\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\n\t(Dollars in millions)\t\t\t\t\t\nUnrecognized tax benefits as of January 1\t\t0\t\t416\t\t514\nGross decreases - tax positions in current year\t\t0\t\t0\t\t(98)\nGross decreases - tax positions in prior years\t\t0\t\t(416)\t\t0\nUnrecognized tax benefits as of December 31(1)\t\t0\t\t0\t\t416\n", "q10k_tbl_125": "\tAs of December 31\t\n\t2020\t2019\n\t(Dollars in millions)\t\nSingle-Family\t3569130\t3149212\nMultifamily\t416619\t354107\nTotal assets\t3985749\t3503319\n", "q10k_tbl_126": "\tFor the Year Ended December 31 2020\t\t\n\tSingle-Family\tMultifamily\tTotal\n\t(Dollars in millions)\t\t\nNet interest income(1)\t21502\t3364\t24866\nFee and other income(2)\t368\t94\t462\nNet revenues\t21870\t3458\t25328\nInvestment gains net(3)\t728\t179\t907\nFair value gains (losses) net(4)\t(2539)\t38\t(2501)\nAdministrative expenses\t(2559)\t(509)\t(3068)\nCredit-related expense:(5)\t\t\t\nProvision for credit losses\t(75)\t(603)\t(678)\nForeclosed property expense\t(157)\t(20)\t(177)\nTotal credit-related expense\t(232)\t(623)\t(855)\nTCCA fees(6)\t(2673)\t0\t(2673)\nCredit enhancement expense(7)\t(1141)\t(220)\t(1361)\nChange in expected credit enhancement recoveries(8)\t89\t144\t233\nOther expenses net\t(1055)\t(76)\t(1131)\nIncome before federal income taxes\t12488\t2391\t14879\nProvision for federal income taxes\t(2607)\t(467)\t(3074)\nNet income\t9881\t1924\t11805\n", "q10k_tbl_127": "\tFor the Year Ended December 31 2019\t\t\n\tSingle-Family\tMultifamily\tTotal\n\t(Dollars in millions)\t\t\nNet interest income(1)\t18013\t3280\t21293\nFee and other income(2)\t453\t113\t566\nNet revenues\t18466\t3393\t21859\nInvestment gains net(3)\t1589\t181\t1770\nFair value gains (losses) net(4)\t(2216)\t2\t(2214)\nAdministrative expenses\t(2565)\t(458)\t(3023)\nCredit-related income (expense):(5)\t\t\t\nBenefit (provision) for credit losses\t4038\t(27)\t4011\nForeclosed property income (expense)\t(523)\t8\t(515)\nTotal credit-related income (expense)\t3515\t(19)\t3496\nTCCA fees(6)\t(2432)\t0\t(2432)\nCredit enhancement expense(7)\t(927)\t(207)\t(1134)\nChange in expected credit enhancement recoveries(8)\t0\t0\t0\nOther expenses net\t(734)\t(11)\t(745)\nIncome before federal income taxes\t14696\t2881\t17577\nProvision for federal income taxes\t(2859)\t(558)\t(3417)\nNet income\t11837\t2323\t14160\n", "q10k_tbl_128": "\tFor the Year Ended December 31 2018\t\t\n\tSingle-Family\tMultifamily\tTotal\n\t(Dollars in millions)\t\t\nNet interest income(1)\t18162\t3111\t21273\nFee and other income(2)\t450\t105\t555\nNet revenues\t18612\t3216\t21828\nInvestment gains net(3)\t850\t102\t952\nFair value gains (losses) net(4)\t1210\t(89)\t1121\nAdministrative expenses\t(2631)\t(428)\t(3059)\nCredit-related income (expense):(5)\t\t\t\nBenefit (provision) for credit losses\t3313\t(4)\t3309\nForeclosed property expense\t(604)\t(13)\t(617)\nTotal credit-related income (expense)\t2709\t(17)\t2692\nTCCA fees(6)\t(2284)\t0\t(2284)\nCredit enhancement expense(7)\t(514)\t(165)\t(679)\nChange in expected credit enhancement recoveries(8)\t0\t0\t0\nOther income (expenses) net\t(498)\t26\t(472)\nIncome before federal income taxes\t17454\t2645\t20099\nProvision for federal income taxes\t(3708)\t(432)\t(4140)\nNet income\t13746\t2213\t15959\n", "q10k_tbl_129": "\t\tIssued and Outstanding as of December 31\t\t\t\t\t\tAnnual Dividend Rate as of December 31 2020\t\t\t\t\n\t\t2020\t\t2019\t\tStated Value per Share\t\t\t\t\t\nTitle\tIssue Date\tShares\tAmount\tShares\tAmount\t\t\t\tRedeemable on or After\t\n(Dollars and shares in millions except per share amounts)\t\t\t\t\t\t\t\t\t\t\t\t\nSenior Preferred Stock\t\t\t\t\t\t\t\t\t\t\t\t\nSeries 2008-2\tSeptember 8 2008\t1\t120836\t1\t120836\t120836\t(1)\tN/A\t\t(2)\tN/A\t(3)\nPreferred Stock\t\t\t\t\t\t\t\t\t\t\t\t\nSeries D\tSeptember 30 1998\t3\t150\t3\t150\t50\t\t5.250\t\t%\tSeptember 30 1999\t\nSeries E\tApril 15 1999\t3\t150\t3\t150\t50\t\t5.100\t\t\tApril 15 2004\t\nSeries F\tMarch 20 2000\t14\t690\t14\t690\t50\t\t0.150\t\t(4)\tMarch 31 2002\t(5)\nSeries G\tAugust 8 2000\t6\t288\t6\t288\t50\t\t0\t\t(6)\tSeptember 30 2002\t(5)\nSeries H\tApril 6 2001\t8\t400\t8\t400\t50\t\t5.810\t\t\tApril 6 2006\t\nSeries I\tOctober 28 2002\t6\t300\t6\t300\t50\t\t5.375\t\t\tOctober 28 2007\t\nSeries L\tApril 29 2003\t7\t345\t7\t345\t50\t\t5.125\t\t\tApril 29 2008\t\nSeries M\tJune 10 2003\t9\t460\t9\t460\t50\t\t4.750\t\t\tJune 10 2008\t\nSeries N\tSeptember 25 2003\t5\t225\t5\t225\t50\t\t5.500\t\t\tSeptember 25 2008\t\nSeries O\tDecember 30 2004\t50\t2500\t50\t2500\t50\t\t7.000\t\t(7)\tDecember 31 2007\t\nConvertible Series 2004-I(8)\tDecember 30 2004\t0\t2492\t0\t2492\t100000\t\t5.375\t\t\tJanuary 5 2008\t\nSeries P\tSeptember 28 2007\t40\t1000\t40\t1000\t25\t\t4.500\t\t(9)\tSeptember 30 2012\t\nSeries Q\tOctober 4 2007\t15\t375\t15\t375\t25\t\t6.750\t\t\tSeptember 30 2010\t\nSeries R(10)\tNovember 21 2007\t21\t530\t21\t530\t25\t\t7.625\t\t\tNovember 21 2012\t\nSeries S\tDecember 11 2007\t280\t7000\t280\t7000\t25\t\t7.750\t\t(11)\tDecember 31 2010\t(12)\nSeries T(13)\tMay 19 2008\t89\t2225\t89\t2225\t25\t\t8.250\t\t\tMay 20 2013\t\nTotal\t\t556\t19130\t556\t19130\t\t\t\t\t\t\t\n", "q10k_tbl_130": "\tAs of December 31\t\n\t2020\t2019\n\t(Dollars in millions)\t\nCore capital(1)\t(95694)\t(106360)\nStatutory minimum capital requirement(2)\t28603\t22392\nDeficit of core capital over statutory minimum capital requirement\t(124297)\t(128752)\n", "q10k_tbl_131": "\tGeographic Concentration(1)\t\t\t\t\t\t\t\t\t\t\t\n\tPercentage of Single-Family Conventional Guaranty Book of Business\t\t\t\t\t\tPercentage of Multifamily Guaranty Book of Business\t\t\t\t\t\n\tAs of December 31\t\t\t\t\t\tAs of December 31\t\t\t\t\t\n\t2020\t\t\t2019\t\t\t2020\t\t\t2019\t\t\nMidwest\t\t14\t%\t\t15\t%\t\t11\t%\t\t10\t%\nNortheast\t\t17\t\t\t17\t\t\t15\t\t\t15\t\nSoutheast\t\t22\t\t\t22\t\t\t27\t\t\t27\t\nSouthwest\t\t19\t\t\t18\t\t\t22\t\t\t23\t\nWest\t\t28\t\t\t28\t\t\t25\t\t\t25\t\nTotal\t\t100\t%\t\t100\t%\t\t100\t%\t\t100\t%\n", "q10k_tbl_132": "\tAs of December 31\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n\t30 Days Delinquent\t60 Days Delinquent\tSeriously Delinquent(1)\t30 Days Delinquent\t60 Days Delinquent\tSeriously Delinquent(1)\nPercentage of single-family conventional guaranty book of business based on UPB\t0.88%\t0.33%\t3.10%\t1.07%\t0.29%\t0.59%\nPercentage of single-family conventional loans based on loan count\t1.02\t0.36\t2.87\t1.27\t0.35\t0.66\n", "q10k_tbl_133": "\tAs of December 31\t\t\t\n\t2020\t\t2019\t\n\tPercentage of Single-Family Conventional Guaranty Book of Business Based on UPB\tSeriously Delinquent Rate(1)\tPercentage of Single-Family Conventional Guaranty Book of Business Based on UPB\tSeriously Delinquent Rate(1)\nEstimated mark-to-market LTV ratio:\t\t\t\t\nGreater than 100%\t*\t22.43%\t*\t10.14%\nGeographical distribution:\t\t\t\t\nCalifornia\t19\t2.62\t19\t0.32\nFlorida\t6\t4.17\t6\t0.84\nIllinois\t3\t3.10\t4\t0.91\nNew Jersey\t3\t4.57\t3\t1.13\nNew York\t5\t4.79\t5\t1.18\nAll other states\t64\t2.59\t63\t0.64\nProduct distribution:\t\t\t\t\nAlt-A\t1\t9.32\t2\t2.95\nVintages:\t\t\t\t\n2004 and prior\t2\t5.88\t2\t2.48\n2005-2008\t2\t9.98\t4\t4.11\n2009-2020\t96\t2.39\t94\t0.35\n", "q10k_tbl_134": "\tAs of December 31\t\t\t\n\t2020(1)\t\t2019(1)\t\n\t30 Days Delinquent\tSeriously Delinquent(2)\t30 Days Delinquent\tSeriously Delinquent(2)\nPercentage of multifamily guaranty book of business\t0.29%\t0.98%\t0.02%\t0.04%\n", "q10k_tbl_135": "\tAs of December 31\t\t\t\n\t2020\t\t2019\t\n\tPercentage of Multifamily Guaranty Book of Business(1)\tSerious Delinquency Rate(2)(3)\tPercentage of Multifamily Guaranty Book of Business(1)\tSerious Delinquency Rate(2)(3)\nOriginal LTV ratio:\t\t\t\t\nGreater than 80%\t1%\t1.04%\t1%\t-%\nLess than or equal to 80%\t99\t0.98\t99\t0.04\nCurrent DSCR below 1.0(4)\t2\t21.19\t2\t0.48\n", "q10k_tbl_136": "\tAs of December 31\t\t\t\n\t2020\t\t2019\t\n\tRisk in Force\tPercentage of Single-Family Conventional Guaranty Book of Business\tRisk in Force\tPercentage of Single-Family Conventional Guaranty Book of Business\n\t(Dollars in millions)\t\t\t\nMortgage insurance risk in force:\t\t\t\t\nPrimary mortgage insurance\t170890\t\t162855\t\nPool mortgage insurance\t291\t\t339\t\nTotal mortgage insurance risk in force\t171181\t5%\t163194\t6%\n", "q10k_tbl_137": "\tPercentage of Risk-in-Force Coverage by Mortgage Insurer\t\n\tAs of December 31\t\n\t2020\t2019\nCounterparty:(1)\t\t\nArch Capital Group Ltd.\t21%\t23%\nRadian Guaranty Inc.\t19\t20\nMortgage Guaranty Insurance Corp.\t18\t18\nGenworth Mortgage Insurance Corp.\t16\t15\nEssent Guaranty Inc.\t16\t14\nOthers\t10\t10\nTotal\t100%\t100%\n", "q10k_tbl_138": "\tPercentage of Single-Family Guaranty Book of Business\t\n\tAs of December 31\t\n\t2020\t2019\nWells Fargo Bank N.A. (together with its affiliates)\t13%\t17%\nRemaining top five depository servicers\t11\t15\nTop five non-depository servicers\t24\t27\nTotal\t48%\t59%\n", "q10k_tbl_139": "\tPercentage of Multifamily Guaranty Book of Business\t\n\tAs of December 31\t\n\t2020\t2019\nWells Fargo Bank N.A. (together with its affiliates)\t12%\t13%\nWalker & Dunlop LLC\t12\t12\nRemaining top five servicers\t24\t23\nTotal\t48%\t48%\n", "q10k_tbl_140": "\tAs of December 31 2020\t\t\t\t\t\t\t\t\n\t\tGross Amount Offset(1)\tNet Amount Presented in our Consolidated Balance Sheets\t\t\tAmounts Not Offset in our Consolidated Balance Sheets\t\t\t\t\t\t\t\t\t\t\t\t\n\tGross Amount\t\tFinancial Instruments(2)\t\t\t\tCollateral(3)\tNet Amount\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\t\t\nAssets:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nOTC risk management derivatives\t962\t(952)\t\t10\t\t\t0\t\t0\t\t\t\t\t\t\t\t\t\t10\t\t\t\t\t\nCleared risk management derivatives\t0\t47\t\t47\t\t\t0\t\t0\t\t\t\t\t\t\t\t\t\t47\t\t\t\t\t\nMortgage commitment derivatives\t989\t0\t\t989\t\t\t(406)\t\t(53)\t\t\t\t\t\t\t\t\t\t530\t\t\t\t\t\nTotal derivative assets\t1951\t(905)\t\t1046\t(4)\t\t(406)\t\t(53)\t\t\t\t\t\t\t\t\t\t587\t\t\t\t\t\nSecurities purchased under agreements to resell or similar arrangements(5)\t46644\t0\t\t46644\t\t\t0\t\t(46644)\t\t\t\t\t\t\t\t\t\t0\t\t\t\t\t\nTotal assets\t48595\t(905)\t\t47690\t\t\t(406)\t\t(46697)\t\t\t\t\t\t\t\t\t\t587\t\t\t\t\t\n", "q10k_tbl_141": "Liabilities:\t\t\t\t\t\t\t\nOTC risk management derivatives\t(1015)\t999\t(16)\t\t0\t0\t(16)\nCleared risk management derivatives\t0\t(4)\t(4)\t\t0\t2\t(2)\nMortgage commitment derivatives\t(1426)\t0\t(1426)\t\t406\t1017\t(3)\nTotal derivative liabilities\t(2441)\t995\t(1446)\t(4)\t406\t1019\t(21)\nTotal liabilities\t(2441)\t995\t(1446)\t\t406\t1019\t(21)\n", "q10k_tbl_142": "\tAs of December 31 2019\t\t\t\t\t\t\t\t\n\t\tGross Amount Offset(1)\tNet Amount Presented in our Consolidated Balance Sheets\t\t\tAmounts Not Offset in our Consolidated Balance Sheets\t\t\t\t\t\t\t\t\t\t\t\t\n\tGross Amount\t\tFinancial Instruments(2)\t\t\t\tCollateral(3)\tNet Amount\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\t\t\nAssets:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nOTC risk management derivatives\t1354\t(1334)\t\t20\t\t\t0\t\t0\t\t\t\t\t\t\t\t\t\t20\t\t\t\t\t\nCleared risk management derivatives\t0\t46\t\t46\t\t\t0\t\t0\t\t\t\t\t\t\t\t\t\t46\t\t\t\t\t\nMortgage commitment derivatives\t165\t0\t\t165\t\t\t(101)\t\t(1)\t\t\t\t\t\t\t\t\t\t63\t\t\t\t\t\nTotal derivative assets\t1519\t(1288)\t\t231\t(4)\t\t(101)\t\t(1)\t\t\t\t\t\t\t\t\t\t129\t\t\t\t\t\nSecurities purchased under agreements to resell or similar arrangements(5)\t24928\t0\t\t24928\t\t\t0\t\t(24928)\t\t\t\t\t\t\t\t\t\t0\t\t\t\t\t\nTotal assets\t26447\t(1288)\t\t25159\t\t\t(101)\t\t(24929)\t\t\t\t\t\t\t\t\t\t129\t\t\t\t\t\n", "q10k_tbl_143": "Liabilities:\t\t\t\t\t\t\t\nOTC risk management derivatives\t(1798)\t1695\t(103)\t\t0\t0\t(103)\nCleared risk management derivatives\t0\t(1)\t(1)\t\t0\t1\t0\nMortgage commitment derivatives\t(306)\t0\t(306)\t\t101\t181\t(24)\nTotal derivative liabilities\t(2104)\t1694\t(410)\t(4)\t101\t182\t(127)\nSecurities sold under agreements to repurchase or similar arrangements(5)\t(478)\t0\t(478)\t\t0\t475\t(3)\nTotal liabilities\t(2582)\t1694\t(888)\t\t101\t657\t(130)\n", "q10k_tbl_144": "\tFair Value Measurements as of December 31 2020\t\t\t\t\t\t\t\t\t\n\tQuoted Prices in Active Markets for Identical Assets (Level 1)\t\tSignificant Other Observable Inputs (Level 2)\t\tSignificant Unobservable Inputs (Level 3)\t\tNetting Adjustment(1)\t\tEstimated Fair Value\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\nRecurring fair value measurements:\t\t\t\t\t\t\t\t\t\t\nAssets:\t\t\t\t\t\t\t\t\t\t\nCash equivalents(2)\t\t1120\t\t0\t\t0\t\t0\t\t1120\nTrading securities:\t\t\t\t\t\t\t\t\t\t\nMortgage-related securities:\t\t\t\t\t\t\t\t\t\t\nFannie Mae\t\t0\t\t2310\t\t94\t\t0\t\t2404\nOther agency\t\t0\t\t3450\t\t1\t\t0\t\t3451\nPrivate-label and other mortgage securities\t\t0\t\t158\t\t0\t\t0\t\t158\nNon-mortgage-related securities:\t\t\t\t\t\t\t\t\t\t\nU.S. Treasury securities\t\t130456\t\t0\t\t0\t\t0\t\t130456\nOther securities\t\t0\t\t73\t\t0\t\t0\t\t73\nTotal trading securities\t\t130456\t\t5991\t\t95\t\t0\t\t136542\nAvailable-for-sale securities:\t\t\t\t\t\t\t\t\t\t\nMortgage-related securities:\t\t\t\t\t\t\t\t\t\t\nFannie Mae\t\t0\t\t973\t\t195\t\t0\t\t1168\nOther agency\t\t0\t\t65\t\t0\t\t0\t\t65\nAlt-A and subprime private-label securities\t\t0\t\t4\t\t2\t\t0\t\t6\nMortgage revenue bonds\t\t0\t\t0\t\t216\t\t0\t\t216\nOther\t\t0\t\t7\t\t235\t\t0\t\t242\nTotal available-for-sale securities\t\t0\t\t1049\t\t648\t\t0\t\t1697\nMortgage loans\t\t0\t\t5629\t\t861\t\t0\t\t6490\nOther assets:\t\t\t\t\t\t\t\t\t\t\nRisk management derivatives:\t\t\t\t\t\t\t\t\t\t\nSwaps\t\t0\t\t376\t\t203\t\t0\t\t579\nSwaptions\t\t0\t\t383\t\t0\t\t0\t\t383\nNetting adjustment\t\t0\t\t0\t\t0\t\t(905)\t\t(905)\nMortgage commitment derivatives\t\t0\t\t989\t\t0\t\t0\t\t989\nCredit enhancement derivatives\t\t0\t\t0\t\t179\t\t0\t\t179\nTotal other assets\t\t0\t\t1748\t\t382\t\t(905)\t\t1225\nTotal assets at fair value\t\t131576\t\t14417\t\t1986\t\t(905)\t\t147074\nLiabilities:\t\t\t\t\t\t\t\t\t\t\nLong-term debt:\t\t\t\t\t\t\t\t\t\t\nOf Fannie Mae:\t\t\t\t\t\t\t\t\t\t\nSenior floating\t\t0\t\t3312\t\t416\t\t0\t\t3728\nTotal of Fannie Mae\t\t0\t\t3312\t\t416\t\t0\t\t3728\nOf consolidated trusts\t\t0\t\t24503\t\t83\t\t0\t\t24586\nTotal long-term debt\t\t0\t\t27815\t\t499\t\t0\t\t28314\nOther liabilities:\t\t\t\t\t\t\t\t\t\t\nRisk management derivatives:\t\t\t\t\t\t\t\t\t\t\nSwaps\t\t0\t\t881\t\t0\t\t0\t\t881\nSwaptions\t\t0\t\t134\t\t0\t\t0\t\t134\nNetting adjustment\t\t0\t\t0\t\t0\t\t(995)\t\t(995)\nMortgage commitment derivatives\t\t0\t\t1426\t\t0\t\t0\t\t1426\nCredit enhancement derivatives\t\t0\t\t0\t\t49\t\t0\t\t49\nTotal other liabilities\t\t0\t\t2441\t\t49\t\t(995)\t\t1495\nTotal liabilities at fair value\t\t0\t\t30256\t\t548\t\t(995)\t\t29809\n", "q10k_tbl_145": "\tFair Value Measurements as of December 31 2019\t\t\t\t\t\t\t\t\t\n\tQuoted Prices in Active Markets for Identical Assets (Level 1)\t\tSignificant Other Observable Inputs (Level 2)\t\tSignificant Unobservable Inputs (Level 3)\t\tNetting Adjustment(1)\t\tEstimated Fair Value\t\nRecurring fair value measurements:\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\nAssets:\t\t\t\t\t\t\t\t\t\t\nTrading securities:\t\t\t\t\t\t\t\t\t\t\nMortgage-related securities:\t\t\t\t\t\t\t\t\t\t\nFannie Mae\t\t0\t\t3379\t\t45\t\t0\t\t3424\nOther agency\t\t0\t\t4489\t\t1\t\t0\t\t4490\nPrivate-label and other mortgage securities\t\t0\t\t629\t\t0\t\t0\t\t629\nNon-mortgage-related securities:\t\t\t\t\t\t\t\t\t\t\nU.S. Treasury securities\t\t39501\t\t0\t\t0\t\t0\t\t39501\nOther securities\t\t0\t\t79\t\t0\t\t0\t\t79\nTotal trading securities\t\t39501\t\t8576\t\t46\t\t0\t\t48123\nAvailable-for-sale securities:\t\t\t\t\t\t\t\t\t\t\nMortgage-related securities:\t\t\t\t\t\t\t\t\t\t\nFannie Mae\t\t0\t\t1349\t\t171\t\t0\t\t1520\nOther agency\t\t0\t\t198\t\t0\t\t0\t\t198\nAlt-A and subprime private-label securities\t\t0\t\t57\t\t0\t\t0\t\t57\nMortgage revenue bonds\t\t0\t\t0\t\t315\t\t0\t\t315\nOther\t\t0\t\t8\t\t306\t\t0\t\t314\nTotal available-for-sale securities\t\t0\t\t1612\t\t792\t\t0\t\t2404\nMortgage loans\t\t0\t\t7137\t\t688\t\t0\t\t7825\nOther assets:\t\t\t\t\t\t\t\t\t\t\nRisk management derivatives:\t\t\t\t\t\t\t\t\t\t\nSwaps\t\t0\t\t1071\t\t159\t\t0\t\t1230\nSwaptions\t\t0\t\t124\t\t0\t\t0\t\t124\nNetting adjustment\t\t0\t\t0\t\t0\t\t(1288)\t\t(1288)\nMortgage commitment derivatives\t\t0\t\t165\t\t0\t\t0\t\t165\nCredit enhancement derivatives\t\t0\t\t0\t\t40\t\t0\t\t40\nTotal other assets\t\t0\t\t1360\t\t199\t\t(1288)\t\t271\nTotal assets at fair value\t\t39501\t\t18685\t\t1725\t\t(1288)\t\t58623\nLiabilities:\t\t\t\t\t\t\t\t\t\t\nLong-term debt:\t\t\t\t\t\t\t\t\t\t\nOf Fannie Mae:\t\t\t\t\t\t\t\t\t\t\nSenior floating\t\t0\t\t5289\t\t398\t\t0\t\t5687\nTotal of Fannie Mae\t\t0\t\t5289\t\t398\t\t0\t\t5687\nOf consolidated trusts\t\t0\t\t21805\t\t75\t\t0\t\t21880\nTotal long-term debt\t\t0\t\t27094\t\t473\t\t0\t\t27567\nOther liabilities:\t\t\t\t\t\t\t\t\t\t\nRisk management derivatives:\t\t\t\t\t\t\t\t\t\t\nSwaps\t\t0\t\t1346\t\t1\t\t0\t\t1347\nSwaptions\t\t0\t\t440\t\t11\t\t0\t\t451\nNetting adjustment\t\t0\t\t0\t\t0\t\t(1694)\t\t(1694)\nMortgage commitment derivatives\t\t0\t\t306\t\t0\t\t0\t\t306\nCredit enhancement derivatives\t\t0\t\t0\t\t25\t\t0\t\t25\nTotal other liabilities\t\t0\t\t2092\t\t37\t\t(1694)\t\t435\nTotal liabilities at fair value\t\t0\t\t29186\t\t510\t\t(1694)\t\t28002\n", "q10k_tbl_146": "\tFair Value Measurements Using Significant Unobservable Inputs (Level 3)\t\t\t\t\t\t\t\t\t\t\t\t\t\n\tFor the Year Ended December 31 2020\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\tTotal Gains (Losses) (Realized/Unrealized)\t\t\t\t\t\t\t\t\t\t\tNet Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31 2020(4)(5)\tNet Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31 2020(1)\n\tBalance December 31 2019\tIncluded in Net Income\t\tIncluded in Total OCI (Loss)(1)\t\tPurchases(2)\tSales(2)\tIssues(3)\tSettlements(3)\tTransfers out of Level 3\tTransfers into Level 3\tBalance December 31 2020\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\t\t\t\t\nTrading securities:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nMortgage-related:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nFannie Mae\t45\t(12)\t\t\t0\t0\t(1)\t0\t0\t(48)\t110\t94\t(8)\t0\nOther agency\t1\t0\t\t\t0\t0\t0\t0\t0\t(1)\t1\t1\t0\t0\nPrivate-label and other mortgage securities\t0\t3\t\t\t0\t0\t(94)\t0\t(3)\t0\t94\t0\t0\t0\nTotal trading securities\t46\t(9)\t(5)(6)\t\t0\t0\t(95)\t0\t(3)\t(49)\t205\t95\t(8)\t0\nAvailable-for-sale securities:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nMortgage-related:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nFannie Mae\t171\t1\t\t\t4\t0\t(1)\t0\t(15)\t(243)\t278\t195\t0\t0\nAlt-A and subprime private-label securities\t0\t0\t\t\t0\t0\t0\t0\t0\t0\t2\t2\t0\t0\nMortgage revenue bonds\t315\t(3)\t\t\t2\t0\t0\t0\t(98)\t0\t0\t216\t0\t4\nOther\t306\t(6)\t\t\t(1)\t0\t0\t0\t(64)\t0\t0\t235\t0\t0\nTotal available-for-sale securities\t792\t(8)\t(6)(7)\t\t5\t0\t(1)\t0\t(177)\t(243)\t280\t648\t0\t4\nMortgage loans\t688\t47\t(5)(6)\t\t0\t0\t(21)\t0\t(132)\t(104)\t383\t861\t11\t0\nNet derivatives\t162\t233\t(5)\t\t0\t0\t0\t0\t(80)\t18\t0\t333\t159\t0\nLong-term debt:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nOf Fannie Mae:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nSenior floating\t(398)\t(41)\t(5)\t\t0\t0\t0\t0\t23\t0\t0\t(416)\t(41)\t0\nOf consolidated trusts\t(75)\t(2)\t(5)(6)\t\t0\t0\t0\t0\t18\t5\t(29)\t(83)\t(1)\t0\nTotal long-term debt\t(473)\t(43)\t\t\t0\t0\t0\t0\t41\t5\t(29)\t(499)\t(42)\t0\n", "q10k_tbl_147": "\tFair Value Measurements Using Significant Unobservable Inputs (Level 3)\t\t\t\t\t\t\t\t\t\t\t\t\t\n\tFor the Year Ended December 31 2019\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\tTotal Gains (Losses) (Realized/Unrealized)\t\t\t\t\t\t\t\t\t\t\tNet Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31 2019(4)(5)\tNet Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31 2019(1)\n\tBalance December 31 2018\tIncluded in Net Income\t\tIncluded in Total OCI (Loss)(1)\t\tPurchases(2)\tSales(2)\tIssues(3)\tSettlements(3)\tTransfers out of Level 3\tTransfers into Level 3\tBalance December 31 2019\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\t\t\t\t\nTrading securities:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nMortgage-related:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nFannie Mae\t32\t3\t\t\t0\t77\t(22)\t0\t(16)\t(108)\t79\t45\t1\t0\nOther agency\t0\t0\t\t\t0\t0\t0\t0\t0\t0\t1\t1\t0\t0\nPrivate-label and other mortgage securities\t1\t0\t\t\t0\t0\t0\t0\t(1)\t0\t0\t0\t0\t0\nTotal trading securities\t33\t3\t(5)(6)\t\t0\t77\t(22)\t0\t(17)\t(108)\t80\t46\t1\t0\nAvailable-for-sale securities:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nMortgage-related:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nFannie Mae\t152\t0\t\t\t7\t0\t0\t0\t(8)\t(103)\t123\t171\t0\t6\nAlt-A and subprime private-label securities\t24\t5\t\t\t(5)\t0\t(23)\t0\t(1)\t0\t0\t0\t0\t0\nMortgage revenue bonds\t434\t1\t\t\t(3)\t0\t(5)\t0\t(112)\t0\t0\t315\t0\t(1)\nOther\t342\t13\t\t\t(10)\t0\t0\t0\t(37)\t(3)\t1\t306\t0\t(8)\nTotal available-for-sale securities\t952\t19\t(6)(7)\t\t(11)\t0\t(28)\t0\t(158)\t(106)\t124\t792\t0\t(3)\nMortgage loans\t937\t46\t(5)(6)\t\t0\t0\t(52)\t0\t(136)\t(254)\t147\t688\t26\t0\nNet derivatives\t194\t109\t(5)\t\t0\t0\t0\t0\t(119)\t(10)\t(12)\t162\t3\t0\nLong-term debt:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nOf Fannie Mae:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nSenior floating\t(351)\t(47)\t(5)\t\t0\t0\t0\t0\t0\t0\t0\t(398)\t(47)\t0\nOf consolidated trusts\t(201)\t(8)\t(5)(6)\t\t0\t0\t0\t(2)\t19\t200\t(83)\t(75)\t(4)\t0\nTotal long-term debt\t(552)\t(55)\t\t\t0\t0\t0\t(2)\t19\t200\t(83)\t(473)\t(51)\t0\n", "q10k_tbl_148": "\tFair Value Measurements Using Significant Unobservable Inputs (Level 3)\t\t\t\t\t\t\t\t\t\t\t\t\t\n\tFor the Year Ended December 31 2018\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\tTotal Gains (Losses) (Realized/Unrealized)\t\t\t\t\t\t\t\t\t\t\tNet Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31 2018(4)(5)\tNet Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of December 31 2018(1)\n\tBalance December 31 2017\tIncluded in Net Income\t\tIncluded in Total OCI (Loss)(1)\t\tPurchases(2)\tSales(2)\tIssues(3)\tSettlements(3)\tTransfers out of Level 3\tTransfers into Level 3\tBalance December 31 2018\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\t\t\t\t\nTrading securities:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nMortgage-related:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nFannie Mae\t971\t163\t\t\t0\t1\t(1059)\t0\t(1)\t(44)\t1\t32\t4\t0\nOther agency\t35\t(1)\t\t\t0\t0\t0\t0\t(1)\t(33)\t0\t0\t0\t0\nPrivate-label and other mortgage securities\t195\t(85)\t\t\t0\t0\t0\t0\t(5)\t(104)\t0\t1\t0\t0\nTotal trading securities\t1201\t77\t(5)(6)\t\t0\t1\t(1059)\t0\t(7)\t(181)\t1\t33\t4\t0\nAvailable-for-sale securities:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nMortgage-related:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nFannie Mae\t208\t2\t\t\t1\t0\t0\t0\t(10)\t(49)\t0\t152\t0\t0\nAlt-A and subprime private-label securities\t77\t0\t\t\t(45)\t0\t0\t0\t(4)\t(4)\t0\t24\t0\t1\nMortgage revenue bonds\t671\t0\t\t\t(7)\t0\t(22)\t0\t(208)\t0\t0\t434\t0\t(2)\nOther\t357\t28\t\t\t(2)\t0\t0\t0\t(41)\t0\t0\t342\t0\t1\nTotal available-for-sale securities\t1313\t30\t(6)(7)\t\t(53)\t0\t(22)\t0\t(263)\t(53)\t0\t952\t0\t0\nMortgage loans\t1116\t38\t(5)(6)\t\t0\t0\t0\t0\t(216)\t(162)\t161\t937\t14\t0\nNet derivatives\t134\t(38)\t(5)\t\t0\t0\t0\t0\t45\t53\t0\t194\t40\t0\nLong-term debt:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nOf Fannie Mae:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nSenior floating\t(376)\t25\t(5)\t\t0\t0\t0\t0\t0\t0\t0\t(351)\t25\t0\nOf consolidated trusts\t(582)\t9\t(5)(6)\t\t0\t0\t0\t1\t44\t541\t(214)\t(201)\t(2)\t0\nTotal long-term debt\t(958)\t34\t\t\t0\t0\t0\t1\t44\t541\t(214)\t(552)\t23\t0\n", "q10k_tbl_149": "\tFair Value Measurements as of December 31 2020\t\t\t\t\t\t\n\tFair Value\tSignificant Valuation Techniques\tSignificant Unobservable Inputs(1)\tRange(1)\t\t\tWeighted - Average(1)(2)\t\t\t\n\t(Dollars in millions)\t\t\t\t\t\t\nRecurring fair value measurements:\t\t\t\t\t\t\t\t\t\t\nTrading securities:\t\t\t\t\t\t\t\t\t\t\nMortgage-related securities:\t\t\t\t\t\t\t\t\t\t\nAgency(3)\t95\tVarious\t\t\t\t\t\t\t\t\nAvailable-for-sale securities:\t\t\t\t\t\t\t\t\t\t\nMortgage-related securities:\t\t\t\t\t\t\t\t\t\t\nAgency(3)\t97\tConsensus\t\t\t\t\t\t\t\t\n\t98\tVarious\t\t\t\t\t\t\t\t\nTotal agency\t195\t\t\t\t\t\t\t\t\t\nAlt-A and subprime private-label securities\t2\tVarious\t\t\t\t\t\t\t\t\nMortgage Revenue Bonds\t144\tSingle Vendor\tSpreads (bps)\t32.0\t0\t315.3\t93.4\t\t\t\n\t72\tVarious\t\t\t\t\t\t\t\t\nTotal mortgage revenue bonds\t216\t\t\t\t\t\t\t\t\t\nOther\t206\tDiscounted Cash Flow\tSpreads (bps)\t425.0\t0\t443.0\t434.2\t\t\t\n\t29\tVarious\t\t\t\t\t\t\t\t\nTotal other\t235\t\t\t\t\t\t\t\t\t\nTotal available-for-sale securities\t648\t\t\t\t\t\t\t\t\t\nNet derivatives\t203\tDealer Mark\t\t\t\t\t\t\t\t\n\t130\tDiscounted Cash Flow\t\t\t\t\t\t\t\t\nTotal net derivatives\t333\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_150": "\tFair Value Measurements as of December 31 2019\t\t\t\t\t\t\n\tFair Value\tSignificant Valuation Techniques\tSignificant Unobservable Inputs(1)\tRange(1)\t\t\tWeighted - Average(1)(2)\t\t\t\n\t(Dollars in millions)\t\t\t\t\t\t\nRecurring fair value measurements:\t\t\t\t\t\t\t\t\t\t\nTrading securities:\t\t\t\t\t\t\t\t\t\t\nMortgage-related securities:\t\t\t\t\t\t\t\t\t\t\nAgency(3)\t46\tVarious\t\t\t\t\t\t\t\t\nAvailable-for-sale securities:\t\t\t\t\t\t\t\t\t\t\nMortgage-related securities:\t\t\t\t\t\t\t\t\t\t\nAgency(3)\t107\tConsensus\t\t\t\t\t\t\t\t\n\t64\tVarious\t\t\t\t\t\t\t\t\nTotal Agency\t171\t\t\t\t\t\t\t\t\t\nMortgage revenue bonds\t222\tSingle Vendor\tSpreads (bps)\t23.0\t0\t205.1\t76.1\t\t\t\n\t93\tVarious\t\t\t\t\t\t\t\t\nTotal mortgage revenue bonds\t315\t\t\t\t\t\t\t\t\t\nOther\t267\tDiscounted Cash Flow\tSpreads (bps)\t300.0\t\t\t300.0\t\t\t\n\t39\tVarious\t\t\t\t\t\t\t\t\nTotal other\t306\t\t\t\t\t\t\t\t\t\nTotal available-for-sale securities\t792\t\t\t\t\t\t\t\t\t\nNet derivatives\t147\tDealer Mark\t\t\t\t\t\t\t\t\n\t15\tVarious\t\t\t\t\t\t\t\t\nTotal net derivatives\t162\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_151": "\t\tFair Value Measurements as of December 31\t\n\tValuation Techniques\t2020\t2019\n\t\t(Dollars in millions)\t\nNonrecurring fair value measurements:\t\t\t\nMortgage loans held for sale at lower of cost or fair value\tConsensus\t754\t471\n\tSingle Vendor\t333\t605\nTotal mortgage loans held for sale at lower of cost or fair value\t\t1087\t1076\nSingle-family mortgage loans held for investment at amortized cost\tInternal Model\t979\t555\nMultifamily mortgage loans held for investment at amortized cost\tAppraisals\t225\t0\n\tAsset Manager Estimate\t0\t24\n\tInternal Model\t125\t0\n\tVarious\t40\t16\nTotal multifamily mortgage loans held for investment at amortized cost\t\t390\t40\nAcquired property net:\t\t\t\nSingle-family\tAccepted Offers\t35\t101\n\tAppraisals\t89\t362\n\tInternal Model\t41\t164\n\tWalk Forwards\t85\t240\n\tVarious\t11\t51\nTotal single-family\t\t261\t918\nMultifamily\tVarious\t25\t9\nTotal nonrecurring assets at fair value\t\t2742\t2598\n", "q10k_tbl_152": "Instruments\tValuation Techniques\tClassification\nU.S Treasury Securities\tWe classify securities whose values are based on quoted market prices in active markets for identical assets as Level 1 of the valuation hierarchy.\tLevel 1\nTrading Securities and Available-for-Sale Securities\tWe classify securities in active markets as Level 2 of the valuation hierarchy if quoted market prices in active markets for identical assets are not available. For all valuation techniques used for securities where there is limited activity or less transparency around these inputs to the valuation these securities are classified as Level 3 of the valuation hierarchy. Single Vendor: Uses one vendor price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example spreads) are disclosed in the table above. Dealer Mark: Uses one dealer price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example spreads) are disclosed in the table above. Consensus: Uses an average of two or more vendor prices for similar securities. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs (for example spreads) are disclosed in the table above.\tLevel 2 and 3\n\tDiscounted Cash Flow: In the absence of prices provided by third-party pricing services supported by observable market data we estimate the fair value of a portion of our securities using a discounted cash flow technique that uses inputs such as default rates prepayment speeds loss severity and spreads based on market assumptions where available. For private-label securities an increase in unobservable prepayment speeds in isolation would generally result in an increase in fair value and an increase in unobservable spreads severity rates or default rates in isolation would generally result in a decrease in fair value. For mortgage revenue bonds classified as Level 3 of the valuation hierarchy an increase in unobservable spreads would result in a decrease in fair value. Although we have disclosed unobservable inputs for the fair value of our recurring Level 3 securities above interrelationships exist among these inputs such that a change in one unobservable input typically results in a change to one or more of the other inputs.\t\nMortgage Loans Held for Investment\tBuild-up: We derive the fair value of performing mortgage loans using a build-up valuation technique starting with the base value for our Fannie Mae MBS with similar characteristics and then add or subtract the fair value of the associated guaranty asset guaranty obligation (\"GO\") and master servicing arrangement. We set the GO equal to the estimated fair value we would receive if we were to issue our guaranty to an unrelated party in a stand-alone arm's length transaction at the measurement date. The fair value of the GO is estimated based on our current guaranty pricing for loans underwritten after 2008 and our internal valuation models considering management's best estimate of key loan characteristics for loans underwritten before 2008. Our performing loans are generally classified as Level 2 of the valuation hierarchy to the extent that significant inputs are observable. To the extent that unobservable inputs are significant the loans are classified as Level 3 of the valuation hierarchy.\tLevel 2 and 3\n\tConsensus: Calculated through the extrapolation of indicative sample bids obtained from multiple active market participants plus the estimated value of any applicable mortgage insurance the estimated fair value using the Consensus method represents an estimate of the prices we would receive if we were to sell these single-family nonperforming and certain reperforming loans in the whole-loan market. The fair value of any mortgage insurance is estimated by taking the loan-level coverage and adjusting it by the expected claims paying ability of the associated mortgage insurer. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable. We estimate the fair value for a portion of our senior-subordinated trust structures using the average of two or more vendor prices at the security level as a proxy for estimating loan fair value. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.\t\n\tSingle Vendor: We estimate the fair value of our reverse mortgages using the single vendor valuation technique. Internal Model: The internal model used to value collateral contains four sub-component models: 1) Location Model 2) Neighborhood Model 3) Automated Valuation Model (\"AVM\") Imputation Model and 4) Final Valuation Model. These models consider characteristics of the property neighborhood local housing markets underlying loan and home price growth to derive a final estimated value. These loans are classified as Level 3 of the valuation hierarchy because significant inputs are unobservable.\t\n", "q10k_tbl_153": "\tAs of December 31 2020\t\t\t\t\t\n\tCarrying Value\tQuoted Prices in Active Markets for Identical Assets (Level 1)\tSignificant Other Observable Inputs (Level 2)\tSignificant Unobservable Inputs (Level 3)\tNetting Adjustment\tEstimated Fair Value\n\t(Dollars in millions)\t\t\t\t\t\nFinancial assets:\t\t\t\t\t\t\nCash and cash equivalents and restricted cash\t115623\t97179\t18444\t0\t0\t115623\nFederal funds sold and securities purchased under agreements to resell or similar arrangements\t28200\t0\t28200\t0\t0\t28200\nTrading securities\t136542\t130456\t5991\t95\t0\t136542\nAvailable-for-sale securities\t1697\t0\t1049\t648\t0\t1697\nMortgage loans held for sale\t5197\t0\t116\t5502\t0\t5618\nMortgage loans held for investment net of allowance for loan losses\t3648695\t0\t3512672\t255556\t0\t3768228\nAdvances to lenders\t10449\t0\t10448\t1\t0\t10449\nDerivative assets at fair value\t1225\t0\t1748\t382\t(905)\t1225\nGuaranty assets and buy-ups\t115\t0\t0\t258\t0\t258\nTotal financial assets\t3947743\t227635\t3578668\t262442\t(905)\t4067840\nFinancial liabilities:\t\t\t\t\t\t\nShort-term debt:\t\t\t\t\t\t\nOf Fannie Mae\t12173\t0\t12177\t0\t0\t12177\nLong-term debt:\t\t\t\t\t\t\nOf Fannie Mae\t277399\t0\t288414\t878\t0\t289292\nOf consolidated trusts\t3646164\t0\t3756673\t31584\t0\t3788257\nDerivative liabilities at fair value\t1495\t0\t2441\t49\t(995)\t1495\nGuaranty obligations\t127\t0\t0\t82\t0\t82\nTotal financial liabilities\t3937358\t0\t4059705\t32593\t(995)\t4091303\n", "q10k_tbl_154": "\tAs of December 31 2019\t\t\t\t\t\n\tCarrying Value\tQuoted Prices in Active Markets for Identical Assets (Level 1)\tSignificant Other Observable Inputs (Level 2)\tSignificant Unobservable Inputs (Level 3)\tNetting Adjustment\tEstimated Fair Value\n\t(Dollars in millions)\t\t\t\t\t\nFinancial assets:\t\t\t\t\t\t\nCash and cash equivalents and restricted cash\t61407\t50057\t11350\t0\t0\t61407\nFederal funds sold and securities purchased under agreements to resell or similar arrangements\t13578\t0\t13578\t0\t0\t13578\nTrading securities\t48123\t39501\t8576\t46\t0\t48123\nAvailable-for-sale securities\t2404\t0\t1612\t792\t0\t2404\nMortgage loans held for sale\t6773\t0\t229\t7054\t0\t7283\nMortgage loans held for investment net of allowance for loan losses\t3327389\t0\t3270535\t127650\t0\t3398185\nAdvances to lenders\t6453\t0\t6451\t2\t0\t6453\nDerivative assets at fair value\t271\t0\t1360\t199\t(1288)\t271\nGuaranty assets and buy-ups\t142\t0\t0\t305\t0\t305\nTotal financial assets\t3466540\t89558\t3313691\t136048\t(1288)\t3538009\nFinancial liabilities:\t\t\t\t\t\t\nFederal funds purchased and securities sold under agreements to repurchase\t478\t0\t478\t0\t0\t478\nShort-term debt:\t\t\t\t\t\t\nOf Fannie Mae\t26662\t0\t26667\t0\t0\t26667\nLong-term debt:\t\t\t\t\t\t\nOf Fannie Mae\t155585\t0\t164144\t401\t0\t164545\nOf consolidated trusts\t3285139\t0\t3312763\t31827\t0\t3344590\nDerivative liabilities at fair value\t435\t0\t2092\t37\t(1694)\t435\nGuaranty obligations\t154\t0\t0\t97\t0\t97\nTotal financial liabilities\t3468453\t0\t3506144\t32362\t(1694)\t3536812\n", "q10k_tbl_155": "Instruments\tDescription\tClassification\nFinancial instruments for which fair value approximates carrying value\tWe hold certain financial instruments that are not carried at fair value but for which the carrying value approximates fair value due to the short-term nature and negligible credit risk inherent in them. These financial instruments include cash and cash equivalents the majority of advances to lenders and federal funds and securities sold/purchased under agreements to repurchase/resell.\tLevel 1 and 2\nFederal funds and securities sold/purchased under agreements to repurchase/resell\tThe carrying value for the majority of these specific instruments approximates the fair value due to the short-term nature and the negligible inherent credit risk as they involve the exchange of collateral that is easily traded. Were we to calculate the fair value of these instruments we would use observable inputs.\tLevel 2\nMortgage loans held for sale\tLoans are reported at the lower of cost or fair value in our consolidated balance sheets. The valuation methodology and inputs used in estimating the fair value of HFS loans are the same as for our HFI loans and are described under \"Fair Value Measurement-Mortgage Loans Held for Investment\" above. To the extent that significant inputs are unobservable the loans are classified within Level 3 of the valuation hierarchy.\tLevel 2 and 3\nMortgage loans held for investment\tFor a description of loan valuation techniques refer to \"Fair Value Measurement-Mortgage Loans Held for Investment\" described above. We measure the fair value of certain loans that are delivered under the Home Affordable Refinance Program® (\"HARP®\") using a modified build-up approach while the loan is performing. Under this modified approach we set the credit component of the consolidated loans (that is the guaranty obligation) equal to the compensation we would currently receive for a loan delivered to us under the program because the total compensation for these loans is equal to their current exit price in the government-sponsored enterprise securitization market. If subsequent to delivery the refinanced loan becomes past due or is modified as a part of a troubled debt restructuring the fair value of the guaranty obligation is then measured consistent with other loans that have similar characteristics.\tLevel 2 and 3\nAdvances to lenders\tThe carrying value for the majority of our advances to lenders approximates the fair value due to the short-term nature and the negligible inherent credit risk. If we were to calculate the fair value of these instruments we would use discounted cash flow models that use observable inputs such as spreads based on market assumptions resulting in Level 2 classification. Advances to lenders also include loans that do not qualify for Fannie Mae MBS securitization and are valued using a discounted cash flow technique that uses estimated credit spreads of similar collateral and prepayment speeds that consider recent prepayment activity. We classify these valuations as Level 3 given that significant inputs are not observable or are determined by extrapolation of observable inputs.\tLevel 2 and 3\nGuaranty assets and buy-ups\tGuaranty assets related to our portfolio securitizations are recorded in our consolidated balance sheets at fair value on a recurring basis and are classified as Level 3. Guaranty assets in lender swap transactions are recorded in our consolidated balance sheets at the lower of cost or fair value. These assets which are measured at fair value on a nonrecurring basis are also classified as Level 3. We estimate the fair value of guaranty assets by using proprietary models to project cash flows based on management's best estimate of key assumptions such as prepayment speeds and forward yield curves. Because guaranty assets are similar to an interest-only income stream the projected cash flows are discounted at rates that consider the current spreads on interest-only swaps that reference Fannie Mae MBS and also liquidity considerations of the guaranty assets. The fair value of guaranty assets includes the fair value of any associated buy-ups.\tLevel 3\nGuaranty obligations\tThe fair value of all guaranty obligations measured subsequent to their initial recognition is our estimate of a hypothetical transaction price we would receive if we were to issue our guaranty to an unrelated party in a standalone arm's-length transaction at the measurement date. The valuation methodology and inputs used in estimating the fair value of the guaranty obligations are described under \"Fair Value Measurement-Mortgage Loans Held for Investment-Build-up.\"\tLevel 3\n", "q10k_tbl_156": "\tAs of December 31\t\t\t\t\t\t\t\t\t\t\t\n\t2020\t\t\t\t\t\t2019\t\t\t\t\t\n\tLoans(1)\t\tLong-Term Debt of Fannie Mae\t\tLong-Term Debt of Consolidated Trusts\t\tLoans(1)\t\tLong-Term Debt of Fannie Mae\t\tLong-Term Debt of Consolidated Trusts\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\t\t\t\t\nFair value\t\t6490\t\t3728\t\t24586\t\t7825\t\t5687\t\t21880\nUnpaid principal balance\t\t6046\t\t3518\t\t21408\t\t7514\t\t5200\t\t19653\n", "q10k_tbl_157": "\tAs of December 31 2020\t\n\tLoans and Mortgage-Related Securities(1)\tOperating Leases(2)\t\t\t\tOther(3)\t\t\n\t(Dollars in millions)\t\n2021\t189259\t55\t\t\t\t130\t\t\n2022\t0\t66\t\t\t\t83\t\t\n2023\t0\t79\t\t\t\t85\t\t\n2024\t0\t81\t\t\t\t5\t\t\n2025\t0\t82\t\t\t\t0\t\t\nThereafter\t0\t876\t\t\t\t0\t\t\nTotal\t189259\t1239\t\t\t\t303\t\t\n", "q10k_tbl_158": "\tFor the 2020 Quarter Ended\t\t\t\t\t\t\t\n\tMarch 31\t\tJune 30\t\tSeptember 30\t\tDecember 31\t\n\t(Dollars and shares in millions except per share amounts)\t\t\t\t\t\t\t\nInterest income:\t\t\t\t\t\t\t\t\nTrading securities\t\t316\t\t219\t\t177\t\t162\nAvailable-for-sale securities\t\t31\t\t26\t\t19\t\t22\nMortgage loans\t\t28938\t\t27007\t\t25810\t\t24561\nFederal funds sold and securities purchased under agreements to resell or similar arrangements\t\t107\t\t14\t\t14\t\t11\nOther\t\t34\t\t25\t\t33\t\t43\nTotal interest income\t\t29426\t\t27291\t\t26053\t\t24799\nInterest expense:\t\t\t\t\t\t\t\t\nShort-term debt\t\t(102)\t\t(54)\t\t(19)\t\t(7)\nLong-term debt\t\t(23977)\t\t(21460)\t\t(19378)\t\t(17706)\nTotal interest expense\t\t(24079)\t\t(21514)\t\t(19397)\t\t(17713)\nNet interest income\t\t5347\t\t5777\t\t6656\t\t7086\nBenefit (provision) for credit losses\t\t(2583)\t\t(12)\t\t501\t\t1416\nNet interest income after benefit for credit losses\t\t2764\t\t5765\t\t7157\t\t8502\nInvestment gains (losses) net\t\t(158)\t\t149\t\t653\t\t263\nFair value losses net\t\t(276)\t\t(1018)\t\t(327)\t\t(880)\nFee and other income\t\t120\t\t90\t\t93\t\t159\nNon-interest income (loss)\t\t(314)\t\t(779)\t\t419\t\t(458)\nAdministrative expenses:\t\t\t\t\t\t\t\t\nSalaries and employee benefits\t\t(393)\t\t(382)\t\t(386)\t\t(393)\nProfessional services\t\t(212)\t\t(231)\t\t(230)\t\t(248)\nOther administrative expenses\t\t(144)\t\t(141)\t\t(146)\t\t(162)\nTotal administrative expenses\t\t(749)\t\t(754)\t\t(762)\t\t(803)\nForeclosed property expense\t\t(80)\t\t(10)\t\t(71)\t\t(16)\nTemporary Payroll Tax Cut Continuation Act of 2011 (\"TCCA\") fees\t\t(637)\t\t(660)\t\t(679)\t\t(697)\nCredit enhancement expense\t\t(376)\t\t(360)\t\t(325)\t\t(300)\nChange in expected credit enhancement recoveries\t\t188\t\t273\t\t(48)\t\t(180)\nOther expenses net\t\t(218)\t\t(261)\t\t(313)\t\t(339)\nTotal expenses\t\t(1872)\t\t(1772)\t\t(2198)\t\t(2335)\nIncome before federal income taxes\t\t578\t\t3214\t\t5378\t\t5709\nProvision for federal income taxes\t\t(117)\t\t(669)\t\t(1149)\t\t(1139)\nNet income\t\t461\t\t2545\t\t4229\t\t4570\nDividends distributed or amounts attributable to senior preferred stock\t\t(476)\t\t(2532)\t\t(4216)\t\t(4566)\nNet income (loss) attributable to common stockholders\t\t(15)\t\t13\t\t13\t\t4\nEarnings per share:\t\t\t\t\t\t\t\t\nBasic\t\t0.00\t\t0.00\t\t0.00\t\t0.00\nDiluted\t\t0.00\t\t0.00\t\t0.00\t\t0.00\nWeighted-average common shares outstanding:\t\t\t\t\t\t\t\t\nBasic\t\t5867\t\t5867\t\t5867\t\t5867\nDiluted\t\t5867\t\t5893\t\t5893\t\t5893\n", "q10k_tbl_159": "\tFor the 2019 Quarter Ended\t\t\t\t\t\t\t\n\tMarch 31\t\tJune 30\t\tSeptember 30\t\tDecember 31\t\n\t(Dollars and shares in millions except per share amounts)\t\t\t\t\t\t\t\nInterest income:\t\t\t\t\t\t\t\t\nTrading securities\t\t427\t\t432\t\t418\t\t350\nAvailable-for-sale securities\t\t53\t\t45\t\t40\t\t37\nMortgage loans\t\t29862\t\t29511\t\t29072\t\t28929\nFederal funds sold and securities purchased under agreements to resell or similar arrangements\t\t263\t\t257\t\t178\t\t145\nOther\t\t32\t\t41\t\t47\t\t43\nTotal interest income\t\t30637\t\t30286\t\t29755\t\t29504\nInterest expense:\t\t\t\t\t\t\t\t\nShort-term debt\t\t(125)\t\t(119)\t\t(125)\t\t(132)\nLong-term debt\t\t(25716)\t\t(24940)\t\t(24282)\t\t(23450)\nTotal interest expense\t\t(25841)\t\t(25059)\t\t(24407)\t\t(23582)\nNet interest income\t\t4796\t\t5227\t\t5348\t\t5922\nBenefit for credit losses\t\t650\t\t1225\t\t1857\t\t279\nNet interest income after benefit for credit losses\t\t5446\t\t6452\t\t7205\t\t6201\nInvestment gains net\t\t133\t\t461\t\t253\t\t923\nFair value gains (losses) net\t\t(831)\t\t(754)\t\t(713)\t\t84\nFee and other income\t\t134\t\t113\t\t188\t\t131\nNon-interest income (loss)\t\t(564)\t\t(180)\t\t(272)\t\t1138\nAdministrative expenses:\t\t\t\t\t\t\t\t\nSalaries and employee benefits\t\t(386)\t\t(376)\t\t(361)\t\t(363)\nProfessional services\t\t(225)\t\t(233)\t\t(241)\t\t(268)\nOther administrative expenses\t\t(133)\t\t(135)\t\t(147)\t\t(155)\nTotal administrative expenses\t\t(744)\t\t(744)\t\t(749)\t\t(786)\nForeclosed property expense\t\t(140)\t\t(128)\t\t(96)\t\t(151)\nTCCA fees\t\t(593)\t\t(600)\t\t(613)\t\t(626)\nCredit enhancement expense\t\t(216)\t\t(276)\t\t(290)\t\t(352)\nOther expenses net\t\t(162)\t\t(203)\t\t(186)\t\t(194)\nTotal expenses\t\t(1855)\t\t(1951)\t\t(1934)\t\t(2109)\nIncome before federal income taxes\t\t3027\t\t4321\t\t4999\t\t5230\nProvision for federal income taxes\t\t(627)\t\t(889)\t\t(1036)\t\t(865)\nNet income\t\t2400\t\t3432\t\t3963\t\t4365\nDividends distributed or amounts attributable to senior preferred stock\t\t(2361)\t\t(3365)\t\t(3977)\t\t(4266)\nNet income (loss) attributable to common stockholders\t\t39\t\t67\t\t(14)\t\t99\nEarnings per share:\t\t\t\t\t\t\t\t\nBasic\t\t0.01\t\t0.01\t\t0.00\t\t0.02\nDiluted\t\t0.01\t\t0.01\t\t0.00\t\t0.02\nWeighted-average common shares outstanding:\t\t\t\t\t\t\t\t\nBasic\t\t5762\t\t5762\t\t5762\t\t5762\nDiluted\t\t5893\t\t5893\t\t5762\t\t5893\n"}{"bs": "q10k_tbl_85", "is": "q10k_tbl_10", "cf": "q10k_tbl_87"}None
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6. Selected Financial Data
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 8. Financial Statements and Supplementary Data
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A. Controls and Procedures
Item 9B. Other Information
Part III
Item 10. Directors, Executive Officers and Corporate Governance
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13. Certain Relationships and Related Transactions, and Director Independence
Item 14. Principal Accounting Fees and Services
Part IV
Item 15. Exhibits, Financial Statement Schedules
Item 16. Form 10 - K Summary
Exhibits
EX-10.11
exhibit1011srspamendmentre.htm
EX-31.1
fnma12312020ex31_1.htm
EX-31.2
fnma12312020ex31_2.htm
EX-32.1
fnma12312020ex32_1.htm
EX-32.2
fnma12312020ex32_2.htm
Fannie Mae Earnings 2020-12-31
Balance Sheet
Income Statement
Cash Flow
fnm-20201231
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE 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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
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
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, without par value
8.25% Non-Cumulative Preferred Stock, Series T, stated value $25 per share
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series S, stated value $25 per share
7.625% Non-Cumulative Preferred Stock, Series R, stated value $25 per share
6.75% Non-Cumulative Preferred Stock, Series Q, stated value $25 per share
Variable Rate Non-Cumulative Preferred Stock, Series P, stated value $25 per share
Variable Rate Non-Cumulative Preferred Stock, Series O, stated value $50 per share
5.375% Non-Cumulative Convertible Series 2004-1 Preferred Stock, stated value $100,000 per share
5.50% Non-Cumulative Preferred Stock, Series N, stated value $50 per share
4.75% Non-Cumulative Preferred Stock, Series M, stated value $50 per share
5.125% Non-Cumulative Preferred Stock, Series L, stated value $50 per share
5.375% Non-Cumulative Preferred Stock, Series I, stated value $50 per share
5.81% Non-Cumulative Preferred Stock, Series H, stated value $50 per share
Variable Rate Non-Cumulative Preferred Stock, Series G, stated value $50 per share
Variable Rate Non-Cumulative Preferred Stock, Series F, stated value $50 per share
5.10% Non-Cumulative Preferred Stock, Series E, stated value $50 per share
5.25% Non-Cumulative Preferred Stock, Series D, stated value $50 per share
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨Noþ
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ¨Noþ
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. Yesþ 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). Yesþ 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. o
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ
The aggregate market value of the common stock held by non-affiliates of the registrant computed by reference to the last reported sale price of the common stock quoted on the OTCQB, operated by OTC Markets Group, Inc., on June 30, 2020 (the last business day of the registrant’s most recently completed second fiscal quarter) was approximately $2.5 billion.
As of February 1, 2021, there were 1,158,087,567 shares of common stock of the registrant outstanding.
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. FHFA established 2020 performance objectives for us that included preparing for our eventual exit from conservatorship. Congress and the Administration continue to consider options for reform of the housing finance system, including Fannie Mae.
We are not permitted to pay dividends or other distributions to stockholders other than the U.S. Department of the Treasury (“Treasury”) and, if we attain and maintain sufficient capital to meet the capital requirements and buffers recently established by FHFA for two consecutive quarters, we will not be able to retain any additional capital reserves. Our agreements with Treasury include a commitment from Treasury to provide us with funds to maintain a positive net worth under specified conditions; however, the U.S. government does not guarantee our securities or other obligations. Our agreements with Treasury also 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 “Conservatorship, Treasury Agreements and Housing Finance Reform,” “Legislation and Regulation” and “Risk Factors.”
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 “Business—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.
You can find a “Glossary of Terms Used in ThisReport” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations (‘MD&A’).”
Item 1.Business
Introduction
Fannie Mae is a leading source of financing for mortgages in the United States, with $4.0 trillion in assets as of December 31, 2020. Organized as a government-sponsored entity, Fannie Mae is a shareholder-owned corporation. Our charter is an act of Congress, and we have a mission under that charter to provide liquidity and stability to the residential mortgage market and to promote access to mortgage credit. We were initially established in 1938.
Our revenues are primarily driven by guaranty fees we receive for assuming the credit risk on loans underlying the mortgage-backed securities we issue. We do not originate loans or lend money directly to borrowers. Rather, we primarily work with lenders who originate loans to borrowers. We securitize those loans into Fannie Mae mortgage-backed securities that we guarantee (which we refer to as Fannie Mae MBS or our MBS).
Effectively managing credit risk is key to our business. In exchange for assuming credit risk on the loans we acquire, we receive guaranty fees. These fees take into account the credit risk characteristics of the loans we acquire and consist of two primary components:
•Loan-level pricing adjustments, which are upfront fees received when we acquire single-family loans.
•Base guaranty fees, which we receive monthly over the life of the loan.
Guaranty fees are set at the time we acquire loans and do not change over the life of the loan. How long a loan remains in our guaranty book is heavily dependent on interest rates. When interest rates decrease, a larger portion of our book of business turns over as more loans refinance. On the other hand, as interest rates increase, fewer loans refinance and our book turns over more slowly. Since guaranty fees are set at the time a loan is originated, the impact of any change in guaranty fees on future revenues is dependent on the rate at which loans in our book of business turn over and new loans are originated.
Fannie Mae 2020 Form 10-K
1
Business | Executive Summary
Executive Summary
Please read this summary together with our MD&A, our consolidated financial statements as of December 31, 2020 and the accompanying notes.
Summary of Our Financial Performance
2020 vs. 2019
•Net revenues increased $3.4 billion compared to 2019, primarily driven by an increase in net amortization income as a result of record levels of refinancing activity in 2020. Interest rates declined to historically low levels in 2020 and remained low throughout the majority of the year. Due to this trend, refinance activity grew, resulting in approximately 38% of the loans in our single-family conventional guaranty book of business as of December 31, 2020 being originated during the year. We expect loans originated in the current environment will be less likely to refinance in the future, slowing the pace at which loans in our book of business turn over in future years. A slower turnover rate would limit the impact that changes in our guaranty fees have on our future revenues as any changes would take longer to meaningfully impact the average charged guaranty fee on our total book of business.
•Net income decreased $2.4 billion compared to 2019, primarily driven by a shift from credit-related income to credit-related expense, driven by the economic dislocation caused by the COVID-19 pandemic and lower redesignation activity, as well as a reduction in investment gains driven by a decrease in the volume of reperforming loan sales. This was partially offset by the increase in net revenues from higher net amortization income discussed above.
•Net worth increased by $10.7 billion to $25.3 billion in 2020. The increase is attributed to $11.8 billion of comprehensive income for the twelve months ended December 31, 2020 offset by a charge of $1.1 billion to retained earnings due to our implementation of Accounting Standards Update 2016-13, Financial Instruments—Credit Losses, Measurement of Credit Losses on Financial Instruments and related amendments (the “CECL standard”) on January 1, 2020. See “Note 1, Summary of Significant Accounting Policies—New Accounting Guidance—The Current Expected Credit Loss Standard” for further details on our implementation of the CECL standard. Our future net worth will be impacted by recent changes in our obligation to pay dividends to Treasury, which are described in “Conservatorship, Treasury Agreements and Housing Finance Reform—Treasury Agreements.”
Fannie Mae 2020 Form 10-K
2
Business | Executive Summary
2019 vs. 2018
•Net revenues remained flat from 2018 to 2019. There was an increase in guaranty fee income due to an increase in the size of our guaranty book of business, as well as an increase in our average guaranty fee charged, offset by a reduction in net interest income from our portfolio as we continued to reduce the size of our legacy assets.
•Net income decreased $1.8 billion compared to 2018, primarily driven by a shift from fair value gains in 2018 to fair value losses in 2019 as a result of decreasing interest rates throughout most of 2019. Additionally, credit enhancement expenses grew as we increased the percentage of our guaranty book of business covered by credit risk transfer transactions. The decrease in net income was partially offset by an increase in investment gains due to an increase in gains on sales of single-family HFS loans and by an increase in credit-related income primarily driven by a decrease in actual and projected interest rates in 2019.
•Net worth increased $8.4 billion in 2019. The increase is attributed to $14.0 billion of comprehensive income offset by $5.6 billion of dividends paid to the Treasury.
Long-term financial performance. 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 population growth, household formation and housing supply;
•borrower performance, the guaranty fees we charge, and changes in macroeconomic factors, including home prices and interest rates; 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, restrictions on our activities and our business footprint, our competitive environment, and actions we are required to take to support borrowers or the mortgage market.
As described further in “COVID-19 Impact” and “Risk Factors,” the COVID-19 pandemic has significantly affected our financial performance and we expect that it will continue to do so. Given the unprecedented nature of the COVID-19 pandemic, it is difficult to assess or predict the long-term effects of the pandemic on our financial performance.
COVID-19 Impact
In March 2020, the COVID-19 outbreak in the United States was declared a national emergency. The COVID-19 pandemic resulted in stay-at-home orders, school closures and widespread business shutdowns across the country. Although business activity and community life have resumed to varying degrees, the future path of economic activity remains highly uncertain.
The pandemic continues to have a significant impact on our business and on our financial results. We provide a brief overview below of the economic impact of the pandemic, our response to it, and the pandemic’s impact on our business and financial results.
Economic Impact
The COVID-19 pandemic caused substantial financial market volatility and has significantly adversely affected both the U.S. and global economies. Although the economy has improved significantly since the second quarter of 2020, business activity remains below the level before the onset of the pandemic, and unemployment remains substantially higher than pre-pandemic levels. Continued high levels of new daily cases of COVID-19 in the U.S., combined with concerns about the emergence of new, more infectious variants of the coronavirus, have led to new shut-downs in various locales and reductions in business activity, with increased risk of additional public-health measures. The federal government has taken and continues to take many actions to reduce the negative economic impact of the COVID-19 pandemic. For example, the Federal Reserve lowered the federal funds rate and increased its purchases of Treasury and mortgage-backed securities, purchased corporate debt securities, and established and expanded liquidity facilities to support the flow of credit to consumers and businesses. In addition, the federal government passed legislation increasing and expanding unemployment benefits, providing direct cash payments to eligible taxpayers, allocating funds to assist businesses, states, and municipalities, and providing rental assistance, as well as mandating forbearance programs and eviction moratoriums.
The disruption caused by the pandemic differs from previous economic downturns because of the high level of uncertainty related to the health and safety of consumers and workers. We expect the path and timing of economic recovery will be impacted by the success of vaccination efforts and fiscal stimulus. We believe that sustained economic recovery depends on continued growth in consumer spending, increased business activity, and an associated reduction in unemployment, all of which impact the ability of borrowers and renters to make their monthly payments. The
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pandemic resulted in a contraction in U.S. gross domestic product (“GDP”) in the first half of 2020 that was not entirely offset by growth in the second half of the year. See “MD&A—Key Market Economic Indicators” for information on macroeconomic conditions during 2020 and our current forecasts regarding future macroeconomic conditions.
Fannie Mae Response
We are taking a number of actions to help borrowers, renters, lenders and servicers manage the negative impact of the COVID-19 pandemic, including:
•providing payment forbearance (that is, a temporary suspension or reduction of the borrower’s monthly mortgage payments) to single-family and multifamily borrowers with COVID-19-related financial hardships;
•suspending most single-family foreclosures and evictions;
•conducting outreach efforts to provide borrowers and renters with information on the relief options available to them, including our #HeretoHelp media campaign and updating our KnowYourOptions.com website;
•providing lenders and servicers temporary flexibilities for some of our Selling Guide and Servicing Guide requirements; and
•providing liquidity to lenders by purchasing a higher-than-usual volume of single-family loans through our whole loan conduit.
We have also taken steps to mitigate the risk to Fannie Mae from the impacts of the pandemic, including the following:
•Selling Guide Changes. We have temporarily changed some of our Single-Family Selling Guide requirements to help ensure that up-to-date information is being considered to support the borrower’s ability to repay the loan, such as requiring more recent documentation of borrower employment, income and assets.
•Adverse Market Refinance Fee. We implemented a new adverse market refinance fee for single-family loans in light of the increased costs and risk we expect to incur due to the COVID-19 pandemic. This fee, which became effective in December 2020, is a one-time charge of 0.5% of the loan amount that the lender is required to pay at the time we acquire the loan. For every $1 billion in eligible refinance loans we acquire, we will collect $5 million in adverse market refinance fees. To help ensure that the fee does not negatively impact our affordable housing mission, the fee only applies to eligible single-family loan refinances and does not apply to loans for home purchases, refinance loans with an original principal amount of less than or equal to $125,000, or certain HomeReady® refinance loans. The lender may choose whether to pass on all, some or none of the fee to the borrower. The new fee is intended to help us offset some of the higher projected expenses and risk due to COVID-19, including costs associated with the actions we are taking to help borrowers, lenders and servicers impacted by the pandemic, such as providing forbearances, suspending foreclosures and evictions, and offering repayment plans, payment deferrals and loan modifications.
•Additional Reserve Requirements. To address possible fluctuations in multifamily borrower income and expenses resulting from the COVID-19 pandemic, we instituted additional reserve requirements for certain new multifamily loan acquisitions.
See “MD&A—Single-Family Business—Single-Family Mortgage Credit Risk Management” and “MD&A—Multifamily Business—Multifamily Mortgage Credit Risk Management” for more information on the actions we are taking in response to the COVID-19 pandemic.
We have also taken steps to help protect the safety and resiliency of our workforce. From mid-March through early October 2020, we required nearly all of our workforce to work remotely. In early October we began allowing employees, on a voluntary basis, to request approval to return to work at some of our office locations and have established mandatory COVID-19 safety protocols for these locations. We expect a significant majority of our employees will continue to work remotely for the foreseeable future. To date, our business resiliency plans and technology systems have effectively supported this telework arrangement.
Impact on our Business and Financial Results
The economic dislocation caused by the COVID-19 pandemic was the primary driver of the decline in our net income in 2020, as compared with 2019. We increased our allowance for loan losses to reflect our expected loan losses as a result of the pandemic, which resulted in increased credit-related expenses. We are also incurring other costs associated with the pandemic, such as paying higher fees to servicers to support providing loss mitigation to borrowers and advancing principal and interest payments to MBS investors for loans in forbearance. As a result, we expect the COVID-19 pandemic to continue to negatively affect our financial results and our returns on capital.
We did not enter into new credit risk transfer transactions in the second quarter of 2020 due to adverse market conditions resulting from the COVID-19 pandemic. Market conditions improved in the second half of 2020, but we have
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not entered into any new transactions as we evaluate their costs and benefits, including a reduction in the capital relief these transactions provide under FHFA’s enterprise regulatory capital framework. We may engage in credit risk transfer transactions in the future, which could help us manage capital and manage within our risk appetite, particularly given the growth and turnover in our book in 2020. The structure of and extent to which we engage in any additional credit risk transfer transactions will be affected by the enterprise regulatory capital framework, our risk appetite, the strength of future market conditions, including the cost of these transactions, and the review of our overall business and capital plan. For information on these transactions and their benefits and costs, see “MD&A—Single-Family Business—Single-Family Mortgage Credit Risk Management—Credit Enhancement and Transfer of Mortgage Credit Risk” and “MD&A—Multifamily Business—Multifamily Mortgage Credit Risk Management—Transfer of Multifamily Mortgage Credit Risk.” See “Legislation and Regulation—GSE Act and Other Legislative and Regulatory Matters—Capital” for information on the enterprise regulatory capital framework.
Also see “MD&A—Retained Mortgage Portfolio,” “MD&A—Liquidity and Capital Management” and “MD&A—Risk Management” for discussions of the impact of the COVID-19 pandemic on our business.
Our Mission and Charter
Our Mission
Our mission is to provide liquidity and stability to the residential mortgage market and to promote access to mortgage credit.
This mission is derived from our corporate charter, which is the Federal National Mortgage Association Charter Act, or the Charter Act. The Charter Act establishes the parameters under which we operate and our purposes, which are to:
•provide stability in the secondary market for residential mortgages;
•respond appropriately to the private capital market;
•provide ongoing assistance to the secondary market for residential mortgages (including activities relating to mortgages on housing for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities) by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for residential mortgage financing; and
•promote access to mortgage credit throughout the nation (including central cities, rural areas and underserved areas) by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for residential mortgage financing.
Our Charter
The Charter Act specifies that our operations are to be financed by private capital to the maximum extent feasible. We are expected to earn reasonable economic returns on all our activities. However, we may accept lower returns on certain activities relating to mortgages on housing for low- and moderate-income families in order to support those segments of the market. We expect the lower returns to be offset by activities that yield higher returns.
Principal balance limitations. To meet our purposes, the Charter Act authorizes us to purchase and securitize mortgage loans secured by single-family and multifamily properties. Our acquisitions of single-family conventional mortgage loans are subject to maximum original principal balance limits, known as “conforming loan limits.” The conforming loan limits are adjusted each year based on FHFA’s housing price index. For 2020, the conforming loan limit for mortgages secured by one-family residences was set at $510,400, with higher limits for mortgages secured by two- to four-family residences and in four statutorily-designated states and territories (Alaska, Hawaii, Guam and the U.S. Virgin Islands). For 2021, FHFA increased the national conforming loan limit for one-family residences to $548,250. In addition, higher loan limits of up to 150% of the otherwise applicable loan limit apply in certain high-cost areas. The Charter Act does not impose maximum original principal balance limits on loans we purchase or securitize that are insured by the Federal Housing Administration (“FHA”) or guaranteed by the Department of Veterans Affairs (“VA”).
The Charter Act also includes the following provisions:
•Credit enhancement requirements. The Charter Act generally requires credit enhancement on any single-family conventional mortgage loan that we purchase or securitize that has a loan-to-value (“LTV”) ratio over 80% at the time of purchase. The credit enhancement may take the form of one or more of the following: (1) insurance or a guaranty by a qualified insurer on the portion of the unpaid principal balance of a mortgage loan that exceeds 80% of the property value; (2) a seller’s agreement to repurchase or replace the loan in the event of default; or (3) retention by the seller of at least a 10% participation interest in the loan. Regardless of LTV ratio, the Charter
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Act does not require us to obtain credit enhancement to purchase or securitize loans insured by FHA or guaranteed by the VA.
•Issuances of our securities. We are authorized, upon the approval of the Secretary of the Treasury, to issue debt obligations and mortgage-related securities. Neither the U.S. government nor any of its agencies guarantees, directly or indirectly, our debt or mortgage-related securities.
•Authority of Treasury to purchase our debt obligations. At the discretion of the Secretary of the Treasury, Treasury may purchase our debt obligations up to a maximum of $2.25 billion outstanding at any one time.
•Exemption for our securities offerings. Our securities offerings are exempt from registration requirements under the federal securities laws. As a result, we do not file registration statements or prospectuses with the SEC with respect to our securities offerings. However, our equity securities are not treated as exempt securities for purposes of Sections 12, 13, 14 or 16 of the Securities Exchange Act of 1934 (the “Exchange Act”). Consequently, we are required to file periodic and current reports with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. Our non-equity securities are exempt securities under the Exchange Act.
•Exemption from specified taxes. Fannie Mae is exempt from taxation by states, territories, counties, municipalities and local taxing authorities, except for taxation by those authorities on our real property. We are not exempt from the payment of federal corporate income taxes.
•Limitations. We may not originate mortgage loans or advance funds to a mortgage seller on an interim basis, using mortgage loans as collateral, pending the sale of the mortgages in the secondary market. We may purchase or securitize mortgage loans only on properties located in the United States and its territories.
Liquidity Provided in 2020
We provided over $1.4 trillion in liquidity to the mortgage market in 2020, which enabled the financing of approximately 6 million home purchases, refinancings or rental units. This represents our highest volume of single-family and multifamily acquisitions on record.
Fannie Mae Provided over $1.4 trillion in Liquidity in 2020
Unpaid Principal Balance
Units
$411B
1.5M
Single-Family Home Purchases
$948B
3.4M
Single-Family Refinancings
$76B
792K
Multifamily Rental Units
Mortgage Securitizations
We support market liquidity by issuing Fannie Mae MBS that are readily traded in the capital markets. We create Fannie Mae MBS by placing mortgage loans in a trust and issuing securities that are backed by those mortgage loans. Monthly payments received on the loans are the primary source of payments passed through to Fannie Mae MBS holders. We guarantee to the MBS trust that we will supplement amounts received by the MBS trust as required to permit timely payment of principal and interest on the trust certificates. In return for this guaranty, we receive guaranty fees.
Below we discuss the three broad categories of our securitization transactions and UMBS.
Securitization Transactions
We currently securitize a substantial majority of the single-family and multifamily mortgage loans we acquire. Our securitization transactions primarily fall within three broad categories: lender swap transactions, portfolio securitizations, and structured securitizations.
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Lender Swap Transactions
Our most common type of securitization transaction is our “lender swap transaction.” In a single-family lender swap transaction, a mortgage lender that operates in the primary mortgage market generally delivers a pool of mortgage loans to us in exchange for Fannie Mae MBS backed by these mortgage loans. Lenders may hold the Fannie Mae MBS they receive from us or sell them to investors. A pool of mortgage loans is a group of mortgage loans with similar characteristics. After receiving the mortgage loans in a lender swap transaction, we place them in a trust for which we serve as trustee. This trust is established for the sole purpose of holding the mortgage loans separate and apart from our corporate assets. We guarantee to each MBS trust that we will supplement amounts received by the MBS trust as required to permit timely payment of principal and interest on the related Fannie Mae MBS. We are entitled to a portion of the interest payment as a fee for providing our guaranty. The mortgage servicer also retains a portion of the interest payment as a fee for servicing the loan. Then, on behalf of the trust, we make monthly distributions to the Fannie Mae MBS certificateholders from the principal and interest payments and other collections on the underlying mortgage loans.
Lender Swap Transaction
Our Multifamily business generally creates multifamily Fannie Mae MBS in lender swap transactions in a manner similar to our Single-Family business. Our multifamily lender customers typically deliver only one mortgage loan to back each multifamily Fannie Mae MBS. The characteristics of each mortgage loan are used to establish guaranty fees on a risk-adjusted basis. Securitizing a multifamily mortgage loan into a Fannie Mae MBS facilitates its sale into the secondary market.
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Portfolio Securitization Transactions
We also purchase mortgage loans and mortgage-related securities for securitization and sale at a later date through our “portfolio securitization transactions.” Most of our portfolio securitization transactions are driven by our single-family whole loan conduit activities, pursuant to which we purchase single-family whole loans from a large group of typically smaller lenders principally for the purpose of securitizing the loans into Fannie Mae MBS, which may then be sold to dealers and investors.
Portfolio Securitization Transaction
Structured Securitization Transactions
In a “structured securitization transaction,” we create structured Fannie Mae MBS, typically for our lender customers or securities dealer customers, in exchange for a transaction fee. In these transactions, the customer “swaps” a mortgage-related asset that it owns (typically a mortgage security) in exchange for a structured Fannie Mae MBS we issue. The process for issuing Fannie Mae MBS in a structured securitization is similar to the process involved in our lender swap securitizations described above.
We also issue structured transactions backed by multifamily Fannie Mae MBS through the Fannie Mae Guaranteed Multifamily Structures (“Fannie Mae GeMSTM”) program, which provides additional liquidity and stability to the multifamily market, while expanding the investor base for multifamily Fannie Mae MBS.
Uniform Mortgage-Backed Securities, or UMBS
Overview
In May 2019, we began using the common securitization platform operated by Common Securitization Solutions, LLC (“CSS”), a limited liability company we own jointly with Freddie Mac, to perform certain aspects of the securitization process for our single-family Fannie Mae MBS issuances. In June 2019, we and Freddie Mac began issuing UMBS®. The uniform mortgage-backed security is intended to maximize liquidity for both Fannie Mae and Freddie Mac mortgage-backed securities in the to-be-announced (“TBA”) market.
UMBS and Structured Securities
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
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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. These structured securities include Supers®, which are single-class resecuritizations, and 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 June 3, 2019, when we began issuing UMBS. 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.
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.
We discuss risks posed by our reliance on CSS in “Risk Factors—GSE and Conservatorship Risk.”
Managing Mortgage Credit Risk
Effectively pricing and managing credit risk is key to our business. Below we discuss key elements of how we are compensated for and manage the risk of credit losses through the life cycle of our loans and how we measure our credit risk.
Loan Acquisition Policies
Loans we acquire must be underwritten in accordance with our guidelines and standards.
•In Single-family, the vast majority of loans we acquire are assessed by Desktop Underwriter® (DU®), our proprietary single-family automated underwriting system. DU performs a comprehensive evaluation of the primary risk factors of a mortgage. We regularly review DU’s underlying models to determine whether its risk analysis and eligibility assessment appropriately reflect current market conditions and loan performance data to ensure the loans we acquire are consistent with our risk appetite and FHFA guidance. New business restrictions recently added to our senior preferred stock purchase agreement with Treasury impose additional risk criteria on the loans we acquire and will also be considered in future reviews of DU’s underlying models.
•In Multifamily, we acquire the vast majority of our loans through our Delegated Underwriting and Servicing (DUS®) Program. DUS lenders, who must be pre-approved by us, are delegated the authority to underwrite and service loans for delivery to us in accordance with our standards and requirements. Based on a given loan’s unique characteristics and our established delegation criteria, lenders assess whether a loan must be reviewed by us. If review is required, our internal credit team will assess the loan’s risk profile to determine if it meets our risk tolerances. DUS lenders also share with us the risk of loss on our multifamily loans, thereby aligning our