Debt (Tables)

9 Months Ended

Sep. 30, 2020

The table below summarizes the balances of total debt per our condensed consolidated balance sheets and the interest expense per our condensed consolidated statements of comprehensive income (loss).

Table 8.1 - Total Debt



	Balance				Interest Expense
(In millions)	September 30, 2020		December 31, 2019		3Q 2020		3Q 2019		YTD 2020		YTD 2019
Debt securities of consolidated trusts held by third parties		$2,138,420		$1,898,355		$10,847		$13,324		$36,269		$41,001
Other debt:
Short-term debt	17,648		101,034		38		499		598		1,419
Long-term debt	267,248		170,296		507		1,307		2,172		4,078
Total other debt	284,896		271,330		545		1,806		2,770		5,497
Total debt		$2,423,316		$2,169,685		$11,392		$15,130		$39,039		$46,498

Table - Debt Securities of Consolidated Trusts Held by Third Parties

The table below summarizes the debt securities of consolidated trusts held by third parties based on underlying loan product type.

Table 8.2 - Debt Securities of Consolidated Trusts Held by Third Parties



	September 30, 2020							December 31, 2019
(Dollars in millions)	Contractual Maturity	UPB		Carrying Amount⁽¹⁾		Weighted Average Coupon⁽²⁾		Contractual Maturity	UPB		Carrying Amount⁽¹⁾		Weighted Average Coupon⁽²⁾
Single-family:
30-year or more, fixed-rate	2020 - 2057		$1,679,953		$1,730,866	3.30	%	2020 - 2057		$1,516,550		$1,554,095	3.63	%
20-year fixed-rate	2020 - 2040	86,028		88,523		3.06		2020 - 2040	70,901		72,558		3.37
15-year fixed-rate	2020 - 2035	270,938		276,998		2.62		2020 - 2035	225,501		229,133		2.87
Adjustable-rate	2020 - 2050	26,396		26,952		2.92		2020 - 2050	30,183		30,756		3.25
Interest-only	2026 - 2041	3,885		3,953		3.52		2026 - 2041	4,244		4,307		4.55
FHA/VA	2020 - 2050	606		622		4.57		2020 - 2049	633		647		4.68
Total single-family		2,067,806		2,127,914					1,848,012		1,891,496
Multifamily	2021-2050	10,383		10,506		2.58		2021 - 2049	6,790		6,859		3.29
Total debt of consolidated trusts held by third parties			$2,078,189		$2,138,420					$1,854,802		$1,898,355


(1)	Includes $206 million and $209 million at September 30, 2020 and December 31, 2019, respectively, of debt securities of consolidated trusts that represents the fair value of debt with the fair value option elected.

(2)

The effective interest rate for debt securities of consolidated trusts held by third parties was 2.00% and 2.79% as of September 30, 2020 and December 31, 2019, respectively.

Table - Other Debt

The table below summarizes the balances and effective interest rates for other debt.

Table 8.3 - Total Other Debt



	September 30, 2020						December 31, 2019
(Dollars in millions)	Par Value		Carrying Amount⁽¹⁾		Weighted Average Effective Rate⁽²⁾		Par Value		Carrying Amount⁽¹⁾		Weighted Average Effective Rate⁽²⁾
Other short-term debt:
Discount notes and Reference Bills		$10,036		$10,034	0.35	%		$60,830		$60,629	1.67	%
Medium-term notes	7,615		7,614		1.57		40,407		40,405		2.31
Securities sold under agreements to repurchase ⁽³⁾	2,797		2,797		0.06		9,843		9,843		1.46
Total other short-term debt	20,448		20,445		0.76		111,080		110,877		1.89
Other long-term debt:
Original maturities on or before December 31,
2020	5,574		5,574		1.73		45,133		45,127		1.76
2021	45,544		45,539		0.96		30,069		30,072		1.89
2022	65,650		65,671		0.68		23,185		23,166		2.20
2023	52,482		52,421		0.54		13,413		13,393		2.22
2024	20,334		20,305		0.91		26,966		26,924		2.22
Thereafter	66,648		64,413		1.83		17,615		15,294		5.13
STACR and SCR debt⁽⁴⁾	12,894		12,638		4.28		15,496		15,652		5.64
Hedging-related basis adjustments	N/A		687				N/A		668
Total other long-term debt	269,126		267,248		1.19		171,877		170,296		2.61
Total other debt⁽⁵⁾		$289,574		$287,693				$282,957		$281,173


(1)	Represents par value, net of associated discounts or premiums and issuance cost. Includes $2.6 billion and $3.7 billion at September 30, 2020 and December 31, 2019, respectively, of other long-term debt that represents the fair value of debt with the fair value option elected.


(2)	Based on carrying amount.


(3)	Beginning January 1, 2020, we elected to offset payables related to securities sold under agreements to repurchase against receivables related to securities purchased under agreements to resell on our condensed consolidated balance sheets, when such amounts meet the conditions for offsetting in the accounting guidance.


(4)	Contractual maturities of these debts are not presented because they are subject to prepayment risk, as their payments are based upon the performance of a pool of mortgage assets that may be prepaid by the related mortgage borrower at any time generally without penalty.

(5)

Carrying amount for other debt includes callable debt of $117.7 billion and $95.1 billion at September 30, 2020 and December 31, 2019, respectively.