Fair Value (Tables)

6 Months Ended

Jun. 30, 2012

Recurring Changes in Fair Value [Table Text Block]

The following tables display our assets and liabilities measured in our condensed consolidated balance sheets at fair value on a recurring basis subsequent to initial recognition, including instruments for which we have elected the fair value option as of June 30, 2012 and December 31, 2011.



		Fair Value Measurements as of June 30, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Recurring fair value measurements:
Assets:
Cash equivalents⁽²⁾		$	7,699		$	—		$	—		$	—			$	7,699
Trading securities:
Mortgage-related securities:
Fannie Mae		—			6,737			82			—				6,819
Freddie Mac		—			2,972			2			—				2,974
Ginnie Mae		—			282			—			—				282
Alt-A private-label securities		—			1,108			188			—				1,296
Subprime private-label securities		—			—			1,226			—				1,226
CMBS		—			9,930			—			—				9,930
Mortgage revenue bonds		—			—			689			—				689
Other		—			—			118			—				118
Non-mortgage-related securities:
U.S. Treasury securities		27,064			—			—			—				27,064
Asset-backed securities		—			537			—			—				537
Total trading securities		27,064			21,566			2,305			—				50,935
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			13,154			34			—				13,188
Freddie Mac		—			10,972			11			—				10,983
Ginnie Mae		—			829			—			—				829
Alt-A private-label securities		—			4,727			6,456			—				11,183
Subprime private-label securities		—			—			7,230			—				7,230
CMBS		—			13,668			—			—				13,668
Mortgage revenue bonds		—			4			9,353			—				9,357
Other		—			12			3,244			—				3,256
Total available-for-sale securities		—			43,366			26,328			—				69,694
Mortgage loans of consolidated trusts		—			2,900			2,331			—				5,231
Other assets:
Risk management derivatives:
Swaps		—			11,034			174			—				11,208
Swaptions		—			5,323			—			—				5,323
Other		—			—			55			—				55
Netting adjustment		—			—			—			(16,352		)		(16,352		)
Mortgage commitment derivatives		—			361			7			—				368
Total other assets		—			16,718			236			(16,352		)		602
Total assets at fair value		$	34,763		$	84,550		$	31,200		$	(16,352	)		$	134,161



		Fair Value Measurements as of June 30, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)

Liabilities:
Long-term debt:
Of Fannie Mae:
Senior fixed		$	—		$	419		$	—		$	—		$	419
Senior floating		—			—			412			—			412
Total of Fannie Mae		—			419			412			—			831
Of consolidated trusts		—			3,281			1,319			—			4,600
Total long-term debt		—			3,700			1,731			—			5,431
Other liabilities:
Risk management derivatives:
Swaps		—			20,968			159			—			21,127
Swaptions		—			2,686			—			—			2,686
Netting adjustment		—			—			—			(23,525		)	(23,525		)
Mortgage commitment derivatives		—			628			3			—			631
Total other liabilities		—			24,282			162			(23,525		)	919
Total liabilities at fair value		$	—		$	27,982		$	1,893		$	(23,525	)	$	6,350



		Fair Value Measurements as of December 31, 2011
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Assets:
Cash equivalents⁽²⁾		$	600		$	—		$	—		$	—			$	600
Trading securities:
Mortgage-related securities:
Fannie Mae		—			5,687			1,737			—				7,424
Freddie Mac		—			2,732			—			—				2,732
Ginnie Mae		—			278			9			—				287
Alt-A private-label securities		—			1,004			345			—				1,349
Subprime private-label securities		—			—			1,280			—				1,280
CMBS		—			10,411			—			—				10,411
Mortgage revenue bonds		—			—			724			—				724
Other		—			—			143			—				143
Non-mortgage-related securities:
U.S. Treasury securities		47,737			—			—			—				47,737
Asset-backed securities		—			2,111			—			—				2,111
Total trading securities		47,737			22,223			4,238			—				74,198
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			15,904			946			—				16,850
Freddie Mac		—			12,811			12			—				12,823
Ginnie Mae		—			902			—			—				902
Alt-A private-label securities		—			4,427			7,256			—				11,683
Subprime private-label securities		—			—			7,586			—				7,586
CMBS		—			14,026			—			—				14,026
Mortgage revenue bonds		—			7			10,247			—				10,254
Other		—			13			3,445			—				3,458
Total available-for-sale securities		—			48,090			29,492			—				77,582
Mortgage loans of consolidated trusts		—			1,292			2,319			—				3,611
Other assets:
Risk management derivatives:
Swaps		—			9,247			170			—				9,417
Swaptions		—			6,536			—			—				6,536
Other		—			1			51			—				52
Netting adjustment		—			—			—			(15,829		)		(15,829		)
Mortgage commitment derivatives		—			368			17			—				385
Total other assets		—			16,152			238			(15,829		)		561
Total assets at fair value		$	48,337		$	87,757		$	36,287		$	(15,829	)		$	156,552



		Fair Value Measurements as of December 31, 2011
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Netting Adjustment⁽¹⁾				Estimated Fair Value
		(Dollars in millions)
Liabilities:
Long-term debt:
Of Fannie Mae:
Senior fixed		$	—		$	432		$	—		$	—			$	432
Senior floating		—			—			406			—				406
Total of Fannie Mae		—			432			406			—				838
Of consolidated trusts		—			3,174			765			—				3,939
Total long-term debt		—			3,606			1,171			—				4,777
Other liabilities:
Risk management derivatives:
Swaps		—			18,661			167			—				18,828
Swaptions		—			3,432			—			—				3,432
Netting adjustment		—			—			—			(21,898		)		(21,898		)
Mortgage commitment derivatives		—			548			6			—				554
Total other liabilities		—			22,641			173			(21,898		)		916
Total liabilities at fair value		$	—		$	26,247		$	1,344		$	(21,898	)		$	5,693

__________


⁽¹⁾	Derivative contracts are reported on a gross basis by level. The netting adjustment represents the effect of the legal right to offset under legally enforceable master netting agreements to settle with the same counterparty on a net basis, including cash collateral posted and received.


⁽²⁾	Cash equivalents are comprised of U.S. Treasuries that are classified as Level 1.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Table Text Block]

The following tables display a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2012 and 2011. The tables also display gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized in our condensed consolidated statements of operations and comprehensive income (loss) for Level 3 assets and liabilities for the three and six months ended June 30, 2012 and 2011. When assets and liabilities are transferred between levels, we recognize the transfer as of the end of the period.



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended June 30, 2012

				Total Gains or (Losses) (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Loss Related to Assets and Liabilities Still Held as of June 30, 2012⁽⁵⁾
	Balance, April 1, 2012			Included in Net Income (Loss)			Included in Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3 ⁽⁴⁾			Transfers into Level 3 ⁽⁴⁾			Balance, June 30, 2012
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	89		$	(3	)		$	—		$	—	$	—		$	—		$	(4	)	$	—		$	—		$	82			$	(2	)
Freddie Mac	2			—				—			—		—			—			—			—			—			2				—
Alt-A private-label securities	569			56				—			—		—			—			(50		)	(416		)	29			188				7
Subprime private-label securities	1,305			(37		)		—			—		—			—			(42		)	—			—			1,226				(37		)
Mortgage revenue bonds	668			28				—			—		—			—			(7		)	—			—			689				28
Other	123			(3		)		—			—		—			—			(2		)	—			—			118				(3		)
Total trading securities	$	2,756		$	41			$	—		$	—	$	—		$	—		$	(105	)	$	(416	)	$	29		$	2,305			$	(7	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	37		$	—			$	—		$	5	$	(5	)	$	—		$	(3	)	$	—		$	—		$	34			$	—
Freddie Mac	11			—				—			—		—			—			—			—			—			11				—
Alt-A private-label securities	7,136			(85		)		127			—		—			—			(275		)	(922		)	475			6,456				—
Subprime private-label securities	7,595			(230		)		203			—		—			—			(338		)	—			—			7,230				—
Mortgage revenue bonds	9,732			1				117			—		(18		)	—			(479		)	—			—			9,353				—
Other	3,342			8				(12		)	—		—			—			(94		)	—			—			3,244				—
Total available-for-sale securities	$	27,853		$	(306	)		$	435		$	5	$	(23	)	$	—		$	(1,189	)	$	(922	)	$	475		$	26,328			$	—

Mortgage loans of consolidated trusts	$	2,271		$	47			$	—		$	142	$	—		$	—		$	(110	)	$	(26	)	$	7		$	2,331			$	43
Net derivatives	44			8				—			—		—			(3		)	25			—			—			74				19
Long-term debt:
Of Fannie Mae:
Senior floating	$	(399	)	$	(13	)		$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	(412	)		$	(13	)
Of consolidated trusts	(950		)	(51		)		—			—		—			(218		)	50			—			(150		)	(1,319		)		(51		)
Total long-term debt	$	(1,349	)	$	(64	)		$	—		$	—	$	—		$	(218	)	$	50		$	—		$	(150	)	$	(1,731	)		$	(64	)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Six Months Ended June 30, 2012

				Total Gains or (Losses) (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Loss Related to Assets and Liabilities Still Held as of June 30, 2012⁽⁵⁾
	Balance, December 31, 2011			Included in Net Income (Loss)			Included in Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3 ⁽⁴⁾			Transfers into Level 3 ⁽⁴⁾			Balance, June 30, 2012
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	1,737		$	2			$	—		$	—	$	(33	)	$	—		$	(108	)	$	(1,581	)	$	65		$	82			$	(2	)
Freddie Mac	—			—				—			—		—			—			—			—			2			2				—
Ginnie Mae	9			—				—			—		—			—			—			(9		)	—			—				—
Alt-A private label securities	345			69				—			—		—			—			(67		)	(416		)	257			188				13
Subprime private-label securities	1,280			22				—			—		—			—			(76		)	—			—			1,226				22
Mortgage revenue bonds	724			(26		)		—			—		—			—			(9		)	—			—			689				(26		)
Other	143			(22		)		—			—		—			—			(3		)	—			—			118				(22		)
Total trading securities	$	4,238		$	45			$	—		$	—	$	(33	)	$	—		$	(263	)	$	(2,006	)	$	324		$	2,305			$	(15	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	946		$	—			$	(8	)	$	6	$	(6	)	$	—		$	(19	)	$	(895	)	$	10		$	34			$	—
Freddie Mac	12			—				—			—		—			—			(1		)	—			—			11				—
Alt-A private-label securities	7,256			(102		)		293			—		—			—			(537		)	(1,907		)	1,453			6,456				—
Subprime private-label securities	7,586			(195		)		506			—		—			—			(667		)	—			—			7,230				—
Mortgage revenue bonds	10,247			3				(20		)	—		(42		)	—			(835		)	—			—			9,353				—
Other	3,445			14				(38		)	—		—			—			(177		)	—			—			3,244				—
Total available-for-sale securities	$	29,492		$	(280	)		$	733		$	6	$	(48	)	$	—		$	(2,236	)	$	(2,802	)	$	1,463		$	26,328			$	—

Mortgage loans of consolidated trusts	$	2,319		$	120			$	—		$	387	$	—		$	—		$	(169	)	$	(344	)	$	18		$	2,331			$	(10	)
Net derivatives	65			15				—			—		—			(6		)	—			—			—			74				33
Long-term debt:
Of Fannie Mae:
Senior floating	$	(406	)	$	(6	)		$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	(412	)		$	(6	)
Of consolidated trusts	(765		)	(60		)		—			—		—			(485		)	78			110			(197		)	(1,319		)		(2		)
Total long-term debt	$	(1,171	)	$	(66	)		$	—		$	—	$	—		$	(485	)	$	78		$	110		$	(197	)	$	(1,731	)		$	(8	)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended June 30, 2011

				Total Gains or (Losses) (Realized/Unrealized)																											Net Unrealized Gains (Losses) Included in Net Loss Related to Assets and Liabilities Still Held as of June 30, 2011⁽⁵⁾
	Balance, April 1, 2011			Included in Net Income (Loss)			Included in Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, June 30, 2011
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	1,651		$	1			$	—		$	124	$	—		$	—		$	(97	)	$	—		$	—		$	1,679			$	2
Alt- A private-label securities	20			1				—			—		—			—			(1		)	—			106			126				2
Subprime private-label securities	1,547			(41		)		—			—		—			—			(47		)	—			—			1,459				(41		)
Mortgage revenue bonds	606			21				—			—		—			—			(11		)	—			—			616				21
Other	155			1				—			—		—			—			(2		)	—			—			154				1
Non-mortgage-related:
Asset-backed securities	2			—				—			—		—			—			(2		)	—			—			—				—
Total trading securities	$	3,981		$	(17	)		$	—		$	124	$	—		$	—		$	(160	)	$	—		$	106		$	4,034			$	(15	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	546		$	—			$	8		$	473	$	(24	)	$	—		$	—		$	(368	)	$	—		$	635			$	—
Freddie Mac	12			—				—			—		—			—			—			—			—			12				—
Alt-A private-label securities	7,236			3				(26		)	—		—			—			(217		)	(747		)	403			6,652				—
Subprime private-label securities	9,660			130				(547		)	—		—			—			(334		)	—			—			8,909				—
Mortgage revenue bonds	10,532			(1		)		273			—		(64		)	—			(276		)	—			—			10,464				—
Other	3,776			2				40			—		—			—			(111		)	—			—			3,707				—
Total available-for-sale securities	$	31,762		$	134			$	(252	)	$	473	$	(88	)	$	—		$	(938	)	$	(1,115	)	$	403		$	30,379			$	—

Mortgage loans of consolidated trusts	$	2,221		$	19			$	—		$	42	$	—		$	—		$	(71	)	$	(31	)	$	185		$	2,365			$	19
Net derivatives	118			(9		)		—			—		—			(1		)	(29		)	—			—			79				(26		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(423	)	$	8			$	—		$	—	$	—		$	—		$	13		$	—		$	—		$	(402	)		$	8
Of consolidated trusts	(667		)	6				—			—		—			(40		)	26			55			(26		)	(646		)		6
Total long-term debt	$	(1,090	)	$	14			$	—		$	—	$	—		$	(40	)	$	39		$	55		$	(26	)	$	(1,048	)		$	14



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Six Months Ended June 30, 2011

				Total Gains or (Losses) (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Loss Related to Assets and Liabilities Still Held as of June 30, 2011⁽⁵⁾
	Balance, December 31, 2010			Included in Net Income (Loss)			Included in Other Comprehensive Income (Loss)⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, June 30, 2011
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	2,202		$	(12	)		$	—		$	124	$	(15	)	$	—		$	(229	)	$	(391	)	$	—		$	1,679			$	(6	)
Alt-A private-label securities	20			1				—			—		—			—			(1		)	—			106			126				1
Subprime private-label securities	1,581			(30		)		—			—		—			—			(92		)	—			—			1,459				(30		)
Mortgage revenue bonds	609			21				—			—		—			—			(14		)	—			—			616				24
Other	152			5				—			—		—			—			(3		)	—			—			154				5
Non-mortgage-related:
Asset-backed securities	12			—				—			—		—			—			(5		)	(9		)	2			—				—
Total trading securities	$	4,576		$	(15	)		$	—		$	124	$	(15	)	$	—		$	(344	)	$	(400	)	$	108		$	4,034			$	(6	)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	114		$	—			$	12		$	889	$	(39	)	$	—		$	(2	)	$	(469	)	$	130		$	635			$	—
Freddie Mac	3			—				—			—		—			—			—			—			9			12				—
Alt-A private-label securities	7,049			1				78			—		—			—			(475		)	(1,064		)	1,063			6,652				—
Subprime private-label securities	9,932			260				(605		)	—		—			—			(678		)	—			—			8,909				—
Mortgage revenue bonds	11,030			(3		)		294			—		(106		)	—			(751		)	—			—			10,464				—
Other	3,806			3				111			—		—			—			(213		)	—			—			3,707				—
Total available-for-sale securities	$	31,934		$	261			$	(110	)	$	889	$	(145	)	$	—		$	(2,119	)	$	(1,533	)	$	1,202		$	30,379			$	—

Mortgage loans of consolidated trusts	$	2,207		$	30			$	—		$	57	$	—		$	—		$	(150	)	$	(37	)	$	258		$	2,365			$	30
Net derivatives	104			5				—			—		—			(1		)	(29		)	—			—			79				(16		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(421	)	$	(14	)		$	—		$	—	$	—		$	—		$	33		$	—		$	—		$	(402	)		$	(14	)
Of consolidated trusts	(627		)	(29		)		—			—		—			(40		)	48			77			(75		)	(646		)		(28		)
Total long-term debt	$	(1,048	)	$	(43	)		$	—		$	—	$	—		$	(40	)	$	81		$	77		$	(75	)	$	(1,048	)		$	(42	)

_________


⁽¹⁾	Gains (losses) included in other comprehensive income (loss) are included in “Changes in unrealized losses on available-for-sale securities, net of reclassification adjustments and taxes” in the condensed consolidated statement of operations and comprehensive income (loss).


⁽²⁾	Purchases and sales include activity related to the consolidation and deconsolidation of assets of securitization trusts.


⁽³⁾	Issues and settlements include activity related to the consolidation and deconsolidation of liabilities of securitization trusts.

⁽⁴⁾

Transfers out of Level 3 consisted primarily of Fannie Mae MBS and private-label mortgage-related securities backed by Alt-A loans. Prices for these securities were obtained from multiple third-party vendors supported by market observable inputs. Transfers into Level 3 consisted primarily of private-label mortgage-related securities backed by Alt-A loans. Prices for these securities are based on inputs from a single source or inputs that were not readily observable.


⁽⁵⁾	Amount represents temporary changes in fair value. Amortization, accretion and other-than-temporary impairments are not considered unrealized and are not included in this amount.

Realized and Unrealized Gain and Losses for Level 3 Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following tables display realized and unrealized gains and losses included in our condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2012 and 2011, for our Level 3 assets and liabilities measured in our condensed consolidated balance sheets at fair value on a recurring basis.



		For the Three Months Ended June 30, 2012
	Interest Income			Fair Value Losses, net				Net Other-than-Temporary Impairments				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	79		$	33			$	(388	)		$	2		$	(274	)
Net unrealized losses related to Level 3 assets and liabilities still held as of June 30, 2012		$	—		$	(9	)		$	—			$	—		$	(9	)



		For the Six Months Ended June 30, 2012
	Interest Income			Fair Value Losses, net			Net Other-than-Temporary Impairments				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	145		$	120		$	(439	)		$	8		$	(166	)
Net unrealized gains (losses) related to Level 3 assets and liabilities still held as of June 30, 2012		$	—		$	—		$	—			$	—		$	—



		For the Three Months Ended June 30, 2011
	Interest Income				Fair Value Losses, net				Net Other-than-Temporary Impairments				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	135			$	8			$	(6	)		$	4		$	141
Net unrealized losses related to Level 3 assets and liabilities still held as of June 30, 2011		$	(1	)		$	(7	)		$	—			$	—		$	(8	)



		For the Six Months Ended June 30, 2011
	Interest Income				Fair Value Losses, net				Net Other-than-Temporary Impairments				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	270			$	(16	)		$	(23	)		$	7		$	238
Net unrealized losses related to Level 3 assets and liabilities still held as of June 30, 2011		$	(1	)		$	(33	)		$	—			$	—		$	(34	)

Nonrecurring Changes in Fair Value [Table Text Block]

The following table displays assets and liabilities measured in our condensed consolidated balance sheets at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when we evaluate for impairment) as of June 30, 2012.



		Fair Value Measurements
		As of June 30, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Estimated Fair Value
		(Dollars in millions)
Nonrecurring fair value measurements:
Assets:
Mortgage loans held for sale, at lower of cost or fair value		$	—		$	94		$	120		$	214
Single-family mortgage loans held for investment, at amortized cost:⁽¹⁾
Of Fannie Mae		—			—			21,808			21,808
Of consolidated trusts		—			—			240			240
Multifamily mortgage loans held for investment, at amortized cost:
Of Fannie Mae		—			—			1,380			1,380
Acquired property, net:
Single-family		—			—			3,381			3,381
Multifamily		—			—			88			88
Other assets		—			—			303			303
Total nonrecurring fair value measurements		$	—		$	94		$	27,320		$	27,414

_________


⁽¹⁾	Excludes estimated recoveries from mortgage insurance proceeds.

The following table displays assets and liabilities measured in our condensed consolidated balance sheets at fair value on a nonrecurring basis and the gains or losses recognized for these assets and liabilities for the three and six months ended June 30, 2011.



														For the Three Months Ended June 30, 2011				For the Six Months Ended June 30, 2011
		Fair Value Measurements
		For the Six Months Ended June 30, 2011
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Estimated Fair Value				Total Losses				Total Losses
		(Dollars in millions)
Assets:
Mortgage loans held for sale, at lower of cost or fair value		$	—		$	2		$	204		$	206	⁽¹⁾		$	(8	)		$	(13	)
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae		—			—			32,970			32,970		⁽²⁾		(66		)		(1,080		)
Of consolidated trusts		—			—			749			749		⁽²⁾		(18		)		(98		)
Multifamily mortgage loans held for investment, at amortized cost:
Of Fannie Mae		—			—			1,365			1,365		⁽²⁾		(28		)		(108		)
Acquired property, net:
Single-family		—			—			14,806			14,806		⁽³⁾		(701		)		(1,512		)
Multifamily		—			—			227			227		⁽³⁾		(33		)		(49		)
Other assets		—			—			877			877		⁽⁴⁾		(35		)		(65		)
Total assets at fair value		$	—		$	2		$	51,198		$	51,200			$	(889	)		$	(2,925	)

_________

⁽¹⁾ Includes $56 million of mortgage loans held for sale that were sold, deconsolidated, retained as a mortgage-related security or redesignated to mortgage loans held for investment as of June 30, 2011.

⁽²⁾ Includes $3.6 billion of mortgage loans held for investment that were liquidated or transferred to foreclosed properties as of June 30, 2011.

⁽³⁾ Includes $8.4 billion of acquired properties that were sold or transferred as of June 30, 2011.

⁽⁴⁾ Includes $144 million of other assets that were sold or transferred as of June 30, 2011.

Valuation Techniques and Significant Unobservable Inputs for Level 3 Assets and Liabilities [Table Text Block]

The following table displays valuation techniques and the range and weighted-average of significant unobservable inputs for our Level 3 assets and liabilities measured at fair value on a recurring basis as of June 30, 2012.



	Fair Value Measurements as of June 30, 2012
	Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾	Fair Value
	(Dollars in millions)
Recurring fair value measurements:
Level 3 Assets:
Trading securities:
Mortgage-related securities:
Agency⁽²⁾	Other						$	84
Alt-A private-label securities	Discounted Cash Flow	Default Rate (%)	7.8	-	15.0	11.7
		Prepayment Speed (%)	0.7	-	6.4	2.7
		Severity (%)	65.0	-	70.0	68.3
		Spreads (bps)	627.0	-	684.0	647.9	125
	Other						63
Total Alt-A private-label securities							188
Subprime private-label securities	Consensus	Default Rate (%)	10.9	-	24.5	16.5
		Prepayment Speed (%)	0.0	-	5.6	2.6
		Severity (%)	80.0			80.0
		Spreads (bps)	651.0	-	823.0	700.4	613
	Consensus						468
	Discounted Cash Flow	Default Rate (%)	15.6	-	20.6	17.5
		Prepayment Speed (%)	0.7	-	5.6	2.6
		Severity (%)	80.0			80.0
		Spreads (bps)	650.0	-	824.0	774.6	145
Total subprime private-label securities							1,226
Mortgage revenue bonds	Discounted Cash Flow	Spreads (bps)	275.0	-	390.0	335.4	640
	Other						49
Total mortgage revenue bonds							689
Other	Other						118
Total trading securities							$	2,305



	Fair Value Measurements as of June 30, 2012
	Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾	Fair Value
	(Dollars in millions)
Available-for-sale securities:
Mortgage-related securities:
Agency⁽²⁾	Other						$	45
Alt-A private-label securities	Consensus	Default Rate (%)	0.0	-	19.5	2.8
		Prepayment Speed (%)	0.4	-	20.5	10.5
		Severity (%)	50.0	-	70.0	53.0
		Spreads (bps)	369.0	-	704.0	498.7	2,477
	Consensus						1,958
	Discounted Cash Flow	Default Rate (%)	0.0	-	15.3	7.4
		Prepayment Speed (%)	0.0	-	20.1	6.0
		Severity (%)	50.0	-	70.0	57.3
		Spreads (bps)	410.0	-	771.0	573.3	1,711
	Single Vendor						226
	Other						84
Total Alt-A private-label securities							6,456
Subprime private-label securities	Consensus	Default Rate (%)	0.0	-	26.4	16.4
		Prepayment Speed (%)	0.0	-	20.9	1.8
		Severity (%)	65.0	-	80.0	78.4
		Spreads (bps)	561.0	-	840.0	702.6	3,426
	Consensus						2,043
	Discounted Cash Flow	Default Rate (%)	0.0	-	25.5	15.9
		Prepayment Speed (%)	0.0	-	16.0	2.4
		Severity (%)	65.0	-	80.0	76.2
		Spreads (bps)	531.0	-	842.0	713.0	1,651
	Other						110
Total subprime private-label securities							7,230
Mortgage revenue bonds	Single Vendor						7,294
	Discounted Cash Flow	Spreads (bps)	134.0	-	390.0	320.3	1,835
	Other						224
Total mortgage revenue bonds							9,353
Other	Consensus						928
	Discounted Cash Flow	Default Rate (%)	0.4	-	13.0	4.9
		Prepayment Speed (%)	0.0	-	10.8	3.3
		Severity (%)	50.0	-	85.0	84.0
		Spreads (bps)	567.0	-	793.0	676.0	805
	Consensus	Default Rate (%)	5.0			5.0
		Prepayment Speed (%)	3.0			3.0
		Severity (%)	85.0			85.0
		Spreads (bps)	626.0	-	812.0	706.1	688
	Other						823
Total Other							3,244
Total available-for-sale securities							$	26,328



	Fair Value Measurements as of June 30, 2012
	Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾	Fair Value
	(Dollars in millions)
Mortgage loans of consolidated trusts:
Single-family	Build-Up	Default Rate (%)	0.1	-	91.9	14.5
		Prepayment Speed (%)	9.4	-	97.1	34.1
		Severity (%)	9.4	-	100.0	37.2	$	1,371
	Consensus						333
	Discounted Cash Flow	Default Rate (%)	1.4	-	14.5	8.6
		Prepayment Speed (%)	0.2	-	8.3	3.6
		Severity (%)	50.0	-	65.0	60.5
		Spreads (bps)	587.0	-	1,269.0	661.4	212
	Consensus	Default Rate (%)	2.0	-	8.4	5.6
		Prepayment Speed (%)	2.5	-	8.3	4.6
		Severity (%)	65.0	-	70.0	65.9
		Spreads (bps)	605.0	-	866.0	691.5	209
	Single Vendor						47
Total single-family							2,172
Multifamily	Build-Up	Spreads (bps)	103.0	-	423.4	199.7	159
Total mortgage loans of consolidated trusts							$	2,331
Net derivatives	Dealer Mark						$	176
	Internal Model						(102		)
Total net derivatives							$	74
Long-term debt:
Of Fannie Mae:
Senior floating	Discounted Cash Flow						$	(412	)
Of consolidated trusts	Discounted Cash Flow	Default Rate (%)	1.4	-	10.0	6.1
		Prepayment Speed (%)	0.0	-	100.0	56.0
		Severity (%)	50.0	-	65.0	57.2
		Spreads (bps)	127.1	-	1,269.0	412.0	(490		)
	Consensus						(456		)
	Consensus	Default Rate (%)	2.0	-	8.4	5.6
		Prepayment Speed (%)	2.5	-	8.3	4.5
		Severity (%)	65.0	-	70.0	65.9
		Spreads (bps)	605.0	-	866.0	691.0	(227		)
	Single Vendor						(146		)
Total of consolidated trusts							(1,319		)
Total long-term debt							$	(1,731	)

_________

⁽¹⁾

Valuation techniques for which no unobservable inputs are disclosed generally reflect the use of third-party pricing services or dealers, and the range of unobservable inputs applied by these sources is not readily available or cannot be reasonably estimated. Where we have disclosed unobservable inputs for consensus and single vendor techniques those inputs are based on our validations performed at the security level.


⁽²⁾	Includes Fannie Mae and Freddie Mac securities.

Level 3 Assets Measured on Nonrecurring Basis [Table Text Block]

The following table displays valuation techniques for our Level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2012. The significant unobservable inputs related to these techniques primarily relate to collateral dependent valuations. The related ranges and weighted averages are not meaningful when aggregated as they vary significantly from property to property.



	Fair Value Measurements as of June 30, 2012
	Valuation Techniques	Fair Value
	(Dollars in millions)
Nonrecurring fair value measurements:
Level 3 Assets:
Single-family mortgage loans held for sale, at lower of cost or fair value	Consensus		$	120
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Internal Model		21,808
Of consolidated trusts	Internal Model		240
Multifamily mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Appraisals		202
	Broker Price Opinions		284
	Asset Manager Estimate		859
	Other		35
Total of Fannie Mae			1,380
Acquired property, net:
Single-family	Accepted Offers		837
	Appraisals		527
	Walk Forwards		1,111
	Internal Model		856
	Other		50
Total single-family			3,381
Multifamily	Accepted Offers		44
	Appraisals		16
	Broker Price Opinions		28
Total Multifamily			88
Other Assets	Appraisals		66
	Walk Forwards		36
	Internal Model		88
	Other		113
Total other assets			303
Total nonrecurring assets at fair value			$	27,320

Fair Value of Financial Instruments [Table Text Block]

As a result, the fair value of our financial assets and liabilities does not represent the underlying fair value of our total consolidated assets and liabilities.



	As of
	June 30, 2012															December 31, 2011
	Carrying Value		Quoted Price in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Netting Adjust-ment			Estimated Fair Value		Carrying Value		Estimated Fair Value
	(Dollars in millions)
Financial assets:
Cash and cash equivalents and restricted cash	$	80,713		$	68,663	$	12,050		$	—	$	—		$	80,713	$	68,336	$	68,336
Federal funds sold and securities purchased under agreements to resell or similar arrangements	24,000			—		24,000			—		—			24,000		46,000		46,000
Trading securities	50,935			27,064		21,566			2,305		—			50,935		74,198		74,198
Available-for-sale securities	69,694			—		43,366			26,328		—			69,694		77,582		77,582
Mortgage loans held for sale	455			—		280			187		—			467		311		325
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	317,578			—		36,665			230,096		—			266,761		322,825		294,996
Of consolidated trusts	2,605,209			—		2,405,153			293,656		—			2,698,809		2,575,485		2,652,025
Mortgage loans held for investment	2,922,787			—		2,441,818			523,752		—			2,965,570		2,898,310		2,947,021
Advances to lenders	7,343			—		6,638			615		—			7,253		5,538		5,420
Derivative assets at fair value	602			—		16,718			236		(16,352		)	602		561		561
Guaranty assets and buy-ups	474			—		—			866		—			866		503		901
Total financial assets	$	3,157,003		$	95,727	$	2,566,436		$	554,289	$	(16,352	)	$	3,200,100	$	3,171,339	$	3,220,344

Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	153		$	—	$	153		$	—	$	—		$	153	$	—	$	—
Short-term debt:
Of Fannie Mae	92,906			—		92,917			—		—			92,917		146,752		146,782
Of consolidated trusts	3,908			—		—			3,908		—			3,908		4,973		4,973
Long-term debt:
Of Fannie Mae	566,483			—		592,491			1,074		—			593,565		585,692		613,983
Of consolidated trusts	2,500,591			—		2,627,334			15,864		—			2,643,198		2,452,455		2,596,657
Derivative liabilities at fair value	919			—		24,282			162		(23,525		)	919		916		916
Guaranty obligations	758			—		—			3,543		—			3,543		811		3,944
Total financial liabilities	$	3,165,718		$	—	$	3,337,177		$	24,551	$	(23,525	)	$	3,338,203	$	3,191,599	$	3,367,255

Fair Value Option [Table Text Block]

The following table displays the fair value and unpaid principal balance of the financial instruments for which we have made fair value elections as of June 30, 2012 and December 31, 2011.



		As of
		June 30, 2012									December 31, 2011
	Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts⁽²⁾			Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts⁽²⁾
		(Dollars in millions)
Fair value		$	5,231		$	831		$	4,600		$	3,611		$	838		$	3,939
Unpaid principal balance		5,631			712			4,679			4,122			712			4,012

__________

⁽¹⁾ Includes nonaccrual loans with a fair value of $260 million and $195 million as of June 30, 2012 and December 31, 2011, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of June 30, 2012 and December 31, 2011 is $240 million and $232 million, respectively. Includes loans that are 90 days or more past due with a fair value of $382 million and $310 million as of June 30, 2012 and December 31, 2011, respectively. The difference between unpaid principal balance and the fair value of these 90 or more days past due loans as of June 30, 2012 and December 31, 2011 is $270 million and $262 million, respectively.

⁽²⁾ Includes interest-only debt instruments with no unpaid principal balance and a fair value of $107 million and $115 million as of June 30, 2012 and December 31, 2011, respectively.

The following table displays fair value gains and losses, net, including changes attributable to instrument-specific credit risk, for loans and debt for which the fair value election was made. Amounts are recorded as a component of “Fair value losses, net” in our condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2012 and 2011.



	For the Three Months Ended June 30,
	2012											2011
	Loans			Long-Term Debt				Total Gains (Losses)				Loans		Long-Term Debt				Total Gains
	(Dollars in millions)
Changes in instrument-specific credit risk	$	11			$	—			$	11		$	6		$	8		$	14
Other changes in fair value	(38		)		(17		)		(55		)	76			(26		)	50
Fair value (losses) gains, net	$	(27	)		$	(17	)		$	(44	)	$	82		$	(18	)	$	64



	For the Six Months Ended June 30,
	2012											2011
	Loans			Long-Term Debt				Total Gains (Losses)				Loans			Long-Term Debt			Total (Losses) Gains
	(Dollars in millions)
Changes in instrument-specific credit risk	$	77			$	(2	)		$	75		$	(211	)		$	4	$	(207	)
Other changes in fair value	(103		)		43				(60		)	141				7		148
Fair value (losses) gains, net	$	(26	)		$	41			$	15		$	(70	)		$	11	$	(59	)

- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

+ References+ Details

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

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- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

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