Fair Value Level 3 Reconciliation (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2012		Dec. 31, 2011		Dec. 31, 2010
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gains (losses) included in net income (loss) related to assets still held	$ 148		$ 15		$ 93
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) included in net income (loss)	126		(457)		295
Interest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gains (losses) included in net income (loss) related to assets still held	0		(3)		0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) included in net income (loss)	272		(327)		319
Fair Value Gains, Net [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gains (losses) included in net income (loss) related to assets still held	148		18		93
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) included in net income (loss)	326		86		416
Net OTTI [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gains (losses) included in net income (loss) related to assets still held	0		0		0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) included in net income (loss)	(484)		(229)		(480)
Other [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gains (losses) included in net income (loss) related to assets still held	0		0		0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) included in net income (loss)	12		13		40
Trading securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	4,238		4,576		8,861
Impact of the transition to the Consolidation Accounting Guidance					60
Total gain (loss) (realized/unrealized) included in net income (loss)	307		50		340
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	0	[1]	0	[1]	0	[1]
Purchases	0	[2]	672	[2]
Sales	(33)	[2]	(170)	[2]
Issues	0	[3]	0	[3]
Settlements	(409)	[3]	(678)	[3]
Purchases, Sales, Issuances, and Settlements, Net					(669)
Transfers out of Level 3	(2,497)	[4]	(971)	[4]	(6,670)	[4]
Transfers Into Level 3	680	[4]	759	[4]	2,654	[4]
Ending Balance	2,286		4,238		4,576
Net unrealized gains (losses) included in net income (loss) related to assets still held	177	[5]	54	[5]	129	[5]
Trading securities [Member] | Fannie Mae [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,737		2,202		5,656
Impact of the transition to the Consolidation Accounting Guidance					(2)
Total gain (loss) (realized/unrealized) included in net income (loss)	(2)		14		(1)
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	0	[1]	0	[1]	0	[1]
Purchases	0	[2]	663	[2]
Sales	(33)	[2]	(161)	[2]
Issues	0	[3]	0	[3]
Settlements	(118)	[3]	(433)	[3]
Purchases, Sales, Issuances, and Settlements, Net					(223)
Transfers out of Level 3	(1,581)	[4]	(600)	[4]	(5,551)	[4]
Transfers Into Level 3	65	[4]	52	[4]	2,323	[4]
Ending Balance	68		1,737		2,202
Net unrealized gains (losses) included in net income (loss) related to assets still held	(6)	[5]	36	[5]	13	[5]
Trading securities [Member] | Freddie Mac [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0				0
Impact of the transition to the Consolidation Accounting Guidance					0
Total gain (loss) (realized/unrealized) included in net income (loss)	0				0
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	0	[1]			0	[1]
Purchases	0	[2]
Sales	0	[2]
Issues	0	[3]
Settlements	0	[3]
Purchases, Sales, Issuances, and Settlements, Net					(1)
Transfers out of Level 3	0	[4]			(3)	[4]
Transfers Into Level 3	2	[4]			4	[4]
Ending Balance	2				0
Net unrealized gains (losses) included in net income (loss) related to assets still held	0	[5]			0	[5]
Trading securities [Member] | Ginnie Mae [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	9		0
Total gain (loss) (realized/unrealized) included in net income (loss)	0		0
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	0	[1]	0	[1]
Purchases	0	[2]	9	[2]
Sales	0	[2]	(9)	[2]
Issues	0	[3]	0	[3]
Settlements	0	[3]	0	[3]
Transfers out of Level 3	(9)	[4]	(27)	[4]
Transfers Into Level 3	1	[4]	36	[4]
Ending Balance	1		9
Net unrealized gains (losses) included in net income (loss) related to assets still held	0	[5]	0	[5]
Trading securities [Member] | Alt-A private-label securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	345		20		564
Impact of the transition to the Consolidation Accounting Guidance					62
Total gain (loss) (realized/unrealized) included in net income (loss)	165		19		226
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	0	[1]	0	[1]	0	[1]
Purchases	0	[2]	0	[2]
Sales	0	[2]	0	[2]
Issues	0	[3]	0	[3]
Settlements	(111)	[3]	(32)	[3]
Purchases, Sales, Issuances, and Settlements, Net					(77)
Transfers out of Level 3	(907)	[4]	(188)	[4]	(1,069)	[4]
Transfers Into Level 3	612	[4]	526	[4]	314	[4]
Ending Balance	104		345		20
Net unrealized gains (losses) included in net income (loss) related to assets still held	39	[5]	(1)	[5]	4	[5]
Trading securities [Member] | Subprime private-label securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,280		1,581		1,780
Impact of the transition to the Consolidation Accounting Guidance					0
Total gain (loss) (realized/unrealized) included in net income (loss)	192		(125)		41
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	0	[1]	0	[1]	0	[1]
Purchases	0	[2]	0	[2]
Sales	0	[2]	0	[2]
Issues	0	[3]	0	[3]
Settlements	(153)	[3]	(176)	[3]
Purchases, Sales, Issuances, and Settlements, Net					(240)
Transfers out of Level 3	0	[4]	0	[4]	0	[4]
Transfers Into Level 3	0	[4]	0	[4]	0	[4]
Ending Balance	1,319		1,280		1,581
Net unrealized gains (losses) included in net income (loss) related to assets still held	192	[5]	(125)	[5]	41	[5]
Trading securities [Member] | Mortgage revenue bonds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	724		609		600
Impact of the transition to the Consolidation Accounting Guidance					0
Total gain (loss) (realized/unrealized) included in net income (loss)	(29)		141		67
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	0	[1]	0	[1]	0	[1]
Purchases	0	[2]	0	[2]
Sales	0	[2]	0	[2]
Issues	0	[3]	0	[3]
Settlements	(20)	[3]	(26)	[3]
Purchases, Sales, Issuances, and Settlements, Net					(58)
Transfers out of Level 3	0	[4]	0	[4]	0	[4]
Transfers Into Level 3	0	[4]	0	[4]	0	[4]
Ending Balance	675		724		609
Net unrealized gains (losses) included in net income (loss) related to assets still held	(29)	[5]	144	[5]	66	[5]
Trading securities [Member] | Other [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	143		152		154
Impact of the transition to the Consolidation Accounting Guidance					0
Total gain (loss) (realized/unrealized) included in net income (loss)	(19)		1		6
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	0	[1]	0	[1]	0	[1]
Purchases	0	[2]	0	[2]
Sales	0	[2]	0	[2]
Issues	0	[3]	0	[3]
Settlements	(7)	[3]	(6)	[3]
Purchases, Sales, Issuances, and Settlements, Net					(8)
Transfers out of Level 3	0	[4]	(147)	[4]	0	[4]
Transfers Into Level 3	0	[4]	143	[4]	0	[4]
Ending Balance	117		143		152
Net unrealized gains (losses) included in net income (loss) related to assets still held	(19)	[5]	0	[5]	5	[5]
Trading securities [Member] | Asset-Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance			12		107
Impact of the transition to the Consolidation Accounting Guidance					0
Total gain (loss) (realized/unrealized) included in net income (loss)			0		1
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)			0	[1]	0	[1]
Purchases			0	[2]
Sales			0	[2]
Issues			0	[3]
Settlements			(5)	[3]
Purchases, Sales, Issuances, and Settlements, Net					(62)
Transfers out of Level 3			(9)	[4]	(47)	[4]
Transfers Into Level 3			2	[4]	13	[4]
Ending Balance			0		12
Net unrealized gains (losses) included in net income (loss) related to assets still held			0	[5]	0	[5]
Available-for-sale securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	29,492		31,934		36,154
Impact of the transition to the Consolidation Accounting Guidance					537
Total gain (loss) (realized/unrealized) included in net income (loss)	(192)		(515)		(117)
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	1,892	[1]	467	[1]	2,805	[1]
Purchases	72	[2]	1,756	[2]
Sales	(119)	[2]	(855)	[2]
Issues	0	[3]	0	[3]
Settlements	(5,109)	[3]	(3,904)	[3]
Purchases, Sales, Issuances, and Settlements, Net					(5,390)
Transfers out of Level 3	(4,220)	[4]	(2,707)	[4]	(5,533)	[4]
Transfers Into Level 3	3,218	[4]	3,316	[4]	3,478	[4]
Ending Balance	25,034		29,492		31,934
Net unrealized gains (losses) included in net income (loss) related to assets still held	0	[5]	0	[5]	0	[5]
Available-for-sale securities [Member] | Fannie Mae [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	946		114		596
Impact of the transition to the Consolidation Accounting Guidance					(203)
Total gain (loss) (realized/unrealized) included in net income (loss)	0		0		(1)
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	(8)	[1]	44	[1]	2	[1]
Purchases	43	[2]	1,756	[2]
Sales	(43)	[2]	(383)	[2]
Issues	0	[3]	0	[3]
Settlements	(24)	[3]	(22)	[3]
Purchases, Sales, Issuances, and Settlements, Net					181
Transfers out of Level 3	(895)	[4]	(1,023)	[4]	(580)	[4]
Transfers Into Level 3	10	[4]	460	[4]	119	[4]
Ending Balance	29		946		114
Net unrealized gains (losses) included in net income (loss) related to assets still held	0	[5]	0	[5]	0	[5]
Available-for-sale securities [Member] | Freddie Mac [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	12		3		27
Impact of the transition to the Consolidation Accounting Guidance					0
Total gain (loss) (realized/unrealized) included in net income (loss)	0		0		0
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	0	[1]	0	[1]	(1)	[1]
Purchases	0	[2]	0	[2]
Sales	0	[2]	0	[2]
Issues	0	[3]	0	[3]
Settlements	(2)	[3]	(1)	[3]
Purchases, Sales, Issuances, and Settlements, Net					(29)
Transfers out of Level 3	0	[4]	0	[4]	0	[4]
Transfers Into Level 3	0	[4]	10	[4]	6	[4]
Ending Balance	10		12		3
Net unrealized gains (losses) included in net income (loss) related to assets still held	0	[5]	0	[5]	0	[5]
Available-for-sale securities [Member] | Ginnie Mae [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance					123
Impact of the transition to the Consolidation Accounting Guidance					0
Total gain (loss) (realized/unrealized) included in net income (loss)					0
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)					2	[1]
Purchases, Sales, Issuances, and Settlements, Net					(125)
Transfers out of Level 3					0	[4]
Transfers Into Level 3					0	[4]
Ending Balance					0
Net unrealized gains (losses) included in net income (loss) related to assets still held					0	[5]
Available-for-sale securities [Member] | Alt-A private-label securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	7,256		7,049		8,312
Impact of the transition to the Consolidation Accounting Guidance					471
Total gain (loss) (realized/unrealized) included in net income (loss)	(87)		(100)		(54)
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	584	[1]	119	[1]	1,240	[1]
Purchases	0	[2]	0	[2]
Sales	0	[2]	0	[2]
Issues	0	[3]	0	[3]
Settlements	(1,072)	[3]	(974)	[3]
Purchases, Sales, Issuances, and Settlements, Net					(1,322)
Transfers out of Level 3	(3,325)	[4]	(1,684)	[4]	(4,951)	[4]
Transfers Into Level 3	3,208	[4]	2,846	[4]	3,353	[4]
Ending Balance	6,564		7,256		7,049
Net unrealized gains (losses) included in net income (loss) related to assets still held	0	[5]	0	[5]	0	[5]
Available-for-sale securities [Member] | Subprime private-label securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	7,586		9,932		10,746
Impact of the transition to the Consolidation Accounting Guidance					(118)
Total gain (loss) (realized/unrealized) included in net income (loss)	(126)		(386)		(70)
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	1,280	[1]	(580)	[1]	1,078	[1]
Purchases	0	[2]	0	[2]
Sales	0	[2]	(363)	[2]
Issues	0	[3]	0	[3]
Settlements	(1,293)	[3]	(1,017)	[3]
Purchases, Sales, Issuances, and Settlements, Net					(1,704)
Transfers out of Level 3	0	[4]	0	[4]	0	[4]
Transfers Into Level 3	0	[4]	0	[4]	0	[4]
Ending Balance	7,447		7,586		9,932
Net unrealized gains (losses) included in net income (loss) related to assets still held	0	[5]	0	[5]	0	[5]
Available-for-sale securities [Member] | Mortgage revenue bonds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	10,247		11,030		12,820
Impact of the transition to the Consolidation Accounting Guidance					21
Total gain (loss) (realized/unrealized) included in net income (loss)	9		(22)		11
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	(23)	[1]	834	[1]	82	[1]
Purchases	29	[2]	0	[2]
Sales	(76)	[2]	(109)	[2]
Issues	0	[3]	0	[3]
Settlements	(2,349)	[3]	(1,486)	[3]
Purchases, Sales, Issuances, and Settlements, Net					(1,902)
Transfers out of Level 3	0	[4]	0	[4]	(2)	[4]
Transfers Into Level 3	0	[4]	0	[4]	0	[4]
Ending Balance	7,837		10,247		11,030
Net unrealized gains (losses) included in net income (loss) related to assets still held	0	[5]	0	[5]	0	[5]
Available-for-sale securities [Member] | Other [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	3,445		3,806		3,530
Impact of the transition to the Consolidation Accounting Guidance					366
Total gain (loss) (realized/unrealized) included in net income (loss)	12		(7)		(3)
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	59	[1]	50	[1]	402	[1]
Purchases	0	[2]	0	[2]
Sales	0	[2]	0	[2]
Issues	0	[3]	0	[3]
Settlements	(369)	[3]	(404)	[3]
Purchases, Sales, Issuances, and Settlements, Net					(489)
Transfers out of Level 3	0	[4]	0	[4]	0	[4]
Transfers Into Level 3	0	[4]	0	[4]	0	[4]
Ending Balance	3,147		3,445		3,806
Net unrealized gains (losses) included in net income (loss) related to assets still held	0	[5]	0	[5]	0	[5]
Mortgage Loans [Member] | Consolidated Trusts [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	2,319		2,207		0
Impact of the transition to the Consolidation Accounting Guidance					0
Total gain (loss) (realized/unrealized) included in net income (loss)	235		8		(29)
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	0	[1]	0	[1]	0	[1]
Purchases	935	[2]	184	[2]
Sales	0	[2]	0	[2]
Issues	0	[3]	0	[3]
Settlements	(411)	[3]	(339)	[3]
Purchases, Sales, Issuances, and Settlements, Net					2,188
Transfers out of Level 3	(562)	[4]	(106)	[4]	(11)	[4]
Transfers Into Level 3	118	[4]	365	[4]	59	[4]
Ending Balance	2,634		2,319		2,207
Net unrealized gains (losses) included in net income (loss) related to assets still held	159	[5]	9	[5]	(29)	[5]
Guaranty Assets and Buy-ups [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance					2,577
Impact of the transition to the Consolidation Accounting Guidance					(2,568)
Total gain (loss) (realized/unrealized) included in net income (loss)					1
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)					1	[1]
Purchases, Sales, Issuances, and Settlements, Net					(11)
Transfers out of Level 3					0	[4]
Transfers Into Level 3					0	[4]
Ending Balance					0
Net unrealized gains (losses) included in net income (loss) related to assets still held					0	[5]
Net derivatives [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	65		104		123
Impact of the transition to the Consolidation Accounting Guidance					0
Total gain (loss) (realized/unrealized) included in net income (loss)	(23)		123		61
Total gains or (losses) (realized/unrealized) included in other comprehensive income (loss)	0	[1]	0	[1]	0	[1]
Purchases	0	[2]	0	[2]
Sales	0	[2]	0	[2]
Issues	(8)	[3]	(4)	[3]
Settlements	(20)	[3]	(87)	[3]
Purchases, Sales, Issuances, and Settlements, Net					(74)
Transfers out of Level 3	0	[4]	(71)	[4]	(1)	[4]
Transfers Into Level 3	0	[4]	0	[4]	(5)	[4]
Ending Balance	14		65		104
Net unrealized gains (losses) included in net income (loss) related to assets still held	(9)	[5]	59	[5]	(33)	[5]
Long-term debt [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(1,171)		(1,048)		(601)
Impact of the Transition to the Consolidation Accounting Guidance					(77)
Total gain (loss) (realized/unrealized) included in net income (loss)	(201)		(123)		39
Total gains or (losses) included in other comprehensive income (loss)	0	[1]	0	[1]	0	[1]
Purchases	0	[2]	0	[2]
Sales	0	[2]	4	[2]
Issues	(523)	[3]	(70)	[3]
Settlements	260	[3]	192	[3]
Purchases, Sales, Issuances, and Settlements, Net					(471)
Transfers out of Level 3	474	[4]	185	[4]	92	[4]
Transfers Into Level 3	(367)	[4]	(311)	[4]	(30)	[4]
Ending Balance	(1,528)		(1,171)		(1,048)
Net unealized gains (losses) included in net income (loss) related to liabilities still held	(179)	[5]	(107)	[5]	26	[5]
Long-term debt [Member] | Fannie Mae [Member] | Senior Floating [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(406)		(421)		(601)
Impact of the Transition to the Consolidation Accounting Guidance					0
Total gain (loss) (realized/unrealized) included in net income (loss)	(21)		(88)		20
Total gains or (losses) included in other comprehensive income (loss)	0	[1]	0	[1]	0	[1]
Purchases	0	[2]	0	[2]
Sales	0	[2]	0	[2]
Issues	0	[3]	0	[3]
Settlements	27	[3]	103	[3]
Purchases, Sales, Issuances, and Settlements, Net					160
Transfers out of Level 3	0	[4]	0	[4]	0	[4]
Transfers Into Level 3	0	[4]	0	[4]	0	[4]
Ending Balance	(400)		(406)		(421)
Net unealized gains (losses) included in net income (loss) related to liabilities still held	(21)	[5]	(88)	[5]	24	[5]
Long-term debt [Member] | Consolidated Trusts [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(765)		(627)		0
Impact of the Transition to the Consolidation Accounting Guidance					(77)
Total gain (loss) (realized/unrealized) included in net income (loss)	(180)		(35)		19
Total gains or (losses) included in other comprehensive income (loss)	0	[1]	0	[1]	0	[1]
Purchases	0	[2]	0	[2]
Sales	0	[2]	4	[2]
Issues	(523)	[3]	(70)	[3]
Settlements	233	[3]	89	[3]
Purchases, Sales, Issuances, and Settlements, Net					(631)
Transfers out of Level 3	474	[4]	185	[4]	92	[4]
Transfers Into Level 3	(367)	[4]	(311)	[4]	(30)	[4]
Ending Balance	(1,128)		(765)		(627)
Net unealized gains (losses) included in net income (loss) related to liabilities still held	$ (158)	[5]	$ (19)	[5]	$ 2	[5]

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