Fair Value (Tables)

12 Months Ended

Dec. 31, 2012

Recurring Changes in Fair Value [Table Text Block]

The following tables display our assets and liabilities measured in our 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 December 31, 2012 and 2011.



		Fair Value Measurements as of December 31, 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⁾		$	1,150		$	—		$	—		$	—			$	1,150
Trading securities:
Mortgage-related securities:
Fannie Mae		—			6,180			68			—				6,248
Freddie Mac		—			2,791			2			—				2,793
Ginnie Mae		—			436			1			—				437
Alt-A private-label securities		—			1,226			104			—				1,330
Subprime private-label securities		—			—			1,319			—				1,319
CMBS		—			9,826			—			—				9,826
Mortgage revenue bonds		—			—			675			—				675
Other		—			—			117			—				117
Non-mortgage-related securities:
U.S. Treasury securities		17,950			—			—			—				17,950
Total trading securities		17,950			20,459			2,286			—				40,695
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			10,406			29			—				10,435
Freddie Mac		—			9,370			10			—				9,380
Ginnie Mae		—			751			—			—				751
Alt-A private-label securities		—			4,511			6,564			—				11,075
Subprime private-label securities		—			—			7,447			—				7,447
CMBS		—			13,097			—			—				13,097
Mortgage revenue bonds		—			5			7,837			—				7,842
Other		—			7			3,147			—				3,154
Total available-for-sale securities		—			38,147			25,034			—				63,181
Mortgage loans of consolidated trusts		—			8,166			2,634			—				10,800
Other assets:
Risk management derivatives:
Swaps		—			12,224			146			—				12,370
Swaptions		—			3,674			—			—				3,674
Other		—			—			26			—				26
Netting adjustment		—			—			—			(15,791		)		(15,791		)
Mortgage commitment derivatives		—			153			3			—				156
Total other assets		—			16,051			175			(15,791		)		435
Total assets at fair value		$	19,100		$	82,823		$	30,129		$	(15,791	)		$	116,261



		Fair Value Measurements as of December 31, 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		$	—		$	393		$	—		$	—		$	393
Senior floating		—			—			400			—			400
Total of Fannie Mae		—			393			400			—			793
Of consolidated trusts		—			10,519			1,128			—			11,647
Total long-term debt		—			10,912			1,528			—			12,440
Other liabilities:
Risk management derivatives:
Swaps		—			19,836			154			—			19,990
Swaptions		—			2,463			—			—			2,463
Other		—			1			—			—			1
Netting adjustment		—			—			—			(22,046		)	(22,046		)
Mortgage commitment derivatives		—			290			7			—			297
Total other liabilities		—			22,590			161			(22,046		)	705
Total liabilities at fair value		$	—		$	33,502		$	1,689		$	(22,046	)	$	13,145



		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 years ended December 31, 2012, 2011 and 2010. The tables also display gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized in our consolidated statements of operations and comprehensive income (loss) for Level 3 assets and liabilities for the years ended December 31, 2012, 2011 and 2010. 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 Year Ended December 31, 2012

				Total (Losses) or Gains (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Income (Loss) Related to Assets and Liabilities Still Held as of December 31, 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, December 31, 2012
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	1,737		$	(2	)		$	—		$	—	$	(33	)	$	—		$	(118	)	$	(1,581	)	$	65		$	68			$	(6	)
Freddie Mac	—			—				—			—		—			—			—			—			2			2				—
Ginnie Mae	9			—				—			—		—			—			—			(9		)	1			1				—
Alt-A private-label securities	345			165				—			—		—			—			(111		)	(907		)	612			104				39
Subprime private-label securities	1,280			192				—			—		—			—			(153		)	—			—			1,319				192
Mortgage revenue bonds	724			(29		)		—			—		—			—			(20		)	—			—			675				(29		)
Other	143			(19		)		—			—		—			—			(7		)	—			—			117				(19		)
Total trading securities	$	4,238		$	307			$	—		$	—	$	(33	)	$	—		$	(409	)	$	(2,497	)	$	680		$	2,286			$	177

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	946		$	—			$	(8	)	$	43	$	(43	)	$	—		$	(24	)	$	(895	)	$	10		$	29			$	—
Freddie Mac	12			—				—			—		—			—			(2		)	—			—			10				—
Alt-A private-label securities	7,256			(87		)		584			—		—			—			(1,072		)	(3,325		)	3,208			6,564				—
Subprime private-label securities	7,586			(126		)		1,280			—		—			—			(1,293		)	—			—			7,447				—
Mortgage revenue bonds	10,247			9				(23		)	29		(76		)	—			(2,349		)	—			—			7,837				—
Other	3,445			12				59			—		—			—			(369		)	—			—			3,147				—
Total available-for-sale securities	$	29,492		$	(192	)		$	1,892		$	72	$	(119	)	$	—		$	(5,109	)	$	(4,220	)	$	3,218		$	25,034			$	—

Mortgage loans of consolidated trusts	$	2,319		$	235			$	—		$	935	$	—		$	—		$	(411	)	$	(562	)	$	118		$	2,634			$	159
Net derivatives	65			(23		)		—			—		—			(8		)	(20		)	—			—			14				(9		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(406	)	$	(21	)		$	—		$	—	$	—		$	—		$	27		$	—		$	—		$	(400	)		$	(21	)
Of consolidated trusts	(765		)	(180		)		—			—		—			(523		)	233			474			(367		)	(1,128		)		(158		)
Total long-term debt	$	(1,171	)	$	(201	)		$	—		$	—	$	—		$	(523	)	$	260		$	474		$	(367	)	$	(1,528	)		$	(179	)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2011

				Total Gains or (Losses) (Realized/Unrealized)																											Net Unrealized Gains (Losses) Included in Net Income (Loss) Related to Assets and Liabilities Still Held as of December 31, 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, December 31, 2011
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	2,202		$	14			$	—		$	663	$	(161	)	$	—		$	(433	)	$	(600	)	$	52		$	1,737			$	36
Ginnie Mae	—			—				—			9		(9		)	—			—			(27		)	36			9				—
Alt-A private-label securities	20			19				—			—		—			—			(32		)	(188		)	526			345				(1		)
Subprime private-label securities	1,581			(125		)		—			—		—			—			(176		)	—			—			1,280				(125		)
Mortgage revenue bonds	609			141				—			—		—			—			(26		)	—			—			724				144
Other	152			1				—			—		—			—			(6		)	(147		)	143			143				—
Non-mortgage-related:
Asset-backed securities	12			—				—			—		—			—			(5		)	(9		)	2			—				—
Total trading securities	$	4,576		$	50			$	—		$	672	$	(170	)	$	—		$	(678	)	$	(971	)	$	759		$	4,238			$	54

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	114		$	—			$	44		$	1,756	$	(383	)	$	—		$	(22	)	$	(1,023	)	$	460		$	946			$	—
Freddie Mac	3			—				—			—		—			—			(1		)	—			10			12				—
Alt-A private-label securities	7,049			(100		)		119			—		—			—			(974		)	(1,684		)	2,846			7,256				—
Subprime private-label securities	9,932			(386		)		(580		)	—		(363		)	—			(1,017		)	—			—			7,586				—
Mortgage revenue bonds	11,030			(22		)		834			—		(109		)	—			(1,486		)	—			—			10,247				—
Other	3,806			(7		)		50			—		—			—			(404		)	—			—			3,445				—
Total available-for-sale securities	$	31,934		$	(515	)		$	467		$	1,756	$	(855	)	$	—		$	(3,904	)	$	(2,707	)	$	3,316		$	29,492			$	—

Mortgage loans of consolidated trusts	$	2,207		$	8			$	—		$	184	$	—		$	—		$	(339	)	$	(106	)	$	365		$	2,319			$	9
Net derivatives	104			123				—			—		—			(4		)	(87		)	(71		)	—			65				59
Long-term debt:
Of Fannie Mae:
Senior floating	$	(421	)	$	(88	)		$	—		$	—	$	—		$	—		$	103		$	—		$	—		$	(406	)		$	(88	)
Of consolidated trusts	(627		)	(35		)		—			—		4			(70		)	89			185			(311		)	(765		)		(19		)
Total long-term debt	$	(1,048	)	$	(123	)		$	—		$	—	$	4		$	(70	)	$	192		$	185		$	(311	)	$	(1,171	)		$	(107	)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Year Ended December 31, 2010

				Impact of the transition to the Consolidation Accounting Guidance				Total (Losses) or Gains (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income (Loss) Related to Assets and Liabilities Still Held as of December 31, 2010⁽⁵⁾
	Balance, December 31, 2009							Included in Net Income (Loss)			Included in Other Comprehensive Income (Loss)⁽¹⁾				Purchases, Sales, Issuances, and Settlements, Net			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, December 31, 2010
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	5,656			$	(2	)	$	(1	)		$	—		$	(223	)	$	(5,551	)	$	2,323		$	2,202			$	13
Freddie Mac	—				—			—				—			(1		)	(3		)	4			—				—
Alt-A private-label securities	564				62			226				—			(77		)	(1,069		)	314			20				4
Subprime private-label securities	1,780				—			41				—			(240		)	—			—			1,581				41
Mortgage revenue bonds	600				—			67				—			(58		)	—			—			609				66
Other	154				—			6				—			(8		)	—			—			152				5
Non-mortgage-related:
Asset-backed securities	107				—			1				—			(62		)	(47		)	13			12				—
Total trading securities	$	8,861			$	60		$	340			$	—		$	(669	)	$	(6,670	)	$	2,654		$	4,576			$	129

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	596			$	(203	)	$	(1	)		$	2		$	181		$	(580	)	$	119		$	114			$	—
Freddie Mac	27				—			—				(1		)	(29		)	—			6			3				—
Ginnie Mae	123				—			—				2			(125		)	—			—			—				—
Alt-A private-label securities	8,312				471			(54		)		1,240			(1,322		)	(4,951		)	3,353			7,049				—
Subprime private-label securities	10,746				(118		)	(70		)		1,078			(1,704		)	—			—			9,932				—
Mortgage revenue bonds	12,820				21			11				82			(1,902		)	(2		)	—			11,030				—
Other	3,530				366			(3		)		402			(489		)	—			—			3,806				—
Total available-for-sale securities	$	36,154			$	537		$	(117	)		$	2,805		$	(5,390	)	$	(5,533	)	$	3,478		$	31,934			$	—

Mortgage loans of consolidated trusts	$	—			$	—		$	(29	)		$	—		$	2,188		$	(11	)	$	59		$	2,207			$	(29	)
Guaranty assets and buy-ups	2,577				(2,568		)	1				1			(11		)	—			—			—				—
Net derivatives	123				—			61				—			(74		)	(1		)	(5		)	104				(33		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(601	)		$	—		$	20			$	—		$	160		$	—		$	—		$	(421	)		$	24
Of consolidated trusts	—				(77		)	19				—			(631		)	92			(30		)	(627		)		2
Total long-term debt	$	(601	)		$	(77	)	$	39			$	—		$	(471	)	$	92		$	(30	)	$	(1,048	)		$	26

__________


⁽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.

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 consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2012, 2011 and 2010, for our Level 3 assets and liabilities measured in our consolidated balance sheets at fair value on a recurring basis.



		For the Year Ended December 31, 2012
	Interest Income			Fair Value Gains, net			Net OTTI				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	272		$	326		$	(484	)		$	12		$	126
Net unrealized gains related to Level 3 assets and liabilities still held as of December 31, 2012		$	—		$	148		$	—			$	—		$	148



		For the Year Ended December 31, 2011
	Interest Income				Fair Value Gains, net			Net OTTI				Other			Total
		(Dollars in millions)
Total realized and unrealized (losses) gains included in net income (loss)		$	(327	)		$	86		$	(229	)		$	13		$	(457	)
Net unrealized (losses) gains related to Level 3 assets and liabilities still held as of December 31, 2011		$	(3	)		$	18		$	—			$	—		$	15



		For the Year Ended December 31, 2010
	Interest Income			Fair Value Gains, net			Net OTTI				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	319		$	416		$	(480	)		$	40		$	295
Net unrealized gains related to Level 3 assets and liabilities still held as of December 31, 2010		$	—		$	93		$	—			$	—		$	93

Nonrecurring Changes in Fair Value [Table Text Block]

The following table displays assets and liabilities measured in our 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 December 31, 2012.



	Fair Value Measurements as of December 31, 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		$	—		$	104		$	135		$	239
Single-family mortgage loans held for investment, at amortized cost:⁽¹⁾
Of Fannie Mae		—			—			23,314			23,314
Of consolidated trusts		—			—			227			227
Multifamily mortgage loans held for investment, at amortized cost		—			—			1,624			1,624
Acquired property, net:
Single-family		—			—			3,692			3,692
Multifamily		—			—			74			74
Other assets		—			—			384			384
Total nonrecurring fair value measurements		$	—		$	104		$	29,450		$	29,554

_________


⁽¹⁾	Excludes estimated recoveries from mortgage insurance proceeds.

The following tables display assets and liabilities measured in our consolidated balance sheets at fair value on a nonrecurring basis and the gains or losses recognized for these assets and liabilities for the years ended December 31, 2011 and 2010.



														For the Year Ended December 31, 2011
	Fair Value Measurements
	For the Year Ended December 31, 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 Gains (Losses)
		(Dollars in millions)
Assets:
Mortgage loans held for sale, at lower of cost or fair value		$	—		$	3		$	197		$	200	⁽¹⁾		$	12
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae		—			—			44,592			44,592		⁽²⁾		(3,077		)
Of consolidated trusts		—			—			882			882		⁽²⁾		(142		)
Multifamily mortgage loans held for investment, at amortized cost:
Of Fannie Mae		—			—			1,910			1,910		⁽²⁾		(348		)
Acquired property, net:
Single-family		—			—			19,498			19,498		⁽³⁾		(2,639		)
Multifamily		—			—			363			363		⁽³⁾		(87		)
Other assets		—			—			1,537			1,537		⁽⁴⁾		(209		)
Total assets at fair value		$	—		$	3		$	68,979		$	68,982			$	(6,490	)



														For the Year Ended December 31, 2010
	Fair Value Measurements
	For the Year Ended December 31, 2010
	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
	(Dollars in millions)
Assets:
Mortgage loans held for sale, at lower of cost or fair value		$	—		$	6,776		$	535		$	7,311	⁽¹⁾⁽⁵⁾		$	(91	)	⁽⁵⁾
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae		—			—			38,150			38,150		⁽²⁾		(2,244		)
Of consolidated trusts		—			—			1,294			1,294		⁽²⁾		(235		)
Multifamily mortgage loans held for investment, at amortized cost:
Of Fannie Mae		—			—			1,836			1,836		⁽²⁾		(481		)
Acquired property, net:
Single-family		—			—			20,248			20,248		⁽³⁾		(2,617		)
Multifamily		—			—			206			206		⁽³⁾		(65		)
Other assets:
Guaranty assets		—			—			27			27				(6		)
Partnership investments		—			—			107			107				(145		)
Other assets		—			—			597			597		⁽⁴⁾		(43		)
Total assets at fair value		$	—		$	6,776		$	63,000		$	69,776			$	(5,927	)

_________


⁽¹⁾	Includes $73 million and $7.1 billion 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 December 31, 2011 and 2010, respectively.


⁽²⁾	Includes $8.1 billion and $3.4 billion of mortgage loans held for investment that were liquidated or transferred to foreclosed properties as of December 31, 2011 and 2010, respectively.


⁽³⁾	Includes $14.5 billion and $10.5 billion of acquired properties that were sold or transferred as of December 31, 2011 and 2010, respectively.


⁽⁴⁾	Includes $411 million and $22 million of other assets that were sold or transferred as of December 31, 2011 and 2010, respectively.


⁽⁵⁾	Includes $7.1 billion of estimated fair value and $68 million in losses due to the adoption of the consolidation accounting guidance.

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 December 31, 2012.



	Fair Value Measurements as of December 31, 2012
	Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾	Fair Value
	(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Agency⁽²⁾	Consensus						$	44
	Single Vendor						27
Total Agency							71
Alt-A private-label securities	Discounted Cash Flow	Default Rate (%)	5.7	-	17.6	12.5
		Prepayment Speed (%)	0.6	-	4.0	1.7
		Severity (%)	65.0	-	70.0	67.6
		Spreads (bps)	526.0	-	612.0	567.0	87
	Consensus						17
Total Alt-A private-label securities							104
Subprime private-label securities	Consensus	Default Rate (%)	10.9	-	23.0	16.0
		Prepayment Speed (%)	0.3	-	7.9	2.6
		Severity (%)	80.0			80.0
		Spreads (bps)	427.0	-	657.0	488.5	544
	Consensus						355
	Discounted Cash Flow	Default Rate (%)	14.1	-	20.4	18.7
		Prepayment Speed (%)	3.4	-	8.3	5.6
		Severity (%)	80.0			80.0
		Spreads (bps)	422.0	-	637.0	564.8	236
	Single Vendor						184
Total subprime private-label securities							1,319
Mortgage revenue bonds	Discounted Cash Flow	Spreads (bps)	260.0	-	375.0	320.4	636
	Single Vendor						39
Total mortgage revenue bonds							675
Other	Other						117
Total trading securities							$	2,286



	Fair Value Measurements as of December 31, 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						$	39
Alt-A private-label securities	Discounted Cash Flow	Default Rate (%)	0.0	-	23.6	6.4
		Prepayment Speed (%)	0.0	-	20.8	7.4
		Severity (%)	50.0	-	70.0	57.2
		Spreads (bps)	288.0	-	643.0	442.8	3,003
	Consensus	Default Rate (%)	0.0	-	17.7	3.6
		Prepayment Speed (%)	0.2	-	41.3	10.0
		Severity (%)	50.0	-	70.0	54.9
		Spreads (bps)	300.0	-	634.0	429.0	2,285
	Consensus						1,231
	Single Vendor						45
Total Alt-A private-label securities							6,564
Subprime private-label securities	Consensus	Default Rate (%)	0.0	-	27.4	15.4
		Prepayment Speed (%)	0.0	-	14.4	3.0
		Severity (%)	65.0	-	80.0	77.8
		Spreads (bps)	325.0	-	660.0	493.7	3,333
	Consensus						2,326
	Discounted Cash Flow	Default Rate (%)	0.0	-	24.3	15.7
		Prepayment Speed (%)	0.0	-	10.9	2.9
		Severity (%)	65.0	-	80.0	76.7
		Spreads (bps)	299.0	-	654.0	527.0	1,710
	Other						78
Total subprime private-label securities							7,447
Mortgage revenue bonds	Single Vendor						5,721
	Discounted Cash Flow	Spreads (bps)	77.0	-	375.0	297.7	1,911
	Other						205
Total mortgage revenue bonds							7,837
Other	Consensus						1,009
	Discounted Cash Flow	Default Rate (%)	4.0	-	10.0	5.0
		Prepayment Speed (%)	0.2	-	10.0	3.0
		Severity (%)	50.0	-	85.0	84.8
		Spreads (bps)	431.0	-	1,154.0	588.6	916
	Consensus	Default Rate (%)	0.0	-	5.0	4.7
		Prepayment Speed (%)	1.0	-	14.1	3.6
		Severity (%)	65.0	-	85.0	83.8
		Spreads (bps)	450.0	-	729.0	585.8	534
	Other						688
Total Other							3,147
Total available-for-sale securities							$	25,034



	Fair Value Measurements as of December 31, 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	-	99.3	18.4
		Prepayment Speed (%)	4.4	-	92.0	19.4
		Severity (%)	5.6	-	97.3	33.3	$	1,698
	Consensus						303
	Consensus	Default Rate (%)	0.0	-	9.0	6.4
		Prepayment Speed (%)	1.7	-	14.4	10.4
		Severity (%)	65.0	-	70.0	67.1
		Spreads (bps)	468.0	-	851.0	567.9	302
	Discounted Cash Flow	Default Rate (%)	0.0	-	8.5	6.0
		Prepayment Speed (%)	1.7	-	14.4	5.3
		Severity (%)	65.0	-	70.0	65.0
		Spreads (bps)	507.0	-	1,030.0	733.4	106
	Single Vendor						50
Total single-family							2,459
Multifamily	Build-Up	Spreads (bps)	77.0	-	363.4	154.5	175
Total mortgage loans of consolidated trusts							$	2,634
Net derivatives	Dealer Mark						$	144
	Internal Model						(130		)
Total net derivatives							$	14
Long-term debt:
Of Fannie Mae:
Senior floating	Discounted Cash Flow						$	(400	)
Of consolidated trusts	Consensus						(370		)
	Discounted Cash Flow	Default Rate (%)	0.0	-	10.0	5.8
		Prepayment Speed (%)	0.0	-	100.0	36.9
		Severity (%)	50.0	-	70.0	63.4
		Spreads (bps)	98.0	-	1,030.0	331.4	(330		)
	Consensus	Default Rate (%)	0.0	-	9.0	6.2
		Prepayment Speed (%)	1.7	-	14.4	10.9
		Severity (%)	65.0	-	70.0	67.5
		Spreads (bps)	468.0	-	851.0	584.3	(271		)
	Single Vendor						(157		)
Total of consolidated trusts							(1,128		)
Total long-term debt							$	(1,528	)

_________

⁽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 using discounted cash flows.


⁽²⁾	Includes Fannie Mae, Freddie Mac and Ginnie Mae 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 December 31, 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 December 31, 2012
	Valuation Techniques	Fair Value
	(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus		$	135
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Internal Model		23,314
Of consolidated trusts	Internal Model		227
Multifamily mortgage loans held for investment, at amortized cost	Appraisals		194
	Broker Price Opinions		395
	Asset Manager Estimate		1,001
	Other		34
Total multifamily mortgage loans held for investment, at amortized cost			1,624
Acquired property, net:
Single-family	Accepted Offers		787
	Appraisals		467
	Walk Forwards		1,348
	Internal Model		1,014
	Other		76
Total single-family			3,692
Multifamily	Accepted Offers		20
	Appraisals		8
	Broker Price Opinions		46
Total multifamily			74
Other Assets	Appraisals		8
	Walk Forwards		43
	Internal Model		203
	Other		130
Total other assets			384
Total nonrecurring assets at fair value			$	29,450

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
	December 31, 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	$	89,036		$	75,786	$	13,250		$	—	$	—		$	89,036	$	68,336	$	68,336
Federal funds sold and securities purchased under agreements to resell or similar arrangements	32,500			—		32,500			—		—			32,500		46,000		46,000
Trading securities	40,695			17,950		20,459			2,286		—			40,695		74,198		74,198
Available-for-sale securities	63,181			—		38,147			25,034		—			63,181		77,582		77,582
Mortgage loans held for sale	464			—		267			208		—			475		311		325
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	305,025			—		39,018			232,170		—			271,188		322,825		294,996
Of consolidated trusts	2,643,917			—		2,528,004			234,424		—			2,762,428		2,575,485		2,652,025
Mortgage loans held for investment	2,948,942			—		2,567,022			466,594		—			3,033,616		2,898,310		2,947,021
Advances to lenders	7,592			—		6,936			572		—			7,508		5,538		5,420
Derivative assets at fair value	435			—		16,051			175		(15,791		)	435		561		561
Guaranty assets and buy-ups	327			—		—			692		—			692		503		901
Total financial assets	$	3,183,172		$	93,736	$	2,694,632		$	495,561	$	(15,791	)	$	3,268,138	$	3,171,339	$	3,220,344

Financial liabilities:
Short-term debt:
Of Fannie Mae	$	105,233		$	—	$	105,253		$	—	$	—		$	105,253	$	146,752	$	146,782
Of consolidated trusts	3,483			—		—			3,483		—			3,483		4,973		4,973
Long-term debt:
Of Fannie Mae	510,631			—		534,516			1,056		—			535,572		585,692		613,983
Of consolidated trusts	2,570,170			—		2,685,008			16,171		—			2,701,179		2,452,455		2,596,657
Derivative liabilities at fair value	705			—		22,590			161		(22,046		)	705		916		916
Guaranty obligations	599			—		—			3,113		—			3,113		811		3,944
Total financial liabilities	$	3,190,821		$	—	$	3,347,367		$	23,984	$	(22,046	)	$	3,349,305	$	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 December 31, 2012 and 2011.



		As of
		December 31, 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		$	10,800		$	793		$	11,647		$	3,611		$	838		$	3,939
Unpaid principal balance		10,657			674			10,803			4,122			712			4,012

__________

⁽¹⁾

Includes nonaccrual loans with a fair value of $273 million and $195 million as of December 31, 2012 and 2011, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of December 31, 2012 and 2011 is $189 million and $232 million, respectively. Includes loans that are 90 days or more past due with a fair value of $386 million and $310 million as of December 31, 2012 and 2011, respectively. The difference between unpaid principal balance and the fair value of these 90 or more days past due loans as of December 31, 2012 and 2011 is $201 million and $262 million, respectively.


⁽²⁾	Includes interest-only debt instruments with no unpaid principal balance and a fair value of $100 million and $115 million as of December 31, 2012 and 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 consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2012, 2011 and 2010.



	For the Year Ended December 31,
	2012											2011										2010
	Loans			Long-Term Debt				Total Losses				Loans			Long-Term Debt				Total Losses			Loans			Long-Term Debt				Total Losses
	(Dollars in millions)
Changes in instrument-specific credit risk	$	(25	)		$	(13	)		$	(38	)	$	(215	)		$	10		$	(205	)	$	(58	)		$	(9	)	$	(67	)
Other changes in fair value	(124		)		(76		)		(200		)	79				(92		)	(13		)	(73		)		14			(59		)
Fair value (losses) gains, net	$	(149	)		$	(89	)		$	(238	)	$	(136	)		$	(82	)	$	(218	)	$	(131	)		$	5		$	(126	)

- 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

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-Number 107

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-Subparagraph b-d

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+ Details

- 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.

+ References

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+ Details