Mortgage Loans (Tables)

9 Months Ended

Sep. 30, 2013

Mortgage Loans on Real Estate [Line Items]

Loans in Mortgage Portfolio [Table Text Block]

The following table displays our mortgage loans as of September 30, 2013 and December 31, 2012.



	As of
	September 30, 2013												December 31, 2012
	Of Fannie Mae				Of Consolidated Trusts				Total				Of Fannie Mae				Of Consolidated Trusts				Total
	(Dollars in millions)
Single-family		$	283,361			$	2,559,194			$	2,842,555			$	309,277			$	2,480,999			$	2,790,276
Multifamily		44,653				141,882				186,535				61,464				126,953				188,417
Total unpaid principal balance of mortgage loans		328,014				2,701,076				3,029,090				370,741				2,607,952				2,978,693
Cost basis and fair value adjustments, net		(13,790		)		43,049				29,259				(14,805		)		44,313				29,508
Allowance for loan losses for loans held for investment		(41,345		)		(3,824		)		(45,169		)		(50,519		)		(8,276		)		(58,795		)
Total mortgage loans		$	272,879			$	2,740,301			$	3,013,180			$	305,417			$	2,643,989			$	2,949,406

Aging Analysis [Table Text Block]

The following tables display an aging analysis of the total recorded investment in our HFI mortgage loans, excluding loans for which we have elected the fair value option, by portfolio segment and class as of September 30, 2013 and December 31, 2012.



	As of September 30, 2013⁽¹⁾
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽²⁾			Total Delinquent			Current		Total		Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest			Recorded Investment in Nonaccrual Loans
	(Dollars in millions)
Single-family:
Primary⁽³⁾		$	31,852		$	9,784		$	51,881		$	93,517	$	2,534,022	$	2,627,539		$	93	$	61,525
Government⁽⁴⁾		75			30			345			450		48,799		49,249			345		—
Alt-A		5,015			1,721			16,747			23,483		108,864		132,347			11		18,451
Other⁽⁵⁾		2,021			685			5,966			8,672		47,261		55,933			27		6,581
Total single-family		38,963			12,220			74,939			126,122		2,738,946		2,865,068			476		86,557
Multifamily⁽⁶⁾		103			NA			352			455		187,633		188,088			—		2,253
Total		$	39,066		$	12,220		$	75,291		$	126,577	$	2,926,579	$	3,053,156		$	476	$	88,810



	As of December 31, 2012⁽¹⁾
	30 - 59 Days Delinquent			60 - 89 Days Delinquent			Seriously Delinquent⁽²⁾			Total Delinquent			Current		Total		Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest⁽⁷⁾			Recorded Investment in Nonaccrual Loans
	(Dollars in millions)
Single-family:
Primary⁽³⁾		$	39,043		$	13,513		$	67,737		$	120,293	$	2,424,022	$	2,544,315		$	2,162	$	78,822
Government⁽⁴⁾		82			40			340			462		50,408		50,870			340		—
Alt-A		6,009			2,417			22,181			30,607		121,099		151,706			502		24,048
Other⁽⁵⁾		2,613			1,053			8,527			12,193		57,336		69,529			297		9,209
Total single-family		47,747			17,023			98,785			163,555		2,652,865		2,816,420			3,301		112,079
Multifamily⁽⁶⁾		178			NA			428			606		190,445		191,051			—		2,214
Total		$	47,925		$	17,023		$	99,213		$	164,161	$	2,843,310	$	3,007,471		$	3,301	$	114,293

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.


⁽²⁾	Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due.


⁽³⁾	Consists of mortgage loans that are not included in other loan classes.


⁽⁴⁾	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A. Primarily consists of reverse mortgages which, due to their nature, are not aged and are included in the current column.


⁽⁵⁾	Includes loans with higher-risk loan characteristics, such as interest-only loans and negative-amortizing loans, that are neither government nor Alt-A.


⁽⁶⁾	Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.


⁽⁷⁾	Includes loans with a recorded investment of $2.8 billion, which were repurchased in January 2013 pursuant to our resolution agreement with Bank of America. These loans were returned to accrual status to reflect the change in our assessment of collectability resulting from this agreement.

Individually Impaired Loans [Table Text Block]

The following tables display the total recorded investment, unpaid principal balance and related allowance as of September 30, 2013 and December 31, 2012, and interest income recognized and average recorded investment for the three and nine months ended September 30, 2013 and 2012, for individually impaired loans.



	As of
	September 30, 2013										December 31, 2012
	Unpaid Principal Balance			Total Recorded Investment⁽¹⁾			Related Allowance for Loan Losses		Related Allowance for Accrued Interest Receivable		Unpaid Principal Balance			Total Recorded Investment⁽¹⁾			Related Allowance for Loan Losses		Related Allowance for Accrued Interest Receivable
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary⁽²⁾		$	130,662		$	124,205	$	24,146	$	461		$	132,754		$	126,106	$	28,610	$	628
Government⁽³⁾		222			217		36		4			214			208		38		4
Alt-A		37,637			34,767		9,465		199			38,387			35,620		11,154		267
Other⁽⁴⁾		16,030			15,272		3,901		60			16,873			16,114		4,743		86
Total single-family		184,551			174,461		37,548		724			188,228			178,048		44,545		985
Multifamily		2,575			2,598		398		13			2,449			2,471		489		13
Total individually impaired loans with related allowance recorded		187,126			177,059		37,946		737			190,677			180,519		45,034		998

With no related allowance recorded:⁽⁵⁾
Single-family:
Primary⁽²⁾		13,901			12,042		—		—			16,222			13,901		—		—
Government⁽³⁾		112			113		—		—			104			104		—		—
Alt-A		3,330			2,423		—		—			3,994			2,822		—		—
Other⁽⁴⁾		1,004			817		—		—			1,218			977		—		—
Total single-family		18,347			15,395		—		—			21,538			17,804		—		—
Multifamily		1,958			1,966		—		—			2,056			2,068		—		—
Total individually impaired loans with no related allowance recorded		20,305			17,361		—		—			23,594			19,872		—		—
Total individually impaired loans⁽⁶⁾		$	207,431		$	194,420	$	37,946	$	737		$	214,271		$	200,391	$	45,034	$	998



	For the Three Months Ended September 30,
	2013									2012
	Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary⁽²⁾		$	123,818		$	1,081		$	141		$	115,042		$	1,014		$	157
Government⁽³⁾		215			3			—			197			3			—
Alt-A		34,865			274			31			32,875			259			35
Other⁽⁴⁾		15,352			104			12			15,523			110			15
Total single-family		174,250			1,462			184			163,637			1,386			207
Multifamily		2,633			32			—			2,420			31			1
Total individually impaired loans with related allowance recorded		176,883			1,494			184			166,057			1,417			208

With no related allowance recorded:⁽⁵⁾
Single-family:
Primary⁽²⁾		12,067			243			58			8,709			267			59
Government⁽³⁾		114			2			—			102			2			—
Alt-A		2,332			52			11			1,865			61			14
Other⁽⁴⁾		815			19			4			443			21			6
Total single-family		15,328			316			73			11,119			351			79
Multifamily		2,002			25			2			1,698			23			—
Total individually impaired loans with no related allowance recorded		17,330			341			75			12,817			374			79
Total individually impaired loans⁽⁶⁾		$	194,213		$	1,835		$	259		$	178,874		$	1,791		$	287



	For the Nine Months Ended September 30,
	2013									2012
	Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis			Average Recorded Investment			Total Interest Income Recognized⁽⁷⁾			Interest Income Recognized on a Cash Basis
	(Dollars in millions)
Individually impaired loans:
With related allowance recorded:
Single-family:
Primary⁽²⁾		$	125,026		$	3,276		$	466		$	112,050		$	2,954		$	479
Government⁽³⁾		213			8			—			220			9			—
Alt-A		35,231			826			105			32,050			765			109
Other⁽⁴⁾		15,672			321			41			15,348			330			49
Total single-family		176,142			4,431			612			159,668			4,058			637
Multifamily		2,621			99			1			2,551			96			2
Total individually impaired loans with related allowance recorded		178,763			4,530			613			162,219			4,154			639

With no related allowance recorded:⁽⁵⁾
Single-family:
Primary⁽²⁾		11,148			1,167			174			7,579			705			174
Government⁽³⁾		111			6			—			71			5			—
Alt-A		2,145			282			33			1,703			172			42
Other⁽⁴⁾		717			105			14			406			60			19
Total single-family		14,121			1,560			221			9,759			942			235
Multifamily		1,843			72			3			1,707			70			1
Total individually impaired loans with no related allowance recorded		15,964			1,632			224			11,466			1,012			236
Total individually impaired loans⁽⁶⁾		$	194,727		$	6,162		$	837		$	173,685		$	5,166		$	875

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.


⁽²⁾	Consists of mortgage loans that are not included in other loan classes.


⁽³⁾	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.


⁽⁴⁾	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans, that are neither government nor Alt-A.


⁽⁵⁾	The discounted cash flows or collateral value equals or exceeds the carrying value of the loan and, as such, no valuation allowance is required.


⁽⁶⁾	Includes single-family loans restructured in a TDR with a recorded investment of $188.2 billion and $193.4 billion as of September 30, 2013 and December 31, 2012, respectively. Includes multifamily loans restructured in a TDR with a recorded investment of $904 million and $1.1 billion as of September 30, 2013 and December 31, 2012, respectively.

⁽⁷⁾

Total single-family interest income recognized of $1.8 billion and $1.7 billion for the three months ended September 30, 2013 and 2012, respectively, consists of $1.4 billion and $1.3 billion of contractual interest and $355 million and $444 million of effective yield adjustments. Total single-family interest income recognized of $6.0 billion and $5.0 billion for the nine months ended September 30, 2013 and 2012, respectively, consists of $4.3 billion and $3.7 billion of contractual interest and $1.7 billion and $1.3 billion of effective yield adjustments.

Troubled Debt Restructurings Activity [Table Text Block]

The following table displays the number of loans and recorded investment in loans restructured in a TDR for the three and nine months ended September 30, 2013 and 2012.



	For the Three Months Ended September 30,
	2013					2012
	Number of Loans		RecordedInvestment⁽¹⁾			Number of Loans		RecordedInvestment⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		32,083		$	4,831		165,395		$	22,068
Government⁽³⁾		73		8			112		13
Alt-A		5,410		964			31,088		5,284
Other⁽⁴⁾		1,532		339			8,868		1,865
Total single-family		39,098		6,142			205,463		29,230
Multifamily		4		19			4		19
Total troubled debt restructurings		39,102		$	6,161		205,467		$	29,249



	For the Nine Months Ended September 30,
	2013					2012
	Number of Loans		RecordedInvestment⁽¹⁾			Number of Loans		RecordedInvestment⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		101,638		$	15,308		224,165		$	32,022
Government⁽³⁾		253		29			314		41
Alt-A		17,695		3,134			42,026		7,537
Other⁽⁴⁾		5,230		1,161			12,721		2,823
Total single-family		124,816		19,632			279,226		42,423
Multifamily		29		187			25		152
Total troubled debt restructurings		124,845		$	19,819		279,251		$	42,575

__________

⁽¹⁾

Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable. Based on the nature of our modification programs, which do not include principal or past-due interest forgiveness, there is not a material difference between the recorded investment in our loans pre- and post- modification, therefore amounts represent recorded investment post-modification.


⁽²⁾	Consists of mortgage loans that are not included in other loan classes.


⁽³⁾	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.


⁽⁴⁾	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans, that are neither government nor Alt-A.

The following table displays the number of loans and recorded investment in loans that had a payment default for the three and nine months ended September 30, 2013 and 2012 and were modified in a TDR in the twelve months prior to the payment default. For purposes of this disclosure, we define loans that had a payment default as single-family and multifamily loans with completed TDRs that liquidated during the period, either through foreclosure, deed-in-lieu of foreclosure or a short sale, single-family loans with completed modifications that are two or more months delinquent during the period or multifamily loans with completed modifications that are one or more months delinquent during the period.



	For the Three Months Ended September 30,
	2013					2012
	Number of Loans		RecordedInvestment⁽¹⁾			Number of Loans		RecordedInvestment⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		12,591		$	1,905		10,870		$	1,798
Government⁽³⁾		33		5			51		8
Alt-A		2,744		491			1,854		377
Other⁽⁴⁾		849		184			841		196
Total single-family		16,217		2,585			13,616		2,379
Multifamily		3		44			1		9
Total TDRs that subsequently defaulted		16,220		$	2,629		13,617		$	2,388



	For the Nine Months Ended September 30,
	2013					2012
	Number of Loans		RecordedInvestment⁽¹⁾			Number of Loans		RecordedInvestment⁽¹⁾
	(Dollars in millions)
Single-family:
Primary⁽²⁾		35,971		$	5,521		33,446		$	5,699
Government⁽³⁾		93		13			150		25
Alt-A		8,000		1,441			6,113		1,246
Other⁽⁴⁾		2,524		564			2,997		719
Total single-family		46,588		7,539			42,706		7,689
Multifamily		9		64			3		12
Total TDRs that subsequently defaulted		46,597		$	7,603		42,709		$	7,701

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable. Represents our recorded investment in the loan at time of payment default.


⁽²⁾	Consists of mortgage loans that are not included in other loan classes.


⁽³⁾	Consists of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A.


⁽⁴⁾	Includes loans with higher-risk characteristics, such as interest-only loans and negative-amortizing loans, that are neither government nor Alt-A.

Single-Family [Member]

Mortgage Loans on Real Estate [Line Items]

Credit Quality Indicators [Table Text Block]

The following table displays the total recorded investment in our single-family HFI loans, excluding loans for which we have elected the fair value option, by class and credit quality indicator as of September 30, 2013 and December 31, 2012. The single-family credit quality indicator is updated quarterly.



	As of
	September 30, 2013⁽¹⁾⁽²⁾							December 31, 2012⁽¹⁾⁽²⁾
	Primary⁽³⁾		Alt-A		Other⁽⁴⁾			Primary⁽³⁾		Alt-A		Other⁽⁴⁾
	(Dollars in millions)
Estimated mark-to-market LTV ratio:⁽⁵⁾
Less than or equal to 80%	$	2,049,537	$	62,896		$	24,554	$	1,703,384	$	57,419		$	21,936
Greater than 80%and less than or equal to 90%	273,714		17,362			7,064		346,018		18,313			7,287
Greater than 90%and less than or equal to 100%	146,419		14,974			6,711		219,736		16,930			7,369
Greater than 100%and less than or equal to 110%	61,959		11,238			5,441		100,302		14,293			7,169
Greater than 110% and less than or equal to 120%	35,858		8,125			3,973		59,723		10,994			6,231
Greater than 120% and less than or equal to 125%	12,052		3,105			1,535		20,620		4,387			2,665
Greater than 125%	48,000		14,647			6,655		94,532		29,370			16,872
Total	$	2,627,539	$	132,347		$	55,933	$	2,544,315	$	151,706		$	69,529

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.


⁽²⁾	Excludes $49.2 billion and $50.9 billion as of September 30, 2013 and December 31, 2012, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies that are not Alt-A loans. The segment class is primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV ratio.


⁽³⁾	Consists of mortgage loans that are not included in other loan classes.


⁽⁴⁾	Includes loans with higher-risk loan characteristics, such as interest-only loans and negative-amortizing loans, that are neither government nor Alt-A.


⁽⁵⁾	The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan as of the end of each reported period divided by the estimated current value of the property, which we calculate using an internal valuation model that estimates periodic changes in home value.

Multifamily [Member]

Mortgage Loans on Real Estate [Line Items]

Credit Quality Indicators [Table Text Block]

September 30, 2013, we modified our multifamily credit quality indicator. The modification of the credit quality indicator had an insignificant impact on our multifamily allowance for loan losses as of September 30, 2013. The multifamily credit quality indicator is updated quarterly. The following tables display the total recorded investment in our multifamily HFI loans, excluding loans for which we have elected the fair value option, by credit quality indicator as of September 30, 2013 and December 31, 2012.



	As of
	September 30, 2013⁽¹⁾
	(Dollars in millions)
Credit risk profile by internally assigned grade:⁽²⁾
Pass		$	176,074
Special Mention		3,390
Substandard		7,986
Doubtful		638
Total		$	188,088



	As of
	December 31, 2012⁽¹⁾
	(Dollars in millions)
Credit risk profile by internally assigned grade:⁽³⁾
Green		$	154,235
Yellow⁽⁴⁾		21,304
Orange		14,199
Red		1,313
Total		$	191,051

__________


⁽¹⁾	Recorded investment consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments, and accrued interest receivable.

⁽²⁾

Pass (loan is current and adequately protected by the current financial strength and debt service capacity of the borrower); special mention (loan with signs of potential weakness); substandard (loan with a well defined weakness that jeopardizes the timely full repayment); and doubtful (loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values).


⁽³⁾	Green (loan with acceptable risk); yellow (loan with signs of potential weakness); orange (loan with a well defined weakness that may jeopardize the timely full repayment); and red (loan with a weakness that makes timely collection or liquidation in full more questionable based on existing conditions and values).


⁽⁴⁾	Includes approximately $5.1 billion of unpaid principal balance as of December 31, 2012 classified as yellow due to no available current financial information.