Fair Value (Tables)

12 Months Ended

Dec. 31, 2013

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, 2013 and 2012.



		Fair Value Measurements as of December 31, 2013
	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:
Trading securities:
Mortgage-related securities:
Fannie Mae		$	—		$	5,828		$	42		$	—			$	5,870
Freddie Mac		—			1,837			2			—				1,839
Ginnie Mae		—			407			—			—				407
Alt-A private-label securities		—			898			618			—				1,516
Subprime private-label securities		—			—			1,448			—				1,448
CMBS		—			2,718			—			—				2,718
Mortgage revenue bonds		—			—			565			—				565
Other		—			—			99			—				99
Non-mortgage-related securities:
U.S. Treasury securities		16,306			—			—			—				16,306
Total trading securities		16,306			11,688			2,774			—				30,768
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			6,566			7			—				6,573
Freddie Mac		—			6,834			8			—				6,842
Ginnie Mae		—			588			—			—				588
Alt-A private-label securities		—			3,558			3,791			—				7,349
Subprime private-label securities		—			—			7,068			—				7,068
CMBS		—			1,606			—			—				1,606
Mortgage revenue bonds		—			3			5,253			—				5,256
Other		—			4			2,885			—				2,889
Total available-for-sale securities		—			19,159			19,012			—				38,171
Mortgage loans of consolidated trusts		—			11,564			2,704			—				14,268
Other assets:
Risk management derivatives:
Swaps		—			9,604			36			—				9,640
Swaptions		—			561			1			—				562
Other		—			—			28			—				28
Netting adjustment		—			—			—			(8,422		)		(8,422		)
Mortgage commitment derivatives		—			265			—			—				265
Total other assets		—			10,430			65			(8,422		)		2,073
Total assets at fair value		$	16,306		$	52,841		$	24,555		$	(8,422	)		$	85,280



		Fair Value Measurements as of December 31, 2013
	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		$	—		$	353		$	—		$	—		$	353
Senior floating		—			—			955			—			955
Total of Fannie Mae		—			353			955			—			1,308
Of consolidated trusts		—			14,458			518			—			14,976
Total long-term debt		—			14,811			1,473			—			16,284
Other liabilities:
Risk management derivatives:
Swaps		—			9,444			96			—			9,540
Swaptions		—			1,084			—			—			1,084
Other		—			—			1			—			1
Netting adjustment		—			—			—			(9,370		)	(9,370		)
Mortgage commitment derivatives		—			206			8			—			214
Total other liabilities		—			10,734			105			(9,370		)	1,469
Total liabilities at fair value		$	—		$	25,545		$	1,578		$	(9,370	)	$	17,753



		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)
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

__________


⁽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, 2013, 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 consolidated statements of operations and comprehensive income (loss) for Level 3 assets and liabilities for the years ended December 31, 2013, 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 Year Ended December 31, 2013
				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, 2013⁽⁵⁾
	Balance, December 31, 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, December 31, 2013
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	68		$	(9	)		$	—		$	—	$	—		$	—		$	(17	)	$	—		$	—		$	42			$	(9	)
Freddie Mac	2			—				—			—		—			—			—			—			—			2				—
Ginnie Mae	1			—				—			—		—			—			(1		)	(3		)	3			—				—
Alt-A private-label securities	104			256				—			—		—			—			(115		)	(435		)	808			618				223
Subprime private-label securities	1,319			328				—			—		(50		)	—			(149		)	—			—			1,448				322
Mortgage revenue bonds	675			(101		)		—			—		—			—			(9		)	—			—			565				(101		)
Other	117			(5		)		—			—		—			—			(13		)	—			—			99				(5		)
Total trading securities	$	2,286		$	469			$	—		$	—	$	(50	)	$	—		$	(304	)	$	(438	)	$	811		$	2,774			$	430

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	29		$	—			$	(1	)	$	—	$	—		$	—		$	(7	)	$	(14	)	$	—		$	7			$	—
Freddie Mac	10			—				(1		)	—		—			—			(2		)	(1		)	2			8				—
Ginnie Mae	—			—				—			—		—			—			—			(1		)	1			—				—
Alt-A private-label securities	6,564			144				464			—		(2,664		)	—			(1,040		)	(3,357		)	3,680			3,791				—
Subprime private-label securities	7,447			120				1,527			359		(1,317		)	—			(1,068		)	—			—			7,068				—
Mortgage revenue bonds	7,837			25				(449		)	—		(35		)	—			(2,125		)	—			—			5,253				—
Other	3,147			13				125			—		—			—			(400		)	—			—			2,885				—
Total available-for-sale securities	$	25,034		$	302			$	1,665		$	359	$	(4,016	)	$	—		$	(4,642	)	$	(3,373	)	$	3,683		$	19,012			$	—

Mortgage loans of consolidated trusts	$	2,634		$	282			$	—		$	346	$	(393	)	$	—		$	(459	)	$	(352	)	$	646		$	2,704			$	50
Net derivatives	14			(165		)		—			—		—			—			97			16			(2		)	(40		)		(51		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(400	)	$	76			$	—		$	—	$	—		$	(674	)	$	43		$	—		$	—		$	(955	)		$	76
Of consolidated trusts	(1,128		)	(250		)		—			—		—			(21		)	537			434			(90		)	(518		)		(80		)
Total long-term debt	$	(1,528	)	$	(174	)		$	—		$	—	$	—		$	(695	)	$	580		$	434		$	(90	)	$	(1,473	)		$	(4	)



	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	)

__________


⁽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, 2013, 2012 and 2011, 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, 2013
	Interest Income			Fair Value Gains, net			Net OTTI				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income (loss)		$	275		$	424		$	(26	)		$	41		$	714
Net unrealized gains related to Level 3 assets and liabilities still held as of December 31, 2013		$	—		$	425		$	—			$	—		$	425



		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

Nonrecurring Changes in Fair Value [Table Text Block]

The following tables display assets 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 loans for impairment) as of December 31, 2013 and 2012.



	Fair Value Measurements as of December 31, 2013
	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		$	—		$	101		$	132		$	233
Single-family mortgage loans held for investment, at amortized cost:⁽¹⁾
Of Fannie Mae		—			—			19,966			19,966
Of consolidated trusts		—			—			79			79
Multifamily mortgage loans held for investment, at amortized cost		—			—			1,533			1,533
Acquired property, net:
Single-family		—			—			4,041			4,041
Multifamily		—			—			98			98
Other assets		—			—			121			121
Total nonrecurring fair value measurements		$	—		$	101		$	25,970		$	26,071



	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)
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 table displays assets measured in our consolidated balance sheets at fair value on a nonrecurring basis and the gains or losses recognized for these assets for the year ended December 31, 2011.



														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		—			—			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 nonrecurring fair value measurements		$	—		$	3		$	68,979		$	68,982			$	(6,490	)

_________


⁽¹⁾	Includes $73 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 December 31, 2011.


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


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


⁽⁴⁾	Includes $411 million of other assets that were sold or transferred as of December 31, 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 the 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, 2013 and 2012.



	Fair Value Measurements as of December 31, 2013
	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⁾	Other						$	44
Alt-A private-label securities⁽³⁾	Single Vendor	Default rate (%)	6.0	-	10.8	8.7
		Prepayment speed (%)	4.1	-	5.4	4.6
		Severity (%)	76.1	-	92.7	83.1
		Spreads (bps)	414.3	-	421.7	417.5	60
	Consensus	Default rate (%)	6.9	-	10.4	8.9
		Prepayment speed (%)	1.9	-	2.5	2.2
		Severity (%)	77.3	-	97.8	88.7
		Spreads (bps)	298.3	-	420.2	366.3	325
	Consensus						85
	Discounted cash flow	Default rate (%)	4.0	-	6.9	6.5
		Prepayment speed (%)	1.9	-	3.4	2.2
		Severity (%)	42.7	-	77.3	67.6
		Spreads (bps)	325.4	-	439.4	418.6	148
Total Alt-A private-label securities							618
Subprime private-label securities⁽³⁾	Single Vendor	Default rate (%)	3.1	-	7.5	3.9
		Prepayment speed (%)	1.8	-	2.5	2.0
		Severity (%)	75.0	-	87.2	75.8
		Spreads (bps)	325.0			325.0	113
	Single Vendor						77
	Consensus	Default rate (%)	3.0	-	9.2	6.4
		Prepayment speed (%)	1.4	-	2.2	1.9
		Severity (%)	50.4	-	87.2	74.4
		Spreads (bps)	325.0	-	425.0	353.0	400
	Consensus						808
	Discounted cash flow	Default rate (%)	6.9			6.9
		Prepayment speed (%)	0.1			0.1
		Severity (%)	75.0			75.0
		Spreads (bps)	325.0			325.0	50
Total subprime private-label securities							1,448
Mortgage revenue bonds	Discounted cash flow	Spreads (bps)	35.0	-	440.0	340.6	539
	Other						26
Total mortgage revenue bonds							565
Other	Discounted cash flow	Spreads (bps)	525.0			525.0	99
Total trading securities							$	2,774



	Fair Value Measurements as of December 31, 2013
	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						$	15
Alt-A private-label securities⁽³⁾	Single Vendor	Default Rate (%)	0.9	-	6.4	3.9
		Prepayment Speed (%)	9.3	-	11.9	11.3
		Severity (%)	53.7	-	82.6	68.8
		Spreads (bps)	300.0	-	400.0	349.3	139
	Single Vendor						435
	Consensus	Default Rate (%)	0.1	-	10.3	3.5
		Prepayment Speed (%)	0.1	-	32.9	9.9
		Severity (%)	7.2	-	100.0	62.3
		Spreads (bps)	210.6	-	404.2	336.7	1,948
	Consensus						740
	Discounted cash flow	Default Rate (%)	2.3	-	10.1	5.1
		Prepayment Speed (%)	1.2	-	7.0	3.4
		Severity (%)	45.2	-	79.5	60.5
		Spreads (bps)	220.2	-	500.0	381.3	420
	Other						109
Total Alt-A private-label securities							3,791
Subprime private-label securities⁽³⁾	Single Vendor	Default Rate (%)	1.8	-	11.0	7.4
		Prepayment Speed (%)	1.0	-	9.4	2.0
		Severity (%)	65.0	-	100.0	82.2
		Spreads (bps)	275.0	-	375.0	315.2	442
	Single Vendor						322
	Consensus	Default Rate (%)	0.0	-	36.8	7.4
		Prepayment Speed (%)	0.3	-	9.7	2.3
		Severity (%)	36.8	-	100.0	81.7
		Spreads (bps)	175.0	-	375.0	319.9	2,981
	Consensus						2,442
	Discounted cash flow	Default Rate (%)	0.7	-	7.6	5.1
		Prepayment Speed (%)	0.2	-	12.5	4.1
		Severity (%)	43.8	-	98.0	79.5
		Spreads (bps)	175.0	-	375.0	292.4	816
	Other						65
Total subprime private-label securities							7,068
Mortgage revenue bonds	Single vendor	Spreads (bps)	0.0	-	463.2	112.1	1,937
	Single vendor						1,386
	Discounted cash flow	Spreads (bps)	5.5	-	490.0	310.0	1,899
	Other						31
Total mortgage revenue bonds							5,253
Other	Single Vendor						122
	Consensus	Default Rate (%)	0.1	-	5.0	5.0
		Prepayment Speed (%)	3.0	-	11.4	3.0
		Severity (%)	65.0	-	85.0	84.6
		Spreads (bps)	275.0	-	925.0	526.4	483
	Consensus						625
	Discounted cash flow	Default Rate (%)	5.0			5.0
		Prepayment Speed (%)	10.0			10.0
		Severity (%)	55.0			55.0
		Spreads (bps)	300.0	-	511.0	469.5	610
	Other						1,045
Total Other							2,885
Total available-for-sale securities							$	19,012



	Fair Value Measurements as of December 31, 2013
	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	-	95.6	15.7
		Prepayment Speed (%)	2.3	-	37.6	14.1
		Severity (%)	0.0	-	100.0	26.6	$	1,828
	Consensus						219
	Consensus	Default Rate (%)	1.1	-	4.7	3.2
		Prepayment Speed (%)	0.2	-	16.7	15.2
		Severity (%)	63.9	-	89.5	85.6
		Spreads (bps)	175.0	-	950.0	293.9	112
	Discounted cash flow	Default Rate (%)	1.2	-	15.7	7.0
		Prepayment Speed (%)	1.9	-	16.7	7.0
		Severity (%)	58.8	-	97.7	75.5
		Spreads (bps)	175.0	-	360.6	252.1	310
	Other						60
Total single-family							2,529
Multifamily	Build-Up	Spreads (bps)	62.0	-	243.4	114.3	175
Total mortgage loans of consolidated trusts							$	2,704
Net derivatives	Internal Model						$	(64	)
	Dealer Mark						32
	Other						(8		)
Total net derivatives							$	(40	)
Long-term debt:
Of Fannie Mae:
Senior floating	Discounted Cash flow						(266		)
	Consensus	Default Rate (%)	0.2			0.2
		Prepayment Speed (%)	8.4			8.4
		Spreads (bps)	171.0	-	438.0	306.2	(689		)
Total of Fannie Mae							(955		)
Of consolidated trusts	Consensus						(227		)
	Consensus	Default Rate (%)	1.1	-	4.7	3.2
		Prepayment Speed (%)	0.2	-	16.7	15.2
		Severity (%)	63.9	-	89.5	85.6
		Spreads (bps)	175.0	-	950.0	295.1	(116		)
	Single Vendor						(80		)
	Other						(95		)
Total of consolidated trusts							(518		)
Total long-term debt							$	(1,473	)



	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.


⁽³⁾	Default Rate as disclosed represents the estimated beginning annualized rate of default and is used as a basis to forecast the future default rates that serve as an input for valuation.

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, 2013 and 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,
	Valuation Techniques	2013		2012
		(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	132	$	135
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Internal Model	19,966		23,314
Of consolidated trusts	Internal Model	79		227
Multifamily mortgage loans held for investment, at amortized cost	Appraisals	39		194
	Broker Price Opinions	248		395
	Asset Manager Estimate	1,230		1,001
	Other	16		34
Total multifamily mortgage loans held for investment, at amortized cost		1,533		1,624
Acquired property, net:
Single-family	Accepted Offers	691		787
	Appraisals	1,077		467
	Walk Forwards	1,106		1,348
	Internal Model	1,049		1,014
	Other	118		76
Total single-family		4,041		3,692
Multifamily	Accepted Offers	24		20
	Appraisals	65		8
	Broker Price Opinions	9		46
Total multifamily		98		74
Other Assets	Appraisals	26		8
	Walk Forwards	9		43
	Internal Model	81		203
	Other	5		130
Total other assets		121		384
Total nonrecurring assets at fair value		$	25,970	$	29,450

Fair Value of Financial Instruments [Table Text Block]

The following table displays the carrying value and estimated fair value of our financial instruments as of December 31, 2013 and 2012. The fair value of financial instruments we disclose includes commitments to purchase multifamily and single-family mortgage loans, which are off-balance sheet financial instruments that we do not record in our consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.” The disclosure excludes certain financial instruments, such as plan obligations for pension and postretirement health care benefits, employee stock option and stock purchase plans, and also excludes all non-financial instruments. 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, 2013
	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
	(Dollars in millions)
Financial assets:
Cash and cash equivalents and restricted cash	$	48,223		$	36,633	$	11,590		$	—	$	—		$	48,223
Federal funds sold and securities purchased under agreements to resell or similar arrangements	38,975			—		38,975			—		—			38,975
Trading securities	30,768			16,306		11,688			2,774		—			30,768
Available-for-sale securities	38,171			—		19,159			19,012		—			38,171
Mortgage loans held for sale	380			—		185			195		—			380
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	259,638			—		29,920			215,960		—			245,880
Of consolidated trusts	2,766,222			—		2,569,747			176,395		—			2,746,142
Mortgage loans held for investment	3,025,860			—		2,599,667			392,355		—			2,992,022
Advances to lenders	3,727			—		3,165			523		—			3,688
Derivative assets at fair value	2,073			—		10,430			65		(8,422		)	2,073
Guaranty assets and buy-ups	267			—		—			706		—			706
Total financial assets	$	3,188,444		$	52,939	$	2,694,859		$	415,630	$	(8,422	)	$	3,155,006

Financial liabilities:
Short-term debt:
Of Fannie Mae	$	72,295		$	—	$	72,304		$	—	$	—		$	72,304
Of consolidated trusts	2,154			—		—			2,154		—			2,154
Long-term debt:
Of Fannie Mae	457,139			—		463,991			1,557		—			465,548
Of consolidated trusts	2,702,935			—		2,684,224			13,362		—			2,697,586
Derivative liabilities at fair value	1,469			—		10,734			105		(9,370		)	1,469
Guaranty obligations	485			—		—			2,433		—			2,433
Total financial liabilities	$	3,236,477		$	—	$	3,231,253		$	19,611	$	(9,370	)	$	3,241,494



	As of December 31, 2012
	Carrying Value		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Netting Adjustment			Estimated Fair Value
	(Dollars in millions)
Financial assets:
Cash and cash equivalents and restricted cash	$	89,036	$	75,786	$	13,250	$	—	$	—		$	89,036
Federal funds sold and securities purchased under agreements to resell or similar arrangements	32,500		—		32,500		—		—			32,500
Trading securities	40,695		17,950		20,459		2,286		—			40,695
Available-for-sale securities	63,181		—		38,147		25,034		—			63,181
Mortgage loans held for sale	464		—		267		208		—			475
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	305,025		—		39,018		232,170		—			271,188
Of consolidated trusts	2,643,917		—		2,528,004		234,424		—			2,762,428
Mortgage loans held for investment	2,948,942		—		2,567,022		466,594		—			3,033,616
Advances to lenders	7,592		—		6,936		572		—			7,508
Derivative assets at fair value	435		—		16,051		175		(15,791		)	435
Guaranty assets and buy-ups	327		—		—		692		—			692
Total financial assets	$	3,183,172	$	93,736	$	2,694,632	$	495,561	$	(15,791	)	$	3,268,138

Financial liabilities:
Short-term debt:
Of Fannie Mae	$	105,233	$	—	$	105,253	$	—	$	—		$	105,253
Of consolidated trusts	3,483		—		—		3,483		—			3,483
Long-term debt:
Of Fannie Mae	510,631		—		534,516		1,056		—			535,572
Of consolidated trusts	2,570,170		—		2,685,008		16,171		—			2,701,179
Derivative liabilities at fair value	705		—		22,590		161		(22,046		)	705
Guaranty obligations	599		—		—		3,113		—			3,113
Total financial liabilities	$	3,190,821	$	—	$	3,347,367	$	23,984	$	(22,046	)	$	3,349,305

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, 2013 and 2012.



		As of
		December 31, 2013									December 31, 2012
	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		$	14,268		$	1,308		$	14,976		$	10,800		$	793		$	11,647
Unpaid principal balance		14,440			1,290			13,988			10,657			674			10,803

__________

⁽¹⁾

Includes nonaccrual loans with a fair value of $196 million and $273 million as of December 31, 2013 and 2012, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of December 31, 2013 and 2012 is $74 million and $189 million, respectively. Includes loans that are 90 days or more past due with a fair value of $288 million and $386 million as of December 31, 2013 and 2012, respectively. The difference between unpaid principal balance and the fair value of these 90 or more days past due loans as of December 31, 2013 and 2012 is $75 million and $201 million, respectively.


⁽²⁾	Includes interest-only debt instruments with no unpaid principal balance and a fair value of $85 million and $100 million as of December 31, 2013 and 2012, 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 gains (losses), net” in our consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011.



	For the Year Ended December 31,
	2013											2012										2011
	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	$	(142	)		$	(31	)		$	(173	)	$	(25	)		$	(13	)	$	(38	)	$	(215	)		$	10		$	(205	)
Other changes in fair value	(730		)		346				(384		)	(124		)		(76		)	(200		)	79				(92		)	(13		)
Fair value (losses) gains, net	$	(872	)		$	315			$	(557	)	$	(149	)		$	(89	)	$	(238	)	$	(136	)		$	(82	)	$	(218	)

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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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