Financial Guarantees (Tables)

3 Months Ended

Mar. 31, 2014

Financial Guarantees and Maximum Recovery [Table Text Block]

The following table displays our maximum exposure, guaranty obligation recognized in our condensed consolidated balance sheets and the maximum potential recovery from third parties through available credit enhancements and recourse related to our financial guarantees as of March 31, 2014 and December 31, 2013.



	As of
	March 31, 2014									December 31, 2013
	Maximum Exposure⁽¹⁾		Guaranty Obligation			Maximum Recovery⁽²⁾			Maximum Exposure⁽¹⁾			Guaranty Obligation			Maximum Recovery⁽²⁾
	(Dollars in millions)
Non-consolidated Fannie Mae MBS	$	18,799		$	226		$	10,318		$	19,317		$	232		$	10,541
Other guaranty arrangements⁽³⁾	29,845			241			4,645			30,598			253			4,525
Total	$	48,644		$	467		$	14,963		$	49,915		$	485		$	15,066

__________


⁽¹⁾	Primarily consists of the unpaid principal balance of the underlying mortgage loans.


⁽²⁾	Recoverability of such credit enhancements and recourse is subject to, among other factors, our mortgage insurers’ and financial guarantors’ ability to meet their obligations to us. For information on our mortgage insurers, see “Note 14, Concentrations of Credit Risk.”


⁽³⁾	Primarily consists of credit enhancements, long-term standby commitments, and our commitment under the TCLF program.

Single-Family [Member]

Guarantor Obligations [Line Items]

Delinquency Status Guaranty Book of Business [Table Text Block]

The following tables display the current delinquency status and certain higher risk characteristics of our single-family conventional and total multifamily guaranty book of business as of March 31, 2014 and December 31, 2013.



	As of
	March 31, 2014⁽¹⁾						December 31, 2013⁽¹⁾
	30 Days Delinquent		60 Days Delinquent		Seriously Delinquent⁽²⁾		30 Days Delinquent		60 Days Delinquent		Seriously Delinquent⁽²⁾
Percentage of single-family conventional guaranty book of business⁽³⁾	1.23	%	0.37	%	2.33	%	1.41	%	0.44	%	2.54	%
Percentage of single-family conventional loans⁽⁴⁾	1.40		0.40		2.19		1.64		0.49		2.38

Risk Characteristics Guaranty Book of Business [Table Text Block]



	As of
	March 31, 2014⁽¹⁾				December 31, 2013⁽¹⁾
	Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Percentage Seriously Delinquent⁽²⁾⁽⁵⁾		Percentage of Single-Family Conventional Guaranty Book of Business⁽³⁾		Percentage Seriously Delinquent⁽²⁾⁽⁵⁾
Estimated mark-to-market loan-to-value ratio:
Greater than 100%	7	%	11.27	%	7	%	12.22	%
Geographical distribution:
California	20		0.86		20		0.98
Florida	6		6.12		6		6.89
Illinois	4		2.79		4		3.12
New Jersey	4		6.08		4		6.25
New York	5		4.31		5		4.42
All other states	61		1.70		61		1.85
Product distribution:
Alt-A	5		8.72		5		9.23
Subprime	*		16.17		*		16.93
Vintages:
2005	3		6.81		4		7.26
2006	3		10.58		3		11.26
2007	5		11.53		5		12.18
2008	3		6.40		3		6.69
All other vintages	86		0.96		85		1.02
Select combined risk characteristics:
Original LTV ratio > 90% and FICO score < 620	1		9.84		1		10.90

__________


*	Represents less than 0.5% of the single-family conventional guaranty book of business.


⁽¹⁾	Consists of the portion of our single-family conventional guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total single-family conventional guaranty book of business as of March 31, 2014 and December 31, 2013.


⁽²⁾	Consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of March 31, 2014 and December 31, 2013.


⁽³⁾	Calculated based on the aggregate unpaid principal balance of single-family conventional loans for each category divided by the aggregate unpaid principal balance of loans in our single-family conventional guaranty book of business.


⁽⁴⁾	Calculated based on the number of single-family conventional loans that were delinquent divided by the total number of loans in our single-family conventional guaranty book of business.


⁽⁵⁾	Calculated based on the number of single-family conventional loans that were seriously delinquent divided by the total number of single-family conventional loans for each category included in our guaranty book of business.

Multifamily [Member]

Guarantor Obligations [Line Items]

Delinquency Status Guaranty Book of Business [Table Text Block]



	As of
	March 31, 2014⁽¹⁾⁽²⁾				December 31, 2013⁽¹⁾⁽²⁾
	30 Days Delinquent		Seriously Delinquent⁽³⁾		30 Days Delinquent		Seriously Delinquent⁽³⁾
Percentage of multifamily guaranty book of business	0.06	%	0.10	%	0.03	%	0.10	%

Risk Characteristics Guaranty Book of Business [Table Text Block]



	As of
	March 31, 2014⁽¹⁾				December 31, 2013⁽¹⁾
	Percentage of Multifamily Guaranty Book of Business⁽²⁾		Percentage Seriously Delinquent⁽³⁾⁽⁴⁾		Percentage of Multifamily Guaranty Book of Business⁽²⁾		Percentage Seriously Delinquent⁽³⁾⁽⁴⁾
Original LTV ratio:
Greater than 80%	3	%	0.16	%	3	%	0.23	%
Less than or equal to 80%	97		0.09		97		0.10
Current debt service coverage ratio less than 1.0⁽⁵⁾	3		0.92		4		1.09

__________


⁽¹⁾	Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total multifamily guaranty book of business as of March 31, 2014 and December 31, 2013 excluding loans that have been defeased.


⁽²⁾	Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business.


⁽³⁾	Consists of multifamily loans that were 60 days or more past due as of the dates indicated.


⁽⁴⁾	Calculated based on the unpaid principal balance of multifamily loans that were seriously delinquent divided by the aggregate unpaid principal balance of multifamily loans for each category included in our guaranty book of business.


⁽⁵⁾	Our estimates of current DSCRs are based on the latest available income information for these properties. Although we use the most recently available results of our multifamily borrowers, there is a lag in reporting, which typically can range from 3 to 6 months but in some cases may be longer.