Short-Term Borrowings and Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Short-Term Borrowings [Table Text Block]

The following table displays our outstanding short-term borrowings (borrowings with an original contractual maturity of one year or less) and weighted-average interest rates of these borrowings as of March 31, 2014 and December 31, 2013.

	As of
	March 31, 2014						December 31, 2013
	Outstanding			Weighted- Average Interest Rate(1)			Outstanding			Weighted- Average Interest Rate(1)
		(Dollars in millions)
Federal funds purchased and securities sold under agreements to repurchase(2)		$	25		—	%		$	—		—	%
Fixed-rate short-term debt:
Discount notes(3)		$	65,248		0.12	%		$	71,933		0.12	%
Foreign exchange discount notes(4)		200			0.81			362			1.07
Total short-term debt of Fannie Mae		65,448			0.13			72,295			0.13
Debt of consolidated trusts		1,900			0.10			2,154			0.09
Total short-term debt		$	67,348		0.12	%		$	74,449		0.13	%

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⁽¹⁾  Includes the effects of discounts, premiums and other cost basis adjustments.

⁽²⁾  Securities sold under agreements to repurchase represent agreements to repurchase for a specified price, with repayment generally occurring on the following day.

⁽³⁾  Represents unsecured general obligations with maturities ranging from overnight to 360 days from the date of issuance.

⁽⁴⁾  Represents foreign exchange discount notes issued in the Euro commercial paper market with maturities ranging from 5 to 360 days which enable investors to hold short-term investments in different currencies. We do not incur foreign exchange risk on these transactions, as we simultaneously enter into foreign currency swaps that have the effect of converting debt that we issue in foreign denominated currencies into U.S. dollars.

Long-Term Debt [Table Text Block]

The following table displays our outstanding long-term debt as of March 31, 2014 and December 31, 2013.

	As of
	March 31, 2014						December 31, 2013
	Maturities	Outstanding			Weighted- Average Interest Rate(1)		Maturities	Outstanding			Weighted- Average Interest Rate(1)
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2014 - 2030		$	197,233	2.42	%	2014 - 2030		$	212,234	2.45	%
Medium-term notes(2)	2014 - 2023		137,654		1.33		2014 - 2023		161,445		1.28
Foreign exchange notes and bonds	2021 - 2028		662		5.40		2021 - 2028		682		5.41
Other(3)	2014 - 2038		37,754		4.96		2014 - 2038		38,444		4.99
Total senior fixed			373,303		2.28				412,805		2.24
Senior floating:
Medium-term notes(2)	2014 - 2019		37,492		0.18		2014 - 2019		38,441		0.20
Other(3)(4)	2020 - 2037		1,775		4.19		2020 - 2037		955		5.18
Total senior floating			39,267		0.35				39,396		0.32
Subordinated fixed:
Qualifying subordinated	—		—		—		2014		1,169		5.27
Subordinated debentures(5)	2019		3,589		9.92		2019		3,507		9.92
Total subordinated fixed			3,589		9.92				4,676		8.76
Secured borrowings(6)	2021 - 2022		246		1.87		2021 - 2022		262		1.86
Total long-term debt of Fannie Mae(7)			416,405		2.16				457,139		2.14
Debt of consolidated trusts(3)	2014 - 2054		2,710,942		3.28		2014 - 2053		2,702,935		3.26
Total long-term debt			$	3,127,347	3.13	%			$	3,160,074	3.10	%

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⁽¹⁾  Includes the effects of discounts, premiums and other cost basis adjustments.

⁽²⁾  Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt.

⁽³⁾  Includes a portion of structured debt instruments that is reported at fair value.

⁽⁴⁾  Includes credit risk sharing securities issued under our Connecticut Avenue Securities series, which transfers some of the credit risk of our mortgage loans to the investors in these securities.

⁽⁵⁾  Consists of subordinated debt issued with an interest deferral feature.

⁽⁶⁾  Represents our remaining liability resulting from the transfer of financial assets from our condensed consolidated balance sheets that did not qualify as a sale under the accounting guidance for the transfer of financial instruments.

⁽⁷⁾  Reported amounts include unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $4.5 billion and $4.8 billion as of March 31, 2014 and December 31, 2013, respectively.