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

6 Months Ended

Jun. 30, 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 June 30, 2014 and December 31, 2013.

	As of
	June 30, 2014						December 31, 2013
	Outstanding			Weighted- Average Interest Rate(1)			Outstanding			Weighted- Average Interest Rate(1)
		(Dollars in millions)
Fixed-rate short-term debt:
Discount notes(2)		$	90,926		0.10	%		$	71,933		0.12	%
Foreign exchange discount notes(3)		—			—			362			1.07
Total short-term debt of Fannie Mae		90,926			0.10			72,295			0.13
Debt of consolidated trusts		1,844			0.10			2,154			0.09
Total short-term debt		$	92,770		0.10	%		$	74,449		0.13	%

__________

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

⁽²⁾  Represents unsecured general obligations with maturities ranging from overnight to 360 days from the date of issuance.

⁽³⁾  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 June 30, 2014 and December 31, 2013.

	As of
	June 30, 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		$	186,556	2.40	%	2014 - 2030		$	212,234	2.45	%
Medium-term notes(2)	2014 - 2024		124,483		1.36		2014 - 2023		161,445		1.28
Foreign exchange notes and bonds	2021 - 2028		680		5.25		2021 - 2028		682		5.41
Other(3)	2014 - 2038		36,061		5.02		2014 - 2038		38,444		4.99
Total senior fixed			347,780		2.31				412,805		2.24
Senior floating:
Medium-term notes(2)	2014 - 2019		31,493		0.18		2014 - 2019		38,441		0.20
Other(3)(4)	2020 - 2037		3,432		3.18		2020 - 2037		955		5.18
Total senior floating			34,925		0.46				39,396		0.32
Subordinated fixed:
Qualifying subordinated	—		—		—		2014		1,169		5.27
Subordinated debentures	2019		3,674		9.92		2019		3,507		9.92
Total subordinated fixed			3,674		9.92				4,676		8.76
Secured borrowings(5)	2021 - 2022		230		1.88		2021 - 2022		262		1.86
Total long-term debt of Fannie Mae(6)			386,609		2.21				457,139		2.14
Debt of consolidated trusts(3)	2014 - 2054		2,710,166		3.17		2014 - 2053		2,702,935		3.26
Total long-term debt			$	3,096,775	3.05	%			$	3,160,074	3.10	%

__________

⁽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⁾  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.

⁽⁶⁾  Reported amounts include unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $4.1 billion and $4.8 billion as of June 30, 2014 and December 31, 2013, respectively.