Fair Value (Tables)

6 Months Ended

Jun. 30, 2014

Recurring Changes in Fair Value [Table Text Block]

The following tables display our assets and liabilities measured in our condensed 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 June 30, 2014 and December 31, 2013.



		Fair Value Measurements as of June 30, 2014
	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		$	—		$	5,686		$	—		$	—			$	5,686
Freddie Mac		—			1,766			—			—				1,766
Ginnie Mae		—			234			—			—				234
Alt-A private-label securities		—			551			643			—				1,194
Subprime private-label securities		—			—			1,282			—				1,282
CMBS		—			2,641			—			—				2,641
Mortgage revenue bonds		—			—			643			—				643
Other		—			—			101			—				101
Non-mortgage-related securities:
U.S. Treasury securities		13,083			—			—			—				13,083
Total trading securities		13,083			10,878			2,669			—				26,630
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			6,020			2			—				6,022
Freddie Mac		—			6,193			9			—				6,202
Ginnie Mae		—			528			—			—				528
Alt-A private-label securities		—			2,964			3,717			—				6,681
Subprime private-label securities		—			—			5,705			—				5,705
CMBS		—			1,508			—			—				1,508
Mortgage revenue bonds		—			—			4,560			—				4,560
Other		—			3			2,817			—				2,820
Total available-for-sale securities		—			17,216			16,810			—				34,026
Mortgage loans of consolidated trusts		—			12,585			2,531			—				15,116
Other assets:
Risk management derivatives:
Swaps		—			7,347			86			—				7,433
Swaptions		—			310			—			—				310
Other		—			—			29			—				29
Netting adjustment		—			—			—			(6,897		)		(6,897		)
Mortgage commitment derivatives		—			365			24			—				389
Total other assets		—			8,022			139			(6,897		)		1,264
Total assets at fair value		$	13,083		$	48,701		$	22,149		$	(6,897	)		$	77,036



		Fair Value Measurements as of June 30, 2014
	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 floating		$	—		$	3,107		$	325		$	—		$	3,432
Total of Fannie Mae		—			3,107			325			—			3,432
Of consolidated trusts		—			15,922			498			—			16,420
Total long-term debt		—			19,029			823			—			19,852
Other liabilities:
Risk management derivatives:
Swaps		—			8,497			118			—			8,615
Swaptions		—			985			—			—			985
Other		—			—			1			—			1
Netting adjustment		—			—			—			(9,390		)	(9,390		)
Mortgage commitment derivatives		—			525			—			—			525
Total other liabilities		—			10,007			119			(9,390		)	736
Total liabilities at fair value		$	—		$	29,036		$	942		$	(9,390	)	$	20,588



		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)
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

__________


⁽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.

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 three and six months ended June 30, 2014 and 2013. The tables also display gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized in our condensed consolidated statements of operations and comprehensive income for Level 3 assets and liabilities for the three and six months ended June 30, 2014 and 2013. 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 Three Months Ended June 30, 2014
				Total Gains or (Losses) (Realized/Unrealized)																											Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2014⁽⁵⁾
	Balance, March 31, 2014			Included in Net Income			Included in Other Comprehensive Income⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, June 30, 2014
	(Dollars in millions)
Trading securities:
Mortgage-related:
Alt-A private-label securities	$	655		$	84			$	—		$	—	$	(23	)	$	—		$	(22	)	$	(67	)	$	16		$	643			$	84
Subprime private-label securities	1,453			103				—			—		(241		)	—			(33		)	—			—			1,282				204
Mortgage revenue bonds	601			44				—			—		—			—			(2		)	—			—			643				44
Other	102			4				—			—		—			—			(5		)	—			—			101				4
Total trading securities	$	2,811		$	235			$	—		$	—	$	(264	)	$	—		$	(62	)	$	(67	)	$	16		$	2,669			$	336

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	5		$	—			$	—		$	—	$	—		$	—		$	(1	)	$	(4	)	$	2		$	2			$	—
Freddie Mac	8			—				—			—		—			—			—			—			1			9				—
Alt-A private-label securities	3,570			103				(24		)	—		(320		)	—			(111		)	(265		)	764			3,717				—
Subprime private-label securities	7,030			268				(38		)	—		(1,349		)	—			(206		)	—			—			5,705				—
Mortgage revenue bonds	5,006			(7		)		87			—		(39		)	—			(487		)	—			—			4,560				—
Other	2,844			3				54			—		—			—			(84		)	—			—			2,817				—
Total available-for-sale securities	$	18,463		$	367			$	79		$	—	$	(1,708	)	$	—		$	(889	)	$	(269	)	$	767		$	16,810			$	—

Mortgage loans of consolidated trusts	$	2,608		$	102			$	—		$	7	$	—		$	—		$	(85	)	$	(165	)	$	64		$	2,531			$	86
Net derivatives	(23		)	47				—			—		—			—			(4		)	—			—			20				41
Long-term debt:
Of Fannie Mae:
Senior floating	$	(310	)	$	(15	)		$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	(325	)		$	(15	)
Of consolidated trusts	(506		)	(33		)		—			—		—			(1		)	17			47			(22		)	(498		)		(31		)
Total long-term debt	$	(816	)	$	(48	)		$	—		$	—	$	—		$	(1	)	$	17		$	47		$	(22	)	$	(823	)		$	(46	)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Six Months Ended June 30, 2014
				Total (Losses) or Gains (Realized/Unrealized)																										Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2014⁽⁵⁾
	Balance, December 31, 2013			Included in Net Income			Included in Other Comprehensive Income⁽¹⁾			Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, June 30, 2014
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	42		$	(1	)		$	—	$	—	$	—		$	—		$	(2	)	$	(39	)	$	—		$	—			$	—
Freddie Mac	2			—				—		—		—			—			—			(2		)	—			—				—
Alt-A private-label securities	618			103				—		—		(23		)	—			(38		)	(143		)	126			643				101
Subprime private-label securities	1,448			179				—		—		(241		)	—			(104		)	—			—			1,282				280
Mortgage revenue bonds	565			84				—		—		—			—			(6		)	—			—			643				84
Other	99			9				—		—		—			—			(7		)	—			—			101				9
Total trading securities	$	2,774		$	374			$	—	$	—	$	(264	)	$	—		$	(157	)	$	(184	)	$	126		$	2,669			$	474

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	7		$	—			$	—	$	—	$	—		$	—		$	(1	)	$	(6	)	$	2		$	2			$	—
Freddie Mac	8			—				—		—		—			—			—			—			1			9				—
Alt-A private-label securities	3,791			116				49		—		(320		)	—			(199		)	(874		)	1,154			3,717				—
Subprime private-label securities	7,068			301				181		—		(1,349		)	—			(496		)	—			—			5,705				—
Mortgage revenue bonds	5,253			(27		)		280		—		(58		)	—			(888		)	—			—			4,560				—
Other	2,885			6				95		—		—			—			(169		)	—			—			2,817				—
Total available-for-sale securities	$	19,012		$	396			$	605	$	—	$	(1,727	)	$	—		$	(1,753	)	$	(880	)	$	1,157		$	16,810			$	—

Mortgage loans of consolidated trusts	$	2,704		$	127			$	—	$	31	$	—		$	—		$	(166	)	$	(313	)	$	148		$	2,531			$	94
Net derivatives	(40		)	77				—		—		—			—			(16		)	(1		)	—			20				54
Long-term debt:
Of Fannie Mae:
Senior floating	$	(955	)	$	(105	)		$	—	$	—	$	—		$	(750	)	$	20		$	1,465		$	—		$	(325	)		$	(59	)
Of consolidated trusts	(518		)	(34		)		—		—		—			(1		)	35			66			(46		)	(498		)		(32		)
Total long-term debt	$	(1,473	)	$	(139	)		$	—	$	—	$	—		$	(751	)	$	55		$	1,531		$	(46	)	$	(823	)		$	(91	)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended June 30, 2013
				Total (Losses) or Gains or (Realized/Unrealized)																										Net Unrealized (Losses) Gains Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2013⁽⁵⁾
	Balance, March 31, 2013			Included in Net Income			Included in Other Comprehensive Income⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾		Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, June 30, 2013
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	61		$	(3	)		$	—		$	—	$	—	$	—		$	(6	)	$	—		$	—		$	52			$	(3	)
Freddie Mac	2			—				—			—		—		—			—			—			—			2				—
Ginnie Mae	—			—				—			—		—		—			—			—			2			2				—
Alt-A private-label securities	464			32				—			—		—		—			(39		)	(162		)	408			703				31
Subprime private-label securities	1,446			80				—			—		—		—			(38		)	—			—			1,488				79
Mortgage revenue bonds	661			(56		)		—			—		—		—			(2		)	—			—			603				(56		)
Other	118			(6		)		—			—		—		—			(3		)	—			—			109				(6		)
Total trading securities	$	2,752		$	47			$	—		$	—	$	—	$	—		$	(88	)	$	(162	)	$	410		$	2,959			$	45

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	12		$	—			$	(1	)	$	—	$	—	$	—		$	(1	)	$	—		$	—		$	10			$	—
Freddie Mac	9			—				(1		)	—		—		—			—			—			1			9				—
Alt-A private-label securities	6,112			11				249			—		—		—			(401		)	(773		)	1,810			7,008				—
Subprime private-label securities	7,868			46				234			—		—		—			(286		)	—			—			7,862				—
Mortgage revenue bonds	7,351			12				(253		)	—		—		—			(710		)	—			—			6,400				—
Other	3,099			1				55			—		—		—			(104		)	—			—			3,051				—
Total available-for-sale securities	$	24,451		$	70			$	283		$	—	$	—	$	—		$	(1,502	)	$	(773	)	$	1,811		$	24,340			$	—

Mortgage loans of consolidated trusts	$	2,882		$	30			$	—		$	85	$	—	$	—		$	(122	)	$	(51	)	$	137		$	2,961			$	25
Net derivatives	(7		)	(89		)		—			—		—		—			31			16			—			(49		)		(44		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(383	)	$	46			$	—		$	—	$	—	$	—		$	—		$	—		$	—		$	(337	)		$	46
Of consolidated trusts	(1,077		)	(66		)		—			—		—		(5		)	56			57			(42		)	(1,077		)		(69		)
Total long-term debt	$	(1,460	)	$	(20	)		$	—		$	—	$	—	$	(5	)	$	56		$	57		$	(42	)	$	(1,414	)		$	(23	)



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Six Months Ended June 30, 2013
				Total (Losses) or Gains or (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Income Related to Assets and Liabilities Still Held as of June 30, 2013⁽⁵⁾
	Balance, December 31, 2012			Included in Net Income			Included in Other Comprehensive Income⁽¹⁾				Purchases⁽²⁾		Sales⁽²⁾			Issues⁽³⁾			Settlements⁽³⁾			Transfers out of Level 3⁽⁴⁾			Transfers into Level 3⁽⁴⁾			Balance, June 30, 2013
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	68		$	(6	)		$	—		$	—	$	—		$	—		$	(10	)	$	—		$	—		$	52			$	(6	)
Freddie Mac	2			—				—			—		—			—			—			—			—			2				—
Ginnie Mae	1			—				—			—		—			—			(1		)	—			2			2				—
Alt-A private-label securities	104			127				—			—		—			—			(55		)	(206		)	733			703				121
Subprime private-label securities	1,319			239				—			—		—			—			(70		)	—			—			1,488				239
Mortgage revenue bonds	675			(69		)		—			—		—			—			(3		)	—			—			603				(69		)
Other	117			(4		)		—			—		—			—			(4		)	—			—			109				(4		)
Total trading securities	$	2,286		$	287			$	—		$	—	$	—		$	—		$	(143	)	$	(206	)	$	735		$	2,959			$	281

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	29		$	—			$	(1	)	$	—	$	—		$	—		$	(4	)	$	(14	)	$	—		$	10			$	—
Freddie Mac	10			—				(1		)	—		—			—			(1		)	—			1			9				—
Alt-A private-label securities	6,564			20				467			—		—			—			(669		)	(1,965		)	2,591			7,008				—
Subprime private-label securities	7,447			90				911			—		—			—			(586		)	—			—			7,862				—
Mortgage revenue bonds	7,837			10				(282		)	—		(19		)	—			(1,146		)	—			—			6,400				—
Other	3,147			5				99			—		—			—			(200		)	—			—			3,051				—
Total available-for-sale securities	$	25,034		$	125			$	1,193		$	—	$	(19	)	$	—		$	(2,606	)	$	(1,979	)	$	2,592		$	24,340			$	—

Mortgage loans of consolidated trusts	$	2,634		$	57			$	—		$	243	$	—		$	—		$	(234	)	$	(89	)	$	350		$	2,961			$	(393	)
Net derivatives	14			(129		)		—			—		—			—			54			16			(4		)	(49		)		(61		)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(400	)	$	63			$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	(337	)		$	63
Of consolidated trusts	(1,128		)	(120		)		—			—		—			(20		)	105			170			(84		)	(1,077		)		245
Total long-term debt	$	(1,528	)	$	(57	)		$	—		$	—	$	—		$	(20	)	$	105		$	170		$	(84	)	$	(1,414	)		$	308

__________


⁽¹⁾	Gains (losses) included in other comprehensive income are included in “Changes in unrealized gains on available-for-sale securities, net of reclassification adjustments and taxes” in the condensed consolidated statements of operations and comprehensive income.


⁽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 private-label mortgage-related securities backed by Alt-A loans and credit risk sharing securities issued under our Connecticut Avenue Securities series. Prices for these securities were obtained from multiple third-party vendors or dealers 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 condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2014 and 2013, for our Level 3 assets and liabilities measured in our condensed consolidated balance sheets at fair value on a recurring basis.



		For the Three Months Ended June 30, 2014
	Interest Income			Fair Value Gains, net			Net OTTI				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income		$	70		$	329		$	(19	)		$	323		$	703
Net unrealized gains related to Level 3 assets and liabilities still held as of June 30, 2014		$	—		$	417		$	—			$	—		$	417



		For the Six Months Ended June 30, 2014
	Interest Income			Fair Value Gains, net			Net OTTI				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income		$	140		$	435		$	(64	)		$	324		$	835
Net unrealized gains related to Level 3 assets and liabilities still held as of June 30, 2014		$	—		$	531		$	—			$	—		$	531



		For the Three Months Ended June 30, 2013
	Interest Income			Fair Value (Losses) Gains, net				Net OTTI				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income		$	70		$	(31	)		$	(4	)		$	3		$	38
Net unrealized gains related to Level 3 assets and liabilities still held as of June 30, 2013		$	—		$	3			$	—			$	—		$	3



		For the Six Months Ended June 30, 2013
	Interest Income			Fair Value Gains, net			Net OTTI				Other			Total
		(Dollars in millions)
Total realized and unrealized gains (losses) included in net income		$	125		$	161		$	(9	)		$	6		$	283
Net unrealized gains related to Level 3 assets and liabilities still held as of June 30, 2013		$	—		$	135		$	—			$	—		$	135

Nonrecurring Changes in Fair Value [Table Text Block]

The following tables display assets measured in our condensed 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 June 30, 2014 and December 31, 2013.



		Fair Value Measurements as of June 30, 2014
	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		$	—		$	89		$	151		$	240
Single-family mortgage loans held for investment, at amortized cost:⁽¹⁾
Of Fannie Mae		—			—			17,189			17,189
Of consolidated trusts		—			—			53			53
Multifamily mortgage loans held for investment, at amortized cost		—			—			1,033			1,033
Acquired property, net:
Single-family		—			—			4,300			4,300
Multifamily		—			—			163			163
Other assets		—			—			113			113
Total nonrecurring fair value measurements		$	—		$	89		$	23,002		$	23,091



		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)
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

_________


⁽¹⁾	Excludes estimated recoveries from mortgage insurance proceeds.

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 June 30, 2014 and December 31, 2013.



	Fair Value Measurements as of June 30, 2014
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Alt-A private-label securities⁽³⁾	$	67	Consensus	Default Rate (%)	4.2			4.2
				Prepayment Speed (%)	2.2			2.2
				Severity (%)	47.1			47.1
				Spreads (bps)	240.6			240.6
	158		Consensus
	381		Discounted Cash Flow	Default Rate (%)	4.2	-	8.8	7.7
				Prepayment Speed (%)	2.2	-	5.1	3.4
				Severity (%)	47.1	-	85.3	75.5
				Spreads (bps)	247.5	-	300.0	266.5
	37		Other
Total Alt-A private-label securities	643
Subprime private-label securities⁽³⁾	198		Single Vendor
	416		Consensus	Default Rate (%)	3.7	-	11.2	7.8
				Prepayment Speed (%)	0.2	-	4.1	1.5
				Severity (%)	71.7	-	95.0	80.6
				Spreads (bps)	245.0	-	345.0	272.7
	549		Consensus
	119		Other
Total subprime private-label securities	1,282
Mortgage revenue bonds	464		Discounted Cash Flow	Spreads (bps)	103.1	-	435.0	322.1
	179		Other
Total mortgage revenue bonds	643
Other	101		Discounted Cash Flow	Spreads (bps)	445.0			445.0
Total trading securities	$	2,669



	Fair Value Measurements as of June 30, 2014
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Available-for-sale securities:
Mortgage-related securities:
Agency⁽²⁾	$	11	Other
Alt-A private-label securities⁽³⁾	454		Single Vendor	Default Rate (%)	2.2	-	5.7	3.9
				Prepayment Speed (%)	1.6	-	20.7	7.1
				Severity (%)	14.2	-	95.0	54.6
				Spreads (bps)	156.3	-	320.0	239.0
	1,254		Consensus	Default Rate (%)	0.9	-	16.7	5.2
				Prepayment Speed (%)	0.0	-	36.8	10.1
				Severity (%)	27.8	-	95.0	69.7
				Spreads (bps)	170.0	-	224.6	220.1
	844		Consensus
	812		Discounted Cash Flow	Default Rate (%)	2.0	-	11.8	5.3
				Prepayment Speed (%)	0.6	-	8.7	6.1
				Severity (%)	24.7	-	95.0	51.1
				Spreads (bps)	146.0	-	350.0	242.5
	353		Other
Total Alt-A private-label securities	3,717
Subprime private-label securities ⁽³⁾	347		Single Vendor
	2,020		Consensus	Default Rate (%)	1.8	-	20.6	6.3
				Prepayment Speed (%)	0.1	-	19.8	2.9
				Severity (%)	28.0	-	95.0	84.3
				Spreads (bps)	135.0	-	245.0	197.4
	2,846		Consensus
	492		Other
Total subprime private-label securities	5,705
Mortgage revenue bonds	2,155		Single Vendor	Spreads (bps)	0.0	-	324.6	58.2
	647		Single Vendor
	1,677		Discounted Cash Flow	Spreads (bps)	0.0	-	592.9	327.2
	81		Other
Total mortgage revenue bonds	4,560
Other	493		Consensus	Default Rate (%)	3.1	-	5.0	4.7
				Prepayment Speed (%)	2.0	-	9.8	3.7
				Severity (%)	0.2	-	85.0	71.6
				Spreads (bps)	195.0	-	745.0	336.3
	329		Consensus
	855		Discounted Cash Flow	Default Rate (%)	0.0	-	5.0	1.0
				Prepayment Speed (%)	0.0	-	8.8	1.4
				Severity (%)	0.0	-	85.0	8.4
				Spreads (bps)	220.0	-	445.0	351.4
	1,140		Other
Total Other	2,817
Total available-for-sale securities	$	16,810



	Fair Value Measurements as of June 30, 2014
	Fair Value			Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Mortgage loans of consolidated trusts:
Single-family	$	1,634		Build-Up	Default Rate (%)	0.1	-	97.6	14.7
					Prepayment Speed (%)	2.8	-	45.7	17.2
					Severity (%)	0.0	-	100.0	27.4
	237			Consensus
	408			Discounted Cash Flow	Default Rate (%)	1.0	-	14.6	5.0
					Prepayment Speed (%)	0.2	-	17.5	7.9
					Severity (%)	38.4	-	95.0	56.4
					Spreads (bps)	135.0	-	595.0	192.3
	72			Other
Total single-family	2,351
Multifamily	180			Build-Up	Spreads (bps)	46.0	-	286.4	115.2
Total mortgage loans of consolidated trusts	$	2,531
Net derivatives	$	(89	)	Internal Model
	85			Dealer Mark
	24			Other
Total net derivatives	$	20
Long-term debt:
Of Fannie Mae:
Senior floating	$	(325	)	Discounted Cash Flow
Total of Fannie Mae	(325		)
Of consolidated trusts	(216		)	Consensus
Of consolidated trusts	(139		)	Discounted Cash Flow	Default Rate (%)	1.0	-	10.2	3.4
					Prepayment Speed (%)	0.2	-	100.0	23.9
					Severity (%)	38.4	-	95.0	44.8
					Spreads (bps)	64.0	-	595.0	208.8
	(143		)	Other
Total of consolidated trusts	(498		)
Total long-term debt	$	(823	)



	Fair Value Measurements as of December 31, 2013
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Agency⁽²⁾	$	44	Other
Alt-A private-label securities⁽³⁾	60		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
	325		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
	85		Consensus
	148		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
Total Alt-A private-label securities	618
Subprime private-label securities⁽³⁾	113		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
	77		Single Vendor
	400		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
	808		Consensus
	50		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
Total subprime private-label securities	1,448
Mortgage revenue bonds	539		Discounted Cash Flow	Spreads (bps)	35.0	-	440.0	340.6
	26		Other
Total mortgage revenue bonds	565
Other	99		Discounted Cash Flow	Spreads (bps)	525.0			525.0
Total trading securities	$	2,774



	Fair Value Measurements as of December 31, 2013
	Fair Value		Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Available-for-sale securities:
Mortgage-related securities:
Agency⁽²⁾	$	15	Other
Alt-A private-label securities⁽³⁾	139		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
	435		Single Vendor
	1,948		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
	740		Consensus
	420		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
	109		Other
Total Alt-A private-label securities	3,791
Subprime private-label securities⁽³⁾	442		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
	322		Single Vendor
	2,981		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
	2,442		Consensus
	816		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
	65		Other
Total subprime private-label securities	7,068
Mortgage revenue bonds	1,937		Single Vendor	Spreads (bps)	0.0	-	463.2	112.1
	1,386		Single Vendor
	1,899		Discounted Cash Flow	Spreads (bps)	5.5	-	490.0	310.0
	31		Other
Total mortgage revenue bonds	5,253
Other	122		Single Vendor
	483		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
	625		Consensus
	610		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
	1,045		Other
Total other	2,885
Total available-for-sale securities	$	19,012



	Fair Value Measurements as of December 31, 2013
	Fair Value			Significant Valuation Techniques	Significant Unobservable Inputs⁽¹⁾	Range⁽¹⁾			Weighted - Average⁽¹⁾
	(Dollars in millions)
Mortgage loans of consolidated trusts:
Single-family	$	1,828		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
	219			Consensus
	112			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
	310			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
	60			Other
Total single-family	2,529
Multifamily	175			Build-Up	Spreads (bps)	62.0	-	243.4	114.3
Total mortgage loans of consolidated trusts	$	2,704
Net derivatives	$	(64	)	Internal Model
	32			Dealer Mark
	(8		)	Other
Total net derivatives	$	(40	)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(266	)	Discounted Cash Flow
	(689		)	Consensus	Default Rate (%)	0.2			0.2
					Prepayment Speed (%)	8.4			8.4
					Spreads (bps)	171.000	-	438.000	306.2
Total of Fannie Mae	(955		)
Of consolidated trusts	(227		)	Consensus
	(116		)	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
	(80		)	Single Vendor
	(95		)	Other
Total of consolidated trusts	(518		)
Total long-term debt	$	(1,473	)

_________

⁽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 and Freddie Mac 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 June 30, 2014 and December 31, 2013. 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
	Valuation Techniques	June 30, 2014			December 31, 2013
			(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus		$	112		$	132
	Build-Up		39			—
Total mortgage loans held for sale, at lower of cost or fair value			151			132
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Internal Model		17,189			19,966
Of consolidated trusts	Internal Model		53			79
Multifamily mortgage loans held for investment, at amortized cost	Appraisals		44			39
	Broker Price Opinions		109			248
	Asset Manager Estimate		842			1,230
	Other		38			16
Total multifamily mortgage loans held for investment, at amortized cost			1,033			1,533
Acquired property, net:
Single-family	Accepted Offers		854			691
	Appraisals		1,370			1,077
	Walk Forwards		1,174			1,106
	Internal Model		783			1,049
	Other		119			118
Total single-family			4,300			4,041
Multifamily	Accepted Offers		17			24
	Appraisals		68			65
	Broker Price Opinions		78			9
Total multifamily			163			98
Other assets	Appraisals		1			26
	Internal Model		104			81
	Other		8			14
Total other assets			113			121
Total nonrecurring assets at fair value			$	23,002		$	25,970

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 June 30, 2014 and December 31, 2013. 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 condensed 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 June 30, 2014
	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	$	50,434	$	34,884	$	15,550	$	—	$	—		$	50,434
Federal funds sold and securities purchased under agreements to resell or similar arrangements	16,700		—		16,700		—		—			16,700
Trading securities	26,630		13,083		10,878		2,669		—			26,630
Available-for-sale securities	34,026		—		17,216		16,810		—			34,026
Mortgage loans held for sale	625		—		169		492		—			661
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	247,966		—		29,361		219,051		—			248,412
Of consolidated trusts	2,756,195		—		2,620,397		191,574		—			2,811,971
Mortgage loans held for investment	3,004,161		—		2,649,758		410,625		—			3,060,383
Advances to lenders	4,741		—		4,220		505		—			4,725
Derivative assets at fair value	1,264		—		8,022		139		(6,897		)	1,264
Guaranty assets and buy-ups	253		—		—		766		—			766
Total financial assets	$	3,138,834	$	47,967	$	2,722,513	$	432,006	$	(6,897	)	$	3,195,589

Financial liabilities:
Short-term debt:
Of Fannie Mae	$	90,926	$	—	$	90,935	$	—	$	—		$	90,935
Of consolidated trusts	1,844		—		—		1,844		—			1,844
Long-term debt:
Of Fannie Mae	386,609		—		398,264		940		—			399,204
Of consolidated trusts	2,710,166		—		2,754,120		15,054		—			2,769,174
Derivative liabilities at fair value	736		—		10,007		119		(9,390		)	736
Guaranty obligations	453		—		—		2,049		—			2,049
Total financial liabilities	$	3,190,734	$	—	$	3,253,326	$	20,006	$	(9,390	)	$	3,263,942



	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 Adjustment			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

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 June 30, 2014 and December 31, 2013.



		As of
		June 30, 2014									December 31, 2013
	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		$	15,116		$	3,432		$	16,420		$	14,268		$	1,308		$	14,976
Unpaid principal balance		14,732			3,239			15,086			14,440			1,290			13,988

__________

⁽¹⁾

Includes nonaccrual loans with a fair value of $204 million and $196 million as of June 30, 2014 and December 31, 2013, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of June 30, 2014 and December 31, 2013 was $67 million and $74 million, respectively. Includes loans that are 90 days or more past due with a fair value of $276 million and $288 million as of June 30, 2014 and December 31, 2013, respectively. The difference between unpaid principal balance and the fair value of these 90 or more days past due loans as of June 30, 2014 and December 31, 2013 was $64 million and $75 million, respectively.


⁽²⁾	Includes interest-only debt instruments with no unpaid principal balance and a fair value of $74 million and $85 million as of June 30, 2014 and December 31, 2013, 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 (losses) gains, net” in our condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2014 and 2013.



	For the Three Months Ended June 30,
	2014										2013
	Loans		Long-Term Debt				Total (Losses) Gains				Loans			Long-Term Debt			Total Gains (Losses)
	(Dollars in millions)
Changes in instrument-specific credit risk	$	16		$	(76	)		$	(60	)	$	66			$	2		$	68
Other changes in fair value	371			(221		)		150			(549		)		339			(210		)
Fair value (losses) gains, net	$	387		$	(297	)		$	90		$	(483	)		$	341		$	(142	)



	For the Six Months Ended June 30,
	2014										2013
	Loans		Long-Term Debt				Total (Losses) Gains				Loans			Long-Term Debt				Total Losses
	(Dollars in millions)
Changes in instrument-specific credit risk	$	25		$	(127	)		$	(102	)	$	1			$	(3	)		$	(2	)
Other changes in fair value	494			(337		)		157			(706		)		405				(301		)
Fair value (losses) gains, net	$	519		$	(464	)		$	55		$	(705	)		$	402			$	(303	)

- 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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