Fair Value (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014 and 2013.



		Fair Value Measurements as of December 31, 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		$	—		$	4,635		$	305		$	—			$	4,940
Freddie Mac		—			1,369			—			—				1,369
Ginnie Mae		—			166			—			—				166
Alt-A private-label securities		—			323			597			—				920
Subprime private-label securities		—			—			1,307			—				1,307
CMBS		—			2,515			—			—				2,515
Mortgage revenue bonds		—			—			722			—				722
Other		—			—			99			—				99
Non-mortgage-related securities:
U.S. Treasury securities		19,466			—			—			—				19,466
Total trading securities		19,466			9,008			3,030			—				31,504
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			5,639			—			—				5,639
Freddie Mac		—			5,522			6			—				5,528
Ginnie Mae		—			476			—			—				476
Alt-A private-label securities		—			2,538			3,140			—				5,678
Subprime private-label securities		—			—			5,240			—				5,240
CMBS		—			1,397			—			—				1,397
Mortgage revenue bonds		—			—			4,023			—				4,023
Other		—			2			2,671			—				2,673
Total available-for-sale securities		—			15,574			15,080			—				30,654
Mortgage loans of consolidated trusts		—			13,796			1,833			—				15,629
Other assets:
Risk management derivatives:
Swaps		—			6,085			150			—				6,235
Swaptions		—			153			—			—				153
Other		—			—			28			—				28
Netting adjustment		—			—			—			(5,186		)		(5,186		)
Mortgage commitment derivatives		—			251			4			—				255
Total other assets		—			6,489			182			(5,186		)		1,485
Total assets at fair value		$	19,466		$	44,867		$	20,125		$	(5,186	)		$	79,272



		Fair Value Measurements as of December 31, 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		$	—		$	6,040		$	363		$	—		$	6,403
Total of Fannie Mae		—			6,040			363			—			6,403
Of consolidated trusts		—			18,956			527			—			19,483
Total long-term debt		—			24,996			890			—			25,886
Other liabilities:
Risk management derivatives:
Swaps		—			9,339			133			—			9,472
Swaptions		—			991			—			—			991
Other		—			—			1			—			1
Netting adjustment		—			—			—			(10,194		)	(10,194		)
Mortgage commitment derivatives		—			341			3			—			344
Total other liabilities		—			10,671			137			(10,194		)	614
Total liabilities at fair value		$	—		$	35,667		$	1,027		$	(10,194	)	$	26,500



		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 arrangements 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 years ended December 31, 2014, 2013 and 2012. 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 for Level 3 assets and liabilities for the years ended December 31, 2014, 2013 and 2012. 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, 2014
				Total (Losses) or Gains (Realized/Unrealized)																											Net Unrealized (Losses) Gains Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 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, December 31, 2014
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	42		$	(27	)		$	—		$	6	$	—		$	—		$	(2	)	$	(39	)	$	325		$	305			$	(18	)
Freddie Mac	2			—				—			—		—			—			—			(2		)	—			—				—
Alt-A private-label securities	618			88				—			—		(58		)	—			(81		)	(226		)	256			597				97
Subprime private-label securities	1,448			270				—			—		(241		)	—			(170		)	—			—			1,307				234
Mortgage revenue bonds	565			168				—			—		—			—			(11		)	—			—			722				160
Other	99			13				—			—		—			—			(13		)	—			—			99				13
Total trading securities	$	2,774		$	512		(6)(7)	$	—		$	6	$	(299	)	$	—		$	(277	)	$	(267	)	$	581		$	3,030			$	486		(6)(7)

Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	7		$	—			$	—		$	—	$	—		$	—		$	(1	)	$	(8	)	$	2		$	—			$	—
Freddie Mac	8			—				—			—		—			—			(1		)	(2		)	1			6				—
Alt-A private-label securities	3,791			172				(26		)	—		(393		)	—			(471		)	(1,738		)	1,805			3,140				—
Subprime private-label securities	7,068			447				301			—		(1,730		)	—			(846		)	—			—			5,240				—
Mortgage revenue bonds	5,253			(32		)		554			—		(70		)	—			(1,682		)	—			—			4,023				—
Other	2,885			19				103			—		—			—			(336		)	—			—			2,671				—
Total available-for-sale securities	$	19,012		$	606		(6)(8)	$	932		$	—	$	(2,193	)	$	—		$	(3,337	)	$	(1,748	)	$	1,808		$	15,080			$	—

Mortgage loans of consolidated trusts	$	2,704		$	260		(6)(7)	$	—		$	36	$	—		$	—		$	(344	)	$	(1,113	)	$	290		$	1,833			$	53		(6)(7)
Net derivatives	(40		)	103			(7)	—			—		—			—			(21		)	(2		)	5			45				77			(7)
Long-term debt:
Of Fannie Mae:
Senior floating	$	(955	)	$	(142	)		$	—		$	—	$	—		$	(750	)	$	19		$	1,465		$	—		$	(363	)		$	(97	)
Of consolidated trusts	(518		)	(53		)		—			—		—			(1		)	62			111			(128		)	(527		)		(49		)
Total long-term debt	$	(1,473	)	$	(195	)	(7)	$	—		$	—	$	—		$	(751	)	$	81		$	1,576		$	(128	)	$	(890	)		$	(146	)	(7)



	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 Related to Assets and Liabilities Still Held as of December 31, 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, 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		(6)(7)	$	—		$	—	$	(50	)	$	—		$	(304	)	$	(438	)	$	811		$	2,774			$	430		(6)(7)

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		(6)(8)	$	1,665		$	359	$	(4,016	)	$	—		$	(4,642	)	$	(3,373	)	$	3,683		$	19,012			$	—

Mortgage loans of consolidated trusts	$	2,634		$	282		(6)(7)	$	—		$	346	$	(393	)	$	—		$	(459	)	$	(352	)	$	646		$	2,704			$	50		(6)(7)
Net derivatives	14			(165		)	(7)	—			—		—			—			97			16			(2		)	(40		)		(51		)	(7)
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	)	(7)	$	—		$	—	$	—		$	(695	)	$	580		$	434		$	(90	)	$	(1,473	)		$	(4	)	(7)



	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 Related to Assets and Liabilities Still Held as of December 31, 2012⁽⁵⁾
	Balance, December 31, 2011			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, 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		(6)(7)	$	—		$	—	$	(33	)	$	—		$	(409	)	$	(2,497	)	$	680		$	2,286			$	177		(6)(7)

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	)	(6)(8)	$	1,892		$	72	$	(119	)	$	—		$	(5,109	)	$	(4,220	)	$	3,218		$	25,034			$	—

Mortgage loans of consolidated trusts	$	2,319		$	235		(6)(7)	$	—		$	935	$	—		$	—		$	(411	)	$	(562	)	$	118		$	2,634			$	159		(6)(7)
Net derivatives	65			(23		)	(7)	—			—		—			(8		)	(20		)	—			—			14				(9		)	(7)
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	)	(7)	$	—		$	—	$	—		$	(523	)	$	260		$	474		$	(367	)	$	(1,528	)		$	(179	)	(7)

__________


⁽¹⁾	Gains (losses) included in other comprehensive income are included in “Changes in unrealized gains on AFS, net of reclassification adjustments and taxes” in the 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 CAS series. Prices for these securities were obtained from multiple third-party vendors or dealers. Transfers out of Level 3 also occurred for mortgage loans of consolidated trusts for which unobservable inputs used in valuations became less significant. 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 OTTI are not considered unrealized and are not included in this amount.


⁽⁶⁾	Gains (losses) are included in “Net interest income” in our consolidated statements of operations and comprehensive income.


⁽⁷⁾	Gains (losses) are included in “Fair value (losses) gains, net” in our statement of consolidated statements of operations and comprehensive income.


⁽⁸⁾	Gains (losses) are included in “Investment gains (losses), net” in our statement of consolidated statements of operations and comprehensive income.

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, 2014, and 2013.



	Fair Value Measurements as of December 31, 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		$	—		$	93		$	110		$	203
Single-family mortgage loans held for investment, at amortized cost:⁽¹⁾
Of Fannie Mae		—			—			16,654			16,654
Of consolidated trusts		—			—			60			60
Multifamily mortgage loans held for investment, at amortized cost		—			—			625			625
Acquired property, net:
Single-family		—			—			4,782			4,782
Multifamily		—			—			140			140
Other assets		—			—			45			45
Total nonrecurring fair value measurements		$	—		$	93		$	22,416		$	22,509



	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 December 31, 2014 and 2013.



	Fair Value Measurements as of December 31, 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:
Agency⁽²⁾⁽³⁾	$	153	Single Vendor	Prepayment Speed (%)	100.0			100.0
				Spreads (bps)	256.5	-	350.8	293.4
	130		Consensus	Prepayment Speed (%)	100.0			100.0
				Spreads (bps)	184.6	-	219.5	197.5
	22		Other
Total Agency	305
Alt-A private-label securities⁽⁴⁾	290		Single Vendor	Default Rate (%)	8.3	-	9.1	8.5
				Prepayment Speed (%)	2.9	-	3.2	3.1
				Severity (%)	79.5	-	95.0	90.4
				Spreads (bps)	267.2	-	308.2	279.4
	66		Consensus	Default Rate (%)	5.4			5.4
				Prepayment Speed (%)	7.0			7.0
				Severity (%)	48.8			48.8
				Spreads (bps)	264.8			264.8
	151		Consensus
	90		Other
Total Alt-A private-label securities	597
Subprime private-label securities⁽⁴⁾	422		Consensus	Default Rate (%)	3.5	-	11.8	7.2
				Prepayment Speed (%)	1.4	-	5.2	2.8
				Severity (%)	72.1	-	95.0	85.9
				Spreads (bps)	265.0			265.0
	549		Consensus
	290		Discounted Cash Flow	Default Rate (%)	4.3	-	6.2	5.2
				Prepayment Speed (%)	2.3	-	4.2	3.3
				Severity (%)	62.2	-	95.0	73.8
				Spreads (bps)	265.0	-	382.1	283.7
	46		Other
Total subprime private-label securities	1,307
Mortgage revenue bonds	161		Dealer Mark	Spreads (bps)	288.1			288.1
	540		Discounted Cash Flow	Spreads (bps)	6.0	-	318.0	263.0
	21		Other
Total mortgage revenue bonds	722
Other	99		Dealer Mark
Total trading securities	$	3,030



	Fair Value Measurements as of December 31, 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⁽³⁾	$	6	Other
Alt-A private-label securities⁽⁴⁾	322		Single Vendor	Default Rate (%)	0.2		-	13.1	4.6
				Prepayment Speed (%)	0.2		-	20.5	8.2
				Severity (%)	27.8		-	89.7	61.0
				Spreads (bps)	190.0		-	315.0	264.9
	493		Single Vendor
	1,187		Consensus	Default Rate (%)	0.4		-	31.2	5.1
				Prepayment Speed (%)	0.1		-	48.9	11.0
				Severity (%)	0.2		-	95.0	59.6
				Spreads (bps)	183.8		-	240.0	236.7
	691		Consensus
	403		Discounted Cash Flow	Default Rate (%)	5.0		-	11.5	7.0
				Prepayment Speed (%)	0.5		-	8.4	3.4
				Severity (%)	35.1		-	92.4	54.2
				Spreads (bps)	188.0		-	340.0	243.4
	44		Other
Total Alt-A private-label securities	3,140
Subprime private-label securities⁽⁴⁾	383		Single Vendor	Default Rate (%)	2.1		-	8.3	5.5
				Prepayment Speed (%)	1.5		-	3.3	2.1
				Severity (%)	65.4		-	95.0	78.5
				Spreads (bps)	215.0		-	262.0	230.0
	2,722		Consensus	Default Rate (%)	1.5		-	37.4	6.3
				Prepayment Speed (%)	0.1		-	17.7	2.6
				Severity (%)	1.5		-	95.0	84.4
				Spreads (bps)	155.0		-	265.0	220.0
	1,755		Consensus
	317		Discounted Cash Flow	Default Rate (%)	3.0		-	12.3	7.0
				Prepayment Speed (%)	1.1		-	9.0	4.1
				Severity (%)	28.9		-	91.8	81.2
				Spreads (bps)	155.0		-	895.0	250.5
	63		Other
Total subprime private-label securities	5,240
Mortgage revenue bonds	1,504		Single Vendor	Spreads (bps)	(11.5	)	-	361.5	52.7
	418		Single Vendor
	510		Dealer Mark	Spreads (bps)	222.8		-	322.1	265.9
	1,581		Discounted Cash Flow	Spreads (bps)	(11.5	)	-	620.2	251.4
	10		Other
Total mortgage revenue bonds	4,023
Other	337		Single Vendor	Default Rate (%)	1.7		-	5.0	4.4
				Prepayment Speed (%)	3.0		-	9.3	3.8
				Severity (%)	4.0		-	94.6	69.6
				Spreads (bps)	263.1		-	427.2	291.5
	720		Consensus	Default Rate (%)	0.1		-	6.6	3.9
				Prepayment Speed (%)	3.0		-	30.4	4.8
				Severity (%)	0.4		-	95.0	62.4
				Spreads (bps)	215.0		-	481.4	320.6
	1,215		Dealer Mark
	399		Other
Total other	2,671
Total available-for-sale securities	$	15,080



	Fair Value Measurements as of December 31, 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	$	934		Build-Up	Default Rate (%)	0.0	-	99.0	14.9
					Prepayment Speed (%)	3.6	-	99.8	16.3
					Severity (%)	3.4	-	100.0	23.7
	279			Consensus
	402			Discounted Cash Flow	Default Rate (%)	2.7	-	13.1	5.5
					Prepayment Speed (%)	0.1	-	13.5	7.5
					Severity (%)	35.5	-	95.0	61.3
					Spreads (bps)	155.0	-	665.0	227.4
	39			Other
Total single-family	1,654
Multifamily	179			Build-Up	Spreads (bps)	59.0	-	323.4	137.3
Total mortgage loans of consolidated trusts	$	1,833
Net derivatives	$	(107	)	Internal Model
	150			Dealer Mark
	2			Other
Total net derivatives	$	45
Long-term debt:
Of Fannie Mae:
Senior floating	$	(363	)	Discounted Cash Flow
Of consolidated trusts⁽²⁾	(219		)	Consensus
	(205		)	Discounted Cash Flow	Default Rate (%)	2.7	-	11.9	4.0
					Prepayment Speed (%)	0.1	-	100.0	33.4
					Severity (%)	35.5	-	95.0	54.6
					Spreads (bps)	88.0	-	665.0	249.4
	(103		)	Other
Total of consolidated trusts	(527		)
Total long-term debt	$	(890	)



	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⁽³⁾	$	44	Other
Alt-A private-label securities⁽⁴⁾	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⁽⁴⁾	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⁽³⁾	$	15	Other
Alt-A private-label securities⁽⁴⁾	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⁽⁴⁾	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)	171.0	-	438.0	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 instruments for which the prepayment speed as disclosed represents the estimated annualized rate of prepayment after all prepayment penalty provisions have expired and also instruments for which prepayment speed as disclosed represents the estimated rate of prepayment over the remaining life of the instrument.


⁽³⁾	Includes Fannie Mae and Freddie Mac securities.


⁽⁴⁾	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, 2014 and 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 December 31,
	Significant Valuation Techniques	2014		2013
		(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	110	$	132
Single-family mortgage loans held for investment, at amortized cost:
Of Fannie Mae	Internal Model	16,654		19,966
Of consolidated trusts	Other	60		79
Total single-family mortgage loans held for investment, at amortized cost		16,714		20,045
Multifamily mortgage loans held for investment, at amortized cost	Broker Price Opinions	45		248
	Asset Manager Estimate	580		1,230
	Other	—		55
Total multifamily mortgage loans held for investment, at amortized cost		625		1,533
Acquired property, net:
Single-family	Accepted Offers	864		691
	Appraisals	1,509		1,077
	Walk Forwards	1,173		1,106
	Internal Model	1,045		1,049
	Other	191		118
Total single-family		4,782		4,041
Multifamily	Broker Price Opinions	127		9
	Other	13		89
Total multifamily		140		98
Other assets	Other	45		121
Total nonrecurring assets at fair value		$	22,416	$	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 December 31, 2014 and 2013. The fair value of financial instruments we disclose includes commitments to purchase multifamily and single-family mortgage loans 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, 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	$	54,565		$	37,965	$	16,600		$	—	$	—		$	54,565
Federal funds sold and securities purchased under agreements to resell or similar arrangements	30,950			—		30,950			—		—			30,950
Trading securities	31,504			19,466		9,008			3,030		—			31,504
Available-for-sale securities	30,654			—		15,574			15,080		—			30,654
Mortgage loans held for sale	331			—		169			169		—			338
Mortgage loans held for investment, net of allowance for loan losses:
Of Fannie Mae	239,243			—		29,896			217,064		—			246,960
Of consolidated trusts	2,779,920			—		2,657,863			183,263		—			2,841,126
Mortgage loans held for investment	3,019,163			—		2,687,759			400,327		—			3,088,086
Advances to lenders	5,559			—		5,079			470		—			5,549
Derivative assets at fair value	1,485			—		6,489			182		(5,186		)	1,485
Guaranty assets and buy-ups	210			—		—			616		—			616
Total financial assets	$	3,174,421		$	57,431	$	2,771,628		$	419,874	$	(5,186	)	$	3,243,747

Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	50		$	—	$	50		$	—	$	—		$	50
Short-term debt:
Of Fannie Mae	105,012			—		105,022			—		—			105,022
Of consolidated trusts	1,560			—		—			1,560		—			1,560
Long-term debt:
Of Fannie Mae	355,431			—		367,703			982		—			368,685
Of consolidated trusts	2,760,152			—		2,815,843			19,334		—			2,835,177
Derivative liabilities at fair value	614			—		10,671			137		(10,194		)	614
Guaranty obligations	382			—		—			1,579		—			1,579
Total financial liabilities	$	3,223,201		$	—	$	3,299,289		$	23,592	$	(10,194	)	$	3,312,687



	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 December 31, 2014 and 2013.



		As of December 31,
		2014									2013
	Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts			Loans of Consolidated Trusts⁽¹⁾			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts
		(Dollars in millions)
Fair value		$	15,629		$	6,403		$	19,483		$	14,268		$	1,308		$	14,976
Unpaid principal balance		15,001			6,512			17,810			14,440			1,290			13,988

__________

⁽¹⁾

Includes nonaccrual loans with a fair value of $240 million and $196 million as of December 31, 2014 and 2013, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of December 31, 2014 and 2013 is $75 million and $74 million, respectively. Includes loans that are 90 days or more past due with a fair value of $271 million and $288 million as of December 31, 2014 and 2013, respectively. The difference between unpaid principal balance and the fair value of these 90 or more days past due loans as of December 31, 2014 and 2013 is $78 million and $75 million, 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 consolidated statements of operations and comprehensive income for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014									2013										2012
	Loans		Long-Term Debt				Total Gains			Loans			Long-Term Debt				Total (Losses)			Loans			Long-Term Debt				Total (Losses)
	(Dollars in millions)
Changes in instrument-specific credit risk	$	60		$	216			$	276	$	(142	)		$	(31	)	$	(173	)	$	(25	)		$	(13	)	$	(38	)
Other changes in fair value	670			(505		)		165		(730		)		346			(384		)	(124		)		(76		)	(200		)
Fair value (losses) gains, net	$	730		$	(289	)		$	441	$	(872	)		$	315		$	(557	)	$	(149	)		$	(89	)	$	(238	)

- 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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