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



	As of
	September 30, 2015									December 31, 2014
	Maximum Exposure⁽¹⁾		Guaranty Obligation			Maximum Recovery⁽²⁾			Maximum Exposure⁽¹⁾			Guaranty Obligation			Maximum Recovery⁽²⁾
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	15,556		$	198		$	9,077		$	17,184		$	214		$	9,775
Other guaranty arrangements⁽³⁾	16,783			140			2,971			18,781			168			4,447
Total	$	32,339		$	338		$	12,048		$	35,965		$	382		$	14,222

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


⁽²⁾	Recoverability of such credit enhancements and recourse is subject to, among other factors, our mortgage insurers’ and financial guarantors’ ability to meet their obligations to us. For information on our mortgage insurers, see “Note 13, Concentrations of Credit Risk.”


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