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, 2016									December 31, 2015
	Maximum Exposure⁽¹⁾		Guaranty Obligation			Maximum Recovery⁽²⁾			Maximum Exposure⁽¹⁾			Guaranty Obligation			Maximum Recovery⁽²⁾
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	13,333		$	147		$	8,269		$	15,069		$	194		$	8,857
Other guaranty arrangements⁽³⁾	15,469			135			2,707			16,504			135			2,869
Total	$	28,802		$	282		$	10,976		$	31,573		$	329		$	11,726

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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 and long-term standby commitments.