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
	March 31, 2017						December 31, 2016
	Maximum Exposure⁽¹⁾		Guaranty Obligation		Maximum Recovery⁽²⁾		Maximum Exposure⁽¹⁾		Guaranty Obligation		Maximum Recovery⁽²⁾
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	12,019	$	138	$	7,796	$	12,607	$	143	$	8,048
Other guaranty arrangements⁽³⁾	15,025		133		2,582		15,335		137		2,663
Total	$	27,044	$	271	$	10,378	$	27,942	$	280	$	10,711

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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 and financial guarantors, see “Note 12, Concentrations of Credit Risk.”


⁽³⁾	Primarily consists of credit enhancements and long-term standby commitments.