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Financial Guarantees
3 Months Ended
Mar. 31, 2019
Guarantees [Abstract]  
Financial Guarantees  Financial GuaranteesWe recognize a guaranty obligation for our obligation to stand ready to perform on our guarantees to unconsolidated trusts and other guaranty arrangements. These off-balance sheet guarantees expose us to credit losses primarily relating to the unpaid principal balance of our unconsolidated Fannie Mae MBS and other financial guarantees. The remaining contractual terms of our guarantees range from 1 day to 34 years; however, the actual term of each guaranty may be significantly less than the contractual term based on the prepayment characteristics of the related mortgage loans. The following table displays our off-balance sheet maximum exposure, guaranty obligation recognized in our condensed consolidated balance sheets and the potential maximum recovery from third parties through available credit enhancements and recourse related to our financial guarantees.
 
 
As of
 
 
March 31, 2019
 
December 31, 2018
 
 
Maximum Exposure
 
Guaranty Obligation
 
Maximum Recovery(1)
 
Maximum Exposure
 
Guaranty Obligation
 
Maximum Recovery(1)
 
 
(Dollars in millions)
Unconsolidated Fannie Mae MBS
 
$
7,102

 
$
29

 
$
6,699

 
$
7,278

 
$
30

 
$
6,811

Other guaranty arrangements(2)
 
13,626

 
141

 
2,709

 
13,847

 
130

 
2,711

Total
 
$
20,728

 
$
170

 
$
9,408

 
$
21,125

 
$
160

 
$
9,522

(1) 
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 13, Concentrations of Credit Risk” in our 2018 Form 10-K and “Note 11, Concentrations of Credit Risk” in this report.
(2) 
Primarily consists of credit enhancements and long-term standby commitments.