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Financial Guarantees (Tables)
 12 Months Ended
Dec. 31, 2019
Guarantees [Abstract]  
Financial Guarantees and Maximum Recovery
The following table displays our off-balance sheet maximum exposure, guaranty obligation recognized in our consolidated balance sheets and the potential maximum recovery from third parties through available credit enhancements and recourse related to our financial guarantees.
 
 
As of December 31,
 
 
2019
 
 
2018
 
 
Maximum Exposure
 
Guaranty Obligation
 
Maximum Recovery(1)
 
Maximum Exposure
 
Guaranty Obligation
 
Maximum Recovery(1)
 
 
(Dollars in millions)
Unconsolidated Fannie Mae MBS
 
$
5,801

 
 
$
26

 
 
$
5,545

 
 
$
7,278

 
 
$
30

 
 
$
6,811

Other guaranty arrangements(2)
 
12,670

 
 
128

 
 
2,553

 
 
13,847

 
 
130

 
 
2,711

Total
 
$
18,471

 
 
$
154

 
 
$
8,098

 
 
$
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, see “Note 13, Concentrations of Credit Risk.”
(2) 
Primarily consists of credit enhancements and long-term standby commitments.