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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income:        
Trading securities $ 177 $ 418 $ 712 $ 1,277
Available-for-sale securities 19 40 76 138
Mortgage loans 25,810 29,072 81,755 88,445
Federal funds sold and securities purchased under agreements to resell or similar arrangements 14 178 135 698
Other 33 47 92 120
Total interest income 26,053 29,755 82,770 90,678
Interest expense:        
Short-term debt (19) (125) (175) (369)
Long-term debt (19,378) (24,282) (64,815) (74,938)
Total interest expense (19,397) (24,407) (64,990) (75,307)
Net interest income 6,656 5,348 17,780 15,371
Benefit (provision) for credit losses 501 1,857 (2,094) 3,732
Net interest income after benefit (provision) for credit losses 7,157 7,205 15,686 19,103
Non-interest income (loss):        
Investment gains, net 653 253 644 847
Fair value losses, net (327) (713) (1,621) (2,298)
Fee and other income 93 188 303 435
Non-interest income (loss) 419 (272) (674) (1,016)
Administrative expenses:        
Salaries and employee benefits (386) (361) (1,161) (1,123)
Professional services (230) (241) (673) (699)
Other administrative expenses (146) (147) (431) (415)
Total administrative expenses (762) (749) (2,265) (2,237)
Foreclosed property expense (71) (96) (161) (364)
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees (679) (613) (1,976) (1,806)
Credit enhancement expense (325) (290) (1,061) (782)
Change in expected credit enhancement recoveries (48) 0 413 0
Other expenses, net (313) (186) (792) (551)
Total expenses (2,198) (1,934) (5,842) (5,740)
Income before federal income taxes 5,378 4,999 9,170 12,347
Provision for federal income taxes (1,149) (1,036) (1,935) (2,552)
Other comprehensive income (loss):        
Changes in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustments and taxes (11) 16 (4) (85)
Other, net of taxes (2) (2) (7) (7)
Total other comprehensive income (loss) (13) 14 (11) (92)
Total comprehensive income 4,216 3,977 7,224 9,703
Net income 4,229 3,963 7,235 9,795
Dividends distributed or amounts attributable to senior preferred stock (4,216) (3,977) (7,224) (9,703)
Net income (loss) attributable to common stockholders $ 13 $ (14) $ 11 $ 92
Earnings per share, Basic $ 0.00 $ 0.00 $ 0.00 $ 0.02
Earnings per share, Diluted $ 0.00 $ 0.00 $ 0.00 $ 0.02
Weighted-average common shares outstanding, Basic 5,867 5,762 5,867 5,762
Weighted-average common shares outstanding, Diluted 5,893 5,762 5,893 5,893