Financial Guarantees (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020									2019
	Maximum Exposure		Guaranty Obligation			Maximum Recovery(1)			Maximum Exposure			Guaranty Obligation			Maximum Recovery(1)
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	4,424		$	18		$	4,226		$	5,801		$	26		$	5,545
Other guaranty arrangements(2)	11,828			109			2,438			12,670			128			2,553
Total	$	16,252		$	127		$	6,664		$	18,471		$	154		$	8,098

(1)    Recoverability of such credit enhancements and recourse is subject to, among other factors, the ability of our mortgage insurers and the U.S. government, as a financial guarantor, 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.