Mortgage Loans (Tables)

3 Months Ended

Mar. 31, 2021

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]

Loans in Mortgage Portfolio [Table Text Block]

The following table displays the carrying value of our mortgage loans and allowance for loan losses.

	As of
	March 31, 2021		December 31, 2020
	(Dollars in millions)
Single-family	$	3,286,381	$	3,216,146
Multifamily	388,591		373,722
Total unpaid principal balance of mortgage loans	3,674,972		3,589,868
Cost basis and fair value adjustments, net	74,536		74,576
Allowance for loan losses for HFI loans	(9,628)		(10,552)
Total mortgage loans(1)	$	3,739,880	$	3,653,892

(1)Excludes $9.9 billion and $9.8 billion of accrued interest receivable, net of allowance as of March 31, 2021 and December 31, 2020, respectively.

The following tables display information about our redesignation of loans from HFI to HFS and the sales of mortgage loans during the period.

		For the Three Months Ended March 31,
		2021		2020
	(Dollars in millions)
Single-family loans redesignated from HFI to HFS:
Amortized cost		$	3,112	$	1,637
Lower of cost or fair value adjustment at time of redesignation(1)		(54)		(9)
Allowance reversed at time of redesignation		361		184
Single-family loans sold:
Unpaid principal balance		$	208	$	—
Realized gains, net		2		—

(1)Consists of the write-off against the allowance at the time of redesignation.

Aging Analysis [Table Text Block]

The following tables display an aging analysis of the total amortized cost of our HFI mortgage loans by portfolio segment and class, excluding loans for which we have elected the fair value option.

Pursuant to the CARES Act, for purposes of reporting to the credit bureaus, servicers must report a borrower receiving a COVID-19-related payment accommodation during the covered period, such as a forbearance plan or loan modification, as current if the borrower was current prior to receiving the accommodation and the borrower makes all required payments in accordance with the accommodation. For purposes of our disclosures regarding delinquency status, we report loans receiving COVID-19-related payment forbearance as delinquent according to the contractual terms of the loan.

	As of March 31, 2021
	30 - 59 Days Delinquent		60 - 89 Days Delinquent		Seriously Delinquent(1)		Total Delinquent		Current		Total		Loans 90 Days or More Delinquent and Accruing Interest		Nonaccrual Loans with No Allowance
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	17,400	$	7,024	$	79,349	$	103,773	$	2,688,967	$	2,792,740	$	51,671	$	6,461
15-year or less, amortizing fixed-rate	1,742		492		4,275		6,509		475,960		482,469		3,424		210
Adjustable-rate	180		63		993		1,236		26,549		27,785		735		116
Other(2)	801		317		4,494		5,612		45,188		50,800		2,132		860
Total single-family	20,123		7,896		89,111		117,130		3,236,664		3,353,794		57,962		7,647
Multifamily(3)	1,495		N/A		2,531		4,026		387,841		391,867		404		183
Total	$	21,618	$	7,896	$	91,642	$	121,156	$	3,624,505	$	3,745,661	$	58,366	$	7,830

	As of December 31, 2020
	30 - 59 Days Delinquent		60 - 89 Days Delinquent		Seriously Delinquent(1)		Total Delinquent		Current		Total		Loans 90 Days or More Delinquent and Accruing Interest		Nonaccrual Loans with No Allowance
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	24,928	$	9,414	$	88,276	$	122,618	$	2,619,585	$	2,742,203	$	68,526	$	6,028
15-year or less, amortizing fixed-rate	1,987		601		5,028		7,616		449,443		457,059		4,292		240
Adjustable-rate	268		97		1,143		1,508		29,933		31,441		907		114
Other(2)	1,150		458		5,037		6,645		47,937		54,582		2,861		771
Total single-family	28,333		10,570		99,484		138,387		3,146,898		3,285,285		76,586		7,153
Multifamily(3)	1,140		N/A		3,688		4,828		372,598		377,426		610		302
Total	$	29,473	$	10,570	$	103,172	$	143,215	$	3,519,496	$	3,662,711	$	77,196	$	7,455

(1)Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due.

(2)Reverse mortgage loans included in “Other” are not aged due to their nature and are included in the current column.

(3)Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.

Troubled Debt Restructurings Activity [Table Text Block]

The following table displays the number of loans and amortized cost of loans classified as a TDR during the period.

	For the Three Months Ended March 31,
	2021				2020
		Number of Loans	Amortized Cost			Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		2,989	$	471		10,856	$	1,909
15-year or less, amortizing fixed-rate		369	28			1,073	98
Adjustable-rate		41	6			144	24
Other		154	18			537	68
Total single-family		3,553	523			12,610	2,099
Multifamily		—	—			—	—
Total TDRs		3,553	$	523		12,610	$	2,099

For loans that defaulted in the period presented and that were classified as a TDR in the twelve months prior to the default, the following table displays the number of loans and the amortized cost of these loans at the time of payment default. For purposes of this disclosure, we define loans that had a payment default as: single-family and multifamily loans with completed TDRs that liquidated during the period, either through foreclosure, deed-in-lieu of foreclosure, or a short sale; single-family loans with completed modifications that are two or more months delinquent during the period; or multifamily loans with completed modifications that are one or more months delinquent during the period.

		For the Three Months Ended March 31,
	2021				2020
		Number of Loans	Amortized Cost			Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		7,172	$	1,327		3,175	$	521
15-year or less, amortizing fixed-rate		152	11			50	3
Adjustable-rate		11	2			7	1
Other		633	112			327	51
Total single-family		7,968	1,452			3,559	576
Multifamily		—	—			2	2
Total TDRs that subsequently defaulted		7,968	$	1,452		3,561	$	578

Financing Receivable, Nonaccrual

The table below displays the forgone interest and the accrued interest receivable written off through the reversal of interest income for nonaccrual loans.

		For the Three Months Ended March 31,
		2021		2020
	(Dollars in millions)
Single-family:
Interest income forgone(1)		$	307	$	182
Accrued interest receivable written off through the reversal of interest income		108		87
Multifamily:
Interest income forgone(1)		$	14	$	1
Accrued interest receivable written off through the reversal of interest income		—		—

(1)For loans on nonaccrual status held as of period end, represents the amount of interest income we did not recognize but would have recognized if the loans had performed in accordance with their original contractual terms.

The table below includes the amortized cost of and interest income recognized on our HFI single-family and multifamily loans on nonaccrual status by class, excluding loans for which we have elected the fair value option.

		As of				For the Three Months Ended March 31,
		March 31, 2021		December 31, 2020		2021		2020
		Amortized Cost				Total Interest Income Recognized(1)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	30,173	$	22,907	$	64	$	101
15-year or less, amortizing fixed-rate		945		853		2		2
Adjustable-rate		284		270		1		1
Other		2,583		2,475		4		13
Total single-family		33,985		26,505		71		117
Multifamily		2,153		2,069		8		—
Total nonaccrual loans		$	36,138	$	28,574	$	79	$	117

(1)Single-family interest income recognized includes amounts accrued while the loans were performing, including the amortization of any deferred cost basis adjustments, as well as payments received on nonaccrual loans for nonaccrual loans held as of period end. Multifamily interest income recognized includes amounts accrued while the loans were performing and the amortization of any deferred cost basis adjustments for nonaccrual loans held as of period end.

Single-family [Member]

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]

Credit Quality Indicators [Table Text Block]

The following tables display the total amortized cost of our single-family HFI loans by class, year of origination and credit quality indicator, excluding loans for which we have elected the fair value option. The estimated mark-to-market loan-to-value (“LTV”) ratio is a primary factor we consider when estimating our allowance for loan losses for single-family loans. As LTV ratios increase, the borrower's equity in the home decreases, which may negatively affect the borrower's ability to refinance or to sell the property for an amount at or above the outstanding balance of the loan.

	As of March 31, 2021, by Year of Origination(1)
	2021		2020		2019		2018		2017		Prior		Total
	(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%	$	187,046	$	848,710	$	216,806	$	124,252	$	158,591	$	885,994	$	2,421,399
Greater than 80% and less than or equal to 90%	23,830		180,295		51,499		10,692		2,706		5,552		274,574
Greater than 90% and less than or equal to 100%	25,159		66,092		1,710		578		157		1,556		95,252
Greater than 100%	—		25		6		24		58		1,402		1,515
Total 20- and 30-year or more, amortizing fixed-rate	236,035		1,095,122		270,021		135,546		161,512		894,504		2,792,740
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	48,003		187,390		35,975		13,779		28,112		161,802		475,061
Greater than 80% and less than or equal to 90%	1,137		4,953		292		19		9		19		6,429
Greater than 90% and less than or equal to 100%	356		587		4		2		3		9		961
Greater than 100%	—		—		—		2		3		13		18
Total 15-year or less, amortizing fixed-rate	49,496		192,930		36,271		13,802		28,127		161,843		482,469
Adjustable-rate:
Less than or equal to 80%	111		2,757		1,608		2,006		3,982		16,940		27,404
Greater than 80% and less than or equal to 90%	11		189		79		35		15		13		342
Greater than 90% and less than or equal to 100%	6		29		2		—		—		1		38
Greater than 100%	—		—		—		—		—		1		1
Total adjustable-rate	128		2,975		1,689		2,041		3,997		16,955		27,785
Other:
Less than or equal to 80%	—		—		39		318		779		34,761		35,897
Greater than 80% and less than or equal to 90%	—		—		1		15		31		1,000		1,047
Greater than 90% and less than or equal to 100%	—		—		2		5		11		456		474
Greater than 100%	—		—		—		3		5		485		493
Total other	—		—		42		341		826		36,702		37,911
Total	$	285,659	$	1,291,027	$	308,023	$	151,730	$	194,462	$	1,110,004	$	3,340,905
Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	235,160	$	1,038,857	$	254,428	$	140,355	$	191,464	$	1,099,497	$	2,959,761
Greater than 80% and less than or equal to 90%	24,978		185,437		51,871		10,761		2,761		6,584		282,392
Greater than 90% and less than or equal to 100%	25,521		66,708		1,718		585		171		2,022		96,725
Greater than 100%	—		25		6		29		66		1,901		2,027
Total	$	285,659	$	1,291,027	$	308,023	$	151,730	$	194,462	$	1,110,004	$	3,340,905

	As of December 31, 2020, by Year of Origination(1)
	2020		2019		2018		2017		2016		Prior		Total
	(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%	$	794,156	$	233,994	$	135,849	$	183,315	$	221,172	$	775,636	$	2,344,122
Greater than 80% and less than or equal to 90%	157,500		85,227		23,440		5,270		1,592		5,958		278,987
Greater than 90% and less than or equal to 100%	109,743		4,186		820		250		124		1,994		117,117
Greater than 100%	28		7		28		77		81		1,756		1,977
Total 20- and 30-year or more, amortizing fixed-rate	1,061,427		323,414		160,137		188,912		222,969		785,344		2,742,203
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	181,418		41,374		15,768		31,497		46,088		132,596		448,741
Greater than 80% and less than or equal to 90%	6,105		811		35		14		8		20		6,993
Greater than 90% and less than or equal to 100%	1,274		9		3		4		3		10		1,303
Greater than 100%	—		—		3		3		3		13		22
Total 15-year or less, amortizing fixed-rate	188,797		42,194		15,809		31,518		46,102		132,639		457,059
Adjustable-rate:
Less than or equal to 80%	2,935		1,839		2,412		4,765		2,678		16,248		30,877
Greater than 80% and less than or equal to 90%	234		152		79		19		5		12		501
Greater than 90% and less than or equal to 100%	56		3		1		—		—		2		62
Greater than 100%	—		—		—		—		—		1		1
Total adjustable-rate	3,225		1,994		2,492		4,784		2,683		16,263		31,441
Other:
Less than or equal to 80%	—		41		328		811		1,028		36,216		38,424
Greater than 80% and less than or equal to 90%	—		2		20		43		30		1,298		1,393
Greater than 90% and less than or equal to 100%	—		2		8		16		10		602		638
Greater than 100%	—		—		4		8		9		631		652
Total other	—		45		360		878		1,077		38,747		41,107
Total	$	1,253,449	$	367,647	$	178,798	$	226,092	$	272,831	$	972,993	$	3,271,810
Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	978,509	$	277,248	$	154,357	$	220,388	$	270,966	$	960,696	$	2,862,164
Greater than 80% and less than or equal to 90%	163,839		86,192		23,574		5,346		1,635		7,288		287,874
Greater than 90% and less than or equal to 100%	111,073		4,200		832		270		137		2,608		119,120
Greater than 100%	28		7		35		88		93		2,401		2,652
Total	$	1,253,449	$	367,647	$	178,798	$	226,092	$	272,831	$	972,993	$	3,271,810

(1)Excludes $12.9 billion and $13.5 billion as of March 31, 2021 and December 31, 2020, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies, which represents primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV ratio.

(2)The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan divided by the estimated current value of the property as of the end of each reported period, which we calculate using an internal valuation model that estimates periodic changes in home value.

Multifamily [Member]

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]

Credit Quality Indicators [Table Text Block]

The following tables display the total amortized cost in our multifamily HFI loans by year of origination and credit-risk rating, excluding loans for which we have elected the fair value option. Property rental income and property valuations are key inputs to our internally assigned credit risk ratings.

	As of March 31, 2021, by Year of Origination
	2021		2020		2019		2018		2017		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Non-classified(1)	$	11,295	$	81,647	$	67,630	$	61,280	$	49,903	$	108,429	$	380,184
Classified(2)	—		204		1,185		1,673		2,882		5,739		11,683
Total	$	11,295	$	81,851	$	68,815	$	62,953	$	52,785	$	114,168	$	391,867

	As of December 31, 2020, by Year of Origination
	2020		2019		2018		2017		2016		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Non-classified(1)	$	71,977	$	68,296	$	62,087	$	50,907	$	43,174	$	70,933	$	367,374
Classified(2)	37		1,041		1,529		2,616		1,579		3,250		10,052
Total	$	72,014	$	69,337	$	63,616	$	53,523	$	44,753	$	74,183	$	377,426

(1)A loan categorized as “Non-classified” is current or adequately protected by the current financial strength and debt service capability of the borrower.

(2)Represents loans classified as “Substandard” or “Doubtful.” Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. “Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values. As of March 31, 2021 and December 31, 2020, we had loans with an amortized cost of $4 million and less than $1 million, respectively, classified as doubtful.