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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Recurring Changes in Fair Value [Table Text Block]
The following tables display our assets and liabilities measured in our condensed consolidated balance sheets at fair value on a recurring basis subsequent to initial recognition, including instruments for which we have elected the fair value option.
Fair Value Measurements as of March 31, 2021
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Netting Adjustment(1)
Estimated Fair Value
(Dollars in millions)
Recurring fair value measurements:
Assets:
Cash equivalents(2)
$4,050 $— $— $— $4,050 
Trading securities:
Mortgage-related securities:
Fannie Mae— 1,876 109 — 1,985 
Other agency— 3,440 — — 3,440 
Private-label and other mortgage securities
— 157 — — 157 
Non-mortgage-related securities:
U.S. Treasury securities
105,601 — — — 105,601 
Other securities
— 73 — — 73 
Total trading securities105,601 5,546 109 — 111,256 
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae— 847 189 — 1,036 
Other agency— 34 — — 34 
Alt-A and subprime private-label securities
— 4 1 — 5 
Mortgage revenue bonds— — 191 — 191 
Other— 6 230 — 236 
Total available-for-sale securities— 891 611 — 1,502 
Mortgage loans— 5,228 820 — 6,048 
Other assets:
Risk management derivatives:
Swaps— 299 151 — 450 
Swaptions— 220 — — 220 
Netting adjustment— — — (655)(655)
Mortgage commitment derivatives— 2,596 — — 2,596 
Credit enhancement derivatives— — 61 — 61 
Total other assets— 3,115 212 (655)2,672 
Total assets at fair value$109,651 $14,780 $1,752 $(655)$125,528 
Liabilities:
Long-term debt:
Of Fannie Mae:
Senior floating
$— $2,954 $382 $— $3,336 
Total of Fannie Mae— 2,954 382 — 3,336 
Of consolidated trusts— 23,543 58 — 23,601 
Total long-term debt— 26,497 440 — 26,937 
Other liabilities:
Risk management derivatives:
Swaps— 1,662 — — 1,662 
Swaptions— 58 — — 58 
Netting adjustment— — — (1,632)(1,632)
Mortgage commitment derivatives— 1,972 — — 1,972 
Credit enhancement derivatives— — 46 — 46 
Total other liabilities— 3,692 46 (1,632)2,106 
Total liabilities at fair value$— $30,189 $486 $(1,632)$29,043 
Fair Value Measurements as of December 31, 2020
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Netting Adjustment(1)
Estimated Fair Value
(Dollars in millions)
Recurring fair value measurements:
Assets:
Cash equivalents(2)
$1,120 $— $— $— $1,120 
Trading securities:
Mortgage-related securities:
Fannie Mae— 2,310 94 — 2,404 
Other agency— 3,450 1 — 3,451 
Private-label and other mortgage securities
— 158 — — 158 
Non-mortgage-related securities:
U.S. Treasury securities
130,456 — — — 130,456 
Other securities
— 73 — — 73 
Total trading securities130,456 5,991 95 — 136,542 
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae
— 973 195 — 1,168 
Other agency
— 65 — — 65 
Alt-A and subprime private-label securities
— 4 2 — 6 
Mortgage revenue bonds
— — 216 — 216 
Other
— 7 235 — 242 
Total available-for-sale securities— 1,049 648 — 1,697 
Mortgage loans— 5,629 861 — 6,490 
Other assets:
Risk management derivatives:
Swaps
— 376 203 — 579 
Swaptions
— 383 — — 383 
Netting adjustment
— — — (905)(905)
Mortgage commitment derivatives— 989 — — 989 
Credit enhancement derivatives— — 179 — 179 
Total other assets— 1,748 382 (905)1,225 
Total assets at fair value$131,576 $14,417 $1,986 $(905)$147,074 
Liabilities:
Long-term debt:
Of Fannie Mae:
Senior floating
$— $3,312 $416 $— $3,728 
Total of Fannie Mae— 3,312 416 — 3,728 
Of consolidated trusts— 24,503 83 — 24,586 
Total long-term debt— 27,815 499 — 28,314 
Other liabilities:
Risk management derivatives:
Swaps
— 881 — — 881 
Swaptions
— 134 — — 134 
Netting adjustment
— — — (995)(995)
Mortgage commitment derivatives— 1,426 — — 1,426 
Credit enhancement derivatives— — 49 — 49 
Total other liabilities— 2,441 49 (995)1,495 
Total liabilities at fair value$— $30,256 $548 $(995)$29,809 
(1)Derivative contracts are reported on a gross basis by level. The netting adjustment represents the effect of the legal right to offset under legally enforceable master netting arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received.
(2)Cash equivalents are comprised of U.S. Treasuries that have a maturity at the date of acquisition of three months or less.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) [Table Text Block]
The following tables display a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). The tables also display gains and losses due to changes in fair value, including realized and unrealized gains and losses, recognized in our condensed consolidated statements of operations and comprehensive income for Level 3 assets and liabilities.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the Three Months Ended March 31, 2021
Total Gains (Losses)
(Realized/Unrealized)
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2021(4)(5)
Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2021(1)
Balance, December 31, 2020Included in Net Income
Included in Total OCI Gain/(Loss)(1)
Purchases(2)
Sales(2)
Issues(3)
Settlements(3)
Transfers out of Level 3
Transfers into
Level 3
Balance, March 31, 2021
(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae
$94 $(1)$— $— $— $— $— $(7)$23 $109 $2 $— 
Other agency
1 — — — — — — (1)— — — — 
Private-label and other mortgage securities
— — — — — — — — — — — — 
Total trading securities
$95 $(1)
(5)(6)
$— $— $— $— $— $(8)$23 $109 $2 $— 
Available-for-sale securities:
Mortgage-related:
Fannie Mae
$195 $— $(3)$— $— $— $(3)$— $— $189 $— $(2)
Alt-A and subprime private-label securities
2 — (1)— — — — — — 1 — — 
Mortgage revenue bonds
216 — (1)— — — (24)— — 191 — — 
Other
235 3 3 — — — (11)— — 230 — 2 
Total available-for-sale securities
$648 $3 
(6)(7)
$(2)$— $— $— $(38)$— $— $611 $— $— 
Mortgage loans
$861 $8 
(5)(6)
$— $— $— $— $(47)$(23)$21 $820 $9 $— 
Net derivatives333 (132)
(5)
— — — — (35)— — 166 (167)— 
Long-term debt:
Of Fannie Mae:
Senior floating
$(416)$34 
(5)
$— $— $— $— $— $— $— $(382)$34 $— 
Of consolidated trusts
(83)1 
(5)(6)
— — — — 4 20 — (58)— — 
Total long-term debt
$(499)$35 $— $— $— $— $4 $20 $— $(440)$34 $— 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the Three Months Ended March 31, 2020
Total Gains (Losses)
(Realized/Unrealized)
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of March 31, 2020(4)(5)
Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of March 31, 2020(1)
Balance, December 31, 2019
Included in Net Income
Included in Total OCI Gain/(Loss)(1)
Purchases(2)
Sales(2)
Issues(3)
Settlements(3)
Transfers out of Level 3Transfers into
Level 3
Balance, March 31, 2020
(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae
$45 $(9)$— $— $— $— $— $(11)$43 $68 $(10)$— 
Other agency
1 — — — — — — (1)— — — — 
Private-label and other mortgage securities
— — — — — — — — 94 94 — — 
Total trading securities
$46 $(9)
(5)(6)
$— $— $— $— $— $(12)$137 $162 $(10)$— 
Available-for-sale securities:
Mortgage-related:
Fannie Mae
$171 $— $4 $— $— $— $(1)$— $14 $188 $— $3 
Mortgage revenue bonds
315 (3)2 74 (74)— (18)— — 296 — 4 
Other
306 (11)(1)268 (268)— (10)— — 284 — (1)
Total available-for-sale securities
$792 $(14)
(6)(7)
$5 $342 $(342)$— $(29)$— $14 $768 $— $6 
Mortgage loans
$688 $(24)
(5)(6)
$— $— $— $— $(29)$(23)$26 $638 $(26)$— 
Net derivatives162 41 
(5)
— — — — (4)18 — 217 44 — 
Long-term debt:
Of Fannie Mae:
Senior floating$(398)$(34)
(5)
$— $— $— $— $— $— $— $(432)$(34)$— 
Of consolidated trusts
(75)4 
(5)(6)
— — — — 3 — (15)(83)4 — 
Total long-term debt
$(473)$(30)$— $— $— $— $3 $— $(15)$(515)$(30)$— 
(1)Gains (losses) included in other comprehensive income (loss) are included in “Changes in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustments and taxes” in our condensed consolidated statements of operations and comprehensive income.
(2)Purchases and sales include activity related to the consolidation and deconsolidation of assets of securitization trusts.
(3)Issues and settlements include activity related to the consolidation and deconsolidation of liabilities of securitization trusts.
(4)Amount represents temporary changes in fair value. Amortization, accretion and the impairment of credit losses are not considered unrealized and are not included in this amount.
(5)Gains (losses) are included in “Fair value gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.
(6)Gains (losses) are included in “Net interest income” in our condensed consolidated statements of operations and comprehensive income.
(7)Gains (losses) are included in “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.
Valuation Techniques and Significant Unobservable Inputs for Level 3 Assets and Liabilities [Table Text Block]
The following tables display valuation techniques and the range and the weighted average of significant unobservable inputs for our Level 3 assets and liabilities measured at fair value on a recurring basis, excluding instruments for which we have elected the fair value option. Changes in these unobservable inputs can result in significantly higher or lower fair value measurements of these assets and liabilities as of the reporting date.
Fair Value Measurements as of March 31, 2021
Fair ValueSignificant Valuation Techniques
Significant Unobservable
Inputs(1)
Range(1)
Weighted - Average(1)(2)
(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Agency(3)
$109 Various
Available-for-sale securities:
Mortgage-related securities:
Agency(3)
93 Consensus
96 Various
Total agency
189 
Alt-A and subprime private-label securities
1 Various
Mortgage revenue bonds
119 Single VendorSpreads (bps)32.5 -188.578.4
72 Various
Total mortgage revenue bonds
191 
Other
202 Discounted Cash FlowSpreads (bps)405.0 -406.0405.5
28 Various
Total other
230 
Total available-for-sale securities$611 
Net derivatives$151 Dealer Mark
15 Discounted Cash Flow
Total net derivatives$166 
Fair Value Measurements as of December 31, 2020
Fair ValueSignificant Valuation Techniques
Significant Unobservable
Inputs(1)
Range(1)
Weighted - Average(1)(2)
(Dollars in millions)
Recurring fair value measurements:
Trading securities:
Mortgage-related securities:
Agency(3)
$95 Various
Available-for-sale securities:
Mortgage-related securities:
Agency(3)
97 Consensus
98 Various
Total agency
195 
Alt-A and subprime private-label securities
2 Various
Mortgage revenue bonds
144 Single VendorSpreads (bps)32.0 -315.393.4
72 Various
Total mortgage revenue bonds
216 
Other
206 Discounted Cash FlowSpreads (bps)425.0 -443.0434.2
29 Various
Total other
235 
Total available-for-sale securities$648 
Net derivatives$203 Dealer Mark
130 Discounted Cash Flow
Total net derivatives$333 
(1)Valuation techniques for which no unobservable inputs are disclosed generally reflect the use of third-party pricing services or dealers, and the range of unobservable inputs applied by these sources is not readily available or cannot be reasonably estimated. Where we have disclosed unobservable inputs for consensus and single vendor techniques, those inputs are based on our validations performed at the security level using discounted cash flows.
(2)Unobservable inputs were weighted by the relative fair value of the instruments.
(3)Includes Fannie Mae and Freddie Mac securities.
Level 3 Assets Measured on Nonrecurring Basis [Table Text Block]
The following table displays valuation techniques for our Level 3 assets measured at fair value on a nonrecurring basis.
Fair Value Measurements
as of
Valuation TechniquesMarch 31, 2021December 31, 2020
(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair valueConsensus$212 $754 
Single Vendor394 333 
Total mortgage loans held for sale, at lower of cost or fair value
606 1,087 
 Single-family mortgage loans held for investment, at amortized cost
Internal Model614 979 
 Multifamily mortgage loans held for investment, at amortized cost
Appraisals166 225 
Internal Model122 125 
Various75 40 
Total multifamily mortgage loans held for investment, at amortized cost
363 390 
Acquired property, net:
Single-familyAccepted Offers16 35 
Appraisals63 89 
Internal Model26 41 
Walk Forwards56 85 
Various10 11 
Total single-family171 261 
MultifamilyVarious5 25 
Total nonrecurring assets at fair value$1,759 $2,742 
Fair Value of Financial Instruments [Table Text Block]
The following table displays the carrying value and estimated fair value of our financial instruments. The fair value of financial instruments we disclose includes commitments to purchase multifamily and single-family mortgage loans that we do not record in our condensed consolidated balance sheets. The fair values of these commitments are included as “Mortgage loans held for investment, net of allowance for loan losses.” The disclosure excludes all non-financial instruments; therefore, the fair value of our financial assets and liabilities does not represent the underlying fair value of our total consolidated assets and liabilities.
As of March 31, 2021
Carrying ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs
(Level 3) 		Netting AdjustmentEstimated Fair Value
(Dollars in millions)
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents
$114,341 $102,841 $11,500 $— $— $114,341 
Federal funds sold and securities purchased under agreements to resell or similar arrangements
54,937 — 54,937 — — 54,937 
Trading securities111,256 105,601 5,546 109 — 111,256 
Available-for-sale securities1,502 — 891 611 — 1,502 
Mortgage loans held for sale7,824 — 3,511 5,122 — 8,633 
Mortgage loans held for investment, net of allowance for loan losses
3,732,056 — 3,549,337 245,916 — 3,795,253 
Advances to lenders10,572 — 10,571 1 — 10,572 
Derivative assets at fair value2,672 — 3,115 212 (655)2,672 
Guaranty assets and buy-ups109 — — 242 — 242 
Total financial assets$4,035,269 $208,442 $3,639,408 $252,213 $(655)$4,099,408 
Financial liabilities:
Short-term debt:
Of Fannie Mae$2,857 $— $2,857 $— $— $2,857 
Long-term debt:
Of Fannie Mae270,585 — 279,208 828 — 280,036 
Of consolidated trusts3,740,538 — 3,777,011 30,990 — 3,808,001 
Derivative liabilities at fair value2,106 — 3,692 46 (1,632)2,106 
Guaranty obligations120 — — 75 — 75 
Total financial liabilities$4,016,206 $— $4,062,768 $31,939 $(1,632)$4,093,075 
As of December 31, 2020
Carrying ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs
(Level 3)		Netting AdjustmentEstimated Fair Value
(Dollars in millions)
Financial assets:
Cash and cash equivalents and restricted cash
$115,623 $97,179 $18,444 $— $— $115,623 
Federal funds sold and securities purchased under agreements to resell or similar arrangements
28,200 — 28,200 — — 28,200 
Trading securities136,542 130,456 5,991 95 — 136,542 
Available-for-sale securities1,697 — 1,049 648 — 1,697 
Mortgage loans held for sale5,197 — 116 5,502 — 5,618 
Mortgage loans held for investment, net of allowance for loan losses
3,648,695 — 3,512,672 255,556 — 3,768,228 
Advances to lenders10,449 — 10,448 1 — 10,449 
Derivative assets at fair value1,225 — 1,748 382 (905)1,225 
Guaranty assets and buy-ups115 — — 258 — 258 
Total financial assets$3,947,743 $227,635 $3,578,668 $262,442 $(905)$4,067,840 
Financial liabilities:
Short-term debt:
Of Fannie Mae$12,173 $— $12,177 $— $— $12,177 
Long-term debt:
Of Fannie Mae277,399 — 288,414 878 — 289,292 
Of consolidated trusts3,646,164 — 3,756,673 31,584 — 3,788,257 
Derivative liabilities at fair value1,495 — 2,441 49 (995)1,495 
Guaranty obligations127 — — 82 — 82 
Total financial liabilities$3,937,358 $— $4,059,705 $32,593 $(995)$4,091,303 
Fair Value Option [Table Text Block]
The following table displays the fair value and unpaid principal balance of the financial instruments for which we have made fair value elections.
As of
March 31, 2021December 31, 2020
Loans(1)
Long-Term Debt of Fannie MaeLong-Term Debt of Consolidated Trusts
Loans(1)
Long-Term Debt of Fannie MaeLong-Term Debt of Consolidated Trusts
(Dollars in millions)
Fair value$6,048 $3,336 $23,601 $6,490 $3,728 $24,586 
Unpaid principal balance5,618 3,158 20,828 6,046 3,518 21,408 
(1)Includes nonaccrual loans with a fair value of $144 million and $139 million as of March 31, 2021 and December 31, 2020, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of March 31, 2021 and December 31, 2020 was $9 million and $8 million, respectively. Includes loans that are 90 days or more past due with a fair value of $228 million and $257 million as of March 31, 2021 and December 31, 2020, respectively. The difference between unpaid principal balance and the fair value of these 90 or more days past due loans as of March 31, 2021 and December 31, 2020 was $10 million and $14 million, respectively