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Financial Guarantees (Tables)
 6 Months Ended
Jun. 30, 2021
Guarantees [Abstract]  
Financial Guarantees and Maximum Recovery
The following table displays our off-balance sheet maximum exposure, guaranty obligation recognized in our condensed consolidated balance sheets and the potential maximum recovery from third parties through available credit enhancements and recourse related to our financial guarantees.
As of
June 30, 2021December 31, 2020
Maximum ExposureGuaranty Obligation
Maximum Recovery(1)
Maximum ExposureGuaranty Obligation
Maximum Recovery(1)
(Dollars in millions)
Unconsolidated Fannie Mae MBS$4,178 $16 $4,044 $4,424 $18 $4,226 
Other guaranty arrangements(2)
11,051 96 2,245 11,828 109 2,438 
Total$15,229 $112 $6,289 $16,252 $127 $6,664 
(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, “Note 10, Concentrations of Credit Risk.”
(2)Primarily consists of credit enhancements and long-term standby commitments.