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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest income:        
Trading securities $ 122 $ 219 $ 262 $ 535
Available-for-sale securities 18 26 37 57
Mortgage loans 24,932 27,007 48,285 55,945
Federal funds sold and securities purchased under agreements to resell or similar arrangements 4 14 12 121
Other 31 25 73 59
Total interest income 25,107 27,291 48,669 56,717
Interest expense:        
Short-term debt (1) (54) (4) (156)
Long-term debt (16,820) (21,460) (33,637) (45,437)
Total interest expense (16,821) (21,514) (33,641) (45,593)
Net interest income 8,286 5,777 15,028 11,124
Benefit (provision) for credit losses 2,588 (12) 3,353 (2,595)
Net interest income after benefit (provision) for credit losses 10,874 5,765 18,381 8,529
Non-interest income (loss):        
Investment gains (losses), net 646 149 691 (9)
Fair value gains (losses), net (446) (1,018) 338 (1,294)
Fee and other income 103 90 190 210
Non-interest income (loss) 303 (779) 1,219 (1,093)
Administrative expenses:        
Salaries and employee benefits (365) (382) (752) (775)
Professional services (184) (231) (398) (443)
Other administrative expenses (197) (141) (344) (285)
Total administrative expenses (746) (754) (1,494) (1,503)
Foreclosed property expense (41) (10) (36) (90)
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees (758) (660) (1,489) (1,297)
Credit enhancement expense (274) (360) (558) (736)
Change in expected credit enhancement recoveries (44) 273 (75) 461
Other expenses, net (280) (261) (599) (479)
Total expenses (2,143) (1,772) (4,251) (3,644)
Income before federal income taxes 9,034 3,214 15,349 3,792
Provision for federal income taxes (1,882) (669) (3,204) (786)
Other comprehensive income (loss):        
Changes in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustments and taxes (31) (11) (54) 7
Other, net of taxes (1) (2) (5) (5)
Total other comprehensive income (loss) (32) (13) (59) 2
Total comprehensive income 7,120 2,532 12,086 3,008
Net income 7,152 2,545 12,145 3,006
Dividends distributed or amounts attributable to senior preferred stock (7,120) (2,532) (12,086) (3,008)
Net income (loss) attributable to common stockholders 32 13 59 (2)
Net income (loss) attributable to common stockholders $ 32 $ 13 $ 59 $ (2)
Earnings per share, Basic (in usd per share) $ 0.01 $ 0.00 $ 0.01 $ (0.00)
Earnings per share, Diluted (in usd per share) $ 0.01 $ 0.00 $ 0.01 $ (0.00)
Weighted-average common shares outstanding, Basic (shares) 5,867 5,867 5,867 5,867
Weighted-average common shares outstanding, Diluted (shares) 5,893 5,893 5,893 5,867