Financial Guarantees (Tables)

9 Months Ended

Sep. 30, 2021

Guarantees [Abstract]

Schedule of Guarantor Obligations

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
	September 30, 2021						December 31, 2020
	Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)		Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)
	(Dollars in millions)
Unconsolidated Fannie Mae MBS	$	3,964	$	17	$	3,847	$	4,424	$	18	$	4,226
Other guaranty arrangements(2)	10,772		91		2,180		11,828		109		2,438
Total	$	14,736	$	108	$	6,027	$	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.