Fair Value (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Recurring Changes in Fair Value

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 September 30, 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)		$	875		$	—		$	—		$	—		$	875
Trading securities:
Mortgage-related securities:
Fannie Mae		—			1,586			129			—			1,715
Other agency		—			3,139			—			—			3,139
Private-label and other mortgage securities		—			143			—			—			143
Non-mortgage-related securities:
U.S. Treasury securities		92,192			—			—			—			92,192
Other securities		—			20			—			—			20
Total trading securities		92,192			4,888			129			—			97,209
Available-for-sale securities:
Mortgage-related securities:
Fannie Mae		—			68			450			—			518
Other agency		—			15			—			—			15
Alt-A and subprime private-label securities		—			3			—			—			3
Mortgage revenue bonds		—			—			164			—			164
Other		—			4			182			—			186
Total available-for-sale securities		—			90			796			—			886
Mortgage loans		—			4,516			785			—			5,301
Other assets:
Risk management derivatives:
Swaps		—			102			159			—			261
Swaptions		—			75			—			—			75
Netting adjustment		—			—			—			(290)			(290)
Mortgage commitment derivatives		—			763			—			—			763
Credit enhancement derivatives		—			—			—			—			—
Total other assets		—			940			159			(290)			809
Total assets at fair value		$	93,067		$	10,434		$	1,869		$	(290)		$	105,080
Liabilities:
Long-term debt:
Of Fannie Mae:
Senior floating		$	—		$	2,245		$	388		$	—		$	2,633
Total of Fannie Mae		—			2,245			388			—			2,633
Of consolidated trusts		—			22,919			101			—			23,020
Total long-term debt		—			25,164			489			—			25,653
Other liabilities:
Risk management derivatives:
Swaps		—			816			—			—			816
Swaptions		—			25			—			—			25
Netting adjustment		—			—			—			(838)			(838)
Mortgage commitment derivatives		—			599			—			—			599
Credit enhancement derivatives		—			—			20			—			20
Total other liabilities		—			1,440			20			(838)			622
Total liabilities at fair value		$	—		$	26,604		$	509		$	(838)		$	26,275

	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 securities		130,456			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)

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 September 30, 2021
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2021(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2021(1)
	Balance, June 30, 2021		Included 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, September 30, 2021
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	141	$	(13)		$	—	$	15	$	—	$	—	$	—	$	(51)	$	37	$	129	$	—	$	—
Total trading securities	$	141	$	(13)	(5)(6)	$	—	$	15	$	—	$	—	$	—	$	(51)	$	37	$	129	$	—	$	—
Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	84	$	—		$	2	$	—	$	—	$	—	$	(12)	$	—	$	376	$	450	$	—	$	—
Alt-A and subprime private-label securities	2		—			(2)		—		—		—		—		—		—		—		—		—
Mortgage revenue bonds	172		2			(2)		—		—		—		(8)		—		—		164		—		(2)
Other	194		1			(4)		—		—		—		(9)		—		—		182		—		(2)
Total available-for-sale securities	$	452	$	3	(6)(7)	$	(6)	$	—	$	—	$	—	$	(29)	$	—	$	376	$	796	$	—	$	(4)
Mortgage loans	$	832	$	1	(5)(6)	$	—	$	4	$	(4)	$	—	$	(47)	$	(20)	$	19	$	785	$	3	$	—
Net derivatives	194		(62)		(5)	—		—		—		—		7		—		—		139		(55)		—
Long-term debt:
Of Fannie Mae:
Senior floating	$	(397)	$	9	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(388)	$	9	$	—
Of consolidated trusts	(55)		(3)		(5)(6)	—		—		—		—		2		—		(45)		(101)		(2)		—
Total long-term debt	$	(452)	$	6		$	—	$	—	$	—	$	—	$	2	$	—	$	(45)	$	(489)	$	7	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Nine Months Ended September 30, 2021
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2021(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2021(1)
	Balance, December 31, 2020		Included 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, September 30, 2021
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	94	$	(18)		$	—	$	18	$	—	$	—	$	—	$	(90)	$	125	$	129	$	1	$	—
Other agency	1		—			—		—		—		—		—		(1)		—		—		—		—
Total trading securities	$	95	$	(18)	(5)(6)	$	—	$	18	$	—	$	—	$	—	$	(91)	$	125	$	129	$	1	$	—
Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	195	$	1		$	4	$	—	$	—	$	—	$	(19)	$	(107)	$	376	$	450	$	—	$	1
Alt-A and subprime private-label securities	2		—			(2)		—		—		—		—		—		—		—		—		—
Mortgage revenue bonds	216		2			(4)		—		—		—		(50)		—		—		164		—		(2)
Other	235		8			(2)		—		—		—		(59)		—		—		182		—		—
Total available-for-sale securities	$	648	$	11	(6)(7)	$	(4)	$	—	$	—	$	—	$	(128)	$	(107)	$	376	$	796	$	—	$	(1)
Mortgage loans	$	861	$	30	(5)(6)	$	—	$	89	$	(48)	$	—	$	(147)	$	(72)	$	72	$	785	$	28	$	—
Net derivatives	333		(187)		(5)	—		—		—		—		(7)		—		—		139		(194)		—
Long-term debt:
Of Fannie Mae:
Senior floating	$	(416)	$	28	(5)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(388)	$	28	$	—
Of consolidated trusts	(83)		(2)		(5)(6)	—		—		—		—		10		20		(46)		(101)		(3)		—
Total long-term debt	$	(499)	$	26		$	—	$	—	$	—	$	—	$	10	$	20	$	(46)	$	(489)	$	25	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Three Months Ended September 30, 2020
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2020(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2020(1)
	Balance, June 30, 2020		Included 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, September 30, 2020
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	38	$	—		$	—	$	—	$	(1)	$	—	$	—	$	(3)	$	26	$	60	$	—	$	—
Other agency	—		—			—		—		—		—		—		—		1		1		—		—
Private-label and other mortgage securities	98		(4)			—		—		(94)		—		—		—		—		—		—		—
Total trading securities	$	136	$	(4)	(5)(6)	$	—	$	—	$	(95)	$	—	$	—	$	(3)	$	27	$	61	$	—	$	—
Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	446	$	1		$	2	$	—	$	—	$	—	$	(9)	$	(218)	$	—	$	222	$	—	$	—
Alt-A and subprime private-label securities	2		—			—		—		—		—		—		—		—		2		—		—
Mortgage revenue bonds	278		—			—		—		—		—		(23)		—		—		255		—		—
Other	254		5			5		—		—		—		(16)		—		—		248		—		4
Total available-for-sale securities	$	980	$	6	(6)(7)	$	7	$	—	$	—	$	—	$	(48)	$	(218)	$	—	$	727	$	—	$	4
Mortgage loans	$	797	$	41	(5)(6)	$	—	$	—	$	(11)	$	—	$	(39)	$	(31)	$	121	$	878	$	36	$	—
Net derivatives	269		380		(5)	—		—		—		—		(7)		—		—		642		372		—
Long-term debt:
Of Fannie Mae:
Senior floating	$	(433)	$	(3)	(5)	$	—	$	—	$	—	$	—	$	1	$	—	$	—	$	(435)	$	(3)	$	—
Of consolidated trusts	(89)		(1)		(5)(6)	—		—		—		—		5		1		(1)		(85)		(1)		—
Total long-term debt	$	(522)	$	(4)		$	—	$	—	$	—	$	—	$	6	$	1	$	(1)	$	(520)	$	(4)	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	For the Nine Months Ended September 30, 2020
			Total Gains (Losses) (Realized/Unrealized)																			Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2020(4)(5)		Net Unrealized Gains (Losses) Included in OCI Related to Assets and Liabilities Still Held as of September 30, 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 3		Transfers into Level 3		Balance, September 30, 2020
	(Dollars in millions)
Trading securities:
Mortgage-related:
Fannie Mae	$	45	$	(9)		$	—	$	—	$	(1)	$	—	$	—	$	(48)	$	73	$	60	$	(8)	$	—
Other agency	1		—			—		—		—		—		—		(1)		1		1		—		—
Private-label and other mortgage securities	—		3			—		—		(94)		—		(3)		—		94		—		—		—
Total trading securities	$	46	$	(6)	(5)(6)	$	—	$	—	$	(95)	$	—	$	(3)	$	(49)	$	168	$	61	$	(8)	$	—
Available-for-sale securities:
Mortgage-related:
Fannie Mae	$	171	$	1		$	2	$	—	$	—	$	—	$	(12)	$	(218)	$	278	$	222	$	—	$	—
Alt-A and subprime private-label securities	—		—			—		—		—		—		—		—		2		2		—		—
Mortgage revenue bonds	315		(3)			3		74		(74)		—		(60)		—		—		255		—		5
Other	306		(9)			4		268		(268)		—		(53)		—		—		248		—		3
Total available-for-sale securities	$	792	$	(11)	(6)(7)	$	9	$	342	$	(342)	$	—	$	(125)	$	(218)	$	280	$	727	$	—	$	8
Mortgage loans	$	688	$	32	(5)(6)	$	—	$	—	$	(11)	$	—	$	(93)	$	(75)	$	337	$	878	$	5	$	—
Net derivatives	162		470		(5)	—		—		—		—		(8)		18		—		642		468		—
Long-term debt:
Of Fannie Mae:
Senior floating	$	(398)	$	(61)	(5)	$	—	$	—	$	—	$	—	$	24	$	—	$	—	$	(435)	$	(61)	$	—
Of consolidated trusts	(75)		—		(5)(6)	—		—		—		—		12		2		(24)		(85)		1		—
Total long-term debt	$	(473)	$	(61)		$	—	$	—	$	—	$	—	$	36	$	2	$	(24)	$	(520)	$	(60)	$	—

(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, net” in our condensed consolidated statements of operations and comprehensive income.

Level 3 Assets Measured on Nonrecurring Basis

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 September 30, 2021
	Fair Value		Significant 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)	$	129	Various
Available-for-sale securities:
Mortgage-related securities:
Agency(3)	410		Consensus
	40		Various
Total agency	450
Mortgage revenue bonds	98		Single Vendor	Spreads (bps)	4.1	-	37.3	18.1
	66		Various
Total mortgage revenue bonds	164
Other	181		Discounted Cash Flow	Spreads (bps)	364.0	-	372.0	368.1
	1		Various
Total other	182
Total available-for-sale securities	$	796
Net derivatives	$	159	Dealer Mark
	(20)		Discounted Cash Flow
Total net derivatives	$	139

	Fair Value Measurements as of December 31, 2020
	Fair Value		Significant 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 Vendor	Spreads (bps)	32.0	-	315.3	93.4
	72		Various
Total mortgage revenue bonds	216
Other	206		Discounted Cash Flow	Spreads (bps)	425.0	-	443.0	434.2
	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.

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 Techniques	September 30, 2021		December 31, 2020
	(Dollars in millions)
Nonrecurring fair value measurements:
Mortgage loans held for sale, at lower of cost or fair value	Consensus	$	511	$	754
	Single Vendor	316		333
	Various	2		—
Total mortgage loans held for sale, at lower of cost or fair value		829		1,087
Single-family mortgage loans held for investment, at amortized cost	Internal Model	592		979
Multifamily mortgage loans held for investment, at amortized cost	Appraisals	47		225
	Internal Model	113		125
	Broker Price Opinion	117		40
Total multifamily mortgage loans held for investment, at amortized cost		277		390
Acquired property, net:
Single-family	Accepted Offers	9		35
	Appraisals	54		89
	Internal Model	67		41
	Walk Forwards	25		85
	Various	9		11
Total single-family		164		261
Multifamily	Various	34		25
Total nonrecurring assets at fair value		$	1,896	$	2,742

Fair Value of Financial Instruments

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 September 30, 2021
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Netting Adjustment		Estimated Fair Value
	(Dollars in millions)
Financial assets:
Cash and cash equivalents, including restricted cash and cash equivalents	$	133,464	$	74,064	$	59,400	$	—	$	—	$	133,464
Federal funds sold and securities purchased under agreements to resell or similar arrangements	27,610		—		27,610		—		—		27,610
Trading securities	97,209		92,192		4,888		129		—		97,209
Available-for-sale securities	886		—		90		796		—		886
Mortgage loans held for sale	7,489		—		2,250		6,129		—		8,379
Mortgage loans held for investment, net of allowance for loan losses	3,896,180		—		3,745,286		220,358		—		3,965,644
Advances to lenders	9,924		—		9,923		1		—		9,924
Derivative assets at fair value	809		—		940		159		(290)		809
Guaranty assets and buy-ups	97		—		—		234		—		234
Total financial assets	$	4,173,668	$	166,256	$	3,850,387	$	227,806	$	(290)	$	4,244,159
Financial liabilities:
Federal funds purchased and securities sold under agreements to repurchase	$	363	$	—	$	363	$	—	$	—	$	363
Short-term debt:
Of Fannie Mae	8,045		—		8,045		—		—		8,045
Long-term debt:
Of Fannie Mae	226,798		—		235,120		814		—		235,934
Of consolidated trusts	3,907,626		—		3,937,618		30,914		—		3,968,532
Derivative liabilities at fair value	622		—		1,440		20		(838)		622
Guaranty obligations	108		—		—		86		—		86
Total financial liabilities	$	4,143,562	$	—	$	4,182,586	$	31,834	$	(838)	$	4,213,582

	As of December 31, 2020
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Netting Adjustment		Estimated 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 securities	136,542		130,456		5,991		95		—		136,542
Available-for-sale securities	1,697		—		1,049		648		—		1,697
Mortgage loans held for sale	5,197		—		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 lenders	10,449		—		10,448		1		—		10,449
Derivative assets at fair value	1,225		—		1,748		382		(905)		1,225
Guaranty assets and buy-ups	115		—		—		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 Mae	277,399		—		288,414		878		—		289,292
Of consolidated trusts	3,646,164		—		3,756,673		31,584		—		3,788,257
Derivative liabilities at fair value	1,495		—		2,441		49		(995)		1,495
Guaranty obligations	127		—		—		82		—		82
Total financial liabilities	$	3,937,358	$	—	$	4,059,705	$	32,593	$	(995)	$	4,091,303

Fair Value Option

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
	September 30, 2021									December 31, 2020
	Loans(1)			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts			Loans(1)			Long-Term Debt of Fannie Mae			Long-Term Debt of Consolidated Trusts
	(Dollars in millions)
Fair value		$	5,301		$	2,633		$	23,020		$	6,490		$	3,728		$	24,586
Unpaid principal balance		4,902			2,427			20,239			6,046			3,518			21,408

(1)Includes nonaccrual loans with a fair value of $105 million and $139 million as of September 30, 2021 and December 31, 2020, respectively. The difference between unpaid principal balance and the fair value of these nonaccrual loans as of September 30, 2021 and December 31, 2020 was $1 million and $8 million, respectively. Includes loans that are 90 days or more past due with a fair value of $153 million and $257 million as of September 30, 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 September 30, 2021 and December 31, 2020 was $4 million and $14 million, respectively