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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income:        
Trading securities $ 134 $ 177 $ 396 $ 712
Available-for-sale securities 11 19 48 76
Mortgage loans 24,798 25,810 73,083 81,755
Federal funds sold and securities purchased under agreements to resell or similar arrangements 5 14 17 135
Other 33 33 106 92
Total interest income 24,981 26,053 73,650 82,770
Interest expense:        
Short-term debt 0 (19) (4) (175)
Long-term debt (18,009) (19,378) (51,646) (64,815)
Total interest expense (18,009) (19,397) (51,650) (64,990)
Net interest income 6,972 6,656 22,000 17,780
Benefit (provision) for credit losses 937 501 4,290 (2,094)
Net interest income after benefit (provision) for credit losses 7,909 7,157 26,290 15,686
Gain (Loss) on Investments 243 653 934 644
Non-interest income (loss):        
Fair value gains (losses), net (17) (327) 321 (1,621)
Fee and other income 111 93 301 303
Non-interest income (loss) 337 419 1,556 (674)
Administrative expenses:        
Salaries and employee benefits (376) (386) (1,128) (1,161)
Professional services (184) (230) (582) (673)
Other administrative expenses (185) (146) (529) (431)
Total administrative expenses (745) (762) (2,239) (2,265)
Foreclosed property expense (69) (71) (105) (161)
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees (781) (679) (2,270) (1,976)
Credit enhancement expense (233) (325) (791) (1,061)
Change in expected credit enhancement recoveries (42) (48) (117) 413
Other expenses, net (268) (313) (867) (792)
Total expenses (2,138) (2,198) (6,389) (5,842)
Income before federal income taxes 6,108 5,378 21,457 9,170
Provision for federal income taxes (1,266) (1,149) (4,470) (1,935)
Net income 4,842 4,229 16,987 7,235
Other comprehensive loss:        
Changes in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustments and taxes (10) (11) (64) (4)
Other, net of taxes (4) (2) (9) (7)
Total other comprehensive loss (14) (13) (73) (11)
Total comprehensive income 4,828 4,216 16,914 7,224
Dividends distributed or amounts attributable to senior preferred stock (4,828) (4,216) (16,914) (7,224)
Net income attributable to common stockholders 14 13 73 11
Net income attributable to common stockholders $ 14 $ 13 $ 73 $ 11
Earnings per share, Basic (in usd per share) $ 0.00 $ 0.00 $ 0.01 $ 0.00
Earnings per share, Diluted (in usd per share) $ 0.00 $ 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 5,893