The following tables display our segment results.


	For the Year Ended December 31, 2021
	Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)(9)	$	25,429	$	4,158	$	29,587
Fee and other income(2)	269		92		361
Net revenues	25,698		4,250		29,948
Investment gains (losses), net(3)	1,392		(40)		1,352
Fair value gains (losses), net(4)(9)	167		(12)		155
Administrative expenses	(2,557)		(508)		(3,065)
Credit-related income:(5)
Benefit for credit losses	4,600		530		5,130
Foreclosed property expense	(14)		(19)		(33)
Total credit-related income	4,586		511		5,097
TCCA fees(6)	(3,071)		—		(3,071)
Credit enhancement expense(7)	(812)		(239)		(1,051)
Change in expected credit enhancement recoveries(8)	(86)		(108)		(194)
Other expenses, net	(1,194)		(28)		(1,222)
Income before federal income taxes	24,123		3,826		27,949
Provision for federal income taxes	(4,996)		(777)		(5,773)
Net income	$	19,127	$	3,049	$	22,176


	For the Year Ended December 31, 2020
	Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)(9)	$	21,502	$	3,364	$	24,866
Fee and other income(2)	368		94		462
Net revenues	21,870		3,458		25,328
Investment gains, net(3)	728		179		907
Fair value gains (losses), net(4)(9)	(2,539)		38		(2,501)
Administrative expenses	(2,559)		(509)		(3,068)
Credit-related expense:(5)
Provision for credit losses	(75)		(603)		(678)
Foreclosed property expense	(157)		(20)		(177)
Total credit-related expense	(232)		(623)		(855)
TCCA fees(6)	(2,673)		—		(2,673)
Credit enhancement expense(7)	(1,141)		(220)		(1,361)
Change in expected credit enhancement recoveries(8)	89		144		233
Other expenses, net	(1,055)		(76)		(1,131)
Income before federal income taxes	12,488		2,391		14,879
Provision for federal income taxes	(2,607)		(467)		(3,074)
Net income	$	9,881	$	1,924	$	11,805


	For the Year Ended December 31, 2019
	Single-Family		Multifamily		Total
	(Dollars in millions)
Net interest income(1)(9)	$	18,013	$	3,280	$	21,293
Fee and other income(2)	453		113		566
Net revenues	18,466		3,393		21,859
Investment gains, net(3)	1,589		181		1,770
Fair value gains (losses), net(4)(9)	(2,216)		2		(2,214)
Administrative expenses	(2,565)		(458)		(3,023)
Credit-related income (expense):(5)
Benefit (provision) for credit losses	4,038		(27)		4,011
Foreclosed property income (expense)	(523)		8		(515)
Total credit-related income (expense)	3,515		(19)		3,496
TCCA fees(6)	(2,432)		—		(2,432)
Credit enhancement expense(7)	(927)		(207)		(1,134)
Change in expected credit enhancement recoveries(8)	—		—		—
Other expenses, net	(734)		(11)		(745)
Income before federal income taxes	14,696		2,881		17,577
Provision for federal income taxes	(2,859)		(558)		(3,417)
Net income	$	11,837	$	2,323	$	14,160

(1)Net interest income primarily consists of guaranty fees received as compensation for assuming and managing the credit risk on loans underlying Fannie Mae MBS held by third parties for the respective business segment, and the difference between the interest income earned on the respective business segment’s mortgage assets in our retained mortgage portfolio and the interest expense associated with the debt funding those assets. Revenues from single-family guaranty fees include revenues generated by the 10 basis point increase in guaranty fees pursuant to the TCCA, the incremental revenue from which is remitted to Treasury and not retained by us. Also includes yield maintenance revenue we recognized on the prepayment of multifamily loans.

(2)Single-family fee and other income primarily consists of compensation for engaging in structured transactions and providing other lender services. Multifamily fee and other income consists of fees associated with Multifamily business activities, including credit enhancements for tax-exempt multifamily housing revenue bonds.

(3)Single-family investment gains and losses primarily consist of gains and losses on the sale of mortgage assets. Multifamily investment gains and losses primarily consist of gains and losses on resecuritization activity.

(4)Single-family fair value gains and losses primarily consist of fair value gains and losses on risk management and mortgage commitment derivatives, trading securities, fair value option debt, and other financial instruments associated with our single-family guaranty book of business. Multifamily fair value gains and losses primarily consist of fair value gains and losses on MBS commitment derivatives, trading securities and other financial instruments associated with our multifamily guaranty book of business.

(5)Credit-related income or expense is based on the guaranty book of business of the respective business segment and consists of the applicable segment’s benefit or provision for credit losses and foreclosed property income or expense on loans underlying the segment’s guaranty book of business.

(7)Single-family credit enhancement expense consists of costs associated with our freestanding credit enhancements, which include primarily costs associated with our CIRT, CAS and EPMI programs. Multifamily credit enhancement expense primarily consists of costs associated with our MCIRT and MCAS programs as well as amortization expense for certain lender risk-sharing programs. Excludes CAS transactions accounted for as debt instruments and credit risk transfer programs accounted for as derivative instruments.

(8)Consists of change in benefits recognized from our freestanding credit enhancements, primarily from our CAS and CIRT programs as well as certain lender risk-sharing arrangements, including our multifamily DUS® program.

(9)In January 2021, we began applying fair value hedge accounting. For qualifying hedging relationships, fair value changes attributable to movements in the designated benchmark interest rates for hedged mortgage loans and funding debt and the fair value change of the designated portion of the paired interest-rate swaps are recognized in “Net interest income.” In prior years, all fair value changes for interest-rate swaps were recognized in “Fair value gains (losses), net.” See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures.