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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest income:    
Trading securities $ 156 $ 140
Available-for-sale securities 10 19
Mortgage loans 27,142 23,353
Securities purchased under agreements to resell or similar arrangements 6 8
Other 26 42
Total interest income 27,340 23,562
Interest expense:    
Short-term debt (1) (3)
Long-term debt (19,940) (16,817)
Total interest expense (19,941) (16,820)
Net interest income 7,399 6,742
Benefit (provision) for credit losses (240) 765
Net interest income after benefit (provision) for credit losses 7,159 7,507
Investment gains (losses), net (102) 45
Fair value gains, net 480 784
Fee and other income 83 87
Non-interest income 461 916
Administrative expenses:    
Salaries and employee benefits (407) (387)
Professional services (209) (214)
Other administrative expenses (192) (147)
Total administrative expenses (808) (748)
Foreclosed property income 39 5
Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees (824) (731)
Credit enhancement expense (278) (284)
Change in expected credit enhancement recoveries 60 (31)
Other expenses, net (236) (319)
Total expenses (2,047) (2,108)
Income before federal income taxes 5,573 6,315
Provision for federal income taxes (1,165) (1,322)
Net income 4,408 4,993
Other comprehensive loss:    
Changes in unrealized losses on available-for-sale securities, net of reclassification adjustments and taxes (5) (23)
Other, net of taxes (2) (4)
Total other comprehensive loss (7) (27)
Total comprehensive income 4,401 4,966
Dividends distributed or amounts attributable to senior preferred stock (4,401) (4,966)
Net income attributable to common stockholders 7 27
Net income attributable to common stockholders $ 7 $ 27
Earnings per share, Basic (in usd per share) $ 0.00 $ 0.00
Earnings per share, Diluted (in usd per share) $ 0.00 $ 0.00
Weighted-average common shares outstanding, Basic (shares) 5,867 5,867
Weighted-average common shares outstanding, Diluted (shares) 5,893 5,893