Mortgage Loans (Tables)

6 Months Ended

Jun. 30, 2023

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Loans in Mortgage Portfolio

The following table displays the carrying value of our mortgage loans and allowance for loan losses.

	As of
	June 30, 2023		December 31, 2022
	(Dollars in millions)
Single-family	$	3,638,886	$	3,644,158
Multifamily	445,653		431,440
Total unpaid principal balance of mortgage loans	4,084,539		4,075,598
Cost basis and fair value adjustments, net	46,568		50,185
Allowance for loan losses for HFI loans	(9,982)		(11,347)
Total mortgage loans(1)	$	4,121,125	$	4,114,436

(1)Excludes $9.7 billion and $9.5 billion of accrued interest receivable, net of allowance as of June 30, 2023 and December 31, 2022, respectively.

The following table displays information about our purchase of HFI loans, redesignation of loans from HFI to HFS and sales of mortgage loans during the period.

		For the Three Months Ended June 30,				For the Six Months Ended June 30,
		2023		2022		2023		2022
	(Dollars in millions)
Purchase of HFI loans:
Single-family unpaid principal balance		$	89,175	$	172,303	$	156,642	$	411,771
Multifamily unpaid principal balance		15,111		18,674		25,346		34,683
Single-family loans redesignated from HFI to HFS:
Amortized cost		$	—	$	3,192	$	—	$	4,373
Lower of cost or fair value adjustment at time of redesignation(1)		—		(209)		—		(222)
Allowance reversed at time of redesignation		—		155		—		218
Single-family loans sold:
Unpaid principal balance		$	—	$	4,310	$	1,842	$	4,310
Realized gains, net		—		71		17		71

(1)Consists of the write-off against the allowance at the time of redesignation.

Financing Receivable, Past Due

The following tables display an aging analysis of the total amortized cost of our HFI mortgage loans by portfolio segment and class of financing receivable, excluding loans for which we have elected the fair value option.

	As of June 30, 2023
	30 - 59 Days Delinquent		60 - 89 Days Delinquent		Seriously Delinquent(1)		Total Delinquent		Current		Total		Loans 90 Days or More Delinquent and Accruing Interest		Nonaccrual Loans with No Allowance
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	25,262	$	6,392	$	17,676	$	49,330	$	3,126,385	$	3,175,715	$	3,962	$	3,236
15-year or less, amortizing fixed-rate	1,475		272		667		2,414		457,079		459,493		212		137
Adjustable-rate	144		33		105		282		27,028		27,310		33		25
Other(2)	551		146		716		1,413		26,819		28,232		243		264
Total single-family	27,432		6,843		19,164		53,439		3,637,311		3,690,750		4,450		3,662
Multifamily(3)	581		N/A		1,377		1,958		444,192		446,150		341		728
Total	$	28,013	$	6,843	$	20,541	$	55,397	$	4,081,503	$	4,136,900	$	4,791	$	4,390

	As of December 31, 2022
	30 - 59 Days Delinquent		60 - 89 Days Delinquent		Seriously Delinquent(1)		Total Delinquent		Current		Total		Loans 90 Days or More Delinquent and Accruing Interest		Nonaccrual Loans with No Allowance
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	27,891	$	6,774	$	19,990	$	54,655	$	3,092,199	$	3,146,854	$	13,257	$	3,254
15-year or less, amortizing fixed-rate	1,902		314		800		3,016		488,452		491,468		666		82
Adjustable-rate	176		38		127		341		26,767		27,108		90		24
Other(2)	660		179		898		1,737		30,362		32,099		424		324
Total single-family	30,629		7,305		21,815		59,749		3,637,780		3,697,529		14,437		3,684
Multifamily(3)	173		N/A		955		1,128		431,094		432,222		11		13
Total	$	30,802	$	7,305	$	22,770	$	60,877	$	4,068,874	$	4,129,751	$	14,448	$	3,697

(1)Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due.

(2)Reverse mortgage loans included in “Other” are not aged due to their nature and are included in the current column.

(3)Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.

Credit Quality Indicators

The following tables display information about the credit quality of our single-family HFI loans, based on total amortized cost. Effective January 1, 2023, we adopted amendments to ASU 2022-02 that require us to disclose current-period gross write-offs by year of origination for financing receivables. As a result, for the period beginning January 1, 2023, the tables below includes current year write-offs of our single-family HFI mortgage loans by class of financing receivable and year of origination, excluding loans for which we have elected the fair value option.

	Credit Quality Indicators as of June 30, 2023 and Write-offs For the Six Months Ended June 30, 2023, by Year of Origination(1)
	2023		2022		2021		2020		2019		Prior		Total
	(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%	$	70,043	$	308,622	$	903,688	$	793,746	$	142,716	$	684,941	$	2,903,756
Greater than 80% and less than or equal to 90%	22,294		100,199		53,443		4,152		1,013		1,379		182,480
Greater than 90% and less than or equal to 100%	30,563		51,485		4,932		760		110		255		88,105
Greater than 100%	20		834		218		70		21		207		1,370
Total 20- and 30-year or more, amortizing fixed-rate	122,920		461,140		962,281		798,728		143,860		686,782		3,175,711
Current-year 20- and 30-year or more,      amortizing fixed-rate write-offs	$	—	$	9	$	20	$	12	$	6	$	33	$	80
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	4,075		37,021		175,317		125,822		18,623		96,878		457,736
Greater than 80% and less than or equal to 90%	281		1,010		126		12		1		2		1,432
Greater than 90% and less than or equal to 100%	175		143		4		1		—		1		324
Greater than 100%	—		—		—		—		—		1		1
Total 15-year or less, amortizing fixed-rate	4,531		38,174		175,447		125,835		18,624		96,882		459,493
Current-year 15-year or less, amortizing      fixed-rate write-offs	—		—		—		—		—		1		1
Adjustable-rate:
Less than or equal to 80%	976		4,518		6,192		1,761		764		10,866		25,077
Greater than 80% and less than or equal to 90%	298		1,137		133		7		1		4		1,580
Greater than 90% and less than or equal to 100%	205		434		10		1		—		—		650
Greater than 100%	—		2		1		—		—		—		3
Total adjustable-rate	1,479		6,091		6,336		1,769		765		10,870		27,310
Current-year adjustable-rate write-offs	—		—		—		—		—		—		—
Other:
Less than or equal to 80%	—		—		—		—		28		20,910		20,938
Greater than 80% and less than or equal to 90%	—		—		—		—		—		107		107
Greater than 90% and less than or equal to 100%	—		—		—		—		—		50		50
Greater than 100%	—		—		—		—		—		49		49
Total other	—		—		—		—		28		21,116		21,144
Current-year other write-offs	—		—		—		—		—		11		11
Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	75,094	$	350,161	$	1,085,197	$	921,329	$	162,131	$	813,595	$	3,407,507
Greater than 80% and less than or equal to 90%	22,873		102,346		53,702		4,171		1,015		1,492		185,599
Greater than 90% and less than or equal to 100%	30,943		52,062		4,946		762		110		306		89,129
Greater than 100%	20		836		219		70		21		257		1,423
Total	$	128,930	$	505,405	$	1,144,064	$	926,332	$	163,277	$	815,650	$	3,683,658
Total current-year write-offs	$	—	$	9	$	20	$	12	$	6	$	45	$	92

	Credit Quality Indicators as of December 31, 2022, by Year of Origination(1)
	2022		2021		2020		2019		2018		Prior		Total
	(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%	$	281,257	$	896,977	$	820,452	$	149,067	$	70,306	$	651,297	$	2,869,356
Greater than 80% and less than or equal to 90%	84,864		86,335		5,904		1,152		618		1,062		179,935
Greater than 90% and less than or equal to 100%	84,664		9,284		1,333		217		77		224		95,799
Greater than 100%	1,230		208		56		18		12		240		1,764
Total 20- and 30-year or more, amortizing fixed-rate	452,015		992,804		827,745		150,454		71,013		652,823		3,146,854
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	37,830		185,511		134,336		20,239		7,324		103,841		489,081
Greater than 80% and less than or equal to 90%	1,363		410		33		3		—		2		1,811
Greater than 90% and less than or equal to 100%	552		16		1		—		—		1		570
Greater than 100%	3		1		—		—		—		2		6
Total 15-year or less, amortizing fixed-rate	39,748		185,938		134,370		20,242		7,324		103,846		491,468
Adjustable-rate:
Less than or equal to 80%	3,971		6,383		1,865		821		906		11,226		25,172
Greater than 80% and less than or equal to 90%	1,013		236		12		3		1		3		1,268
Greater than 90% and less than or equal to 100%	645		21		—		—		1		—		667
Greater than 100%	1		—		—		—		—		—		1
Total adjustable-rate	5,630		6,640		1,877		824		908		11,229		27,108
Other:
Less than or equal to 80%	—		—		—		29		222		22,103		22,354
Greater than 80% and less than or equal to 90%	—		—		—		—		1		129		130
Greater than 90% and less than or equal to 100%	—		—		—		—		1		56		57
Greater than 100%	—		—		—		—		—		57		57
Total other	—		—		—		29		224		22,345		22,598
Total	$	497,393	$	1,185,382	$	963,992	$	171,549	$	79,469	$	790,243	$	3,688,028
Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	323,058	$	1,088,871	$	956,653	$	170,156	$	78,758	$	788,467	$	3,405,963
Greater than 80% and less than or equal to 90%	87,240		86,981		5,949		1,158		620		1,196		183,144
Greater than 90% and less than or equal to 100%	85,861		9,321		1,334		217		79		281		97,093
Greater than 100%	1,234		209		56		18		12		299		1,828
Total	$	497,393	$	1,185,382	$	963,992	$	171,549	$	79,469	$	790,243	$	3,688,028

(1)Excludes amortized cost of $7.1 billion and $9.5 billion as of June 30, 2023 and December 31, 2022, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies, which represents primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV ratio. For the three months ended June 30, 2023, it also excludes write-offs of $3 million, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. Year of loan origination may not be the same as the period in which we subsequently acquired the loan.

(2)The aggregate estimated mark-to-market LTV ratio is based on the unpaid principal balance of the loan divided by the estimated current value of the property as of the end of each reported period, which we calculate using an internal valuation model that estimates periodic changes in home value.

The following tables display the total amortized cost of our multifamily HFI loans by year of origination and credit-risk rating, excluding loans for which we have elected the fair value option. Property rental income and property valuations are key inputs to our internally assigned credit risk ratings. For the periods beginning January 1, 2023, the tables below includes current year write-offs of our multifamily HFI mortgage loans by year of origination, excluding loans for which we have elected the fair value option.

	Credit Quality Indicators as of June 30, 2023 and Write-offs for the Six Months Ended June 30, 2023, by Year of Origination(1)
	2023		2022		2021		2020		2019		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$	23,068	$	55,124	$	61,194	$	74,157	$	58,280	$	143,885	$	415,708
Special mention(3)	—		8		91		64		16		331		510
Substandard(4)	—		6,030		3,586		2,091		3,435		14,784		29,926
Doubtful(5)	—		—		—		—		5		1		6
Total	$	23,068	$	61,162	$	64,871	$	76,312	$	61,736	$	159,001	$	446,150
Current-year write-offs	$	—	$	3	$	—	$	5	$	5	$	241	$	254

	Credit Quality Indicators as of December 31, 2022, by Year of Origination(1)
	2022		2021		2020		2019		2018		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$	57,976	$	64,165	$	75,468	$	59,507	$	48,720	$	103,772	$	409,608
Special mention(3)	11		41		128		55		54		306		595
Substandard(4)	1,415		1,580		1,388		2,816		2,488		12,324		22,011
Doubtful(5)	—		—		—		—		8		—		8
Total	$	59,402	$	65,786	$	76,984	$	62,378	$	51,270	$	116,402	$	432,222

(1)In the current period, we updated our presentation of credit quality indicators. Previously, “Pass” and “Special mention” were disclosed as “Non-classified,” and “Substandard” and “Doubtful” were disclosed as “Classified.” Prior periods have been updated to conform to the current period presentation. Year of loan origination may not be the same as the period in which we subsequently acquired the loan.

(2)A loan categorized as “Pass” is current or is adequately protected by the current financial strength and debt service capability of the borrower.

(3)“Special mention” refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower’s ability to repay in full.

(4)Loans classified as “Substandard” have a well-defined weakness that jeopardizes the timely full repayment. We had seniors housing loans with an amortized cost of $9.2 billion as of June 30, 2023 and December 31, 2022 classified as substandard.

(5)“Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values.

Financing Receivable, Loan Modification

The following tables display the amortized cost of HFI mortgage loans that were restructured during the period indicated, presented by portfolio segment and class of financing receivable.

	For the Three Months Ended June 30, 2023
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial Modification and Repayment Plans		Payment Delay and Term Extension(1)		Payment Delay, Term Extension and Interest Rate Reduction(1)		Total		Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	8,107	$	2,689	$	3,444	$	1,746	$	80	$	16,066	1	%
15-year or less, amortizing fixed-rate	339		116		132		1		—		588		*
Adjustable-rate	46		10		12		—		1		69		*
Other	89		36		86		35		17		263		1
Total single-family	8,581		2,851		3,674		1,782		98		16,986		*
Multifamily	423		—		—		—		525		948		*
Total(3)	$	9,004	$	2,851	$	3,674	$	1,782	$	623	$	17,934	*

	For the Six Months Ended June 30, 2023
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial Modification and Repayment Plans		Payment Delay and Term Extension(1)		Payment Delay, Term Extension and Interest Rate Reduction(1)		Total		Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	10,410	$	6,207	$	5,202	$	3,487	$	338	$	25,644	1	%
15-year or less, amortizing fixed-rate	451		264		203		1		—		919		*
Adjustable-rate	55		27		18		—		2		102		*
Other	137		84		134		69		45		469		2
Total single-family	11,053		6,582		5,557		3,557		385		27,134		1
Multifamily	784		—		—		—		534		1,318		*
Total(3)	$	11,837	$	6,582	$	5,557	$	3,557	$	919	$	28,452	1

	For the Three Months Ended June 30, 2022
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial Modification and Repayment Plans		Payment Delay and Term Extension(1)		Payment Delay, Term Extension and Interest Rate Reduction(1)		Total		Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	11,213	$	5,203	$	3,815	$	769	$	4,671	$	25,671	1	%
15-year or less, amortizing fixed-rate	571		287		154		—		—		1,012		*
Adjustable-rate	61		27		28		—		4		120		*
Other	231		121		144		46		148		690		2
Total single-family	12,076		5,638		4,141		815		4,823		27,493		1
Multifamily	23		—		—		—		11		34		*
Total(3)	$	12,099	$	5,638	$	4,141	$	815	$	4,834	$	27,527	1

	For the Six Months Ended June 30, 2022
	Payment Delay (Only)
	Forbearance Plan(4)		Payment Deferral		Trial Modification and Repayment Plans(4)		Payment Delay and Term Extension(1)		Payment Delay, Term Extension and Interest Rate Reduction(1)		Total		Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	14,428	$	11,518	$	6,064	$	1,831	$	9,165	$	43,006	1	%
15-year or less, amortizing fixed-rate	735		653		253		1		1		1,643		*
Adjustable-rate	84		77		53		—		12		226		1
Other	319		304		232		139		374		1,368		4
Total single-family	15,566		12,552		6,602		1,971		9,552		46,243		1
Multifamily	237		—		—		—		11		248		*
Total(3)	$	15,803	$	12,552	$	6,602	$	1,971	$	9,563	$	46,491	1

*    Represents less than 0.5% of total by financing class.

(1)    Represents loans that received a contractual modification.

(2)    Based on the amortized cost basis as of period end, divided by the period-end amortized cost basis of the corresponding class of financing receivable.

(3)    Excludes $200 million and $604 million for the three and six months ended June 30, 2023, respectively, and $269 million and $1.7 billion for the three and six months ended June 30, 2022, respectively, for loans that were the subject of loss mitigation activity during the period that paid off, were repurchased or sold prior to period end. Also excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale. Loans may move from one category to another, as a result of the restructuring(s) they received during the period, in which case they appear in the table above only in the category that best reflects the cumulative effects of the loan restructurings received during the periods.

The following tables summarize the financial impacts of loan modifications and payment deferrals for single-family HFI loans presented by class of financing receivable. The qualitative impact of forbearance plans, repayment plans, and trial modifications are discussed earlier in this footnote; these loss mitigation options are not included in the table below.

	For the Three Months Ended June 30,
	2023					2022
	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)		Weighted- Average Interest Rate Reduction		Weighted- Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)
Loan by class of financing receivable(2):
20- and 30-year or more, amortizing fixed-rate	1.15	%	172	$	16,661	1.45	%	180	$	22,997
15-year or less, amortizing fixed-rate	2.50		79	14,819		1.88		51	18,394
Adjustable-rate	1.61		—	14,450		0.78		—	19,528
Other	1.34		172	21,304		1.81		183	22,666

	For the Six Months Ended June 30,
	2023					2022
	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)		Weighted- Average Interest Rate Reduction		Weighted- Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)
Loan by class of financing receivable(2):
20- and 30-year or more, amortizing fixed-rate	1.09	%	173	$	16,864	1.52	%	179	$	23,372
15-year or less, amortizing fixed-rate	1.83		73	14,636		2.69		61	20,361
Adjustable-rate	1.76		—	15,228		0.53		—	23,406
Other	1.48		179	20,715		1.87		185	24,310

(1)    Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole dollars.

(2)    Excludes the financial effects of modifications for loans that were paid off or otherwise liquidated as of period-end.

The following tables display the amortized cost of HFI loans that defaulted during the period and had received a completed modification or payment deferral in the twelve months prior to the payment default. The substantial majority of loans that received a completed modification or a payment deferral during the second quarter of 2023 did not default during the period. For purposes of the default tables, we define loans that had a payment default as single-family loans with completed modifications that are two or more months delinquent during the period; or multifamily loans with completed modifications that are one or more months delinquent during the period. For loans that receive a forbearance plan, repayment plan or trial modification, these loss mitigation options generally remain in default until the loan is no longer delinquent as a result of the payment of all past-due amounts or as a result of a loan modification or payment deferral. Therefore, forbearance plans, repayment plans and trial modifications are not included in default tables below.

	For the Three Months Ended June 30, 2023
		Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension		Payment Delay, Term Extension and Interest Rate Reduction		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	819	$	327	$	197	$	1,343
15-year or less, amortizing fixed-rate		27		—		—		27
Adjustable-rate		2		—		2		4
Other		11		7		10		28
Total single-family		859		334		209		1,402
Multifamily		—		—		1		1
Total loans that subsequently defaulted(1)		$	859	$	334	$	210	$	1,403
	For the Six Months Ended June 30, 2023
		Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension		Payment Delay, Term Extension and Interest Rate Reduction		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	1,290	$	446	$	385	$	2,121
15-year or less, amortizing fixed-rate		44		—		1		45
Adjustable-rate		3		—		2		5
Other		18		11		19		48
Total single-family		1,355		457		407		2,219
Multifamily		—		—		1		1
Total loans that subsequently defaulted(1)		$	1,355	$	457	$	408	$	2,220

(1)    Represents amortized cost as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale.

The following table displays the amortized cost of HFI loans that received a completed modification or payment deferral on or after January 1, 2022, the date we adopted ASU 2022-02, through June 30, 2022 and that defaulted in the period presented. The substantial majority of loans that received a completed modification or a payment deferral during the second quarter of 2022 did not default during the period.

	For the Six Months Ended June 30, 2022(1)
		Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension(1)		Payment Delay, Term Extension and Interest Rate Reduction(1)		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	492	$	62	$	109	$	663
15-year or less, amortizing fixed-rate		21		1		—		22
Adjustable-rate		3		—		1		4
Other		14		5		9		28
Total single-family		530		68		119		717
Multifamily		—		—		—		—
Total loans that subsequently defaulted(2)		$	530	$	68	$	119	$	717

(1)    The substantial majority of loans that received a completed modification on or after the date we adopted ASU 2022-02 through June 30, 2022 defaulted during the second quarter of 2022; therefore we are not separately presenting a table for the three months ended June 30, 2022.

(2)    Represents amortized cost as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale.

The following table displays an aging analysis of HFI mortgage loans that were restructured during the twelve months prior to June 30, 2023, presented by portfolio segment and class of financing receivable.

	As of June 30, 2023(1)
	30-59 Days Delinquent		60-89 Days Delinquent(2)		Seriously Delinquent		Total Delinquent		Current		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	3,442	$	2,227	$	12,035	$	17,704	$	18,060	$	35,764
15-year or less, amortizing fixed-rate	114		82		447		643		639		1,282
Adjustable-rate	14		9		59		82		66		148
Other	82		43		251		376		400		776
Total single-family loans modified	3,652		2,361		12,792		18,805		19,165		37,970
Multifamily	—		N/A		380		380		969		1,349
Total loans restructured(3)	$	3,652	$	2,361	$	13,172	$	19,185	$	20,134	$	39,319

(1)    The substantial majority of loans that received a completed modification or a payment deferral during the second quarter of 2023 were not delinquent as of June 30, 2023.

(2)    Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.    

(3)    Represents the amortized cost basis of the loan as of period end.

The following table displays an aging analysis of HFI mortgage loans that were restructured on or after January 1, 2022,

the date we adopted ASU 2022-02, through June 30, 2022, presented by portfolio segment and class of financing

receivable.

	As of June 30, 2022(1)
	30-59 Days Delinquent		60-89 Days Delinquent(2)		Seriously Delinquent		Total Delinquent		Current		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	2,351	$	1,680	$	15,203	$	19,234	$	13,130	$	32,364
15-year or less, amortizing fixed-rate	112		87		649		848		507		1,355
Adjustable-rate	14		8		103		125		71		196
Other	65		44		440		549		504		1,053
Total single-family loans modified	2,542		1,819		16,395		20,756		14,212		34,968
Multifamily	—		N/A		237		237		11		248
Total loans restructured(3)	$	2,542	$	1,819	$	16,632	$	20,993	$	14,223	$	35,216

(1)    The substantial majority of loans that received a completed modification or a payment deferral during the second quarter of 2022 were not delinquent as of June 30, 2022.

(2)     Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.    

(3)    Represents the amortized cost basis of the loan as of period end.

Financing Receivable, Nonaccrual

The table below displays the accrued interest receivable written off through the reversal of interest income for nonaccrual loans.

		For the Three Months Ended June 30,
		2023		2022
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$	74	$	15
Multifamily		33		1

		For the Six Months Ended June 30,
		2023		2022
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$	153	$	32
Multifamily		35		1

The tables below include the amortized cost of and interest income recognized on our HFI single-family and multifamily loans on nonaccrual status by class, excluding loans for which we have elected the fair value option.

	As of						For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2023
	June 30, 2023		March 31, 2023		December 31, 2022
	Amortized Cost						Total Interest Income Recognized(1)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	17,051	$	14,172	$	9,447	$	15	$	79
15-year or less, amortizing fixed-rate	565		429		200		—		1
Adjustable-rate	85		75		53		—		—
Other	573		601		617		2		4
Total single-family	18,274		15,277		10,317		17		84
Multifamily	1,448		1,541		2,200		2		10
Total nonaccrual loans	$	19,722	$	16,818	$	12,517	$	19	$	94

	As of						For the Three Months Ended June 30, 2022		For the Six Months Ended June 30, 2022
	June 30, 2022		March 31, 2022		December 31, 2021
	Amortized Cost						Total Interest Income Recognized(1)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	10,241	$	13,692	$	17,599	$	34	$	82
15-year or less, amortizing fixed-rate	245		331		430		1		2
Adjustable-rate	59		84		107		—		—
Other	698		913		1,101		2		5
Total single-family	11,243		15,020		19,237		37		89
Multifamily	1,317		1,258		1,259		8		14
Total nonaccrual loans	$	12,560	$	16,278	$	20,496	$	45	$	103

(1)Interest income recognized includes amortization of any deferred cost basis adjustments while the loan is performing and that is not reversed when the loan is placed on nonaccrual status. For loans negatively impacted by the COVID-19 pandemic, also includes amounts accrued but not collected prior to the loan being placed on nonaccrual status. For single-family, interest income recognized includes payments received on nonaccrual loans held as of period end.