Mortgage Loans (Tables)

9 Months Ended

Sep. 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
	September 30, 2023		December 31, 2022
	(Dollars in millions)
Single-family	$	3,644,725	$	3,644,158
Multifamily	455,555		431,440
Total unpaid principal balance of mortgage loans	4,100,280		4,075,598
Cost basis and fair value adjustments, net	42,279		50,185
Allowance for loan losses for HFI loans	(8,671)		(11,347)
Total mortgage loans(1)	$	4,133,888	$	4,114,436

(1)Excludes $10.1 billion and $9.5 billion of accrued interest receivable, net of allowance as of September 30, 2023 and December 31, 2022, respectively.

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

		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2023		2022		2023		2022
	(Dollars in millions)
Purchase of HFI loans:
Single-family unpaid principal balance		$	89,228	$	117,686	$	245,870	$	529,453
Multifamily unpaid principal balance		16,415		15,943		41,761		50,627
Single-family loans redesignated from HFI to HFS:
Amortized cost		$	3,122	$	1,726	$	3,122	$	6,099
Lower of cost or fair value adjustment at time of redesignation(1)		(638)		(196)		(638)		(418)
Allowance reversed at time of redesignation		47		80		47		298
Single-family loans redesignated from HFS to HFI:
Amortized cost		$	372	$	1	$	372	$	1
Single-family loans sold:
Unpaid principal balance		$	—	$	1,919	$	1,842	$	6,229
Realized gains, net		—		20		17		91

(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 September 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	$	29,388	$	7,174	$	17,461	$	54,023	$	3,140,515	$	3,194,538	$	2,208	$	3,412
15-year or less, amortizing fixed-rate	1,648		289		639		2,576		441,002		443,578		126		165
Adjustable-rate	157		34		101		292		26,413		26,705		18		26
Other(2)	566		153		614		1,333		25,105		26,438		178		247
Total single-family	31,759		7,650		18,815		58,224		3,633,035		3,691,259		2,530		3,850
Multifamily(3)	187		N/A		2,169		2,356		453,272		455,628		295		807
Total	$	31,946	$	7,650	$	20,984	$	60,580	$	4,086,307	$	4,146,887	$	2,825	$	4,657

	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 September 30, 2023 and Write-offs For the Nine Months Ended September 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%	$	117,474	$	316,653	$	902,920	$	779,843	$	139,305	$	664,732	$	2,920,927
Greater than 80% and less than or equal to 90%	39,749		100,635		39,119		3,402		829		1,168		184,902
Greater than 90% and less than or equal to 100%	48,108		35,593		3,374		359		75		214		87,723
Greater than 100%	32		585		124		45		17		179		982
Total 20- and 30-year or more, amortizing fixed-rate	205,363		453,466		945,537		783,649		140,226		666,293		3,194,534
Current-year 20- and 30-year or more,      amortizing fixed-rate write-offs	$	—	$	24	$	37	$	38	$	104	$	533	$	736
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	5,995		36,184		170,132		121,606		17,852		90,299		442,068
Greater than 80% and less than or equal to 90%	416		758		62		6		—		2		1,244
Greater than 90% and less than or equal to 100%	209		54		2		—		—		—		265
Greater than 100%	—		—		—		—		—		1		1
Total 15-year or less, amortizing fixed-rate	6,620		36,996		170,196		121,612		17,852		90,302		443,578
Current-year 15-year or less, amortizing      fixed-rate write-offs	—		—		1		1		—		4		6
Adjustable-rate:
Less than or equal to 80%	1,257		4,574		6,078		1,697		730		10,231		24,567
Greater than 80% and less than or equal to 90%	415		1,079		84		6		2		4		1,590
Greater than 90% and less than or equal to 100%	227		311		6		1		—		1		546
Greater than 100%	—		2		—		—		—		—		2
Total adjustable-rate	1,899		5,966		6,168		1,704		732		10,236		26,705
Current-year adjustable-rate write-offs	—		—		—		—		1		1		2
Other:
Less than or equal to 80%	—		—		—		—		27		20,038		20,065
Greater than 80% and less than or equal to 90%	—		—		—		—		—		93		93
Greater than 90% and less than or equal to 100%	—		—		—		—		—		42		42
Greater than 100%	—		—		—		—		—		39		39
Total other	—		—		—		—		27		20,212		20,239
Current-year other write-offs	—		—		—		—		—		46		46
Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	124,726	$	357,411	$	1,079,130	$	903,146	$	157,914	$	785,300	$	3,407,627
Greater than 80% and less than or equal to 90%	40,580		102,472		39,265		3,414		831		1,267		187,829
Greater than 90% and less than or equal to 100%	48,544		35,958		3,382		360		75		257		88,576
Greater than 100%	32		587		124		45		17		219		1,024
Total	$	213,882	$	496,428	$	1,121,901	$	906,965	$	158,837	$	787,043	$	3,685,056
Total current-year write-offs	$	—	$	24	$	38	$	39	$	105	$	584	$	790

	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 $6.2 billion and $9.5 billion as of September 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 nine months ended September 30, 2023, it also excludes write-offs of $4 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 operating 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 September 30, 2023 and Write-offs For the Nine Months Ended September 30, 2023, by Year of Origination(1)
	2023		2022		2021		2020		2019		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$	39,087	$	53,256	$	60,621	$	73,279	$	57,342	$	138,908	$	422,493
Special mention(3)	—		8		114		53		19		298		492
Substandard(4)	1		7,807		3,904		2,600		3,726		14,600		32,638
Doubtful(5)	—		—		—		—		5		—		5
Total	$	39,088	$	61,071	$	64,639	$	75,932	$	61,092	$	153,806	$	455,628
Current-year write-offs	$	—	$	3	$	—	$	7	$	23	$	273	$	306

	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 $9.1 billion and $9.2 billion as of September 30, 2023 and December 31, 2022, respectively, 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 September 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	$	7,287	$	2,424	$	3,407	$	1,819	$	41	$	14,978	*
15-year or less, amortizing fixed-rate	311		97		130		—		—		538		*
Adjustable-rate	42		8		11		—		1		62		*
Other	54		30		57		31		22		194		1	%
Total single-family	7,694		2,559		3,605		1,850		64		15,772		*
Multifamily	361		—		—		—		560		921		*
Total(3)	$	8,055	$	2,559	$	3,605	$	1,850	$	624	$	16,693	*

	For the Nine Months Ended September 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	$	10,851	$	8,306	$	6,216	$	5,209	$	360	$	30,942	1	%
15-year or less, amortizing fixed-rate	465		343		241		1		1		1,051		*
Adjustable-rate	59		31		22		—		7		119		*
Other	128		108		137		94		65		532		2
Total single-family	11,503		8,788		6,616		5,304		433		32,644		1
Multifamily	1,045		—		—		—		585		1,630		*
Total(3)	$	12,548	$	8,788	$	6,616	$	5,304	$	1,018	$	34,274	1

	For the Three Months Ended September 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	$	9,811	$	3,827	$	2,869	$	1,144	$	2,321	$	19,972	1	%
15-year or less, amortizing fixed-rate	478		196		129		1		1		805		*
Adjustable-rate	49		22		15		—		3		89		*
Other	173		77		86		25		91		452		1
Total single-family	10,511		4,122		3,099		1,170		2,416		21,318		1
Multifamily	6		—		—		—		18		24		*
Total(3)	$	10,517	$	4,122	$	3,099	$	1,170	$	2,434	$	21,342	1

	For the Nine Months Ended September 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	$	13,905	$	14,705	$	5,417	$	2,832	$	11,247	$	48,106	2	%
15-year or less, amortizing fixed-rate	697		794		245		2		1		1,739		*
Adjustable-rate	76		83		39		—		26		224		1
Other	289		353		182		109		497		1,430		4
Total single-family	14,967		15,935		5,883		2,943		11,771		51,499		1
Multifamily	187		—		—		—		18		205		*
Total(3)	$	15,154	$	15,935	$	5,883	$	2,943	$	11,789	$	51,704	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 $276 million and $1.2 billion for the three and nine months ended September 30, 2023, respectively, and $205 million and $3.0 billion for the three and nine months ended September 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 September 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	1.05	%	167	$	16,464	1.18	%	179	$	20,896
15-year or less, amortizing fixed-rate	2.41		52	14,218		1.88		45	16,950
Adjustable-rate	1.97		—	12,980		1.47		—	22,079
Other	1.04		199	23,072		1.66		192	21,042

	For the Nine Months Ended September 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	1.08	%	171	$	16,798	1.45	%	179	$	22,862
15-year or less, amortizing fixed-rate	2.22		70	14,588		2.31		52	19,872
Adjustable-rate	1.29		—	14,823		0.82		—	23,065
Other	1.31		188	21,396		1.82		184	23,776

(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 third 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 September 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		$	861	$	468	$	80	$	1,409
15-year or less, amortizing fixed-rate		28		—		—		28
Adjustable-rate		1		—		1		2
Other		12		9		6		27
Total single-family		902		477		87		1,466
Multifamily		—		—		—		—
Total loans that subsequently defaulted(1)		$	902	$	477	$	87	$	1,466
		For the Nine Months Ended September 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		$	1,635	$	746	$	298	$	2,679
15-year or less, amortizing fixed-rate		51		1		—		52
Adjustable-rate		4		—		2		6
Other		20		14		17		51
Total single-family		1,710		761		317		2,788
Multifamily		—		—		—		—
Total loans that subsequently defaulted(1)		$	1,710	$	761	$	317	$	2,788

(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 September 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 third quarter of 2022 did not default during the period.

	For the Three Months Ended September 30, 2022
	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	$	766	$	97	$	276	$	1,139
15-year or less, amortizing fixed-rate	26		—		—		26
Adjustable-rate	4		—		2		6
Other	19		4		18		41
Total single-family	815		101		296		1,212
Multifamily	—		—		—		—
Total loans that subsequently defaulted(1)	$	815	$	101	$	296	$	1,212

	For the Nine Months Ended September 30, 2022
	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	$	1,083	$	136	$	343	$	1,562
15-year or less, amortizing fixed-rate	39		—		—		39
Adjustable-rate	5		—		3		8
Other	29		7		26		62
Total single-family	1,156		143		372		1,671
Multifamily	—		—		—		—
Total loans that subsequently defaulted(1)	$	1,156	$	143	$	372	$	1,671

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

	As of September 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	$	3,722	$	2,332	$	11,455	$	17,509	$	15,368	$	32,877
15-year or less, amortizing fixed-rate	115		78		405		598		562		1,160
Adjustable-rate	14		8		55		77		56		133
Other	75		37		192		304		297		601
Total single-family loans modified	3,926		2,455		12,107		18,488		16,283		34,771
Multifamily	19		N/A		1,045		1,064		587		1,651
Total loans restructured(3)	$	3,945	$	2,455	$	13,152	$	19,552	$	16,870	$	36,422

(1)    The substantial majority of loans that received a completed modification or a payment deferral during the third quarter of 2023 were not delinquent as of September 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 September 30, 2022, presented by portfolio segment and class of financing receivable.

	As of September 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	$	3,051	$	2,202	$	13,299	$	18,552	$	22,262	$	40,814
15-year or less, amortizing fixed-rate	132		90		553		775		766		1,541
Adjustable-rate	11		9		80		100		99		199
Other	92		51		361		504		732		1,236
Total single-family loans modified	3,286		2,352		14,293		19,931		23,859		43,790
Multifamily	—		N/A		187		187		18		205
Total loans restructured(3)	$	3,286	$	2,352	$	14,480	$	20,118	$	23,877	$	43,995

(1)    The substantial majority of loans that received a completed modification or a payment deferral during the third quarter of 2022 were not delinquent as of September 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 September 30,				For the Nine Months Ended September 30,
		2023		2022		2023		2022
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$	80	$	14	$	233	$	46
Multifamily		3		1		36		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 September 30, 2023		For the Nine Months Ended September 30, 2023
	September 30, 2023		June 30, 2023		December 31, 2022
	Amortized Cost(1)						Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	19,108	$	17,051	$	9,447	$	19	$	197
15-year or less, amortizing fixed-rate	638		565		200		—		4
Adjustable-rate	99		85		53		—		1
Other	526		573		617		1		6
Total single-family	20,371		18,274		10,317		20		208
Multifamily	1,526		1,448		2,200		3		16
Total nonaccrual loans	$	21,897	$	19,722	$	12,517	$	23	$	224

	As of						For the Three Months Ended September 30, 2022		For the Nine Months Ended September 30, 2022
	September 30, 2022		June 30, 2022		December 31, 2021
	Amortized Cost(1)						Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	10,121	$	10,241	$	17,599	$	48	$	175
15-year or less, amortizing fixed-rate	235		245		430		1		3
Adjustable-rate	55		59		107		—		1
Other	591		698		1,101		3		9
Total single-family	11,002		11,243		19,237		52		188
Multifamily	1,231		1,317		1,259		12		25
Total nonaccrual loans	$	12,233	$	12,560	$	20,496	$	64	$	213

(1)Amortized cost is presented net of any write-offs, which are recognized when a loan balance is deemed uncollectible.

(2)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.