Mortgage Loans

12 Months Ended

Dec. 31, 2023

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

Mortgage Loans

Mortgage LoansWe own single-family mortgage loans, which are secured by four or fewer residential dwelling units, and multifamily

mortgage loans, which are secured by five or more residential dwelling units. We classify these loans as either HFI or

HFS. Unless otherwise noted, within “Note 4, Mortgage Loans,” we report the amortized cost of HFI loans for which we

have not elected the fair value option at the unpaid principal balance, net of unamortized premiums and discounts,

hedge-related basis adjustments, other cost basis adjustments, and accrued interest receivable. Within our consolidated

balance sheets, we present accrued interest receivable, net separately from the amortized cost of our loans held for

investment. We report the carrying value of HFS loans at the lower of cost or fair value and record valuation changes in

“Investment gains (losses), net” in our consolidated statements of operations and comprehensive income.

Within our single-family mortgage loan disclosures below, we display loans by class of financing receivable type.

Financing receivable classes used for disclosure consist of: “20- and 30-year or more, amortizing fixed-rate,” “15-year or

less, amortizing fixed-rate,” “Adjustable-rate,” and “Other.” The “Other” class primarily consists of reverse mortgage

loans, interest-only loans, negative-amortizing loans and second liens.

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

	As of December 31,
	2023	2022
	(Dollars in millions)
Single-family	$3,641,385	$3,644,158
Multifamily	461,247	431,440
Total unpaid principal balance of mortgage loans	4,102,632	4,075,598
Cost basis and fair value adjustments, net	41,729	50,185
Allowance for loan losses for HFI loans	(8,730)	(11,347)
Total mortgage loans(1)	$4,135,631	$4,114,436

(1)Excludes $10.4 billion and $9.5 billion of accrued interest receivable, net of allowance as of December 31, 2023 and 2022.

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

mortgage loans during the period.

	For the Year Ended December 31,
	2023	2022	2021
	(Dollars in millions)
Purchase of HFI loans:
Single-family unpaid principal balance	$315,990	$614,836	$1,354,705
Multifamily unpaid principal balance	52,829	69,206	69,185
Single family loans redesignated from HFI to HFS:
Amortized cost	$3,334	$7,825	$16,606
Lower of cost or fair value adjustment at time of redesignation(1)	(658)	(679)	(372)
Allowance reversed at time of redesignation	42	373	1,605
Single family loans redesignated from HFS to HFI:
Amortized cost	$372	$2,004	$5
Single-family loans sold:
Unpaid principal balance	$2,573	$8,069	$16,977
Realized gains, net	10	126	1,624

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

The amortized cost of single-family mortgage loans for which formal foreclosure proceedings were in process was $4.6

billion as of December 31, 2023 and 2022. As a result of our various loss mitigation and foreclosure prevention efforts,

we expect that a portion of the loans in the process of formal foreclosure proceedings will not ultimately foreclose.

Aging Analysis

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 December 31, 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		$33,119	$8,093	$18,659	$59,871	$3,148,171	$3,208,042	$1,371	$3,457
15-year or less, amortizing fixed-rate		1,846	319	650	2,815	425,598	428,413	74	176
Adjustable-rate		184	42	100	326	26,032	26,358	11	21
Other(2)		586	171	562	1,319	23,772	25,091	148	228
Total single-family		35,735	8,625	19,971	64,331	3,623,573	3,687,904	1,604	3,882
Multifamily(3)		449	N/A	1,699	2,148	459,206	461,354	171	594
Total		$36,184	$8,625	$21,670	$66,479	$4,082,779	$4,149,258	$1,775	$4,476

	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 and Write-offs by Year of Origination

The estimated mark-to-market LTV ratio is a primary factor we consider when estimating our allowance for loan losses

for single-family loans. As LTV ratios increase, the borrower’s equity in the home decreases, which may negatively

affect the borrower’s ability to refinance or to sell the property for an amount at or above the outstanding balance of the

loan.

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 periods beginning January 1, 2023,

the tables below include 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 December 31, 2023 and Write-offs for the year ended December 31, 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%	$148,641	$314,384	$889,434	$767,596	$136,654	$648,964	$2,905,673
Greater than 80% and less than or equal to 90%	57,686	95,509	38,790	3,424	804	1,082	197,295
Greater than 90% and less than or equal to 100%	61,658	35,602	4,002	363	71	189	101,885
Greater than 100%	1,000	1,764	189	47	17	172	3,189
Total 20- and 30-year or more, amortizing fixed-rate	268,985	447,259	932,415	771,430	137,546	650,407	3,208,042
Current-year 20- and 30-year or more,     amortizing fixed-rate write-offs	$2	$35	$53	$45	$108	$560	$803
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	7,110	35,224	165,294	117,795	17,162	84,222	426,807
Greater than 80% and less than or equal to 90%	581	647	52	2	—	1	1,283
Greater than 90% and less than or equal to 100%	259	58	1	—	—	1	319
Greater than 100%	1	2	—	—	—	1	4
Total 15-year or less, amortizing fixed-rate	7,951	35,931	165,347	117,797	17,162	84,225	428,413
Current-year 15-year or less, amortizing      fixed-rate write-offs	—	—	1	1	1	5	8
Adjustable-rate:
Less than or equal to 80%	1,566	4,452	5,945	1,654	710	9,716	24,043
Greater than 80% and less than or equal to 90%	499	1,030	90	6	2	3	1,630
Greater than 90% and less than or equal to 100%	299	330	11	—	—	1	641
Greater than 100%	14	29	1	—	—	—	44
Total adjustable-rate	2,378	5,841	6,047	1,660	712	9,720	26,358
Current-year adjustable-rate write-offs	—	1	—	—	—	2	3
Other:
Less than or equal to 80%	—	—	—	—	27	19,418	19,445
Greater than 80% and less than or equal to 90%	—	—	—	—	—	81	81
Greater than 90% and less than or equal to 100%	—	—	—	—	—	39	39
Greater than 100%	—	—	—	—	—	35	35
Total other	—	—	—	—	27	19,573	19,600
Current-year other write-offs	—	—	—	—	—	52	52
Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$157,317	$354,060	$1,060,673	$887,045	$154,553	$762,320	$3,375,968
Greater than 80% and less than or equal to 90%	58,766	97,186	38,932	3,432	806	1,167	200,289
Greater than 90% and less than or equal to 100%	62,216	35,990	4,014	363	71	230	102,884
Greater than 100%	1,015	1,795	190	47	17	208	3,272
Total	$279,314	$489,031	$1,103,809	$890,887	$155,447	$763,925	$3,682,413
Total current-year write-offs	$2	$36	$54	$46	$109	$619	$866

	Credit Quality Indicators 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 $5.5 billion and $9.5 billion as of December 31, 2023 and 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 year ended December 31, 2023, it also excludes $7 million in write-offs, 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

include 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 December 31, 2023 and Write-offs for the year ended December 31, 2023, by Year of Origination(1)
	2023	2022	2021	2020	2019	Prior	Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$49,944	$51,380	$60,563	$72,791	$56,901	$136,860	$428,439
Special mention(3)	4	11	181	32	46	130	404
Substandard(4)	521	9,517	3,654	2,703	3,893	12,188	32,476
Doubtful(5)	25	—	—	—	10	—	35
Total	$50,494	$60,908	$64,398	$75,526	$60,850	$149,178	$461,354
Current-year write-offs	$—	$3	$4	$6	$23	$365	$401

	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 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 loans in our seniors

housing portfolio with an amortized cost of $6.9 billion and $9.2 billion as of December 31, 2023 and 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.

Loss Mitigation Options for Borrowers Experiencing Financial

Difficulty

As part of our loss mitigation activities, we may agree to modify the contractual terms of a loan to a borrower

experiencing financial difficulty. In addition to loan modifications, we also provide other loss mitigation options to assist

borrowers who experience financial difficulties.

Below we provide disclosures relating to loan restructurings where borrowers were experiencing financial difficulty,

including restructurings that resulted in an insignificant payment delay. The disclosures exclude loans classified as held

for sale and those for which we have elected the fair value option. See “Note 1, Summary of Significant Accounting

Policies” for additional information on our accounting policies for single-family and multifamily loans that have been

restructured.

Single-Family Loan Restructurings

We offer several types of restructurings to single-family borrowers that may result in a payment delay, interest rate

reduction, term extension, or combination thereof. We do not typically offer principal forgiveness.

We offer the following types of restructurings to single-family borrowers that only result in a payment delay:

•a forbearance plan is a short-term loss mitigation option which grants a period of time (typically in 6-month

increments and generally do not exceed a total of 12 months) during which the borrower’s monthly payment

obligations are reduced or suspended. A forbearance plan does not impact our reporting of when a loan is

considered past due, which remains based on the contractual terms of the loan. Borrowers may exit a

forbearance plan by repaying all past due amounts to fully reinstate the loan, paying off the loan in full, or

entering into another loss mitigation option, such as a repayment plan, a payment deferral, or a loan

modification.

•a repayment plan is a short-term loss mitigation option that allows borrowers a specific period of time to return

the loan to current status by paying the regular monthly payment plus additional agreed-upon delinquent

amounts (generally for a period up to 12 months and the monthly repayment plan amount must not exceed

150% of the contractual mortgage payment). A repayment plan does not impact our reporting of when a loan is

considered past due, which remains based on the contractual terms of the loan. At the end of the repayment

plan, the borrower resumes making the regular monthly payment; and

•a payment deferral is a loss mitigation option which defers the repayment of the delinquent principal and

interest payments and other eligible default-related amounts that were advanced on behalf of the borrower by

converting them into a non-interest-bearing balance due at the earlier of the payoff date, the maturity date, or

sale or transfer of the property. The remaining mortgage terms, interest rate, payment schedule, and maturity

date remain unchanged, and no trial period is required. The number of months of payments deferred varies

based on the types of hardships the borrower is facing.

We also offer single-family borrowers loan modifications, which contractually change the terms of the loan. Our loan

modification programs generally require completion of a trial period of three to four months where the borrower makes

reduced monthly payments prior to receiving the modification. During the trial period, the mortgage loan is not

contractually modified and continues to be reported as past due according to its contractual terms. The reduced

payments that are made by the borrower during the trial period will result in a payment delay with respect to the original

contractual terms of the loan. After successful completion of the trial period, and the borrower’s execution of a

modification agreement, the mortgage loan is contractually modified.

Our loan modifications include the following concessions:

•capitalization of past due amounts, a form of payment delay, which capitalizes interest and other eligible default

related amounts that were advanced on behalf of the borrower that are past due into the unpaid principal

balance; and

•a term extension, which typically extends the contractual maturity date of the loan to 40 years from the effective

date of the modification.

In addition to these concessions, loan modifications may also include an interest rate reduction, which reduces the

contractual interest rate of the loan, or a principal forbearance, which is another form of payment delay that includes

forbearing repayment of a portion of the principal balance as a non-interest bearing amount that is due at the earlier of

the payoff date, the maturity date, or sale or transfer of the property.

Multifamily Loan Restructurings

For multifamily borrowers, loan restructurings include short-term forbearance plans and loan modification programs,

which primarily result in term extensions of up to one year with no change to the loan’s interest rate. In certain cases,

we may make more significant modifications of terms for borrowers experiencing financial difficulty, such as reducing the

interest rate, converting to interest-only payments, extending the maturity for longer than one year, providing principal

forbearance, or some combination of these terms. In some instances when a loan is restructured, we may require

additional collateral, which may take the form of a guaranty from another entity, to further mitigate the risk of

nonperformance.

Restructurings for Borrowers Experiencing Financial Difficulty

The following tables display the amortized cost of HFI mortgage loans that were restructured, presented by portfolio

segment and class of financing receivable.

	For the Year Ended December 31, 2023
	Payment Delay (Only)
	Forbearance Plan	Payment Deferral	Trial Modification and Repayment Plans	Payment Delay and Term Extension(1)	Payment Delay, Term Extension, Interest Rate Reduction, and Other(1)	Total	Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$10,935	$10,653	$7,146	$6,728	$380	$35,842	1%
15-year or less, amortizing fixed- rate	472	421	273	2	1	1,169	*
Adjustable-rate	65	36	27	—	9	137	1
Other	120	136	142	115	74	587	2
Total single-family	11,592	11,246	7,588	6,845	464	37,735	1
Multifamily	562	—	—	—	992	1,554	*
Total(3)	$12,154	$11,246	$7,588	$6,845	$1,456	$39,289	1%

	For the Year Ended December 31, 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	$15,697	$16,875	$5,287	$4,109	$11,342	$53,310	2%
15-year or less, amortizing fixed-rate	794	875	233	3	2	1,907	*
Adjustable-rate	90	76	36	—	39	241	1
Other	296	369	181	121	450	1,417	4
Total single-family	16,877	18,195	5,737	4,233	11,833	56,875	2
Multifamily	283	—	—	—	40	323	*
Total(3)	$17,160	$18,195	$5,737	$4,233	$11,873	$57,198	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 $1.8 billion and $4.0 billion for the year ended December 31, 2023 and December 31, 2022, respectively, for loans that received

a loss mitigation activity during the period that paid off, 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.

Our estimate of future credit losses uses a lifetime methodology, derived from modeled loan performance based on the

extensive historical experience of loans with similar risk characteristics, adjusted to reflect current conditions and

reasonable and supportable forecasts. The historical loss experience used in our single-family and multifamily credit

loss models includes the impact of the loss mitigation options provided to borrowers experiencing financial difficulty, and

also includes the impact of projected loss severities as a result of a loan default.

The following table summarizes the financial impacts of loan modifications and payment deferrals made to single-family

HFI loans presented by class of financing receivable. We discuss the qualitative impacts of forbearance plans,

repayment plans, and trial modifications earlier in this footnote. As a result, those loss mitigation options are excluded

from the table below.

	For the Year Ended December 31,
	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	1.06%	171	$16,186	1.42%	179	$22,248
15-year or less, amortizing fixed-rate	1.62	72	14,236	2.54	55	19,276
Adjustable-rate	1.62	—	14,608	0.70	—	22,153
Other	1.36	189	20,910	1.80	187	22,773

(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 table displays 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 fourth quarter of 2023 did not default

during the period. For purposes of this disclosure, 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 Year Ended December 31, 2023
		Payment Delay as a Result of a Payment Deferral (Only)	Payment Delay and Term Extension	Payment Delay, Term Extension, Interest Rate Reduction, and Other	Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$1,933	$1,078	$233	$3,244
15-year or less, amortizing fixed-rate		57	—	1	58
Adjustable-rate		5	—	2	7
Other		23	22	19	64
Total single-family		2,018	1,100	255	3,373
Multifamily		—	—	—	—
Total loans that subsequently defaulted(1)		$2,018	$1,100	$255	$3,373

(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 December 31, 2022 and that defaulted in the

period presented. The substantial majority of loans that received a completed modification or a payment deferral during

the fourth quarter of 2022 did not default during the period.

	For the Year Ended December 31, 2022
		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		$1,695	$258	$648	$2,601
15-year or less, amortizing fixed-rate		56	—	—	56
Adjustable-rate		7	—	3	10
Other		41	11	42	94
Total single-family		1,799	269	693	2,761
Multifamily		—	—	—	—
Total loans that subsequently defaulted(1)		$1,799	$269	$693	$2,761

(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 tables display an aging analysis of HFI mortgage loans that were restructured during the twelve months

prior to December 31, 2023 and December 31, 2022, respectively, presented by portfolio segment and class of

financing receivable.

	As of December 31, 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	$3,520	$2,323	$11,955	$17,798	$13,598	$31,396
15-year or less, amortizing fixed-rate	111	76	409	596	473	1,069
Adjustable-rate	11	9	56	76	50	126
Other	61	39	165	265	252	517
Total single-family loans modified	3,703	2,447	12,585	18,735	14,373	33,108
Multifamily	—	N/A	557	557	998	1,555
Total loans restructured(3)	$3,703	$2,447	$13,142	$19,292	$15,371	$34,663

	As of December 31, 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	$4,113	$2,785	$13,995	$20,893	$27,379	$48,272
15-year or less, amortizing fixed-rate	147	114	552	813	962	1,775
Adjustable-rate	15	14	79	108	117	225
Other	113	67	365	545	755	1,300
Total single-family loans modified	4,388	2,980	14,991	22,359	29,213	51,572
Multifamily	3	N/A	265	268	55	323
Total loans restructured(3)	$4,391	$2,980	$15,256	$22,627	$29,268	$51,895

(1)As of December, 31 2023, the substantial majority of loans that received a completed modification or a payment deferral during the fourth

quarter of 2023 were not delinquent as of December 31, 2023. As of December 31, 2022, the substantial majority of loans that received a

completed modification or a payment deferral during the fourth quarter of 2022 were not delinquent as of December 31, 2022.

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

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

Troubled Debt Restructuring Disclosures Prior to Our Adoption of ASU 2022-02

Prior to our adoption of ASU 2022-02, we accounted for a modification to the contractual terms of a loan that resulted in

granting a concession to a borrower experiencing financial difficulties as a TDR. In addition to formal loan modifications,

we accounted for informal restructurings as a TDR if we deferred more than three missed payments to a borrower

experiencing financial difficulty. We also classified bankruptcy relief provided to certain borrowers as TDRs. However,

our TDR accounting described herein was suspended for most of our loss mitigation activities through our election to

account for certain eligible loss mitigation activities occurring between March 2020 and January 1, 2022 under the

COVID-19 relief granted pursuant to the CARES Act and the Consolidated Appropriations Act of 2021. Effective January

1, 2022, we adopted ASU 2022-02, which eliminated TDR accounting prospectively for all restructurings occurring on or

after January 1, 2022. Loans that were restructured in a TDR prior to the adoption of ASU 2022-02 will continue to be

accounted for under the historical TDR accounting until the loan is paid off, liquidated or subsequently modified.

The substantial majority of the loan modifications accounted for as TDRs resulted from a payment delay, term

extension, interest rate reduction or a combination thereof. The average term extension of a single-family modified loan

was 145 months for the year ended December 31, 2021. The average interest rate reduction was 0.57 percentage

points for the year ended December 31, 2021.

The following table displays the number of loans and amortized cost of loans classified as a TDR during the period.

	For the Year Ended December 31, 2021
	Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed rate	10,815	$1,717
15-year or less, amortizing fixed rate	1,165	93
Adjustable-rate	116	17
Other	524	56
Total single-family	12,620	1,883
Multifamily	—	—
Total TDRs	12,620	$1,883

For loans that defaulted in the period presented and that were classified as a TDR in the twelve months prior to the

default, the following table displays the number of loans and the amortized cost of these loans at the time of payment

default. For purposes of this disclosure, we define loans that had a payment default as: single-family and multifamily

loans with completed modifications that liquidated during the period, either through foreclosure, deed-in-lieu of

foreclosure, or a short sale; 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 the Year Ended December 31, 2021
	Number of Loans	Amortized Cost
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed rate	7,799	$1,302
15-year or less, amortizing fixed rate	489	37
Adjustable-rate	33	5
Other	922	166
Total single-family	9,243	1,510
Multifamily	—	—
Total TDRs that subsequently defaulted	9,243	$1,510

Nonaccrual Loans

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

nonaccrual loans. See “Note 1, Summary of Significant Accounting Policies” for more information about our policy for

nonaccrual loans including information about our COVID-19-related nonaccrual policy.

		For the Year Ended December 31,
		2023	2022	2021
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$325	$61	$163
Multifamily		49	1	1

The table below includes 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 December 31,				For the Year Ended December 31,
	2023	2022	2021	2020	2023	2022	2021
	Amortized Cost(1)				Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$21,971	$9,447	$17,599	$22,907	$379	$207	$292
15-year or less, amortizing fixed- rate	727	200	430	853	9	4	6
Adjustable-rate	109	53	107	270	2	1	1
Other	508	617	1,101	2,475	10	11	15
Total single-family	23,315	10,317	19,237	26,505	400	223	314
Multifamily	1,890	2,200	1,259	2,069	41	75	14
Total nonaccrual loans	$25,205	$12,517	$20,496	$28,574	$441	$298	$328

(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.

Non-Cash Activities Related to Mortgage Loans

The table below displays non-cash activities related to mortgage loans.

		For the Year Ended December 31,
		2023	2022	2021
	(Dollars in millions)
Non-cash activities related to mortgage loans:
Mortgage loans acquired by assuming debt		$140,162	$246,883	$398,026
Net transfers from mortgage loans of Fannie Mae to mortgage loans of consolidated trusts		117,885	265,066	663,849
Mortgage loans received by consolidated trusts to satisfy advances to lenders		103,141	185,203	384,700
Transfers from mortgage loans to acquired property		4,160	2,344	3,000

Subsequent to the issuance of our 2022 consolidated financial statements, we identified an error in the disclosure of

non-cash activities of mortgage loans acquired by assuming debt, presented as supplemental information to the

consolidated statement of cash flows for the year ended December 31, 2022. We concluded that $61,678 million of non-

cash activities was excluded from the previously reported amount of $185,205 million in the disclosure. Therefore, we

restated the disclosure to $246,883 million for the year ended December 31, 2022. We concluded this correction was

immaterial to our consolidated financial statements for the year ended December 31, 2022.