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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income:    
Investments in securities $ 921 $ 981
Mortgage loans 35,216 32,137
Other 661 452
Total interest income 36,798 33,570
Interest expense:    
Short-term debt (195) (119)
Long-term debt (29,580) (26,665)
Total interest expense (29,775) (26,784)
Net interest income 7,023 6,786
Benefit (provision) for credit losses 180 (132)
Net interest income after benefit (provision) for credit losses 7,203 6,654
Investment gains (losses), net 22 (67)
Fair value gains, net 480 204
Fee and other income 72 63
Non-interest income 574 200
Administrative expenses:    
Salaries and employee benefits (511) (480)
Professional services (201) (184)
Other administrative expenses (217) (204)
Total administrative expenses (929) (868)
TCCA fees (860) (855)
Credit enhancement expense (419) (341)
Change in expected credit enhancement recoveries 63 120
Other expenses, net (199) (130)
Total expenses (2,344) (2,074)
Income before federal income taxes 5,433 4,780
Provision for federal income taxes (1,113) (1,008)
Net income 4,320 3,772
Other comprehensive income 4 0
Total comprehensive income 4,324 3,772
Dividends distributed or amounts attributable to senior preferred stock (4,324) (3,772)
Net income (loss) attributable to common stockholders, basic (4) 0
Net income (loss) attributable to common stockholders, diluted $ (4) $ 0
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) 5,867 5,867