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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income:        
Investments in securities $ 915 $ 1,101 $ 1,836 $ 2,082
Mortgage loans 35,617 32,655 70,833 64,792
Other 743 584 1,404 1,036
Total interest income 37,275 34,340 74,073 67,910
Interest expense:        
Short-term debt (130) (183) (325) (302)
Long-term debt (29,877) (27,122) (59,457) (53,787)
Total interest expense (30,007) (27,305) (59,782) (54,089)
Net interest income 7,268 7,035 14,291 13,821
Benefit (provision) for credit losses 300 1,266 480 1,134
Net interest income after benefit (provision) for credit losses 7,568 8,301 14,771 14,955
Investment gains (losses), net (62) 25 (40) (42)
Fair value gains (losses), net 447 404 927 608
Fee and other income 68 70 140 133
Non-interest income 453 499 1,027 699
Administrative expenses:        
Salaries and employee benefits (496) (467) (1,007) (947)
Professional services (218) (192) (419) (376)
Other administrative expenses (225) (205) (442) (409)
Total administrative expenses (939) (864) (1,868) (1,732)
TCCA fees (859) (856) (1,719) (1,711)
Credit enhancement expense (405) (384) (824) (725)
Change in expected credit enhancement recoveries 37 (160) 100 (40)
Other expenses, net (251) (257) (450) (387)
Total expenses (2,417) (2,521) (4,761) (4,595)
Income before federal income taxes 5,604 6,279 11,037 11,059
Provision for federal income taxes (1,120) (1,285) (2,233) (2,293)
Net income 4,484 4,994 8,804 8,766
Other comprehensive income (loss) (7) 1 (3) 1
Total comprehensive income 4,477 4,995 8,801 8,767
Dividends distributed or amounts attributable to senior preferred stock (4,477) (4,995) (8,801) (8,767)
Net income (loss) attributable to common stockholders, basic 7 (1) 3 (1)
Net income (loss) attributable to common stockholders, diluted $ 7 $ (1) $ 3 $ (1)
Earnings per share, Basic (in usd per share) $ 0.00 $ 0.00 $ 0.00 $ 0.00
Earnings per share, Diluted (in usd per share) $ 0.00 $ 0.00 $ 0.00 $ 0.00
Weighted-average common shares outstanding, Basic (shares) 5,867 5,867 5,867 5,867
Weighted-average common shares outstanding, Diluted (shares) 5,893 5,867 5,893 5,867