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Mortgage Loans (Tables)

9 Months Ended

Sep. 30, 2024

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

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


	As of
	September 30, 2024		December 31, 2023
	(Dollars in millions)
Single-family	$	3,630,285	$	3,641,385
Multifamily	476,472		461,247
Total unpaid principal balance of mortgage loans	4,106,757		4,102,632
Cost basis and fair value adjustments, net	39,557		41,729
Allowance for loan losses for HFI loans	(7,656)		(8,730)
Total mortgage loans(1)	$	4,138,658	$	4,135,631

(1)Excludes $10.9 billion and $10.4 billion of accrued interest receivable as of September 30, 2024 and December 31, 2023, respectively.

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 Three Months Ended September 30,				For the Nine Months Ended September 30,

		2024		2023		2024		2023
	(Dollars in millions)
Purchase of HFI loans:
Single-family unpaid principal balance		$	93,114	$	89,228	$	241,180	$	245,870
Multifamily unpaid principal balance		13,153		16,415		32,492		41,761

Single-family loans redesignated from HFI to HFS:
Amortized cost		$	820	$	3,122	$	1,272	$	3,122
Lower of cost or fair value adjustment at time of redesignation(1)		(101)		(638)		(139)		(638)
Allowance reversed at time of redesignation		5		47		8		47

Single-family loans redesignated from HFS to HFI:
Amortized cost		$	77	$	372	$	77	$	372

Single-family loans sold:
Unpaid principal balance		$	14	$	—	$	2,345	$	1,842
Realized gains (losses), net		—		—		13		17

(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, 2024
	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	$	32,625	$	8,534	$	17,678	$	58,837	$	3,186,644	$	3,245,481	$	401	$	3,589
15-year or less, amortizing fixed-rate	1,636		316		566		2,518		380,704		383,222		24		196
Adjustable-rate	165		32		89		286		25,446		25,732		3		20
Other(2)	530		144		417		1,091		20,556		21,647		24		187
Total single-family	34,956		9,026		18,750		62,732		3,613,350		3,676,082		452		3,992
Multifamily(3)	604		N/A		2,016		2,620		473,949		476,569		85		984
Total	$	35,560	$	9,026	$	20,766	$	65,352	$	4,087,299	$	4,152,651	$	537	$	4,976


	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

(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. The tables below also 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 September 30, 2024 and Write-offs for the Nine Months Ended September 30, 2024, by Year of Origination(1)
	2024		2023		2022		2021		2020		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%	$	120,077	$	170,564	$	332,411	$	866,580	$	728,375	$	728,941	$	2,946,948
Greater than 80% and less than or equal to 90%	36,801		71,312		74,354		17,637		2,121		1,394		203,619
Greater than 90% and less than or equal to 100%	49,061		27,096		14,991		1,575		188		196		93,107
Greater than 100%	20		345		1,124		137		40		141		1,807
Total 20- and 30-year or more, amortizing fixed-rate	205,959		269,317		422,880		885,929		730,724		730,672		3,245,481
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	$	—	$	29	$	94	$	83	$	45	$	169	$	420
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	4,872		6,874		32,279		150,217		105,901		81,919		382,062
Greater than 80% and less than or equal to 90%	320		369		186		11		—		1		887
Greater than 90% and less than or equal to 100%	222		31		19		—		—		—		272
Greater than 100%	—		—		—		—		—		1		1
Total 15-year or less, amortizing fixed-rate	5,414		7,274		32,484		150,228		105,901		81,921		383,222
Current-year 15-year or less, amortizing fixed-rate write-offs	—		1		2		2		1		2		8
Adjustable-rate:
Less than or equal to 80%	1,392		1,884		4,521		5,544		1,520		8,693		23,554
Greater than 80% and less than or equal to 90%	355		520		753		37		5		2		1,672
Greater than 90% and less than or equal to 100%	189		145		144		4		—		1		483
Greater than 100%	—		3		20		—		—		—		23
Total adjustable-rate	1,936		2,552		5,438		5,585		1,525		8,696		25,732
Current-year adjustable-rate write-offs	—		—		—		—		—		1		1
Other:
Less than or equal to 80%	—		—		—		—		—		17,669		17,669
Greater than 80% and less than or equal to 90%	—		—		—		—		—		61		61
Greater than 90% and less than or equal to 100%	—		—		—		—		—		32		32
Greater than 100%	—		—		—		—		—		26		26
Total other	—		—		—		—		—		17,788		17,788
Current-year other write-offs	—		—		—		—		—		15		15

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	126,341	$	179,322	$	369,211	$	1,022,341	$	835,796	$	837,222	$	3,370,233
Greater than 80% and less than or equal to 90%	37,476		72,201		75,293		17,685		2,126		1,458		206,239
Greater than 90% and less than or equal to 100%	49,472		27,272		15,154		1,579		188		229		93,894
Greater than 100%	20		348		1,144		137		40		168		1,857
Total	$	213,309	$	279,143	$	460,802	$	1,041,742	$	838,150	$	839,077	$	3,672,223
Total current-year write-offs	$	—	$	30	$	96	$	85	$	46	$	187	$	444


	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

(1)Excludes amortized cost of $3.9 billion and $5.5 billion as of September 30, 2024 and December 31, 2023, 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, 2024 and year ended December 31, 2023, it also excludes write-offs of $43 million and $7 million, respectively, 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. The tables below also 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 September 30, 2024 and Write-offs for the Nine Months Ended September 30, 2024, by Year of Origination(1)
	2024		2023		2022		2021		2020		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$	28,467	$	52,958	$	49,722	$	59,753	$	72,329	$	181,698	$	444,927
Special mention(3)	49		43		7		369		58		128		654
Substandard(4)	90		1,080		9,435		3,650		2,271		14,451		30,977
Doubtful(5)	—		4		—		—		—		7		11
Total	$	28,606	$	54,085	$	59,164	$	63,772	$	74,658	$	196,284	$	476,569
Current-year write-offs	$	—	$	34	$	191	$	16	$	21	$	133	$	395


	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

(1)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 seniors housing loans with an amortized cost of $4.5 billion and $6.9 billion as of September 30, 2024 and December 31, 2023, 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 periods indicated, presented by portfolio segment and class of financing receivable.


	For the Three Months Ended September 30, 2024
	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	$	5,782	$	2,379	$	4,315	$	2,405	$	53	$	14,934	*
15-year or less, amortizing fixed-rate	239		77		140		1		—		457		*
Adjustable-rate	29		9		17		—		2		57		*
Other	32		24		50		22		8		136		1	%
Total single-family	6,082		2,489		4,522		2,428		63		15,584		*
Multifamily	328		—		—		—		60		388		*
Total(3)	$	6,410	$	2,489	$	4,522	$	2,428	$	123	$	15,972	*


	For the Nine Months Ended September 30, 2024
	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	$	8,373	$	8,312	$	7,542	$	6,908	$	114	$	31,249	1	%
15-year or less, amortizing fixed-rate	352		265		255		3		1		876		*
Adjustable-rate	45		36		26		—		5		112		*
Other	48		102		104		77		31		362		2
Total single-family	8,818		8,715		7,927		6,988		151		32,599		1
Multifamily	330		—		—		—		64		394		*
Total(3)	$	9,148	$	8,715	$	7,927	$	6,988	$	215	$	32,993	1


	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

* 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 $269 million and $1.0 billion for the three and nine months ended September 30, 2024, respectively, and $276 million and $1.2 billion for the three and nine months ended September 30, 2023, respectively, for loans that were the subject of loss mitigation activity during the period that paid off, were repurchased or were 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.

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 Three Months Ended September 30,
	2024					2023
	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	0.59	%	160	$	12,928	1.05	%	167	$	16,464
15-year or less, amortizing fixed-rate	1.03		77	9,652		2.41		52	14,218
Adjustable-rate	2.88		—	11,157		1.97		—	12,980
Other	0.96		182	21,043		1.04		199	23,072


	For the Nine Months Ended September 30,
	2024					2023
	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	0.72	%	161	$	13,408	1.08	%	171	$	16,798
15-year or less, amortizing fixed-rate	1.82		84	11,538		2.22		70	14,588
Adjustable-rate	2.58		—	11,508		1.29		—	14,823
Other	0.86		162	18,705		1.31		188	21,396

(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. 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 Three Months Ended September 30, 2024
		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		$	1,438	$	774	$	11	$	2,223
15-year or less, amortizing fixed-rate		40		—		—		40
Adjustable-rate		4		—		—		4
Other		17		9		6		32
Total single-family		1,499		783		17		2,299
Multifamily		—		—		—		—
Total loans that subsequently defaulted(1)(2)		$	1,499	$	783	$	17	$	2,299


		For the Nine Months Ended September 30, 2024
		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		$	2,592	$	1,383	$	25	$	4,000
15-year or less, amortizing fixed-rate		73		—		—		73
Adjustable-rate		7		—		2		9
Other		33		15		12		60
Total single-family		2,705		1,398		39		4,142
Multifamily		—		—		4		4
Total loans that subsequently defaulted(1)(2)		$	2,705	$	1,398	$	43	$	4,146


	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)(2)	$	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)(2)	$	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.

(2) The substantial majority of loans that received a completed modification or a payment deferral during for the three months ended September 30, 2024 did not default during the third quarter of 2024. The substantial majority of loans that received a completed modification or a payment deferral during the three months ended September 30, 2023 did not default during the third quarter of 2023.

The following tables display an aging analysis of HFI mortgage loans that were restructured during the twelve months prior to September 30, 2024 and September 30, 2023, respectively, presented by portfolio segment and class of financing receivable.


	As of September 30, 2024(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	$	4,240	$	2,874	$	11,401	$	18,515	$	12,891	$	31,406
15-year or less, amortizing fixed-rate	118		93		349		560		379		939
Adjustable-rate	13		7		50		70		46		116
Other	60		32		127		219		166		385
Total single-family loans modified	4,431		3,006		11,927		19,364		13,482		32,846
Multifamily	—		N/A		323		323		823		1,146
Total loans restructured(3)	$	4,431	$	3,006	$	12,250	$	19,687	$	14,305	$	33,992


	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 three months ended September 30, 2024 were not delinquent as of September 30, 2024. The substantial majority of loans that received a completed modification or a payment deferral during three months ended September 30, 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 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,
		2024		2023		2024		2023
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$	95	$	80	$	274	$	233
Multifamily		20		3		24		36

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, 2024		For the Nine Months Ended September 30, 2024
	September 30, 2024		June 30, 2024		December 31, 2023
	Amortized Cost(1)						Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	22,662	$	22,183	$	21,971	$	35	$	262
15-year or less, amortizing fixed-rate	704		704		727		1		6
Adjustable-rate	110		117		109		—		1
Other	480		496		508		1		7
Total single-family	23,956		23,500		23,315		37		276
Multifamily	2,259		1,836		1,890		2		35
Total nonaccrual loans	$	26,215	$	25,336	$	25,205	$	39	$	311


	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

(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 single-family, interest income recognized includes payments received on nonaccrual loans held as of period end.