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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Investments in securities $ 993 $ 1,075 $ 2,829 $ 3,157
Mortgage loans 36,390 33,711 107,223 98,503
Other 629 629 2,033 1,665
Total interest income 38,012 35,415 112,085 103,325
Interest expense:        
Short-term debt (137) (201) (462) (503)
Long-term debt (30,600) (27,994) (90,057) (81,781)
Total interest expense (30,737) (28,195) (90,519) (82,284)
Net interest income 7,275 7,220 21,566 21,041
Benefit (provision) for credit losses 27 652 507 1,786
Net interest income after benefit (provision) for credit losses 7,302 7,872 22,073 22,827
Investment gains (losses), net 12 8 (28) (34)
Fair value gains (losses), net 52 795 979 1,403
Fee and other income 66 76 206 209
Non-interest income 130 879 1,157 1,578
Administrative expenses:        
Salaries and employee benefits (500) (477) (1,507) (1,424)
Professional services (203) (211) (622) (587)
Other administrative expenses (222) (209) (664) (618)
Total administrative expenses (925) (897) (2,793) (2,629)
TCCA fees (862) (860) (2,581) (2,571)
Credit enhancement expense (411) (390) (1,235) (1,115)
Change in expected credit enhancement recoveries 89 (128) 189 (168)
Other expenses, net (270) (535) (720) (922)
Total expenses (2,379) (2,810) (7,140) (7,405)
Income before federal income taxes 5,053 5,941 16,090 17,000
Provision for federal income taxes (1,009) (1,242) (3,242) (3,535)
Net income 4,044 4,699 12,848 13,465
Other comprehensive income (loss) 3 (18) 0 (17)
Total comprehensive income 4,047 4,681 12,848 13,448
Dividends distributed or amounts attributable to senior preferred stock (4,047) (4,681) (12,848) (13,448)
Net income (loss) attributable to common stockholders, basic (3) 18 0 17
Net income (loss) attributable to common stockholders, diluted $ (3) $ 18 $ 0 $ 17
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) 5,867 5,893 5,893 5,893