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Mortgage Loans
12 Months Ended
Dec. 31, 2024
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,
2024
2023
(Dollars in millions)
Single-family
$3,619,838
$3,641,385
Multifamily
490,358
461,247
Total unpaid principal balance of mortgage loans
4,110,196
4,102,632
Cost basis and fair value adjustments, net
35,517
41,729
Allowance for loan losses for HFI loans
(7,707)
(8,730)
Total mortgage loans(1)
$4,138,006
$4,135,631
(1)Excludes $10.8 billion and $10.4 billion of accrued interest receivable as of December 31, 2024 and 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 Year Ended December 31,
2024
2023
2022
(Dollars in millions)
Purchase of HFI loans:
Single-family unpaid principal balance
$325,243
$315,990
$614,836
Multifamily unpaid principal balance
54,661
52,829
69,206
Single-family loans redesignated from HFI to HFS:
Amortized cost
$2,329
$3,334
$7,825
Lower of cost or fair value adjustment at time of redesignation(1)
(270)
(658)
(679)
Allowance reversed at time of redesignation
21
42
373
Single-family loans redesignated from HFS to HFI:
Amortized cost
$77
$372
$2,004
Single-family loans sold:
Unpaid principal balance
$4,488
$2,573
$8,069
Realized gains, net
35
10
126
(1)Consists of the write-off against the allowance at the time of redesignation.
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, 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
$34,339
$9,582
$20,004
$63,925
$3,183,403
$3,247,328
$329
$3,790
15-year or less,
amortizing
fixed-rate
1,545
352
616
2,513
367,214
369,727
16
208
Adjustable-rate
158
45
92
295
24,723
25,018
3
18
Other(2)
488
143
407
1,038
19,568
20,606
21
184
Total single-family
36,530
10,122
21,119
67,771
3,594,908
3,662,679
369
4,200
Multifamily(3)
491
N/A
2,060
2,551
487,176
489,727
76
1,070
Total
$37,021
$10,122
$23,179
$70,322
$4,082,084
$4,152,406
$445
$5,270
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.
The amortized cost of single-family mortgage loans for which formal foreclosure proceedings were in process was $4.7
billion and $4.6 billion as of December 31, 2024 and 2023, respectively. 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.
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 as well as 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, 2024 and Write-offs for the year ended
December 31, 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%
$156,136
$161,237
$324,160
$849,984
$714,620
$710,162
$2,916,299
Greater than 80% and less than or equal to 90%
53,904
67,163
71,059
18,333
2,078
1,338
213,875
Greater than 90% and less than or equal to 100%
67,749
27,468
16,801
1,757
233
205
114,213
Greater than 100%
266
670
1,616
208
48
133
2,941
Total 20- and 30-year or more, amortizing fixed-rate
278,055
256,538
413,636
870,282
716,979
711,838
3,247,328
Current-year 20- and 30-year or more,
    amortizing fixed-rate write-offs
$2
$43
$130
$114
$71
$261
$621
15-year or less, amortizing fixed-rate:
Less than or equal to 80%
7,508
6,455
31,140
145,254
102,032
75,904
368,293
Greater than 80% and less than or equal to 90%
576
314
168
11
1,069
Greater than 90% and less than or equal to 100%
323
24
16
1
364
Greater than 100%
1
1
Total 15-year or less, amortizing fixed-rate
8,407
6,793
31,325
145,266
102,032
75,904
369,727
Current-year 15-year or less, amortizing 
    fixed-rate write-offs
1
2
2
1
4
10
Adjustable-rate:
Less than or equal to 80%
1,471
1,790
4,369
5,400
1,478
8,159
22,667
Greater than 80% and less than or equal to 90%
434
502
729
44
5
2
1,716
Greater than 90% and less than or equal to 100%
272
154
165
4
1
1
597
Greater than 100%
8
29
1
38
Total adjustable-rate
2,177
2,454
5,292
5,449
1,484
8,162
25,018
Current-year adjustable-rate write-offs
1
1
2
Other:
Less than or equal to 80%
16,945
16,945
Greater than 80% and less than or equal to 90%
58
58
Greater than 90% and less than or equal to 100%
27
27
Greater than 100%
24
24
Total other
17,054
17,054
Current-year other write-offs
37
37
Total for all classes by LTV ratio:(2)
Less than or equal to 80%
$165,115
$169,482
$359,669
$1,000,638
$818,130
$811,170
$3,324,204
Greater than 80% and less than or equal to 90%
54,914
67,979
71,956
18,388
2,083
1,398
216,718
Greater than 90% and less than or equal to 100%
68,344
27,646
16,982
1,762
234
233
115,201
Greater than 100%
266
678
1,646
209
48
157
3,004
Total
$288,639
$265,785
$450,253
$1,020,997
$820,495
$812,958
$3,659,127
Total current-year write-offs
$2
$44
$133
$116
$72
$303
$670
Credit Quality Indicators 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 $3.6 billion and $5.5 billion as of December 31, 2024 and 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 years ended December 31, 2024 and 2023, it also excludes write-offs of $47 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 December 31, 2024 and Write-offs for the
year ended December 31, 2024, by Year of Origination(1)
2024
2023
2022
2021
2020
Prior
Total
(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)
$49,867
$51,194
$49,570
$59,687
$71,657
$175,887
$457,862
Special mention(3)
54
68
165
353
162
280
1,082
Substandard(4)
429
2,626
9,045
3,259
2,500
12,820
30,679
Doubtful(5)
42
62
104
Total
$50,350
$53,930
$58,780
$63,361
$74,319
$188,987
$489,727
Current-year write-offs
$
$81
$192
$16
$27
$189
$505
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 loans in our seniors
housing portfolio with an amortized cost of $3.8 billion and $6.9 billion as of December 31, 2024 and 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.
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.
Loan modifications include the following concessions as necessary to achieve a targeted payment reduction as outlined
by our Servicing Guide:
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 may extend the contractual maturity date of the loan up 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, during the periods
indicated, presented by portfolio segment and class of financing receivable.
For the Year Ended December 31, 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
$11,545
$10,786
$8,473
$8,750
$165
$39,719
1%
15-year or less,
amortizing fixed-
rate
476
342
276
4
1
1,099
*
Adjustable-rate
58
38
29
8
133
1
Other
67
122
102
76
37
404
2
Total single-family
12,146
11,288
8,880
8,830
211
41,355
1
Multifamily
151
1,119
1,270
*
Total(3)
$12,297
$11,288
$8,880
$8,830
$1,330
$42,625
1%
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 $1.7 billion, $1.8 billion and $4.0 billion for the years ended December 31, 2024, 2023 and 2022, 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.
Our estimate of future credit losses uses a lifetime methodology, derived from modeled loan performance based on
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 tables summarize 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, 2024
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
0.68%
161
$13,000
15-year or less, amortizing fixed-rate
1.77
80
10,534
Adjustable-rate
2.55
10,710
Other
0.82
168
18,511
For the Year Ended December 31, 2023
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
15-year or less, amortizing fixed-rate
1.62
72
14,236
Adjustable-rate
1.62
14,608
Other
1.36
189
20,910
For the Year Ended December 31, 2022
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
1.42%
179
$22,248
15-year or less, amortizing fixed-rate
2.54
55
19,276
Adjustable-rate
0.70
22,153
Other
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 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 Year Ended December 31, 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
$3,209
$1,786
$35
$5,030
15-year or less, amortizing fixed-rate
79
79
Adjustable-rate
12
3
15
Other
37
13
14
64
Total single-family
3,337
1,799
52
5,188
Multifamily
Total loans that subsequently defaulted(1)(2)
$3,337
$1,799
$52
$5,188
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)
$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.
(2)The substantial majority of loans that received a completed modification or a payment deferral during the three months ended December
31, 2024 did not default during the fourth quarter of 2024. The substantial majority of loans that received a completed modification or a
payment deferral during the three months ended December 31, 2023 did not default during the fourth quarter of 2023.
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.
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)(2)
$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.
(2)The substantial majority of loans that received a completed modification or a payment deferral during for the three months ended
December 31, 2022 did not default during the fourth quarter of 2022.
The following tables display an aging analysis of HFI mortgage loans that were restructured during the twelve months
prior to December 31, 2024, 2023 and 2022, respectively, presented by portfolio segment and class of financing
receivable.
As of December 31, 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
$4,560
$3,649
$13,343
$21,552
$12,986
$34,538
15-year or less, amortizing
fixed-rate
123
113
398
634
372
1,006
Adjustable-rate
17
16
50
83
41
124
Other
48
34
129
211
132
343
Total single-family loans
modified
4,748
3,812
13,920
22,480
13,531
36,011
Multifamily
35
N/A
61
96
1,174
1,270
Total loans restructured(3)
$4,783
$3,812
$13,981
$22,576
$14,705
$37,281
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, 2024, the substantial majority of loans that received a completed modification or a payment deferral during the fourth
quarter of 2024 were not delinquent as of December 31, 2024. 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.
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.
For the Year Ended December 31,
2024
2023
2022
(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family
$391
$325
$61
Multifamily
32
49
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,
2024
2023
2022
2021
2024
2023
2022
Amortized Cost(1)
Total Interest Income Recognized(2)
(Dollars in millions)
Single-family:
20- and 30-year or more,
amortizing fixed-rate
$25,218
$21,971
$9,447
$17,599
$481
$379
$207
15-year or less, amortizing fixed-
rate
770
727
200
430
11
9
4
Adjustable-rate
114
109
53
107
3
2
1
Other
482
508
617
1,101
10
10
11
Total single-family
26,584
23,315
10,317
19,237
505
400
223
Multifamily
2,517
1,890
2,200
1,259
55
41
75
Total nonaccrual loans
$29,101
$25,205
$12,517
$20,496
$560
$441
$298
(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.
Non-Cash Activities Related to Mortgage Loans
The table below displays non-cash activities related to mortgage loans.
For the Year Ended December 31,
2024
2023
2022
(Dollars in millions)
Non-cash activities related to mortgage loans:
Mortgage loans acquired by assuming debt
$151,123
$140,162
$246,883
Net transfers from mortgage loans of Fannie Mae to mortgage loans of
consolidated trusts
123,333
117,885
265,066
Mortgage loans received by consolidated trusts to satisfy advances to lenders
94,294
103,141
185,203
Transfers from mortgage loans to other assets(1)
2,799
4,160
2,344
(1)Transfers from mortgage loans to other assets includes foreclosures, pre-foreclosure sales, third-party sales and conveyances.