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Mortgage Loans (Tables)
 6 Months Ended
Jun. 30, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Loans in Mortgage Portfolio
The following table displays the carrying value of our mortgage loans and allowance for loan losses.
As of
June 30, 2025December 31, 2024
(Dollars in millions)
Single-family
$3,593,460 $3,619,838 
Multifamily
501,559 490,358 
Total unpaid principal balance of mortgage loans
4,095,019 4,110,196 
Cost basis and fair value adjustments, net
33,359 35,517 
Allowance for loan losses for HFI loans
(8,247)(7,707)
Total mortgage loans(1)
$4,120,131 $4,138,006 
(1)Excludes $11.2 billion and $10.8 billion of accrued interest receivable as of June 30, 2025 and December 31, 2024, respectively.
The following table displays information about our purchase of HFI loans, redesignation of loans and sales of mortgage loans during the period.
For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
(Dollars in millions)
Purchase of HFI loans:
Single-family unpaid principal balance$83,567 $85,776 $147,194 $148,066 
Multifamily unpaid principal balance16,636 9,271 28,150 19,339 
Single-family loans redesignated from HFI to HFS:
Amortized cost
$194 $216 $704 $452 
Lower of cost or fair value adjustment at time of redesignation(1)
(21)(18)(90)(38)
Allowance reversed at time of redesignation
3 4 20 3 
Single-family loans sold:
Unpaid principal balance
$660 $1,832 $660 $2,331 
Realized gains (losses), net
7 8 7 13 
(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 June 30, 2025
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
$31,875 $8,194 $19,203 $59,272 $3,186,164 $3,245,436 $238 $3,444 
15-year or less, amortizing fixed-rate
1,373 277 558 2,208 341,928 344,136 11 188 
Adjustable-rate
150 36 92 278 24,783 25,061 1 18 
Other(2)
459 131 350 940 18,047 18,987 16 136 
Total single-family
33,857 8,638 20,203 62,698 3,570,922 3,633,620 266 3,786 
Multifamily(3)
671 N/A2,455 3,126 497,514 500,640 31 1,099 
Total
$34,528 $8,638 $22,658 $65,824 $4,068,436 $4,134,260 $297 $4,885 
 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/A2,060 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 
(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 June 30, 2025 and Write-offs for the Six Months Ended June 30, 2025, by Year of Origination(1)
20252024202320222021
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%
$67,747 $176,742 $164,943 $331,096 $827,820 $1,364,477 $2,932,825 
Greater than 80% and less than or equal to 90%
17,824 66,837 60,483 53,627 11,436 2,826 213,033 
Greater than 90% and less than or equal to 100%
26,261 43,876 14,036 10,517 1,382 363 96,435 
Greater than 100%
1 474 799 1,504 198 167 3,143 
Total 20- and 30-year or more, amortizing fixed-rate
111,833 287,929 240,261 396,744 840,836 1,367,833 3,245,436 
Current-year 20- and 30-year or more,
     amortizing fixed-rate write-offs		— 19 40 85 50 120 314 
15-year or less, amortizing fixed-rate:
Less than or equal to 80%
5,095 7,838 5,876 28,986 135,549 159,233 342,577 
Greater than 80% and less than or equal to 90%
401 537 165 75 4 — 1,182 
Greater than 90% and less than or equal to 100%
227 131 8 10 — — 376 
Greater than 100%
— — — 1 — — 1 
Total 15-year or less, amortizing fixed-rate
5,723 8,506 6,049 29,072 135,553 159,233 344,136 
Current-year 15-year or less, amortizing
     fixed-rate write-offs		— — 1 2 1 2 6 
Adjustable-rate:
Less than or equal to 80%
1,300 1,603 1,796 4,348 5,148 8,679 22,874 
Greater than 80% and less than or equal to 90%
261 432 403 534 20 5 1,655 
Greater than 90% and less than or equal to 100%
136 146 98 115 6 1 502 
Greater than 100%
— 1 7 21 1 — 30 
Total adjustable-rate
1,697 2,182 2,304 5,018 5,175 8,685 25,061 
Current-year adjustable-rate write-offs— — — 1 — — 1 
Other:
Less than or equal to 80%
— — — — — 15,780 15,780 
Greater than 80% and less than or equal to 90%
— — — — — 43 43 
Greater than 90% and less than or equal to 100%
— — — — — 21 21 
Greater than 100%
— — — — — 20 20 
Total other
— — — — — 15,864 15,864 
Current-year other write-offs— — — — — 25 25 
Total for all classes by LTV ratio:(2)
Less than or equal to 80%
$74,142 $186,183 $172,615 $364,430 $968,517 $1,548,169 $3,314,056 
Greater than 80% and less than or equal to 90%
18,486 67,806 61,051 54,236 11,460 2,874 215,913 
Greater than 90% and less than or equal to 100%
26,624 44,153 14,142 10,642 1,388 385 97,334 
Greater than 100%
1 475 806 1,526 199 187 3,194 
Total
$119,253 $298,617 $248,614 $430,834 $981,564 $1,551,615 $3,630,497 
Total current-year write-offs$— $19 $41 $88 $51 $147 $346 
Credit Quality Indicators as of December 31, 2024 and Write-offs for the Year Ended December 31, 2024, by Year of Origination(1)
20242023202220212020
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 
(1)Excludes amortized cost of $3.1 billion and $3.6 billion as of June 30, 2025 and December 31, 2024, 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 six months ended June 30, 2025 and year ended December 31, 2024, it also excludes write-offs of $4 million and $47 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 June 30, 2025 and Write-offs for the Six Months Ended June 30, 2025, by Year of Origination(1)
20252024202320222021
Prior
Total
(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)
$23,740 $54,011 $50,374 $49,448 $59,102 $234,560 $471,235 
Special mention(3)
— 50 33 206 353 667 1,309 
Substandard(4)
— 625 3,015 8,150 3,203 13,046 28,039 
Doubtful(5)
— 3 — — 2 52 57 
Total
$23,740 $54,689 $53,422 $57,804 $62,660 $248,325 $500,640 
Current-year write-offs$— $3 $60 $54 $36 $30 $183 
Credit Quality Indicators as of December 31, 2024 and Write-offs for the Year Ended December 31, 2024, by Year of Origination(1)
20242023202220212020PriorTotal
(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 
(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)“Substandard” refers to loans that have a well-defined weakness that jeopardizes the timely full repayment.
(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 June 30, 2025
Payment Delay (Only)
Forbearance PlanPayment DeferralTrial 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$5,280 $2,635 $5,822 $3,166 $224 $17,127 1%
15-year or less, amortizing fixed-rate185 82 175 36 2 480 *
Adjustable-rate29 12 18 — 1 60 *
Other30 28 50 21 8 137 1
Total single-family5,524 2,757 6,065 3,223 235 17,804 *
Multifamily20 — — — 35 55 *
Total(3)
$5,544 $2,757 $6,065 $3,223 $270 $17,859 *
For the Six Months Ended June 30, 2025
Payment Delay (Only)
Forbearance PlanPayment DeferralTrial 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$7,505 $6,040 $8,447 $5,723 $355 $28,070 1 %
15-year or less, amortizing fixed-rate263 197 261 39 2 762 *
Adjustable-rate44 22 29 — 3 98 *
Other46 58 84 39 15 242 1
Total single-family7,858 6,317 8,821 5,801 375 29,172 1
Multifamily602 — — — 48 650 *
Total(3)
$8,460 $6,317 $8,821 $5,801 $423 $29,822 1
For the Three Months Ended June 30, 2024
Payment Delay (Only)
Forbearance PlanPayment DeferralTrial 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$4,905 $2,733 $4,498 $2,438 $32 $14,606 *
15-year or less, amortizing fixed-rate195 84 162 1 — 442 *
Adjustable-rate25 12 15 — — 52 *
Other25 38 56 28 12 159 1 %
Total single-family5,150 2,867 4,731 2,467 44 15,259 *
Multifamily29 — — — 57 86 *
Total(3)
$5,179 $2,867 $4,731 $2,467 $101 $15,345 *
For the Six Months Ended June 30, 2024
Payment Delay (Only)
Forbearance PlanPayment DeferralTrial 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$6,698 $6,155 $6,626 $4,605 $62 $24,146 1%
15-year or less, amortizing fixed-rate271 199 235 2 1 708 *
Adjustable-rate36 29 22 — 2 89 *
Other38 82 92 55 23 290 1
Total single-family7,043 6,465 6,975 4,662 88 25,233 1
Multifamily31 — — — 62 93 *
Total(3)
$7,074 $6,465 $6,975 $4,662 $150 $25,326 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 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 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 in our 2024 Form 10-K in “Note 4, Mortgage Loans.” As a result, those loss mitigation options are excluded from the table below.
For the Three Months Ended June 30,
20252024
Weighted-Average Interest Rate ReductionWeighted-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-rate0.60 %145 $13,775 0.74 %160 $13,518 
15-year or less, amortizing fixed-rate1.18 52 10,121 2.72 87 10,601 
Adjustable-rate
1.31 — 11,166 — — 10,062 
Other
1.29 135 14,693 0.52 143 18,995 
For the Six Months Ended June 30,
20252024
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 0.61 %150 $13,061 0.87 %161 $13,675 
15-year or less, amortizing fixed-rate 1.17 53 9,431 2.00 85 12,450 
Adjustable-rate
1.31 — 10,487 2.00 — 11,822 
Other
1.13 158 12,930 0.82 157 17,970 
(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 June 30, 2025
Payment Delay as a Result of a Payment Deferral (Only)Payment Delay and Term ExtensionPayment Delay, Term Extension, Interest Rate Reduction and OtherTotal
(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate$1,190 $807 $26 $2,023 
15-year or less, amortizing fixed-rate31 — — 31 
Adjustable-rate3 — 1 4 
Other12 6 2 20 
Total single-family1,236 813 29 2,078 
Multifamily— — — — 
Total loans that subsequently defaulted(1)(2)
$1,236 $813 $29 $2,078 
For the Six Months Ended June 30, 2025
Payment Delay as a Result of a Payment Deferral (Only)Payment Delay and Term ExtensionPayment Delay, Term Extension, Interest Rate Reduction and OtherTotal
(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate$1,998 $1,293 $40 $3,331 
15-year or less, amortizing fixed-rate55 — — 55 
Adjustable-rate6 — 2 8 
Other19 10 4 33 
Total single-family2,078 1,303 46 3,427 
Multifamily— — — — 
Total loans that subsequently defaulted(1)(2)
$2,078 $1,303 $46 $3,427 
For the Three Months Ended June 30, 2024
Payment Delay as a Result of a Payment Deferral (Only)Payment Delay and Term ExtensionPayment Delay, Term Extension and Interest Rate ReductionTotal
(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate$1,178 $625 $9 $1,812 
15-year or less, amortizing fixed-rate31 — — 31 
Adjustable-rate3 — 1 4 
Other16 8 5 29 
Total single-family1,228 633 15 1,876 
Multifamily— — 13 13 
Total loans that subsequently defaulted(1)(2)
$1,228 $633 $28 $1,889 
For the Six Months Ended June 30, 2024
Payment Delay as a Result of a Payment Deferral (Only)Payment Delay and Term ExtensionPayment Delay, Term Extension and Interest Rate ReductionTotal
(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate $1,727 $925 $18 $2,670 
15-year or less, amortizing fixed-rate 51 — — 51 
Adjustable-rate5 — 2 7 
Other 23 11 8 42 
Total single-family1,806 936 28 2,770 
Multifamily — — 18 18 
Total loans that subsequently defaulted(1)(2)
$1,806 $936 $46 $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 the three months ended June 30, 2025 did not default during the second quarter of 2025. The substantial majority of loans that received a completed modification or a payment deferral during the three months ended June 30, 2024 did not default during the second quarter of 2024.
The following tables display an aging analysis of HFI mortgage loans that were restructured during the twelve months prior to June 30, 2025 and June 30, 2024, respectively, presented by portfolio segment and class of financing receivable.
As of June 30, 2025(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 $4,266 $2,647 $12,994 $19,907 $15,158 $35,065 
15-year or less, amortizing fixed-rate 101 67 369 537 434 971 
Adjustable-rate 13 7 55 75 41 116 
Other 46 29 113 188 134 322 
Total single-family loans modified4,426 2,750 13,531 20,707 15,767 36,474 
Multifamily — N/A569 569 495 1,064 
Total loans restructured(3)
$4,426 $2,750 $14,100 $21,276 $16,262 $37,538 
As of June 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 $3,970 $2,359 $10,681 $17,010 $12,933 $29,943 
15-year or less, amortizing fixed-rate 116 63 348 527 403 930 
Adjustable-rate 11 10 45 66 43 109 
Other 60 36 124 220 180 400 
Total single-family loans modified4,157 2,468 11,198 17,823 13,559 31,382 
 Multifamily — N/A361 361 883 1,244 
Total loans restructured(3)
$4,157 $2,468 $11,559 $18,184 $14,442 $32,626 
(1)    As of June 30, 2025, the substantial majority of loans that received a completed modification or a payment deferral during the second quarter of 2025 were not delinquent as of June 30, 2025. As of June 30, 2024, the substantial majority of loans that received a completed modification or a payment deferral during the second quarter of 2024 were not delinquent as of June 30, 2024.
(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 June 30,For the Six Months Ended June 30,
2025202420252024
(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family$91 $97 $194 $179 
Multifamily9 4 17 6 
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 June 30, 2025For the Six Months Ended June 30, 2025
June 30, 2025March 31, 2025December 31, 2024
Amortized Cost(1)
Total Interest Income Recognized(2)

(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate
$25,423 $26,335 $25,218 $56 $148 
15-year or less, amortizing fixed-rate
736 771 770 1 3 
Adjustable-rate
114 122 114 — 1 
Other
428 463 482 1 3 
Total single-family
26,701 27,691 26,584 58 155 
Multifamily
2,862 2,702 2,517 6 7 
Total nonaccrual loans
$29,563 $30,393 $29,101 $64 $162 
As of
For the Three Months Ended June 30, 2024For the Six Months Ended June 30, 2024
June 30, 2024March 31, 2024December 31, 2023
Amortized Cost(1)
Total Interest Income Recognized(2)

(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate
$22,183 $22,712 $21,971 $45 $124 
15-year or less, amortizing fixed-rate
704 734 727 1 3 
Adjustable-rate
117 115 109 — 1 
Other
496 480 508 2 4 
Total single-family
23,500 24,041 23,315 48 132 
Multifamily
1,836 1,812 1,890 24 26 
Total nonaccrual loans
$25,336 $25,853 $25,205 $72 $158 
(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.