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Mortgage Loans

9 Months Ended

Sep. 30, 2025

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

We record on our consolidated balance sheets 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 held for investment (“HFI”) or held for sale (“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, adjusted for unamortized premiums and discounts, hedge-related basis adjustments, other cost basis adjustments, and accrued interest receivable. Within our condensed 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 condensed 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
	September 30, 2025		December 31, 2024
	(Dollars in millions)
Single-family	$	3,586,725	$	3,619,838
Multifamily	511,891		490,358
Total unpaid principal balance of mortgage loans	4,098,616		4,110,196
Cost basis and fair value adjustments, net	33,020		35,517
Allowance for loan losses for HFI loans	(8,246)		(7,707)
Total mortgage loans(1)	$	4,123,390	$	4,138,006

(1)Excludes $11.4 billion and $10.8 billion of accrued interest receivable as of September 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 September 30,				For the Nine Months Ended September 30,

		2025		2024		2025		2024
	(Dollars in millions)
Purchase of HFI loans:
Single-family unpaid principal balance		$	90,175	$	93,114	$	237,369	$	241,180
Multifamily unpaid principal balance		18,508		13,153		46,658		32,492

Single-family loans redesignated from HFI to HFS:
Amortized cost		$	823	$	820	$	1,527	$	1,272
Lower of cost or fair value adjustment at time of redesignation(1)		(97)		(101)		(187)		(139)
Allowance reversed at time of redesignation		6		5		26		8

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


Single-family loans sold:
Unpaid principal balance		$	309	$	14	$	969	$	2,345
Realized gains (losses), net		(7)		—		—		13

(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 September 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(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	32,049	$	8,895	$	19,469	$	60,413	$	3,189,133	$	3,249,546	$	204	$	3,426
15-year or less, amortizing fixed-rate	1,346		276		540		2,162		330,166		332,328		8		188
Adjustable-rate	163		37		87		287		25,615		25,902		1		15
Other(3)	438		133		336		907		17,347		18,254		14		126
Total single-family	33,996		9,341		20,432		63,769		3,562,261		3,626,030		227		3,755
Multifamily(4)	605		N/A		2,779		3,384		507,566		510,950		1		1,839
Total	$	34,601	$	9,341	$	23,211	$	67,153	$	4,069,827	$	4,136,980	$	228	$	5,594


	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(2)
	(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(3)	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(4)	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

(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)Primarily consists of loans for which we have recorded write-offs upon determining that amounts are uncollectible, resulting in the removal of the associated allowance for loan losses.

(3)Reverse mortgage loans included in “Other” are not aged due to their nature and are included in the current column.

(4)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 $5.1 billion and $4.7 billion as of September 30, 2025 and December 31, 2024, respectively. As a result of our various loss

mitigation and foreclosure prevention efforts, we expect that only a small portion of the loans in the process of formal foreclosure proceedings will ultimately foreclose.

Credit Quality Indicators and Write-offs by Year of Origination

The estimated mark-to-market loan-to-value (“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. 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, 2025 and Write-offs for the Nine Months Ended September 30, 2025, by Year of Origination(1)
	2025		2024		2023		2022		2021		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%	$	109,424	$	168,156	$	156,793	$	319,469	$	809,345	$	1,331,420	$	2,894,607
Greater than 80% and less than or equal to 90%	34,846		66,461		56,508		52,956		13,157		2,879		226,807
Greater than 90% and less than or equal to 100%	48,025		43,094		16,415		13,019		1,779		448		122,780
Greater than 100%	74		1,090		1,461		2,191		348		188		5,352
Total 20- and 30-year or more, amortizing fixed-rate	192,369		278,801		231,177		387,635		824,629		1,334,935		3,249,546
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	—		37		66		134		80		224		541
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	8,882		7,375		5,512		27,846		130,592		150,088		330,295
Greater than 80% and less than or equal to 90%	795		499		148		75		5		—		1,522
Greater than 90% and less than or equal to 100%	395		91		11		12		—		—		509
Greater than 100%	1		1		—		—		—		—		2
Total 15-year or less, amortizing fixed-rate	10,073		7,966		5,671		27,933		130,597		150,088		332,328
Current-year 15-year or less, amortizing fixed-rate write-offs	—		—		1		2		1		3		7
Adjustable-rate:
Less than or equal to 80%	2,434		1,489		1,684		4,161		4,986		8,247		23,001
Greater than 80% and less than or equal to 90%	616		431		412		537		26		6		2,028
Greater than 90% and less than or equal to 100%	382		179		112		141		6		1		821
Greater than 100%	—		4		16		30		2		—		52
Total adjustable-rate	3,432		2,103		2,224		4,869		5,020		8,254		25,902
Current-year adjustable-rate write-offs	—		—		—		1		—		—		1
Other:
Less than or equal to 80%	—		—		—		—		—		15,204		15,204
Greater than 80% and less than or equal to 90%	—		—		—		—		—		47		47
Greater than 90% and less than or equal to 100%	—		—		—		—		—		20		20
Greater than 100%	—		—		—		—		—		21		21
Total other	—		—		—		—		—		15,292		15,292
Current-year other write-offs	—		—		—		—		—		34		34

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	120,740	$	177,020	$	163,989	$	351,476	$	944,923	$	1,504,959	$	3,263,107
Greater than 80% and less than or equal to 90%	36,257		67,391		57,068		53,568		13,188		2,932		230,404
Greater than 90% and less than or equal to 100%	48,802		43,364		16,538		13,172		1,785		469		124,130
Greater than 100%	75		1,095		1,477		2,221		350		209		5,427
Total	$	205,874	$	288,870	$	239,072	$	420,437	$	960,246	$	1,508,569	$	3,623,068
Total current-year write-offs	$	—	$	37	$	67	$	137	$	81	$	261	$	583


	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

(1)Excludes amortized cost of $3.0 billion and $3.6 billion as of September 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 nine months ended September 30, 2025 and year ended December 31, 2024, it also excludes write-offs of $5 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 September 30, 2025 and Write-offs for the Nine Months Ended September 30, 2025, by Year of Origination(1)
	2025		2024		2023		2022		2021		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$	42,455	$	53,537	$	49,962	$	49,035	$	58,886	$	228,139	$	482,014
Special mention(3)	—		57		68		192		347		604		1,268
Substandard(4)	—		1,028		3,239		7,725		2,886		12,750		27,628
Doubtful(5)	—		—		—		39		—		1		40
Total	$	42,455	$	54,622	$	53,269	$	56,991	$	62,119	$	241,494	$	510,950
Current-year write-offs	$	—	$	5	$	92	$	76	$	52	$	125	$	350


	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

(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.

Loss Mitigation Options for Borrowers Experiencing Financial Difficulty

As part of our loss mitigation activities, we offer several types of loan restructurings to assist borrowers who experience financial difficulties. We do not typically offer principal forgiveness to our single-family or multifamily borrowers. 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 HFS and those for which we have elected the fair value option. See “Note 1, Summary of Significant Accounting Policies” in our 2024 Form 10-K for additional information on our accounting policies for single-family and multifamily loans that have been restructured. Also see “Note 4, Mortgage Loans” in our 2024 Form 10-K for additional information about our single-family and multifamily loss mitigation options.

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 Three Months Ended September 30, 2025
	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	$	4,809	$	2,404	$	5,277	$	2,837	$	226	$	15,553	*
15-year or less, amortizing fixed-rate	155		70		140		53		2		420		*
Adjustable-rate	26		6		18		—		1		51		*
Other	24		24		44		19		5		116		1	%
Total single-family	5,014		2,504		5,479		2,909		234		16,140		*
Multifamily	474		—		—		—		115		589		*
Total(3)	$	5,488	$	2,504	$	5,479	$	2,909	$	349	$	16,729	*

	For the Nine Months Ended September 30, 2025
	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	$	7,866	$	8,268	$	9,312	$	8,427	$	575	$	34,448	1	%
15-year or less, amortizing fixed-rate	272		256		269		90		3		890		*
Adjustable-rate	45		27		34		—		5		111		*
Other	45		79		94		57		20		295		2
Total single-family	8,228		8,630		9,709		8,574		603		35,744		1
Multifamily	587		—		—		—		138		725		*
Total(3)	$	8,815	$	8,630	$	9,709	$	8,574	$	741	$	36,469	1


	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 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	$	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 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	$	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

* 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 $341 million and $1.2 billion for the three and nine months ended September 30, 2025, respectively, and $269 million and $1.0 billion for the three and nine months ended September 30, 2024, 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 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 September 30,
	2025					2024
	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	0.54	%	142	$	13,469	0.59	%	160	$	12,928
15-year or less, amortizing fixed-rate	0.87		50	10,061		1.03		77	9,652
Adjustable-rate	1.19		—	9,970		2.88		—	11,157
Other	0.67		131	14,735		0.96		182	21,043

	For the Nine Months Ended September 30,
	2025					2024
	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	0.58	%	148	$	13,162	0.72	%	161	$	13,408
15-year or less, amortizing fixed-rate	1.02		51	9,642		1.82		84	11,538
Adjustable-rate	1.09		—	10,115		2.58		—	11,508
Other	1.05		150	13,571		0.86		162	18,705

(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, 2025
		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		$	1,280	$	1,021	$	57	$	2,358
15-year or less, amortizing fixed-rate		32		3		—		35
Adjustable-rate		2		—		1		3
Other		14		6		5		25
Total single-family		1,328		1,030		63		2,421
Multifamily		—		—		21		21
Total loans that subsequently defaulted(1)(2)		$	1,328	$	1,030	$	84	$	2,442

		For the Nine Months Ended September 30, 2025
		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		$	2,631	$	1,863	$	85	$	4,579
15-year or less, amortizing fixed-rate		65		3		—		68
Adjustable-rate		6		—		3		9
Other		26		12		7		45
Total single-family		2,728		1,878		95		4,701
Multifamily		—		—		21		21
Total loans that subsequently defaulted(1)(2)		$	2,728	$	1,878	$	116	$	4,722


	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 and Interest Rate Reduction		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 and Interest Rate Reduction		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

(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 September 30, 2025 did not default during the third quarter of 2025. The substantial majority of loans that received a completed modification or a payment deferral during the three months ended September 30, 2024 did not default during the third quarter of 2024.

The following tables display an aging analysis of HFI mortgage loans that were restructured during the twelve months prior to September 30, 2025 and September 30, 2024, respectively, presented by portfolio segment and class of financing receivable.


	As of September 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	$	4,456	$	2,818	$	12,807	$	20,081	$	15,529	$	35,610
15-year or less, amortizing fixed-rate	98		70		339		507		428		935
Adjustable-rate	12		10		51		73		47		120
Other	44		34		103		181		136		317
Total single-family loans modified	4,610		2,932		13,300		20,842		16,140		36,982
Multifamily	11		N/A		538		549		540		1,089
Total loans restructured(3)	$	4,621	$	2,932	$	13,838	$	21,391	$	16,680	$	38,071


	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

(1) As of September 30, 2025, the substantial majority of loans that received a completed modification or a payment deferral during the third quarter of 2025 were not delinquent as of September 30, 2025. As of September 30, 2024, the substantial majority of loans that received a completed modification or a payment deferral during the third quarter of 2024 were not delinquent as of September 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.

Nonaccrual Loans

We recognize interest income on an accrual basis except when we believe the collection of principal and interest is not reasonably assured, at which time a loan is placed on nonaccrual status. See “Note 1, Summary of Significant Accounting Policies” in our 2024 Form 10-K for additional information on our accounting policies for single-family and multifamily nonaccrual loans.

The table below displays the accrued interest receivable written off through the reversal of interest income from nonaccrual loans.


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2025		2024		2025		2024
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$	101	$	95	$	295	$	274
Multifamily		11		20		25		24

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, 2025		For the Nine Months Ended September 30, 2025
	September 30, 2025		June 30, 2025		December 31, 2024
	Amortized Cost(1)						Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	24,936	$	25,423	$	25,218	$	45	$	295
15-year or less, amortizing fixed-rate	689		736		770		1		6
Adjustable-rate	108		114		114		—		2
Other	408		428		482		1		5
Total single-family	26,141		26,701		26,584		47		308
Multifamily	2,894		2,862		2,517		5		23
Total nonaccrual loans	$	29,035	$	29,563	$	29,101	$	52	$	331


	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

(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.