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Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule Of Assets By Segment
The following table displays total assets by segment.
As of
September 30, 2025December 31, 2024
(Dollars in millions)
Single-Family$3,788,572 $3,823,840 
Multifamily547,284 525,891 
Total assets
$4,335,856 $4,349,731 
Schedule of Segment Reporting
The below tables display our segment results.
For the Three Months Ended September 30,
20252024
Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
(Dollars in millions)
Net interest income(1)
$5,992 $1,192 $7,184 $6,131 $1,144 $7,275 
Fee and other income
104 19 123 48 18 66 
Net revenues6,096 1,211 7,307 6,179 1,162 7,341 
(Provision) benefit for credit losses(2)
(269)(69)(338)451 (424)27 
Fair value gains (losses), net(3)
(22)35 13 (8)60 52 
Investment gains (losses), net(4)
5 (6)(1)9 3 12 
Non-interest expense:
Administrative expenses(5)
(669)(150)(819)(732)(152)(884)
Legislative assessments(6)
(929)(14)(943)(936)(12)(948)
Credit enhancement expense(7)
(330)(79)(409)(336)(75)(411)
Change in expected credit enhancement recoveries(8)
(11)57 46 (45)134 89 
Other income (expense), net(9)
4 (25)(21)(178)(47)(225)
Total non-interest expense(1,935)(211)(2,146)(2,227)(152)(2,379)
Income before federal income taxes3,875 960 4,835 4,404 649 5,053 
Provision for federal income taxes(790)(186)(976)(890)(119)(1,009)
Net income
$3,085 $774 $3,859 $3,514 $530 $4,044 
For the Nine Months Ended September 30,
20252024
Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
(Dollars in millions)
Net interest income(1)
$17,850 $3,490 $21,340 $18,101 $3,465 $21,566 
Fee and other income
238 55 293 154 52 206 
Net revenues18,088 3,545 21,633 18,255 3,517 21,772 
(Provision) benefit for credit losses(2)
(1,030)(278)(1,308)1,334 (827)507 
Fair value gains (losses), net(3)
257 90 347 930 49 979 
Investment gains (losses), net(4)
(1)(8)(9)(48)20 (28)
Non-interest expense:
Administrative expenses(5)
(2,168)(490)(2,658)(2,225)(447)(2,672)
Legislative assessments(6)
(2,767)(46)(2,813)(2,785)(32)(2,817)
Credit enhancement expense(7)
(1,055)(233)(1,288)(1,022)(213)(1,235)
Change in expected credit enhancement recoveries(8)
(23)119 96 (134)323 189 
Other income (expense), net(9)
(301)(126)(427)(510)(95)(605)
Total non-interest expense(6,314)(776)(7,090)(6,676)(464)(7,140)
Income before federal income taxes11,000 2,573 13,573 13,795 2,295 16,090 
Provision for federal income taxes(2,261)(475)(2,736)(2,819)(423)(3,242)
Net income
$8,739 $2,098 $10,837 $10,976 $1,872 $12,848 
    
(1)Net interest income primarily consists of guaranty fees received as compensation for assuming the credit risk on loans underlying Fannie Mae MBS held by third parties for the respective business segment, and the difference between the interest income earned on the respective business segment’s assets in our retained mortgage portfolio and our corporate liquidity portfolio and the interest expense associated with the debt funding those assets. Revenues from single-family guaranty fees include revenues generated by the 10 basis point increase in guaranty fees pursuant to the Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”), the incremental revenue from which is paid to Treasury and not retained by us. Also includes yield maintenance revenue we recognized on the prepayment of multifamily loans.
(2)(Provision) benefit for credit losses is based on loans underlying the segment’s guaranty book of business.
(3)Single-family fair value gains (losses) primarily consist of fair value gains and losses on risk management and mortgage commitment derivatives, trading securities, fair value option debt, and other financial instruments associated with our single-family guaranty book of business. Multifamily fair value gains (losses) primarily consist of fair value gains and losses on MBS commitment derivatives, trading securities and other financial instruments associated with our multifamily guaranty book of business.
(4)Single-family investment gains (losses) primarily consist of gains and losses on the sale of mortgage assets. Multifamily investment gains (losses) primarily consist of gains and losses on resecuritization activity.
(5)Consists of salaries and employee benefits and professional services, technology and occupancy expenses.
(6)For single-family, consists of the portion of our single-family guaranty fees that is paid to Treasury pursuant to the TCCA, affordable housing allocations and FHFA assessments. For multifamily, consists of affordable housing allocations and FHFA assessments.
(7)Single-family credit enhancement expense consists of costs associated with our freestanding credit enhancements, which include primarily costs associated with our Credit Insurance Risk TransferTM (“CIRTTM”), Connecticut Avenue Securities® (“CAS”) and enterprise-paid mortgage insurance (“EPMI”) programs. Multifamily credit enhancement expense primarily consists of costs associated with our Multifamily CIRTTM (“MCIRTTM”) and Multifamily Connecticut Avenue Securities® (“MCASTM“) programs as well as amortization expense for certain lender risk-sharing programs. Excludes CAS transactions accounted for as debt instruments and credit risk transfer programs accounted for as derivative instruments.
(8)Consists of change in benefits recognized from our freestanding credit enhancements, primarily from our CAS and CIRT programs, as well as certain lender risk-sharing arrangements, including our multifamily Delegated Underwriting and Servicing (“DUS®”) program.
(9)Primarily consists of debt extinguishment gains (losses),foreclosed property income (expense) and gains (losses) from partnership investments.