v3.25.2
Financial Guarantees (Tables)
 6 Months Ended
Jun. 30, 2025
Guarantees [Abstract]  
Schedule of Guarantor Obligations
The following table displays our off-balance sheet maximum exposure, guaranty obligation recognized in our condensed consolidated balance sheets and the potential maximum recovery from third parties through available credit enhancements and recourse related to our financial guarantees.
As of
June 30, 2025December 31, 2024
Maximum ExposureGuaranty Obligation
Maximum Recovery(1)
Maximum ExposureGuaranty Obligation
Maximum Recovery(1)
(Dollars in millions)
Unconsolidated Fannie Mae MBS$2,365 $13 $2,319 $2,484 $13 $2,432 
Other guaranty arrangements(2)
9,008 51 2,046 8,914 56 1,954 
Total$11,373 $64 $4,365 $11,398 $69 $4,386 
(1)Recoverability of such credit enhancements and recourse is subject to, among other factors, the ability of our mortgage insurers and the U.S. government, as a financial guarantor, to meet their obligations to us.
(2)Primarily consists of credit enhancements and long-term standby commitments.