The table below presents information about our mortgage-related guarantees and guarantees of Fannie Mae securities, including the UPB of the loans or securities underlying the guarantee, the maximum potential amount of future payments that we could be required to make under the guarantee, the liability we have recognized on our condensed consolidated balance sheets for the guarantee, and the maximum remaining term of the guarantee. This table does not include our unrecognized guarantees, such as guarantees to consolidated VIEs or to resecuritization trusts that do not expose us to incremental credit risk. We do not believe the potential amount of future payments we could be required to make is representative of the actual payments we will be required to make, or the actual loss we are likely to incur, based on our historical loss experience and after consideration of proceeds from related collateral liquidation, including possible recoveries under credit enhancements.


	June 30, 2025
(Dollars in millions, terms in years)	UPB	Maximum Exposure	Recognized Liability(1)	Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)	$30,048	$24,551	$433	39
Other mortgage-related guarantees	7,578	7,578	111	27
Total Single-Family mortgage-related guarantees	37,626	32,129	544
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)	351,323	315,362	4,008	35
Other mortgage-related guarantees	10,265	10,250	342	33
Total Multifamily mortgage-related guarantees	361,588	325,612	4,350
Guarantees of Fannie Mae securities	100,969	100,969	—	36
Other	69	469	—	30


	December 31, 2024
(Dollars in millions, terms in years)	UPB	Maximum Exposure	Recognized Liability(1)	Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)	$30,038	$24,470	$413	39
Other mortgage-related guarantees	7,941	7,941	127	27
Total Single-Family mortgage-related guarantees	37,979	32,411	540
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)	355,108	317,611	4,219	35
Other mortgage-related guarantees	10,846	10,831	364	34
Total Multifamily mortgage-related guarantees	365,954	328,442	4,583
Guarantees of Fannie Mae securities	104,120	104,120	—	37
Other	79	472	—	30

(3) Includes UPB of $0.9 billion and $0.7 billion as of June 30, 2025 and December 31, 2024, respectively, related to VIEs in which our interest would no longer absorb significant variability as the guaranteed securities have completely paid off. In addition, includes guarantees that are accounted for as derivatives with UPB of $1.9 billion and $2.0 billion as of June 30, 2025 and December 31, 2024, respectively.

Table 4.2 – UPB of Loans Underlying Our Mortgage-Related Guarantees by Payment Status


	June 30, 2025
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure	Total
Single-Family	$33,481	$2,015	$754	$1,376	$37,626
Multifamily	359,382	219	196	1,791	361,588
Total	$392,863	$2,234	$950	$3,167	$399,214


	December 31, 2024
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure	Total
Single-Family	$33,454	$2,183	$852	$1,490	$37,979
Multifamily	363,983	335	117	1,519	365,954
Total	$397,437	$2,518	$969	$3,009	$403,933


(In millions)	June 30, 2025	December 31, 2024
Mortgage loan purchase commitments(1)	$18,171	$12,416
Unsettled securities purchased under agreements to resell, net(2)	20,910	10,650
Other commitments(3)	4,082	4,248
Total	$43,163	$27,314

(1)Includes $0.5 billion and $2.0 billion of commitments for which we have elected the fair value option as of June 30, 2025 and December 31, 2024, respectively. Excludes mortgage loan purchase commitments accounted for as derivative instruments. See Note 8 for additional information on commitments accounted for as derivative instruments.