v3.25.3
Guarantees and Other Off-Balance Sheet Credit Exposures
 9 Months Ended
Sep. 30, 2025
Guarantees [Abstract]  
Guarantees and Other Off-Balance Sheet Credit Exposures
Guarantees and Other Off-Balance Sheet Credit Exposures
Guarantee Activities
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.
Table 4.1 - Financial Guarantees
September 30, 2025
(Dollars in millions, terms in years)
UPBMaximum Exposure
Recognized Liability(1)
Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)
$30,219 $24,756 $450 40
Other mortgage-related guarantees7,385 7,385 103 27
Total Single-Family mortgage-related guarantees37,604 32,141 553 
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)
342,483 307,818 3,805 35
Other mortgage-related guarantees10,367 10,355 340 33
Total Multifamily mortgage-related guarantees352,850 318,173 4,145 
Guarantees of Fannie Mae securities99,228 99,228 — 36
Other66 416 — 30
December 31, 2024
(Dollars in millions, terms in years)
UPBMaximum 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 guarantees7,941 7,941 127 27
Total Single-Family mortgage-related guarantees37,979 32,411 540 
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)
355,108 317,611 4,219 35
Other mortgage-related guarantees10,846 10,831 364 34
Total Multifamily mortgage-related guarantees365,954 328,442 4,583 
Guarantees of Fannie Mae securities104,120 104,120 — 37
Other79 472 — 30
(1)    Excludes allowance for credit losses on off-balance sheet credit exposures. See Note 5 for additional information on our allowance for credit losses on off-balance sheet credit exposures.
(2)    Maximum exposure is based on remaining UPB of the guaranteed securities issued by the VIE.
(3)    Includes UPB of $1.1 billion and $0.7 billion as of September 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 September 30, 2025 and December 31, 2024, respectively.
The table below presents the payment status of the mortgage loans underlying our mortgage-related guarantees.
Table 4.2 – UPB of Loans Underlying Our Mortgage-Related Guarantees by Payment Status
September 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$33,351 $2,088 $798 $1,367 $37,604 
Multifamily350,704 166 205 1,775 352,850 
Total$384,055 $2,254 $1,003 $3,142 $390,454 
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 
Multifamily363,983 335 117 1,519 365,954 
Total$397,437 $2,518 $969 $3,009 $403,933 
Other Off-Balance Sheet Credit Exposures
In addition to our guarantees, we enter into other agreements that expose us to off-balance sheet credit risk. These agreements may require us to transfer cash before or upon settlement of our contractual obligation. We recognize an allowance for credit losses for those agreements not measured at fair value or otherwise recognized in the financial statements. Most of these commitments expire in less than one year. See Note 5 for additional discussion of our allowance for credit losses on our off-balance sheet credit exposures.
The table below presents our other off-balance sheet credit exposures.
Table 4.3 – Other Off-Balance Sheet Credit Exposures
(In millions)September 30, 2025December 31, 2024
Mortgage loan purchase commitments(1)
$20,178 $12,416 
Unsettled securities purchased under agreements to resell, net(2)
22,315 10,650 
Other commitments(3)
3,875 4,248 
Total$46,368 $27,314 
(1)Includes $2.0 billion of commitments for which we have elected the fair value option as of December 31, 2024. The commitments for which we have elected the fair value option as of September 30, 2025 were not material. Excludes mortgage loan purchase commitments accounted for as derivative instruments. See Note 8 for additional information on commitments accounted for as derivative instruments.
(2)Net of $1.5 billion and $0.4 billion of unsettled securities sold under agreements to repurchase as of September 30, 2025 and December 31, 2024.
(3)Consists of unfunded portion of revolving lines of credit, liquidity guarantees, and other commitments.