Financial Guarantees (Tables)

12 Months Ended

Dec. 31, 2025

The following table displays our off-balance sheet maximum exposure, guaranty obligation recognized in our

consolidated balance sheets and the potential maximum recovery from third parties through available credit

enhancements and recourse related to our financial guarantees.


	As of December 31,
	2025						2024
	Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)		Maximum Exposure		Guaranty Obligation		Maximum Recovery(1)
		(Dollars in millions)
Unconsolidated Fannie Mae MBS		$2,229		$13		$2,187		$2,484		$13		$2,432
Other guaranty arrangements(2)		9,151		83		2,132		8,914		56		1,954
Total		$11,380		$96		$4,319		$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. For information on our mortgage insurers, see “Note 14,

Concentrations of Credit Risk.”

(2)Primarily consists of credit enhancements and long-term standby commitments.