v3.26.1
Mortgage Loans
 3 Months Ended
Mar. 31, 2026
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Mortgage Loans Mortgage Loans
We record on our consolidated balance sheets single-family mortgage loans, which are secured by four or fewer residential dwelling units, and multifamily mortgage loans, which are secured by five or more residential dwelling units. We classify these loans as either held for investment (“HFI”) or held for sale (“HFS”). Unless otherwise noted, within “Note 4, Mortgage Loans,” we report the amortized cost of HFI loans for which we have not elected the fair value option at the UPB, adjusted for unamortized premiums and discounts, hedge-related basis adjustments, other cost basis adjustments, and accrued interest receivable. Within our condensed consolidated balance sheets, we present accrued interest receivable, net separately from the amortized cost of our loans held for investment. We report the carrying value of HFS loans at the lower of cost or fair value and record valuation changes in “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.
Within our single-family mortgage loan disclosures below, we display loans by class of financing receivable type. Financing receivable classes used for disclosure consist of: “20- and 30-year or more, amortizing fixed-rate,” “15-year or less, amortizing fixed-rate,” “Adjustable-rate,” and “Other.” The “Other” class primarily consists of reverse mortgage loans, interest-only loans, negative-amortizing loans and second liens.
The following table displays the carrying value of our mortgage loans and allowance for loan losses.
As of
March 31, 2026December 31, 2025
(Dollars in millions)
Single-family
$3,560,543 $3,570,904 
Multifamily
532,841 524,962 
Total UPB of mortgage loans
4,093,384 4,095,866 
Cost basis and fair value adjustments, net
30,273 31,811 
Allowance for loan losses for HFI loans
(8,357)(8,364)
Total mortgage loans(1)
$4,115,300 $4,119,313 
(1)Excludes $11.4 billion and $11.3 billion of accrued interest receivable as of March 31, 2026 and December 31, 2025, respectively.
The following table displays information about our purchase of HFI loans, redesignation of loans and sales of mortgage loans during the period.
For the Three Months Ended March 31,
20262025
(Dollars in millions)
Purchase of HFI loans:
Single-family UPB$98,465 $63,627 
Multifamily UPB16,852 11,514 
Single-family loans redesignated from HFI to HFS:
Amortized cost
$— $510 
Lower of cost or fair value adjustment at time of redesignation(1)
— (69)
Allowance reversed at time of redesignation
— 17 
(1)Consists of the write-off against the allowance at the time of redesignation.
Aging Analysis
The following tables display an aging analysis of the total amortized cost of our HFI mortgage loans by portfolio segment and class of financing receivable, excluding loans for which we have elected the fair value option.
 As of March 31, 2026
30 - 59 Days
Delinquent
60 - 89 Days Delinquent
Seriously Delinquent(1)
Total Delinquent
Current
Total
Loans 90 Days or More Delinquent and Accruing Interest
Nonaccrual Loans with No Allowance(2)
 (Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate
$30,127 $8,662 $21,097 $59,886 $3,176,040 $3,235,926 $121 $4,150 
15-year or less, amortizing fixed-rate
1,199 267 526 1,992 311,655 313,647 5 235 
Adjustable-rate
151 31 97 279 30,741 31,020 — 17 
Other(3)
419 119 342 880 16,139 17,019 11 127 
Total single-family
31,896 9,079 22,062 63,037 3,534,575 3,597,612 137 4,529 
Multifamily(4)
373 N/A3,434 3,807 527,906 531,713 7 2,022 
Total
$32,269 $9,079 $25,496 $66,844 $4,062,481 $4,129,325 $144 $6,551 
 As of December 31, 2025
30 - 59 Days
Delinquent
60 - 89 Days Delinquent
Seriously Delinquent(1)
Total Delinquent
Current
Total
Loans 90 Days or More Delinquent and Accruing Interest
Nonaccrual Loans with No Allowance(2)
 
(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate
$33,764 $10,205 $20,857 $64,826 $3,175,684 $3,240,510 $171 $3,713 
15-year or less, amortizing fixed-rate
1,313 310 547 2,170 320,414 322,584 7 193 
Adjustable-rate
155 43 96 294 28,312 28,606 1 17 
Other(3)
455 127 354 936 16,690 17,626 12 133 
Total single-family
35,687 10,685 21,854 68,226 3,541,100 3,609,326 191 4,056 
Multifamily(4)
519 N/A3,240 3,759 520,194 523,953 18 1,985 
Total
$36,206 $10,685 $25,094 $71,985 $4,061,294 $4,133,279 $209 $6,041 
(1)Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due.
(2)Primarily consists of loans for which we have recorded write-offs upon determining that amounts are uncollectible, resulting in the removal of the associated allowance for loan losses.
(3)Reverse mortgage loans included in “Other” are not aged due to their nature and are included in the current column.
(4)Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.
The amortized cost of single-family mortgage loans for which formal foreclosure proceedings were in process was $5.9 billion and $5.4 billion as of March 31, 2026 and December 31, 2025, respectively. As a result of our various loss
mitigation and foreclosure prevention efforts, we expect that only a portion of the loans in the process of formal foreclosure proceedings will ultimately foreclose.
Credit Quality Indicators and Write-offs by Year of Origination
The estimated mark-to-market loan-to-value (“LTV”) ratio is a primary factor we consider when estimating our allowance for loan losses for single-family loans. As LTV ratios increase, the borrower’s equity in the home decreases, which may negatively affect the borrower’s ability to refinance or to sell the property for an amount at or above the outstanding balance of the loan.
The following tables display information about the credit quality of our single-family mortgage loans as well as write-offs by class of financing receivable and year of origination.
 
Credit Quality Indicators as of March 31, 2026 and Write-offs for the Three Months Ended March 31, 2026, by Year of Origination(1)
20262025202420232022
Prior
Total
 
(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%
$36,125 $165,507 $147,187 $138,942 $306,059 $2,056,187 $2,850,007 
Greater than 80% and less than or equal to 90%
8,648 55,521 61,284 46,835 47,842 14,851 234,981 
Greater than 90% and less than or equal to 100%
12,752 65,397 34,598 14,962 12,904 2,355 142,968 
Greater than 100%
— 512 1,784 2,157 3,008 509 7,970 
Total 20- and 30-year or more, amortizing fixed-rate
57,525 286,937 244,853 202,896 369,813 2,073,902 3,235,926 
Current-year 20- and 30-year or more,
     amortizing fixed-rate write-offs		— 10 21 23 39 33 126 
15-year or less, amortizing fixed-rate:
Less than or equal to 80%
3,936 14,952 6,362 4,844 25,749 254,785 310,628 
Greater than 80% and less than or equal to 90%
395 1,376 349 90 55 3 2,268 
Greater than 90% and less than or equal to 100%
189 491 55 5 9 — 749 
Greater than 100%
— 1 1 — — — 2 
Total 15-year or less, amortizing fixed-rate
4,520 16,820 6,767 4,939 25,813 254,788 313,647 
Current-year 15-year or less, amortizing
     fixed-rate write-offs		— — — — 1 1 2 
Adjustable-rate:
Less than or equal to 80%
1,668 5,542 1,262 1,486 3,893 12,256 26,107 
Greater than 80% and less than or equal to 90%
397 1,487 412 382 510 27 3,215 
Greater than 90% and less than or equal to 100%
270 921 159 117 143 9 1,619 
Greater than 100%
— 2 5 24 47 1 79 
Total adjustable-rate
2,335 7,952 1,838 2,009 4,593 12,293 31,020 
Current-year adjustable-rate write-offs— — — — — — — 
Other:
Less than or equal to 80%
— — — — — 14,236 14,236 
Greater than 80% and less than or equal to 90%
— — — — — 40 40 
Greater than 90% and less than or equal to 100%
— — — — — 20 20 
Greater than 100%
— — — — — 19 19 
Total other
— — — — — 14,315 14,315 
Current-year other write-offs— — — — — 1 1 
Total for all classes by LTV ratio:(2)
Less than or equal to 80%
$41,729 $186,001 $154,811 $145,272 $335,701 $2,337,464 $3,200,978 
Greater than 80% and less than or equal to 90%
9,440 58,384 62,045 47,307 48,407 14,921 240,504 
Greater than 90% and less than or equal to 100%
13,211 66,809 34,812 15,084 13,056 2,384 145,356 
Greater than 100%
— 515 1,790 2,181 3,055 529 8,070 
Total
$64,380 $311,709 $253,458 $209,844 $400,219 $2,355,298 $3,594,908 
Total current-year write-offs$— $10 $21 $23 $40 $35 $129 
Credit Quality Indicators as of December 31, 2025 and Write-offs for the Year Ended December 31, 2025, by Year of Origination(1)
20252024202320222021
Prior
Total
(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%
$145,040 $152,418 $142,942 $306,573 $792,049 $1,301,401 $2,840,423 
Greater than 80% and less than or equal to 90%
54,527 62,451 52,313 53,203 14,848 2,790 240,132 
Greater than 90% and less than or equal to 100%
69,983 44,582 18,590 15,374 2,184 517 151,230 
Greater than 100%
566 2,035 2,314 3,137 479 194 8,725 
Total 20- and 30-year or more, amortizing fixed-rate
270,116 261,486 216,159 378,287 809,560 1,304,902 3,240,510 
Current-year 20- and 30-year or more,
     amortizing fixed-rate write-offs		5 56 92 176 106 242 677 
15-year or less, amortizing fixed-rate:
Less than or equal to 80%
13,753 6,794 5,149 26,742 125,837 141,455 319,730 
Greater than 80% and less than or equal to 90%
1,464 440 127 82 6 — 2,119 
Greater than 90% and less than or equal to 100%
619 88 11 13 — — 731 
Greater than 100%
1 2 1 — — — 4 
Total 15-year or less, amortizing fixed-rate
15,837 7,324 5,288 26,837 125,843 141,455 322,584 
Current-year 15-year or less, amortizing
     fixed-rate write-offs		— 1 1 3 1 3 9 
Adjustable-rate:
Less than or equal to 80%
4,550 1,324 1,533 3,956 4,859 7,841 24,063 
Greater than 80% and less than or equal to 90%
1,493 442 432 560 32 4 2,963 
Greater than 90% and less than or equal to 100%
987 206 131 165 9 1 1,499 
Greater than 100%
2 3 24 51 1 — 81 
Total adjustable-rate
7,032 1,975 2,120 4,732 4,901 7,846 28,606 
Current-year adjustable-rate write-offs— — 1 1 — — 2 
Other:
Less than or equal to 80%
— — — — — 14,701 14,701 
Greater than 80% and less than or equal to 90%
— — — — — 45 45 
Greater than 90% and less than or equal to 100%
— — — — — 21 21 
Greater than 100%
— — — — — 21 21 
Total other
— — — — — 14,788 14,788 
Current-year other write-offs— — — — — 35 35 
Total for all classes by LTV ratio:(2)
Less than or equal to 80%
$163,343 $160,536 $149,624 $337,271 $922,745 $1,465,398 $3,198,917 
Greater than 80% and less than or equal to 90%
57,484 63,333 52,872 53,845 14,886 2,839 245,259 
Greater than 90% and less than or equal to 100%
71,589 44,876 18,732 15,552 2,193 539 153,481 
Greater than 100%
569 2,040 2,339 3,188 480 215 8,831 
Total
$292,985 $270,785 $223,567 $409,856 $940,304 $1,468,991 $3,606,488 
Total current-year write-offs$5 $57 $94 $180 $107 $280 $723 
(1)Excludes amortized cost of $2.7 billion and $2.8 billion as of March 31, 2026 and December 31, 2025, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies, which represents primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV ratio. For the three months ended March 31, 2026 and year ended December 31, 2025, it also excludes write-offs of $1 million and $6 million, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. Year of loan origination may not be the same as the period in which we subsequently acquired the loan.
(2)The aggregate estimated mark-to-market LTV ratio is based on the UPB of the loan divided by the estimated current value of the property as of the end of each reported period, which we calculate using an internal valuation model that estimates periodic changes in home value.
The following tables display the total amortized cost of our multifamily mortgage loans by year of origination and credit-risk rating. Property rental income and property valuations are key inputs to our internally assigned credit risk ratings. The tables below also include current year write-offs of our multifamily mortgage loans by year of origination.
Credit Quality Indicators as of March 31, 2026 and Write-offs for the Three Months Ended March 31, 2026, by Year of Origination(1)
20262025202420232022
Prior
Total
(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)
$6,722 $77,695 $52,044 $48,418 $48,543 $269,125 $502,547 
Special mention(3)
— 14 196 82 156 1,183 1,631 
Substandard(4)
— 105 2,148 4,009 6,876 14,397 27,535 
Doubtful(5)
— — — — — — — 
Total
$6,722 $77,814 $54,388 $52,509 $55,575 $284,705 $531,713 
Current-year write-offs$— $— $19 $34 $76 $114 $243 
Credit Quality Indicators as of December 31, 2025 and Write-offs for the Year Ended December 31, 2025, by Year of Origination(1)
20252024202320222021PriorTotal
(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)
$67,503 $52,368 $48,990 $49,486 $58,248 $218,704 $495,299 
Special mention(3)
— 187 124 155 246 793 1,505 
Substandard(4)
378 1,920 3,753 6,567 3,291 11,239 27,148 
Doubtful(5)
— — — — — 1 1 
Total
$67,881 $54,475 $52,867 $56,208 $61,785 $230,737 $523,953 
Current-year write-offs$— $17 $111 $108 $66 $168 $470 
(1)Year of loan origination may not be the same as the period in which we subsequently acquired the loan.
(2)A loan categorized as “Pass” is current or adequately protected by the current financial strength and debt service capability of the borrower.
(3)“Special mention” refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower’s ability to repay in full.
(4)“Substandard” refers to loans that have a well-defined weakness that jeopardizes the timely full repayment.
(5)“Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values.
Loss Mitigation Options for Borrowers Experiencing Financial Difficulty
As part of our loss mitigation activities, we offer several types of loan restructurings to assist borrowers who experience financial difficulties. We do not typically offer principal forgiveness to our single-family or multifamily borrowers. Below we provide disclosures relating to loan restructurings where borrowers were experiencing financial difficulty, including restructurings that resulted in an insignificant payment delay. The disclosures exclude loans classified as HFS and those for which we have elected the fair value option. See “Note 1, Summary of Significant Accounting Policies” in our 2025 Form 10-K for additional information on our accounting policies for single-family and multifamily loans that have been restructured. Also see “Note 4, Mortgage Loans” in our 2025 Form 10-K for additional information about our single-family and multifamily loss mitigation options.
Restructurings for Borrowers Experiencing Financial Difficulty
The following tables display the amortized cost of HFI mortgage loans that were restructured, during the periods indicated, presented by portfolio segment and class of financing receivable.
For the Three Months Ended March 31, 2026
Payment Delay (Only)
Forbearance PlanPayment DeferralTrial Modification and Repayment Plans
Payment Delay and Term Extension(1)
Payment Delay, Term Extension, Interest Rate Reduction, and Other(1)
Total
Percentage of Total by Financing Class(2)
(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate$5,979 $2,884 $5,799 $2,626 $347 $17,635 1 %
15-year or less, amortizing fixed-rate186 75 157 57 2 477 *
Adjustable-rate40 9 18 — 1 68 *
Other29 24 44 16 5 118 1
Total single-family6,234 2,992 6,018 2,699 355 18,298 1
Multifamily11 — — — — 11 *
Total(3)
$6,245 $2,992 $6,018 $2,699 $355 $18,309 *

For the Three Months Ended March 31, 2025
Payment Delay (Only)
Forbearance PlanPayment DeferralTrial Modification and Repayment Plans
Payment Delay and Term Extension(1)
Payment Delay, Term Extension and Interest Rate Reduction(1)
Total
Percentage of Total by Financing Class(2)
(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate$7,211 $3,502 $6,158 $2,611 $136 $19,618 1 %
15-year or less, amortizing fixed-rate254 119 169 4 — 546 *
Adjustable-rate42 11 21 — 2 76 *
Other43 32 60 19 8 162 1
Total single-family7,550 3,664 6,408 2,634 146 20,402 1
Multifamily612 — — — 22 634 *
Total(3)
$8,162 $3,664 $6,408 $2,634 $168 $21,036 1
*    Represents less than 0.5% of total by financing class.
(1)    Represents loans that received a contractual modification.
(2)    Based on the amortized cost basis as of period end, divided by the period-end amortized cost basis of the corresponding class of financing receivable.
(3)    Excludes $111 million for the three months ended March 31, 2026, and $169 million for the three months ended March 31, 2025, for loans that were the subject of loss mitigation activity during the period that paid off, were repurchased or were sold prior to period end. Also excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale. Loans may move from one category to another, as a result of the restructuring(s) they received during the period.
The following tables summarize the financial impacts of loan modifications and payment deferrals made to single-family HFI loans presented by class of financing receivable. We discuss the qualitative impacts of forbearance plans, repayment plans, and trial modifications in our 2025 Form 10-K in “Note 4, Mortgage Loans.” As a result, those loss mitigation options are excluded from the table below.
For the Three Months Ended March 31,
20262025
Weighted-Average Interest Rate Reduction Weighted-Average Term Extension (in Months)
Average Amount Capitalized as
a Result of a Payment Delay(1)
Weighted-
Average
Interest Rate
Reduction		Weighted-
Average
Term
Extension
(in Months)
Average Amount Capitalized as
a Result of a Payment Delay(1)
Loan by class of financing receivable:(2)
20- and 30-year or more, amortizing fixed-rate 0.63 %145 $13,514 0.63 %157 $12,403 
15-year or less, amortizing fixed-rate 0.95 52 11,192 1.13 65 8,660 
Adjustable-rate
0.64 — 10,770 — — 10,333 
Other
0.66 139 13,866 1.00 174 11,647 
(1)    Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole dollars.
(2)    Excludes the financial effects of modifications for loans that were paid off or otherwise liquidated as of period end.
The following tables display the amortized cost of HFI loans that defaulted during the period and had received a completed modification or payment deferral in the twelve months prior to the payment default. For purposes of this disclosure, we define loans that had a payment default as single-family loans with completed modifications that are two or more months delinquent during the period; or multifamily loans with completed modifications that are one or more months delinquent during the period. For loans that receive a forbearance plan, repayment plan or trial modification, these loss mitigation options generally remain in default until the loan is no longer delinquent as a result of the payment of all past-due amounts or as a result of a loan modification or payment deferral. Therefore, forbearance plans, repayment plans and trial modifications are not included in default tables below.
For the Three Months Ended March 31, 2026
Payment Delay as a Result of a Payment Deferral (Only)Payment Delay and Term ExtensionPayment Delay, Term Extension, Interest Rate Reduction and OtherTotal
(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate$1,053 $1,009 $93 $2,155 
15-year or less, amortizing fixed-rate28 10 1 39 
Adjustable-rate4 — — 4 
Other11 6 3 20 
Total single-family1,096 1,025 97 2,218 
Multifamily— — — — 
Total loans that subsequently defaulted(1)(2)
$1,096 $1,025 $97 $2,218 
For the Three Months Ended March 31, 2025
Payment Delay as a Result of a Payment Deferral (Only)Payment Delay and Term ExtensionPayment Delay, Term Extension and Interest Rate ReductionTotal
(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate $1,176 $756 $19 $1,951 
15-year or less, amortizing fixed-rate 34 — — 34 
Adjustable-rate5 — 1 6 
Other 13 7 3 23 
Total single-family1,228 763 23 2,014 
Multifamily — — — — 
Total loans that subsequently defaulted(1)(2)
$1,228 $763 $23 $2,014 
(1)    Represents amortized cost as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale.
(2)    The substantial majority of loans that received a completed modification or a payment deferral during the three months ended March 31, 2026 did not default during the first quarter of 2026. The substantial majority of loans that received a completed modification or a payment deferral during the three months ended March 31, 2025 did not default during the first quarter of 2025.
The following tables display an aging analysis of HFI mortgage loans that were restructured during the twelve months prior to March 31, 2026 and March 31, 2025, respectively, presented by portfolio segment and class of financing receivable.
As of March 31, 2026(1)
30-59 Days Delinquent
60-89 Days Delinquent(2)
Seriously Delinquent Total Delinquent Current Total
(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate $4,323 $2,807 $13,581 $20,711 $16,296 $37,007 
15-year or less, amortizing fixed-rate 112 75 322 509 510 1,019 
Adjustable-rate 13 8 55 76 51 127 
Other 41 24 102 167 114 281 
Total single-family loans modified4,489 2,914 14,060 21,463 16,971 38,434 
Multifamily — N/A475 475 15 490 
Total loans restructured(3)
$4,489 $2,914 $14,535 $21,938 $16,986 $38,924 
As of March 31, 2025(1)
30-59 Days Delinquent
60-89 Days Delinquent(2)
Seriously Delinquent Total Delinquent Current Total
(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate $4,040 $2,889 $13,813 $20,742 $14,107 $34,849 
15-year or less, amortizing fixed-rate 101 82 382 565 398 963 
Adjustable-rate 13 13 64 90 34 124 
Other 49 32 125 206 125 331 
Total single-family loans modified4,203 3,016 14,384 21,603 14,664 36,267 
 Multifamily — N/A613 613 1,051 1,664 
Total loans restructured(3)
$4,203 $3,016 $14,997 $22,216 $15,715 $37,931 
(1)    As of March 31, 2026, the substantial majority of loans that received a completed modification or a payment deferral during the first quarter of 2026 were not delinquent as of March 31, 2026. As of March 31, 2025, the substantial majority of loans that received a completed modification or a payment deferral during the first quarter of 2025 were not delinquent as of March 31, 2025.
(2)     Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.
(3)    Represents the amortized cost basis as of period end.
Nonaccrual Loans
We recognize interest income on an accrual basis except when we believe the collection of principal and interest is not reasonably assured, at which time a loan is placed on nonaccrual status. See “Note 1, Summary of Significant Accounting Policies” in our 2025 Form 10-K for additional information on our accounting policies for single-family and multifamily nonaccrual loans.
The table below displays the accrued interest receivable written off through the reversal of interest income from nonaccrual loans.
For the Three Months Ended March 31,
20262025
(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family$116 $103 
Multifamily8 10 
The tables below include the amortized cost of and interest income recognized on mortgage loans on nonaccrual status, presented by portfolio segment and class of financing receivable.
As of
For the Three Months Ended March 31, 2026
March 31, 2026December 31, 2025
Amortized Cost(1)
Total Interest Income Recognized(2)

(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate
$27,148 $26,221 $42 
15-year or less, amortizing fixed-rate
681 692 1 
Adjustable-rate
118 114 — 
Other
412 421 1 
Total single-family
28,359 27,448 44 
Multifamily
3,375 3,312 2 
Total nonaccrual loans
$31,734 $30,760 $46 
As of
For the Three Months Ended March 31, 2025
March 31, 2025December 31, 2024
Amortized Cost(1)
Total Interest Income Recognized(2)

(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate
$26,335 $25,218 $46 
15-year or less, amortizing fixed-rate
771 770 1 
Adjustable-rate
122 114 — 
Other
463 482 1 
Total single-family
27,691 26,584 48 
Multifamily
2,702 2,517 4 
Total nonaccrual loans
$30,393 $29,101 $52 
(1)Amortized cost is presented net of any write-offs, which are recognized when a loan balance is deemed uncollectible.
(2)Interest income recognized includes amortization of any deferred cost basis adjustments while the loan is performing and that is not reversed when the loan is placed on nonaccrual status. For single-family, interest income recognized includes payments received on nonaccrual loans held as of period end.