Mortgage Loans

6 Months Ended

Jun. 30, 2026

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

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
	June 30, 2026		December 31, 2025
	(Dollars in millions)
Single-family	$	3,565,196	$	3,570,904
Multifamily	534,915		524,962
Total UPB of mortgage loans	4,100,111		4,095,866
Cost basis and fair value adjustments, net	28,055		31,811
Allowance for loan losses for HFI loans	(8,513)		(8,364)
Total mortgage loans(1)	$	4,119,653	$	4,119,313

(1)Excludes $11.6 billion and $11.3 billion of accrued interest receivable as of June 30, 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 June 30,				For the Six Months Ended June 30,

		2026		2025		2026		2025
	(Dollars in millions)
Purchase of HFI loans:
Single-family UPB		$	110,645	$	83,567	$	209,110	$	147,194
Multifamily UPB		13,997		16,636		30,849		28,150

Single-family loans redesignated from HFI to HFS:
Amortized cost		$	541	$	194	$	541	$	704
Lower of cost or fair value adjustment at time of redesignation(1)		(82)		(21)		(82)		(90)
Allowance reversed at time of redesignation		(3)		3		(3)		20





Single-family loans sold:
UPB		$	—	$	660	$	—	$	660
Realized gains (losses), net		—		7		—		7

(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 June 30, 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	$	35,520	$	9,172	$	21,387	$	66,079	$	3,177,751	$	3,243,830	$	105	$	3,961
15-year or less, amortizing fixed-rate	1,379		276		538		2,193		302,696		304,889		4		241
Adjustable-rate	177		38		87		302		34,196		34,498		—		17
Other(3)	426		107		334		867		15,526		16,393		10		125
Total single-family	37,502		9,593		22,346		69,441		3,530,169		3,599,610		119		4,344
Multifamily(4)	637		N/A		2,566		3,203		530,359		533,562		1		1,972
Total	$	38,139	$	9,593	$	24,912	$	72,644	$	4,060,528	$	4,133,172	$	120	$	6,316


	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/A		3,240		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 $6.0 billion and $5.4 billion as of June 30, 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 June 30, 2026 and Write-offs for the Six Months Ended June 30, 2026, by Year of Origination(1)
	2026		2025		2024		2023		2022		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%	$	92,004	$	167,369	$	147,625	$	138,053	$	304,683	$	2,010,162	$	2,859,896
Greater than 80% and less than or equal to 90%	24,181		59,456		59,523		41,093		41,988		12,491		238,732
Greater than 90% and less than or equal to 100%	36,732		50,913		25,370		11,993		10,762		2,044		137,814
Greater than 100%	—		473		1,613		1,973		2,771		558		7,388
Total 20- and 30-year or more, amortizing fixed-rate	152,917		278,211		234,131		193,112		360,204		2,025,255		3,243,830
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	—		25		43		47		88		146		349
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	9,939		14,424		6,058		4,578		24,709		241,855		301,563
Greater than 80% and less than or equal to 90%	955		1,216		265		56		47		3		2,542
Greater than 90% and less than or equal to 100%	472		270		28		4		7		—		781
Greater than 100%	—		1		1		1		—		—		3
Total 15-year or less, amortizing fixed-rate	11,366		15,911		6,352		4,639		24,763		241,858		304,889
Current-year 15-year or less, amortizing fixed-rate write-offs	—		—		1		1		1		2		5
Adjustable-rate:
Less than or equal to 80%	4,904		5,532		1,251		1,467		3,817		11,697		28,668
Greater than 80% and less than or equal to 90%	1,205		1,464		378		331		455		27		3,860
Greater than 90% and less than or equal to 100%	772		769		119		104		122		7		1,893
Greater than 100%	—		2		9		22		42		2		77
Total adjustable-rate	6,881		7,767		1,757		1,924		4,436		11,733		34,498
Current-year adjustable-rate write-offs	—		—		—		—		—		1		1
Other:
Less than or equal to 80%	—		—		—		—		—		13,732		13,732
Greater than 80% and less than or equal to 90%	—		—		—		—		—		39		39
Greater than 90% and less than or equal to 100%	—		—		—		—		—		16		16
Greater than 100%	—		—		—		—		—		18		18
Total other	—		—		—		—		—		13,805		13,805
Current-year other write-offs	—		—		—		—		—		4		4

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	106,847	$	187,325	$	154,934	$	144,098	$	333,209	$	2,277,446	$	3,203,859
Greater than 80% and less than or equal to 90%	26,341		62,136		60,166		41,480		42,490		12,560		245,173
Greater than 90% and less than or equal to 100%	37,976		51,952		25,517		12,101		10,891		2,067		140,504
Greater than 100%	—		476		1,623		1,996		2,813		578		7,486
Total	$	171,164	$	301,889	$	242,240	$	199,675	$	389,403	$	2,292,651	$	3,597,022
Total current-year write-offs	$	—	$	25	$	44	$	48	$	89	$	153	$	359


	Credit Quality Indicators as of December 31, 2025 and Write-offs for the Year Ended December 31, 2025, by Year of Origination(1)
	2025		2024		2023		2022		2021		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 $2.6 billion and $2.8 billion as of June 30, 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. The tables also exclude current-year write-offs 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 June 30, 2026 and Write-offs for the Six Months Ended June 30, 2026, by Year of Origination(1)
	2026		2025		2024		2023		2022		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$	20,593	$	77,357	$	51,281	$	47,579	$	49,282	$	259,460	$	505,552
Special mention(3)	—		—		64		15		214		808		1,101
Substandard(4)	—		380		2,831		4,276		5,624		13,761		26,872
Doubtful(5)	—		13		—		2		—		22		37
Total	$	20,593	$	77,750	$	54,176	$	51,872	$	55,120	$	274,051	$	533,562
Current-year write-offs	$	—	$	—	$	28	$	74	$	90	$	252	$	444


	Credit Quality Indicators as of December 31, 2025 and Write-offs for the Year Ended December 31, 2025, by Year of Origination(1)
	2025		2024		2023		2022		2021		Prior		Total
	(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 June 30, 2026
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial 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	$	5,897	$	2,080	$	5,454	$	2,415	$	524	$	16,370	1%
15-year or less, amortizing fixed-rate	167		51		140		52		2		412		*
Adjustable-rate	42		11		16		—		—		69		*
Other	33		19		40		16		6		114		1
Total single-family	6,139		2,161		5,650		2,483		532		16,965		*
Multifamily	29		—		—		—		433		462		*
Total(3)	$	6,168	$	2,161	$	5,650	$	2,483	$	965	$	17,427	*

	For the Six Months Ended June 30, 2026
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial 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	$	8,044	$	4,868	$	8,068	$	4,997	$	866	$	26,843	1	%
15-year or less, amortizing fixed-rate	236		121		219		107		4		687		*
Adjustable-rate	54		19		22		—		1		96		*
Other	44		43		62		31		10		190		1
Total single-family	8,378		5,051		8,371		5,135		881		27,816		1
Multifamily	35		—		—		—		433		468		*
Total(3)	$	8,413	$	5,051	$	8,371	$	5,135	$	1,314	$	28,284	1


	For the Three Months Ended June 30, 2025
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial 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	$	5,280	$	2,635	$	5,822	$	3,166	$	224	$	17,127	1	%
15-year or less, amortizing fixed-rate	185		82		175		36		2		480		*
Adjustable-rate	29		12		18		—		1		60		*
Other	30		28		50		21		8		137		1
Total single-family	5,524		2,757		6,065		3,223		235		17,804		*
Multifamily	20		—		—		—		35		55		*
Total(3)	$	5,544	$	2,757	$	6,065	$	3,223	$	270	$	17,859	*

	For the Six Months Ended June 30, 2025
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial 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	$	7,505	$	6,040	$	8,447	$	5,723	$	355	$	28,070	1	%
15-year or less, amortizing fixed-rate	263		197		261		39		2		762		*
Adjustable-rate	44		22		29		—		3		98		*
Other	46		58		84		39		15		242		1
Total single-family	7,858		6,317		8,821		5,801		375		29,172		1
Multifamily	602		—		—		—		48		650		*
Total(3)	$	8,460	$	6,317	$	8,821	$	5,801	$	423	$	29,822	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 $269 million and $633 million for the three and six months ended June 30, 2026, respectively, and $243 million and $592 million for the three and six months ended June 30, 2025, respectively, 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 June 30,
	2026					2025
	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	0.80	%	144	$	14,360	0.60	%	145	$	13,775
15-year or less, amortizing fixed-rate	1.10		53	10,791		1.18		52	10,121
Adjustable-rate	0.58		—	12,457		1.31		—	11,166
Other	1.76		148	16,556		1.29		135	14,693

	For the Six Months Ended June 30,
	2026					2025
	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	0.73	%	144	$	13,923	0.61	%	150	$	13,061
15-year or less, amortizing fixed-rate	1.01		53	11,043		1.17		53	9,431
Adjustable-rate	0.63		—	11,613		1.31		—	10,487
Other	1.31		143	15,304		1.13		158	12,930

(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 June 30, 2026
		Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension		Payment Delay, Term Extension, Interest Rate Reduction and Other		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	1,156	$	982	$	99	$	2,237
15-year or less, amortizing fixed-rate		28		16		—		44
Adjustable-rate		3		—		—		3
Other		11		7		2		20
Total single-family		1,198		1,005		101		2,304
Multifamily		—		—		—		—
Total loans that subsequently defaulted(1)(2)		$	1,198	$	1,005	$	101	$	2,304

		For the Six Months Ended June 30, 2026
		Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension		Payment Delay, Term Extension, Interest Rate Reduction and Other		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	1,873	$	1,607	$	162	$	3,642
15-year or less, amortizing fixed-rate		50		21		1		72
Adjustable-rate		4		—		—		4
Other		19		12		4		35
Total single-family		1,946		1,640		167		3,753
Multifamily		—		—		—		—
Total loans that subsequently defaulted(1)(2)		$	1,946	$	1,640	$	167	$	3,753


	For the Three Months Ended June 30, 2025
	Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension		Payment Delay, Term Extension and Interest Rate Reduction		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	1,190	$	807	$	26	$	2,023
15-year or less, amortizing fixed-rate	31		—		—		31
Adjustable-rate	3		—		1		4
Other	12		6		2		20
Total single-family	1,236		813		29		2,078
Multifamily	—		—		—		—
Total loans that subsequently defaulted(1)(2)	$	1,236	$	813	$	29	$	2,078

	For the Six Months Ended June 30, 2025
	Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension		Payment Delay, Term Extension and Interest Rate Reduction		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	1,998	$	1,293	$	40	$	3,331
15-year or less, amortizing fixed-rate	55		—		—		55
Adjustable-rate	6		—		2		8
Other	19		10		4		33
Total single-family	2,078		1,303		46		3,427
Multifamily	—		—		—		—
Total loans that subsequently defaulted(1)(2)	$	2,078	$	1,303	$	46	$	3,427

(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 June 30, 2026 did not default during the second quarter of 2026. The substantial majority of loans that received a completed modification or a payment deferral during the three months ended June 30, 2025 did not default during the second quarter of 2025.

The following tables display an aging analysis of HFI mortgage loans that were restructured during the twelve months prior to June 30, 2026 and June 30, 2025, respectively, presented by portfolio segment and class of financing receivable.


	As of June 30, 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	$	4,672	$	2,919	$	13,529	$	21,120	$	15,936	$	37,056
15-year or less, amortizing fixed-rate	112		72		324		508		507		1,015
Adjustable-rate	12		9		51		72		52		124
Other	39		23		98		160		106		266
Total single-family loans modified	4,835		3,023		14,002		21,860		16,601		38,461
Multifamily	—		N/A		35		35		434		469
Total loans restructured(3)	$	4,835	$	3,023	$	14,037	$	21,895	$	17,035	$	38,930


	As of June 30, 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	$	4,266	$	2,647	$	12,994	$	19,907	$	15,158	$	35,065
15-year or less, amortizing fixed-rate	101		67		369		537		434		971
Adjustable-rate	13		7		55		75		41		116
Other	46		29		113		188		134		322
Total single-family loans modified	4,426		2,750		13,531		20,707		15,767		36,474
Multifamily	—		N/A		569		569		495		1,064
Total loans restructured(3)	$	4,426	$	2,750	$	14,100	$	21,276	$	16,262	$	37,538

(1) As of June 30, 2026, the substantial majority of loans that received a completed modification or a payment deferral during the second quarter of 2026 were not delinquent as of June 30, 2026. As of June 30, 2025, the substantial majority of loans that received a completed modification or a payment deferral during the second quarter of 2025 were not delinquent as of June 30, 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 June 30,				For the Six Months Ended June 30,
		2026		2025		2026		2025
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family		$	107	$	91	$	223	$	194
Multifamily		6		9		14		17

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 June 30, 2026		For the Six Months Ended June 30, 2026
	June 30, 2026		March 31, 2026		December 31, 2025
	Amortized Cost(1)						Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	27,139	$	27,148	$	26,221	$	53	$	155
15-year or less, amortizing fixed-rate	680		681		692		1		3
Adjustable-rate	111		118		114		—		1
Other	398		412		421		1		3
Total single-family	28,328		28,359		27,448		55		162
Multifamily	3,091		3,375		3,312		6		11
Total nonaccrual loans	$	31,419	$	31,734	$	30,760	$	61	$	173


	As of						For the Three Months Ended June 30, 2025		For the Six Months Ended June 30, 2025
	June 30, 2025		March 31, 2025		December 31, 2024
	Amortized Cost(1)						Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	25,423	$	26,335	$	25,218	$	56	$	148
15-year or less, amortizing fixed-rate	736		771		770		1		3
Adjustable-rate	114		122		114		—		1
Other	428		463		482		1		3
Total single-family	26,701		27,691		26,584		58		155
Multifamily	2,862		2,702		2,517		6		7
Total nonaccrual loans	$	29,563	$	30,393	$	29,101	$	64	$	162

(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.