v3.26.1
Guarantees and Other Off-Balance Sheet Credit Exposures (Tables)
 3 Months Ended
Mar. 31, 2026
Guarantees [Abstract]  
Table - Financial Guarantees
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
March 31, 2026
(Dollars in millions, terms in years)
UPBMaximum Exposure
Recognized Liability(1)
Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)
$29,528 $24,180 $446 39
Other mortgage-related guarantees7,044 7,044 89 26
Total Single-Family mortgage-related guarantees36,572 31,224 535 
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)
324,122 292,245 3,426 34
Other mortgage-related guarantees9,940 9,929 319 33
Total Multifamily mortgage-related guarantees334,062 302,174 3,745 
Guarantees of Fannie Mae securities97,155 97,155 — 36
Other61 384 — 29
December 31, 2025
(Dollars in millions, terms in years)
UPBMaximum Exposure
Recognized Liability(1)
Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)
$30,025 $24,604 $453 40
Other mortgage-related guarantees7,212 7,212 96 26
Total Single-Family mortgage-related guarantees37,237 31,816 549 
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)
332,572 299,507 3,629 34
Other mortgage-related guarantees10,003 9,992 332 33
Total Multifamily mortgage-related guarantees342,575 309,499 3,961 
Guarantees of Fannie Mae securities98,370 98,370 — 36
Other64 399 — 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)    Maximum exposure to loss excludes the exposure related to advances made by us as guarantor. The outstanding balance of guarantor advances were $0.3 billion and $0.4 billion as of March 31, 2026 and December 31, 2025, 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
March 31, 2026
(In millions)Current
One
Month
Past Due
Two
Months
Past Due
Three Months or
More Past Due,
or in Foreclosure
Total
Single-Family$32,234 $2,082 $831 $1,425 $36,572 
Multifamily331,758 380 191 1,733 334,062 
Total$363,992 $2,462 $1,022 $3,158 $370,634 
December 31, 2025
(In millions)Current
One
Month
Past Due
Two
Months
Past Due
Three Months or
More Past Due,
or in Foreclosure
Total
Single-Family$32,713 $2,234 $860 $1,430 $37,237 
Multifamily340,501 141 218 1,715 342,575 
Total$373,214 $2,375 $1,078 $3,145 $379,812 
The table below presents our other off-balance sheet credit exposures.
Table 4.3 – Other Off-Balance Sheet Credit Exposures
(In millions)March 31, 2026December 31, 2025
Mortgage loan purchase commitments(1)
$18,776 $14,010 
Unsettled securities purchased under agreements to resell, net(2)
32,284 27,811 
Other commitments(3)
3,772 3,788 
Total$54,832 $45,609 
(1)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 $0.7 billion and $1.9 billion of unsettled securities sold under agreements to repurchase as of March 31, 2026 and December 31, 2025.
(3)Consists of unfunded portion of revolving lines of credit, liquidity guarantees, and other commitments.