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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

☑    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
None			N/A			N/A

Securities registered pursuant to Section 12(g) of the Act: 

Common Stock, without par value
8.25% Non-Cumulative Preferred Stock, Series T, stated value $25 per share
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series S, stated value $25 per share
7.625% Non-Cumulative Preferred Stock, Series R, stated value $25 per share
6.75% Non-Cumulative Preferred Stock, Series Q, stated value $25 per share
Variable Rate Non-Cumulative Preferred Stock, Series P, stated value $25 per share
Variable Rate Non-Cumulative Preferred Stock, Series O, stated value $50 per share
5.375% Non-Cumulative Convertible Series 2004-1 Preferred Stock, stated value $100,000 per share
5.50% Non-Cumulative Preferred Stock, Series N, stated value $50 per share
4.75% Non-Cumulative Preferred Stock, Series M, stated value $50 per share
5.125% Non-Cumulative Preferred Stock, Series L, stated value $50 per share
5.375% Non-Cumulative Preferred Stock, Series I, stated value $50 per share
5.81% Non-Cumulative Preferred Stock, Series H, stated value $50 per share
Variable Rate Non-Cumulative Preferred Stock, Series G, stated value $50 per share
Variable Rate Non-Cumulative Preferred Stock, Series F, stated value $50 per share
5.10% Non-Cumulative Preferred Stock, Series E, stated value $50 per share
5.25% Non-Cumulative Preferred Stock, Series D, stated value $50 per share

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ¨      No  þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.    Yes  ¨        No  þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ     No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes þ     No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No þ

The aggregate market value of the common stock held by non-affiliates of the registrant computed by reference to the last reported sale price of the common stock quoted on the OTCQB, operated by OTC Markets Group, Inc., on June 30, 2020 (the last business day of the registrant’s most recently completed second fiscal quarter) was approximately $2.5 billion.

As of February 1, 2021, there were 1,158,087,567 shares of common stock of the registrant outstanding.

Table of Contents
						Page
PART I
Item 1.			Business			1
			Introduction			1
			Executive Summary			2
			Summary of Our Financial Performance			2
			COVID-19 Impact			3
			Our Mission and Charter			5
			Mortgage Securitizations			6
			Managing Mortgage Credit Risk			9
			Conservatorship, Treasury Agreements and Housing Finance Reform			12
			Legislation and Regulation			19
			Human Capital			29
			Where You Can Find Additional Information			30
			Forward-Looking Statements			30
Item 1A.			Risk Factors			34
Item 1B.			Unresolved Staff Comments			57
Item 2.			Properties			57
Item 3.			Legal Proceedings			57
Item 4.			Mine Safety Disclosures			59
PART II
Item 5.			Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			60
Item 6.			Selected Financial Data			61
Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			63
			Key Market Economic Indicators			63
			Consolidated Results of Operations			67
			Consolidated Balance Sheet Analysis			79
			Retained Mortgage Portfolio			80
			Guaranty Book of Business			83
			Business Segments			84
			Single-Family Business			85
			Single-Family Mortgage Market			87
			Single-Family Market Activity			88
			Single-Family Business Metrics			90
			Single-Family Business Financial Results			91
			Single-Family Mortgage Credit Risk Management			94
			Multifamily Business			122
			Multifamily Mortgage Market			124
			Multifamily Market Activity			125
			Multifamily Business Metrics			125
			Multifamily Business Financial Results			128
			Multifamily Mortgage Credit Risk Management			129
			Liquidity and Capital Management			136

			Off-Balance Sheet Arrangements			145
			Risk Management			147
			Mortgage Credit Risk Management			149
			Institutional Counterparty Credit Risk Management			151
			Market Risk Management, including Interest-Rate Risk Management			159
			Liquidity and Funding Risk Management			164
			Operational Risk Management			164
			Critical Accounting Policies and Estimates			165
			Impact of Future Adoption of New Accounting Guidance			166
			Glossary of Terms Used in This Report			166
Item 7A.			Quantitative and Qualitative Disclosures about Market Risk			169
Item 8.			Financial Statements and Supplementary Data			169
Item 9.			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			169
Item 9A.			Controls and Procedures			169
Item 9B.			Other Information			174
PART III
Item 10.			Directors, Executive Officers and Corporate Governance			174
			Directors			174
			Corporate Governance			178
			ESG Matters			185
			Report of the Audit Committee of the Board of Directors			188
			Executive Officers			190
Item 11.			Executive Compensation			192
			Compensation Discussion and Analysis			192
			Compensation Committee Report			210
			Compensation Risk Assessment			210
			Compensation Tables and Other Information			211
Item 12.			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			219
Item 13.			Certain Relationships and Related Transactions, and Director Independence			220
			Policies and Procedures Relating to Transactions with Related Persons			220
			Transactions with Related Persons			222
			Director Independence			223
Item 14.			Principal Accounting Fees and Services			225
PART IV
Item 15.			Exhibits, Financial Statement Schedules			226
Item 16.			Form 10-K Summary			228
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS						F-1