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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, 2021

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.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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 ☑

The aggregate market value of the common stock held by non-affiliates computed by reference to the closing price of the common stock quoted on the OTCQB on June 30, 2021 (the last business day of the registrant’s most recently completed second fiscal quarter) was approximately $1.8 billion.

As of February 1, 2022, 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
			Liquidity Provided in 2021			4
			Our Mission, Strategy and Charter			4
			Mortgage Securitizations			5
			Managing Mortgage Credit Risk			8
			Conservatorship, Treasury Agreements and Housing Finance Reform			11
			Legislation and Regulation			18
			Human Capital			28
			Where You Can Find Additional Information			30
			Forward-Looking Statements			30
Item 1A.			Risk Factors			33
			Risk Factors Summary			33
			GSE and Conservatorship Risk			35
			Credit Risk			40
			Operational Risk			44
			Liquidity and Funding Risk			48
			Market and Industry Risk			49
			Legal and Regulatory Risk			52
			General Risk			53
Item 1B.			Unresolved Staff Comments			54
Item 2.			Properties			54
Item 3.			Legal Proceedings			54
Item 4.			Mine Safety Disclosures			55
PART II
Item 5.			Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			56
Item 6.			[Reserved]			57
Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			58
			Key Market Economic Indicators			58
			Consolidated Results of Operations			62
			Consolidated Balance Sheet Analysis			76
			Retained Mortgage Portfolio			78
			Guaranty Book of Business			80
			Business Segments			81
			Single-Family Business			82
			Single-Family Mortgage Market			85
			Single-Family Market Activity			86
			Single-Family Business Metrics			87
			Single-Family Business Financial Results			89
			Single-Family Mortgage Credit Risk Management			91
			Multifamily Business			119

			Multifamily Mortgage Market			121
			Multifamily Market Activity			122
			Multifamily Business Metrics			122
			Multifamily Business Financial Results			125
			Multifamily Mortgage Credit Risk Management			126
			Liquidity and Capital Management			133
			Risk Management			143
			Mortgage Credit Risk Management Overview			145
			Climate Change and Natural Disaster Risk Management			145
			Institutional Counterparty Credit Risk Management			147
			Market Risk Management, including Interest-Rate Risk Management			155
			Liquidity and Funding Risk Management			160
			Operational Risk Management			160
			Critical Accounting Estimates			161
			Impact of Future Adoption of New Accounting Guidance			164
			Glossary of Terms Used in This Report			164
Item 7A.			Quantitative and Qualitative Disclosures about Market Risk			168
Item 8.			Financial Statements and Supplementary Data			168
Item 9.			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			168
Item 9A.			Controls and Procedures			168
Item 9B.			Other Information			173
Item 9C.			Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			173
PART III
Item 10.			Directors, Executive Officers and Corporate Governance			173
			Directors			173
			Corporate Governance			179
			ESG Matters			186
			Report of the Audit Committee of the Board of Directors			190
			Executive Officers			192
Item 11.			Executive Compensation			195
			Compensation Discussion and Analysis			195
			Compensation Committee Report			217
			Compensation Risk Assessment			217
			Compensation Tables and Other Information			218
Item 12.			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			229
Item 13.			Certain Relationships and Related Transactions, and Director Independence			230
			Policies and Procedures Relating to Transactions with Related Persons			230
			Transactions with Related Persons			232
			Director Independence			233
Item 14.			Principal Accounting Fees and Services			235
PART IV
Item 15.			Exhibits, Financial Statement Schedules			237
Item 16.			Form 10-K Summary			239
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS						F-1