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Contingent Liabilities and Guarantees (Tables) | 3 Months Ended
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Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract] |
Guarantees | The following table shows the types of guarantees that we had outstanding at March 31, 2021. Information pertaining to the basis for determining the liabilities recorded in connection with these guarantees is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Contingencies and Guarantees” beginning on page 116 of our 2020 Form 10-K.
March 31, 2021 | Maximum Potential Undiscounted Future Payments | Liability Recorded
in millions
Financial guarantees: |  |
Standby letters of credit | $ | 3,229 |  | $ | 72 |
Recourse agreement with FNMA | 5,951 |  | 23 |
Residential mortgage reserve | 2,652 |  | 11 |
Written put options (a) | 3,991 |  | 46 |
Total | $ | 15,823 |  | $ | 152 |
(a)The maximum potential undiscounted future payments represent notional amounts of derivatives qualifying as guarantees.

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- Definition Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12069-110248 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12265-110248 + Details
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