9. Segment Reporting We have two reportable business segments, which are based on the type of business activities each perform: Single-Family and Multifamily. Results of our two business segments are intended to reflect each segment as if it were a stand-alone business. The sum of the results for our two business segments equals our condensed consolidated results of operations. For additional information related to our business segments, including basis of organization and other segment activities, see Note 10, Segment Reporting in our 2019 Form 10-K. Segment Allocations and Results The majority of our revenues and expenses are directly associated with each respective business segment and are included in determining its operating results. Those revenues and expenses that are not directly attributable to a particular business segment are allocated based on the size of each segments guaranty book of business. The substantial majority of the gains and losses associated with our risk management derivatives are allocated to our Single-Family business segment. The following tables display our segment results. For the Three Months Ended September 30, 2020 2019 Single-Family Multifamily Total Single-Family Multifamily Total (Dollars in millions) Net interest income (1) $ 5,870 $ 786 $ 6,656 $ 4,484 $ 864 $ 5,348 Fee and other income (2) 73 20 93 156 32 188 Net revenues 5,943 806 6,749 4,640 896 5,536 Investment gains, net (3) 583 70 653 198 55 253 Fair value gains (losses), net (4) (244) (83) (327) (719) 6 (713) Administrative expenses (634) (128) (762) (634) (115) (749) Credit-related income (expense): (5) Benefit (provision) for credit losses 542 (41) 501 1,840 17 1,857 Foreclosed property expense (64) (7) (71) (93) (3) (96) Total credit-related income (expense) 478 (48) 430 1,747 14 1,761 TCCA fees (6) (679)  (679) (613)  (613) Credit enhancement expense (7) (274) (51) (325) (240) (50) (290) Change in expected credit enhancement recoveries (8) (48)  (48)    Other expenses, net (307) (6) (313) (184) (2) (186) Income before federal income taxes 4,818 560 5,378 4,195 804 4,999 Provision for federal income taxes (1,049) (100) (1,149) (872) (164) (1,036) Net income $ 3,769 $ 460 $ 4,229 $ 3,323 $ 640 $ 3,963 For the Nine Months Ended September 30, 2020 2019 Single-Family Multifamily Total Single-Family Multifamily Total (Dollars in millions) Net interest income (1) $ 15,350 $ 2,430 $ 17,780 $ 12,942 $ 2,429 $ 15,371 Fee and other income (2) 238 65 303 350 85 435 Net revenues 15,588 2,495 18,083 13,292 2,514 15,806 Investment gains, net (3) 527 117 644 709 138 847 Fair value gains (losses), net (4) (1,734) 113 (1,621) (2,364) 66 (2,298) Administrative expenses (1,888) (377) (2,265) (1,899) (338) (2,237) Credit-related income (expense): (5) Benefit (provision) for credit losses (1,411) (683) (2,094) 3,753 (21) 3,732 Foreclosed property expense (145) (16) (161) (362) (2) (364) Total credit-related income (expense) (1,556) (699) (2,255) 3,391 (23) 3,368 TCCA fees (6) (1,976)  (1,976) (1,806)  (1,806) Credit enhancement expense (7) (897) (164) (1,061) (639) (143) (782) Change in expected credit enhancement recoveries (8) 218 195 413    Other expenses, net (722) (70) (792) (540) (11) (551) Income before federal income taxes 7,560 1,610 9,170 10,144 2,203 12,347 Provision for federal income taxes (1,623) (312) (1,935) (2,125) (427) (2,552) Net income $ 5,937 $ 1,298 $ 7,235 $ 8,019 $ 1,776 $ 9,795 (1) Net interest income primarily consists of guaranty fees received as compensation for assuming and managing the credit risk on loans underlying Fannie Mae MBS held by third parties for the respective business segment, and the difference between the interest income earned on the respective business segments mortgage assets in our retained mortgage portfolio and the interest expense associated with the debt funding those assets. Revenues from single-family guaranty fees include revenues generated by the 10 basis point increase in guaranty fees pursuant to the TCCA, the incremental revenue from which is remitted to Treasury and not retained by us. (2) Single-Family fee and other income primarily consists of compensation for engaging in structured transactions and providing other lender services. Multifamily fee and other income consists of fees associated with Multifamily business activities. (3) Single-Family investment gains and losses primarily consist of gains and losses on the sale of mortgage assets. Multifamily investment gains and losses primarily consists of gains and losses on resecuritization activity. (4) Single-Family fair value gains and losses primarily consist of fair value gains and losses on risk management and mortgage commitment derivatives, trading securities, fair value option debt, and other financial instruments associated with our single-family guaranty book of business. Multifamily fair value gains and losses primarily consist of fair value gains and losses on MBS commitment derivatives, trading securities and other financial instruments associated with our multifamily guaranty book of business. (5) Credit-related income or expense is based on the guaranty book of business of the respective business segment and consists of the applicable segments benefit or provision for credit losses and foreclosed property income or expense on loans underlying the segments guaranty book of business. The presentation of our credit-related income or expense for the three and nine months ended September 30, 2019 represents amounts recognized prior to our transition to the lifetime loss model prescribed by the CECL standard. (6) Consists of the portion of our single-family guaranty fees that is remitted to Treasury pursuant to the TCCA. (7) Single-family credit enhancement expense consists of costs associated with our freestanding credit enhancements, which include primarily costs associated with our CIRT, CAS and EPMI programs. Multifamily credit enhancement expense primarily consists of costs associated with our MCIRT and MCAS programs as well as amortization expense for certain lender risk-sharing programs. Excludes CAS transactions accounted for as debt instruments and credit risk transfer programs accounted for as derivative instruments. (8) Consists of change in benefits recognized from our freestanding credit enhancements, primarily from our CAS and CIRT programs as well as certain lender risk-sharing arrangements, including our multifamily DUS program. See Note 1, Summary of Significant Accounting Policies for more information about our change in presentation.