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Investment Securities
 6 Months Ended
Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Investment Securities

As of June 30, 2015 and December 31, 2014, investment securities were comprised of the following.
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
(Dollars in millions)
June 30, 2015
 
 
 
 
 
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
 
Agency
 
$
904

 
$
6

 
$
(3
)
 
$
907

Agency-collateralized mortgage obligations
 
1,358

 
11

 
(4
)
 
1,365

Total available-for-sale securities
 
$
2,262

 
$
17

 
$
(7
)
 
$
2,272

December 31, 2014
 
 
 
 
 
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
 
Agency
 
$
925

 
$
6

 
$
(2
)
 
$
929

Agency-collateralized mortgage obligations
 
734

 
8

 
(1
)
 
741

Municipal obligations
 
2

 
—

 
—

 
2

Total available-for-sale securities
 
$
1,661

 
$
14

 
$
(3
)
 
$
1,672



Available-for-sale securities

Securities available-for-sale are carried at fair value, with unrealized gains reported as a component of other comprehensive income and unrealized losses reported as a component of other comprehensive income to the extent they are temporary in nature. Credit related declines in the securities are classified as other-than-temporary impairments ("OTTI") and are reported as a separate component of noninterest income within the Consolidated Statement of Operations. An impaired investment security is considered to be other than temporary if (1) the Company intends to sell the security; (2) it is more likely than not the Company will be required to sell the security before recovery of its amortized cost basis; or (3) the present value of expected cash flows is not sufficient to recover all contractually required principal and interest payments.

The Company purchased $72 million and $724 million of investment securities, which included agency securities, comprised of mortgage-backed securities and collateralized mortgage obligations during the three and six months ended June 30, 2015, respectively. The Company purchased $464 million and $669 million of investment securities, which included agency securities comprised of mortgage-backed securities during the three and six months ended June 30, 2014, respectively.
    
The following table summarizes by duration the unrealized loss positions on investment securities available-for-sale. 
 
Unrealized Loss Position with
Duration 12 Months and Over
 
Unrealized Loss Position with
Duration Under 12 Months
  
Fair Value
 
Number of
Securities
 
Unrealized
Loss
 
Fair
Value
 
Number of
Securities
 
Unrealized
Loss
Type of Security
(Dollars in millions)
June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
Agency
$
13

 
3

 
$
(1
)
 
$
244

 
16
 
$
(2
)
Agency-collateralized mortgage obligations
—

 
—

 
—

 
460

 
35
 
(4
)
December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Agency
$
53

 
6

 
$
—

 
$
305

 
21
 
$
(2
)
Agency-collateralized mortgage obligations
98

 
10

 
(1
)
 
38

 
4
 
—



Gains (losses) on sales of available-for-sale securities are reported in net gain on securities available-for-sale in the Consolidated Statements of Operations. During the three and six months ended June 30, 2015, there were no sales of investment securities except those related to loans that had been securitized for sale in the normal course of business, compared to $40 million and $58 million, respectively, sales of investment securities, resulting in a gain of $1 million during both the three and six months ended June 30, 2014.

The amortized cost and estimated fair value of securities, excluding trading securities, at June 30, 2015, are presented below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
 
Investment Securities Available-for-Sale
 
Amortized
Cost
 
Fair
Value
 
Weighted-Average
Yield
June 30, 2015
(Dollars in millions)
Due in one year or less
$
—

 
$
—

 
—
%
Due after one year through five years
10

 
10

 
2.05
%
Due after five years through 10 years
83

 
83

 
2.39
%
Due after 10 years
2,169

 
2,179

 
2.57
%
Total
$
2,262

 
$
2,272