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Available-for-Sale Securities (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Securities, Available-for-sale [Abstract]  
Major Security Types
AFS securities were as follows (dollars in millions):
 
December 31, 2019
 
Amortized
Cost1
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 

Fair
Value
Non-mortgage-backed securities
 
 
 
 
 
 
 
Other U.S. obligations2
$
2,122

 
$
6

 
$
(1
)
 
$
2,127

GSE and Tennessee Valley Authority obligations
1,034

 
26

 
—

 
1,060

State or local housing agency obligations
761

 
—

 
(5
)
 
756

Other3
276

 
9

 
—

 
285

Total non-mortgage-backed securities
4,193

 
41

 
(6
)
 
4,228

Mortgage-backed securities
 
 
 
 
 
 
 
U.S. obligations single-family2
4,044

 
17

 
(2
)
 
4,059

GSE single-family
646

 
4

 
(1
)
 
649

GSE multifamily
7,720

 
13

 
(18
)
 
7,715

Total mortgage-backed securities
12,410

 
34

 
(21
)
 
12,423

Total
$
16,603

 
$
75

 
$
(27
)
 
$
16,651


 
December 31, 2018
 
Amortized
Cost1
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 

Fair
Value
Non-mortgage-backed securities
 
 
 
 
 
 
 
Other U.S. obligations2
$
2,597

 
$
8

 
$
(3
)
 
$
2,602

GSE and Tennessee Valley Authority obligations
1,012

 
26

 
—

 
1,038

State or local housing agency obligations
820

 
—

 
(6
)
 
814

Other3
264

 
11

 
—

 
275

Total non-mortgage-backed securities
4,693

 
45

 
(9
)
 
4,729

Mortgage-backed securities
 
 
 
 
 
 
 
U.S. obligations single-family2 
4,459

 
25

 
(1
)
 
4,483

GSE single-family
794

 
6

 
(4
)
 
796

GSE multifamily
8,986

 
36

 
(11
)
 
9,011

Total mortgage-backed securities
14,239

 
67

 
(16
)
 
14,290

Total
$
18,932

 
$
112

 
$
(25
)
 
$
19,019



1
Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments.

2
Represents investment securities backed by the full faith and credit of the U.S. Government.

3
Consists of taxable municipal bonds and/or Private Export Funding Corporation (PEFCO) bonds.
Unrealized Losses
The following tables summarize AFS securities with unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in millions). In cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported.
 
December 31, 2019
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Non-mortgage-backed securities
 
 
 
 
 
 
 
 
 
 
 
Other U.S. obligations1
$
196

 
$
—

 
$
706

 
$
(1
)
 
$
902

 
$
(1
)
State or local housing agency obligations
57

 
—

 
344

 
(5
)
 
401

 
(5
)
Total non-mortgage-backed securities
253

 
—

 
1,050

 
(6
)
 
1,303

 
(6
)
Mortgage-backed securities
 
 
 
 
 
 
 
 
 
 
 
U.S. obligations single-family1
169

 
—

 
564

 
(2
)
 
733

 
(2
)
GSE single-family
133

 
—

 
104

 
(1
)
 
237

 
(1
)
GSE multifamily
2,001

 
(8
)
 
2,766

 
(10
)
 
4,767

 
(18
)
Total mortgage-backed securities
2,303

 
(8
)
 
3,434

 
(13
)
 
5,737

 
(21
)
Total
$
2,556

 
$
(8
)
 
$
4,484

 
$
(19
)
 
$
7,040

 
$
(27
)

 
December 31, 2018
 
Less than 12 Months
 
12 Months or More
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Non-mortgage-backed securities
 
 
 
 
 
 
 
 
 
 
 
Other U.S. obligations1
$
533

 
$
(1
)
 
$
311

 
$
(2
)
 
$
844

 
$
(3
)
State or local housing agency obligations
211

 
—

 
586

 
(6
)
 
797

 
(6
)
Total non-mortgage-backed securities
744

 
(1
)
 
897

 
(8
)
 
1,641

 
(9
)
Mortgage-backed securities
 
 
 
 
 
 
 
 
 
 
 
U.S. obligations single-family1
646

 
(1
)
 
—

 
—

 
646

 
(1
)
GSE single-family
115

 
—

 
209

 
(4
)
 
324

 
(4
)
GSE multifamily
3,239

 
(8
)
 
718

 
(3
)
 
3,957

 
(11
)
Total mortgage-backed securities
4,000

 
(9
)
 
927

 
(7
)
 
4,927

 
(16
)
Total
$
4,744

 
$
(10
)
 
$
1,824

 
$
(15
)
 
$
6,568

 
$
(25
)


1
Represents investment securities backed by the full faith and credit of the U.S. Government.
Contractual Maturity
The following table summarizes AFS securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions):
 
 
December 31, 2019
 
December 31, 2018
Year of Contractual Maturity
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Non-mortgage-backed securities
 
 
 
 
 
 
 
 
Due in one year or less
 
$
92

 
$
92

 
$
74

 
$
74

Due after one year through five years
 
2,099

 
2,110

 
1,314

 
1,323

Due after five years through ten years
 
1,294

 
1,302

 
2,497

 
2,506

Due after ten years
 
708

 
724

 
808

 
826

Total non-mortgage-backed securities
 
4,193

 
4,228

 
4,693

 
4,729

Mortgage-backed securities
 
12,410

 
12,423

 
14,239

 
14,290

Total
 
$
16,603

 
$
16,651

 
$
18,932

 
$
19,019