Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table provides a summary of our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2012 and 2011 (dollars in millions):



	Fair Value Hierarchy
	Level 1		Level 2		Level 3
December 31, 2012
Assets:
Agency securities	$	—	$	85,245	$	—
Interest rate swaps	—		14		—
Payer swaptions	—		171		—
Other derivative instruments	—		116		—
Total	$	—	$	85,546	$	—
Liabilities:
Debt of consolidated VIEs	$	—	$	937	$	—
Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements	11,763		—		—
Interest rate swaps	—		1,243		—
Other derivative instruments	—		21		—
Total	$	11,763	$	2,201	$	—

December 31, 2011
Assets:
Agency securities	$	—	$	54,683	$	—
U.S. Treasury securities	101		—		—
Interest rate swaps	—		13		—
Other derivative instruments	—		69		—
Total	$	101	$	54,765	$	—
Liabilities:
Debt of consolidated VIEs ⁽¹⁾	$	—	$	54	$	—
Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements	899		—		—
U.S. Treasury futures	14		—		—
Interest rate swaps	—		795		—
Other derivative instruments	—		44		—
Total	$	913	$	893	$	—

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1.	This amount is recorded at cost basis which closely approximates its fair value.