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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Securities by Credit Rating [Table Text Block]
As of June 30, 2020 and December 31, 2019, our investments in CRT and non-Agency securities had the following credit ratings:
 June 30, 2020December 31, 2019
CRT and Non-Agency Security Credit Ratings 1
CRTRMBSCMBSCRTRMBSCMBS
AAA$—  $—  $34  $—  $—  $43  
AA—  69  223  —  81  214  
A—  32  31  13  25  34  
BBB99  80  59  67  71  69  
BB244  26  30  471  21  10  
B251  5  —  308  4  —  
Not Rated118  10  —  117  7  —  
Total$712  $222  $377  $976  $209  $370  
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1.Represents the lowest of Standard and Poor's ("S&P"), Moody's, Fitch, DBRS, Kroll Bond Rating Agency ("KBRA") and Morningstar credit ratings, stated in terms of the S&P equivalent rating as of each date.
Available-for-sale Securities [Table Text Block]
 June 30, 2020
Agency RMBSNon-Agency
Investment SecuritiesFannie MaeFreddie MacGinnie
Mae		RMBSCMBSCRTTotal
Available-for-sale securities:
Par value
$11,774  $4,147  $16  $—  $—  $—  $15,937  
Unamortized discount
(6) (1) —  —  —  —  (7) 
Unamortized premium
538  211  —  —  —  —  749  
Amortized cost
12,306  4,357  16  —  —  —  16,679  
Gross unrealized gains
581  183  1  —  —  —  765  
Gross unrealized losses
(1) —  —  —  —  —  (1) 
Total available-for-sale securities, at fair value12,886  4,540  17  —  —  —  17,443  
Securities remeasured at fair value through earnings:
Par value
32,084  21,537  4  229  357  730  54,941  
Unamortized discount
(22) (2) —  (10) (2) (6) (42) 
Unamortized premium
1,323  898  —  4  7  18  2,250  
Amortized cost
33,385  22,433  4  223  362  742  57,149  
Gross unrealized gains
1,471  1,103  —  8  23  3  2,608  
Gross unrealized losses
(4) (3) —  (9) (8) (33) (57) 
Total securities remeasured at fair value through earnings34,852  23,533  4  222  377  712  59,700  
Total securities, at fair value$47,738  $28,073  $21  $222  $377  $712  $77,143  
Weighted average coupon as of June 30, 2020
3.65 %3.80 %3.80 %4.15 %4.20 %3.46 %3.71 %
Weighted average yield as of June 30, 2020 1
2.60 %2.68 %2.23 %4.01 %4.11 %2.94 %2.64 %
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1.Incorporates a weighted average future constant prepayment rate assumption of 16.6% based on forward rates as of June 30, 2020.
 December 31, 2019
Agency RMBSNon-Agency
Investment SecuritiesFannie 
Mae		Freddie MacGinnie 
Mae		RMBSCMBSCRTTotal
Available-for-sale securities:
Par value
$14,301  $4,762  $18  $—  $—  $—  $19,081  
Unamortized discount
(10) (2) —  —  —  —  (12) 
Unamortized premium
711  276  —  —  —  —  987  
Amortized cost15,002  5,036  18  —  —  —  20,056  
Gross unrealized gains
142  29  1  —  —  —  172  
Gross unrealized losses
(50) (25) —  —  —  —  (75) 
Total available-for-sale securities, at fair value15,094  5,040  19  —  —  —  20,153  
Securities remeasured at fair value through earnings:
Par value45,106  29,881  —  208  348  937  76,480  
Unamortized discount(68) (2) —  (10) (3) (2) (85) 
Unamortized premium1,218  967  —  1  7  26  2,219  
Amortized cost46,256  30,846  —  199  352  961  78,614  
Gross unrealized gains991  691  —  10  19  18  1,729  
Gross unrealized losses(32) (18) —  —  (1) (3) (54) 
Total securities remeasured at fair value through earnings47,215  31,519  —  209  370  976  80,289  
Total securities, at fair value$62,309  $36,559  $19  $209  $370  $976  $100,442  
Weighted average coupon as of December 31, 2019
3.62 %3.75 %3.77 %4.05 %4.49 %5.07 %3.68 %
Weighted average yield as of December 31, 2019 1
3.03 %3.09 %2.08 %4.39 %4.38 %4.05 %3.07 %
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1.Incorporates a weighted average future constant prepayment rate assumption of 10.8% based on forward rates as of December 31, 2019.
Components of Investment Securities
The following tables summarize our investment securities as of June 30, 2020 and December 31, 2019, excluding TBA securities, (dollars in millions). Details of our TBA securities as of each of the respective dates are included in Note 6.
 June 30, 2020December 31, 2019
Investment SecuritiesAmortized
Cost		Fair ValueAmortized
Cost		Fair Value
Agency RMBS:
Fixed rate$71,885  $75,165  $96,375  $98,074  
Adjustable rate109  112  160  163  
CMO365  381  441  447  
Interest-only and principal-only strips128  155  146  164  
Multifamily17  19  37  39  
Total Agency RMBS72,504  75,832  97,159  98,887  
Non-Agency RMBS221  222  198  209  
CMBS361  377  352  370  
CRT securities742  712  961  976  
Total investment securities$73,828  $77,143  $98,670  $100,442  
Summary Of Agency Securities Estimated Weighted Average Life Classifications The following table summarizes our investments as of June 30, 2020 and December 31, 2019 according to their estimated weighted average life classification (dollars in millions):
 June 30, 2020December 31, 2019
Estimated Weighted Average Life of Investment Securities Fair ValueAmortized
Cost		Weighted
Average
Coupon		Weighted
Average
Yield		Fair ValueAmortized
Cost		Weighted
Average
Coupon		Weighted
Average
Yield
≤ 3 years$2,713  $2,686  3.48%1.88%$2,671  $2,654  3.54%2.61%
> 3 years and ≤ 5 years43,494  41,853  3.70%2.53%10,822  10,563  3.85%3.20%
> 5 years and ≤10 years30,864  29,210  3.73%2.88%86,492  85,002  3.67%3.07%
> 10 years72  79  4.33%3.39%457  451  3.31%3.06%
Total
$77,143  $73,828  3.71%2.64%$100,442  $98,670  3.68%3.07%
Summary of Continuous Unrealized Loss Position of Available for Sale Securities
The following table presents the gross unrealized loss and fair values of securities classified as available-for-sale by length of time that such securities have been in a continuous unrealized loss position as of June 30, 2020 and December 31, 2019 (in millions):
 Unrealized Loss Position For
 Less than 12 Months12 Months or MoreTotal
Securities Classified as Available-for-SaleFair
Value		Unrealized
Loss
Fair Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
June 30, 2020$—  $—  $22  $(1) $22  $(1) 
December 31, 2019$1,653  $(12) $6,984  $(63) $8,637  $(75) 
Summary of Net Gain from Sale of Agency Securities
The following table is a summary of our net gain (loss) from the sale of investment securities for the three and six months ended June 30, 2020 and 2019 by investment classification of accounting (in millions):
Three Months Ended June 30,
20202019
Investment Securities
Available-for-Sale
Securities 2
Fair Value Option SecuritiesTotal
Available-for-Sale
Securities 2
Fair Value Option SecuritiesTotal
Investment securities sold, at cost$(1,278) $(4,472) $(5,750) $(366) $(7,769) $(8,135) 
Proceeds from investment securities sold 1
1,317  4,586  5,903  361  7,906  8,267  
Net gain (loss) on sale of investment securities$39  $114  $153  $(5) $137  $132  
Gross gain on sale of investment securities$39  $129  $168  $—  $138  $138  
Gross loss on sale of investment securities—  (15) (15) (5) (1) (6) 
Net gain (loss) on sale of investment securities$39  $114  $153  $(5) $137  $132  

Six Months Ended June 30,
20202019
Investment Securities
Available-for-Sale
Securities 2
Fair Value Option SecuritiesTotal
Available-for-Sale
Securities 2
Fair Value Option SecuritiesTotal
Investment securities sold, at cost$(1,433) $(53,912) $(55,345) $(705) $(12,331) $(13,036) 
Proceeds from investment securities sold 1
1,473  54,519  55,992  696  12,532  13,228  
Net gain (loss) on sale of investment securities$40  $607  $647  $(9) $201  $192  
Gross gain on sale of investment securities$40  $696  $736  $—  $204  $204  
Gross loss on sale of investment securities—  (89) (89) (9) (3) (12) 
Net gain (loss) on sale of investment securities$40  $607  $647  $(9) $201  $192  
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1.Proceeds include cash received during the period, plus receivable for investment securities sold during the period as of period end.
2.See Note 10 for a summary of changes in accumulated OCI.