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Derivative Instruments (Tables)
9 Months Ended
Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional and Fair Value Position [Table Text Block]
The following table displays the notional amount and estimated fair value of our asset and liability derivative instruments as of September 30, 2013 and December 31, 2012.
 
As of September 30, 2013
 
As of December 31, 2012
 
Asset Derivatives
 
Liability Derivatives
 
Asset Derivatives
 
Liability Derivatives
 
Notional Amount
 
Estimated Fair Value
 
Notional Amount
 
Estimated Fair Value
 
Notional Amount
 
Estimated Fair Value
 
Notional Amount
 
Estimated Fair Value
 
(Dollars in millions)
Risk management derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Swaps:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay-fixed
$
62,617

 
$
4,030

 
$
115,474

 
$
(6,746
)
 
$
19,450

 
$
270

 
$
239,017

 
$
(18,237
)
Receive-fixed
93,232

 
4,231

 
166,071

 
(3,107
)
 
231,346

 
10,514

 
57,190

 
(200
)
Basis
28,199

 
66

 
1,200

 

 
23,199

 
151

 
1,700

 

Foreign currency
591

 
138

 
441

 
(31
)
 
686

 
193

 
509

 
(45
)
Swaptions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay-fixed
33,150

 
374

 
54,525

 
(627
)
 
33,050

 
102

 
36,225

 
(184
)
Receive-fixed
11,750

 
790

 
54,525

 
(624
)
 
15,970

 
3,572

 
36,225

 
(2,279
)
Other(1)
1,269

 
27

 
12

 

 
7,374

 
26

 
13

 
(1
)
Total gross risk management derivatives
230,808

 
9,656

 
392,248

 
(11,135
)
 
331,075

 
14,828

 
370,879

 
(20,946
)
Accrued interest receivable (payable)

 
1,029

 

 
(1,223
)
 

 
1,242

 

 
(1,508
)
Netting adjustment(2)

 
(9,275
)
 

 
10,909

 

 
(15,791
)
 

 
22,046

Total net risk management derivatives
$
230,808

 
$
1,410

 
$
392,248

 
$
(1,449
)
 
$
331,075

 
$
279

 
$
370,879

 
$
(408
)
Mortgage commitment derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage commitments to purchase whole loans
$
7,951

 
$
99

 
$
236

 
$
(1
)
 
$
12,360

 
$
27

 
$
5,232

 
$
(8
)
Forward contracts to purchase mortgage-related securities
32,630

 
508

 
1,650

 
(5
)
 
34,545

 
103

 
12,557

 
(23
)
Forward contracts to sell mortgage-related securities
974

 
2

 
57,282

 
(906
)
 
18,886

 
26

 
75,477

 
(266
)
Total mortgage commitment derivatives
$
41,555

 
$
609

 
$
59,168

 
$
(912
)
 
$
65,791

 
$
156

 
$
93,266

 
$
(297
)
Derivatives at fair value
$
272,363

 
$
2,019

 
$
451,416

 
$
(2,361
)
 
$
396,866

 
$
435

 
$
464,145

 
$
(705
)
__________
(1) 
Includes interest rate caps, futures, swap credit enhancements and mortgage insurance contracts that we account for as derivatives. The mortgage insurance contracts have payment provisions that are not based on a notional amount.
(2) 
The netting adjustment represents the effect of the legal right to offset under legally enforceable master netting agreements to settle with the same counterparty on a net basis, including cash collateral posted and received. Cash collateral posted was $2.5 billion and $6.3 billion as of September 30, 2013 and December 31, 2012, respectively. Since the agreements related to clearing contracts through derivatives clearing organizations do not provide us with a legal right of offset, no netting adjustments have been made for those contracts. Cash collateral received was $884 million as of September 30, 2013. No cash collateral was received as of December 31, 2012.
Fair Value Gain (Loss), Net [Table Text Block]
The following table displays, by type of derivative instrument, the fair value gains and losses, net on our derivatives for the three and nine months ended September 30, 2013 and 2012.
 
For the
 
For the
 
Three Months
 
Nine Months
 
Ended September 30,
 
Ended September 30,
 
2013
 
2012
 
2013
 
2012
 
(Dollars in millions)
Risk management derivatives:
 
 
 
 
 
 
 
Swaps:
 
 
 
 
 
 
 
Pay-fixed
$
(166
)
 
$
(2,272
)
 
$
8,328

 
$
(6,955
)
Receive-fixed
680

 
1,511

 
(6,359
)
 
4,185

Basis
(2
)
 
42

 
(52
)
 
98

Foreign currency
58

 
61

 
(67
)
 
70

Swaptions:
 
 
 
 
 
 
 
Pay-fixed
148

 
51

 
(303
)
 
108

Receive-fixed
(3
)
 
123

 
265

 
374

Other(1)
(2
)
 
(24
)
 
23

 
(30
)
Total risk management derivatives fair value gains (losses), net
713

 
(508
)
 
1,835

 
(2,150
)
Mortgage commitment derivatives fair value (losses) gains, net
(169
)
 
(816
)
 
459

 
(1,583
)
Total derivatives fair value gains (losses), net
$
544

 
$
(1,324
)
 
$
2,294

 
$
(3,733
)
__________
(1) 
Includes interest rate caps, futures, swap credit enhancements and mortgage insurance contracts.