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Investments in Securities (Tables)
 3 Months Ended
Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Investments In Trading Securities [Table Text Block]
The following table displays our investments in trading securities as of March 31, 2014 and December 31, 2013.
 
As of
 
March 31, 2014
 
December 31, 2013
 
(Dollars in millions)
Mortgage-related securities:
 
 
 
 
 
 
 
Fannie Mae
 
$
5,983

 
 
 
$
5,870

 
Freddie Mac
 
1,657

 
 
 
1,839

 
Ginnie Mae
 
248

 
 
 
407

 
Alt-A private-label securities
 
1,488

 
 
 
1,516

 
Subprime private-label securities
 
1,453

 
 
 
1,448

 
CMBS
 
2,676

 
 
 
2,718

 
Mortgage revenue bonds
 
601

 
 
 
565

 
Other mortgage-related securities
 
102

 
 
 
99

 
Total mortgage-related securities
 
14,208

 
 
 
14,462

 
U.S. Treasury securities
 
17,587

 
 
 
16,306

 
Total trading securities
 
$
31,795

 
 
 
$
30,768

 
Schedule of Trading Securities Gains (Losses), Net [Table Text Block]
The following table displays information about our net trading gains for the three months ended March 31, 2014 and 2013.
 
For the Three
 
Months Ended
 
March 31,
 
2014
 
2013
 
(Dollars in millions)
Net trading gains
 
$
145

 
 
 
$
396

 
Net trading gains recognized in the period related to securities still held at period end
 
135

 
 
 
397

 
Schedule of Realized Gain (Loss) [Table Text Block]
The following table displays the gross realized gains, losses and proceeds on sales of AFS securities for the three months ended March 31, 2014 and 2013.
 
 
For the Three
 
 
 
Months Ended
 
 
 
March 31,
 
 
2014
 
2013
 
(Dollars in millions)
 
Gross realized gains
 
$
3

 
 
 
$
9

 
Gross realized losses
 
2

 
 
 
4

 
Total proceeds(1)
 
35

 
 
 
94

 
__________
s
(1) 
Excludes proceeds from the initial sale of securities from new portfolio securitizations included in “Note 2, Consolidations and Transfers of Financial Assets.”
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]
The following tables display the amortized cost, gross unrealized gains and losses, and fair value by major security type for AFS securities we held as of March 31, 2014 and December 31, 2013.
 
 
As of March 31, 2014
 
Total Amortized Cost(1)
 
Gross Unrealized Gains
 
Gross Unrealized Losses - OTTI(2)
 
Gross Unrealized Losses - Other(3)
 
Total Fair Value
 
(Dollars in millions)
Fannie Mae
 
$
5,901

 
 
 
$
395

 
 
 
$
—

 
 
 
$
(41
)
 
 
$
6,255

Freddie Mac
 
6,048

 
 
 
467

 
 
 
—

 
 
 
—

 
 
6,515

Ginnie Mae
 
486

 
 
 
71

 
 
 
—

 
 
 
—

 
 
557

Alt-A private-label securities
 
6,107

 
 
 
1,260

 
 
 
(21
)
 
 
 
—

 
 
7,346

Subprime private-label securities
 
5,975

 
 
 
1,141

 
 
 
(40
)
 
 
 
(46
)
 
 
7,030

CMBS
 
1,490

 
 
 
79

 
 
 
—

 
 
 
—

 
 
1,569

Mortgage revenue bonds
 
5,205

 
 
 
57

 
 
 
(158
)
 
 
 
(96
)
 
 
5,008

Other mortgage-related securities
 
2,861

 
 
 
180

 
 
 
(15
)
 
 
 
(178
)
 
 
2,848

Total
 
$
34,073

 
 
 
$
3,650

 
 
 
$
(234
)
 
 
 
$
(361
)
 
 
$
37,128


 
 
As of December 31, 2013
 
Total Amortized Cost(1)
 
Gross Unrealized Gains
 
Gross Unrealized Losses - OTTI(2)
 
Gross Unrealized Losses - Other(3)
 
Total Fair Value
 
(Dollars in millions)
Fannie Mae
 
$
6,227

 
 
 
$
390

 
 
 
$
—

 
 
 
$
(44
)
 
 
$
6,573

Freddie Mac
 
6,365

 
 
 
477

 
 
 
—

 
 
 
—

 
 
6,842

Ginnie Mae
 
512

 
 
 
76

 
 
 
—

 
 
 
—

 
 
588

Alt-A private-label securities
 
6,240

 
 
 
1,151

 
 
 
(40
)
 
 
 
(2
)
 
 
7,349

Subprime private-label securities
 
6,232

 
 
 
991

 
 
 
(102
)
 
 
 
(53
)
 
 
7,068

CMBS
 
1,526

 
 
 
80

 
 
 
—

 
 
 
—

 
 
1,606

Mortgage revenue bonds
 
5,645

 
 
 
35

 
 
 
(228
)
 
 
 
(196
)
 
 
5,256

Other mortgage-related securities
 
2,943

 
 
 
164

 
 
 
(15
)
 
 
 
(203
)
 
 
2,889

Total
 
$
35,690

 
 
 
$
3,364

 
 
 
$
(385
)
 
 
 
$
(498
)
 
 
$
38,171

__________
(1) 
Amortized cost consists of unpaid principal balance, unamortized premiums, discounts and other cost basis adjustments as well as net other-than-temporary impairments (“OTTI”) recognized in our condensed consolidated statements of operations and comprehensive income.
(2) 
Represents the noncredit component of other-than-temporary impairments losses recorded in “Accumulated other comprehensive income” as well as cumulative changes in fair value of securities for which we previously recognized the credit component of other-than-temporary impairments.
(3) 
Represents the gross unrealized losses on securities for which we have not recognized other-than-temporary impairments.
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]
The following tables display additional information regarding gross unrealized losses and fair value by major security type for AFS securities in an unrealized loss position that we held as of March 31, 2014 and December 31, 2013.
 
 
As of March 31, 2014
 
Less Than 12 Consecutive Months
 
12 Consecutive Months or Longer
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
(Dollars in millions)
Fannie Mae
 
$
(36
)
 
 
$
825

 
 
$
(5
)
 
 
$
94

Alt-A private-label securities
 
(4
)
 
 
216

 
 
(17
)
 
 
206

Subprime private-label securities
 
(21
)
 
 
299

 
 
(65
)
 
 
928

Mortgage revenue bonds
 
(50
)
 
 
749

 
 
(204
)
 
 
1,040

Other mortgage-related securities
 
—

 
 
—

 
 
(193
)
 
 
1,060

Total
 
$
(111
)
 
 
$
2,089

 
 
$
(484
)
 
 
$
3,328

 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2013
 
Less Than 12 Consecutive Months
 
12 Consecutive Months or Longer
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
(Dollars in millions)
Fannie Mae
 
$
(40
)
 
 
$
975

 
 
$
(4
)
 
 
$
126

Alt-A private-label securities
 
(12
)
 
 
490

 
 
(30
)
 
 
308

Subprime private-label securities
 
(24
)
 
 
448

 
 
(131
)
 
 
1,332

Mortgage revenue bonds
 
(147
)
 
 
1,662

 
 
(277
)
 
 
970

Other mortgage-related securities
 
—

 
 
5

 
 
(218
)
 
 
1,066

Total
 
$
(223
)
 
 
$
3,580

 
 
$
(660
)
 
 
$
3,802
Schedule of Modeled Attributes Used to Determine Potential Cash Shortfalls [Table Text Block]
The following table displays the modeled attributes, including default rates and severities, which were used to determine as of March 31, 2014 whether our senior interests in certain non-agency mortgage-related securities (including those we intend to sell) will experience a cash shortfall. An estimate of voluntary prepayment rates is also an input to the present value of expected losses.
 
As of March 31, 2014
 
 
 
Alt-A
 
Subprime
 
Option ARM
 
Fixed Rate
 
Variable Rate
 
Hybrid Rate
 
(Dollars in millions)
 
Vintage Year
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2004 & Prior:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unpaid principal balance
$
437

 
 
$
207

 
 
 
$
967

 
 
 
$
163

 
 
 
$
552

 
Weighted average collateral default(1)
29.6
%
 
 
24.2
%
 
 
 
10.1
%
 
 
 
20.0
%
 
 
 
14.2
%
 
Weighted average collateral severities(2)
55.7

 
 
52.7

 
 
 
51.9

 
 
 
40.7

 
 
 
36.7

 
Weighted average voluntary prepayment rates(3)
7.3

 
 
8.3

 
 
 
12.1

 
 
 
8.6

 
 
 
9.0

 
Average credit enhancement(4)
46.4

 
 
4.4

 
 
 
11.2

 
 
 
21.6

 
 
 
6.5

 
2005:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unpaid principal balance
$
44

 
 
$
800

 
 
 
$
858

 
 
 
$
405

 
 
 
$
1,382

 
Weighted average collateral default(1)
50.5
%
 
 
35.7
%
 
 
 
23.9
%
 
 
 
34.7
%
 
 
 
27.9
%
 
Weighted average collateral severities(2)
60.7

 
 
54.6

 
 
 
54.0

 
 
 
47.4

 
 
 
44.5

 
Weighted average voluntary prepayment rates(3)
2.8

 
 
7.1

 
 
 
9.7

 
 
 
7.9

 
 
 
8.6

 
Average credit enhancement(4)
48.4

 
 
6.9

 
 
 
0.6

 
 
 
12.4

 
 
 
2.9

 
2006:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unpaid principal balance
$
9,252

 
 
$
810

 
 
 
$
404

 
 
 
$
1,115

 
 
 
$
1,227

 
Weighted average collateral default(1)
54.5
%
 
 
43.8
%
 
 
 
25.2
%
 
 
 
38.7
%
 
 
 
19.6
%
 
Weighted average collateral severities(2)
62.3

 
 
48.8

 
 
 
55.8

 
 
 
48.4

 
 
 
44.0

 
Weighted average voluntary prepayment rates(3)
2.3

 
 
5.6

 
 
 
7.8

 
 
 
7.4

 
 
 
9.5

 
Average credit enhancement(4)
9.6

 
 
3.5

 
 
 
0.1

 
 
 
0.6

 
 
 
—

 
2007 & After:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unpaid principal balance
$
468

 
 
$
—

 
 
 
$
—

 
 
 
$
—

 
 
 
$
85

 
Weighted average collateral default(1)
51.1
%
 
 
N/A

 
 
 
N/A

 
 
 
N/A

 
 
 
23.0
%
 
Weighted average collateral severities(2)
38.2

 
 
N/A

 
 
 
N/A

 
 
 
N/A

 
 
 
41.4

 
Weighted average voluntary prepayment rates(3)
1.6

 
 
N/A

 
 
 
N/A

 
 
 
N/A

 
 
 
8.9

 
Average credit enhancement(4)
22.8

 
 
N/A

 
 
 
N/A

 
 
 
N/A

 
 
 
20.2

 
Total:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unpaid principal balance
$
10,201

 
 
$
1,817

 
 
 
$
2,229

 
 
 
$
1,683

 
 
 
$
3,246

 
Weighted average collateral default(1)
53.2
%
 
 
38.0
%
 
 
 
18.2
%
 
 
 
35.9
%
 
 
 
22.3
%
 
Weighted average collateral severities(2)
61.0

 
 
51.5

 
 
 
54.0

 
 
 
47.8

 
 
 
43.4

 
Weighted average voluntary prepayment rates(3)
2.5

 
 
6.6

 
 
 
10.4

 
 
 
7.6

 
 
 
9.0

 
Average credit enhancement(4)
12.0

 
 
5.1

 
 
 
5.1

 
 
 
5.5

 
 
 
2.8

 
__________

(1) 
The expected remaining cumulative default rate of the collateral pool backing the securities, as a percentage of the current collateral unpaid principal balance, weighted by security unpaid principal balance.
(2) 
The expected remaining loss given default of the collateral pool backing the securities, calculated as the ratio of remaining cumulative loss divided by cumulative defaults, weighted by security unpaid principal balance.
(3) 
The average monthly voluntary prepayment rate, weighted by security unpaid principal balance.
(4) 
The average percent current credit enhancement provided by subordination of other securities. Excludes excess interest projections and monoline bond insurance.
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]
The following table displays activity related to the unrealized credit loss component on debt securities held by us and recognized in our condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2014 and 2013. A related unrealized noncredit gain component of $33 million for the three months ended March 31, 2014 and a related unrealized noncredit loss component of $33 million for the three months ended March 31, 2013, was recognized in “Other comprehensive income.”
  
For the Three Months Ended
  
March 31,
  
2014
 
2013
  
(Dollars in millions)
Balance, beginning of period
$
7,904

 
$
9,214

Additions for the credit component on debt securities for which OTTI was not previously recognized
1

 
5

Additions for the credit component on debt securities for which OTTI was previously recognized
39

 
4

Reductions for securities no longer in portfolio at period end
(53
)
 
(2
)
Reductions for securities which we intend to sell or it is more likely than not that we will be required to sell before recovery of amortized cost basis
(698
)
 
—

Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities
(97
)
 
(85
)
Balance, end of period
$
7,096

 
$
9,136
Investments Classified by Contractual Maturity Date [Table Text Block]
The following table displays the amortized cost and fair value of our AFS securities by major security type and remaining contractual maturity, assuming no principal prepayments, as of March 31, 2014. The contractual maturity of mortgage-backed securities is not a reliable indicator of their expected life because borrowers generally have the right to prepay their obligations at any time.
  
 
As of March 31, 2014
 
Total Amortized Cost
 
Total
Fair
Value
 
One Year or Less
 
After One Year Through Five Years
 
After Five Years Through Ten Years
 
After Ten Years
 
 
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
  
(Dollars in millions)
Fannie Mae
 
$
5,901

 
 
$
6,255

 
 
$
—

 
 
$
—

 
 
$
311

 
 
$
329

 
 
$
345

 
 
$
371

 
 
$
5,245

 
 
$
5,555

Freddie Mac
 
6,048

 
 
6,515

 
 
—

 
 
—

 
 
328

 
 
348

 
 
632

 
 
685

 
 
5,088

 
 
5,482

Ginnie Mae
 
486

 
 
557

 
 
—

 
 
—

 
 
—

 
 
—

 
 
52

 
 
59

 
 
434

 
 
498

Alt-A private-label securities
 
6,107

 
 
7,346

 
 
—

 
 
—

 
 
—

 
 
—

 
 
—

 
 
—

 
 
6,107

 
 
7,346

Subprime private-label securities
 
5,975

 
 
7,030

 
 
—

 
 
—

 
 
—

 
 
—

 
 
—

 
 
—

 
 
5,975

 
 
7,030

CMBS
 
1,490

 
 
1,569

 
 
—

 
 
—

 
 
1,402

 
 
1,479

 
 
—

 
 
—

 
 
88

 
 
90

Mortgage revenue bonds
 
5,205

 
 
5,008

 
 
33

 
 
34

 
 
236

 
 
240

 
 
558

 
 
561

 
 
4,378

 
 
4,173

Other mortgage-related securities
 
2,861

 
 
2,848

 
 
—

 
 
—

 
 
—

 
 
4

 
 
38

 
 
40

 
 
2,823

 
 
2,804

Total
 
$
34,073

 
 
$
37,128

 
 
$
33

 
 
$
34

 
 
$
2,277

 
 
$
2,400

 
 
$
1,625

 
 
$
1,716

 
 
$
30,138

 
 
$
32,978