Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2014

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 December 31, 2014 and 2013.

	December 31, 2014										December 31, 2013
	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	$	41,965	$	733		$	123,557	$	(7,125	)	$	68,637	$	5,378		$	93,428	$	(4,759	)
Receive-fixed	67,629		4,486			157,272		(1,302		)	67,527		3,320			156,250		(3,813		)
Basis	5,769		123			7,100		(2		)	27,014		36			600		—
Foreign currency	344		144			273		(30		)	389		120			653		(38		)
Swaptions:
Pay-fixed	11,100		57			26,525		(175		)	33,400		445			48,025		(600		)
Receive-fixed	750		96			29,525		(816		)	8,000		117			48,025		(484		)
Other(1)	1,071		28			12		(1		)	769		28			13		(1		)
Total gross risk management derivatives	128,628		5,667			344,264		(9,451		)	205,736		9,444			346,994		(9,695		)
Accrued interest receivable (payable)	—		749			—		(1,013		)	—		786			—		(930		)
Netting adjustment(2)	—		(5,186		)	—		10,194			—		(8,422		)	—		9,370
Total net risk management derivatives	$	128,628	$	1,230		$	344,264	$	(270	)	$	205,736	$	1,808		$	346,994	$	(1,255	)

Mortgage commitment derivatives:
Mortgage commitments to purchase whole loans	$	6,157	$	28	$	428	$	—		$	1,138	$	1	$	4,353	$	(31	)
Forward contracts to purchase mortgage-related securities	43,533		223		6,112		(8		)	3,276		4		20,861		(168		)
Forward contracts to sell mortgage-related securities	4,886		4		57,910		(336		)	35,423		260		7,886		(15		)
Total mortgage commitment derivatives	$	54,576	$	255	$	64,450	$	(344	)	$	39,837	$	265	$	33,100	$	(214	)
Derivatives at fair value	$	183,204	$	1,485	$	408,714	$	(614	)	$	245,573	$	2,073	$	380,094	$	(1,469	)

__________

⁽¹⁾  Includes interest rate caps, 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 arrangements to settle with the same counterparty on a net basis, including cash collateral posted and received. Cash collateral posted was $5.3 billion and $2.0 billion as of December 31, 2014 and 2013, respectively. Cash collateral received was $245 million and $1.0 billion as of December 31, 2014 and 2013, respectively.

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 years ended December 31, 2014, 2013 and 2012.

	For the Year Ended December 31,
	2014			2013			2012
	(Dollars in millions)
Risk management derivatives:
Swaps:
Pay-fixed	$	(7,703	)	$	14,393		$	(2,254	)
Receive-fixed	4,229			(10,721		)	1,102
Basis	85			(115		)	78
Foreign currency	27			(101		)	59
Swaptions:
Pay-fixed	(4		)	(238		)	132
Receive-fixed	(197		)	307			410
Other	1			21			(35		)
Accrual of periodic settlements:
Pay-fixed interest-rate swaps	(3,712		)	(4,463		)	(4,427		)
Received-fixed interest-rate swaps	2,600			3,632			2,950
Other	50			64			47
Total risk management derivatives fair value (losses) gains, net	$	(4,624	)	$	2,779		$	(1,938	)
Mortgage commitment derivatives fair value (losses) gains, net	(1,140		)	501			(1,688		)
Total derivatives fair value (losses) gains, net	$	(5,764	)	$	3,280		$	(3,626	)