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Investments in Securities (Tables)
 9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Investments In Trading Securities [Table Text Block]
The following table displays our investments in trading securities.
 
As of
 
September 30, 2015
 
December 31, 2014
 
(Dollars in millions)
Mortgage-related securities:
 
 
 
 
 
 
 
Fannie Mae
 
$
5,097

 
 
 
$
4,940

 
Freddie Mac
 
1,474

 
 
 
1,369

 
Ginnie Mae
 
353

 
 
 
166

 
Alt-A private-label securities
 
451

 
 
 
920

 
Subprime private-label securities
 
696

 
 
 
1,307

 
CMBS
 
2,398

 
 
 
2,515

 
Mortgage revenue bonds
 
579

 
 
 
722

 
Other mortgage-related securities
 
—

 
 
 
99

 
Total mortgage-related securities
 
11,048

 
 
 
12,038

 
U.S. Treasury securities
 
26,961

 
 
 
19,466

 
Total trading securities
 
$
38,009

 
 
 
$
31,504

 
Schedule of Trading Securities Gains (Losses), Net [Table Text Block]
The following table displays information about our net trading gains and losses.
 
For the Three
 
For the Nine
 
Months Ended
 
Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
 
(Dollars in millions)
Net trading gains
$
13

 
$
50

 
$
69

 
$
444

Net trading gains (losses) recognized in the period related to securities still held at period end
(15
)
 
56

 
(29
)
 
409
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
 
For the Nine
 
Months Ended
 
Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
 
(Dollars in millions)

Gross realized gains
$
94

 
$
96

 
$
907

 
$
495

Gross realized losses
9

 
4

 
66

 
5

Total proceeds(1)
1,556

 
722

 
6,764

 
2,461


__________
(1) 
Excludes proceeds from the initial sale of securities from new portfolio securitizations.
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.
 
As of September 30, 2015
 
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
 
$
4,026

 
 
 
$
275

 
 
 
$
—

 
 
 
$
(19
)
 
 
$
4,282

Freddie Mac
 
4,252

 
 
 
347

 
 
 
—

 
 
 
—

 
 
4,599

Ginnie Mae
 
361

 
 
 
52

 
 
 
—

 
 
 
—

 
 
413

Alt-A private-label securities
 
2,626

 
 
 
727

 
 
 
(4
)
 
 
 
—

 
 
3,349

Subprime private-label securities
 
2,817

 
 
 
865

 
 
 
—

 
 
 
(5
)
 
 
3,677

CMBS
 
1,273

 
 
 
36

 
 
 
—

 
 
 
—

 
 
1,309

Mortgage revenue bonds
 
2,824

 
 
 
129

 
 
 
(17
)
 
 
 
(3
)
 
 
2,933

Other mortgage-related securities
 
1,408

 
 
 
40

 
 
 
(3
)
 
 
 
—

 
 
1,445

Total
 
$
19,587

 
 
 
$
2,471

 
 
 
$
(24
)
 
 
 
$
(27
)
 
 
$
22,007


 
As of December 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
 
$
5,330

 
 
 
$
328

 
 
 
$
—

 
 
 
$
(19
)
 
 
$
5,639

Freddie Mac
 
5,100

 
 
 
428

 
 
 
—

 
 
 
—

 
 
5,528

Ginnie Mae
 
416

 
 
 
60

 
 
 
—

 
 
 
—

 
 
476

Alt-A private-label securities
 
4,638

 
 
 
1,055

 
 
 
(15
)
 
 
 
—

 
 
5,678

Subprime private-label securities
 
4,103

 
 
 
1,161

 
 
 
(9
)
 
 
 
(15
)
 
 
5,240

CMBS
 
1,341

 
 
 
56

 
 
 
—

 
 
 
—

 
 
1,397

Mortgage revenue bonds
 
3,859

 
 
 
177

 
 
 
(8
)
 
 
 
(5
)
 
 
4,023

Other mortgage-related securities
 
2,626

 
 
 
183

 
 
 
(23
)
 
 
 
(113
)
 
 
2,673

Total
 
$
27,413

 
 
 
$
3,448

 
 
 
$
(55
)
 
 
 
$
(152
)
 
 
$
30,654

__________
(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 “Investment gains, net” in our condensed consolidated statements of operations and comprehensive income.
(2) 
Represents the noncredit component of OTTI losses recorded in “Accumulated other comprehensive income” in our condensed consolidated balance sheets, as well as cumulative changes in fair value of securities for which we previously recognized the credit component of OTTI.
(3) 
Represents the gross unrealized losses on securities for which we have not recognized OTTI.
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.
 
As of September 30, 2015
 
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
 
$
(3
)
 
 
$
116

 
 
$
(16
)
 
 
$
511

Alt-A private-label securities
 
(1
)
 
 
132

 
 
(3
)
 
 
28

Subprime private-label securities
 
—

 
 
38

 
 
(5
)
 
 
96

Mortgage revenue bonds
 
(16
)
 
 
584

 
 
(4
)
 
 
20

Other mortgage-related securities
 
(3
)
 
 
255

 
 
—

 
 
—

Total
 
$
(23
)
 
 
$
1,125

 
 
$
(28
)
 
 
$
655

 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 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
 
$
—

 
 
$
113

 
 
$
(19
)
 
 
$
627

Alt-A private-label securities
 
(2
)
 
 
171

 
 
(13
)
 
 
112

Subprime private-label securities
 
—

 
 
—

 
 
(24
)
 
 
460

Mortgage revenue bonds
 
(2
)
 
 
47

 
 
(11
)
 
 
155

Other mortgage-related securities
 
—

 
 
8

 
 
(136
)
 
 
1,021

Total
 
$
(4
)
 
 
$
339

 
 
$
(203
)
 
 
$
2,375
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 September 30, 2015 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 September 30, 2015
 
 
 
Alt-A
 
Subprime
 
Option ARM
 
Fixed Rate
 
Variable Rate
 
Hybrid Rate
 
(Dollars in millions)
 
Total unpaid principal balance
$
4,917

 
 
$
494

 
 
 
$
1,205

 
 
 
$
838

 
 
 
$
1,237

 
Weighted average collateral default(1)
42.4
%
 
 
29.4
%
 
 
 
11.9
%
 
 
 
21.4
%
 
 
 
10.0
%
 
Weighted average collateral severities(2)
60.0

 
 
38.5

 
 
 
46.9

 
 
 
37.9

 
 
 
34.2

 
Weighted average voluntary prepayment rates(3)
2.7

 
 
7.4

 
 
 
12.2

 
 
 
8.4

 
 
 
12.0

 
Average credit enhancement(4)
17.4

 
 
3.6

 
 
 
5.6

 
 
 
8.6

 
 
 
4.4

 
__________

(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 September 30,
 
For the Nine Months Ended September 30,
  
2015
 
2014
 
2015
 
2014
 
(Dollars in millions)
Balance, beginning of period
$
2,557

 
$
5,871

 
$
5,260

 
$
7,904

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

 
—

 
—

 
1

Additions for the credit component on debt securities for which OTTI was previously recognized
1

 
3

 
5

 
50

Reductions for securities no longer in portfolio at period end
(2
)
 
(355
)
 
(1,167
)
 
(792
)
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
—

 
—

 
(1,439
)
 
(1,453
)
Reductions for amortization resulting from changes in cash flows expected to be collected over the remaining life of the securities
(43
)
 
(73
)
 
(146
)
 
(264
)
Balance, end of period
$
2,513

 
$
5,446

 
$
2,513

 
$
5,446
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. 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 September 30, 2015
 
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
 
$
4,026

 
 
$
4,282

 
 
$
—

 
 
$
—

 
 
$
189

 
 
$
194

 
 
$
165

 
 
$
178

 
 
$
3,672

 
 
$
3,910

Freddie Mac
 
4,252

 
 
4,599

 
 
1

 
 
1

 
 
221

 
 
231

 
 
332

 
 
363

 
 
3,698

 
 
4,004

Ginnie Mae
 
361

 
 
413

 
 
—

 
 
—

 
 
1

 
 
1

 
 
57

 
 
64

 
 
303

 
 
348

Alt-A private-label securities
 
2,626

 
 
3,349

 
 
—

 
 
—

 
 
—

 
 
—

 
 
—

 
 
—

 
 
2,626

 
 
3,349

Subprime private-label securities
 
2,817

 
 
3,677

 
 
—

 
 
—

 
 
—

 
 
—

 
 
—

 
 
—

 
 
2,817

 
 
3,677

CMBS
 
1,273

 
 
1,309

 
 
171

 
 
173

 
 
1,037

 
 
1,071

 
 
—

 
 
—

 
 
65

 
 
65

Mortgage revenue bonds
 
2,824

 
 
2,933

 
 
11

 
 
11

 
 
106

 
 
108

 
 
219

 
 
221

 
 
2,488

 
 
2,593

Other mortgage-related securities
 
1,408

 
 
1,445

 
 
—

 
 
—

 
 
—

 
 
—

 
 
31

 
 
33

 
 
1,377

 
 
1,412

Total
 
$
19,587

 
 
$
22,007

 
 
$
183

 
 
$
185

 
 
$
1,554

 
 
$
1,605

 
 
$
804

 
 
$
859

 
 
$
17,046

 
 
$
19,358