Investments in Securities (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017			December 31, 2016
	(Dollars in millions)
Mortgage-related securities:
Fannie Mae		$	4,594		$	4,769
Other agency		2,053			2,058
Alt-A and subprime private-label securities		624			636
Commercial mortgage-backed securities (“CMBS”)		238			761
Mortgage revenue bonds		20			21
Total mortgage-related securities		7,529			8,245
U.S. Treasury securities		30,155			32,317
Total trading securities		$	37,684		$	40,562

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,
	2017		2016
	(Dollars in millions)
Gross realized gains	$	3	$	211
Gross realized losses	—		4
Total proceeds (excludes initial sale of securities from new portfolio securitizations)	95		3,622

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 in our retained mortgage portfolio.



	As of March 31, 2017
	Total Amortized Cost⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses⁽²⁾				Total Fair Value
	(Dollars in millions)
Fannie Mae		$	2,271		$	128		$	(26	)	$	2,373
Other agency		436			34			—			470
Alt-A and subprime private-label securities		1,713			917			(2		)	2,628
CMBS		616			1			—			617
Mortgage revenue bonds		1,158			33			(6		)	1,185
Other mortgage-related securities		413			35			—			448
Total		$	6,607		$	1,148		$	(34	)	$	7,721



	As of December 31, 2016
	Total Amortized Cost⁽¹⁾			Gross Unrealized Gains			Gross Unrealized Losses⁽²⁾				Total Fair Value
	(Dollars in millions)
Fannie Mae		$	2,445		$	137		$	(28	)	$	2,554
Other agency		508			39			—			547
Alt-A and subprime private-label securities		1,817			895			(3		)	2,709
CMBS		815			4			—			819
Mortgage revenue bonds		1,245			36			(9		)	1,272
Other mortgage-related securities		431			31			—			462
Total		$	7,261		$	1,142		$	(40	)	$	8,363

__________


⁽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 (losses), net” in our condensed consolidated statements of operations and comprehensive income.


⁽²⁾	Represents the gross unrealized losses on securities for which we have not recognized OTTI, as well as the noncredit component of OTTI and cumulative changes in fair value of securities for which we previously recognized the credit component of OTTI in “Accumulated other comprehensive income” in our condensed consolidated balance sheets.

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 March 31, 2017
	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		$	(2	)	$	87		$	(24	)	$	461
Alt-A and subprime private-label securities		—			—			(2		)	69
Mortgage revenue bonds		(1		)	144			(5		)	17
Total		$	(3	)	$	231		$	(31	)	$	547

	As of December 31, 2016
	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		$	(2	)	$	139		$	(26	)	$	477
Alt-A and subprime private-label securities		—			—			(3		)	73
Mortgage revenue bonds		(7		)	78			(2		)	6
Total		$	(9	)	$	217		$	(31	)	$	556

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 March 31, 2017
	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
	Total Amortized Cost			Total Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value		Amortized Cost			Fair Value
	(Dollars in millions)
Fannie Mae		$	2,271	$	2,373		$	1	$	1		$	19	$	19		$	62	$	66		$	2,189	$	2,287
Other agency		436		470			1		1			32		33			66		71			337		365
Alt-A and subprime private-label securities		1,713		2,628			—		—			—		—			—		—			1,713		2,628
CMBS		616		617			610		611			—		—			—		—			6		6
Mortgage revenue bonds		1,158		1,185			10		10			79		79			119		121			950		975
Other mortgage-related securities		413		448			—		—			—		—			3		3			410		445
Total		$	6,607	$	7,721		$	622	$	623		$	130	$	131		$	250	$	261		$	5,605	$	6,706