Equity (Deficit) (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Preferred Stock [Table Text Block]

The following table displays our senior preferred stock and preferred stock outstanding.

		Issued and Outstanding as of December 31,									Annual Dividend Rate as of December 31, 2017
		2017			2016			Stated Value per Share
Title	Issue Date	Shares	Amount		Shares	Amount							Redeemable on or After
(Dollars and shares in millions, except per share amounts)
Senior Preferred Stock
Series 2008-2	September 8, 2008	1	$	117,149	1	$	117,149	$	117,149	(1)	N/A	(2)	N/A	(3)
Preferred Stock
Series D	September 30, 1998	3	$	150	3	$	150	$	50		5.250	%	September 30, 1999
Series E	April 15, 1999	3	150		3	150		50			5.100		April 15, 2004
Series F	March 20, 2000	14	690		14	690		50			0.730	(4)	March 31, 2002	(5)
Series G	August 8, 2000	6	288		6	288		50			0.610	(6)	September 30, 2002	(5)
Series H	April 6, 2001	8	400		8	400		50			5.810		April 6, 2006
Series I	October 28, 2002	6	300		6	300		50			5.375		October 28, 2007
Series L	April 29, 2003	7	345		7	345		50			5.125		April 29, 2008
Series M	June 10, 2003	9	460		9	460		50			4.750		June 10, 2008
Series N	September 25, 2003	5	225		5	225		50			5.500		September 25, 2008
Series O	December 30, 2004	50	2,500		50	2,500		50			7.000	(7)	December 31, 2007
Convertible Series 2004-I(8)	December 30, 2004	—	2,492		—	2,492		100,000			5.375		January 5, 2008
Series P	September 28, 2007	40	1,000		40	1,000		25			4.500	(9)	September 30, 2012
Series Q	October 4, 2007	15	375		15	375		25			6.750		September 30, 2010
Series R(10)	November 21, 2007	21	530		21	530		25			7.625		November 21, 2012
Series S	December 11, 2007	280	7,000		280	7,000		25			7.750	(11)	December 31, 2010	(12)
Series T(13)	May 19, 2008	89	2,225		89	2,225		25			8.250		May 20, 2013
Total		556	$	19,130	556	$	19,130

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⁽¹⁾  Initial stated value per share was $1,000. Based on our draws of funds under the senior preferred stock purchase agreement with Treasury, the stated value per share on December 31, 2017 was $117,149.

⁽²⁾  Beginning in 2013, dividends on the senior preferred stock are calculated based on our net worth as of the end of the immediately preceding fiscal quarter less an applicable capital reserve amount. The applicable capital reserve amount was $600 million for each dividend period in 2017; however, the dividend payment for the fourth quarter of 2017 was reduced by $2.4 billion from the otherwise payable amount pursuant to the December 2017 letter agreement with Treasury. For each dividend period beginning in 2018, the applicable capital reserve amount will be $3.0 billion.

⁽³⁾  Any liquidation preference of our senior preferred stock in excess of $1.0 billion may be repaid through an issuance of common or preferred stock, which would require the consent of the conservator and Treasury. The initial $1.0 billion liquidation preference may be repaid only in conjunction with termination of Treasury’s funding commitment under the senior preferred stock purchase agreement.

⁽⁴⁾  Rate effective March 31, 2016. Variable dividend rate resets every two years at a per annum rate equal to the two-year Constant Maturity U.S. Treasury Rate (“CMT”) minus 0.16% with a cap of 11% per year.

⁽⁵⁾  Represents initial call date. Redeemable every two years thereafter.

⁽⁶⁾  Rate effective September 30, 2016. Variable dividend rate resets every two years at a per annum rate equal to the two-year CMT rate minus 0.18% with a cap of 11% per year.

⁽⁷⁾  Rate effective December 31, 2017. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.00% or 10-year CMT rate plus 2.375%.

⁽⁸⁾  Issued and outstanding shares were 24,922as of December 31, 2017 and 2016.

⁽⁹⁾  Rate effective December 31, 2017. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 4.50% or 3-Month LIBOR plus 0.75%.

⁽¹⁰⁾  On November 21, 2007, we issued 20 million shares of preferred stock in the amount of $500 million. Subsequent to the initial issuance, we issued an additional 1.2 million shares in the amount of $30 million on December 14, 2007 under the same terms as the initial issuance.

⁽¹¹⁾  Rate effective December 31, 2017. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.75% or 3-Month LIBOR plus 4.23%.

⁽¹²⁾  Represents initial call date. Redeemable every five years thereafter.

⁽¹³⁾  On May 19, 2008, we issued 80 million shares of preferred stock in the amount of $2.0 billion. Subsequent to the initial issuance, we issued an additional 8 million shares in the amount of $200 million on May 22, 2008 and 1 million shares in the amount of $25 million on June 4, 2008 under the same terms as the initial issuance.

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following table displays our accumulated other comprehensive income, net of tax, by major categories.

	As of December 31,
	2017		2016		2015
	(Dollars in millions)
Net unrealized gains on AFS securities for which we have not recorded OTTI	$	87	$	135	$	455
Net unrealized gains on AFS securities for which we have recorded OTTI	423		581		903
Other	43		43		49
Accumulated other comprehensive income	$	553	$	759	$	1,407

The following table displays changes in accumulated other comprehensive income, net of tax.

	For the Year Ended December 31,
	2017									2016
	AFS(1)			Other			Total			AFS(1)			Other			Total
	(Dollars in millions)
Beginning balance	$	716		$	43		$	759		$	1,358		$	49		$	1,407
Other comprehensive income (loss) before reclassifications	53			8			61			(55		)	2			(53		)
Amounts reclassified from other comprehensive income	(259		)	(8		)	(267		)	(587		)	(8		)	(595		)
Net other comprehensive loss	(206		)	—			(206		)	(642		)	(6		)	(648		)
Ending balance	$	510		$	43		$	553		$	716		$	43		$	759

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⁽¹⁾  The amounts reclassified from accumulated other comprehensive income represent the gain or loss recognized in earnings due to a sale of an AFS security or the recognition of a net impairment recognized in earnings, which are recorded in “Investment gains, net” in our consolidated statements of operations and comprehensive income.