Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation [Policy Text Block]

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the SEC’s instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. The accompanying condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany accounts and transactions have been eliminated. To conform to our current period presentation, we have reclassified certain amounts reported in our prior periods’ condensed consolidated financial statements. Results for the three months ended March 31, 2018 may not necessarily be indicative of the results for the year ending December 31, 2018.

New Accounting Pronouncements, Policy [Policy Text Block]

Cash, Cash Equivalents and Restricted Cash

On January 1, 2018, we adopted new accounting guidance that requires us to include in total cash and cash equivalents on the statement of cash flows the cash and cash equivalents that have restrictions on withdrawal or use. This guidance was applied retrospectively to the statement of cash flows for the prior period presented. As a result of this adoption, the net change in restricted cash that results from transfers between cash, cash equivalents, and restricted cash will no longer be presented as an investing activity in our condensed consolidated statement of cash flows. Additionally, we adopted new accounting guidance that clarified the classification of certain cash receipts and cash payments. This guidance was applied retrospectively to the statement of cash flows for the prior period presented. The adoption did not have a material impact to our statement of cash flows.

Reclassification to Retained Earnings Resulting from the Enactment of the Tax Act

In February 2018, the Financial Accounting Standards Board (“FASB”) issued guidance allowing a reclassification from accumulated other comprehensive income to retained earnings for stranded tax amounts resulting from the enactment of the Tax Cuts and Jobs Act of 2017 (“Tax Act”). GAAP requires the effect of changes in tax laws or rates on deferred taxes to be included in continuing operations in the reporting period that includes the enactment date. This applies even in situations in which the initial tax effects were recognized directly in other comprehensive income at a historical corporate income tax rate resulting in stranded tax amounts in accumulated other comprehensive income related to the corporate income tax rate differential. The guidance is effective beginning for fiscal years beginning January 1, 2019 and early adoption is permitted. We have elected to early adopt the guidance by reclassifying such stranded tax amounts, which were $117 million as of January 1, 2018, from accumulated other comprehensive income to retained earnings.

In January 2016, the FASB issued guidance, which we adopted on January 1, 2018, that amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The adoption of these amendments did not have a material effect on our condensed consolidated financial statements.

In June 2016, the FASB issued guidance that changes the impairment model for most financial assets and certain other instruments. For loans, held-to-maturity debt securities and other financial assets recorded at amortized cost, entities will be required to use a new forward-looking “expected loss” model that will replace today’s “incurred loss” model and generally will result in the earlier recognition of allowance for loan losses. The guidance is effective on January 1, 2020 with early adoption permitted on January 1, 2019. We will adopt the standard on January 1, 2020. We will recognize the impact of the new guidance through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. We are continuing to evaluate the impact of this guidance on our condensed consolidated financial statements. We expect the greater impact of the guidance to relate to our accounting for credit losses for loans that are not individually impaired. The adoption of this guidance may decrease, perhaps substantially, our retained earnings and increase our allowance for loan losses.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, valuation of certain financial instruments and allowance for loan losses. Actual results could be different from these estimates.

Earnings Per Share, Policy [Policy Text Block]

Earnings (loss) per share (“EPS”) is presented for basic and diluted EPS. We compute basic EPS by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. However, as a result of our conservatorship status and the terms of the senior preferred stock, no amounts are available to distribute as dividends to common or preferred stockholders (other than to Treasury as holder of the senior preferred stock). Weighted average common shares includes 4.6 billion shares for the periods ended March 31, 2018 and 2017 that would be issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through March 31, 2018 and 2017.

The calculation of diluted EPS includes all the components of basic earnings per share, plus the dilutive effect of common stock equivalents such as convertible securities and stock options. Weighted average shares outstanding is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Our diluted EPS weighted average shares outstanding includes 131 million shares of convertible preferred stock for the quarter ended March 31, 2018. For the quarter ended March 31, 2017, convertible preferred stock is not included in the calculation because a net loss attributable to common stockholders was incurred and it would have an anti-dilutive effect.