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Investments in Securities (Tables)
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments In Trading Securities The following table displays our investments in trading securities.
As of
September 30, 2021December 31, 2020
(Dollars in millions)
Mortgage-related securities:
Fannie Mae$1,715 $2,404 
Other agency(1)
3,139 3,451 
Private-label and other mortgage securities143 158 
Total mortgage-related securities (includes $642 million and $793 million, respectively, related to consolidated trusts)
4,997 6,013 
Non-mortgage-related securities:
U.S. Treasury securities92,192 130,456 
Other securities20 73 
Total non-mortgage-related securities92,212 130,529 
Total trading securities$97,209 $136,542 
(1)Consists of Freddie Mac and Ginnie Mae mortgage-related securities.
Schedule of Trading Securities Gains (Losses), Net
The following table displays information about our net trading gains (losses).
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2021202020212020
(Dollars in millions)
Net trading gains (losses)
$(129)$(91)$(726)$691 
Net trading gains (losses) recognized in the period related to securities still held at period end
(124)(71)(702)448 
Schedule of Available-for-sale Securities Reconciliation
The following tables display the amortized cost, allowance for credit losses, gross unrealized gains and losses in accumulated other comprehensive income (loss) (“AOCI”), and fair value by major security type for AFS securities.
As of September 30, 2021
Total Amortized Cost(1)
Allowance for Credit Losses(3)
Gross Unrealized Gains in AOCIGross Unrealized Losses in AOCI
Total Fair Value(1)
(Dollars in millions)
Fannie Mae$510 $— $16 $(8)$518 
Other agency(2)
14 — 1 — 15 
Alt-A and subprime private-label securities3 — — — 3 
Mortgage revenue bonds161 — 5 (2)164 
Other mortgage-related securities185 — 1 — 186 
Total$873 $— $23 $(10)$886 
As of December 31, 2020
Total Amortized Cost(1)
Allowance for Credit LossesGross Unrealized Gains in AOCIGross Unrealized Losses in AOCI
Total Fair Value(1)
(Dollars in millions)
Fannie Mae$1,094 $— $86 $(12)$1,168 
Other agency(2)
59 — 6 — 65 
Alt-A and subprime private-label securities4 — 2 — 6 
Mortgage revenue bonds211 (3)8 — 216 
Other mortgage-related securities238 — 4 — 242 
Total$1,606 $(3)$106 $(12)$1,697 
(1)We exclude from amortized cost and fair value accrued interest of $3 million and $6 million as of September 30, 2021 and December 31, 2020, respectively, which we record in “Other assets” in our condensed consolidated balance sheets.
(2)Other agency securities consist of securities issued by Freddie Mac and Ginnie Mae.
(3)Total allowance for credit losses is less than $1 million as of September 30, 2021.
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The following table displays additional information regarding gross unrealized losses and fair value by major security type for AFS securities in an unrealized loss position, excluding allowance for credit losses.
As of
September 30, 2021December 31, 2020
Less Than 12 Consecutive Months12 Consecutive Months or LongerLess Than 12 Consecutive Months12 Consecutive Months or Longer
Gross Unrealized Losses in AOCIFair ValueGross Unrealized Losses in AOCIFair ValueGross Unrealized Losses in AOCIFair ValueGross Unrealized Losses in AOCIFair Value
(Dollars in millions)
Fannie Mae$(2)$231 $(6)$105 $(1)$40 $(11)$94 
Mortgage revenue bonds(2)2 — — — — — — 
Total$(4)$233 $(6)$105 $(1)$40 $(11)$94 
Schedule of Realized Gain (Loss)
The following table displays the gross realized gains and proceeds on sales of AFS securities.
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2021202020212020
(Dollars in millions)
 Gross realized gains
$— $15 $59 $45 
 Total proceeds (excludes initial sale of securities from new portfolio securitizations)
— 137 582 258 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table displays net unrealized gains and losses on AFS securities and other amounts accumulated within our accumulated other comprehensive income, net of tax.
As of
September 30, 2021December 31, 2020
(Dollars in millions)
 Net unrealized gains on AFS securities for which we have not recorded an allowance for credit losses
$12 $74 
Net unrealized gains (losses) on AFS securities for which we have recorded an allowance for credit losses(2)— 
Other
33 42 
Accumulated other comprehensive income
$43 $116 
Investments Classified by Contractual Maturity Date
The following table displays the carrying amount 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, 2021
Total Carrying Amount(1)
Total
Fair
Value		One Year or LessAfter One Year Through Five YearsAfter Five Years Through Ten YearsAfter Ten Years
Net Carrying Amount(1)
Fair Value
Net Carrying Amount(1)
Fair Value
Net Carrying Amount(1)
Fair Value
Net Carrying Amount(1)
Fair Value
 (Dollars in millions)
Fannie Mae$510 $518 $— $— $2 $2 $12 $13 $496 $503 
Other agency14 15 — — — — 1 1 13 14 
Alt-A and subprime private-label securities3 3 — — — — 2 2 1 1 
Mortgage revenue bonds161 164 1 1 29 30 10 9 121 124 
Other mortgage-related securities185 186 — — — — 3 4 182 182 
Total$873 $886 $1 $1 $31 $32 $28 $29 $813 $824 
(1)     Net carrying amount consists of amortized cost, net of allowance for credit losses on AFS debt securities but does not include any unrealized fair value gains or losses.