Investments in Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments In Trading Securities

The following table displays our investments in trading securities.

		As of
		September 30, 2023		December 31, 2022
	(Dollars in millions)
Mortgage-related securities (includes $375 million and $427 million, respectively, related to consolidated trusts)		$	2,634	$	3,211
Non-mortgage-related securities (includes $5.1 billion and $3.9 billion, respectively, pledged as collateral)(1)		48,654		46,918
Total trading securities		$	51,288	$	50,129

(1)Primarily includes U.S. Treasury 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,
	2023		2022		2023		2022
Net trading gains (losses)	$	(318)	$	(1,319)	$	(295)	$	(3,754)
Net trading gains (losses) recognized in the period related to securities still held at period end	(297)		(1,064)		(259)		(3,157)

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, 2023
	Total Amortized Cost			Allowance for Credit Losses		Gross Unrealized Gains in AOCI		Gross Unrealized Losses in AOCI		Total Fair Value
	(Dollars in millions)
Agency securities		$	414	$	—	$	—	$	(38)	$	376
Other mortgage-related securities		202		(2)		9		(1)		208
Total		$	616	$	(2)	$	9	$	(39)	$	584

	As of December 31, 2022
	Total Amortized Cost			Allowance for Credit Losses		Gross Unrealized Gains in AOCI		Gross Unrealized Losses in AOCI		Total Fair Value
	(Dollars in millions)
Agency securities		$	445	$	—	$	3	$	(22)	$	426
Other mortgage-related securities		269		(3)		5		(1)		270
Total		$	714	$	(3)	$	8	$	(23)	$	696

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, 2023										December 31, 2022
	Less Than 12 Consecutive Months					12 Consecutive Months or Longer					Less Than 12 Consecutive Months					12 Consecutive Months or Longer
	Gross Unrealized Losses in AOCI			Fair Value		Gross Unrealized Losses in AOCI			Fair Value		Gross Unrealized Losses in AOCI			Fair Value		Gross Unrealized Losses in AOCI			Fair Value
	(Dollars in millions)
Agency securities		$	(2)	$	78		$	(36)	$	271		$	(12)	$	161		$	(10)	$	159
Other mortgage-related securities		(1)		14			—		—			(1)		8			—		—
Total		$	(3)	$	92		$	(36)	$	271		$	(13)	$	169		$	(10)	$	159

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table displays net unrealized gains and losses on AFS securities and other amounts recorded within our accumulated other comprehensive income, net of tax.

	As of
	September 30, 2023		December 31, 2022
	(Dollars in millions)
Net unrealized gains (losses) on AFS securities for which we have not recorded an allowance for credit losses	$	(25)	$	(13)
Other	43		48
Accumulated other comprehensive income	$	18	$	35

Investments Classified by Contractual Maturity Date

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, 2023
	Total Carrying Amount(1)			Total Fair Value		One Year or Less					After One Year Through Five Years					After Five Years Through Ten Years					After 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)
Agency securities		$	414	$	376		$	—	$	—		$	4	$	5		$	17	$	16		$	393	$	355
Other mortgage-related securities		200		208			2		2			13		13			15		16			170		177
Total		$	614	$	584		$	2	$	2		$	17	$	18		$	32	$	32		$	563	$	532

(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.