SECURITIES (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of securities held

The following table presents the major components of securities at amortized cost and fair value:

	December 31, 2021				December 31, 2020
(in millions)	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
U.S. Treasury and other	$11	$—	$—	$11	$11	$—	$—	$11
State and political subdivisions	2	—	—	2	3	—	—	3
Mortgage-backed securities, at fair value:
Federal agencies and U.S. government sponsored entities	24,607	210	(375)	24,442	21,954	571	(19)	22,506
Other/non-agency	397	9	(1)	405	396	26	—	422
Total mortgage-backed securities, at fair value	25,004	219	(376)	24,847	22,350	597	(19)	22,928
Collateralized loan obligations, at fair value	1,208	—	(1)	1,207	—	—	—	—
Total debt securities available for sale, at fair value	$26,225	$219	($377)	$26,067	$22,364	$597	($19)	$22,942
Federal agencies and U.S. government sponsored entities	$1,505	$52	$—	$1,557	$2,342	$122	$—	$2,464
Total mortgage-backed securities, at cost	1,505	52	—	1,557	2,342	122	—	2,464
Asset-backed securities, at cost	737	2	(7)	732	893	—	—	893
Total debt securities held to maturity	$2,242	$54	($7)	$2,289	$3,235	$122	$—	$3,357
Equity securities, at fair value	$109	$—	$—	$109	$66	$—	$—	$66
Equity securities, at cost	624	—	—	624	604	—	—	604

Schedule of investments classified by maturity date

The following table presents the amortized cost and fair value of debt securities by contractual maturity as of December 31, 2021. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.

	Distribution of Maturities
(in millions)	1 Year or Less	After 1 Year through 5 Years	After 5 Years through 10 Years	After 10 Years	Total
Amortized cost:
U.S. Treasury and other	$11	$—	$—	$—	$11
State and political subdivisions	—	—	—	2	2
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	7	66	1,914	22,620	24,607
Other/non-agency	—	—	—	397	397
Collateralized loan obligations	—	—	24	1,184	1,208
Total debt securities available for sale	18	66	1,938	24,203	26,225
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	—	—	—	1,505	1,505
Asset-backed securities	—	—	737	—	737
Total debt securities held to maturity	—	—	737	1,505	2,242
Total amortized cost of debt securities	$18	$66	$2,675	$25,708	$28,467
Fair value:
U.S. Treasury and other	$11	$—	$—	$—	$11
State and political subdivisions	—	—	—	2	2
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	7	68	1,957	22,410	24,442
Other/non-agency	—	—	—	405	405
Collateralized loan obligations	—	—	24	1,183	1,207
Total debt securities available for sale	18	68	1,981	24,000	26,067
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	—	—	—	1,557	1,557
Asset-backed securities	—	—	732	—	732
Total debt securities held to maturity	—	—	732	1,557	2,289
Total fair value of debt securities	$18	$68	$2,713	$25,557	$28,356

Schedule of income recognized on investment securities

The following table presents realized gains and losses on securities:

	Year Ended December 31,
(in millions)	2021	2020	2019
Gains on sale of debt securities(1)	$15	$6	$41
Losses on sale of debt securities	(5)	(2)	(16)
Debt securities gains, net	$10	$4	$25

(1) For the year ended December 31, 2019, $6 million of gains on sale of debt securities were recognized in mortgage banking fees in the Consolidated Statements of Operations, as they related to AFS securities held as economic hedges of the value of the MSR portfolio recognized using the amortization method.

Schedule of financial instruments owned and pledged as collateral

The following table presents the amortized cost and fair value of debt securities pledged:

	December 31, 2021		December 31, 2020
(in millions)	Amortized Cost	Fair Value	Amortized Cost	Fair Value
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law	$4,816	$4,782	$3,818	$3,937
Pledged against FHLB borrowed funds	325	333	394	423
Pledged against repurchase agreements	1	1	224	231

Schedule of unrealized loss on investments

The following tables present AFS debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position:

	December 31, 2021
	Less than 12 Months		12 Months or Longer		Total
(dollars in millions)	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	$14,131	($320)	$1,236	($55)	$15,367	($375)
Other/non-agency	123	(1)	—	—	123	(1)
Total mortgage-backed securities	14,254	(321)	1,236	(55)	15,490	(376)
Collateralized loan obligations, at fair value	736	(1)	—	—	736	(1)
Total	$14,990	($322)	$1,236	($55)	$16,226	($377)

	December 31, 2020
	Less than 12 Months		12 Months or Longer		Total
(dollars in millions)	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
Federal agencies and U.S. government sponsored entities	$1,991	($19)	$—	$—	$1,991	($19)