Securities (Tables)

3 Months Ended

Mar. 31, 2012

Securities

Amortized Cost and Approximate Fair Values of Securities Available for Sale

			Amortized		Gross Unrealized				Fair
March 31, 2012			Cost		Gains		Losses		Value
			(Dollars in millions)
Securities available for sale:
	U.S. government-sponsored entities (“GSE”)		$	341	$	—	$	—	$	341
	Mortgage-backed securities issued by GSE			19,903		262		7		20,158
	States and political subdivisions			1,951		102		104		1,949
	Non-agency mortgage-backed securities			346		—		41		305
	Other securities			6		—		—		6
	Covered securities			1,210		411		—		1,621
		Total securities available for sale	$	23,757	$	775	$	152	$	24,380

			Amortized		Gross Unrealized				Fair
December 31, 2011			Cost		Gains		Losses		Value
			(Dollars in millions)
Securities available for sale:
	GSE securities		$	305	$	1	$	—	$	306
	Mortgage-backed securities issued by GSE			17,940		199		7		18,132
	States and political subdivisions			1,977		91		145		1,923
	Non-agency mortgage-backed securities			423		—		55		368
	Other securities			7		—		—		7
	Covered securities			1,240		343		6		1,577
		Total securities available for sale	$	21,892	$	634	$	213	$	22,313

Amortized Cost and Approximate Fair Values of Securities Held to Maturity

			Amortized		Gross Unrealized				Fair
March 31, 2012			Cost		Gains		Losses		Value
			(Dollars in millions)
Securities held to maturity:
	GSE securities		$	500	$	—	$	2	$	498
	Mortgage-backed securities issued by GSE			12,429		45		16		12,458
	States and political subdivisions			35		—		—		35
	Other securities			521		1		6		516
		Total securities held to maturity	$	13,485	$	46	$	24	$	13,507

			Amortized		Gross Unrealized				Fair
December 31, 2011			Cost		Gains		Losses		Value
			(Dollars in millions)
Securities held to maturity:
	GSE securities		$	500	$	—	$	—	$	500
	Mortgage-backed securities issued by GSE			13,028		32		23		13,037
	States and political subdivisions			35		—		2		33
	Other securities			531		1		4		528
		Total securities held to maturity	$	14,094	$	33	$	29	$	14,098

Gross Realized Gains and Losses and Other-than-temporary Impairments Recognized in Net Income

	Three Months Ended
	March 31,
		2012		2011
	(Dollars in millions)
Gross gains	$	―	$	21
Gross losses		(4)		―
Net realized gains (losses)		(4)		21

Schedule of Credit Losses on Other-Than-Temporarily Impaired Non-Agency Mortgage-Backed Securities where Portion of Unrealized Loss was Recognized In Other Comprehensive Income

		Three Months Ended
		March 31,
			2012		2011
		(Dollars in millions)
Balance at beginning of period		$	129	$	30
	Credit losses on securities for which OTTI was previously recognized		1		21
	Reductions for securities sold/settled during the period		(16)		―
Balance at end of period		$	114	$	51

Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity

			Available for Sale				Held to Maturity
			Amortized		Fair		Amortized		Fair
March 31, 2012			Cost		Value		Cost		Value
			(Dollars in millions)
Due in one year or less			$	179	$	179	$	1	$	1
Due after one year through five years				186		188		―		―
Due after five years through ten years				652		685		501		499
Due after ten years				22,734		23,322		12,983		13,007
	Total debt securities			23,751		24,374		13,485		13,507
	Total securities with no stated maturity			6		6		―		―
		Total securities	$	23,757	$	24,380	$	13,485	$	13,507

Gross Unrealized Losses and Fair Values of Investments by Investment Category and Length of Time

			Less than 12 months				12 months or more				Total
			Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
March 31, 2012			Value		Losses		Value		Losses		Value		Losses
			(Dollars in millions)
Securities available for sale:
	GSE securities		$	230	$	—	$	—	$	—	$	230	$	—
	Mortgage-backed securities issued by GSE			1,680		7		1		—		1,681		7
	States and political subdivisions			70		5		551		99		621		104
	Non-agency mortgage-backed securities			—		—		305		41		305		41
		Total	$	1,980	$	12	$	857	$	140	$	2,837	$	152

Securities held to maturity:
	GSE securities		$	498	$	2	$	—	$	—	$	498	$	2
	Mortgage-backed securities issued by GSE			4,678		16		—		—		4,678		16
	States and political subdivisions			1		—		7		—		8		—
	Other securities			512		6		—		—		512		6
		Total	$	5,689	$	24	$	7	$	—	$	5,696	$	24

			Less than 12 months				12 months or more				Total
			Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2011			Value		Losses		Value		Losses		Value		Losses
			(Dollars in millions)
Securities available for sale:
	GSE securities		$	24	$	—	$	—	$	—	$	24	$	—
	Mortgage-backed securities issued by GSE			3,098		7		—		—		3,098		7
	States and political subdivisions			453		68		265		77		718		145
	Non-agency mortgage-backed securities			—		—		368		55		368		55
	Covered securities			29		6		—		—		29		6
		Total	$	3,604	$	81	$	633	$	132	$	4,237	$	213

Securities held to maturity:
	GSE securities		$	250	$	—	$	—	$	—	$	250	$	—
	Mortgage-backed securities issued by GSE			7,770		23		—		—		7,770		23
	States and political subdivisions			33		2		—		—		33		2
	Other securities			207		4		—		—		207		4
		Total	$	8,260	$	29	$	—	$	—	$	8,260	$	29

Schedule of Non-Investment Grade Securities with Significant Unrealized Losses

				Cumulative
		Amortized		Credit Loss		Adjusted		Fair		Unrealized
March 31, 2012		Cost		Recognized		Amortized Cost		Value		Loss
				(Dollars in millions)
Security:
	RMBS 1	$	129	$	(34)	$	95	$	80	$	(15)
	RMBS 2		100		(17)		83		73		(10)