Investment Securities (Tables)

12 Months Ended

Dec. 31, 2012

Investments, Debt and Equity Securities [Abstract]

Investments

	2012								2011
			Gross		Gross						Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Amortized		unrealized		unrealized		Estimated
December 31 (In millions)	cost		gains		losses		fair value		cost		gains		losses		fair value
Debt
U.S. corporate	$	20,233	$	4,201	$	(302)	$	24,132	$	20,748	$	3,432	$	(410)	$	23,770
State and municipal		4,084		575		(113)		4,546		3,027		350		(143)		3,234
Residential
mortgage-backed(a)		2,198		183		(119)		2,262		2,711		184		(286)		2,609
Commercial
mortgage-backed		2,930		259		(95)		3,094		2,913		162		(247)		2,828
Asset-backed		5,784		31		(77)		5,738		5,102		32		(164)		4,970
Corporate – non-U.S.		2,391		150		(126)		2,415		2,414		126		(207)		2,333
Government – non-U.S.		1,617		149		(3)		1,763		2,488		129		(86)		2,531
U.S. government and
federal agency		3,462		103		–		3,565		3,974		84		-		4,058
Retained interests		76		7		–		83		25		10		-		35
Equity
Available-for-sale		513		86		(3)		596		713		75		(38)		750
Trading		245		–		–		245		241		-		-		241
Total	$	43,533	$	5,744	$	(838)	$	48,439	$	44,356	$	4,584	$	(1,581)	$	47,359

• Substantially collateralized by U.S. mortgages. Of our total RMBS portfolio at December 31, 2012, $1,441 million relates to securities issued by government-sponsored entities and $821 million relates to securities of private label issuers. Securities issued by private label issuers are collateralized primarily by pools of individual direct mortgage loans of financial institutions.

Schedule of investments, by type and length in continuous loss position

	In loss position for
	Less than 12 months					12 months or more
			Gross					Gross
	Estimated		unrealized			Estimated		unrealized
December 31 (In millions)	fair value		losses		(a)	fair value		losses		(a)
2012
Debt
U.S. corporate	$	434	$	(7)		$	813	$	(295)
State and municipal		146		(2)			326		(111)
Residential mortgage-backed		98		(1)			691		(118)
Commercial mortgage-backed		37		0			979		(95)
Asset-backed		18		(1)			658		(76)
Corporate – non-U.S.		167		(8)			602		(118)
Government – non-U.S.		201		(1)			37		(2)
U.S. government and federal agency		0		0			0		0
Retained interests		3		0			0		0
Equity		26		(3)			0		0
Total	$	1,130	$	(23)		$	4,106	$	(815)
2011
Debt
U.S. corporate	$	1,435	$	(241)		$	836	$	(169)
State and municipal		87		(1)			307		(142)
Residential mortgage-backed		219		(9)			825		(277)
Commercial mortgage-backed		244		(23)			1,320		(224)
Asset-backed		100		(7)			850		(157)
Corporate – non-U.S.		330		(28)			607		(179)
Government – non-U.S.		906		(5)			203		(81)
U.S. government and federal agency		502		–			–		–
Retained interests		–		–			–		–
Equity		440		(38)			–		–
Total	$	4,263	$	(352)		$	4,948	$	(1,229)

• Includes gross unrealized losses at December 31, 2012 of $(157) million related to securities that had other-than-temporary impairmentspreviously recognized.

Schedule of contractual maturities

	Amortized		Estimated
(In millions)	cost		fair value
Due in
2013	$	1,937	$	1,960
2014-2017		7,167		7,180
2018-2022		4,782		5,283
2023 and later		17,901		21,998

Supplemental gross realized gains losses on available-for-sale investment securities

(In millions)	2012		2011		2010
Gains	$	177	$	205	$	190
Losses, including impairments		(211)		(402)		(281)
Net	$	(34)	$	(197)	$	(91)