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Securities (Tables)
 9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of the Securities Available-for-Sale and Held-to-Maturity
Our securities available-for-sale and securities held-to-maturity portfolios consisted of the following:
September 30, 2015
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury
$
12,656

 
$
190

 
$
(177
)
 
$
12,669

U.S. Government sponsored enterprises:(1)
 
 
 
 
 
 
 
Mortgage-backed securities
677

 
3

 
(4
)
 
676

Collateralized mortgage obligations
159

 
—

 
(1
)
 
158

Direct agency obligations
4,145

 
159

 
(17
)
 
4,287

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
12,785

 
67

 
(112
)
 
12,740

Collateralized mortgage obligations
736

 
12

 
(1
)
 
747

Obligations of U.S. states and political subdivisions
763

 
9

 
(4
)
 
768

Asset backed securities collateralized by:
 
 
 
 
 
 
 
Commercial mortgages
22

 
—

 
—

 
22

Home equity
87

 
—

 
(8
)
 
79

Other
111

 
—

 
(18
)
 
93

Foreign debt securities(2)
3,551

 
5

 
(24
)
 
3,532

Equity securities
164

 
3

 
(1
)
 
166

Total available-for-sale securities
$
35,856

 
$
448

 
$
(367
)
 
$
35,937

Securities held-to-maturity:
 
 
 
 
 
 
 
U.S. Government sponsored enterprises:(3)
 
 
 
 
 
 
 
Mortgage-backed securities
$
4,871

 
$
146

 
$
(5
)
 
$
5,012

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
3,404

 
33

 
(3
)
 
3,434

Collateralized mortgage obligations
6,177

 
116

 
(1
)
 
6,292

Obligations of U.S. states and political subdivisions
19

 
1

 
—

 
20

Asset-backed securities collateralized by residential mortgages
8

 
1

 
—

 
9

Total held-to-maturity securities
$
14,479

 
$
297

 
$
(9
)
 
$
14,767

December 31, 2014
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury
$
11,793

 
$
276

 
$
(58
)
 
$
12,011

U.S. Government sponsored enterprises:(1)
 
 
 
 
 
 
 
Mortgage-backed securities
520

 
5

 
(1
)
 
524

Collateralized mortgage obligations
35

 
—

 
—

 
35

Direct agency obligations
3,995

 
217

 
(6
)
 
4,206

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
7,985

 
101

 
(27
)
 
8,059

Collateralized mortgage obligations
329

 
3

 
(2
)
 
330

Obligations of U.S. states and political subdivisions
661

 
10

 
(4
)
 
667

Asset backed securities collateralized by:
 
 
 
 
 
 
 
Commercial mortgages
43

 
—

 
—

 
43

Home equity
97

 
—

 
(8
)
 
89

Other
110

 
—

 
(16
)
 
94

Foreign debt securities(2)
3,921

 
6

 
(12
)
 
3,915

Equity securities
165

 
3

 
(1
)
 
167

Total available-for-sale securities
$
29,654

 
$
621

 
$
(135
)
 
$
30,140

Securities held-to-maturity:
 
 
 
 
 
 
 
U.S. Government sponsored enterprises:(3)
 
 
 
 
 
 
 
Mortgage-backed securities
$
4,868

 
$
120

 
$
(1
)
 
$
4,987

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
3,700

 
53

 
(1
)
 
3,752

Collateralized mortgage obligations
4,867

 
54

 
(1
)
 
4,920

Obligations of U.S. states and political subdivisions
23

 
1

 
—

 
24

Asset-backed securities collateralized by residential mortgages
11

 
1

 
—

 
12

Total held-to-maturity securities
$
13,469

 
$
229

 
$
(3
)
 
$
13,695

 
(1) 
Includes securities at amortized cost of $803 million and $521 million issued or guaranteed by FNMA at September 30, 2015 and December 31, 2014, respectively, and $33 million and $34 million issued or guaranteed by the Federal Home Loan Mortgage Corporation ("FHLMC") at September 30, 2015 and December 31, 2014, respectively.
(2) 
At September 30, 2015 and December 31, 2014, foreign debt securities consisted of $559 million and $689 million, respectively, of securities fully backed by foreign governments. The remainder of foreign debt securities represents public sector entity, bank or corporate debt.
(3) 
Includes securities at amortized cost of $3,289 million and $3,185 million issued or guaranteed by FNMA at September 30, 2015 and December 31, 2014, respectively, and $1,582 million and $1,683 million issued and guaranteed by FHLMC at September 30, 2015 and December 31, 2014, respectively.
Gross Unrealized Losses and Related Fair Values
The following table summarizes gross unrealized losses and related fair values as of September 30, 2015 and December 31, 2014 classified as to the length of time the losses have existed:
 
One Year or Less
 
Greater Than One Year
September 30, 2015
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
(dollars are in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
33

 
$
(162
)
 
$
5,187

 
4

 
$
(15
)
 
$
358

U.S. Government sponsored enterprises
149

 
(19
)
 
1,137

 
18

 
(3
)
 
192

U.S. Government agency issued or guaranteed
41

 
(106
)
 
8,061

 
3

 
(7
)
 
106

Obligations of U.S. states and political subdivisions
17

 
(2
)
 
173

 
17

 
(2
)
 
156

Asset backed securities
—

 
—

 
—

 
9

 
(26
)
 
185

Foreign debt securities
7

 
(24
)
 
2,412

 
1

 
—

 
192

Equity securities
1

 
(1
)
 
158

 
—

 
—

 
—

Securities available-for-sale
248

 
$
(314
)
 
$
17,128

 
52

 
$
(53
)
 
$
1,189

Securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
138

 
$
(5
)
 
$
564

 
47

 
$
—

 
$
—

U.S. Government agency issued or guaranteed
93

 
(4
)
 
1,051

 
676

 
—

 
4

Obligations of U.S. states and political subdivisions
—

 
—

 
—

 
3

 
—

 
1

Securities held-to-maturity
231

 
$
(9
)
 
$
1,615

 
726

 
$
—


$
5

 
One Year or Less
 
Greater Than One Year
December 31, 2014
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
(dollars are in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
6

 
$
(47
)
 
$
3,459

 
4

 
$
(11
)
 
$
1,546

U.S. Government sponsored enterprises
2

 
(1
)
 
128

 
24

 
(6
)
 
391

U.S. Government agency issued or guaranteed
30

 
(20
)
 
2,046

 
10

 
(9
)
 
213

Obligations of U.S. states and political subdivisions
34

 
(2
)
 
146

 
23

 
(2
)
 
194

Asset backed securities
1

 
—

 
3

 
9

 
(24
)
 
199

Foreign debt securities
5

 
(9
)
 
1,805

 
3

 
(3
)
 
898

     Equity securities
1

 
(1
)
 
158

 
—

 
—

 
—

Securities available-for-sale
79

 
$
(80
)
 
$
7,745

 
73

 
$
(55
)

$
3,441

Securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
144

 
$
(1
)
 
$
394

 
47

 
$
—

 
$
—

U.S. Government agency issued or guaranteed
103

 
(2
)
 
985

 
800

 
—

 
2

Obligations of U.S. states and political subdivisions
—

 
—

 
—

 
3

 
—

 
1

Securities held-to-maturity
247

 
$
(3
)
 
$
1,379

 
850

 
$
—

 
$
3
Other than Temporary Impairment, Credit Losses Recognized in Earnings
The following table summarizes the rollforward of credit losses which have been recognized in income on other-than-temporary impaired securities that we do not intend to sell nor will likely be required to sell:
 
Three Months Ended September 30, 2014
 
Nine Months Ended September 30, 2014
 
(in millions)
Beginning balance of credit losses on held-to-maturity debt securities for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss)
$
68

 
$
61

Increase in credit losses for which an other-than-temporary impairment was previously recognized
4

 
11

Ending balance of credit losses on held-to-maturity debt securities for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss)
$
72

 
$
72
Realized Gains and Losses on Investment Securities Transactions Attributable to Available-for-Sale Securities
The following table summarizes realized gains and losses on investment securities transactions attributable to available-for-sale securities:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
 
(in millions)
Gross realized gains
$
13

 
$
45

 
$
86

 
$
113

Gross realized losses
(2
)
 
(18
)
 
(17
)
 
(71
)
Net realized gains
$
11

 
$
27

 
$
69

 
$
42
Distribution of Maturities of Debt Securities with the Approximate Yield of the Portfolio
The table below also reflects the distribution of maturities of debt securities held at September 30, 2015, together with the approximate taxable equivalent yield of the portfolio. The yields shown are calculated by dividing annualized interest income, including the accretion of discounts and the amortization of premiums, by the amortized cost of securities outstanding at September 30, 2015. Yields on tax-exempt obligations have been computed on a taxable equivalent basis using applicable statutory tax rates.
 
Within
One Year
 
After One
But Within
Five Years
 
After Five
But Within
Ten Years
 
After Ten
Years
Taxable Equivalent Basis
Amount
 
Yield
 
Amount
 
Yield
 
Amount
 
Yield
 
Amount
 
Yield
 
(dollars are in millions)
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
1,321

 
.83
%
 
$
4,540

 
1.14
%
 
$
3,539

 
2.27
%
 
$
3,256

 
3.01
%
U.S. Government sponsored enterprises
—

 
—

 
2,753

 
2.98

 
1,201

 
2.42

 
1,027

 
2.96

U.S. Government agency issued or guaranteed
—

 
—

 
6

 
4.20

 
35

 
3.88

 
13,480

 
2.62

Obligations of U.S. states and political subdivisions
—

 
—

 
72

 
4.21

 
249

 
2.62

 
442

 
3.36

Asset backed securities
—

 
—

 
—

 
—

 
—

 
—

 
220

 
3.26

Foreign debt securities
378

 
1.78

 
3,173

 
1.33

 
—

 
—

 
—

 
—

Total amortized cost
$
1,699

 
1.04
%
 
$
10,544

 
1.70
%
 
$
5,024

 
2.34
%
 
$
18,425

 
2.73
%
Total fair value
$
1,704

 
 
 
$
10,663

 
 
 
$
5,117

 
 
 
$
18,287

 
 
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
$
—

 
—
%
 
$
92

 
1.40
%
 
$
618

 
2.62
%
 
$
4,161

 
2.95
%
U.S. Government agency issued or guaranteed
—

 
—

 
1

 
7.75

 
43

 
3.02

 
9,537

 
2.38

Obligations of U.S. states and political subdivisions
2

 
4.04

 
7

 
4.09

 
5

 
3.41

 
5

 
5.32

Asset backed securities
—

 
—

 
—

 
—

 
—

 
—

 
8

 
6.50

Total amortized cost
$
2

 
4.04
%
 
$
100

 
1.67
%
 
$
666

 
2.66
%
 
$
13,711

 
2.55
%
Total fair value
$
2

 
 
 
$
102

 
 
 
$
685

 
 
 
$
13,978