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Securities (Tables)
 6 Months Ended
Jun. 30, 2016
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:
June 30, 2016
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury
$
19,987

 
$
498

 
$
(162
)
 
$
20,323

U.S. Government sponsored enterprises:(1)
 
 
 
 
 
 
 
Mortgage-backed securities
2,471

 
45

 
—

 
2,516

Collateralized mortgage obligations
2,286

 
8

 
(7
)
 
2,287

Direct agency obligations
4,326

 
172

 
(19
)
 
4,479

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
6,107

 
48

 
(6
)
 
6,149

Collateralized mortgage obligations
1,393

 
30

 
(2
)
 
1,421

Obligations of U.S. states and political subdivisions
13

 
—

 
—

 
13

Asset-backed securities collateralized by:
 
 
 
 
 
 
 
Commercial mortgages
6

 
—

 
—

 
6

Home equity
77

 
—

 
(10
)
 
67

Other
517

 
1

 
(25
)
 
493

Foreign debt securities(2)
512

 
1

 
(2
)
 
511

Equity securities
159

 
—

 
—

 
159

Total available-for-sale securities
$
37,854

 
$
803

 
$
(233
)
 
$
38,424

Securities held-to-maturity:
 
 
 
 
 
 
 
U.S. Government sponsored enterprises:(3)
 
 
 
 
 
 
 
Mortgage-backed securities
$
2,741

 
$
83

 
$
—

 
$
2,824

Collateralized mortgage obligations
1,593

 
98

 
—

 
1,691

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
2,956

 
74

 
—

 
3,030

Collateralized mortgage obligations
5,902

 
130

 
(1
)
 
6,031

Obligations of U.S. states and political subdivisions
17

 
1

 
—

 
18

Asset-backed securities collateralized by residential mortgages
6

 
1

 
—

 
7

Total held-to-maturity securities
$
13,215

 
$
387

 
$
(1
)
 
$
13,601

December 31, 2015
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury
$
17,026

 
$
142

 
$
(270
)
 
$
16,898

U.S. Government sponsored enterprises:(1)
 
 
 
 
 
 
 
Mortgage-backed securities
1,451

 
2

 
(12
)
 
1,441

Collateralized mortgage obligations
159

 
—

 
(5
)
 
154

Direct agency obligations
4,136

 
133

 
(26
)
 
4,243

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
10,645

 
9

 
(145
)
 
10,509

Collateralized mortgage obligations
1,293

 
11

 
(4
)
 
1,300

Obligations of U.S. states and political subdivisions
340

 
8

 
—

 
348

Asset-backed securities collateralized by:
 
 
 
 
 
 
 
Commercial mortgages
9

 
—

 
—

 
9

Home equity
83

 
—

 
(8
)
 
75

Other
110

 
—

 
(21
)
 
89

Foreign debt securities(2)
548

 
—

 
(2
)
 
546

Equity securities
161

 
3

 
(3
)
 
161

Total available-for-sale securities
$
35,961

 
$
308

 
$
(496
)
 
$
35,773

Securities held-to-maturity:
 
 
 
 
 
 
 
U.S. Government sponsored enterprises:(3)
 
 
 
 
 
 
 
Mortgage-backed securities
$
2,945

 
$
20

 
$
(9
)
 
$
2,956

Collateralized mortgage obligations
1,755

 
73

 
(5
)
 
1,823

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
3,269

 
19

 
(11
)
 
3,277

Collateralized mortgage obligations
6,029

 
63

 
(11
)
 
6,081

Obligations of U.S. states and political subdivisions
19

 
1

 
—

 
20

Asset-backed securities collateralized by residential mortgages
7

 
1

 
—

 
8

Total held-to-maturity securities
$
14,024

 
$
177

 
$
(36
)
 
$
14,165

 
(1) 
Includes securities at amortized cost of $3,127 million and $1,577 million issued or guaranteed by FNMA at June 30, 2016 and December 31, 2015, respectively, and $1,630 million and $33 million issued or guaranteed by FHLMC at June 30, 2016 and December 31, 2015, respectively.
(2) 
Foreign debt securities represent public sector entity, bank or corporate debt.
(3) 
Includes securities at amortized cost of $2,948 million and $3,182 million issued or guaranteed by FNMA at June 30, 2016 and December 31, 2015, respectively, and $1,386 million and $1,518 million issued and guaranteed by FHLMC at June 30, 2016 and December 31, 2015, respectively.
Gross Unrealized Losses and Related Fair Values
The following table summarizes gross unrealized losses and related fair values at June 30, 2016 and December 31, 2015 classified as to the length of time the losses have existed:
 
One Year or Less
 
Greater Than One Year
June 30, 2016
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
9

 
$
(27
)
 
$
1,905

 
24

 
$
(135
)
 
$
2,707

U.S. Government sponsored enterprises
20

 
(15
)
 
2,297

 
18

 
(11
)
 
248

U.S. Government agency issued or guaranteed
3

 
(2
)
 
610

 
3

 
(6
)
 
94

Obligations of U.S. states and political subdivisions
3

 
—

 
13

 
—

 
—

 
—

Asset-backed securities
—

 
—

 
—

 
8

 
(35
)
 
159

Foreign debt securities
1

 
—

 
45

 
1

 
(2
)
 
186

Equity securities
1

 
—

 
159

 
—

 
—

 
—

Securities available-for-sale
37

 
$
(44
)
 
$
5,029

 
54

 
$
(189
)
 
$
3,394

Securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
13

 
$
—

 
$
4

 
47

 
$
—

 
$
21

U.S. Government agency issued or guaranteed
95

 
(1
)
 
531

 
560

 
—

 
51

Obligations of U.S. states and political subdivisions
—

 
—

 
—

 
3

 
—

 
1

Securities held-to-maturity
108

 
$
(1
)
 
$
535

 
610

 
$
—


$
73

 
One Year or Less
 
Greater Than One Year
December 31, 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
52

 
$
(227
)
 
$
11,046

 
5

 
$
(43
)
 
$
924

U.S. Government sponsored enterprises
164

 
(30
)
 
1,451

 
19

 
(13
)
 
282

U.S. Government agency issued or guaranteed
62

 
(141
)
 
9,725

 
3

 
(8
)
 
101

Obligations of U.S. states and political subdivisions
4

 
—

 
16

 
3

 
—

 
45

Asset-backed securities
1

 
—

 
9

 
8

 
(29
)
 
164

Foreign debt securities
3

 
(2
)
 
351

 
—

 
—

 
—

     Equity securities
1

 
(3
)
 
156

 
—

 
—

 
—

Securities available-for-sale
287

 
$
(403
)
 
$
22,754

 
38

 
$
(93
)

$
1,516

Securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
312

 
$
(14
)
 
$
1,143

 
49

 
$
—

 
$
—

U.S. Government agency issued or guaranteed
145

 
(22
)
 
3,303

 
657

 
—

 
20

Obligations of U.S. states and political subdivisions
1

 
—

 
—

 
3

 
—

 
1

Securities held-to-maturity
458

 
$
(36
)
 
$
4,446

 
709

 
$
—

 
$
21
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 June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
 
(in millions)
Gross realized gains
$
56

 
$
43

 
$
87

 
$
73

Gross realized losses
(20
)
 
(8
)
 
(22
)
 
(15
)
Net realized gains
$
36

 
$
35

 
$
65

 
$
58
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 June 30, 2016, 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 June 30, 2016. 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
$
—

 
—
%
 
$
5,525

 
1.30
%
 
$
9,317

 
2.17
%
 
$
5,145

 
2.59
%
U.S. Government sponsored enterprises
120

 
3.23

 
3,315

 
2.83

 
1,105

 
2.32

 
4,543

 
2.06

U.S. Government agency issued or guaranteed
—

 
—

 
4

 
3.99

 
29

 
3.81

 
7,467

 
2.38

Obligations of U.S. states and political subdivisions
—

 
—

 
13

 
4.26

 
—

 
—

 
—

 
—

Asset-backed securities
400

 
1.88

 
—

 
—

 
—

 
—

 
200

 
3.17

Foreign debt securities
297

 
1.23

 
215

 
1.07

 
—

 
—

 
—

 
—

Total amortized cost
$
817

 
1.84
%
 
$
9,072

 
1.86
%
 
$
10,451

 
2.19
%
 
$
17,355

 
2.37
%
Total fair value
$
821

 
 
 
$
9,319

 
 
 
$
10,749

 
 
 
$
17,376

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

 
—
%
 
$
130

 
1.61
%
 
$
570

 
2.70
%
 
$
3,634

 
2.92
%
U.S. Government agency issued or guaranteed
—

 
—

 
9

 
1.55

 
37

 
3.21

 
8,812

 
2.35

Obligations of U.S. states and political subdivisions
3

 
3.70

 
5

 
3.71

 
5

 
3.70

 
4

 
5.60

Asset-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
6

 
6.60

Total amortized cost
$
3

 
3.70
%
 
$
144

 
1.68
%
 
$
612

 
2.74
%
 
$
12,456

 
2.52
%
Total fair value
$
3

 
 
 
$
146

 
 
 
$
643

 
 
 
$
12,809