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Securities (Tables)
 9 Months Ended
Sep. 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:
September 30, 2016
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury
$
21,482

 
$
385

 
$
(220
)
 
$
21,647

U.S. Government sponsored enterprises:(1)
 
 
 
 
 
 
 
Mortgage-backed securities
3,318

 
40

 
(1
)
 
3,357

Collateralized mortgage obligations
2,244

 
8

 
(7
)
 
2,245

Direct agency obligations
4,335

 
159

 
(20
)
 
4,474

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
6,385

 
57

 
(4
)
 
6,438

Collateralized mortgage obligations
1,443

 
20

 
(2
)
 
1,461

Asset-backed securities collateralized by:
 
 
 
 
 
 
 
Commercial mortgages
4

 
—

 
—

 
4

Home equity
74

 
—

 
(9
)
 
65

Other
517

 
—

 
(23
)
 
494

Foreign debt securities(2)
458

 
—

 
(1
)
 
457

Equity securities
159

 
—

 
(1
)
 
158

Total available-for-sale securities
$
40,419

 
$
669

 
$
(288
)
 
$
40,800

Securities held-to-maturity:
 
 
 
 
 
 
 
U.S. Government sponsored enterprises:(3)
 
 
 
 
 
 
 
Mortgage-backed securities
$
2,607

 
$
77

 
$
—

 
$
2,684

Collateralized mortgage obligations
1,625

 
84

 
—

 
1,709

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
2,753

 
69

 
—

 
2,822

Collateralized mortgage obligations
6,424

 
102

 
(3
)
 
6,523

Obligations of U.S. states and political subdivisions
16

 
1

 
—

 
17

Asset-backed securities collateralized by residential mortgages
6

 
1

 
—

 
7

Total held-to-maturity securities
$
13,431

 
$
334

 
$
(3
)
 
$
13,762

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 $3,076 million and $1,577 million issued or guaranteed by FNMA at September 30, 2016 and December 31, 2015, respectively, and $2,486 million and $33 million issued or guaranteed by FHLMC at September 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 $2,913 million and $3,182 million issued or guaranteed by FNMA at September 30, 2016 and December 31, 2015, respectively, and $1,319 million and $1,518 million issued and guaranteed by FHLMC at September 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 September 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
September 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
15

 
$
(28
)
 
$
3,110

 
28

 
$
(192
)
 
$
3,573

U.S. Government sponsored enterprises
13

 
(4
)
 
1,683

 
22

 
(24
)
 
818

U.S. Government agency issued or guaranteed
4

 
—

 
316

 
5

 
(6
)
 
91

Asset-backed securities
1

 
—

 
4

 
8

 
(32
)
 
159

Foreign debt securities
1

 
—

 
27

 
1

 
(1
)
 
182

Equity securities
1

 
(1
)
 
158

 
—

 
—

 
—

Securities available-for-sale
35

 
$
(33
)
 
$
5,298

 
64

 
$
(255
)
 
$
4,823

Securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
14

 
$
—

 
$
20

 
46

 
$
—

 
$
21

U.S. Government agency issued or guaranteed
114

 
(2
)
 
1,251

 
512

 
(1
)
 
71

Obligations of U.S. states and political subdivisions
—

 
—

 
—

 
3

 
—

 
—

Securities held-to-maturity
128

 
$
(2
)
 
$
1,271

 
561

 
$
(1
)

$
92

 
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 September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
 
(in millions)
Gross realized gains
$
25

 
$
13

 
$
112

 
$
86

Gross realized losses
(9
)
 
(2
)
 
(31
)
 
(17
)
Net realized gains
$
16

 
$
11

 
$
81

 
$
69
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, 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 September 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
$
—

 
—
%
 
$
5,733

 
1.20
%
 
$
10,427

 
2.12
%
 
$
5,322

 
2.56
%
U.S. Government sponsored enterprises
198

 
3.26

 
3,281

 
2.83

 
1,331

 
2.35

 
5,087

 
2.13

U.S. Government agency issued or guaranteed
—

 
—

 
3

 
4.21

 
27

 
3.81

 
7,798

 
2.37

Asset-backed securities
400

 
1.67

 
—

 
—

 
—

 
—

 
195

 
3.24

Foreign debt securities
197

 
1.21

 
261

 
.87

 
—

 
—

 
—

 
—

Total amortized cost
$
795

 
1.95
%
 
$
9,278

 
1.77
%
 
$
11,785

 
2.15
%
 
$
18,402

 
2.37
%
Total fair value
$
799

 
 
 
$
9,488

 
 
 
$
12,025

 
 
 
$
18,330

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

 
—
%
 
$
213

 
2.05
%
 
$
484

 
2.70
%
 
$
3,535

 
2.88
%
U.S. Government agency issued or guaranteed
—

 
—

 
8

 
1.56

 
36

 
3.24

 
9,133

 
2.32

Obligations of U.S. states and political subdivisions
3

 
3.71

 
4

 
3.51

 
5

 
3.73

 
4

 
5.61

Asset-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
6

 
6.41

Total amortized cost
$
3

 
3.71
%
 
$
225

 
2.06
%
 
$
525

 
2.75
%
 
$
12,678

 
2.48
%
Total fair value
$
3

 
 
 
$
229

 
 
 
$
550

 
 
 
$
12,980