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Securities (Tables)
 12 Months Ended
Dec. 31, 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:
December 31, 2016
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury
$
21,366

 
$
102

 
$
(559
)
 
$
20,909

U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
4,535

 
4

 
(122
)
 
4,417

Collateralized mortgage obligations
2,139

 
—

 
(36
)
 
2,103

Direct agency obligations
3,709

 
118

 
(10
)
 
3,817

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
3,102

 
2

 
(58
)
 
3,046

Collateralized mortgage obligations
1,370

 
2

 
(15
)
 
1,357

Direct agency obligations
423

 
1

 
(4
)
 
420

Asset-backed securities collateralized by:
 
 
 
 
 
 
 
Home equity
69

 
—

 
(8
)
 
61

Other
108

 
—

 
(3
)
 
105

Foreign debt securities(1)
522

 
—

 
(1
)
 
521

Equity securities
159

 
—

 
(5
)
 
154

Total available-for-sale securities
$
37,502

 
$
229

 
$
(821
)
 
$
36,910

Securities held-to-maturity:
 
 
 
 
 
 
 
U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
$
2,465

 
$
11

 
$
(9
)
 
$
2,467

Collateralized mortgage obligations
1,591

 
59

 
(12
)
 
1,638

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
2,557

 
11

 
(10
)
 
2,558

Collateralized mortgage obligations
6,176

 
34

 
(56
)
 
6,154

Obligations of U.S. states and political subdivisions
15

 
1

 
—

 
16

Asset-backed securities collateralized by residential mortgages
5

 
—

 
—

 
5

Total held-to-maturity securities
$
12,809

 
$
116

 
$
(87
)
 
$
12,838

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:
 
 
 
 
 
 
 
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(1)
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:
 
 
 
 
 
 
 
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) 
Foreign debt securities represent public sector entity, bank or corporate debt.
Gross Unrealized Losses and Related Fair Values
The following table summarizes gross unrealized losses and related fair values at December 31, 2016 and 2015 classified as to the length of time the losses have existed:
 
One Year or Less
 
Greater Than One Year
December 31, 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
40

 
$
(378
)
 
$
13,707

 
32

 
$
(181
)
 
$
3,908

U.S. Government sponsored enterprises
316

 
(155
)
 
6,474

 
18

 
(13
)
 
427

U.S. Government agency issued or guaranteed
57

 
(66
)
 
3,941

 
7

 
(11
)
 
252

Asset-backed securities
—

 
—

 
—

 
8

 
(11
)
 
166

Foreign debt securities
7

 
—

 
343

 
1

 
(1
)
 
178

Equity securities
1

 
(5
)
 
154

 
—

 
—

 
—

Securities available-for-sale
421

 
$
(604
)
 
$
24,619

 
66

 
$
(217
)
 
$
4,931

Securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
434

 
$
(21
)
 
$
2,013

 
45

 
$
—

 
$
21

U.S. Government agency issued or guaranteed
179

 
(65
)
 
4,734

 
503

 
(1
)
 
112

Obligations of U.S. states and political subdivisions
1

 
—

 
—

 
3

 
—

 
—

Securities held-to-maturity
614

 
$
(86
)
 
$
6,747

 
551

 
$
(1
)

$
133

 
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
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:
Year Ended December 31,
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)
$
61

Increase in credit losses for which an other-than-temporary impairment was previously recognized
11

Reduction of credit losses previously recognized on held-to-maturity debt securities due to closure of a VIE
(72
)
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)
$
—
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:
Year Ended December 31,
2016
 
2015
 
2014
 
(in millions)
Gross realized gains
$
142

 
$
126

 
$
201

Gross realized losses
(72
)
 
(78
)
 
(79
)
Net realized gains
$
70

 
$
48

 
$
122
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 December 31, 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 December 31, 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
$
—

 
—
%
 
$
7,169

 
1.66
%
 
$
10,018

 
1.97
%
 
$
4,179

 
2.89
%
U.S. Government sponsored enterprises
200

 
3.25

 
3,146

 
2.81

 
1,180

 
2.41

 
5,857

 
2.32

U.S. Government agency issued or guaranteed
—

 
—

 
116

 
2.92

 
94

 
2.49

 
4,685

 
2.31

Asset-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
177

 
3.48

Foreign debt securities
276

 
.90

 
67

 
.00

 
—

 
—

 
179

 
1.29

Total amortized cost
$
476

 
1.89
%
 
$
10,498

 
2.01
%
 
$
11,292

 
2.02
%
 
$
15,077

 
2.48
%
Total fair value
$
478

 
 
 
$
10,627

 
 
 
$
10,978

 
 
 
$
14,673

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

 
—
%
 
$
299

 
2.15
%
 
$
393

 
2.78
%
 
$
3,364

 
2.85
%
U.S. Government agency issued or guaranteed
—

 
—

 
6

 
1.91

 
36

 
3.28

 
8,691

 
2.28

Obligations of U.S. states and political subdivisions
3

 
3.83

 
3

 
3.74

 
5

 
3.33

 
4

 
5.63

Asset-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
5

 
7.03

Total amortized cost
$
3

 
3.83
%
 
$
308

 
2.16
%
 
$
434

 
2.83
%
 
$
12,064

 
2.44
%
Total fair value
$
3

 
 
 
$
309

 
 
 
$
436

 
 
 
$
12,090