Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'American Capital Agency Corp | ' |
Entity Central Index Key | '0001423689 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 396,451,470 |
Trading Symbol | 'AGNC | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Agency securities, at fair value | $83,805 | $83,710 |
Agency securities transferred to consolidated variable interest entities, at fair value | 1,204 | 1,535 |
U.S. Treasury securities, at fair value | 4,823 | 0 |
Cash and cash equivalents | 2,129 | 2,430 |
Restricted cash | 77 | 399 |
Derivative assets, at fair value | 1,246 | 301 |
Receivable for agency securities sold | 1,807 | 0 |
Receivable under reverse repurchase agreements | 1,808 | 11,818 |
Other assets | 372 | 260 |
Total assets | 97,271 | 100,453 |
Liabilities: | ' | ' |
Repurchase agreements | 82,473 | 74,478 |
Other debt | 736 | 937 |
Payable for agency securities purchased | 979 | 556 |
Derivative liabilities, at fair value | 1,015 | 1,264 |
Dividend payable | 311 | 427 |
Obligation to return securities borrowed under reverse repurchase agreements, at fair value | 1,801 | 11,763 |
Accounts payable and other accrued liabilities | 71 | 132 |
Total liabilities | 87,386 | 89,557 |
Stockholders' equity: | ' | ' |
Preferred stock | 167 | 167 |
Common stock | 4 | 3 |
Additional paid-in capital | 10,992 | 9,460 |
Retained earnings (deficit) | -160 | -289 |
Accumulated other comprehensive income | -1,118 | 1,555 |
Total stockholders' equity | 9,885 | 10,896 |
Total liabilities and stockholders' equity | $97,271 | $100,453 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Available-for-sale Securities Pledged as Collateral | $80,721 | $79,966 |
Trading Securities Pledged as Collateral | 4,710 | ' |
Assets Pledged included in Receivable for Securities Sold | 1,417 | 0 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Issued | 6.9 | 6.9 |
Preferred Stock, Shares Outstanding | 6.9 | 6.9 |
Pref'd Stock Liquidation Preference | $173 | $173 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 600 | 600 |
Common Stock, Shares, Issued | 384.3 | 338.9 |
Common Stock, Shares, Outstanding | 384.3 | 338.9 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest income: | ' | ' | ' | ' |
Interest income | $558 | $520 | $1,650 | $1,538 |
Interest expense | 145 | 139 | 416 | 365 |
Net interest income | 413 | 381 | 1,234 | 1,173 |
Other income, net: | ' | ' | ' | ' |
Gain on sale of agency securities, net | -733 | 210 | -742 | 843 |
(Loss) gain on derivative instruments and other securities, net | -339 | -460 | 1,007 | -1,442 |
Total other income, net | -1,072 | -250 | 265 | -599 |
Expenses: | ' | ' | ' | ' |
Management fees | 35 | 32 | 105 | 82 |
General and administrative expenses | 7 | 8 | 25 | 22 |
Total expenses | 42 | 40 | 130 | 104 |
Income before income tax | -701 | 91 | 1,369 | 470 |
Income tax benefit, net | 0 | 5 | 10 | 4 |
Dividend on preferred stock | 3 | 3 | 10 | 6 |
Net income | -701 | 86 | 1,359 | 466 |
Net (loss) income (attributable) available to common shareholders | -704 | 83 | 1,349 | 460 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on available-for-sale securities, net | 833 | 1,190 | -2,817 | 1,773 |
Unrealized (loss) gain on derivative instruments, net | 47 | 51 | 144 | 155 |
Other comprehensive income (loss) | 880 | 1,241 | -2,673 | 1,928 |
Comprehensive income | 179 | 1,327 | -1,314 | 2,394 |
Dividend on preferred stock | 3 | 3 | 10 | 6 |
Comprehensive income available to common shareholders | $176 | $1,324 | ($1,324) | $2,388 |
Weighted average number of common shares outstanding-basic and diluted | 390.6 | 332.8 | 381.2 | 291.6 |
Net income per common share - basic and diluted | ($1.80) | $0.25 | $3.54 | $1.58 |
Comprehensive income per share - basic and diluted | $0.45 | $3.98 | ($3.47) | $8.19 |
Dividends declared per common share | $0.80 | $1.25 | $3.10 | $3.75 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Interest Rate Swap [Member] |
In Millions, unless otherwise specified | |||||||
Balance, value at Dec. 31, 2012 | $10,896 | $167 | $3 | $9,460 | ($289) | $1,555 | ' |
Balance, Common Stock, shares at Dec. 31, 2012 | 338.9 | ' | 338.9 | ' | ' | ' | ' |
Balance, Preferred Stock, shares at Dec. 31, 2012 | 6.9 | 6.9 | ' | ' | ' | ' | ' |
Net income | 1,359 | ' | ' | ' | 1,359 | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on available-for-sale securities, net | -2,817 | ' | ' | ' | ' | -2,817 | ' |
Unrealized (loss) gain on derivative instruments, net | 144 | ' | ' | ' | ' | 144 | ' |
Unrealized (loss) gain on derivative instruments, net (Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member]) | 144 | ' | ' | ' | ' | ' | 144 |
Issuance of common stock, value | 1,803 | ' | 1 | 1,802 | ' | ' | ' |
Stock Repurchased During Period, Shares | -12.1 | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | 270 | ' | ' | ' | ' | ' | ' |
Dividends, Preferred Stock, Cash | ' | ' | ' | ' | -10 | ' | ' |
Stock Repurchased During Period, Value | -270 | ' | ' | ' | ' | ' | ' |
Issuance of common stock, shares | 57.5 | ' | 57.5 | ' | ' | ' | ' |
Common dividends declared | 1,220 | ' | ' | ' | ' | ' | ' |
Balance, value at Sep. 30, 2013 | 9,885 | 167 | 4 | 10,992 | -160 | -1,118 | ' |
Balance, Common Stock, shares at Sep. 30, 2013 | 384.3 | ' | 384.3 | ' | ' | ' | ' |
Balance, Preferred Stock, shares at Sep. 30, 2013 | 6.9 | 6.9 | ' | ' | ' | ' | ' |
Balance, value at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' |
Net income | -701 | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on available-for-sale securities, net | 833 | ' | ' | ' | ' | ' | ' |
Unrealized (loss) gain on derivative instruments, net | 47 | ' | ' | ' | ' | ' | ' |
Unrealized (loss) gain on derivative instruments, net (Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member]) | 47 | ' | ' | ' | ' | ' | 47 |
Stock Repurchased During Period, Shares | -11.9 | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Value | -263 | ' | ' | ' | ' | ' | ' |
Balance, value at Sep. 30, 2013 | $9,885 | $167 | ' | ' | ' | ' | ' |
Balance, Common Stock, shares at Sep. 30, 2013 | 384.3 | ' | ' | ' | ' | ' | ' |
Balance, Preferred Stock, shares at Sep. 30, 2013 | 6.9 | 6.9 | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net income (loss) | $1,359 | $466 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization of agency securities premiums and discounts, net | 400 | 515 |
Amortization of accumulated other comprehensive loss on interest rate swaps de-designated as qualifying hedges | 144 | 155 |
Gain on sale of agency securities, net | 742 | -843 |
Loss (gain) on derivative instruments and other securities, net | -1,007 | 1,442 |
Increase in other assets | -54 | -79 |
Increase in accounts payable and other accrued liabilities | -112 | 25 |
Accretion of discounts on debt of consolidated variable interest entities | 12 | 2 |
Net cash provided by operating activities | 1,484 | 1,683 |
Investing activities: | ' | ' |
Purchases of agency securities | -71,313 | -86,435 |
Proceeds from sale of agency securities | 57,992 | 44,218 |
Principal collections on agency securities | 8,201 | 6,906 |
Purchases of U.S. Treasury securities | -59,799 | -25,894 |
Proceeds from sale of U.S. Treasury securities | 45,496 | 32,243 |
Proceeds from reverse repurchase agreements | 10,010 | -5,946 |
Net (payments) receipts on other derivative instruments not designated as qualifying hedges | -696 | -816 |
Decrease in restricted cash | 322 | -33 |
Net cash used in investing activities | -9,787 | -35,757 |
Financing activities: | ' | ' |
Proceeds from repurchase arrangements, net | 421,185 | 310,225 |
Payments made on repurchase agreements | -413,190 | -278,652 |
Proceeds from other debt | 0 | 1,000 |
Repayments on other debt | -180 | -80 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | 167 |
Net proceeds from common stock issuances | 1,803 | 3,600 |
Payments made on common stock repurchases | -270 | 0 |
Cash dividends paid | -1,346 | -984 |
Net cash provided by financing activities | 8,002 | 35,276 |
Net change in cash and cash equivalents | -301 | 1,202 |
Cash and cash equivalents at beginning of period | 2,430 | 1,367 |
Cash and cash equivalents at end of period | $2,129 | $2,569 |
Unaudited_Interim_Consolidated
Unaudited Interim Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2013 | |
Unaudited Interim Financials [Abstract] | ' |
Unaudited Interim Consolidated Financial Statements | ' |
Unaudited Interim Consolidated Financial Statements | |
The unaudited interim consolidated financial statements of American Capital Agency Corp. (referred throughout this report as the "Company", "we", "us" and "our") are prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. | |
Our unaudited interim consolidated financial statements include the accounts of our wholly-owned subsidiary, American Capital Agency TRS, LLC, and variable interest entities for which the Company is the primary beneficiary. Significant intercompany accounts and transactions have been eliminated. In the opinion of management, all adjustments, consisting solely of normal recurring accruals, necessary for the fair presentation of financial statements for the interim period have been included. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the year. |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Organization [Abstract] | ' |
Organization | ' |
Organization | |
We were organized in Delaware on January 7, 2008, and commenced operations on May 20, 2008 following the completion of our initial public offering ("IPO"). Our common stock is traded on The NASDAQ Global Select Market under the symbol "AGNC". | |
We are externally managed by American Capital AGNC Management, LLC (our "Manager"), an affiliate of American Capital, Ltd. ("American Capital"). | |
We operate so as to qualify to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). As a REIT, we are required to distribute annually 90% of our taxable net income. As long as we continue to qualify as a REIT, we will generally not be subject to U.S. federal or state corporate taxes on our taxable net income to the extent that we distribute all of our annual taxable net income to our stockholders. It is our intention to distribute 100% of our taxable net income, after application of available tax attributes, within the limits prescribed by the Internal Revenue Code, which may extend into the subsequent taxable year. | |
We earn income primarily from investing on a leveraged basis in agency mortgage-backed securities ("agency MBS"). These investments consist of residential mortgage pass-through securities and collateralized mortgage obligations ("CMOs") for which the principal and interest payments are guaranteed by a government-sponsored enterprise, such as the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), or by a U.S. Government agency, such as the Government National Mortgage Association ("Ginnie Mae") (collectively referred to as "GSEs"). We may also invest in agency debenture securities issued by Freddie Mac, Fannie Mae or the Federal Home Loan Bank ("FHLB"). We refer to agency MBS and agency debenture securities collectively as "investment securities" and we refer to the specific investment securities in which we invest as our "investment portfolio." | |
Our principal objective is to preserve our net asset value (also referred to as "net book value", "NAV" and "stockholders' equity") while generating attractive risk-adjusted returns for distribution to our stockholders through regular quarterly dividends from the combination of our net interest income and net realized gains and losses on our investments and hedging activities. We fund our investments primarily through short-term borrowings structured as repurchase agreements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Investment Securities | |
ASC Topic 320, Investments—Debt and Equity Securities ("ASC 320"), requires that at the time of purchase, we designate a security as held-to-maturity, available-for-sale or trading, depending on our ability and intent to hold such security to maturity. Securities classified as trading and available-for-sale are reported at fair value, while securities classified as held-to-maturity are reported at amortized cost. We may, from time to time, sell any of our investment securities as part of our overall management of our investment portfolio. Accordingly, we typically designate our investment securities as available-for-sale. All securities classified as available-for-sale are reported at fair value, with unrealized gains and losses reported in accumulated other comprehensive income (loss) ("OCI"), a separate component of stockholders’ equity. Upon the sale of a security, we determine the cost of the security and the amount of unrealized gains or losses to reclassify out of accumulated OCI into earnings based on the specific identification method. | |
Interest-only securities and inverse interest-only securities (collectively referred to as "interest-only securities") represent our right to receive a specified proportion of the contractual interest flows of specific agency CMO securities. Principal-only securities represent our right to receive the contractual principal flows of specific agency CMO securities. Interest-only and principal-only securities are measured at fair value through earnings in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. Our investments in interest-only and principal-only securities are included in agency securities, at fair value on the accompanying consolidated balance sheets. | |
We estimate the fair value of our investment securities based on a market approach using Level 2 inputs from third-party pricing services and non-binding dealer quotes derived from common market pricing methods. Such methods incorporate, but are not limited to, reported trades and executable bid and asked prices for similar securities, bench mark interest rate curves, such as the spread to the U.S. Treasury rate and interest rate swap curves, convexity, duration and the underlying characteristics of the particular security, including coupon, periodic and life caps, rate reset period, issuer, additional credit support and expected life of the security. Refer to Note 8 for further discussion of fair value measurements. | |
We evaluate individual securities for other-than-temporary impairment ("OTTI") on at least a quarterly basis. The determination of whether a security is other-than-temporarily impaired may involve judgments and assumptions based on subjective and objective factors. When a security is impaired, an OTTI is considered to have occurred if any one of the following three conditions exist as of the financial reporting date: (i)Â we intend to sell the security (that is, a decision has been made to sell the security), (ii)Â it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis or (iii) we do not expect to recover the security's amortized cost basis, even if we do not intend to sell the security and it is not more likely than not that we will be required to sell the security. A general allowance for unidentified impairments in a portfolio of securities is not permitted. | |
If either of the first two conditions exists as of the financial reporting date, the entire amount of the impairment loss, if any, is recognized in earnings as a realized loss and the cost basis of the security is adjusted to its fair value. If the third condition exists, the OTTI is separated into (i) the amount relating to credit loss (the "credit component") and (ii) the amount relating to all other factors (the "non-credit components"). Only the credit component is recognized in earnings, with the non-credit components recognized in OCI. However, in evaluating if the third condition exists, our investments in agency securities typically would not have a credit component since the principal and interest are guaranteed by a GSE and, therefore, any unrealized loss is not the result of a credit loss. In addition, since we designate our agency securities as available-for-sale securities with unrealized gains and losses already recognized in OCI, any impairment loss for non-credit components is already recognized in OCI. | |
The liquidity of the agency securities market allows us to obtain competitive bids and execute on a sale transaction typically within a day of making the decision to sell a security and, therefore, we generally do not make decisions to sell specific agency securities until shortly prior to initiating a sell order. In some instances, we may sell specific agency securities by delivering such securities into existing short to-be-announced ("TBA") contracts. TBA market conventions require the identification of the specific securities to be delivered no later than 48 hours prior to settlement. If we settle a short TBA contract through the delivery of securities, we will generally identify the specific securities to be delivered within one to two days of the 48-hour deadline. | |
Interest Income | |
Interest income is accrued based on the outstanding principal amount of the investment securities and their contractual terms. Premiums or discounts associated with the purchase of investment securities are amortized or accreted into interest income, respectively, over the projected lives of the securities, including contractual payments and estimated prepayments using the interest method in accordance with ASC Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs ("ASC 310-20"). | |
We estimate long-term prepayment speeds of our agency securities using a third-party service and market data. The third-party service estimates prepayment speeds using models that incorporate the forward yield curve, current mortgage rates and mortgage rates of the outstanding loans, age and size of the outstanding loans, loan-to-value ratios, volatility and other factors. We review the prepayment speeds estimated by the third-party service and compare the results to market consensus prepayment speeds, if available. We also consider historical prepayment speeds and current market conditions to validate the reasonableness of the prepayment speeds estimated by the third-party service and, based on our Manager’s judgment, we may make adjustments to its estimates. Actual and anticipated prepayment experience is reviewed quarterly and effective yields are recalculated when differences arise between (i) our previously estimated future prepayments and (ii) actual prepayments to date plus currently estimated future prepayments. If the actual and estimated future prepayment experience differs from our prior estimate of prepayments, we are required to record an adjustment in the current period to the amortization or accretion of premiums and discounts for the cumulative difference in the effective yield through the reporting date. | |
Derivative Instruments | |
We use a variety of derivative instruments to economically hedge a portion of our exposure to market risks, including interest rate risk, prepayment risk and extension risk. The objective of our risk management strategy is to reduce fluctuations in net book value over a range of interest rate scenarios. In particular, we attempt to mitigate the risk of the cost of our variable rate liabilities increasing during a period of rising interest rates. The principal instruments that we use are interest rate swaps and options to enter into interest rate swaps ("interest rate swaptions"). We also utilize forward contracts for the purchase or sale of agency MBS securities on a generic pool, or a TBA contract, basis and on a non-generic specified pool basis, and we utilize U.S. Treasury securities and U.S. Treasury futures contracts, primarily through short sales. We may also purchase or write put or call options on TBA securities and we may invest in other types of mortgage derivatives, such as interest-only securities, and synthetic total return swaps, such as the Markit IOS Synthetic Total Return Swap Index ("Markit IOS Index"). | |
We may also enter into TBA contracts as a means of investing in and financing agency securities (thereby increasing our "at risk" leverage) or as a means of disposing of or reducing our exposure to agency securities (thereby reducing our "at risk" leverage). Pursuant to TBA contracts, we agree to purchase or sell, for future delivery, agency securities with certain principal and interest terms and certain types of collateral, but the particular agency securities to be delivered are not identified until shortly before the TBA settlement date. We also may choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a "pair off"), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA contract for a later settlement date. This transaction is commonly referred to as a "dollar roll." The agency securities purchased or sold for a forward settlement date are typically priced at a discount to agency securities for settlement in the current month. This difference (or discount) is referred to as the "price drop." The price drop is the economic equivalent of net interest carry income on the underlying agency securities over the roll period (interest income less implied financing cost) and is commonly referred to as "dollar roll income/loss." Consequently, forward purchases of agency securities and dollar roll transactions represent a form of off-balance sheet financing. | |
We account for derivative instruments in accordance with ASC Topic 815, Derivatives and Hedging ("ASC 815"). ASC 815 requires an entity to recognize all derivatives as either assets or liabilities in the balance sheet and to measure those instruments at fair value. | |
Our derivative agreements generally contain provisions that allow for netting or setting off derivative assets and liabilities with each counterparty; however, we report related assets and liabilities on a gross basis in our consolidated balance sheets. Derivative instruments in a gain position are reported as derivative assets at fair value and derivative instruments in a loss position are reported as derivative liabilities at fair value in our consolidated balance sheets. Changes in fair value of derivative instruments and periodic settlements related to our derivative instruments are recorded in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. Cash receipts and payments related to derivative instruments are classified in our consolidated statements of cash flows according to the underlying nature or purpose of the derivative transaction, generally in the investing section. | |
The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. We attempt to minimize this risk by limiting our counterparties to major financial institutions with acceptable credit ratings, monitoring positions with individual counterparties and adjusting posted collateral as required. | |
Discontinuation of hedge accounting for interest rate swap agreements | |
Prior to September 30, 2011, we entered into interest rate swap agreements typically with the intention of qualifying for hedge accounting under ASC 815. However, as of September 30, 2011, we elected to discontinue hedge accounting for our interest rate swaps. Upon discontinuation of hedge accounting, the net deferred loss related to our de-designated interest rate swaps remained in accumulated OCI and is being reclassified from accumulated OCI into interest expense on a straight-line basis over the remaining term of each interest rate swap. | |
Interest rate swap agreements | |
We use interest rate swaps to economically hedge the variable cash flows associated with borrowings made under our repurchase agreement facilities. Under our interest rate swap agreements, we typically pay a fixed rate and receive a floating rate based on one, three or six-month LIBOR ("payer swaps") with terms up to 20 years. The floating rate we receive under our swap agreements has the effect of offsetting the repricing characteristics of our repurchase agreements and cash flows on such liabilities. Our swap agreements are privately negotiated in the over−the−counter ("OTC") market and may be centrally cleared through a registered commodities exchange ("centrally cleared swaps"). | |
We estimate the fair value of our centrally cleared swaps using the daily settlement price determined by the respective exchange. Centrally cleared swaps are valued by the exchange using a pricing model that references the underlying rates including the overnight index swap rate and LIBOR forward rate to produce the daily settlement price. | |
We estimate the fair value of our "non-centrally cleared" swaps using a combination of inputs from counterparty and third-party pricing models to estimate the net present value of the future cash flows using a forward interest rate yield curve in effect as of the end of the measurement period. We also incorporate both our own and our counterparties’ nonperformance risk in estimating the fair value of our interest rate swaps. In considering the effect of nonperformance risk, we consider the impact of netting and credit enhancements, such as collateral postings and guarantees, and have concluded that our own and our counterparty risk is not significant to the overall valuation of these agreements. | |
Interest rate swaptions | |
We purchase interest rate swaptions to help mitigate the potential impact of larger increases or decreases in interest rates on the performance of our investment portfolio (referred to as "convexity risk"). The interest rate swaptions provide us the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future. Our swaption agreements typically provide us the option to enter into a pay fixed rate interest rate swap, which we refer as "payer swaptions". We may also enter into swaption agreements that provide us the option to enter into a receive fixed interest rate swap, which we refer to as "receiver swaptions". The premium paid for interest rate swaptions is reported as an asset in our consolidated balance sheets. The premium is valued at an amount equal to the fair value of the swaption that would have the effect of closing the position adjusted for nonperformance risk, if any. The difference between the premium and the fair value of the swaption is reported in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. If a swaption expires unexercised, the realized loss on the swaption would be equal to the premium paid. If we sell or exercise a swaption, the realized gain or loss on the swaption would be equal to the difference between the cash or the fair value of the underlying interest rate swap received and the premium paid. | |
Our interest rates swaption agreements are privately negotiated in the OTC market and are not subject to central clearing. We estimate the fair value of interest rate swaptions using a combination of inputs from counterparty and third-party pricing models based on the fair value of the future interest rate swap that we have the option to enter into as well as the remaining length of time that we have to exercise the option, adjusted for non-performance risk, if any. | |
TBA securities | |
A TBA security is a forward contract for the purchase ("long position") or sale ("short position") of agency MBS at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date. The specific agency MBS delivered into the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association, are not known at the time of the transaction. We may enter into TBA contracts as a means of hedging against short-term changes in interest rates. We may also enter into TBA contracts as a means of acquiring or disposing of agency securities and we may from time to time utilize TBA dollar roll transactions to finance agency MBS purchases. | |
We account for TBA contracts as derivative instruments since we cannot assert that it is probable at inception and throughout the term of the TBA contract that we will take physical delivery of the agency security upon settlement of the contract. We account for TBA dollar roll transactions as a series of derivative transactions. Gains, losses and dollar roll income associated with our TBA contracts and dollar roll transactions are recognized in our consolidated statements of comprehensive income in gain (loss) on derivative instruments and other securities, net. | |
We estimate the fair value of TBA securities based on similar methods used to value our agency MBS securities. | |
Forward commitments to purchase or sell specified agency MBS | |
We enter into forward commitments to purchase or sell specified agency MBS from time to time as a means of acquiring assets or as a hedge against short-term changes in interest rates. Such forward commitments typically require physical settlement. We account for such forward commitments as derivatives if the delivery of the specified agency MBS and settlement extend beyond established market conventions. Realized and unrealized gains and losses associated with forward commitments accounted for as derivatives are recognized in our consolidated statements of comprehensive income in gain (loss) on derivative instruments and other securities, net. | |
We estimate the fair value of forward commitments to purchase or sell specified agency MBS based on similar methods used to value agency MBS, as well as the remaining length of time of the forward commitment. | |
U.S. Treasury securities | |
We purchase or sell short U.S. Treasury securities and U.S. Treasury futures contracts to help mitigate the potential impact of changes in interest rates on the performance of our portfolio. We borrow securities to cover short sales of U.S. Treasury securities under reverse repurchase agreements. We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on the balance sheet based on the value of the underlying borrowed securities as of the reporting date. Gains and losses associated with purchases and short sales of U.S. Treasury securities and U.S. Treasury futures contracts are recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. |
Investment_Securities
Investment Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
Investment Securities | |||||||||||||||||||||||||
As of September 30, 2013, we had agency MBS at fair value of $85.0 billion, with a total cost basis of $85.8 billion. The net unamortized premium balance on our investment portfolio as of September 30, 2013 was $3.8 billion, including interest-only and principal-only strips. The following tables summarize our investments in agency MBS as of September 30, 2013 (dollars in millions): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Agency MBS | Fannie Mae | Freddie Mac | Ginnie Mae | Total | |||||||||||||||||||||
Available-for-sale agency MBS: | |||||||||||||||||||||||||
Agency MBS, par | $ | 63,884 | $ | 17,604 | $ | 237 | $ | 81,725 | |||||||||||||||||
Unamortized discount | (44 | ) | (20 | ) | — | (64 | ) | ||||||||||||||||||
Unamortized premium | 2,882 | 795 | 8 | 3,685 | |||||||||||||||||||||
Amortized cost | 66,722 | 18,379 | 245 | 85,346 | |||||||||||||||||||||
Gross unrealized gains | 452 | 118 | 4 | 574 | |||||||||||||||||||||
Gross unrealized losses | (923 | ) | (428 | ) | — | (1,351 | ) | ||||||||||||||||||
Total available-for-sale agency MBS, at fair value | 66,251 | 18,069 | 249 | 84,569 | |||||||||||||||||||||
Agency MBS remeasured at fair value through earnings: | |||||||||||||||||||||||||
Interest-only and principal-only strips, amortized cost (1) | 409 | 34 | — | 443 | |||||||||||||||||||||
Gross unrealized gains | 9 | 2 | — | 11 | |||||||||||||||||||||
Gross unrealized losses | (10 | ) | (4 | ) | — | (14 | ) | ||||||||||||||||||
Total agency MBS remeasured at fair value through earnings | 408 | 32 | — | 440 | |||||||||||||||||||||
Total agency MBS, at fair value | $ | 66,659 | $ | 18,101 | $ | 249 | $ | 85,009 | |||||||||||||||||
Weighted average coupon as of September 30, 2013 (2) | 3.52 | % | 3.65 | % | 3.57 | % | 3.54 | % | |||||||||||||||||
Weighted average yield as of September 30, 2013 (3) | 2.66 | % | 2.86 | % | 1.12 | % | 2.7 | % | |||||||||||||||||
Weighted average yield for the three months ended September 30, 2013Â (3) | 2.57 | % | 2.62 | % | 1.17 | % | 2.59 | % | |||||||||||||||||
Weighted average yield for the nine months ended September 30, 2013 (3) | 2.73 | % | 2.83 | % | 1.28 | % | 2.75 | % | |||||||||||||||||
 ________________________ | |||||||||||||||||||||||||
1 | The underlying unamortized principal balance ("UPB" or "par value") of our interest-only agency MBS strips was $1.3 billion and the weighted average contractual interest we are entitled to receive was 5.80% of this amount as of September 30, 2013. The par value of our principal-only agency MBS strips was $278 million as of September 30, 2013. | ||||||||||||||||||||||||
2 | The weighted average coupon includes the interest cash flows from our interest-only agency MBS strips taken together with the interest cash flows from our fixed-rate, adjustable-rate and CMO agency MBS as a percentage of the par value of our agency MBS (excluding the UPB of our interest-only securities) as of September 30, 2013. | ||||||||||||||||||||||||
3 | Incorporates a weighted average future constant prepayment rate assumption of 8% based on forward rates as of September 30, 2013. | ||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Agency MBS | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
Fixed-Rate | $ | 83,114 | $ | 547 | $ | (1,351 | ) | $ | 82,310 | ||||||||||||||||
Adjustable-Rate | 998 | 17 | — | 1,015 | |||||||||||||||||||||
CMO | 1,234 | 10 | — | 1,244 | |||||||||||||||||||||
Interest-only and principal-only strips | 443 | 11 | (14 | ) | 440 | ||||||||||||||||||||
Total agency MBS | $ | 85,789 | $ | 585 | $ | (1,365 | ) | $ | 85,009 | ||||||||||||||||
As of December 31, 2012, we had agency MBS at fair value of $85.2 billion, with a total cost basis of $83.2 billion. The net unamortized premium balance on our investment portfolio as of December 31, 2012 was $4.4 billion, including interest-only and principal-only strips. The following tables summarize our investments in agency MBS as of December 31, 2012 (dollars in millions): | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Agency MBS | Fannie Mae | Freddie Mac | Ginnie Mae | Total | |||||||||||||||||||||
Available-for-sale agency MBS: | |||||||||||||||||||||||||
Agency MBS, par | $ | 58,912 | $ | 19,336 | $ | 238 | $ | 78,486 | |||||||||||||||||
Unamortized premium | 3,208 | 948 | 10 | 4,166 | |||||||||||||||||||||
Amortized cost | 62,120 | 20,284 | 248 | 82,652 | |||||||||||||||||||||
Gross unrealized gains | 1,585 | 481 | 6 | 2,072 | |||||||||||||||||||||
Gross unrealized losses | (18 | ) | (7 | ) | — | (25 | ) | ||||||||||||||||||
Total available-for-sale agency MBS, at fair value | 63,687 | 20,758 | 254 | 84,699 | |||||||||||||||||||||
Agency MBS remeasured at fair value through earnings: | |||||||||||||||||||||||||
Interest-only and principal-only strips, amortized cost (1) | 486 | 55 | — | 541 | |||||||||||||||||||||
Gross unrealized gains | 26 | 1 | — | 27 | |||||||||||||||||||||
Gross unrealized losses | (9 | ) | (13 | ) | — | (22 | ) | ||||||||||||||||||
Total agency MBS remeasured at fair value through earnings | 503 | 43 | — | 546 | |||||||||||||||||||||
Total agency MBS, at fair value | $ | 64,190 | $ | 20,801 | $ | 254 | $ | 85,245 | |||||||||||||||||
Weighted average coupon as of December 31, 2012 (2) | 3.7 | % | 3.67 | % | 3.77 | % | 3.69 | % | |||||||||||||||||
Weighted average yield as of December 31, 2012 (3) | 2.62 | % | 2.61 | % | 1.6 | % | 2.61 | % | |||||||||||||||||
Weighted average yield for the year ended December 31, 2012 (3) | 2.83 | % | 2.83 | % | 1.63 | % | 2.82 | % | |||||||||||||||||
 ________________________ | |||||||||||||||||||||||||
1 | The UPB of our interest-only securities was $1.7 billion and the weighted average contractual interest we are entitled to receive was 5.78% of this amount as of December 31, 2012. The par value of our principal-only agency MBS strips was $302 million as of December 31, 2012. | ||||||||||||||||||||||||
2 | The weighted average coupon includes the interest cash flows from our interest-only securities taken together with the interest cash flows from our fixed-rate, adjustable-rate and CMO securities as a percentage of the par value of our agency securities (excluding the UPB of our interest-only securities) as of December 31, 2012. | ||||||||||||||||||||||||
3 | Incorporates a weighted average future constant prepayment rate assumption of 11% based on forward rates as of December 31, 2012. | ||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Agency MBS | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
Fixed-Rate | $ | 81,617 | $ | 2,043 | $ | (25 | ) | $ | 83,635 | ||||||||||||||||
Adjustable-Rate | 865 | 26 | — | 891 | |||||||||||||||||||||
CMO | 170 | 3 | — | 173 | |||||||||||||||||||||
Interest-only and principal-only strips | 541 | 27 | (22 | ) | 546 | ||||||||||||||||||||
Total agency MBS | $ | 83,193 | $ | 2,099 | $ | (47 | ) | $ | 85,245 | ||||||||||||||||
As of September 30, 2013 and December 31, 2012, we did not have investments in agency debenture securities. | |||||||||||||||||||||||||
The actual maturities of our agency MBS securities are generally shorter than the stated contractual maturities. Actual maturities are affected by the contractual lives of the underlying mortgages, periodic contractual principal payments and principal prepayments. As of September 30, 2013 and December 31, 2012, our weighted average expected constant prepayment rate ("CPR") over the remaining life of our aggregate agency MBS portfolio was 8% and 11%, respectively. Our estimates differ materially for different types of securities and thus individual holdings have a wide range of projected CPRs. We estimate long-term prepayment assumptions for different securities using a third-party service and market data. The third-party service estimates prepayment speeds using models that incorporate the forward yield curve, current mortgage rates and mortgage rates of the outstanding loans, age and size of the outstanding loans, loan-to-value ratios, volatility and other factors. We review the prepayment speeds estimated by the third-party service and compare the results to market consensus prepayment speeds, if available. We also consider historical prepayment speeds and current market conditions to validate reasonableness. As market conditions may change rapidly, we may make adjustments for different securities based on our Manager's judgment. Various market participants could use materially different assumptions. | |||||||||||||||||||||||||
The following table summarizes our agency MBS classified as available-for-sale as of September 30, 2013 and December 31, 2012 according to their estimated weighted average life classification (dollars in millions): | |||||||||||||||||||||||||
30-Sep-13 | December 31, 2012 | ||||||||||||||||||||||||
Estimated Weighted Average Life of Agency MBS Classified as Available-for-Sale (1) | Fair Value | Amortized | Weighted | Weighted | Fair Value | Amortized | Weighted | Weighted | |||||||||||||||||
Cost | Average | Average | Cost | Average | Average | ||||||||||||||||||||
Coupon | Yield | Coupon | Yield | ||||||||||||||||||||||
≤ 3 years | $ | 588 | $ | 577 | 3.89% | 2.11% | $ | 1,119 | $ | 1,108 | 4.18% | 2.14% | |||||||||||||
> 3 years and ≤ 5 years | 26,492 | 26,146 | 3.60% | 2.56% | 27,448 | 26,750 | 3.36% | 2.29% | |||||||||||||||||
> 5 years and ≤10 years | 48,453 | 49,212 | 3.45% | 2.73% | 54,054 | 52,735 | 3.69% | 2.75% | |||||||||||||||||
> 10 years | 9,036 | 9,411 | 3.19% | 2.81% | 2,078 | 2,059 | 3.44% | 2.65% | |||||||||||||||||
Total | $ | 84,569 | $ | 85,346 | 3.46% | 2.68% | $ | 84,699 | $ | 82,652 | 3.59% | 2.59% | |||||||||||||
 _______________________ | |||||||||||||||||||||||||
1 | Excludes interest and principal-only strips. | ||||||||||||||||||||||||
The weighted average life of our interest-only strips was 6.3 and 5.7 years as of September 30, 2013 and December 31, 2012, respectively. The weighted average life of our principal-only strips was 8.4 and 6.4 years as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
Our agency securities classified as available-for-sale are reported at fair value, with unrealized gains and losses excluded from earnings and reported in accumulated OCI. The following table summarizes changes in accumulated OCI, a separate component of stockholders' equity, for our available-for-sale securities for the three and nine months ended September 30, 2013 and 2012 (in millions): | |||||||||||||||||||||||||
Agency Securities Classified as | Beginning Accumulated OCI | Unrealized Gains | Reversal of | Ending | |||||||||||||||||||||
Available-for-Sale | Balance | and (Losses), Net | Unrealized | Accumulated OCI | |||||||||||||||||||||
(Gains) and Losses, | Balance | ||||||||||||||||||||||||
Net on Realization | |||||||||||||||||||||||||
Three months ended September 30, 2013 | $ | (1,610 | ) | 100 | 733 | $ | (777 | ) | |||||||||||||||||
Three months ended September 30, 2012 | $ | 1,585 | 1,400 | (210 | ) | $ | 2,775 | ||||||||||||||||||
Nine months ended September 30, 2013 | $ | 2,040 | (3,559 | ) | 742 | $ | (777 | ) | |||||||||||||||||
Nine months ended September 30, 2012 | $ | 1,002 | 2,616 | (843 | ) | $ | 2,775 | ||||||||||||||||||
The following table presents the gross unrealized loss and fair values of our available-for-sale agency securities by length of time that such securities have been in a continuous unrealized loss position as of September 30, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||
Unrealized Loss Position For | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Agency Securities Classified as | Estimated Fair | Unrealized | Estimated | Unrealized | Estimated Fair | Unrealized | |||||||||||||||||||
Available-for-Sale | Value | Loss | Fair Value | Loss | Value | Loss | |||||||||||||||||||
September 30, 2013 | $ | 43,570 | $ | (1,340 | ) | $ | 296 | $ | (11 | ) | $ | 43,866 | $ | (1,351 | ) | ||||||||||
December 31, 2012 | $ | 8,430 | $ | (25 | ) | $ | — | $ | — | $ | 8,430 | $ | (25 | ) | |||||||||||
As of September 30, 2013 and December 31, 2012, a decision had not been made to sell any of these agency securities and we do not believe it is more likely than not we will be required to sell the agency securities before recovery of their amortized cost basis. The unrealized losses on these agency securities are not due to credit losses given the GSE guarantees, but are rather due to changes in interest rates and prepayment expectations. Accordingly, we did not recognize any OTTI charges on our investment securities for the three and nine months ended September 30, 2013 and 2012. However, as we continue to actively manage our portfolio, we may recognize additional realized losses on our agency securities upon selecting specific securities to sell. | |||||||||||||||||||||||||
Gains and Losses | |||||||||||||||||||||||||
The following table is a summary of our net gain (loss) from the sale of agency MBS for the three and nine months ended September 30, 2013 and 2012 (in millions): | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
Agency MBS | 30-Sep-13 | September 30, 2012 | 30-Sep-13 | September 30, 2012 | |||||||||||||||||||||
Agency MBS sold, at cost | $ | (25,147 | ) | $ | (10,172 | ) | $ | (60,541 | ) | $ | (45,258 | ) | |||||||||||||
Proceeds from agency MBS sold (1) | 24,414 | 10,382 | 59,799 | 46,101 | |||||||||||||||||||||
Net (loss) gain on sale of agency MBS | $ | (733 | ) | $ | 210 | $ | (742 | ) | $ | 843 | |||||||||||||||
Gross gain on sale of agency MBS | $ | 2 | $ | 210 | $ | 183 | $ | 855 | |||||||||||||||||
Gross loss on sale of agency MBS | (735 | ) | — | (925 | ) | (12 | ) | ||||||||||||||||||
Net (loss) gain on sale of agency MBS | $ | (733 | ) | $ | 210 | $ | (742 | ) | $ | 843 | |||||||||||||||
  ________________________ | |||||||||||||||||||||||||
1 | Proceeds include cash received during the period, plus receivable for agency MBS sold during the period as of period end. | ||||||||||||||||||||||||
For the three and nine months ended September 30, 2013, we recognized an unrealized gain of $14 million and an unrealized loss of $8 million, respectively, and for the three and nine months ended September 30, 2012, we recognized an unrealized gain of $20 million and $19 million, respectively, in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income for the change in value of investments in interest-only and principal-only strips, net of prior period reversals. For the three and nine months ended September 30, 2013 and 2012, we did not recognize any realized gains or losses on our interest-only or principal-only securities. | |||||||||||||||||||||||||
Pledged Assets | |||||||||||||||||||||||||
The following tables summarize our assets pledged as collateral under repurchase agreements, debt of consolidated variable interest entities ("VIEs"), derivative agreements and prime broker agreements by type, including securities pledged related to securities sold but not yet settled, as of September 30, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Assets Pledged | Repurchase Agreements | Debt of Consolidated VIEs | Derivative Agreements | Prime Broker Agreements | Total | ||||||||||||||||||||
Agency MBS - fair value | $ | 81,745 | $ | 1,204 | $ | 51 | $ | 342 | $ | 83,342 | |||||||||||||||
U. S. Treasury securities - fair value | 4,648 | — | 62 | — | 4,710 | ||||||||||||||||||||
Accrued interest on pledged securities | 237 | 4 | — | 1 | 242 | ||||||||||||||||||||
Restricted cash (1) | 43 | — | 290 | 73 | 406 | ||||||||||||||||||||
Total | $ | 86,673 | $ | 1,208 | $ | 403 | $ | 416 | $ | 88,700 | |||||||||||||||
   ________________________ | |||||||||||||||||||||||||
1 | Restricted cash in the table above excludes net cash received from counterparties recorded as a contra-asset within restricted cash. | ||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Assets Pledged | Repurchase Agreements | Debt of Consolidated VIEs | Derivative Agreements | Prime Broker Agreements | Total | ||||||||||||||||||||
Agency MBS - fair value | $ | 78,400 | $ | 1,535 | $ | 1,065 | $ | 501 | $ | 81,501 | |||||||||||||||
Accrued interest on pledged securities | 217 | 5 | 3 | 1 | 226 | ||||||||||||||||||||
Restricted cash | — | — | 249 | 150 | 399 | ||||||||||||||||||||
Total | $ | 78,617 | $ | 1,540 | $ | 1,317 | $ | 652 | $ | 82,126 | |||||||||||||||
The following table summarizes our securities pledged as collateral under repurchase agreements and debt of consolidated VIEs by remaining maturity, including securities pledged related to sold but not yet settled securities, as of September 30, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Agency Securities Pledged by Remaining Maturity of Repurchase Agreements and Debt of Consolidated VIEs | Fair Value of Pledged Securities | Amortized | Accrued | Fair Value of Pledged Securities | Amortized | Accrued | |||||||||||||||||||
Cost of Pledged Securities | Interest on | Cost of Pledged Securities | Interest on | ||||||||||||||||||||||
Pledged | Pledged | ||||||||||||||||||||||||
Securities | Securities | ||||||||||||||||||||||||
Agency MBS: | |||||||||||||||||||||||||
  ≤ 30 days | $ | 31,931 | $ | 32,277 | $ | 89 | $ | 29,284 | $ | 28,525 | $ | 82 | |||||||||||||
  > 30 and ≤ 60 days | 20,926 | 21,120 | 57 | 21,716 | 21,251 | 58 | |||||||||||||||||||
  > 60 and ≤ 90 days | 15,684 | 15,857 | 43 | 16,188 | 15,780 | 45 | |||||||||||||||||||
  > 90 days | 14,408 | 14,587 | 40 | 12,747 | 12,447 | 37 | |||||||||||||||||||
Total agency MBS | 82,949 | 83,841 | 229 | 79,935 | 78,003 | 222 | |||||||||||||||||||
U.S. Treasury securities: | |||||||||||||||||||||||||
   1 day | 4,648 | 4,596 | 12 | — | — | — | |||||||||||||||||||
Total | $ | 87,597 | $ | 88,437 | $ | 241 | $ | 79,935 | $ | 78,003 | $ | 222 | |||||||||||||
As of September 30, 2013 and December 31, 2012, none of our repurchase agreement borrowings backed by agency MBS were due on demand or mature overnight. | |||||||||||||||||||||||||
Securitizations and Variable Interest Entities | |||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, we held investments in CMO trusts, which are VIEs. We have consolidated certain of these CMO trusts in our consolidated financial statements where we have determined we are the primary beneficiary of the trusts. All of our CMO securities are backed by fixed or adjustable-rate agency MBS. Fannie Mae or Freddie Mac guarantees the payment of interest and principal and acts as the trustee and administrator of their respective securitization trusts. Accordingly, we are not required to provide the beneficial interest holders of the CMO securities any financial or other support. Our maximum exposure to loss related to our involvement with CMO trusts is the fair value of the CMO securities and interest and principal-only securities held by us, less principal amounts guaranteed by Fannie Mae and Freddie Mac. | |||||||||||||||||||||||||
In connection with our consolidated CMO trusts, as of September 30, 2013 and December 31, 2012, we recognized agency securities with a total fair value of $1.2 billion and $1.5 billion, respectively, and debt, at fair value, of $736 million and $937 million, respectively, in our accompanying consolidated balance sheets. As of September 30, 2013 and December 31, 2012, such agency securities had an aggregate unpaid principal balance of $1.1 billion and $1.4 billion, respectively, and such debt had an aggregate unpaid principal balance of $729 million and $908 million, respectively. We re-measure our consolidated debt at fair value through earnings in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. For the three months ended September 30, 2013, we did not recognize any gain or loss through earnings associated with our consolidated debt. For the nine months ended September 30, 2013, we recognized a net gain of $33 million in earnings associated with our consolidated debt. For the three and nine months ended September 30, 2012, we recognized a net loss of $24 million and $32 million, respectively. Our involvement with the consolidated trusts is limited to the agency securities transferred by us upon the formation of the trusts and the CMO securities subsequently held by us. There are no arrangements that could require us to provide financial support to the trusts. | |||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the fair value of our CMO securities and interest and principal-only securities, excluding the consolidated CMO trusts discussed above, was $1.7 billion and $719 million, respectively, or $2.2 billion and $1.3 billion, respectively, including the net asset value of our consolidated CMO trusts discussed above. Our maximum exposure to loss related to our CMO securities and interest and principal-only securities, including our consolidated CMO trusts, was $259 million and $343 million as of September 30, 2013 and December 31, 2012, respectively. |
Repurchase_Agreements_And_Othe
Repurchase Agreements And Other Debt | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Disclosure of Repurchase Agreements [Abstract] | ' | ||||||||||||||||||||
Repurchase Agreements And Other Debt | ' | ||||||||||||||||||||
Repurchase Agreements and Other Debt | |||||||||||||||||||||
We pledge certain of our securities as collateral under repurchase arrangements with financial institutions, the terms and conditions of which are negotiated on a transaction-by-transaction basis. Interest rates on these borrowings are generally based on LIBOR plus or minus a margin and amounts available to be borrowed are dependent upon the fair value of the securities pledged as collateral, which fluctuates with changes in interest rates, type of security and liquidity conditions within the banking, mortgage finance and real estate industries. In response to declines in fair value of pledged securities, lenders may require us to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as margin calls. As of September 30, 2013 and December 31, 2012, we have met all margin call requirements. | |||||||||||||||||||||
The following table summarizes our borrowings under repurchase arrangements and weighted average interest rates classified by remaining maturities as of September 30, 2013 and December 31, 2012 (dollars in millions): | |||||||||||||||||||||
30-Sep-13 | December 31, 2012 | ||||||||||||||||||||
Remaining Maturity | Repurchase Agreements | Weighted | Weighted | Repurchase Agreements | Weighted | Weighted | |||||||||||||||
Average | Average Days | Average | Average Days | ||||||||||||||||||
Interest | to Maturity | Interest | to Maturity | ||||||||||||||||||
Rate | Rate | ||||||||||||||||||||
Agency MBS: | |||||||||||||||||||||
≤ 1 month | $ | 30,902 | 0.41 | % | 15 | $ | 25,473 | 0.48 | % | 17 | |||||||||||
> 1 to ≤ 3 months | 26,291 | 0.42 | % | 58 | 30,402 | 0.49 | % | 57 | |||||||||||||
> 3 to ≤ 6 months | 11,993 | 0.47 | % | 137 | 7,208 | 0.53 | % | 128 | |||||||||||||
> 6 to ≤ 9 months | 1,943 | 0.5 | % | 233 | 4,509 | 0.57 | % | 234 | |||||||||||||
> 9 to ≤ 12 months | 2,089 | 0.54 | % | 322 | 2,149 | 0.6 | % | 312 | |||||||||||||
> 12 to ≤ 24 months | 2,338 | 0.61 | % | 543 | 2,142 | 0.65 | % | 591 | |||||||||||||
> 24 to ≤ 36 months | 2,221 | 0.64 | % | 815 | 2,492 | 0.69 | % | 1,002 | |||||||||||||
> 36 months | 604 | 0.69 | % | 1,560 | 102 | 0.73 | % | 1,751 | |||||||||||||
Total agency MBS | 78,381 | 0.44 | % | 112 | 74,477 | 0.51 | % | 118 | |||||||||||||
U.S. Treasury securities: | |||||||||||||||||||||
1 day | 4,092 | 0.1 | % | 1 | $ | — | — | % | — | ||||||||||||
Total / Weighted Average | $ | 82,473 | 0.42 | % | 106 | $ | 74,477 | 0.51 | % | 118 | |||||||||||
As of September 30, 2013 and December 31, 2012, we did not have an amount at risk with any repurchase agreement counterparty greater than 4% of our stockholders’ equity. | |||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, debt of consolidated VIEs, at fair value ("other debt") was $736 million and $937 million, respectively. As of September 30, 2013 and December 31, 2012, our other debt had a weighted average interest rate of LIBOR plus 42 and 43 basis points, respectively, and a principal balance of $729 million and $908 million, respectively. The actual maturities of our other debt are generally shorter than the stated contractual maturities. The actual maturities are affected by the contractual lives of the underlying agency MBS securitizing our other debt and periodic principal prepayments of such underlying securities. The estimated weighted average life of our other debt as of September 30, 2013 was 6.6 years. | |||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, we also had outstanding forward commitments to purchase and sell agency securities, including TBA dollar roll transactions, (see Notes 3 and 6). These transactions represent a form of off-balance sheet financing and serve to either increase, in the case of forward purchases, or decrease, in the case of forward sales, our "at risk" leverage. However, pursuant to ASC 815, we typically account for such transactions as one or more series of derivative transactions and, consequently, they are not included in our on-balance sheet debt or measurement of commensurate leverage ratios. |
Derivative_and_Other_Hedging_I
Derivative and Other Hedging Instruments | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ' | ||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | ' | ||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | |||||||||||||||||||||||||||||||||
In connection with our risk management strategy, we hedge a portion of our interest rate risk by entering into derivative and other hedging instrument contracts. We may enter into agreements for interest rate swaps, interest rate swaptions, interest rate cap or floor contracts and futures or forward contracts. We may also purchase or short TBA and U.S. Treasury securities, purchase or write put or call options on TBA securities or we may invest in other types of mortgage derivative securities, such as interest-only securities, and synthetic total return swaps, such as the Markit IOS Index. Our risk management strategy attempts to manage the overall risk of the portfolio, reduce fluctuations in book value and generate additional income distributable to stockholders. For additional information regarding our derivative instruments and our overall risk management strategy, please refer to the discussion of derivative and other hedging instruments in Note 3. | |||||||||||||||||||||||||||||||||
Prior to September 30, 2011, our interest rate swaps were typically designated as cash flow hedges under ASC 815; however, as of September 30, 2011, we elected to discontinue hedge accounting for our interest rate swaps in order to increase our funding flexibility. For the three and nine months ended September 30, 2013 we reclassified $47 million and $144 million, respectively, and for the three and nine months ended September 30, 2012, we reclassified $51 million and $155 million, respectively, of net deferred losses from accumulated OCI into interest expense related to our de-designated interest rate swaps and recognized an equal, but offsetting, amount in other comprehensive income. Our total net periodic interest costs on our swap portfolio was $178 million and $464 million for the three and nine months ended September 30, 2013, respectively, and $125 million and $330 million for the three and nine months ended September 30, 2012, respectively. The difference of $131 million and $320 million for the three and nine months ended September 30, 2013, respectively, and $74 million and $175 million for the three and nine months ended September 30, 2012, respectively, is reported in our accompanying consolidated statements of comprehensive income in gain (loss) on derivative instruments and other securities, net. As of September 30, 2013, the remaining net deferred loss in accumulated OCI related to de-designated interest rate swaps was $341 million and will be reclassified from OCI into interest expense over a remaining weighted average period of 2.3 years. The net deferred loss expected to be reclassified from OCI into interest expense over the next twelve months is $167 million as of September 30, 2013. | |||||||||||||||||||||||||||||||||
For the current and prior years periods presented below, none of our derivative instruments were designated as cash flow hedges under ASC 815. | |||||||||||||||||||||||||||||||||
Derivative Assets (Liabilities), at Fair Value | |||||||||||||||||||||||||||||||||
The table below summarizes fair value information about our derivative assets and liabilities as of September 30, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||||||||||
Derivatives Instruments | Balance Sheet Location | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
Interest rate swaps | Derivative assets, at fair value | $ | 738 | $ | 14 | ||||||||||||||||||||||||||||
Payer swaptions | Derivative assets, at fair value | 374 | 171 | ||||||||||||||||||||||||||||||
Purchase of TBA and forward settling agency securities | Derivative assets, at fair value | 127 | 116 | ||||||||||||||||||||||||||||||
Sale of TBA and forward settling agency securities | Derivative assets, at fair value | 7 | — | ||||||||||||||||||||||||||||||
$ | 1,246 | $ | 301 | ||||||||||||||||||||||||||||||
Interest rate swaps | Derivative liabilities, at fair value | $ | (652 | ) | $ | (1,243 | ) | ||||||||||||||||||||||||||
Purchase of TBA and forward settling agency securities | Derivative liabilities, at fair value | (10 | ) | (1 | ) | ||||||||||||||||||||||||||||
Sale of TBA and forward settling agency securities | Derivative liabilities, at fair value | (320 | ) | (20 | ) | ||||||||||||||||||||||||||||
U.S. Treasury futures - short | Derivative liabilities, at fair value | (32 | ) | — | |||||||||||||||||||||||||||||
Put option | Derivative liabilities, at fair value | (1 | ) | — | |||||||||||||||||||||||||||||
$ | (1,015 | ) | $ | (1,264 | ) | ||||||||||||||||||||||||||||
  Additionally, as of September 30, 2013 and December 31, 2012, we had obligations to return U.S. Treasury securities borrowed under reverse repurchase agreements accounted for as securities borrowing transactions at a fair value of $1.8 billion and $11.8 billion, respectively. The borrowed securities were used to cover short sales of U.S. Treasury securities from which we received total proceeds of $1.8 billion and $11.7 billion, respectively. The change in fair value of the borrowed securities is recorded in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | |||||||||||||||||||||||||||||||||
The following tables summarize our interest rate swap agreements outstanding as of September 30, 2013 and December 31, 2012 (dollars in millions): | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Interest Rate Swaps | Notional | Average | Average | Net | Average | ||||||||||||||||||||||||||||
Amount | Fixed | Receive | Estimated | Maturity | |||||||||||||||||||||||||||||
Pay Rate | Rate | Fair Value | (Years) | ||||||||||||||||||||||||||||||
≤ 3 years | $ | 18,050 | 1.5 | % | 0.2 | % | $ | (416 | ) | 1.8 | |||||||||||||||||||||||
> 3 to ≤ 5 years | 13,500 | 1.19 | % | 0.26 | % | (9 | ) | 4.1 | |||||||||||||||||||||||||
> 5 to ≤ 7 years | 5,450 | 1.71 | % | 0.28 | % | 30 | 5.9 | ||||||||||||||||||||||||||
> 7 to ≤ 10 years | 10,450 | 2.16 | % | 0.27 | % | 373 | 9.3 | ||||||||||||||||||||||||||
> 10 years | 2,750 | 2.91 | % | 0.26 | % | 108 | 15.2 | ||||||||||||||||||||||||||
Total Payer Interest Rate Swaps | $ | 50,200 | 1.65 | % | 0.24 | % | $ | 86 | 5.2 | ||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Interest Rate Swaps (1) | Notional | Average | Average | Net | Average | ||||||||||||||||||||||||||||
Amount | Fixed | Receive | Estimated | Maturity | |||||||||||||||||||||||||||||
Pay Rate | Rate | Fair Value | (Years) | ||||||||||||||||||||||||||||||
≤ 3 years | $ | 14,600 | 1.23% | 0.26% | $ | (294 | ) | 2 | |||||||||||||||||||||||||
> 3 to ≤ 5 years | 20,250 | 1.48% | 0.29% | (666 | ) | 4.1 | |||||||||||||||||||||||||||
> 5 to ≤ 7 years | 5,600 | 1.53% | 0.34% | (163 | ) | 6.1 | |||||||||||||||||||||||||||
> 7 to ≤ 10 years | 5,200 | 1.89% | 0.35% | (113 | ) | 9.2 | |||||||||||||||||||||||||||
> 10 years | 1,200 | 1.79% | 0.31% | 7 | 10.2 | ||||||||||||||||||||||||||||
Total Payer Interest Rate Swaps | $ | 46,850 | 1.46% | 0.29% | $ | (1,229 | ) | 4.4 | |||||||||||||||||||||||||
   ________________________ | |||||||||||||||||||||||||||||||||
1 | Amounts include forward starting swaps of $1.7 billion ranging up to four months from December 31, 2012. | ||||||||||||||||||||||||||||||||
The following tables summarize our interest rate swaption agreements outstanding as of September 30, 2013 and December 31, 2012 (dollars in millions): | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Option | Underlying Swap | ||||||||||||||||||||||||||||||||
Payer Swaptions | Cost | Fair | Average | Notional | Average Fixed Pay | Average | Average | ||||||||||||||||||||||||||
Value | Months to | Amount | Rate | Receive | Term | ||||||||||||||||||||||||||||
Expiration | Rate | (Years) | |||||||||||||||||||||||||||||||
(LIBOR) | |||||||||||||||||||||||||||||||||
≤ 1 year | $ | 240 | $ | 169 | 6 | $ | 13,150 | 2.71% | 3M | 7.7 | |||||||||||||||||||||||
> 1 to ≤ 2 years | 123 | 117 | 21 | 4,850 | 3.17% | 3M | 5.7 | ||||||||||||||||||||||||||
> 2 to ≤ 3 years | 47 | 62 | 32 | 1,600 | 3.60% | 3M | 6.1 | ||||||||||||||||||||||||||
> 3 to ≤ 4 years | 7 | 12 | 41 | 300 | 3.27% | 3M | 5 | ||||||||||||||||||||||||||
> 4 to ≤ 5 years | 8 | 14 | 51 | 300 | 3.76% | 3M | 5.7 | ||||||||||||||||||||||||||
Total/Wtd Avg | $ | 425 | $374 | 13 | $ | 20,200 | 2.92% | 3M | 7 | ||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Option | Underlying Swap | ||||||||||||||||||||||||||||||||
Payer Swaptions | Cost | Fair | Average | Notional | Average Fixed Pay | Average | Average | ||||||||||||||||||||||||||
Value | Months to | Amount | Rate | Receive | Term | ||||||||||||||||||||||||||||
Expiration | Rate | (Years) | |||||||||||||||||||||||||||||||
(LIBOR) | |||||||||||||||||||||||||||||||||
≤ 1 year | $ | 76 | $ | 15 | 4 | $ | 5,150 | 2.65% | 1M / 3M | 8.6 | |||||||||||||||||||||||
> 1 to ≤ 2 years | 65 | 34 | 19 | 4,050 | 2.82% | 3M | 6.7 | ||||||||||||||||||||||||||
> 2 to ≤ 3 years | 97 | 87 | 33 | 3,900 | 3.51% | 3M | 8.6 | ||||||||||||||||||||||||||
> 3 to ≤ 4 years | 12 | 11 | 46 | 450 | 3.20% | 3M | 6.1 | ||||||||||||||||||||||||||
> 4 to ≤ 5 years | 24 | 24 | 59 | 900 | 3.33% | 3M | 5 | ||||||||||||||||||||||||||
Total/Wtd Avg | $ | 274 | $ | 171 | 21 | $ | 14,450 | 2.99% | 1M / 3M | 7.8 | |||||||||||||||||||||||
The following table summarizes our contracts to purchase and sell TBA and specified agency securities on a forward basis as of September 30, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||||||||||
30-Sep-13 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Purchase and Sale Contracts for TBAs and Forward Settling Securities | Notional | Cost Basis (2) | Market Value (3) | Net Carrying Value (4) | Notional | Cost Basis (2) | Market Value (3) | Net Carrying Value (4) | |||||||||||||||||||||||||
Amount (1) | Amount (1) | ||||||||||||||||||||||||||||||||
TBA securities: | |||||||||||||||||||||||||||||||||
Purchase contracts | $ | 4,816 | $ | 4,885 | $ | 5,002 | $ | 117 | $ | 21,705 | $ | 22,603 | $ | 22,719 | $ | 116 | |||||||||||||||||
Sale contracts | (12,142 | ) | (11,945 | ) | (12,258 | ) | (313 | ) | (9,378 | ) | (9,991 | ) | (10,011 | ) | (20 | ) | |||||||||||||||||
TBA securities, net (5) | (7,326 | ) | (7,060 | ) | (7,256 | ) | (196 | ) | 12,327 | 12,612 | 12,708 | 96 | |||||||||||||||||||||
Forward settling securities: | |||||||||||||||||||||||||||||||||
Purchase contracts | — | — | — | — | 150 | 163 | 162 | (1 | ) | ||||||||||||||||||||||||
Forward settling securities, net (6) | — | — | — | — | 150 | 163 | 162 | (1 | ) | ||||||||||||||||||||||||
Total TBA and forward settling securities, net | $ | (7,326 | ) | $ | (7,060 | ) | $ | (7,256 | ) | $ | (196 | ) | $ | 12,477 | $ | 12,775 | $ | 12,870 | $ | 95 | |||||||||||||
  ________________________ | |||||||||||||||||||||||||||||||||
1 | Notional amount represents the par value (or principal balance) of the underlying agency security. | ||||||||||||||||||||||||||||||||
2 | Cost basis represents the forward price to be paid/(received) for the underlying agency security. | ||||||||||||||||||||||||||||||||
3 | Market value represents the current market value of the TBA contract (or of the underlying agency security) as of period-end. | ||||||||||||||||||||||||||||||||
4 | Net carrying value represents the difference between the market value of the TBA contract as of period-end and the cost basis and is reported in derivative assets / (liabilities), at fair value in our consolidated balance sheets. | ||||||||||||||||||||||||||||||||
5 | Includes 15-year and 30-year TBA securities of varying coupons | ||||||||||||||||||||||||||||||||
6 | Includes 30-year fixed securities of varying coupons | ||||||||||||||||||||||||||||||||
Gain (Loss) From Derivative Instruments and Other Securities, Net | |||||||||||||||||||||||||||||||||
The tables below summarize the effect of derivative instruments on our consolidated statements of comprehensive income for the three and nine months ended September 30, 2013 and 2012 (in millions): | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount Long/(Short)September 30, 2013 | Amount of | ||||||||||||||||||||||||||||
Long/(Short) | Expiration or | Gain/(Loss) | |||||||||||||||||||||||||||||||
30-Jun-13 | Exercise | Recognized in | |||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives(1) | |||||||||||||||||||||||||||||||||
Net TBA and forward settling agency securities | $ | 14,408 | (33,697 | ) | 11,963 | $ | (7,326 | ) | $ | (82 | ) | ||||||||||||||||||||||
Interest rate swaps | $ | (55,650 | ) | (850 | ) | 6,300 | $ | (50,200 | ) | (222 | ) | ||||||||||||||||||||||
Payer swaptions | $ | (23,750 | ) | (9,450 | ) | 13,000 | $ | (20,200 | ) | (134 | ) | ||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (10,477 | ) | (11,266 | ) | 19,833 | $ | (1,910 | ) | 90 | |||||||||||||||||||||||
U.S. Treasury securities - long position | $ | 3,750 | 12,350 | (11,249 | ) | $ | 4,851 | 46 | |||||||||||||||||||||||||
U.S. Treasury futures contracts - short position | $ | (2,430 | ) | (3,730 | ) | 4,430 | $ | (1,730 | ) | (49 | ) | ||||||||||||||||||||||
TBA put option | $ | — | (50 | ) | — | $ | (50 | ) | — | ||||||||||||||||||||||||
$ | (351 | ) | |||||||||||||||||||||||||||||||
  ________________________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net gain of $14 million from interest-only and principal-only securities re-measured at fair value through earnings and other miscellaneous net losses of $2 million recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount Long/(Short)September 30, 2012 | Amount of | ||||||||||||||||||||||||||||
Long/(Short) | Expiration or | Gain/(Loss) | |||||||||||||||||||||||||||||||
30-Jun-12 | Exercise | Recognized in | |||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives (1) | |||||||||||||||||||||||||||||||||
Net TBA and forward settling agency securities | $ | (3,404 | ) | (16,362 | ) | 23,540 | $ | 3,774 | $ | 49 | |||||||||||||||||||||||
Interest rate swaps | $ | (48,550 | ) | (3,450 | ) | 3,150 | $ | (48,850 | ) | (438 | ) | ||||||||||||||||||||||
Payer swaptions | $ | (8,800 | ) | (2,000 | ) | 2,250 | $ | (8,550 | ) | (25 | ) | ||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (1,250 | ) | (11,550 | ) | 5,505 | $ | (7,295 | ) | (15 | ) | ||||||||||||||||||||||
US Treasury futures contracts - short position | $ | (1,919 | ) | — | 1,919 | $ | — | (27 | ) | ||||||||||||||||||||||||
Markit IOS total return swaps, net | $ | (144 | ) | — | 144 | $ | — | — | |||||||||||||||||||||||||
$ | (456 | ) | |||||||||||||||||||||||||||||||
  ______________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net gain of $20 million on interest-only and principal-only securities re-measured at fair value through earnings and a net loss of $24 million from debt of consolidated VIEs re-measured at fair value through earnings recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount Long/(Short) September 30, 2013 | Amount of | ||||||||||||||||||||||||||||
Long/(Short) December 31, 2012 | Expiration or | Gain/(Loss) | |||||||||||||||||||||||||||||||
Exercise | Recognized in | ||||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives (1) | |||||||||||||||||||||||||||||||||
Net TBA and forward settling agency securities | $ | 12,477 | 74,996 | (94,799 | ) | $ | (7,326 | ) | $ | (756 | ) | ||||||||||||||||||||||
Interest rate swaps | $ | (46,850 | ) | (16,700 | ) | 13,350 | $ | (50,200 | ) | 967 | |||||||||||||||||||||||
Payer swaptions | $ | (14,450 | ) | (23,800 | ) | 18,050 | $ | (20,200 | ) | 276 | |||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (11,835 | ) | (31,408 | ) | 41,333 | $ | (1,910 | ) | 434 | |||||||||||||||||||||||
U.S. Treasury securities - long position | $ | — | 19,654 | (14,803 | ) | $ | 4,851 | 50 | |||||||||||||||||||||||||
U.S. Treasury futures contracts - short position | $ | — | (7,359 | ) | 5,629 | $ | (1,730 | ) | 14 | ||||||||||||||||||||||||
TBA put option | $ | — | (50 | ) | — | $ | (50 | ) | — | ||||||||||||||||||||||||
$ | 985 | ||||||||||||||||||||||||||||||||
  ________________________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net loss of $8 million from interest-only and principal-only securities, a net gain of $33 million from debt of consolidated VIEs re-measured at fair value through earnings and other miscellaneous net losses of $3 million recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount Long/(Short) September 30, 2012 | Amount of | ||||||||||||||||||||||||||||
Long/(Short) December 31, 2011 | Expiration or | Gain/(Loss) | |||||||||||||||||||||||||||||||
Exercise | Recognized in | ||||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives (1) | |||||||||||||||||||||||||||||||||
Net TBA and forward settling agency securities | $ | (104 | ) | (40,532 | ) | 44,410 | $ | 3,774 | $ | (59 | ) | ||||||||||||||||||||||
Interest rate swaps | $ | (30,250 | ) | (23,300 | ) | 4,700 | $ | (48,850 | ) | (1,067 | ) | ||||||||||||||||||||||
Payer swaptions | $ | (3,200 | ) | (12,150 | ) | 6,800 | $ | (8,550 | ) | (96 | ) | ||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (880 | ) | (30,480 | ) | 24,065 | $ | (7,295 | ) | (115 | ) | ||||||||||||||||||||||
U.S. Treasury securities - long position | $ | 100 | 2,446 | (2,546 | ) | $ | — | (1 | ) | ||||||||||||||||||||||||
US Treasury futures contracts - short position | $ | (783 | ) | (3,838 | ) | 4,621 | $ | — | (91 | ) | |||||||||||||||||||||||
Markit IOS total return swaps, net | $ | (165 | ) | — | 165 | $ | — | — | |||||||||||||||||||||||||
$ | (1,429 | ) | |||||||||||||||||||||||||||||||
  ______________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net gain of $19 million on interest-only and principal-only securities and a net loss of $32 million from debt of consolidated VIEs re-measured at fair value through earnings recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
Credit Risk-Related Contingent Features | |||||||||||||||||||||||||||||||||
The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. We minimize this risk by limiting our counterparties for instruments which are not centrally cleared on a registered exchange to major financial institutions with acceptable credit ratings and monitoring positions with individual counterparties. In addition, we may be required to pledge assets as collateral for our derivatives, whose amounts vary over time based on the market value, notional amount and remaining term of the derivative contract. In the event of a default by a counterparty we may not receive payments provided for under the terms of our derivative agreements, and may have difficulty obtaining our assets pledged as collateral for our derivatives. The cash and cash equivalents and agency securities pledged as collateral for our derivative instruments are included in restricted cash and agency securities, at fair value, respectively, on our consolidated balance sheets. | |||||||||||||||||||||||||||||||||
Each of our International Swaps and Derivatives Association ("ISDA") Master Agreements and central clearing exchange agreements contains provisions under which we are required to fully collateralize our obligations under our interest rate swap agreements if at any point the fair value of the swap represents a liability greater than the minimum transfer amount contained within our agreements. We were also required to post initial collateral upon execution of certain of our swap transactions. If we breach any of these provisions, we will be required to settle our obligations under the agreements at their termination values. | |||||||||||||||||||||||||||||||||
Further, each of our ISDA Master Agreements also contains a cross default provision under which a default under certain of our other indebtedness in excess of a certain threshold causes an event of default under the agreement. Threshold amounts vary by lender. Following an event of default, we could be required to settle our obligations under the agreements at their termination values. Additionally, under certain of our ISDA Master Agreements, we could be required to settle our obligations under the agreements at their termination values if we fail to maintain certain minimum shareholders’ equity thresholds or our REIT status or if we fail to comply with limits on our leverage above certain specified levels. | |||||||||||||||||||||||||||||||||
Excluding centrally cleared swaps, as of September 30, 2013, our amount at risk with any counterparty related to our interest rate swap and swaption agreements was less than 1% of our stockholders’ equity. | |||||||||||||||||||||||||||||||||
In the case of centrally cleared interest rate swap contracts, we could be exposed to credit risk if the central clearing agency or a clearing member defaults on its respective obligation to perform under the contract. However, we believe that the risk is minimal due to the exchange's initial and daily mark to market margin requirements and a clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. |
Offsetting_Assets_and_Liabilit
Offsetting Assets and Liabilities (Notes) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Offsetting Assets and Liabilities [Abstract] | ' | ||||||||||||||||||||||||
Offsetting Assets and Liabilities [Text Block] | ' | ||||||||||||||||||||||||
Offsetting Assets and Liabilities | |||||||||||||||||||||||||
Certain of our repurchase agreements and derivative transactions are governed by underlying agreements that generally provide for a right of setoff under master netting arrangements (or similar agreements), including in the event of default or in the event of bankruptcy of either party to the transactions. We present our assets and liabilities subject to such arrangements on a gross basis in our consolidated balance sheets. The following tables present information about our assets and liabilities that are subject to such arrangements and can potentially be offset on our consolidated balance sheets as of September 30, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||
Offsetting of Financial Assets and Derivative Assets: | |||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset | Net Amount | |||||||||||||||||||||
 in the | |||||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||||
Financial Instruments | Collateral Received (2) | ||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Interest rate swap and swaption agreements, at fair value (1) | $ | 1,112 | $ | — | $ | 1,112 | $ | (531 | ) | $ | (581 | ) | $ | — | |||||||||||
Receivable under reverse repurchase agreements | 1,808 | — | 1,808 | (1,808 | ) | — | — | ||||||||||||||||||
Total derivative, other hedging instruments and other assets | $ | 2,920 | $ | — | $ | 2,920 | $ | (2,339 | ) | $ | (581 | ) | $ | — | |||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Interest rate swap and swaption agreements, at fair value (1) | $ | 185 | $ | — | $ | 185 | $ | (185 | ) | $ | — | $ | — | ||||||||||||
Receivable under reverse repurchase agreements | 11,818 | — | 11,818 | (10,482 | ) | (1,157 | ) | 179 | |||||||||||||||||
Total derivative, other hedging instruments and other assets | $ | 12,003 | $ | — | $ | 12,003 | $ | (10,667 | ) | $ | (1,157 | ) | $ | 179 | |||||||||||
Offsetting of Financial Liabilities and Derivative Liabilities: | |||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset | Net Amount | |||||||||||||||||||||
 in the | |||||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||||
Financial Instruments | Collateral Pledged (2) | ||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Interest rate swap agreements, at fair value (1) | $ | 652 | $ | — | $ | 652 | $ | (531 | ) | $ | (121 | ) | $ | — | |||||||||||
Repurchase agreements | 82,473 | — | 82,473 | (1,808 | ) | (80,665 | ) | — | |||||||||||||||||
Total derivative, other hedging instruments and other liabilities | $ | 83,125 | $ | — | $ | 83,125 | $ | (2,339 | ) | $ | (80,786 | ) | $ | — | |||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Interest rate swap agreements, at fair value (1) | $ | 1,243 | $ | — | $ | 1,243 | $ | (185 | ) | $ | (1,058 | ) | $ | — | |||||||||||
Repurchase agreements | 74,478 | — | 74,478 | (10,482 | ) | (63,996 | ) | — | |||||||||||||||||
Total derivative, other hedging instruments and other liabilities | $ | 75,721 | $ | — | $ | 75,721 | $ | (10,667 | ) | $ | (65,054 | ) | $ | — | |||||||||||
_______________________ | |||||||||||||||||||||||||
1 | Reported under derivative assets / liabilities, at fair value in the accompanying consolidated balance sheets. Refer to Note 6 for a reconciliation of derivative assets / liabilities, at fair value to their sub-components. | ||||||||||||||||||||||||
2 | Includes cash and securities received / pledged as collateral, at fair value. Amounts presented are limited to collateral pledged sufficient to reduce the net amount to zero for individual counterparties, as applicable. Refer to Note 4 for additional information regarding assets pledged as collateral. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||
We determine the fair value of our agency securities and debt of consolidated VIEs based upon fair value estimates obtained from multiple third party pricing services and dealers. Â In determining fair value, third party pricing sources use various valuation approaches, including market and income approaches. Â Factors used by third party sources in estimating the fair value of an instrument may include observable inputs such as coupons, primary and secondary mortgage rates, pricing information, credit data, volatility statistics, and other market data that are current as of the measurement date. The availability of observable inputs can vary by instrument and is affected by a wide variety of factors, including the type of instrument, whether the instrument is new and not yet established in the marketplace and other characteristics particular to the instrument. Â Third party pricing sources may also use certain unobservable inputs, such as assumptions of future levels of prepayment, defaults and foreclosures, especially when estimating fair values for securities with lower levels of recent trading activity. We make inquiries of third party pricing sources to understand the significant inputs and assumptions they used to determine their prices. For further information regarding valuation of our derivative instruments, please refer to the discussion of derivative and other hedging instruments in Note 3. | ||||||||||||
 | ||||||||||||
We review the various third party fair value estimates and perform procedures to validate their reasonableness, including an analysis of the range of third party estimates for each position, comparison to recent trade activity for similar securities, and management review for consistency with market conditions observed as of the measurement date. While we do not adjust prices we obtain from third party pricing sources, we will exclude third party prices for securities from our determination of fair value if we determine (based on our validation procedures and our market knowledge and expertise) that the price is significantly different than observable market data would indicate and we cannot obtain an understanding from the third party source as to the significant inputs used to determine the price. | ||||||||||||
 | ||||||||||||
The validation procedures described above also influence our determination of the appropriate fair value measurement classification.  We utilize a three-level valuation hierarchy for disclosure of fair value measurement. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument's categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. There were no transfers between hierarchy levels during the three and nine months ended September 30, 2013. The three levels of hierarchy are defined as follows: | ||||||||||||
• | Level 1 Inputs —Quoted prices (unadjusted) for identical unrestricted assets and liabilities in active markets that are accessible at the measurement date. | |||||||||||
• | Level 2 Inputs —Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |||||||||||
• | Level 3 Inputs —Instruments with primarily unobservable market data that cannot be corroborated. | |||||||||||
The following table provides a summary of our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 (dollars in millions): | ||||||||||||
Fair Value Hierarchy | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
September 30, 2013 | ||||||||||||
Assets: | ||||||||||||
Agency securities | $ | — | $ | 85,009 | $ | — | ||||||
U.S. Treasury securities | 4,823 | — | — | |||||||||
Interest rate swaps | — | 738 | — | |||||||||
Payer swaptions | — | 374 | — | |||||||||
Net TBA and forward settling agency securities | — | 134 | — | |||||||||
Total | $ | 4,823 | $ | 86,255 | $ | — | ||||||
Liabilities: | ||||||||||||
Debt of consolidated VIEs | $ | — | $ | 736 | $ | — | ||||||
Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements | 1,801 | — | — | |||||||||
Interest rate swaps | — | 652 | — | |||||||||
Net TBA and forward settling agency securities | — | 330 | — | |||||||||
U.S. Treasury futures | 32 | — | — | |||||||||
Put options | — | 1 | — | |||||||||
Total | $ | 1,833 | $ | 1,719 | $ | — | ||||||
December 31, 2012 | ||||||||||||
Assets: | ||||||||||||
Agency securities | $ | — | $ | 85,245 | $ | — | ||||||
Interest rate swaps | — | 14 | — | |||||||||
Payer swaptions | — | 171 | — | |||||||||
Net TBA and forward settling agency securities | — | 116 | — | |||||||||
Total | $ | — | $ | 85,546 | $ | — | ||||||
Liabilities: | ||||||||||||
Debt of consolidated VIEs | $ | — | $ | 937 | $ | — | ||||||
Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements | 11,763 | — | — | |||||||||
Interest rate swaps | — | 1,243 | — | |||||||||
Net TBA and forward settling agency securities | — | 21 | — | |||||||||
Total | $ | 11,763 | $ | 2,201 | $ | — | ||||||
We elected the option to account for debt of consolidated VIEs at fair value with changes in fair value reflected in earnings during the period in which they occur, because we believe this election more appropriately reflects our financial position as both the consolidated agency securities and consolidated debt are presented in a consistent manner, at fair value, on our consolidated balance sheets. We estimate the fair value of the consolidated debt based on a market approach using Level 2 inputs from third-party pricing services and dealer quotes. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Stockholders' Equity | ' | ||||||||||||
Stockholders' Equity  | |||||||||||||
Stock Repurchase Program | |||||||||||||
In October 2012, our Board of Directors adopted a program that may provide for stock repurchases of up to $500 million of our outstanding shares of common stock through December 31, 2013. In September 2013, our Board of Directors increased the authorized amount to up to $1 billion of our outstanding shares of common stock and extended its authorization through December 31, 2014. Shares of our common stock may be purchased in the open market, including through block purchases, or through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.  The timing, manner, price and amount of any repurchases will be determined at our discretion and the program may be suspended, terminated or modified at any time for any reason. We intend to repurchase shares only when the purchase price is less than our estimate of our current net asset value per share of our common stock. Generally, when we repurchase our common stock at a discount to our net asset value, the net asset value of our remaining shares of common stock outstanding increases. In addition, we do not intend to repurchase any shares from directors, officers or other affiliates. The program does not obligate us to acquire any specific number of shares, and all repurchases will be made in accordance with Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of stock repurchases. | |||||||||||||
During the three months ended September 30, 2013, we repurchased 11.9 million shares of our common stock at an average repurchase price of $22.16 per share, including expenses, totaling $263 million. During the nine months ended September 30, 2013, we repurchased 12.1 million shares of our common stock at an average repurchase price of $22.24 per share, including expenses, totaling $270 million. As of September 30, 2013, the total remaining amount authorized for repurchases of our common stock was $653 million. | |||||||||||||
Follow-On Equity Offering | |||||||||||||
In March 2013, we completed a public offering in which 57.5 million shares of our common stock were sold to the underwriters at a price of $31.34 per share. Upon completion of the March offering, we received proceeds, net of offering expenses, of approximately $1.8 billion. The underwriters in the offering sold the shares of our common stock in one or more transactions on the NASDAQ Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale. | |||||||||||||
At-the-Market Offering Program | |||||||||||||
We have entered into sales agreements with sales agents to publicly offer and sell shares of our common stock in privately negotiated and/or at-the-market transactions from time to time. During the nine months ended September 30, 2013, we had no sales under this program. As of September 30, 2013, 16.7 million shares remain available for issuance under these sales agreements. The sales agreements will remain in effect until all of the shares are sold under the agreements, subject to early termination rights. | |||||||||||||
Dividend Reinvestment and Direct Stock Purchase Plan | |||||||||||||
We sponsor a dividend reinvestment and direct stock purchase plan through which stockholders may purchase additional shares of our common stock by reinvesting some or all of the cash dividends received on shares of our common stock. Stockholders may also make optional cash purchases of shares of our common stock subject to certain limitations detailed in the plan prospectus. During the nine months ended September 30, 2013, there were no shares issued under the plan. As of September 30, 2013, 21.7 million shares remain available for issuance under the plan. | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The following tables summarize changes to accumulated OCI for the three and nine months ended September 30, 2013 (in millions): | |||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | Net Unrealized Gain (Loss) on Available-for-Sale MBS | Net Unrealized Gain (Loss) on Swaps | Total Accumulated OCI | ||||||||||
Balance | |||||||||||||
Balance as of June 30, 2013 | $ | (1,610 | ) | $ | (388 | ) | $ | (1,998 | ) | ||||
OCI before reclassifications | 100 | — | 100 | ||||||||||
Amounts reclassified from accumulated OCI | 733 | 47 | 780 | ||||||||||
Net current period OCI | 833 | 47 | 880 | ||||||||||
Balance as of September 30, 2013 | $ | (777 | ) | $ | (341 | ) | $ | (1,118 | ) | ||||
Nine Months Ended September 30, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | Net Unrealized Gain (Loss) on Available-for-Sale MBS | Net Unrealized Gain (Loss) on Swaps | Total Accumulated OCI | ||||||||||
Balance | |||||||||||||
Balance as of December 31, 2012 | $ | 2,040 | $ | (485 | ) | $ | 1,555 | ||||||
OCI before reclassifications | (3,559 | ) | — | (3,559 | ) | ||||||||
Amounts reclassified from accumulated OCI | 742 | 144 | 886 | ||||||||||
Net current period OCI | (2,817 | ) | 144 | (2,673 | ) | ||||||||
Balance as of September 30, 2013 | $ | (777 | ) | $ | (341 | ) | $ | (1,118 | ) | ||||
The following table summarizes reclassifications out of accumulated OCI for the three and nine months ended September 30, 2013 (in millions): | |||||||||||||
Amounts Reclassified from Accumulated OCI | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | Line Item in the Consolidated Statements of Comprehensive Income Where Net Income is Presented | ||||||||||
(Gain) loss amounts reclassified from accumulated OCI for available-for-sale MBS | $ | 733 | $ | 742 | Gain (loss) on sale of agency securities, net | ||||||||
Periodic interest costs of interest rate swaps previously designated as hedges under GAAP, net | 47 | 144 | Interest expense | ||||||||||
     Total reclassifications | $ | 780 | $ | 886 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' |
Investment Securities | ' |
Investment Securities | |
ASC Topic 320, Investments—Debt and Equity Securities ("ASC 320"), requires that at the time of purchase, we designate a security as held-to-maturity, available-for-sale or trading, depending on our ability and intent to hold such security to maturity. Securities classified as trading and available-for-sale are reported at fair value, while securities classified as held-to-maturity are reported at amortized cost. We may, from time to time, sell any of our investment securities as part of our overall management of our investment portfolio. Accordingly, we typically designate our investment securities as available-for-sale. All securities classified as available-for-sale are reported at fair value, with unrealized gains and losses reported in accumulated other comprehensive income (loss) ("OCI"), a separate component of stockholders’ equity. Upon the sale of a security, we determine the cost of the security and the amount of unrealized gains or losses to reclassify out of accumulated OCI into earnings based on the specific identification method. | |
Interest-only securities and inverse interest-only securities (collectively referred to as "interest-only securities") represent our right to receive a specified proportion of the contractual interest flows of specific agency CMO securities. Principal-only securities represent our right to receive the contractual principal flows of specific agency CMO securities. Interest-only and principal-only securities are measured at fair value through earnings in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. Our investments in interest-only and principal-only securities are included in agency securities, at fair value on the accompanying consolidated balance sheets. | |
We estimate the fair value of our investment securities based on a market approach using Level 2 inputs from third-party pricing services and non-binding dealer quotes derived from common market pricing methods. Such methods incorporate, but are not limited to, reported trades and executable bid and asked prices for similar securities, bench mark interest rate curves, such as the spread to the U.S. Treasury rate and interest rate swap curves, convexity, duration and the underlying characteristics of the particular security, including coupon, periodic and life caps, rate reset period, issuer, additional credit support and expected life of the security. Refer to Note 8 for further discussion of fair value measurements. | |
We evaluate individual securities for other-than-temporary impairment ("OTTI") on at least a quarterly basis. The determination of whether a security is other-than-temporarily impaired may involve judgments and assumptions based on subjective and objective factors. When a security is impaired, an OTTI is considered to have occurred if any one of the following three conditions exist as of the financial reporting date: (i)Â we intend to sell the security (that is, a decision has been made to sell the security), (ii)Â it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis or (iii) we do not expect to recover the security's amortized cost basis, even if we do not intend to sell the security and it is not more likely than not that we will be required to sell the security. A general allowance for unidentified impairments in a portfolio of securities is not permitted. | |
If either of the first two conditions exists as of the financial reporting date, the entire amount of the impairment loss, if any, is recognized in earnings as a realized loss and the cost basis of the security is adjusted to its fair value. If the third condition exists, the OTTI is separated into (i) the amount relating to credit loss (the "credit component") and (ii) the amount relating to all other factors (the "non-credit components"). Only the credit component is recognized in earnings, with the non-credit components recognized in OCI. However, in evaluating if the third condition exists, our investments in agency securities typically would not have a credit component since the principal and interest are guaranteed by a GSE and, therefore, any unrealized loss is not the result of a credit loss. In addition, since we designate our agency securities as available-for-sale securities with unrealized gains and losses already recognized in OCI, any impairment loss for non-credit components is already recognized in OCI. | |
The liquidity of the agency securities market allows us to obtain competitive bids and execute on a sale transaction typically within a day of making the decision to sell a security and, therefore, we generally do not make decisions to sell specific agency securities until shortly prior to initiating a sell order. In some instances, we may sell specific agency securities by delivering such securities into existing short to-be-announced ("TBA") contracts. TBA market conventions require the identification of the specific securities to be delivered no later than 48 hours prior to settlement. If we settle a short TBA contract through the delivery of securities, we will generally identify the specific securities to be delivered within one to two days of the 48-hour deadline. | |
Interest Income | ' |
Interest Income | |
Interest income is accrued based on the outstanding principal amount of the investment securities and their contractual terms. Premiums or discounts associated with the purchase of investment securities are amortized or accreted into interest income, respectively, over the projected lives of the securities, including contractual payments and estimated prepayments using the interest method in accordance with ASC Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs ("ASC 310-20"). | |
We estimate long-term prepayment speeds of our agency securities using a third-party service and market data. The third-party service estimates prepayment speeds using models that incorporate the forward yield curve, current mortgage rates and mortgage rates of the outstanding loans, age and size of the outstanding loans, loan-to-value ratios, volatility and other factors. We review the prepayment speeds estimated by the third-party service and compare the results to market consensus prepayment speeds, if available. We also consider historical prepayment speeds and current market conditions to validate the reasonableness of the prepayment speeds estimated by the third-party service and, based on our Manager’s judgment, we may make adjustments to its estimates. Actual and anticipated prepayment experience is reviewed quarterly and effective yields are recalculated when differences arise between (i) our previously estimated future prepayments and (ii) actual prepayments to date plus currently estimated future prepayments. If the actual and estimated future prepayment experience differs from our prior estimate of prepayments, we are required to record an adjustment in the current period to the amortization or accretion of premiums and discounts for the cumulative difference in the effective yield through the reporting date. | |
Derivative and other Hedging Instruments | ' |
Interest rate swap agreements | |
We use interest rate swaps to economically hedge the variable cash flows associated with borrowings made under our repurchase agreement facilities. Under our interest rate swap agreements, we typically pay a fixed rate and receive a floating rate based on one, three or six-month LIBOR ("payer swaps") with terms up to 20 years. The floating rate we receive under our swap agreements has the effect of offsetting the repricing characteristics of our repurchase agreements and cash flows on such liabilities. Our swap agreements are privately negotiated in the over−the−counter ("OTC") market and may be centrally cleared through a registered commodities exchange ("centrally cleared swaps"). | |
We estimate the fair value of our centrally cleared swaps using the daily settlement price determined by the respective exchange. Centrally cleared swaps are valued by the exchange using a pricing model that references the underlying rates including the overnight index swap rate and LIBOR forward rate to produce the daily settlement price. | |
We estimate the fair value of our "non-centrally cleared" swaps using a combination of inputs from counterparty and third-party pricing models to estimate the net present value of the future cash flows using a forward interest rate yield curve in effect as of the end of the measurement period. We also incorporate both our own and our counterparties’ nonperformance risk in estimating the fair value of our interest rate swaps. In considering the effect of nonperformance risk, we consider the impact of netting and credit enhancements, such as collateral postings and guarantees, and have concluded that our own and our counterparty risk is not significant to the overall valuation of these agreements. | |
Interest rate swaptions | |
We purchase interest rate swaptions to help mitigate the potential impact of larger increases or decreases in interest rates on the performance of our investment portfolio (referred to as "convexity risk"). The interest rate swaptions provide us the option to enter into an interest rate swap agreement for a predetermined notional amount, stated term and pay and receive interest rates in the future. Our swaption agreements typically provide us the option to enter into a pay fixed rate interest rate swap, which we refer as "payer swaptions". We may also enter into swaption agreements that provide us the option to enter into a receive fixed interest rate swap, which we refer to as "receiver swaptions". The premium paid for interest rate swaptions is reported as an asset in our consolidated balance sheets. The premium is valued at an amount equal to the fair value of the swaption that would have the effect of closing the position adjusted for nonperformance risk, if any. The difference between the premium and the fair value of the swaption is reported in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. If a swaption expires unexercised, the realized loss on the swaption would be equal to the premium paid. If we sell or exercise a swaption, the realized gain or loss on the swaption would be equal to the difference between the cash or the fair value of the underlying interest rate swap received and the premium paid. | |
Our interest rates swaption agreements are privately negotiated in the OTC market and are not subject to central clearing. We estimate the fair value of interest rate swaptions using a combination of inputs from counterparty and third-party pricing models based on the fair value of the future interest rate swap that we have the option to enter into as well as the remaining length of time that we have to exercise the option, adjusted for non-performance risk, if any. | |
TBA securities | |
A TBA security is a forward contract for the purchase ("long position") or sale ("short position") of agency MBS at a predetermined price, face amount, issuer, coupon and stated maturity on an agreed-upon future date. The specific agency MBS delivered into the contract upon the settlement date, published each month by the Securities Industry and Financial Markets Association, are not known at the time of the transaction. We may enter into TBA contracts as a means of hedging against short-term changes in interest rates. We may also enter into TBA contracts as a means of acquiring or disposing of agency securities and we may from time to time utilize TBA dollar roll transactions to finance agency MBS purchases. | |
We account for TBA contracts as derivative instruments since we cannot assert that it is probable at inception and throughout the term of the TBA contract that we will take physical delivery of the agency security upon settlement of the contract. We account for TBA dollar roll transactions as a series of derivative transactions. Gains, losses and dollar roll income associated with our TBA contracts and dollar roll transactions are recognized in our consolidated statements of comprehensive income in gain (loss) on derivative instruments and other securities, net. | |
We estimate the fair value of TBA securities based on similar methods used to value our agency MBS securities. | |
Forward commitments to purchase or sell specified agency MBS | |
We enter into forward commitments to purchase or sell specified agency MBS from time to time as a means of acquiring assets or as a hedge against short-term changes in interest rates. Such forward commitments typically require physical settlement. We account for such forward commitments as derivatives if the delivery of the specified agency MBS and settlement extend beyond established market conventions. Realized and unrealized gains and losses associated with forward commitments accounted for as derivatives are recognized in our consolidated statements of comprehensive income in gain (loss) on derivative instruments and other securities, net. | |
We estimate the fair value of forward commitments to purchase or sell specified agency MBS based on similar methods used to value agency MBS, as well as the remaining length of time of the forward commitment. | |
U.S. Treasury securities | |
We purchase or sell short U.S. Treasury securities and U.S. Treasury futures contracts to help mitigate the potential impact of changes in interest rates on the performance of our portfolio. We borrow securities to cover short sales of U.S. Treasury securities under reverse repurchase agreements. We account for these as securities borrowing transactions and recognize an obligation to return the borrowed securities at fair value on the balance sheet based on the value of the underlying borrowed securities as of the reporting date. Gains and losses associated with purchases and short sales of U.S. Treasury securities and U.S. Treasury futures contracts are recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | |
Derivative Instruments | |
We use a variety of derivative instruments to economically hedge a portion of our exposure to market risks, including interest rate risk, prepayment risk and extension risk. The objective of our risk management strategy is to reduce fluctuations in net book value over a range of interest rate scenarios. In particular, we attempt to mitigate the risk of the cost of our variable rate liabilities increasing during a period of rising interest rates. The principal instruments that we use are interest rate swaps and options to enter into interest rate swaps ("interest rate swaptions"). We also utilize forward contracts for the purchase or sale of agency MBS securities on a generic pool, or a TBA contract, basis and on a non-generic specified pool basis, and we utilize U.S. Treasury securities and U.S. Treasury futures contracts, primarily through short sales. We may also purchase or write put or call options on TBA securities and we may invest in other types of mortgage derivatives, such as interest-only securities, and synthetic total return swaps, such as the Markit IOS Synthetic Total Return Swap Index ("Markit IOS Index"). | |
We may also enter into TBA contracts as a means of investing in and financing agency securities (thereby increasing our "at risk" leverage) or as a means of disposing of or reducing our exposure to agency securities (thereby reducing our "at risk" leverage). Pursuant to TBA contracts, we agree to purchase or sell, for future delivery, agency securities with certain principal and interest terms and certain types of collateral, but the particular agency securities to be delivered are not identified until shortly before the TBA settlement date. We also may choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a "pair off"), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA contract for a later settlement date. This transaction is commonly referred to as a "dollar roll." The agency securities purchased or sold for a forward settlement date are typically priced at a discount to agency securities for settlement in the current month. This difference (or discount) is referred to as the "price drop." The price drop is the economic equivalent of net interest carry income on the underlying agency securities over the roll period (interest income less implied financing cost) and is commonly referred to as "dollar roll income/loss." Consequently, forward purchases of agency securities and dollar roll transactions represent a form of off-balance sheet financing. | |
We account for derivative instruments in accordance with ASC Topic 815, Derivatives and Hedging ("ASC 815"). ASC 815 requires an entity to recognize all derivatives as either assets or liabilities in the balance sheet and to measure those instruments at fair value. | |
Our derivative agreements generally contain provisions that allow for netting or setting off derivative assets and liabilities with each counterparty; however, we report related assets and liabilities on a gross basis in our consolidated balance sheets. Derivative instruments in a gain position are reported as derivative assets at fair value and derivative instruments in a loss position are reported as derivative liabilities at fair value in our consolidated balance sheets. Changes in fair value of derivative instruments and periodic settlements related to our derivative instruments are recorded in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. Cash receipts and payments related to derivative instruments are classified in our consolidated statements of cash flows according to the underlying nature or purpose of the derivative transaction, generally in the investing section. | |
The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. We attempt to minimize this risk by limiting our counterparties to major financial institutions with acceptable credit ratings, monitoring positions with individual counterparties and adjusting posted collateral as required. | |
Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' |
Derivative and other Hedging Instruments | ' |
Discontinuation of hedge accounting for interest rate swap agreements | |
Prior to September 30, 2011, we entered into interest rate swap agreements typically with the intention of qualifying for hedge accounting under ASC 815. However, as of September 30, 2011, we elected to discontinue hedge accounting for our interest rate swaps. Upon discontinuation of hedge accounting, the net deferred loss related to our de-designated interest rate swaps remained in accumulated OCI and is being reclassified from accumulated OCI into interest expense on a straight-line basis over the remaining term of each interest rate swap. |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | ||||||||||||||||||||||||
Agency Securities [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables summarize our investments in agency MBS as of December 31, 2012 (dollars in millions): | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Agency MBS | Fannie Mae | Freddie Mac | Ginnie Mae | Total | |||||||||||||||||||||
Available-for-sale agency MBS: | |||||||||||||||||||||||||
Agency MBS, par | $ | 58,912 | $ | 19,336 | $ | 238 | $ | 78,486 | |||||||||||||||||
Unamortized premium | 3,208 | 948 | 10 | 4,166 | |||||||||||||||||||||
Amortized cost | 62,120 | 20,284 | 248 | 82,652 | |||||||||||||||||||||
Gross unrealized gains | 1,585 | 481 | 6 | 2,072 | |||||||||||||||||||||
Gross unrealized losses | (18 | ) | (7 | ) | — | (25 | ) | ||||||||||||||||||
Total available-for-sale agency MBS, at fair value | 63,687 | 20,758 | 254 | 84,699 | |||||||||||||||||||||
Agency MBS remeasured at fair value through earnings: | |||||||||||||||||||||||||
Interest-only and principal-only strips, amortized cost (1) | 486 | 55 | — | 541 | |||||||||||||||||||||
Gross unrealized gains | 26 | 1 | — | 27 | |||||||||||||||||||||
Gross unrealized losses | (9 | ) | (13 | ) | — | (22 | ) | ||||||||||||||||||
Total agency MBS remeasured at fair value through earnings | 503 | 43 | — | 546 | |||||||||||||||||||||
Total agency MBS, at fair value | $ | 64,190 | $ | 20,801 | $ | 254 | $ | 85,245 | |||||||||||||||||
Weighted average coupon as of December 31, 2012 (2) | 3.7 | % | 3.67 | % | 3.77 | % | 3.69 | % | |||||||||||||||||
Weighted average yield as of December 31, 2012 (3) | 2.62 | % | 2.61 | % | 1.6 | % | 2.61 | % | |||||||||||||||||
Weighted average yield for the year ended December 31, 2012 (3) | 2.83 | % | 2.83 | % | 1.63 | % | 2.82 | % | |||||||||||||||||
 ________________________ | |||||||||||||||||||||||||
1 | The UPB of our interest-only securities was $1.7 billion and the weighted average contractual interest we are entitled to receive was 5.78% of this amount as of December 31, 2012. The par value of our principal-only agency MBS strips was $302 million as of December 31, 2012. | ||||||||||||||||||||||||
2 | The weighted average coupon includes the interest cash flows from our interest-only securities taken together with the interest cash flows from our fixed-rate, adjustable-rate and CMO securities as a percentage of the par value of our agency securities (excluding the UPB of our interest-only securities) as of December 31, 2012. | ||||||||||||||||||||||||
3 | Incorporates a weighted average future constant prepayment rate assumption of 11% based on forward rates as of December 31, 2012. | ||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Agency MBS | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
Fixed-Rate | $ | 81,617 | $ | 2,043 | $ | (25 | ) | $ | 83,635 | ||||||||||||||||
Adjustable-Rate | 865 | 26 | — | 891 | |||||||||||||||||||||
CMO | 170 | 3 | — | 173 | |||||||||||||||||||||
Interest-only and principal-only strips | 541 | 27 | (22 | ) | 546 | ||||||||||||||||||||
Total agency MBS | $ | 83,193 | $ | 2,099 | $ | (47 | ) | $ | 85,245 | ||||||||||||||||
The following tables summarize our investments in agency MBS as of September 30, 2013 (dollars in millions): | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Agency MBS | Fannie Mae | Freddie Mac | Ginnie Mae | Total | |||||||||||||||||||||
Available-for-sale agency MBS: | |||||||||||||||||||||||||
Agency MBS, par | $ | 63,884 | $ | 17,604 | $ | 237 | $ | 81,725 | |||||||||||||||||
Unamortized discount | (44 | ) | (20 | ) | — | (64 | ) | ||||||||||||||||||
Unamortized premium | 2,882 | 795 | 8 | 3,685 | |||||||||||||||||||||
Amortized cost | 66,722 | 18,379 | 245 | 85,346 | |||||||||||||||||||||
Gross unrealized gains | 452 | 118 | 4 | 574 | |||||||||||||||||||||
Gross unrealized losses | (923 | ) | (428 | ) | — | (1,351 | ) | ||||||||||||||||||
Total available-for-sale agency MBS, at fair value | 66,251 | 18,069 | 249 | 84,569 | |||||||||||||||||||||
Agency MBS remeasured at fair value through earnings: | |||||||||||||||||||||||||
Interest-only and principal-only strips, amortized cost (1) | 409 | 34 | — | 443 | |||||||||||||||||||||
Gross unrealized gains | 9 | 2 | — | 11 | |||||||||||||||||||||
Gross unrealized losses | (10 | ) | (4 | ) | — | (14 | ) | ||||||||||||||||||
Total agency MBS remeasured at fair value through earnings | 408 | 32 | — | 440 | |||||||||||||||||||||
Total agency MBS, at fair value | $ | 66,659 | $ | 18,101 | $ | 249 | $ | 85,009 | |||||||||||||||||
Weighted average coupon as of September 30, 2013 (2) | 3.52 | % | 3.65 | % | 3.57 | % | 3.54 | % | |||||||||||||||||
Weighted average yield as of September 30, 2013 (3) | 2.66 | % | 2.86 | % | 1.12 | % | 2.7 | % | |||||||||||||||||
Weighted average yield for the three months ended September 30, 2013Â (3) | 2.57 | % | 2.62 | % | 1.17 | % | 2.59 | % | |||||||||||||||||
Weighted average yield for the nine months ended September 30, 2013 (3) | 2.73 | % | 2.83 | % | 1.28 | % | 2.75 | % | |||||||||||||||||
 ________________________ | |||||||||||||||||||||||||
1 | The underlying unamortized principal balance ("UPB" or "par value") of our interest-only agency MBS strips was $1.3 billion and the weighted average contractual interest we are entitled to receive was 5.80% of this amount as of September 30, 2013. The par value of our principal-only agency MBS strips was $278 million as of September 30, 2013. | ||||||||||||||||||||||||
2 | The weighted average coupon includes the interest cash flows from our interest-only agency MBS strips taken together with the interest cash flows from our fixed-rate, adjustable-rate and CMO agency MBS as a percentage of the par value of our agency MBS (excluding the UPB of our interest-only securities) as of September 30, 2013. | ||||||||||||||||||||||||
3 | Incorporates a weighted average future constant prepayment rate assumption of 8% based on forward rates as of September 30, 2013 | ||||||||||||||||||||||||
Summary Of Agency Securities Estimated Weighted Average Life Classifications | ' | ||||||||||||||||||||||||
The following table summarizes our agency MBS classified as available-for-sale as of September 30, 2013 and December 31, 2012 according to their estimated weighted average life classification (dollars in millions): | |||||||||||||||||||||||||
30-Sep-13 | December 31, 2012 | ||||||||||||||||||||||||
Estimated Weighted Average Life of Agency MBS Classified as Available-for-Sale (1) | Fair Value | Amortized | Weighted | Weighted | Fair Value | Amortized | Weighted | Weighted | |||||||||||||||||
Cost | Average | Average | Cost | Average | Average | ||||||||||||||||||||
Coupon | Yield | Coupon | Yield | ||||||||||||||||||||||
≤ 3 years | $ | 588 | $ | 577 | 3.89% | 2.11% | $ | 1,119 | $ | 1,108 | 4.18% | 2.14% | |||||||||||||
> 3 years and ≤ 5 years | 26,492 | 26,146 | 3.60% | 2.56% | 27,448 | 26,750 | 3.36% | 2.29% | |||||||||||||||||
> 5 years and ≤10 years | 48,453 | 49,212 | 3.45% | 2.73% | 54,054 | 52,735 | 3.69% | 2.75% | |||||||||||||||||
> 10 years | 9,036 | 9,411 | 3.19% | 2.81% | 2,078 | 2,059 | 3.44% | 2.65% | |||||||||||||||||
Total | $ | 84,569 | $ | 85,346 | 3.46% | 2.68% | $ | 84,699 | $ | 82,652 | 3.59% | 2.59% | |||||||||||||
 _______________________ | |||||||||||||||||||||||||
1 | Excludes interest and principal-only strips. | ||||||||||||||||||||||||
Summary Of Agency Securities Pledged As Collateral Under Repurchase Agreements by Remaining Maturity | ' | ||||||||||||||||||||||||
The following table summarizes our securities pledged as collateral under repurchase agreements and debt of consolidated VIEs by remaining maturity, including securities pledged related to sold but not yet settled securities, as of September 30, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Agency Securities Pledged by Remaining Maturity of Repurchase Agreements and Debt of Consolidated VIEs | Fair Value of Pledged Securities | Amortized | Accrued | Fair Value of Pledged Securities | Amortized | Accrued | |||||||||||||||||||
Cost of Pledged Securities | Interest on | Cost of Pledged Securities | Interest on | ||||||||||||||||||||||
Pledged | Pledged | ||||||||||||||||||||||||
Securities | Securities | ||||||||||||||||||||||||
Agency MBS: | |||||||||||||||||||||||||
  ≤ 30 days | $ | 31,931 | $ | 32,277 | $ | 89 | $ | 29,284 | $ | 28,525 | $ | 82 | |||||||||||||
  > 30 and ≤ 60 days | 20,926 | 21,120 | 57 | 21,716 | 21,251 | 58 | |||||||||||||||||||
  > 60 and ≤ 90 days | 15,684 | 15,857 | 43 | 16,188 | 15,780 | 45 | |||||||||||||||||||
  > 90 days | 14,408 | 14,587 | 40 | 12,747 | 12,447 | 37 | |||||||||||||||||||
Total agency MBS | 82,949 | 83,841 | 229 | 79,935 | 78,003 | 222 | |||||||||||||||||||
U.S. Treasury securities: | |||||||||||||||||||||||||
   1 day | 4,648 | 4,596 | 12 | — | — | — | |||||||||||||||||||
Total | $ | 87,597 | $ | 88,437 | $ | 241 | $ | 79,935 | $ | 78,003 | $ | 222 | |||||||||||||
Schedule of Investments Owned and Pledged as Collateral [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables summarize our assets pledged as collateral under repurchase agreements, debt of consolidated variable interest entities ("VIEs"), derivative agreements and prime broker agreements by type, including securities pledged related to securities sold but not yet settled, as of September 30, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Assets Pledged | Repurchase Agreements | Debt of Consolidated VIEs | Derivative Agreements | Prime Broker Agreements | Total | ||||||||||||||||||||
Agency MBS - fair value | $ | 81,745 | $ | 1,204 | $ | 51 | $ | 342 | $ | 83,342 | |||||||||||||||
U. S. Treasury securities - fair value | 4,648 | — | 62 | — | 4,710 | ||||||||||||||||||||
Accrued interest on pledged securities | 237 | 4 | — | 1 | 242 | ||||||||||||||||||||
Restricted cash (1) | 43 | — | 290 | 73 | 406 | ||||||||||||||||||||
Total | $ | 86,673 | $ | 1,208 | $ | 403 | $ | 416 | $ | 88,700 | |||||||||||||||
   ________________________ | |||||||||||||||||||||||||
1 | Restricted cash in the table above excludes net cash received from counterparties recorded as a contra-asset within restricted cash. | ||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Assets Pledged | Repurchase Agreements | Debt of Consolidated VIEs | Derivative Agreements | Prime Broker Agreements | Total | ||||||||||||||||||||
Agency MBS - fair value | $ | 78,400 | $ | 1,535 | $ | 1,065 | $ | 501 | $ | 81,501 | |||||||||||||||
Accrued interest on pledged securities | 217 | 5 | 3 | 1 | 226 | ||||||||||||||||||||
Restricted cash | — | — | 249 | 150 | 399 | ||||||||||||||||||||
Total | $ | 78,617 | $ | 1,540 | $ | 1,317 | $ | 652 | $ | 82,126 | |||||||||||||||
Summary of Changes in Accumulated OCI for Agency Securitie [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes changes in accumulated OCI, a separate component of stockholders' equity, for our available-for-sale securities for the three and nine months ended September 30, 2013 and 2012 (in millions): | |||||||||||||||||||||||||
Agency Securities Classified as | Beginning Accumulated OCI | Unrealized Gains | Reversal of | Ending | |||||||||||||||||||||
Available-for-Sale | Balance | and (Losses), Net | Unrealized | Accumulated OCI | |||||||||||||||||||||
(Gains) and Losses, | Balance | ||||||||||||||||||||||||
Net on Realization | |||||||||||||||||||||||||
Three months ended September 30, 2013 | $ | (1,610 | ) | 100 | 733 | $ | (777 | ) | |||||||||||||||||
Three months ended September 30, 2012 | $ | 1,585 | 1,400 | (210 | ) | $ | 2,775 | ||||||||||||||||||
Nine months ended September 30, 2013 | $ | 2,040 | (3,559 | ) | 742 | $ | (777 | ) | |||||||||||||||||
Nine months ended September 30, 2012 | $ | 1,002 | 2,616 | (843 | ) | $ | 2,775 | ||||||||||||||||||
Components of Investment Securities [Table Text Block] | ' | ||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Agency MBS | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
Fixed-Rate | $ | 81,617 | $ | 2,043 | $ | (25 | ) | $ | 83,635 | ||||||||||||||||
Adjustable-Rate | 865 | 26 | — | 891 | |||||||||||||||||||||
CMO | 170 | 3 | — | 173 | |||||||||||||||||||||
Interest-only and principal-only strips | 541 | 27 | (22 | ) | 546 | ||||||||||||||||||||
Total agency MBS | $ | 83,193 | $ | 2,099 | $ | (47 | ) | $ | 85,245 | ||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Agency MBS | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
Fixed-Rate | $ | 83,114 | $ | 547 | $ | (1,351 | ) | $ | 82,310 | ||||||||||||||||
Adjustable-Rate | 998 | 17 | — | 1,015 | |||||||||||||||||||||
CMO | 1,234 | 10 | — | 1,244 | |||||||||||||||||||||
Interest-only and principal-only strips | 443 | 11 | (14 | ) | 440 | ||||||||||||||||||||
Total agency MBS | $ | 85,789 | $ | 585 | $ | (1,365 | ) | $ | 85,009 | ||||||||||||||||
Summary of Continuous Unrealized Loss Position of Available for Sale Securities [Table Text Block] | ' | ||||||||||||||||||||||||
The following table presents the gross unrealized loss and fair values of our available-for-sale agency securities by length of time that such securities have been in a continuous unrealized loss position as of September 30, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||
Unrealized Loss Position For | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Agency Securities Classified as | Estimated Fair | Unrealized | Estimated | Unrealized | Estimated Fair | Unrealized | |||||||||||||||||||
Available-for-Sale | Value | Loss | Fair Value | Loss | Value | Loss | |||||||||||||||||||
September 30, 2013 | $ | 43,570 | $ | (1,340 | ) | $ | 296 | $ | (11 | ) | $ | 43,866 | $ | (1,351 | ) | ||||||||||
December 31, 2012 | $ | 8,430 | $ | (25 | ) | $ | — | $ | — | $ | 8,430 | $ | (25 | ) | |||||||||||
Summary of Net Gain from Sale of Agency Securities [Table Text Block] | ' | ||||||||||||||||||||||||
The following table is a summary of our net gain (loss) from the sale of agency MBS for the three and nine months ended September 30, 2013 and 2012 (in millions): | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
Agency MBS | 30-Sep-13 | September 30, 2012 | 30-Sep-13 | September 30, 2012 | |||||||||||||||||||||
Agency MBS sold, at cost | $ | (25,147 | ) | $ | (10,172 | ) | $ | (60,541 | ) | $ | (45,258 | ) | |||||||||||||
Proceeds from agency MBS sold (1) | 24,414 | 10,382 | 59,799 | 46,101 | |||||||||||||||||||||
Net (loss) gain on sale of agency MBS | $ | (733 | ) | $ | 210 | $ | (742 | ) | $ | 843 | |||||||||||||||
Gross gain on sale of agency MBS | $ | 2 | $ | 210 | $ | 183 | $ | 855 | |||||||||||||||||
Gross loss on sale of agency MBS | (735 | ) | — | (925 | ) | (12 | ) | ||||||||||||||||||
Net (loss) gain on sale of agency MBS | $ | (733 | ) | $ | 210 | $ | (742 | ) | $ | 843 | |||||||||||||||
  ________________________ | |||||||||||||||||||||||||
1 | Proceeds include cash received during the period, plus receivable for agency MBS sold during the period as of period end. | ||||||||||||||||||||||||
Recovered_Sheet1
Repurchase Agreements and Other Debt (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Disclosure of Repurchase Agreements [Abstract] | ' | ||||||||||||||||||||
Schedule of Borrowings under Repurchase Agreements and Weighted Average Interest Rates [Table Text Block] | ' | ||||||||||||||||||||
The following table summarizes our borrowings under repurchase arrangements and weighted average interest rates classified by remaining maturities as of September 30, 2013 and December 31, 2012 (dollars in millions): | |||||||||||||||||||||
30-Sep-13 | December 31, 2012 | ||||||||||||||||||||
Remaining Maturity | Repurchase Agreements | Weighted | Weighted | Repurchase Agreements | Weighted | Weighted | |||||||||||||||
Average | Average Days | Average | Average Days | ||||||||||||||||||
Interest | to Maturity | Interest | to Maturity | ||||||||||||||||||
Rate | Rate | ||||||||||||||||||||
Agency MBS: | |||||||||||||||||||||
≤ 1 month | $ | 30,902 | 0.41 | % | 15 | $ | 25,473 | 0.48 | % | 17 | |||||||||||
> 1 to ≤ 3 months | 26,291 | 0.42 | % | 58 | 30,402 | 0.49 | % | 57 | |||||||||||||
> 3 to ≤ 6 months | 11,993 | 0.47 | % | 137 | 7,208 | 0.53 | % | 128 | |||||||||||||
> 6 to ≤ 9 months | 1,943 | 0.5 | % | 233 | 4,509 | 0.57 | % | 234 | |||||||||||||
> 9 to ≤ 12 months | 2,089 | 0.54 | % | 322 | 2,149 | 0.6 | % | 312 | |||||||||||||
> 12 to ≤ 24 months | 2,338 | 0.61 | % | 543 | 2,142 | 0.65 | % | 591 | |||||||||||||
> 24 to ≤ 36 months | 2,221 | 0.64 | % | 815 | 2,492 | 0.69 | % | 1,002 | |||||||||||||
> 36 months | 604 | 0.69 | % | 1,560 | 102 | 0.73 | % | 1,751 | |||||||||||||
Total agency MBS | 78,381 | 0.44 | % | 112 | 74,477 | 0.51 | % | 118 | |||||||||||||
U.S. Treasury securities: | |||||||||||||||||||||
1 day | 4,092 | 0.1 | % | 1 | $ | — | — | % | — | ||||||||||||
Total / Weighted Average | $ | 82,473 | 0.42 | % | 106 | $ | 74,477 | 0.51 | % | 118 | |||||||||||
Derivative_and_Other_Hedging_I1
Derivative and Other Hedging Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||||||||||||||
Schedule of Interest Rate Swaption Agreements Outstandin [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The following tables summarize our interest rate swaption agreements outstanding as of September 30, 2013 and December 31, 2012 (dollars in millions): | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Option | Underlying Swap | ||||||||||||||||||||||||||||||||
Payer Swaptions | Cost | Fair | Average | Notional | Average Fixed Pay | Average | Average | ||||||||||||||||||||||||||
Value | Months to | Amount | Rate | Receive | Term | ||||||||||||||||||||||||||||
Expiration | Rate | (Years) | |||||||||||||||||||||||||||||||
(LIBOR) | |||||||||||||||||||||||||||||||||
≤ 1 year | $ | 240 | $ | 169 | 6 | $ | 13,150 | 2.71% | 3M | 7.7 | |||||||||||||||||||||||
> 1 to ≤ 2 years | 123 | 117 | 21 | 4,850 | 3.17% | 3M | 5.7 | ||||||||||||||||||||||||||
> 2 to ≤ 3 years | 47 | 62 | 32 | 1,600 | 3.60% | 3M | 6.1 | ||||||||||||||||||||||||||
> 3 to ≤ 4 years | 7 | 12 | 41 | 300 | 3.27% | 3M | 5 | ||||||||||||||||||||||||||
> 4 to ≤ 5 years | 8 | 14 | 51 | 300 | 3.76% | 3M | 5.7 | ||||||||||||||||||||||||||
Total/Wtd Avg | $ | 425 | $374 | 13 | $ | 20,200 | 2.92% | 3M | 7 | ||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Option | Underlying Swap | ||||||||||||||||||||||||||||||||
Payer Swaptions | Cost | Fair | Average | Notional | Average Fixed Pay | Average | Average | ||||||||||||||||||||||||||
Value | Months to | Amount | Rate | Receive | Term | ||||||||||||||||||||||||||||
Expiration | Rate | (Years) | |||||||||||||||||||||||||||||||
(LIBOR) | |||||||||||||||||||||||||||||||||
≤ 1 year | $ | 76 | $ | 15 | 4 | $ | 5,150 | 2.65% | 1M / 3M | 8.6 | |||||||||||||||||||||||
> 1 to ≤ 2 years | 65 | 34 | 19 | 4,050 | 2.82% | 3M | 6.7 | ||||||||||||||||||||||||||
> 2 to ≤ 3 years | 97 | 87 | 33 | 3,900 | 3.51% | 3M | 8.6 | ||||||||||||||||||||||||||
> 3 to ≤ 4 years | 12 | 11 | 46 | 450 | 3.20% | 3M | 6.1 | ||||||||||||||||||||||||||
> 4 to ≤ 5 years | 24 | 24 | 59 | 900 | 3.33% | 3M | 5 | ||||||||||||||||||||||||||
Total/Wtd Avg | $ | 274 | $ | 171 | 21 | $ | 14,450 | 2.99% | 1M / 3M | 7.8 | |||||||||||||||||||||||
Summary of Long and Short Position of Derivative Instruments | ' | ||||||||||||||||||||||||||||||||
The following table summarizes our contracts to purchase and sell TBA and specified agency securities on a forward basis as of September 30, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||||||||||
30-Sep-13 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Purchase and Sale Contracts for TBAs and Forward Settling Securities | Notional | Cost Basis (2) | Market Value (3) | Net Carrying Value (4) | Notional | Cost Basis (2) | Market Value (3) | Net Carrying Value (4) | |||||||||||||||||||||||||
Amount (1) | Amount (1) | ||||||||||||||||||||||||||||||||
TBA securities: | |||||||||||||||||||||||||||||||||
Purchase contracts | $ | 4,816 | $ | 4,885 | $ | 5,002 | $ | 117 | $ | 21,705 | $ | 22,603 | $ | 22,719 | $ | 116 | |||||||||||||||||
Sale contracts | (12,142 | ) | (11,945 | ) | (12,258 | ) | (313 | ) | (9,378 | ) | (9,991 | ) | (10,011 | ) | (20 | ) | |||||||||||||||||
TBA securities, net (5) | (7,326 | ) | (7,060 | ) | (7,256 | ) | (196 | ) | 12,327 | 12,612 | 12,708 | 96 | |||||||||||||||||||||
Forward settling securities: | |||||||||||||||||||||||||||||||||
Purchase contracts | — | — | — | — | 150 | 163 | 162 | (1 | ) | ||||||||||||||||||||||||
Forward settling securities, net (6) | — | — | — | — | 150 | 163 | 162 | (1 | ) | ||||||||||||||||||||||||
Total TBA and forward settling securities, net | $ | (7,326 | ) | $ | (7,060 | ) | $ | (7,256 | ) | $ | (196 | ) | $ | 12,477 | $ | 12,775 | $ | 12,870 | $ | 95 | |||||||||||||
  ________________________ | |||||||||||||||||||||||||||||||||
1 | Notional amount represents the par value (or principal balance) of the underlying agency security. | ||||||||||||||||||||||||||||||||
2 | Cost basis represents the forward price to be paid/(received) for the underlying agency security. | ||||||||||||||||||||||||||||||||
3 | Market value represents the current market value of the TBA contract (or of the underlying agency security) as of period-end. | ||||||||||||||||||||||||||||||||
4 | Net carrying value represents the difference between the market value of the TBA contract as of period-end and the cost basis and is reported in derivative assets / (liabilities), at fair value in our consolidated balance sheets. | ||||||||||||||||||||||||||||||||
5 | Includes 15-year and 30-year TBA securities of varying coupons | ||||||||||||||||||||||||||||||||
6 | Includes 30-year fixed securities of varying coupons | ||||||||||||||||||||||||||||||||
Schedule of Outstanding Derivatives Not Designated as Hedging Instruments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The table below summarizes fair value information about our derivative assets and liabilities as of September 30, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||||||||||
Derivatives Instruments | Balance Sheet Location | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
Interest rate swaps | Derivative assets, at fair value | $ | 738 | $ | 14 | ||||||||||||||||||||||||||||
Payer swaptions | Derivative assets, at fair value | 374 | 171 | ||||||||||||||||||||||||||||||
Purchase of TBA and forward settling agency securities | Derivative assets, at fair value | 127 | 116 | ||||||||||||||||||||||||||||||
Sale of TBA and forward settling agency securities | Derivative assets, at fair value | 7 | — | ||||||||||||||||||||||||||||||
$ | 1,246 | $ | 301 | ||||||||||||||||||||||||||||||
Interest rate swaps | Derivative liabilities, at fair value | $ | (652 | ) | $ | (1,243 | ) | ||||||||||||||||||||||||||
Purchase of TBA and forward settling agency securities | Derivative liabilities, at fair value | (10 | ) | (1 | ) | ||||||||||||||||||||||||||||
Sale of TBA and forward settling agency securities | Derivative liabilities, at fair value | (320 | ) | (20 | ) | ||||||||||||||||||||||||||||
U.S. Treasury futures - short | Derivative liabilities, at fair value | (32 | ) | — | |||||||||||||||||||||||||||||
Put option | Derivative liabilities, at fair value | (1 | ) | — | |||||||||||||||||||||||||||||
$ | (1,015 | ) | $ | (1,264 | ) | ||||||||||||||||||||||||||||
Schedule Of Outstanding Not Designated As Hedging Instruments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount Long/(Short) September 30, 2013 | Amount of | ||||||||||||||||||||||||||||
Long/(Short) December 31, 2012 | Expiration or | Gain/(Loss) | |||||||||||||||||||||||||||||||
Exercise | Recognized in | ||||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives (1) | |||||||||||||||||||||||||||||||||
Net TBA and forward settling agency securities | $ | 12,477 | 74,996 | (94,799 | ) | $ | (7,326 | ) | $ | (756 | ) | ||||||||||||||||||||||
Interest rate swaps | $ | (46,850 | ) | (16,700 | ) | 13,350 | $ | (50,200 | ) | 967 | |||||||||||||||||||||||
Payer swaptions | $ | (14,450 | ) | (23,800 | ) | 18,050 | $ | (20,200 | ) | 276 | |||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (11,835 | ) | (31,408 | ) | 41,333 | $ | (1,910 | ) | 434 | |||||||||||||||||||||||
U.S. Treasury securities - long position | $ | — | 19,654 | (14,803 | ) | $ | 4,851 | 50 | |||||||||||||||||||||||||
U.S. Treasury futures contracts - short position | $ | — | (7,359 | ) | 5,629 | $ | (1,730 | ) | 14 | ||||||||||||||||||||||||
TBA put option | $ | — | (50 | ) | — | $ | (50 | ) | — | ||||||||||||||||||||||||
$ | 985 | ||||||||||||||||||||||||||||||||
  ________________________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net loss of $8 million from interest-only and principal-only securities, a net gain of $33 million from debt of consolidated VIEs re-measured at fair value through earnings and other miscellaneous net losses of $3 million recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount Long/(Short) September 30, 2012 | Amount of | ||||||||||||||||||||||||||||
Long/(Short) December 31, 2011 | Expiration or | Gain/(Loss) | |||||||||||||||||||||||||||||||
Exercise | Recognized in | ||||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives (1) | |||||||||||||||||||||||||||||||||
Net TBA and forward settling agency securities | $ | (104 | ) | (40,532 | ) | 44,410 | $ | 3,774 | $ | (59 | ) | ||||||||||||||||||||||
Interest rate swaps | $ | (30,250 | ) | (23,300 | ) | 4,700 | $ | (48,850 | ) | (1,067 | ) | ||||||||||||||||||||||
Payer swaptions | $ | (3,200 | ) | (12,150 | ) | 6,800 | $ | (8,550 | ) | (96 | ) | ||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (880 | ) | (30,480 | ) | 24,065 | $ | (7,295 | ) | (115 | ) | ||||||||||||||||||||||
U.S. Treasury securities - long position | $ | 100 | 2,446 | (2,546 | ) | $ | — | (1 | ) | ||||||||||||||||||||||||
US Treasury futures contracts - short position | $ | (783 | ) | (3,838 | ) | 4,621 | $ | — | (91 | ) | |||||||||||||||||||||||
Markit IOS total return swaps, net | $ | (165 | ) | — | 165 | $ | — | — | |||||||||||||||||||||||||
$ | (1,429 | ) | |||||||||||||||||||||||||||||||
  ______________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net gain of $19 million on interest-only and principal-only securities and a net loss of $32 million from debt of consolidated VIEs re-measured at fair value through earnings recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount Long/(Short)September 30, 2012 | Amount of | ||||||||||||||||||||||||||||
Long/(Short) | Expiration or | Gain/(Loss) | |||||||||||||||||||||||||||||||
30-Jun-12 | Exercise | Recognized in | |||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives (1) | |||||||||||||||||||||||||||||||||
Net TBA and forward settling agency securities | $ | (3,404 | ) | (16,362 | ) | 23,540 | $ | 3,774 | $ | 49 | |||||||||||||||||||||||
Interest rate swaps | $ | (48,550 | ) | (3,450 | ) | 3,150 | $ | (48,850 | ) | (438 | ) | ||||||||||||||||||||||
Payer swaptions | $ | (8,800 | ) | (2,000 | ) | 2,250 | $ | (8,550 | ) | (25 | ) | ||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (1,250 | ) | (11,550 | ) | 5,505 | $ | (7,295 | ) | (15 | ) | ||||||||||||||||||||||
US Treasury futures contracts - short position | $ | (1,919 | ) | — | 1,919 | $ | — | (27 | ) | ||||||||||||||||||||||||
Markit IOS total return swaps, net | $ | (144 | ) | — | 144 | $ | — | — | |||||||||||||||||||||||||
$ | (456 | ) | |||||||||||||||||||||||||||||||
  ______________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net gain of $20 million on interest-only and principal-only securities re-measured at fair value through earnings and a net loss of $24 million from debt of consolidated VIEs re-measured at fair value through earnings recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
The tables below summarize the effect of derivative instruments on our consolidated statements of comprehensive income for the three and nine months ended September 30, 2013 and 2012 (in millions): | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount Long/(Short)September 30, 2013 | Amount of | ||||||||||||||||||||||||||||
Long/(Short) | Expiration or | Gain/(Loss) | |||||||||||||||||||||||||||||||
30-Jun-13 | Exercise | Recognized in | |||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives(1) | |||||||||||||||||||||||||||||||||
Net TBA and forward settling agency securities | $ | 14,408 | (33,697 | ) | 11,963 | $ | (7,326 | ) | $ | (82 | ) | ||||||||||||||||||||||
Interest rate swaps | $ | (55,650 | ) | (850 | ) | 6,300 | $ | (50,200 | ) | (222 | ) | ||||||||||||||||||||||
Payer swaptions | $ | (23,750 | ) | (9,450 | ) | 13,000 | $ | (20,200 | ) | (134 | ) | ||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (10,477 | ) | (11,266 | ) | 19,833 | $ | (1,910 | ) | 90 | |||||||||||||||||||||||
U.S. Treasury securities - long position | $ | 3,750 | 12,350 | (11,249 | ) | $ | 4,851 | 46 | |||||||||||||||||||||||||
U.S. Treasury futures contracts - short position | $ | (2,430 | ) | (3,730 | ) | 4,430 | $ | (1,730 | ) | (49 | ) | ||||||||||||||||||||||
TBA put option | $ | — | (50 | ) | — | $ | (50 | ) | — | ||||||||||||||||||||||||
$ | (351 | ) | |||||||||||||||||||||||||||||||
  ________________________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net gain of $14 million from interest-only and principal-only securities re-measured at fair value through earnings and other miscellaneous net losses of $2 million recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
Not Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||||||||||||||
Schedule Of Interest Rate Swap Agreement By Remaining Maturity | ' | ||||||||||||||||||||||||||||||||
The following tables summarize our interest rate swap agreements outstanding as of September 30, 2013 and December 31, 2012 (dollars in millions): | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Interest Rate Swaps | Notional | Average | Average | Net | Average | ||||||||||||||||||||||||||||
Amount | Fixed | Receive | Estimated | Maturity | |||||||||||||||||||||||||||||
Pay Rate | Rate | Fair Value | (Years) | ||||||||||||||||||||||||||||||
≤ 3 years | $ | 18,050 | 1.5 | % | 0.2 | % | $ | (416 | ) | 1.8 | |||||||||||||||||||||||
> 3 to ≤ 5 years | 13,500 | 1.19 | % | 0.26 | % | (9 | ) | 4.1 | |||||||||||||||||||||||||
> 5 to ≤ 7 years | 5,450 | 1.71 | % | 0.28 | % | 30 | 5.9 | ||||||||||||||||||||||||||
> 7 to ≤ 10 years | 10,450 | 2.16 | % | 0.27 | % | 373 | 9.3 | ||||||||||||||||||||||||||
> 10 years | 2,750 | 2.91 | % | 0.26 | % | 108 | 15.2 | ||||||||||||||||||||||||||
Total Payer Interest Rate Swaps | $ | 50,200 | 1.65 | % | 0.24 | % | $ | 86 | 5.2 | ||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Interest Rate Swaps (1) | Notional | Average | Average | Net | Average | ||||||||||||||||||||||||||||
Amount | Fixed | Receive | Estimated | Maturity | |||||||||||||||||||||||||||||
Pay Rate | Rate | Fair Value | (Years) | ||||||||||||||||||||||||||||||
≤ 3 years | $ | 14,600 | 1.23% | 0.26% | $ | (294 | ) | 2 | |||||||||||||||||||||||||
> 3 to ≤ 5 years | 20,250 | 1.48% | 0.29% | (666 | ) | 4.1 | |||||||||||||||||||||||||||
> 5 to ≤ 7 years | 5,600 | 1.53% | 0.34% | (163 | ) | 6.1 | |||||||||||||||||||||||||||
> 7 to ≤ 10 years | 5,200 | 1.89% | 0.35% | (113 | ) | 9.2 | |||||||||||||||||||||||||||
> 10 years | 1,200 | 1.79% | 0.31% | 7 | 10.2 | ||||||||||||||||||||||||||||
Total Payer Interest Rate Swaps | $ | 46,850 | 1.46% | 0.29% | $ | (1,229 | ) | 4.4 | |||||||||||||||||||||||||
   ________________________ | |||||||||||||||||||||||||||||||||
1 | Amounts include forward starting swaps of $1.7 billion ranging up to four months from December 31, 2012. |
Offsetting_Assets_and_Liabilit1
Offsetting Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Offsetting Assets and Liabilities [Abstract] | ' | ||||||||||||||||||||||||
Offsetting Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables present information about our assets and liabilities that are subject to such arrangements and can potentially be offset on our consolidated balance sheets as of September 30, 2013 and December 31, 2012 (in millions): | |||||||||||||||||||||||||
Offsetting of Financial Assets and Derivative Assets: | |||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset | Net Amount | |||||||||||||||||||||
 in the | |||||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||||
Financial Instruments | Collateral Received (2) | ||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Interest rate swap and swaption agreements, at fair value (1) | $ | 1,112 | $ | — | $ | 1,112 | $ | (531 | ) | $ | (581 | ) | $ | — | |||||||||||
Receivable under reverse repurchase agreements | 1,808 | — | 1,808 | (1,808 | ) | — | — | ||||||||||||||||||
Total derivative, other hedging instruments and other assets | $ | 2,920 | $ | — | $ | 2,920 | $ | (2,339 | ) | $ | (581 | ) | $ | — | |||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Interest rate swap and swaption agreements, at fair value (1) | $ | 185 | $ | — | $ | 185 | $ | (185 | ) | $ | — | $ | — | ||||||||||||
Receivable under reverse repurchase agreements | 11,818 | — | 11,818 | (10,482 | ) | (1,157 | ) | 179 | |||||||||||||||||
Total derivative, other hedging instruments and other assets | $ | 12,003 | $ | — | $ | 12,003 | $ | (10,667 | ) | $ | (1,157 | ) | $ | 179 | |||||||||||
Offsetting of Financial Liabilities and Derivative Liabilities: | |||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets | Gross Amounts Not Offset | Net Amount | |||||||||||||||||||||
 in the | |||||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||||
Financial Instruments | Collateral Pledged (2) | ||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Interest rate swap agreements, at fair value (1) | $ | 652 | $ | — | $ | 652 | $ | (531 | ) | $ | (121 | ) | $ | — | |||||||||||
Repurchase agreements | 82,473 | — | 82,473 | (1,808 | ) | (80,665 | ) | — | |||||||||||||||||
Total derivative, other hedging instruments and other liabilities | $ | 83,125 | $ | — | $ | 83,125 | $ | (2,339 | ) | $ | (80,786 | ) | $ | — | |||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Interest rate swap agreements, at fair value (1) | $ | 1,243 | $ | — | $ | 1,243 | $ | (185 | ) | $ | (1,058 | ) | $ | — | |||||||||||
Repurchase agreements | 74,478 | — | 74,478 | (10,482 | ) | (63,996 | ) | — | |||||||||||||||||
Total derivative, other hedging instruments and other liabilities | $ | 75,721 | $ | — | $ | 75,721 | $ | (10,667 | ) | $ | (65,054 | ) | $ | — | |||||||||||
_______________________ | |||||||||||||||||||||||||
1 | Reported under derivative assets / liabilities, at fair value in the accompanying consolidated balance sheets. Refer to Note 6 for a reconciliation of derivative assets / liabilities, at fair value to their sub-components. | ||||||||||||||||||||||||
2 | Includes cash and securities received / pledged as collateral, at fair value. Amounts presented are limited to collateral pledged sufficient to reduce the net amount to zero for individual counterparties, as applicable. Refer to Note 4 for additional information regarding assets pledged as collateral. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||
The following table provides a summary of our assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 (dollars in millions): | ||||||||||||
Fair Value Hierarchy | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
September 30, 2013 | ||||||||||||
Assets: | ||||||||||||
Agency securities | $ | — | $ | 85,009 | $ | — | ||||||
U.S. Treasury securities | 4,823 | — | — | |||||||||
Interest rate swaps | — | 738 | — | |||||||||
Payer swaptions | — | 374 | — | |||||||||
Net TBA and forward settling agency securities | — | 134 | — | |||||||||
Total | $ | 4,823 | $ | 86,255 | $ | — | ||||||
Liabilities: | ||||||||||||
Debt of consolidated VIEs | $ | — | $ | 736 | $ | — | ||||||
Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements | 1,801 | — | — | |||||||||
Interest rate swaps | — | 652 | — | |||||||||
Net TBA and forward settling agency securities | — | 330 | — | |||||||||
U.S. Treasury futures | 32 | — | — | |||||||||
Put options | — | 1 | — | |||||||||
Total | $ | 1,833 | $ | 1,719 | $ | — | ||||||
December 31, 2012 | ||||||||||||
Assets: | ||||||||||||
Agency securities | $ | — | $ | 85,245 | $ | — | ||||||
Interest rate swaps | — | 14 | — | |||||||||
Payer swaptions | — | 171 | — | |||||||||
Net TBA and forward settling agency securities | — | 116 | — | |||||||||
Total | $ | — | $ | 85,546 | $ | — | ||||||
Liabilities: | ||||||||||||
Debt of consolidated VIEs | $ | — | $ | 937 | $ | — | ||||||
Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements | 11,763 | — | — | |||||||||
Interest rate swaps | — | 1,243 | — | |||||||||
Net TBA and forward settling agency securities | — | 21 | — | |||||||||
Total | $ | 11,763 | $ | 2,201 | $ | — | ||||||
We elected the option to account for debt of consolidated VIEs at fair value with changes in fair value reflected in earnings during the period in which they occur, because we believe this election more appropriately reflects our financial position as both the consolidated agency securities and consolidated debt are presented in a consistent manner, at fair value, on our consolidated balance sheets. We estimate the fair value of the consolidated debt based on a market approach using Level 2 inputs from third-party pricing services and dealer quotes. |
Stockholders_Equity_Equity_Off
Stockholders' Equity Equity Offerings (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Class of Stock [Line Items] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
The following tables summarize changes to accumulated OCI for the three and nine months ended September 30, 2013 (in millions): | |||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | Net Unrealized Gain (Loss) on Available-for-Sale MBS | Net Unrealized Gain (Loss) on Swaps | Total Accumulated OCI | ||||||||||
Balance | |||||||||||||
Balance as of June 30, 2013 | $ | (1,610 | ) | $ | (388 | ) | $ | (1,998 | ) | ||||
OCI before reclassifications | 100 | — | 100 | ||||||||||
Amounts reclassified from accumulated OCI | 733 | 47 | 780 | ||||||||||
Net current period OCI | 833 | 47 | 880 | ||||||||||
Balance as of September 30, 2013 | $ | (777 | ) | $ | (341 | ) | $ | (1,118 | ) | ||||
Nine Months Ended September 30, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | Net Unrealized Gain (Loss) on Available-for-Sale MBS | Net Unrealized Gain (Loss) on Swaps | Total Accumulated OCI | ||||||||||
Balance | |||||||||||||
Balance as of December 31, 2012 | $ | 2,040 | $ | (485 | ) | $ | 1,555 | ||||||
OCI before reclassifications | (3,559 | ) | — | (3,559 | ) | ||||||||
Amounts reclassified from accumulated OCI | 742 | 144 | 886 | ||||||||||
Net current period OCI | (2,817 | ) | 144 | (2,673 | ) | ||||||||
Balance as of September 30, 2013 | $ | (777 | ) | $ | (341 | ) | $ | (1,118 | ) | ||||
The following table summarizes reclassifications out of accumulated OCI for the three and nine months ended September 30, 2013 (in millions): | |||||||||||||
Amounts Reclassified from Accumulated OCI | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | Line Item in the Consolidated Statements of Comprehensive Income Where Net Income is Presented | ||||||||||
(Gain) loss amounts reclassified from accumulated OCI for available-for-sale MBS | $ | 733 | $ | 742 | Gain (loss) on sale of agency securities, net | ||||||||
Periodic interest costs of interest rate swaps previously designated as hedges under GAAP, net | 47 | 144 | Interest expense | ||||||||||
     Total reclassifications | $ | 780 | $ | 886 | |||||||||
Organization_Details
Organization (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Organization [Abstract] | ' |
Required distribution of taxable net income on a annual basis | 90.00% |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' | ' |
Required Annual Distribution of Taxable Net Income | ' | ' | 90.00% | ' |
Unrealized (loss) gain on derivative instruments, net | $47 | $51 | $144 | $155 |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
years | years | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Gain Loss on Other Debt | ' | $24,000,000 | $33,000,000 | ($32,000,000) | ' |
Future Prepayment Rate Assumption Of Investment Portfolio | ' | ' | 8.00% | 11.00% | 11.00% |
Weighted Average Life of Interest Only Securities | ' | ' | 6.3 | ' | 5.7 |
Weighted Average Life Of Principal Only Securities | ' | ' | 8.4 | ' | 6.4 |
Unrealized gain on interest-only and principal-only securities | -14,000,000 | -20,000,000 | 8,000,000 | -19,000,000 | ' |
Fair value of CMO securities and interest-only strips | 1,700,000,000 | ' | 1,700,000,000 | ' | 719,000,000 |
Securitized CMO Securities | 2,200,000,000 | ' | 2,200,000,000 | ' | 1,300,000,000 |
CMO and Interest Only, Pricincipal Only Securities, Maximum Loss Exposure | ' | ' | 259,000,000 | ' | 343,000,000 |
Fair value of agency securities collaterizing debt issued by securitization trust | 1,200,000,000 | ' | 1,200,000,000 | ' | 1,500,000,000 |
Principal balance of agency securities collaterizing debt issued by securitization trust | 1,100,000,000 | ' | 1,100,000,000 | ' | 1,400,000,000 |
Other Long-term Debt | $736,000,000 | ' | $736,000,000 | ' | $937,000,000 |
Investment_Securities_Summary_
Investment Securities (Summary of Investment in Agency Security) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
years | years | |||||||
Weighted Average Life Of Principal Only Securities | ' | ' | 8.4 | ' | 6.4 | |||
Debt Instrument, Face Amount | $729,000,000 | ' | $729,000,000 | ' | $908,000,000 | |||
Securities Held as Collateral, at Fair Value | 1,200,000,000 | ' | 1,200,000,000 | ' | 1,500,000,000 | |||
Securitized CMO Securities | 2,200,000,000 | ' | 2,200,000,000 | ' | 1,300,000,000 | |||
Unrealized Gain On Derivative Instrument And Trading Securities | 14,000,000 | 20,000,000 | -8,000,000 | 19,000,000 | ' | |||
Unamortized premium | 3,800,000,000 | ' | 3,800,000,000 | ' | 4,400,000,000 | |||
Amortized cost | 85,346,000,000 | ' | 85,346,000,000 | ' | 82,652,000,000 | |||
Total agency MBS, at fair value | 85,009,000,000 | ' | 85,009,000,000 | ' | 85,245,000,000 | |||
Weighted average coupon | 3.54% | [1] | ' | 3.54% | [1] | ' | 3.69% | |
Weighted average yield | 2.70% | [2] | ' | 2.70% | [2] | ' | 2.61% | |
Weighted average yield for the year ended | 2.59% | ' | 2.75% | [2] | ' | 2.82% | ||
Unamortized principal balance of interest-only strips | ' | ' | 1,300,000,000 | ' | 1,700,000,000 | |||
Unamortized principal balance of principal-only strips | ' | ' | 278,000,000 | ' | 302,000,000 | |||
Weighted average contractual interest rate of interest only strips | ' | ' | 5.80% | ' | 5.78% | |||
Average prepayment rate based on forward rate assumption | ' | ' | 8.00% | 11.00% | 11.00% | |||
Other Long-term Debt | 736,000,000 | ' | 736,000,000 | ' | 937,000,000 | |||
Gain Loss on Other Debt | ' | 24,000,000 | 33,000,000 | -32,000,000 | ' | |||
Fannie Mae [Member] | ' | ' | ' | ' | ' | |||
Total agency MBS, at fair value | 66,659,000,000 | ' | 66,659,000,000 | ' | 64,190,000,000 | |||
Weighted average coupon | 3.52% | [1] | ' | 3.52% | [1] | ' | 3.70% | |
Weighted average yield | 2.66% | [2] | ' | 2.66% | [2] | ' | 2.62% | |
Weighted average yield for the year ended | 2.57% | ' | 2.73% | [2] | ' | 2.83% | ||
Freddie Mac [Member] | ' | ' | ' | ' | ' | |||
Total agency MBS, at fair value | 18,101,000,000 | ' | 18,101,000,000 | ' | 20,801,000,000 | |||
Weighted average coupon | 3.65% | [1] | ' | 3.65% | [1] | ' | 3.67% | |
Weighted average yield | 2.86% | [2] | ' | 2.86% | [2] | ' | 2.61% | |
Weighted average yield for the year ended | 2.62% | ' | 2.83% | [2] | ' | 2.83% | ||
Ginnie Mae [Member] | ' | ' | ' | ' | ' | |||
Total agency MBS, at fair value | 249,000,000 | ' | 249,000,000 | ' | 254,000,000 | |||
Weighted average coupon | 3.57% | [1] | ' | 3.57% | [1] | ' | 3.77% | |
Weighted average yield | 1.12% | [2] | ' | 1.12% | [2] | ' | 1.60% | |
Weighted average yield for the year ended | 1.17% | ' | 1.28% | [2] | ' | 1.63% | ||
Available-for-sale Securities [Member] | ' | ' | ' | ' | ' | |||
Agency MBS, par | 81,725,000,000 | ' | 81,725,000,000 | ' | 78,486,000,000 | |||
Unamortized discount | -64,000,000 | ' | -64,000,000 | ' | ' | |||
Unamortized premium | 3,685,000,000 | ' | 3,685,000,000 | ' | 4,166,000,000 | |||
Amortized cost | 85,346,000,000 | ' | 85,346,000,000 | ' | 82,652,000,000 | |||
Gross unrealized gains | ' | ' | 574,000,000 | ' | 2,072,000,000 | |||
Gross unrealized losses | ' | ' | 1,351,000,000 | ' | 25,000,000 | |||
Total available-for-sale agency MBS, at fair value | 84,569,000,000 | ' | 84,569,000,000 | ' | 84,699,000,000 | |||
Available-for-sale Securities [Member] | Fannie Mae [Member] | ' | ' | ' | ' | ' | |||
Agency MBS, par | 63,884,000,000 | ' | 63,884,000,000 | ' | 58,912,000,000 | |||
Unamortized discount | -44,000,000 | ' | -44,000,000 | ' | ' | |||
Unamortized premium | 2,882,000,000 | ' | 2,882,000,000 | ' | 3,208,000,000 | |||
Amortized cost | 66,722,000,000 | ' | 66,722,000,000 | ' | 62,120,000,000 | |||
Gross unrealized gains | ' | ' | 452,000,000 | ' | 1,585,000,000 | |||
Gross unrealized losses | ' | ' | 923,000,000 | ' | 18,000,000 | |||
Total available-for-sale agency MBS, at fair value | 66,251,000,000 | ' | 66,251,000,000 | ' | 63,687,000,000 | |||
Available-for-sale Securities [Member] | Freddie Mac [Member] | ' | ' | ' | ' | ' | |||
Agency MBS, par | 17,604,000,000 | ' | 17,604,000,000 | ' | 19,336,000,000 | |||
Unamortized discount | -20,000,000 | ' | -20,000,000 | ' | ' | |||
Unamortized premium | 795,000,000 | ' | 795,000,000 | ' | 948,000,000 | |||
Amortized cost | 18,379,000,000 | ' | 18,379,000,000 | ' | 20,284,000,000 | |||
Gross unrealized gains | ' | ' | 118,000,000 | ' | 481,000,000 | |||
Gross unrealized losses | ' | ' | 428,000,000 | ' | 7,000,000 | |||
Total available-for-sale agency MBS, at fair value | 18,069,000,000 | ' | 18,069,000,000 | ' | 20,758,000,000 | |||
Available-for-sale Securities [Member] | Ginnie Mae [Member] | ' | ' | ' | ' | ' | |||
Agency MBS, par | 237,000,000 | ' | 237,000,000 | ' | 238,000,000 | |||
Unamortized discount | 0 | ' | 0 | ' | ' | |||
Unamortized premium | 8,000,000 | ' | 8,000,000 | ' | 10,000,000 | |||
Amortized cost | 245,000,000 | ' | 245,000,000 | ' | 248,000,000 | |||
Gross unrealized gains | ' | ' | 4,000,000 | ' | 6,000,000 | |||
Gross unrealized losses | ' | ' | 0 | ' | 0 | |||
Total available-for-sale agency MBS, at fair value | 249,000,000 | ' | 249,000,000 | ' | 254,000,000 | |||
Agency MBS remeasured at fair value through earnings [Member] | ' | ' | ' | ' | ' | |||
Interest-only and principal-only strips, amortized cost | 443,000,000 | ' | 443,000,000 | ' | 541,000,000 | [3] | ||
Gross unrealized gains | 11,000,000 | ' | 11,000,000 | ' | 27,000,000 | |||
Gross unrealized losses | -14,000,000 | ' | -14,000,000 | ' | -22,000,000 | |||
Total agency MBS remeasured at fair value through earnings, at fair value | 440,000,000 | ' | 440,000,000 | ' | 546,000,000 | |||
Agency MBS remeasured at fair value through earnings [Member] | Fannie Mae [Member] | ' | ' | ' | ' | ' | |||
Interest-only and principal-only strips, amortized cost | 409,000,000 | ' | 409,000,000 | ' | 486,000,000 | |||
Gross unrealized gains | 9,000,000 | ' | 9,000,000 | ' | 26,000,000 | |||
Gross unrealized losses | -10,000,000 | ' | -10,000,000 | ' | -9,000,000 | |||
Total agency MBS remeasured at fair value through earnings, at fair value | 408,000,000 | ' | 408,000,000 | ' | 503,000,000 | |||
Agency MBS remeasured at fair value through earnings [Member] | Freddie Mac [Member] | ' | ' | ' | ' | ' | |||
Interest-only and principal-only strips, amortized cost | 34,000,000 | ' | 34,000,000 | ' | 55,000,000 | |||
Gross unrealized gains | 2,000,000 | ' | 2,000,000 | ' | 1,000,000 | |||
Gross unrealized losses | -4,000,000 | ' | -4,000,000 | ' | -13,000,000 | |||
Total agency MBS remeasured at fair value through earnings, at fair value | 32,000,000 | ' | 32,000,000 | ' | 43,000,000 | |||
Agency MBS remeasured at fair value through earnings [Member] | Ginnie Mae [Member] | ' | ' | ' | ' | ' | |||
Interest-only and principal-only strips, amortized cost | 0 | ' | 0 | ' | 0 | |||
Gross unrealized gains | 0 | ' | 0 | ' | 0 | |||
Gross unrealized losses | 0 | ' | 0 | ' | 0 | |||
Total agency MBS remeasured at fair value through earnings, at fair value | $0 | ' | $0 | ' | $0 | |||
[1] | The underlying unamortized principal balance ("UPB" or "par value") of our interest-only agency MBS strips was $1.3 billion and the weighted average contractual interest we are entitled to receive was 5.80% of this amount as of SeptemberB 30, 2013. The par value of our principal-only agency MBS strips was $278 million as of SeptemberB 30, 2013. | |||||||
[2] | Incorporates a weighted average future constant prepayment rate assumption of 8% based on forward rates as of SeptemberB 30, 2013 | |||||||
[3] | The UPB of our interest-only securities was $1.7 billion and the weighted average contractual interest we are entitled to receive was 5.78% of this amount as of DecemberB 31, 2012. The par value of our principal-only agency MBS strips was $302 million as of DecemberB 31, 2012 |
Investment_Securities_Componen
Investment Securities (Components Of Investment Securities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
years | years | |||
Gain Loss on Other Debt | $24,000,000 | $33,000,000 | ($32,000,000) | ' |
Future Prepayment Rate Assumption Of Investment Portfolio | ' | 8.00% | 11.00% | 11.00% |
Weighted Average Life of Interest Only Securities | ' | 6.3 | ' | 5.7 |
Principal Balance of Securities Held as Collateral | ' | 1,100,000,000 | ' | 1,400,000,000 |
Fair Value Of CMO Securities Directly Held | ' | 1,700,000,000 | ' | 719,000,000 |
CMO and Interest Only, Pricincipal Only Securities, Maximum Loss Exposure | ' | 259,000,000 | ' | 343,000,000 |
Amortized cost | ' | 85,789,000,000 | ' | 83,193,000,000 |
Gross unrealized gains | ' | 585,000,000 | ' | 2,099,000,000 |
Gross unrealized losses | ' | -1,365,000,000 | ' | -47,000,000 |
Available-for-sale Securities, Fair Value Disclosure | ' | 84,569,000,000 | ' | 84,699,000,000 |
Total agency MBS, at fair value | ' | 85,009,000,000 | ' | 85,245,000,000 |
Total Agency Securities | ' | 85,009,000,000 | ' | 85,245,000,000 |
Fixed-Rate [Member] | ' | ' | ' | ' |
Amortized cost | ' | 83,114,000,000 | ' | 81,617,000,000 |
Gross unrealized gains | ' | 547,000,000 | ' | 2,043,000,000 |
Gross unrealized losses | ' | -1,351,000,000 | ' | 25,000,000 |
Available-for-sale Securities, Fair Value Disclosure | ' | 82,310,000,000 | ' | 83,635,000,000 |
Adjustable-Rate [Member] | ' | ' | ' | ' |
Amortized cost | ' | 998,000,000 | ' | 865,000,000 |
Gross unrealized gains | ' | 17,000,000 | ' | 26,000,000 |
Gross unrealized losses | ' | 0 | ' | 0 |
Available-for-sale Securities, Fair Value Disclosure | ' | 1,015,000,000 | ' | 891,000,000 |
CMO [Member] | ' | ' | ' | ' |
Amortized cost | ' | 1,234,000,000 | ' | 170,000,000 |
Gross unrealized gains | ' | 10,000,000 | ' | 3,000,000 |
Gross unrealized losses | ' | 0 | ' | 0 |
Available-for-sale Securities, Fair Value Disclosure | ' | 1,244,000,000 | ' | 173,000,000 |
Interest-Only-Strip [Member] | ' | ' | ' | ' |
Amortized cost | ' | ' | ' | 541,000,000 |
Gross unrealized gains | ' | ' | ' | 27,000,000 |
Gross unrealized losses | ' | ' | ' | 22,000,000 |
Fair Value | ' | ' | ' | 546,000,000 |
Interest-Only And Principal-Only Securities [Member] | ' | ' | ' | ' |
Amortized cost | ' | 443,000,000 | ' | ' |
Gross unrealized gains | ' | 11,000,000 | ' | ' |
Gross unrealized losses | ' | -14,000,000 | ' | ' |
Fair Value | ' | $440,000,000 | ' | ' |
Investment_Securities_Summary_1
Investment Securities (Summary Of Agency Securities Estimated Weighted Average Life Classifications) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
years | years | |
Weighted Average Life of Interest Only Securities | 6.3 | 5.7 |
Agency securities classified as available for sale, Fair value | $84,569 | $84,699 |
Agency securities classified as available for sale, Amortized cost | 85,346 | 82,652 |
Weighted average coupon | 3.46% | 3.59% |
Available For Sale Securities Weighted Average Life yield | 2.68% | 2.59% |
Weighted Average Life Of Principal Only Securities | 8.4 | 6.4 |
Greater Than One Year and Less Than or Equal to Three Years [Member] | ' | ' |
Available For Sale Securities Weighted Average Life Fair Value | 588 | 1,119 |
Available For Sale Securities Weighted Average Life Amortized Cost | 577 | 1,108 |
Weighted average coupon | 3.89% | 4.18% |
Available For Sale Securities Weighted Average Life yield | 2.11% | 2.14% |
Greater Than Three Years and Less Than or Equal to Five Years [Member] | ' | ' |
Available For Sale Securities Weighted Average Life Fair Value | 26,492 | 27,448 |
Available For Sale Securities Weighted Average Life Amortized Cost | 26,146 | 26,750 |
Weighted average coupon | 3.60% | 3.36% |
Available For Sale Securities Weighted Average Life yield | 2.56% | 2.29% |
Greater Than Five Years [Member] | ' | ' |
Available For Sale Securities Weighted Average Life Fair Value | 48,453 | 54,054 |
Available For Sale Securities Weighted Average Life Amortized Cost | 49,212 | 52,735 |
Weighted average coupon | 3.45% | 3.69% |
Available For Sale Securities Weighted Average Life yield | 2.73% | 2.75% |
Greater Than Ten Years [Member] | ' | ' |
Available For Sale Securities Weighted Average Life Fair Value | 9,036 | 2,078 |
Available For Sale Securities Weighted Average Life Amortized Cost | $9,411 | $2,059 |
Weighted average coupon | 3.19% | 3.44% |
Available For Sale Securities Weighted Average Life yield | 2.81% | 2.65% |
Investment_Securities_Summary_2
Investment Securities (Summary Of Changes In Accumulated OCI For Available-For-Sale Security) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Unrealized gain (loss) on available-for-sale securities, net | $833 | $1,190 | ($2,817) | $1,773 |
Agency Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning OCI Balance | -1,610 | 1,585 | 2,040 | 1,002 |
Unrealized gain (loss) on available-for-sale securities, net | 100 | 1,400 | -3,559 | 2,616 |
Reversal of prior Period Unrealized (Gains) and Losses, Net on Realization | -733 | 210 | -742 | 843 |
Ending OCI Balance | ($777) | $2,775 | ($777) | $2,775 |
Investment_Securities_Summary_3
Investment Securities (Summary Of Continuous Unrealized Loss Positions Of Available-For-Sale Security) (Details) (Accumulated Other Comprehensive Income (Loss) [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Unrealized Loss Position For - Estimated Fair Value - Less than 12 Months | $43,570 | $8,430 |
Unrealized Loss Position For - Unrealized Loss - Less than 12 Months | 1,340 | 25 |
Unrealized Loss Position For - Estimated Fair Value - 12 Months or More | 296 | 0 |
Unrealized Loss Position For - Unrealized Loss - 12 Months or More | -11 | 0 |
Unrealized Loss Position For - Estimated Fair Value - Total | 43,866 | 8,430 |
Unrealized Loss Position For - Unrealized Loss - Total | ($1,351) | ($25) |
Investment_Securities_Summary_4
Investment Securities (Summary Of Net Gain From Sale Of Agency Securities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Principal Balance of Securities Held as Collateral | $1,100,000,000 | ' | $1,100,000,000 | ' | $1,400,000,000 |
Debt Instrument, Face Amount | 729,000,000 | ' | 729,000,000 | ' | 908,000,000 |
Unrealized Gain On Derivative Instrument And Trading Securities | 14,000,000 | 20,000,000 | -8,000,000 | 19,000,000 | ' |
Total Agency Securities | 85,009,000,000 | ' | 85,009,000,000 | ' | 85,245,000,000 |
Document Period End Date | ' | ' | 30-Sep-13 | ' | ' |
Proceeds from agency MBS sold | ' | ' | -45,496,000,000 | -32,243,000,000 | ' |
Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | -733,000,000 | 210,000,000 | -742,000,000 | 843,000,000 | ' |
Agency Securities Amortized Cost | 85,789,000,000 | ' | 85,789,000,000 | ' | 83,193,000,000 |
Gain Loss on Other Debt | ' | 24,000,000 | 33,000,000 | -32,000,000 | ' |
Agency Securities [Member] | ' | ' | ' | ' | ' |
Agency MBS sold, at cost | 25,147,000,000 | 10,172,000,000 | 60,541,000,000 | 45,258,000,000 | ' |
Proceeds from agency MBS sold | -24,414,000,000 | -10,382,000,000 | -59,799,000,000 | -46,101,000,000 | ' |
Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | -733,000,000 | 210,000,000 | -742,000,000 | 843,000,000 | ' |
Gross gains on sale of agency MBS | 2,000,000 | 210,000,000 | 183,000,000 | 855,000,000 | ' |
Gross losses on sale of agency MBS | 735,000,000 | 0 | 925,000,000 | 12,000,000 | ' |
Freddie Mac [Member] | ' | ' | ' | ' | ' |
Total Agency Securities | 18,101,000,000 | ' | 18,101,000,000 | ' | 20,801,000,000 |
Available-for-sale Securities [Member] | ' | ' | ' | ' | ' |
Available For Sale Securities Par | 81,725,000,000 | ' | 81,725,000,000 | ' | 78,486,000,000 |
Available-for-sale Securities [Member] | Freddie Mac [Member] | ' | ' | ' | ' | ' |
Available For Sale Securities Par | $17,604,000,000 | ' | $17,604,000,000 | ' | $19,336,000,000 |
Investment_Securities_Summary_5
Investment Securities (Summary Of Agency Securities Pledged As Collateral Under Repurchase, Other Debt, Derivative And Prime Broker Agreements) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Agency Securities Pledged As Collateral Amortized Cost Under Repurchase Agreements | $87,597 | ' | $87,597 | ' | $79,935 |
Fair value | 80,721 | ' | 80,721 | ' | 79,966 |
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 4,823 | ' | 4,823 | ' | 0 |
Accrued interest on pledged agency securities | 242 | ' | 242 | ' | 226 |
Gain on sale of agency securities, net | -733 | 210 | -742 | 843 | ' |
Restricted Cash and Cash Equivalents | 77 | ' | 77 | ' | 399 |
Total Fair Value of Agency Securities Pledged and Accrued Interest | 88,700 | ' | 88,700 | ' | 82,126 |
Agency Securities Pledged As Collateral Amortized Cost | 88,437 | ' | 88,437 | ' | 78,003 |
Agency Securities Pledged As Collateral Accrued Interest | 241 | ' | 241 | ' | 222 |
Treasuries [Member] | ' | ' | ' | ' | ' |
Fair value | 4,710 | ' | 4,710 | ' | ' |
Repurchase Agreements [Member] | ' | ' | ' | ' | ' |
Accrued interest on pledged agency securities | 237 | ' | 237 | ' | 217 |
Total Fair Value of Agency Securities Pledged and Accrued Interest | 86,673 | ' | 86,673 | ' | 78,617 |
Repurchase Agreements [Member] | Derivative [Member] | ' | ' | ' | ' | ' |
Fair value | 62 | ' | 62 | ' | ' |
Under Repurchase Agreements [Member] | ' | ' | ' | ' | ' |
Fair value | 1,204 | ' | 1,204 | ' | 1,535 |
Accrued interest on pledged agency securities | 4 | ' | 4 | ' | 5 |
Total Fair Value of Agency Securities Pledged and Accrued Interest | 1,208 | ' | 1,208 | ' | 1,540 |
Under Derivative Agreements [Member] | ' | ' | ' | ' | ' |
Fair value | 51 | ' | 51 | ' | 1,065 |
Accrued interest on pledged agency securities | 0 | ' | 0 | ' | 3 |
Total Fair Value of Agency Securities Pledged and Accrued Interest | 403 | ' | 403 | ' | 1,317 |
Under Prime Broker Agreements [Member] | Fannie Mae [Member] | ' | ' | ' | ' | ' |
Fair value | 342 | ' | 342 | ' | 501 |
Accrued interest on pledged agency securities | 1 | ' | 1 | ' | 1 |
Total Fair Value of Agency Securities Pledged and Accrued Interest | 416 | ' | 416 | ' | 652 |
Includes Sold But Not Yet Settled Securities [Member] | ' | ' | ' | ' | ' |
Fair value | 83,342 | ' | 83,342 | ' | 81,501 |
Agency Securities [Member] | ' | ' | ' | ' | ' |
Agency Securities Pledged As Collateral Amortized Cost Under Repurchase Agreements | 82,949 | ' | 82,949 | ' | 79,935 |
Agency Securities Pledged As Collateral Amortized Cost | 83,841 | ' | 83,841 | ' | 78,003 |
Agency Securities Pledged As Collateral Accrued Interest | 229 | ' | 229 | ' | 222 |
Agency Securities [Member] | ' | ' | ' | ' | ' |
Cost Of Sale Of Available For Sale Securities | 25,147 | 10,172 | 60,541 | 45,258 | ' |
Gain on sale of agency securities, net | -733 | 210 | -742 | 843 | ' |
Excluding Cash Received [Member] | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | 406 | ' | 406 | ' | ' |
Repurchase Agreements [Member] | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | 43 | ' | 43 | ' | ' |
Under Derivative Agreements [Member] | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | 290 | ' | 290 | ' | 249 |
Under Prime Broker Agreements [Member] | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents | 73 | ' | 73 | ' | 150 |
30 Days or Less [Member] | ' | ' | ' | ' | ' |
Agency Securities Pledged As Collateral Amortized Cost Under Repurchase Agreements | 31,931 | ' | 31,931 | ' | 29,284 |
Agency Securities Pledged As Collateral Amortized Cost | 32,277 | ' | 32,277 | ' | 28,525 |
Agency Securities Pledged As Collateral Accrued Interest | 89 | ' | 89 | ' | 82 |
Maturity 31 To 59 Days [Member] | ' | ' | ' | ' | ' |
Agency Securities Pledged As Collateral Amortized Cost Under Repurchase Agreements | 20,926 | ' | 20,926 | ' | 21,716 |
Agency Securities Pledged As Collateral Amortized Cost | 21,120 | ' | 21,120 | ' | 21,251 |
Agency Securities Pledged As Collateral Accrued Interest | 57 | ' | 57 | ' | 58 |
Maturity 60 To 90 Days [Member] | ' | ' | ' | ' | ' |
Agency Securities Pledged As Collateral Amortized Cost Under Repurchase Agreements | 15,684 | ' | 15,684 | ' | 16,188 |
Agency Securities Pledged As Collateral Amortized Cost | 15,857 | ' | 15,857 | ' | 15,780 |
Agency Securities Pledged As Collateral Accrued Interest | 43 | ' | 43 | ' | 45 |
Maturity over 90 days [Member] | ' | ' | ' | ' | ' |
Agency Securities Pledged As Collateral Amortized Cost Under Repurchase Agreements | 14,408 | ' | 14,408 | ' | 12,747 |
Agency Securities Pledged As Collateral Amortized Cost | 14,587 | ' | 14,587 | ' | 12,447 |
Agency Securities Pledged As Collateral Accrued Interest | 40 | ' | 40 | ' | 37 |
Maturity Overnight [Member] | ' | ' | ' | ' | ' |
Agency Securities Pledged As Collateral Amortized Cost Under Repurchase Agreements | 4,648 | ' | 4,648 | ' | ' |
Agency Securities Pledged As Collateral Amortized Cost | 4,596 | ' | 4,596 | ' | ' |
Agency Securities Pledged As Collateral Accrued Interest | $12 | ' | $12 | ' | ' |
Investment_Securities_Summary_6
Investment Securities (Summary Of Agency Securities Pledged As Collateral Under Repurchase Agreements By Remaining Maturity) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value Of CMO Securities Directly Held | $1,700 | $719 |
Fair value | 87,597 | 79,935 |
Amortized cost | 88,437 | 78,003 |
Accrued Interest on pledged agency securities | 241 | 222 |
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 4,823 | 0 |
Available-for-sale Securities Pledged as Collateral | 80,721 | 79,966 |
30 Days or Less [Member] | ' | ' |
Fair value | 31,931 | 29,284 |
Amortized cost | 32,277 | 28,525 |
Accrued Interest on pledged agency securities | 89 | 82 |
Maturity 31 To 59 Days [Member] | ' | ' |
Fair value | 20,926 | 21,716 |
Amortized cost | 21,120 | 21,251 |
Accrued Interest on pledged agency securities | 57 | 58 |
Maturity 60 To 90 Days [Member] | ' | ' |
Fair value | 15,684 | 16,188 |
Amortized cost | 15,857 | 15,780 |
Accrued Interest on pledged agency securities | 43 | 45 |
Greater than 90 Days [Member] | ' | ' |
Fair value | 14,408 | 12,747 |
Amortized cost | 14,587 | 12,447 |
Accrued Interest on pledged agency securities | 40 | 37 |
Maturity Overnight [Member] | ' | ' |
Fair value | 4,648 | ' |
Amortized cost | 4,596 | ' |
Accrued Interest on pledged agency securities | 12 | ' |
Agency Securities [Member] | ' | ' |
Fair value | 82,949 | 79,935 |
Amortized cost | 83,841 | 78,003 |
Accrued Interest on pledged agency securities | 229 | 222 |
Repurchase Agreements [Member] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 81,745 | 78,400 |
Repurchase Agreements [Member] | Treasuries [Member] | ' | ' |
Available-for-sale Securities Pledged as Collateral | $4,648 | ' |
Repurchase_Agreements_And_Othe1
Repurchase Agreements And Other Debt (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
years | ||
Debt Instrument [Line Items] | ' | ' |
Weighted Average Life of Other Debt | 6.6 | ' |
Secured Debt, Dollar Rolls | ($7,060) | $12,775 |
Risk of repurchase agreement to stockholders equity | 4.00% | ' |
Other Long-term Debt | 736 | 937 |
Debt Instrument, Face Amount | $729 | $908 |
Debt Instrument, Description of Variable Rate Basis, LIBOR | 'LIBOR | ' |
Spread Over LIBOR | '42 | '43 |
Repurchase_Agreements_And_Othe2
Repurchase Agreements And Other Debt (Repurchase Arrangements And Weighted Average Interest Rates Classified By Original Maturities) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Spread Over LIBOR | '42 | '43 |
Debt Instrument, Face Amount | $729 | $908 |
Borrowings Outstanding | 82,473 | 74,478 |
Average Interest Rate | 0.42% | ' |
Weighted Average Days to Maturity | 106 | 118 |
1 Month or Less | ' | ' |
Borrowings Outstanding | 30,902 | 25,473 |
Average Interest Rate | 0.41% | 0.48% |
Weighted Average Days to Maturity | 15 | 17 |
thirty one to ninety [Member] | ' | ' |
Borrowings Outstanding | 26,291 | 30,402 |
Average Interest Rate | 0.42% | 0.49% |
Weighted Average Days to Maturity | 58 | 57 |
120 to 180 days [Member] | ' | ' |
Borrowings Outstanding | 11,993 | 7,208 |
Average Interest Rate | 0.47% | 0.53% |
Weighted Average Days to Maturity | 137 | 128 |
210 to 270 days [Member] | ' | ' |
Borrowings Outstanding | 1,943 | 4,509 |
Average Interest Rate | 0.50% | 0.57% |
Weighted Average Days to Maturity | 233 | 234 |
300 to 360 days [Member] | ' | ' |
Borrowings Outstanding | 2,089 | 2,149 |
Average Interest Rate | 0.54% | 0.60% |
Weighted Average Days to Maturity | 322 | 312 |
390 to 720 days [Member] | ' | ' |
Borrowings Outstanding | 2,338 | 2,142 |
Average Interest Rate | 0.61% | 0.65% |
Weighted Average Days to Maturity | 543 | 591 |
750 to 1080 days [Member] | ' | ' |
Borrowings Outstanding | 2,221 | 2,492 |
Average Interest Rate | 0.64% | 0.69% |
Weighted Average Days to Maturity | 815 | 1,002 |
Greater than 1080 days [Member] | ' | ' |
Borrowings Outstanding | 604 | 102 |
Average Interest Rate | 0.69% | 0.73% |
Weighted Average Days to Maturity | 1,560 | 1,751 |
Mortgage Backed Securities, Other [Member] | ' | ' |
Borrowings Outstanding | 78,381 | 74,477 |
Average Interest Rate | 0.44% | 0.51% |
Weighted Average Days to Maturity | 112 | ' |
Treasuries [Member] | ' | ' |
Borrowings Outstanding | $4,092 | ' |
Average Interest Rate | 0.10% | ' |
Weighted Average Days to Maturity | 1 | ' |
Derivative_and_Other_Hedging_I2
Derivative and Other Hedging Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | ||||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||||||||
Gain Loss on Other Debt | ' | $24,000,000 | $33,000,000 | ($32,000,000) | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 131,000,000 | 74,000,000 | 320,000,000 | 175,000,000 | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 47,000,000 | 51,000,000 | 144,000,000 | 155,000,000 | ' | 47,000,000 | 144,000,000 | ' | ' | 47,000,000 | 144,000,000 |
Net Periodic Interest Rate Costs on Swaps | 178,000,000 | 125,000,000 | 464,000,000 | 330,000,000 | ' | ' | ' | ' | ' | ' | ' |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | ' | ' | ' | ' | ' | -341,000,000 | -341,000,000 | 388,000,000 | -485,000,000 | ' | ' |
Fair Value of Derivative Instruments | -196,000,000 | ' | -196,000,000 | ' | 95,000,000 | ' | ' | ' | ' | ' | ' |
Obligation to return securities borrowed under reverse repurchase agreements, at fair value | 1,801,000,000 | ' | 1,801,000,000 | ' | 11,763,000,000 | ' | ' | ' | ' | ' | ' |
Proceeds from sales of treasury securities | ' | ' | 1,800,000,000 | ' | 11,700,000,000 | ' | ' | ' | ' | ' | ' |
Deferred gain loss discontinued interest rate swap expected to be reclassified from OCI to interest expense next twelve months | ' | ' | ' | ' | ' | ' | 167,000,000 | ' | ' | ' | ' |
Interest rate swap agreement outstanding not designated as hedge | ' | ' | ' | ' | 14,450,000,000 | ' | ' | ' | ' | ' | ' |
Gain on interest only securities remeasured at fair value through earnings | 14,000,000 | 20,000,000 | -8,000,000 | 19,000,000 | ' | ' | ' | ' | ' | ' | ' |
Loss on Interest Only Securities Remeasured at Fair Value Through Earnings | 14,000,000 | 20,000,000 | -8,000,000 | 19,000,000 | ' | ' | ' | ' | ' | ' | ' |
Gain on trading securities | -14,000,000 | -20,000,000 | 8,000,000 | -19,000,000 | ' | ' | ' | ' | ' | ' | ' |
Unrealized Gain (Loss) On Derivative Instrument And Trading Securities | -339,000,000 | -460,000,000 | 1,007,000,000 | -1,442,000,000 | ' | ' | ' | ' | ' | ' | ' |
Credit Derivative, Maximum Exposure, Undiscounted | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_and_Other_Hedging_I3
Derivative and Other Hedging Instruments (Remaining Interest Rate Swap Term) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | Greater Than Three Years and Less Than or Equal to Five Years [Member] | Greater Than Three Years and Less Than or Equal to Five Years [Member] | Greater Than Five Years and Less than or Equal to Seven Years [Member] | Greater Than Five Years and Less than or Equal to Seven Years [Member] | Greater Than Seven Years and Less than or Equal to Ten Years [Member] | Greater Than Seven Years and Less than or Equal to Ten Years [Member] | Greater Than Ten Years [Member] | Greater Than Ten Years [Member] | Interest Rate Swap [Member] | ||||||
Payer Swaption [Member] | Payer Swaption [Member] | |||||||||||||||||||||||||
Unrealized (loss) gain on derivative instruments, net | $47 | $51 | $144 | $155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | ' | ' | 14,450 | -20,200 | -23,750 | -14,450 | -8,550 | -8,800 | -3,200 | 50,200 | 46,850 | 18,050 | 14,600 | 4,850 | 4,050 | 13,500 | 20,250 | 5,450 | 5,600 | 10,450 | 5,200 | 2,750 | 1,200 | ' |
Average Maturity (Years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 2 months 0 days | '4 years 5 months 0 days | '1 year 10 months 0 days | '2 years 0 months 0 days | ' | ' | '4 years 1 month 0 days | '4 years 1 month 0 days | '5 years 11 months 0 days | '6 years 1 month 0 days | '9 years 4 months 0 days | '9 years 2 months 0 days | '15 years 2 months 0 days | '10 years 2 months 0 days | ' |
Average Fixed Pay Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.65% | 1.46% | 1.50% | 1.23% | ' | ' | 1.19% | 1.48% | 1.71% | 1.53% | 2.16% | 1.89% | 2.91% | 1.79% | ' |
Average Receive Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.24% | 0.29% | 0.20% | 0.26% | ' | ' | 0.26% | 0.29% | 0.28% | 0.34% | 0.27% | 0.35% | 0.26% | 0.31% | ' |
Net Estimated Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86 | -1,229 | -416 | -294 | ' | ' | -9 | -666 | 30 | -163 | 373 | -113 | 108 | 7 | ' |
Notional amount of forward starting swaps | ($7,326) | ' | ($7,326) | ' | $12,477 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,700 |
Remaining interest rate swap term, maximum | ' | ' | ' | ' | '4 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_and_Other_Hedging_I4
Derivative and Other Hedging Instruments (Summary Of Outstanding Interest Rate Swaps Designated As Hedging Instruments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $47 | $51 | $144 | $155 | ' |
Notional Amount | ' | ' | ' | ' | 14,450 |
Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 47 | ' | 144 | ' | ' |
Interest Rate Swap [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $47 | ' | $144 | ' | ' |
Derivative_and_Other_Hedging_I5
Derivative and Other Hedging Instruments (Effect Of Interest Rate Swaps Designated As Hedges) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Net Periodic Interest Rate Costs on Swaps | $178 | $125 | $464 | $330 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $131 | $74 | $320 | $175 |
Derivative_and_Other_Hedging_I6
Derivative and Other Hedging Instruments (Summary Of Outstanding Forward Contracts Designated As Hedging Instruments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Purchases Of TBAs And Forward Settling Agency Securities [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | ||||||
Net Periodic Interest Rate Costs on Swaps | $178 | $125 | $464 | $330 | ' | ' | ' | ' |
Notional Amount | ' | ' | ' | ' | 14,450 | -7,326 | 12,477 | -104 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $131 | $74 | $320 | $175 | ' | ' | ' | ' |
Derivative_and_Other_Hedging_I7
Derivative and Other Hedging Instruments (Effect of Forward Contracts Designated as Hedges) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Purchases Of TBAs And Forward Settling Agency Securities [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | ||||||
Notional Amount | ' | ' | ' | ' | $14,450 | ($7,326) | $12,477 | ($104) |
Unrealized (loss) gain on derivative instruments, net | $47 | $51 | $144 | $155 | ' | ' | ' | ' |
Derivative_and_Other_Hedging_I8
Derivative and Other Hedging Instruments (Summary of Long and Short Position of Derivative Instruments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
Loss on Interest Only Securities Remeasured at Fair Value Through Earnings | $14 | $20 | ($8) | $19 | ' | |||
Notional Amount | -7,326 | ' | -7,326 | ' | 12,477 | |||
Secured Debt, Dollar Rolls | -7,060 | ' | -7,060 | ' | 12,775 | |||
Derivative Liability, Fair Value, Gross Liability | ' | ' | ' | ' | 1,243 | |||
Derivative Asset, Fair Value, Gross Asset | -7,256 | ' | -7,256 | ' | 12,870 | |||
Fair Value of Derivative Instruments | -196 | ' | -196 | ' | 95 | |||
Gain Loss on Other Debt | ' | 24 | 33 | -32 | ' | |||
US Treasury Securities [Member] | ' | ' | ' | ' | ' | |||
Gain on Derivative Instruments and Trading Securities | 46 | ' | 50 | -1 | ' | |||
TBA securities Fifteen Year and Thirty Year Securities [Member] | ' | ' | ' | ' | ' | |||
Notional Amount | -7,326 | [1] | ' | -7,326 | [1] | ' | 12,327 | [1] |
Derivative, Forward Settlement Value | -7,060 | ' | -7,060 | ' | 12,612 | |||
Derivative Asset, Fair Value, Gross Asset | -7,256 | ' | -7,256 | ' | 12,708 | |||
Fair Value of Derivative Instruments | -196 | [1] | ' | -196 | [1] | ' | 96 | [1] |
TBA securities Fifteen Year and Thirty Year Securities [Member] | Purchase [Member] | ' | ' | ' | ' | ' | |||
Notional Amount | 4,816 | ' | 4,816 | ' | 21,705 | |||
Derivative, Forward Settlement Value | 4,885 | ' | 4,885 | ' | 22,603 | |||
Derivative Asset, Fair Value, Gross Asset | 5,002 | ' | 5,002 | ' | 22,719 | |||
Fair Value of Derivative Instruments | 117 | ' | 117 | ' | 116 | |||
TBA securities Fifteen Year and Thirty Year Securities [Member] | Sale [Member] | ' | ' | ' | ' | ' | |||
Notional Amount | -12,142 | ' | -12,142 | ' | -9,378 | |||
Derivative, Forward Settlement Value | -11,945 | ' | -11,945 | ' | -9,991 | |||
Derivative Liability, Fair Value, Gross Liability | -12,258 | ' | -12,258 | ' | -10,011 | |||
Fair Value of Derivative Instruments | -313 | ' | -313 | ' | -20 | |||
Forward settling securities Twenty Year Securities and ARMs [Member] | ' | ' | ' | ' | ' | |||
Notional Amount | 0 | [2] | ' | 0 | [2] | ' | 150 | [2] |
Derivative, Forward Settlement Value | 0 | ' | 0 | ' | 163 | |||
Derivative Asset, Fair Value, Gross Asset | 0 | ' | 0 | ' | 162 | |||
Fair Value of Derivative Instruments | 0 | [2] | ' | 0 | [2] | ' | -1 | [2] |
Forward settling securities Twenty Year Securities and ARMs [Member] | Purchase [Member] | ' | ' | ' | ' | ' | |||
Notional Amount | ' | ' | ' | ' | 150 | |||
Derivative, Forward Settlement Value | ' | ' | ' | ' | 163 | |||
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' | ' | 162 | |||
Fair Value of Derivative Instruments | ' | ' | ' | ' | ($1) | |||
[1] | 1.Notional amount represents the par value (or principal balance) of the underlying agency security. | |||||||
[2] | 2.Cost basis represents the forward price to be paid/(received) for the underlying agency security. |
Derivative_and_Other_Hedging_I9
Derivative and Other Hedging Instruments (Summary Of Outstanding Interest Rate Swaps Agreements Not Designated As Hedges) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2011 | Sep. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Markit IOS Total Return Swaps - Short [Member] | Markit IOS Total Return Swaps - Short [Member] | Markit IOS Total Return Swaps - Short [Member] | Markit IOS Total Return Swaps - Short [Member] | Treasury Futures Short [Member] | Treasury Futures Short [Member] | Treasury Futures Short [Member] | Treasury Futures Short [Member] | Treasury Futures Short [Member] | Treasury Futures Short [Member] | Payer Interest Rate Swaps [Member] | Payer Interest Rate Swaps [Member] | Payer Interest Rate Swaps [Member] | Payer Interest Rate Swaps [Member] | Payer Interest Rate Swaps [Member] | Payer Interest Rate Swaps [Member] | Payer Interest Rate Swaps [Member] | Payer Interest Rate Swaps [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Treasury Futures [Member] | Treasury Futures [Member] | Treasury Futures [Member] | Treasury Futures [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | Put Option [Member] | Put Option [Member] | Derivative liabilities, at fair value [Member] | Derivative liabilities, at fair value [Member] | Derivative liabilities, at fair value [Member] | Derivative liabilities, at fair value [Member] | Derivative liabilities, at fair value [Member] | Derivative liabilities, at fair value [Member] | Derivative liabilities, at fair value [Member] | Derivative liabilities, at fair value [Member] | Derivative assets, at fair value [Member] | Derivative assets, at fair value [Member] | Derivative assets, at fair value [Member] | Derivative assets, at fair value [Member] | Derivative assets, at fair value [Member] | Derivative assets, at fair value [Member] | Derivative assets, at fair value [Member] | Derivative assets, at fair value [Member] | Markit IOS Total Return Swaps - Short [Member] | Markit IOS Total Return Swaps - Short [Member] | Treasury Futures [Member] | Treasury Futures [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | Greater Than Three Years and Less Than or Equal to Five Years [Member] | Greater Than Three Years and Less Than or Equal to Five Years [Member] | Greater Than Five Years and Less than or Equal to Seven Years [Member] | Greater Than Five Years and Less than or Equal to Seven Years [Member] | Greater Than Seven Years and Less than or Equal to Ten Years [Member] | Greater Than Seven Years and Less than or Equal to Ten Years [Member] | Greater Than Ten Years [Member] | Greater Than Ten Years [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | ||||||||
Payer Interest Rate Swaps [Member] | Payer Interest Rate Swaps [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Sale Of TBA And Forward Settling Agency Securities [Member] | Sale Of TBA And Forward Settling Agency Securities [Member] | Payer Interest Rate Swaps [Member] | Payer Swaption [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Sale Of TBA And Forward Settling Agency Securities [Member] | Sale Of TBA And Forward Settling Agency Securities [Member] | Payer Swaption [Member] | Payer Swaption [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on Derivative Instruments and Trading Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $46,000,000 | $50,000,000 | ($1,000,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value | 1,801,000,000 | ' | 1,801,000,000 | ' | 11,763,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,000,000 | -1,000,000 | ' | ' | 1,246,000,000 | 301,000,000 | 14,000,000 | 171,000,000 | 127,000,000 | 116,000,000 | 7,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | ' | ' | 14,450,000,000 | ' | ' | 0 | 0 | -144,000,000 | -165,000,000 | -1,730,000,000 | ' | -1,730,000,000 | ' | -2,430,000,000 | 0 | -50,200,000,000 | -48,850,000,000 | -50,200,000,000 | -48,850,000,000 | -55,650,000,000 | -46,850,000,000 | -48,550,000,000 | -30,250,000,000 | -20,200,000,000 | -8,550,000,000 | -20,200,000,000 | -8,550,000,000 | -23,750,000,000 | -14,450,000,000 | -8,800,000,000 | -3,200,000,000 | -1,730,000,000 | 0 | -1,919,000,000 | -783,000,000 | -7,326,000,000 | ' | 12,477,000,000 | -104,000,000 | -1,910,000,000 | -7,295,000,000 | -1,910,000,000 | -7,295,000,000 | -10,477,000,000 | -11,835,000,000 | -1,250,000,000 | -880,000,000 | ' | ' | ' | -50,000,000 | -50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,050,000,000 | 14,600,000,000 | 4,850,000,000 | 4,050,000,000 | 13,500,000,000 | 20,250,000,000 | 5,450,000,000 | 5,600,000,000 | 10,450,000,000 | 5,200,000,000 | 2,750,000,000 | 1,200,000,000 | 50,200,000,000 | 46,850,000,000 |
Average Fixed Pay Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 1.23% | ' | ' | 1.19% | 1.48% | 1.71% | 1.53% | 2.16% | 1.89% | 2.91% | 1.79% | 1.65% | 1.46% |
Average Receive Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | 0.26% | ' | ' | 0.26% | 0.29% | 0.28% | 0.34% | 0.27% | 0.35% | 0.26% | 0.31% | 0.24% | 0.29% |
Net Estimated Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -416,000,000 | -294,000,000 | ' | ' | -9,000,000 | -666,000,000 | 30,000,000 | -163,000,000 | 373,000,000 | -113,000,000 | 108,000,000 | 7,000,000 | 86,000,000 | -1,229,000,000 |
Interest Rate Derivative Not Designated As Hedging Instruments Average receive Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | 0.26% | ' | ' | 0.26% | 0.29% | 0.28% | 0.34% | 0.27% | 0.35% | 0.26% | 0.31% | 0.24% | 0.29% |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -32,000,000 | ' | -32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,000,000 | -1,000,000 | -1,015,000,000 | -1,264,000,000 | -652,000,000 | -1,243,000,000 | ' | ' | -320,000,000 | -20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,730,000,000 | ' | -7,359,000,000 | ' | ' | ' | -850,000,000 | -3,450,000,000 | -16,700,000,000 | -23,300,000,000 | ' | ' | ' | ' | -9,450,000,000 | -2,000,000,000 | -23,800,000,000 | -12,150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 74,996,000,000 | -40,532,000,000 | ' | ' | -11,266,000,000 | -11,550,000,000 | -31,408,000,000 | -30,480,000,000 | ' | ' | ' | ' | ' | ' | ' | -50,000,000 | -50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -3,838,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Derivatives Not Designated As Hedging Instruments additions due to Hedge De-Designations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,430,000,000 | ' | 5,629,000,000 | ' | ' | ' | 6,300,000,000 | 3,150,000,000 | 13,350,000,000 | 4,700,000,000 | ' | ' | ' | ' | 13,000,000,000 | 2,250,000,000 | 18,050,000,000 | 6,800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | -94,799,000,000 | 44,410,000,000 | ' | ' | 19,833,000,000 | 5,505,000,000 | 41,333,000,000 | 24,065,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 144,000,000 | 165,000,000 | 1,919,000,000 | 4,621,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,774,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -351,000,000 | -456,000,000 | 985,000,000 | -1,429,000,000 | ' | ' | ' | 0 | 0 | ' | ' | -49,000,000 | -27,000,000 | 14,000,000 | -91,000,000 | ' | ' | -222,000,000 | -438,000,000 | 967,000,000 | -1,067,000,000 | ' | ' | ' | ' | -134,000,000 | -25,000,000 | 276,000,000 | -96,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | -756,000,000 | -59,000,000 | ' | ' | 90,000,000 | -15,000,000 | 434,000,000 | -115,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading Securities | 4,851,000,000 | 0 | 4,851,000,000 | 0 | 0 | 3,750,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading Securities Added During the Period | 12,350,000,000 | ' | 19,654,000,000 | 2,446,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Trading Securities Settlement Expiration During The Period | -11,249,000,000 | ' | -14,803,000,000 | -2,546,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Average Remaining Maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 10 months 0 days | '2 years 0 months 0 days | ' | ' | '4 years 1 month 0 days | '4 years 1 month 0 days | '5 years 11 months 0 days | '6 years 1 month 0 days | '9 years 4 months 0 days | '9 years 2 months 0 days | '15 years 2 months 0 days | '10 years 2 months 0 days | '5 years 2 months 0 days | '4 years 5 months 0 days |
Proceeds from Securities Purchased under Agreements to Resell | ' | ' | $1,800,000,000 | ' | $11,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet2
Derivative and Other Hedging Instruments (Summary Of Outstanding Interest Rate Swaps Agreements Designated As Hedges in the Future) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Less Than or Equal to One Year [Member] | Less Than or Equal to One Year [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | greater than two years less than or equal to three years [Member] | greater than two years less than or equal to three years [Member] | greater than three years less than or equal to four years [Member] | greater than three years less than or equal to four years [Member] | greater than four years less than or equal to five years [Member] | greater than four years less than or equal to five years [Member] | ||
Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | |||||||||||
Cost | ' | ' | $425 | ' | ' | ' | ' | ' | $240 | $76 | $274 | ' | $123 | $65 | $47 | $97 | $7 | $12 | $8 | $24 |
Fair Value | 171 | 374 | 374 | ' | ' | ' | ' | ' | 169 | 15 | ' | ' | 117 | 34 | 62 | 87 | 12 | 11 | 14 | 24 |
Average Months to Expiration | 21 | ' | 13 | ' | ' | ' | ' | ' | 6 | 4 | ' | ' | 21 | 19 | 32 | 33 | 41 | 46 | 51 | 59 |
Notional Amount Of Derivatives Not Designated As Hedging Instruments additions due to Hedge De-Designations | ' | 20,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | $14,450 | ($20,200) | ($20,200) | ($23,750) | ($14,450) | ($8,550) | ($8,800) | ($3,200) | $13,150 | $5,150 | $14,600 | $18,050 | $4,850 | $4,050 | $1,600 | $3,900 | $300 | $450 | $300 | $900 |
Pay Rate | 2.99% | ' | 2.92% | ' | ' | ' | ' | ' | 2.71% | 2.65% | ' | ' | 3.17% | 2.82% | 3.60% | 3.51% | 3.27% | 3.20% | 3.76% | 3.33% |
Receive Rate | '1M / 3M | ' | '3M | ' | ' | ' | ' | ' | '3M | '1M / 3M | ' | ' | '3M | '3M | '3M | '3M | '3M | '3M | '3M | '3M |
Term (Years) | '7 years 9 months 12 days | ' | '7.0 | ' | ' | ' | ' | ' | '7.7 | '8 years 6 months 24 days | ' | ' | '5.7 | '6 years 8 months | '6.1 | '8 years 6 months 24 days | '5.0 | '6 years 1 month 12 days | '5.7 | '5 years 0 months |
Recovered_Sheet3
Derivative and Other Hedging Instruments (Summary of Outstanding Total Return Swaps) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Notional Amount | ($7,326) | $12,477 |
Fair Value of Derivative Instruments | ($196) | $95 |
Recovered_Sheet4
Derivative and Other Hedging Instruments (Summary Of Derivatives Outstanding Not Designated As Hedging Instruments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Derivative assets, at fair value [Member] | Derivative assets, at fair value [Member] | Derivative liabilities, at fair value [Member] | Derivative liabilities, at fair value [Member] | Treasury Futures Short [Member] | Treasury Futures Short [Member] | Treasury Futures Short [Member] | Treasury Futures Short [Member] | Treasury Futures Short [Member] | Treasury Futures Short [Member] | Treasury Futures [Member] | Treasury Futures [Member] | Treasury Futures [Member] | Treasury Futures [Member] | Put Option [Member] | Put Option [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Sale Of TBA And Forward Settling Agency Securities [Member] | Sale Of TBA And Forward Settling Agency Securities [Member] | Sale Of TBA And Forward Settling Agency Securities [Member] | Sale Of TBA And Forward Settling Agency Securities [Member] | Sale Of TBA And Forward Settling Agency Securities [Member] | Sale Of TBA And Forward Settling Agency Securities [Member] | Sale Of TBA And Forward Settling Agency Securities [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Markit IOS Total Return Swaps - Short [Member] | Markit IOS Total Return Swaps - Short [Member] | Markit IOS Total Return Swaps - Short [Member] | Markit IOS Total Return Swaps - Short [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Treasury Futures [Member] | Treasury Futures [Member] | Markit IOS Total Return Swaps - Short [Member] | Markit IOS Total Return Swaps - Short [Member] | Interest Rate Swap [Member] | Less Than or Equal to One Year [Member] | Less Than or Equal to One Year [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | Greater Than One Year and Less Than or Equal to Three Years [Member] | greater than two years less than or equal to three years [Member] | greater than two years less than or equal to three years [Member] | greater than three years less than or equal to four years [Member] | greater than three years less than or equal to four years [Member] | greater than four years less than or equal to five years [Member] | greater than four years less than or equal to five years [Member] | ||||||||
Derivative assets, at fair value [Member] | Derivative assets, at fair value [Member] | Derivative liabilities, at fair value [Member] | Derivative liabilities, at fair value [Member] | Derivative assets, at fair value [Member] | Derivative liabilities, at fair value [Member] | Derivative liabilities, at fair value [Member] | Derivative assets, at fair value [Member] | Interest Rate Swaps [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options At Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $425,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $240,000,000 | $76,000,000 | ' | $274,000,000 | $123,000,000 | $65,000,000 | $47,000,000 | $97,000,000 | $7,000,000 | $12,000,000 | $8,000,000 | $24,000,000 |
Interest Rate Derivatives, at Fair Value, Net | ' | ' | ' | ' | 171,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 374,000,000 | ' | 374,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 169,000,000 | 15,000,000 | ' | ' | 117,000,000 | 34,000,000 | 62,000,000 | 87,000,000 | 12,000,000 | 11,000,000 | 14,000,000 | 24,000,000 |
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | ' | ' | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 4 | ' | ' | 21 | 19 | 32 | 33 | 41 | 46 | 51 | 59 |
Notional Amount | ' | ' | ' | ' | 14,450,000,000 | ' | ' | ' | ' | ' | ' | -1,730,000,000 | ' | -1,730,000,000 | ' | -2,430,000,000 | 0 | -1,730,000,000 | 0 | -1,919,000,000 | -783,000,000 | -50,000,000 | -50,000,000 | -7,326,000,000 | 3,774,000,000 | 14,408,000,000 | -3,404,000,000 | ' | ' | ' | ' | ' | ' | ' | -50,200,000,000 | -48,850,000,000 | -50,200,000,000 | -48,850,000,000 | -55,650,000,000 | -46,850,000,000 | -48,550,000,000 | -30,250,000,000 | ' | ' | ' | 0 | 0 | -144,000,000 | -165,000,000 | -20,200,000,000 | -8,550,000,000 | -20,200,000,000 | -8,550,000,000 | -23,750,000,000 | -14,450,000,000 | -8,800,000,000 | -3,200,000,000 | ' | -1,910,000,000 | -7,295,000,000 | -1,910,000,000 | -7,295,000,000 | -10,477,000,000 | -11,835,000,000 | -1,250,000,000 | -880,000,000 | 50,200,000,000 | 46,850,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,150,000,000 | 5,150,000,000 | 18,050,000,000 | 14,600,000,000 | 4,850,000,000 | 4,050,000,000 | 1,600,000,000 | 3,900,000,000 | 300,000,000 | 450,000,000 | 300,000,000 | 900,000,000 |
Gain Loss on Other Debt | ' | 24,000,000 | 33,000,000 | -32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -351,000,000 | -456,000,000 | 985,000,000 | -1,429,000,000 | ' | ' | ' | ' | ' | ' | ' | -49,000,000 | -27,000,000 | 14,000,000 | -91,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | -82,000,000 | 49,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -222,000,000 | -438,000,000 | 967,000,000 | -1,067,000,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | -134,000,000 | -25,000,000 | 276,000,000 | -96,000,000 | ' | ' | ' | ' | ' | 90,000,000 | -15,000,000 | 434,000,000 | -115,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading Securities | 4,851,000,000 | 0 | 4,851,000,000 | 0 | 0 | 3,750,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading Securities Added During the Period | 12,350,000,000 | ' | 19,654,000,000 | 2,446,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Trading Securities Settlement Expiration During The Period | -11,249,000,000 | ' | -14,803,000,000 | -2,546,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,430,000,000 | ' | 5,629,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 11,963,000,000 | 23,540,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000,000 | 3,150,000,000 | 13,350,000,000 | 4,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000,000 | 2,250,000,000 | 18,050,000,000 | 6,800,000,000 | ' | ' | ' | ' | ' | 19,833,000,000 | 5,505,000,000 | 41,333,000,000 | 24,065,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,919,000,000 | 4,621,000,000 | 144,000,000 | 165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | -7,326,000,000 | ' | -7,326,000,000 | ' | 12,477,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 47,000,000 | 51,000,000 | 144,000,000 | 155,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,000,000 | 144,000,000 | ' | ' | ' | 47,000,000 | 144,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative assets not designated as hedging instruments | ' | ' | ' | ' | ' | ' | ' | 1,246,000,000 | 301,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 171,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liabilities not designated as hedging instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,015,000,000 | -1,264,000,000 | -32,000,000 | ' | -32,000,000 | ' | ' | ' | ' | ' | ' | ' | -1,000,000 | -1,000,000 | ' | ' | ' | ' | ' | ' | -320,000,000 | -20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -652,000,000 | -1,243,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on Derivative Instruments and Trading Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,000,000 | 50,000,000 | -1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 341,000,000 | 341,000,000 | -388,000,000 | 485,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Average Remaining Maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 2 months 0 days | '4 years 5 months 0 days | ' | ' | ' | ' | '2 years 3 months 20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 10 months 0 days | '2 years 0 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred gain loss discontinued interest rate swap expected to be reclassified from OCI to interest expense next twelve months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Higher Remaining Maturity Range | ' | ' | ' | ' | '4 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,730,000,000 | ' | -7,359,000,000 | ' | ' | ' | ' | ' | ' | ' | -50,000,000 | -50,000,000 | -33,697,000,000 | -16,362,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -850,000,000 | -3,450,000,000 | -16,700,000,000 | -23,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,450,000,000 | -2,000,000,000 | -23,800,000,000 | -12,150,000,000 | ' | ' | ' | ' | ' | -11,266,000,000 | -11,550,000,000 | -31,408,000,000 | -30,480,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -3,838,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additions Due to Hedge De-Designations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on Interest Only Securities Remeasured at Fair Value Through Earnings | 14,000,000 | 20,000,000 | -8,000,000 | 19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative Not Designated As Hedging instruments Pay Rate | ' | ' | ' | ' | 2.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.92% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.71% | 2.65% | ' | ' | 3.17% | 2.82% | 3.60% | 3.51% | 3.27% | 3.20% | 3.76% | 3.33% |
Interest Rate Derivative Not Designated As Hedging Instruments Receive Rate | ' | ' | ' | ' | '1M / 3M | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3M | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3M | '1M / 3M | ' | ' | '3M | '3M | '3M | '3M | '3M | '3M | '3M | '3M |
Derivatives Average Term | ' | ' | ' | ' | '7 years 9 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7.0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7.7 | '8 years 6 months 24 days | ' | ' | '5.7 | '6 years 8 months | '6.1 | '8 years 6 months 24 days | '5.0 | '6 years 1 month 12 days | '5.7 | '5 years 0 months |
Credit Derivative, Maximum Exposure, Undiscounted | 0.01 | ' | 0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other realized gain (loss) on derivative instruments and other securities, net | $2,000,000 | ' | ($3,000,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet5
Derivative and Other Hedging Instruments (Effect Of Derivative Instruments Not Designated As Hedges On Income Statement) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 |
Purchases Of TBAs And Forward Settling Agency Securities [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Purchases Of TBAs And Forward Settling Agency Securities [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | Payer Interest Rate Swaps [Member] | Payer Interest Rate Swaps [Member] | Payer Interest Rate Swaps [Member] | Payer Interest Rate Swaps [Member] | Payer Interest Rate Swaps [Member] | Payer Interest Rate Swaps [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Short Sales Of U S Government Securities [Member] | Treasury Futures [Member] | Treasury Futures [Member] | Treasury Futures [Member] | Treasury Futures [Member] | Treasury Futures Short [Member] | Treasury Futures Short [Member] | Treasury Futures Short [Member] | Treasury Futures Short [Member] | Treasury Futures Short [Member] | Markit IOS Total Return Swaps - Short [Member] | Markit IOS Total Return Swaps - Short [Member] | Markit IOS Total Return Swaps - Short [Member] | |||||
Other realized gain (loss) on derivative instruments and other securities, net | $2 | ' | ($3) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized Gain On Derivative Instrument And Trading Securities | 14 | 20 | -8 | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | 14,450 | ' | 12,477 | -104 | -7,326 | ' | ' | -50 | -55,650 | -48,550 | -46,850 | -30,250 | -50,200 | -48,850 | -23,750 | -8,800 | -14,450 | -3,200 | -20,200 | -8,550 | -10,477 | -1,250 | -11,835 | -880 | -1,910 | -7,295 | -1,730 | 0 | -1,919 | -783 | -2,430 | ' | 0 | ' | -1,730 | -144 | -165 | 0 |
Additions | ' | ' | ' | ' | 74,996 | -40,532 | ' | -50 | -50 | ' | -850 | -3,450 | -16,700 | -23,300 | ' | ' | -9,450 | -2,000 | -23,800 | -12,150 | ' | ' | -11,266 | -11,550 | -31,408 | -30,480 | ' | ' | ' | ' | ' | ' | -3,730 | ' | -7,359 | ' | ' | ' | ' | ' |
Additions Due to Hedge De-Designations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement, Expirations or Exercise | ' | ' | ' | ' | -94,799 | 44,410 | ' | ' | 0 | ' | 6,300 | 3,150 | 13,350 | 4,700 | ' | ' | 13,000 | 2,250 | 18,050 | 6,800 | ' | ' | 19,833 | 5,505 | 41,333 | 24,065 | ' | ' | ' | ' | ' | ' | 4,430 | ' | 5,629 | ' | ' | ' | ' | ' |
Amount Gain/(Loss) Recognized in Income on Derivatives | ($351) | ($456) | $985 | ($1,429) | ($756) | ($59) | ' | ' | ' | ' | ($222) | ($438) | $967 | ($1,067) | ' | ' | ($134) | ($25) | $276 | ($96) | ' | ' | $90 | ($15) | $434 | ($115) | ' | ' | ' | ' | ' | ' | ($49) | ($27) | $14 | ($91) | ' | $0 | $0 | ' |
Offsetting_Assets_and_Liabilit2
Offsetting Assets and Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | ' | $1,243 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 652 | 1,243 |
Available-for-sale Securities Pledged as Collateral | 80,721 | 79,966 |
Amount of Liabilities and Collateral Pledged, Net | 0 | ' |
Derivative Asset, Fair Value, Gross Asset | -7,256 | 12,870 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 1,112 | 185 |
Obligation to Return Securities Received as Collateral | -2,339 | -10,667 |
Receivable Under Reverse Repurchase Agreements | 1,808 | 11,818 |
Receivable under Reverse Repurchase Agreement not offset against collateral | 1,808 | 11,818 |
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value | 1,801 | 11,763 |
obligation to return cash collateral received | -581 | -1,157 |
Amount of Net Assets and Collateral Received, Net | 0 | 179 |
Total Derivative, Other Hedging Instruments and Other Assets, Gross | 2,920 | 12,003 |
Total Derivative Other Hedging Instruments and Other Assets Not Offset vs Collateral | 2,920 | 12,003 |
Borrowings Outstanding | 82,473 | 74,478 |
Total Derivative, Other Hedging Instruments and Other Liabilities, Gross | 83,125 | 75,721 |
Interest Rate Swap and Swaption [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | -531 | -185 |
Restricted Cash Pledged As Collateral | -121 | -1,058 |
Obligation to Return Securities Received as Collateral | -531 | -185 |
Interest Rate Swap and Swaption [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 1,112 | 185 |
Repurchase Agreements [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | -1,808 | -10,482 |
Restricted Cash Pledged As Collateral | -80,665 | -63,996 |
Repurchase Agreements [Member] | Interest Rate Swap and Swaption [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | -2,339 | -10,667 |
Restricted Cash Pledged As Collateral | -80,786 | -65,054 |
Reverse Repurchase Agreements [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value | -1,808 | -10,482 |
obligation to return cash collateral received | 0 | ' |
Repurchase Agreements [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Amount of Net Assets and Collateral Received, Net | 0 | ' |
Interest Rate Swap and Swaption [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
obligation to return cash collateral received | -581 | ' |
Amount of Net Assets and Collateral Received, Net | $0 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | $83,805 | $83,710 |
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 4,823 | 0 |
Derivative Assets | 1,246 | 301 |
Other Long-term Debt | 736 | 937 |
Obligation to return securities borrowed under reverse repurchase agreements, at fair value | -1,801 | -11,763 |
Derivative Liabilities | 1,015 | 1,264 |
Transfers between hierarchy levels | '0 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | ' | 937 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 4,823 | 0 |
Liabilities, Fair Value Disclosure | 1,833 | 11,763 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Treasury Futures [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Liabilities | 32 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 86,255 | 85,546 |
Liabilities, Fair Value Disclosure | 1,719 | 2,201 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other derivative instruments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Liabilities | ' | 21 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Put Option [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Liabilities | 1 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Swaptions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets | ' | 171 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | TBA and Forward Settling Agency Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets | 134 | 116 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Sale Of TBA And Forward Settling Agency Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets | 330 | ' |
Derivative assets, at fair value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 1,246 | 301 |
Interest Rate Swaps [Member] | Derivative assets, at fair value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | ' | 14 |
Interest Rate Swaps [Member] | Derivative assets, at fair value [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 738 | 14 |
Interest Rate Swaps [Member] | Derivative liabilities, at fair value [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 652 | 1,243 |
Payer Swaption [Member] | Derivative assets, at fair value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | ' | 171 |
Payer Swaption [Member] | Derivative assets, at fair value [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Swaptions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 374 | ' |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | $85,009 | $85,245 |
Stockholders_Equity_Summary_of
Stockholders' Equity (Summary of Follow-on Public Offerings of Common Stock) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
At the Market Offering Program [Member] | Common Stock [Member] | Dividend Reinvestment And Direct Stock Purchase Plan [Member] | Agency Securities [Member] | Agency Securities [Member] | Agency Securities [Member] | Agency Securities [Member] | Agency Securities [Member] | Agency Securities [Member] | Agency Securities [Member] | Agency Securities [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||
Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | ||||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | ' | ' | $1,000 | ' | $500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | -11.9 | ' | -12.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | $22.16 | ' | ' | $22.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Value | -263 | ' | -270 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | 653 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | -777 | 2,775 | -777 | 2,775 | -1,610 | 2,040 | 1,585 | 1,002 | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 833 | 1,190 | -2,817 | 1,773 | ' | ' | ' | ' | ' | 100 | 1,400 | -3,559 | 2,616 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income Reclassification Adjustment For Sale Of Security Reversal Of Prior Period Unrealized Gain And Losses On Realization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 733 | -210 | 742 | -843 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 47 | 51 | 144 | 155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47 | 144 | ' | ' | 47 | 144 |
Total Reclass of Other Comprehensive Income | 780 | ' | 886 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
net current period other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 833 | ' | -2,817 | ' | ' | ' | ' | ' | 47 | 144 | ' | ' | ' | ' |
Other comprehensive income (loss) | 880 | 1,241 | -2,673 | 1,928 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | 16.7 | ' | 21.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public offering price per share | $31.34 | ' | $31.34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public offering of common stock | ' | ' | 57.5 | ' | ' | ' | ' | 57.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' | 1,803 | 3,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -341 | -341 | 388 | -485 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($1,118) | ' | ($1,118) | ' | $1,555 | ($1,998) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
At the Market Offering Program [Member] | Dividend Reinvestment And Direct Stock Purchase Plan [Member] | Agency Securities [Member] | Agency Securities [Member] | Agency Securities [Member] | Agency Securities [Member] | Agency Securities [Member] | Agency Securities [Member] | Agency Securities [Member] | Agency Securities [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||
Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ($777) | $2,775 | ($777) | $2,775 | ($1,610) | $2,040 | $1,585 | $1,002 | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income Reclassification Adjustment For Sale Of Security Reversal Of Prior Period Unrealized Gain And Losses On Realization | ' | ' | ' | ' | ' | ' | ' | ' | 733 | -210 | 742 | -843 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spread Over LIBOR | ' | ' | '42 | ' | '43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | 6.9 | ' | 6.9 | ' | 6.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, value | ' | ' | 1,803 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public offering of common stock | ' | ' | 57.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for issuance | ' | ' | ' | ' | ' | ' | 16.7 | 21.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | ' | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Preferred Stock and Preference Stock | ' | ' | 0 | 167 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | 1,000 | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | -11.9 | ' | -12.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Value | -263 | ' | -270 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 47 | 51 | 144 | 155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47 | 144 | ' | ' | 47 | 144 |
Total Reclass of Other Comprehensive Income | 780 | ' | 886 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 341 | 341 | -388 | 485 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -1,118 | ' | -1,118 | ' | 1,555 | -1,998 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 833 | 1,190 | -2,817 | 1,773 | ' | ' | ' | ' | 100 | 1,400 | -3,559 | 2,616 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
net current period other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 833 | ' | -2,817 | ' | ' | ' | ' | ' | 47 | 144 | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $880 | $1,241 | ($2,673) | $1,928 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |