Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
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 | ' | 352,788,707 |
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 $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Assets: | ' | ' |
Agency securities, at fair value | $52,174,000,000 | $64,482,000,000 |
Agency securities transferred to consolidated variable interest entities, at fair value | 1,377,000,000 | 1,459,000,000 |
U.S. Treasury securities, at fair value | 1,247,000,000 | 3,822,000,000 |
REIT equity securities, at fair value | 202,000,000 | 237,000,000 |
Cash and cash equivalents | 1,747,000,000 | 2,143,000,000 |
Restricted cash | 783,000,000 | 101,000,000 |
Derivative assets, at fair value | 593,000,000 | 1,194,000,000 |
Receivable for agency securities sold | 1,872,000,000 | 652,000,000 |
Receivable under reverse repurchase agreements | 6,621,000,000 | 1,881,000,000 |
Proceeds from Securities Purchased under Agreements to Resell | 6,000,000,000 | 1,900,000,000 |
Other assets | 238,000,000 | 284,000,000 |
Total assets | 66,854,000,000 | 76,255,000,000 |
Liabilities: | ' | ' |
Repurchase agreements | 48,714,000,000 | 63,533,000,000 |
Other debt | 844,000,000 | 910,000,000 |
Payable for agency securities purchased | 558,000,000 | 118,000,000 |
Derivative liabilities, at fair value | 583,000,000 | 422,000,000 |
Dividend payable | 235,000,000 | 235,000,000 |
Obligation to return securities borrowed under reverse repurchase agreements, at fair value | 6,094,000,000 | 1,848,000,000 |
Accounts payable and other accrued liabilities | 215,000,000 | 492,000,000 |
Total liabilities | 57,243,000,000 | 67,558,000,000 |
Stockholders' equity: | ' | ' |
Preferred Stock, Value, Issued | 336,000,000 | 167,000,000 |
Common stock | 4,000,000 | 4,000,000 |
Additional paid-in capital | 10,332,000,000 | 10,406,000,000 |
Retained earnings (deficit) | -1,073,000,000 | -497,000,000 |
Accumulated other comprehensive income | 12,000,000 | -1,383,000,000 |
Total stockholders' equity | 9,611,000,000 | 8,697,000,000 |
Total liabilities and stockholders' equity | $66,854,000,000 | $76,255,000,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Available-for-sale Securities Pledged as Collateral | $50,057 | $62,205 |
Trading Securities Pledged as Collateral | 1,247 | 3,778 |
Assets Pledged included in Receivable for Securities Sold | 441 | 622 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 10 | 10 |
Preferred Stock, Shares Issued | 6.9 | 6.9 |
Preferred Stock, Shares Outstanding | 6.9 | 6.9 |
Pref'd Stock Liquidation Preference | $348 | $173 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 600 | 600 |
Common Stock, Shares, Issued | 352.8 | 356.2 |
Common Stock, Shares, Outstanding | 352.8 | 356.2 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income: | ' | ' | ' | ' |
Interest income | $385 | $545 | $784 | $1,092 |
Interest expense | 95 | 131 | 203 | 271 |
Net interest income | 290 | 414 | 581 | 821 |
Other income, net: | ' | ' | ' | ' |
Gain on sale of agency securities, net | 22 | 17 | 3 | -9 |
(Loss) gain on derivative instruments and other securities, net | -244 | 1,444 | -621 | 1,346 |
Total other income, net | -222 | 1,461 | -618 | 1,337 |
Expenses: | ' | ' | ' | ' |
Management fees | 30 | 37 | 59 | 70 |
General and administrative expenses | 6 | 9 | 12 | 18 |
Total expenses | 36 | 46 | 71 | 88 |
Income before income tax | 32 | 1,829 | -108 | 2,070 |
Income tax benefit, net | 0 | 0 | 0 | 10 |
Dividend on preferred stock | 5 | 3 | 9 | 7 |
Net income | 32 | 1,829 | -108 | 2,060 |
Net (loss) income (attributable) available to common shareholders | 27 | 1,826 | -117 | 2,053 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on available-for-sale securities, net | 790 | -2,813 | 1,312 | -3,650 |
Unrealized (loss) gain on derivative instruments, net | 40 | 48 | 83 | 97 |
Other comprehensive income (loss) | 830 | -2,765 | 1,395 | -3,553 |
Comprehensive income | 862 | -936 | 1,287 | -1,493 |
Dividend on preferred stock | 5 | 3 | 9 | 7 |
Comprehensive income available to common shareholders | $857 | ($939) | $1,278 | ($1,500) |
Weighted average number of common shares outstanding-basic and diluted | 352.8 | 396.4 | 353.8 | 376.4 |
Net income per common share - basic and diluted | $0.08 | $4.61 | ($0.33) | $5.45 |
Comprehensive income per share - basic and diluted | $2.43 | ($2.37) | $3.61 | ($3.99) |
Dividends declared per common share | $0.65 | $1.05 | $1.30 | $2.30 |
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] |
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 | ' | ' | ' |
Balance, Preferred Stock, shares at Dec. 31, 2012 | ' | 6.9 | ' | ' | ' | ' |
Net income | 2,060 | ' | ' | ' | 2,060 | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on available-for-sale securities, net | -3,650 | ' | ' | ' | ' | -3,650 |
Unrealized (loss) gain on derivative instruments, net | 97 | ' | ' | ' | ' | 97 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | ' | ' | ' | ' | ' |
Issuance of common stock, value | 1,803 | ' | 1 | 1,802 | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | -0.3 | ' | ' | ' |
Dividends, Preferred Stock, Cash | -7 | ' | ' | ' | -7 | ' |
Stock Repurchased During Period, Value | -7 | ' | -7 | ' | ' | ' |
Issuance of common stock, shares | ' | ' | 57.6 | ' | ' | ' |
Common dividends declared | 912 | ' | ' | ' | 912 | ' |
Balance, value at Jun. 30, 2013 | 10,280 | 167 | 4 | 11,255 | 852 | -1,998 |
Balance, Common Stock, shares at Jun. 30, 2013 | ' | ' | 396.2 | ' | ' | ' |
Balance, Preferred Stock, shares at Jun. 30, 2013 | ' | 6.9 | ' | ' | ' | ' |
Balance, value at Dec. 31, 2013 | 8,697 | 167 | 4 | 10,406 | -497 | -1,383 |
Balance, Common Stock, shares at Dec. 31, 2013 | 356.2 | ' | 356.2 | ' | ' | ' |
Balance, Preferred Stock, shares at Dec. 31, 2013 | 6.9 | 6.9 | ' | ' | ' | ' |
Net income | -108 | ' | ' | ' | ' | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on available-for-sale securities, net | 1,312 | ' | ' | ' | ' | 1,312 |
Unrealized (loss) gain on derivative instruments, net | 83 | ' | ' | ' | ' | 83 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 169 | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | -3.4 | ' | ' | ' |
Dividends, Preferred Stock, Cash | -9 | ' | ' | ' | -9 | ' |
Stock Repurchased During Period, Value | -74 | ' | -74 | ' | ' | ' |
Common dividends declared | 459 | ' | ' | ' | 459 | ' |
Balance, value at Jun. 30, 2014 | $9,611 | $336 | $4 | $10,332 | ($1,073) | $12 |
Balance, Common Stock, shares at Jun. 30, 2014 | 352.8 | ' | 352.8 | ' | ' | ' |
Balance, Preferred Stock, shares at Jun. 30, 2014 | 6.9 | 6.9 | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities: | ' | ' |
Net income (loss) | ($108) | $2,060 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization of agency securities premiums and discounts, net | 251 | 232 |
Amortization of accumulated other comprehensive loss on interest rate swaps de-designated as qualifying hedges | 83 | 97 |
Gain on sale of agency securities, net | -3 | 9 |
Loss (gain) on derivative instruments and other securities, net | 621 | -1,346 |
Increase in other assets | 64 | -10 |
Increase in accounts payable and other accrued liabilities | 24 | -30 |
Net cash provided by operating activities | 932 | 1,012 |
Investing activities: | ' | ' |
Purchases of agency securities | -6,677 | -33,962 |
Proceeds from sale of agency securities | 15,660 | 33,318 |
Principal collections on agency securities | 3,713 | 5,304 |
Purchases of U.S. Treasury securities | -16,640 | -28,555 |
Proceeds from sale of U.S. Treasury securities | 23,324 | 23,396 |
Proceeds from reverse repurchase agreements | -4,740 | 2,388 |
Net (payments) receipts on other derivative instruments not designated as qualifying hedges | 225 | -306 |
Purchases of REIT equity securities | -204 | 0 |
Proceeds from sale of REIT equity securities | 238 | 0 |
Decrease in restricted cash | -682 | -817 |
Other investing cash flows, net | -277 | 0 |
Net cash used in investing activities | 13,940 | 766 |
Financing activities: | ' | ' |
Proceeds from repurchase arrangements, net | 143,771 | 209,673 |
Payments made on repurchase agreements | -158,590 | -211,700 |
Repayments on other debt | -76 | -128 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 169 | 0 |
Net proceeds from common stock issuances | 0 | 1,803 |
Payments made on common stock repurchases | -74 | -7 |
Stock Repurchased During Period, Value | -74 | -7 |
Cash dividends paid | -468 | -926 |
Net cash provided by financing activities | -15,268 | -1,285 |
Net change in cash and cash equivalents | -396 | 493 |
Cash and cash equivalents at beginning of period | 2,143 | 2,430 |
Cash and cash equivalents at end of period | $1,747 | $2,923 |
Unaudited_Interim_Consolidated
Unaudited Interim Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | ' |
Quarterly Financial Information [Text Block] | ' |
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 | 6 Months Ended |
Jun. 30, 2014 | |
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") and in other assets reasonably related to agency securities. | |
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 | 6 Months Ended |
Jun. 30, 2014 | |
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 sell any of our agency securities as part of our overall management of our investment portfolio. Accordingly, we typically designate our agency 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 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 and principal-only securities are included in agency securities, at fair value on the accompanying consolidated balance sheets. | |
REIT equity securities represent investments in the common stock of other publicly traded mortgage REITs that invest predominantly in agency MBS. We designate our investments in REIT equity securities as trading securities and report them at fair value on the accompanying consolidated balance sheets. | |
We estimate the fair value of our agency 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, benchmark 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. We estimate the fair value of our REIT equity securities on a market approach using "Level 1" inputs based on quoted market prices. Refer to Note 8 for further discussion of fair value measurements. | |
We evaluate our agency 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 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) the actual prepayments to date plus our 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 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 ("swaptions"). We also utilize forward contracts for the purchase or sale of agency MBS securities on a generic pool basis, or a TBA contract, 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 and principal-only securities. | |
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 the 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 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 interest rate 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 the 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 changes in interest rates on the performance of our investment portfolio (referred to as "convexity risk"). 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 rate 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 either the TBA contracts do not settle in the shortest period of time possible or 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. | |
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 | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
Investment Securities | |||||||||||||||||||||||||
As of June 30, 2014, we had agency MBS of $53.6 billion at fair value, with a total cost basis of $53.3 billion. The net unamortized premium balance on our agency MBS as of June 30, 2014 was $2.4 billion, including interest and principal-only strips. The following tables summarize our investments in agency MBS as of June 30, 2014 (dollars in millions): | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Agency MBS | Fannie Mae | Freddie Mac | Ginnie Mae | Total | |||||||||||||||||||||
Available-for-sale agency MBS: | |||||||||||||||||||||||||
Agency MBS, par | $ | 39,944 | $ | 10,494 | $ | 191 | $ | 50,629 | |||||||||||||||||
Unamortized discount | (17 | ) | (5 | ) | — | (22 | ) | ||||||||||||||||||
Unamortized premium | 1,777 | 515 | 5 | 2,297 | |||||||||||||||||||||
Amortized cost | 41,704 | 11,004 | 196 | 52,904 | |||||||||||||||||||||
Gross unrealized gains | 488 | 131 | 5 | 624 | |||||||||||||||||||||
Gross unrealized losses | (267 | ) | (134 | ) | — | (401 | ) | ||||||||||||||||||
Total available-for-sale agency MBS, at fair value | 41,925 | 11,001 | 201 | 53,127 | |||||||||||||||||||||
Agency MBS remeasured at fair value through earnings: | |||||||||||||||||||||||||
Interest-only and principal-only strips, amortized cost 1 | 368 | 29 | — | 397 | |||||||||||||||||||||
Gross unrealized gains | 27 | 3 | — | 30 | |||||||||||||||||||||
Gross unrealized losses | (2 | ) | (1 | ) | — | (3 | ) | ||||||||||||||||||
Total agency MBS remeasured at fair value through earnings | 393 | 31 | — | 424 | |||||||||||||||||||||
Total agency MBS, at fair value | $ | 42,318 | $ | 11,032 | $ | 201 | $ | 53,551 | |||||||||||||||||
Weighted average coupon as of June 30, 2014 2 | 3.6 | % | 3.75 | % | 3.54 | % | 3.63 | % | |||||||||||||||||
Weighted average yield as of June 30, 2014 3 | 2.68 | % | 2.81 | % | 1.65 | % | 2.7 | % | |||||||||||||||||
Weighted average yield for the quarter ended June 30, 2014 3 | 2.69 | % | 2.76 | % | 1.7 | % | 2.71 | % | |||||||||||||||||
 ________________________ | |||||||||||||||||||||||||
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 5.48% of this amount as of June 30, 2014. The par value of our principal-only agency MBS strips was $259 million as of June 30, 2014. | ||||||||||||||||||||||||
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 June 30, 2014. | ||||||||||||||||||||||||
3 | Incorporates a weighted average future constant prepayment rate assumption of 8% based on forward rates as of June 30, 2014. | ||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Agency MBS | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
Fixed rate | $ | 50,691 | $ | 581 | $ | (401 | ) | $ | 50,871 | ||||||||||||||||
Adjustable rate | 967 | 21 | — | 988 | |||||||||||||||||||||
CMO | 1,246 | 22 | — | 1,268 | |||||||||||||||||||||
Interest-only and principal-only strips | 397 | 30 | (3 | ) | 424 | ||||||||||||||||||||
Total agency MBS | $ | 53,301 | $ | 654 | $ | (404 | ) | $ | 53,551 | ||||||||||||||||
As of December 31, 2013, we had agency MBS of $65.9 billion at fair value, with a total cost basis of $67.0 billion. The net unamortized premium balance on our agency MBS as of December 31, 2013 was $3.0 billion, including interest and principal-only strips. The following tables summarize our investments in agency MBS as of December 31, 2013 (dollars in millions): | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Agency MBS | Fannie Mae | Freddie Mac | Ginnie Mae | Total | |||||||||||||||||||||
Available-for-sale agency MBS: | |||||||||||||||||||||||||
Agency MBS, par | $ | 50,914 | $ | 12,640 | $ | 223 | $ | 63,777 | |||||||||||||||||
Unamortized discount | (25 | ) | (7 | ) | — | (32 | ) | ||||||||||||||||||
Unamortized premium | 2,210 | 631 | 7 | 2,848 | |||||||||||||||||||||
Amortized cost | 53,099 | 13,264 | 230 | 66,593 | |||||||||||||||||||||
Gross unrealized gains | 181 | 74 | 5 | 260 | |||||||||||||||||||||
Gross unrealized losses | (991 | ) | (358 | ) | — | (1,349 | ) | ||||||||||||||||||
Total available-for-sale agency MBS, at fair value | 52,289 | 12,980 | 235 | 65,504 | |||||||||||||||||||||
Agency MBS remeasured at fair value through earnings: | |||||||||||||||||||||||||
Interest-only and principal-only strips, amortized cost 1 | 400 | 32 | — | 432 | |||||||||||||||||||||
Gross unrealized gains | 13 | 3 | — | 16 | |||||||||||||||||||||
Gross unrealized losses | (9 | ) | (2 | ) | — | (11 | ) | ||||||||||||||||||
Total agency MBS remeasured at fair value through earnings | 404 | 33 | — | 437 | |||||||||||||||||||||
Total agency MBS, at fair value | $ | 52,693 | $ | 13,013 | $ | 235 | $ | 65,941 | |||||||||||||||||
Weighted average coupon as of December 31, 2013 2 | 3.53 | % | 3.78 | % | 3.56 | % | 3.58 | % | |||||||||||||||||
Weighted average yield as of December 31, 2013 3 | 2.66 | % | 2.87 | % | 1.66 | % | 2.7 | % | |||||||||||||||||
Weighted average yield for the year ended December 31, 2013 3 | 2.74 | % | 2.87 | % | 1.79 | % | 2.77 | % | |||||||||||||||||
 ________________________ | |||||||||||||||||||||||||
1 | The underlying unamortized principal balance ("UPB" or "par value") of our interest-only agency MBS strips was $1.4 billion and the weighted average contractual interest we are entitled to receive was 5.50% of this amount as of December 31, 2013. The par value of our principal-only agency MBS strips was $271 million as of December 31, 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 December 31, 2013. | ||||||||||||||||||||||||
3 | Incorporates a weighted average future constant prepayment rate assumption of 7% based on forward rates as of December 31, 2013. | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Agency MBS | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
Fixed rate | $ | 64,057 | $ | 242 | $ | (1,338 | ) | $ | 62,961 | ||||||||||||||||
Adjustable rate | 1,223 | 15 | (3 | ) | 1,235 | ||||||||||||||||||||
CMO | 1,313 | 3 | (8 | ) | 1,308 | ||||||||||||||||||||
Interest-only and principal-only strips | 432 | 16 | (11 | ) | 437 | ||||||||||||||||||||
Total agency MBS | $ | 67,025 | $ | 276 | $ | (1,360 | ) | $ | 65,941 | ||||||||||||||||
The actual maturities of our agency MBS 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 June 30, 2014 and December 31, 2013, our weighted average expected constant prepayment rate ("CPR") over the remaining life of our aggregate agency MBS portfolio was 8% and 7%, 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 June 30, 2014 and December 31, 2013 according to their estimated weighted average life classification (dollars in millions): | |||||||||||||||||||||||||
30-Jun-14 | December 31, 2013 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||
≤ 1 year | $ | 93 | $ | 90 | 2.66% | 2.31% | $ | 129 | $ | 129 | 3.07% | 2.53% | |||||||||||||
> 1 year and ≤ 3 years | 163 | 158 | 4.61% | 3.26% | 498 | 491 | 4.08% | 2.25% | |||||||||||||||||
> 3 years and ≤ 5 years | 22,395 | 22,042 | 3.46% | 2.46% | 24,471 | 24,342 | 3.59% | 2.57% | |||||||||||||||||
> 5 years and ≤10 years | 29,833 | 29,955 | 3.54% | 2.82% | 38,522 | 39,635 | 3.39% | 2.73% | |||||||||||||||||
> 10 years | 643 | 659 | 3.82% | 2.99% | 1,884 | 1,996 | 3.66% | 2.96% | |||||||||||||||||
Total | $ | 53,127 | $ | 52,904 | 3.51% | 2.68% | $ | 65,504 | $ | 66,593 | 3.47% | 2.68% | |||||||||||||
 _______________________ | |||||||||||||||||||||||||
1 | Excludes interest and principal-only strips. | ||||||||||||||||||||||||
The weighted average life of our interest-only strips was 6.5 and 6.3 years as of June 30, 2014 and December 31, 2013, respectively. The weighted average life of our principal-only strips was 8.8 and 8.6 years as of June 30, 2014 and December 31, 2013, 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 six months ended June 30, 2014 and 2013 (in millions): | |||||||||||||||||||||||||
Agency Securities Classified as | Beginning Accumulated OCI | Unrealized | Reversal of | Ending | |||||||||||||||||||||
Available-for-Sale | Balance | Gains and (Losses), Net | Unrealized | Accumulated OCI | |||||||||||||||||||||
(Gains) and Losses, | Balance | ||||||||||||||||||||||||
Net on Realization | |||||||||||||||||||||||||
Three months ended June 30, 2014 | $ | (566 | ) | 813 | (22 | ) | $ | 225 | |||||||||||||||||
Three months ended June 30, 2013 | $ | 1,203 | (2,796 | ) | (17 | ) | $ | (1,610 | ) | ||||||||||||||||
Six months ended June 30, 2014 | $ | (1,087 | ) | 1,315 | (3 | ) | $ | 225 | |||||||||||||||||
Six months ended June 30, 2013 | $ | 2,040 | (3,659 | ) | 9 | $ | (1,610 | ) | |||||||||||||||||
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 June 30, 2014 and December 31, 2013 (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 | |||||||||||||||||||
June 30, 2014 | $ | 349 | $ | (4 | ) | $ | 19,583 | $ | (397 | ) | $ | 19,932 | $ | (401 | ) | ||||||||||
December 31, 2013 | $ | 42,853 | $ | (1,248 | ) | $ | 1,586 | $ | (101 | ) | $ | 44,439 | $ | (1,349 | ) | ||||||||||
As of the end of each respective reporting period, 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 six months ended June 30, 2014 and 2013. 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 securities classified as available-for-sale for the three and six months ended June 30, 2014 and 2013 (in millions): | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Agency Securities Classified as | 30-Jun-14 | June 30, 2013 | 30-Jun-14 | June 30, 2013 | |||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
Agency MBS sold, at cost | $ | (7,166 | ) | $ | (15,069 | ) | $ | (16,877 | ) | $ | (35,397 | ) | |||||||||||||
Proceeds from agency MBS sold 1 | 7,188 | 15,086 | 16,880 | 35,388 | |||||||||||||||||||||
Net gain (loss) on sale of agency MBS | $ | 22 | $ | 17 | $ | 3 | $ | (9 | ) | ||||||||||||||||
Gross gain on sale of agency MBS | $ | 49 | $ | 93 | $ | 91 | $ | 180 | |||||||||||||||||
Gross loss on sale of agency MBS | (27 | ) | (76 | ) | (88 | ) | (189 | ) | |||||||||||||||||
Net gain (loss) on sale of agency MBS | $ | 22 | $ | 17 | $ | 3 | $ | (9 | ) | ||||||||||||||||
  ________________________ | |||||||||||||||||||||||||
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 six months ended June 30, 2014, we recognized a net unrealized gain of $15 million and $27 million, respectively, and for the three and six months ended June 30, 2013 we recognized an unrealized loss of $20 million and $21 million, respectively, for the change in value of investments in interest and principal-only strips in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. Over the same periods, we did not recognize any realized gains or losses on our interest or principal-only securities. | |||||||||||||||||||||||||
Securitizations and Variable Interest Entities | |||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, 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, we recognized agency securities with a total fair value of $1.4 billion and $1.5 billion as of June 30, 2014 and December 31, 2013, respectively, and debt, at fair value, of $844 million and $910 million, respectively, in our accompanying consolidated balance sheets. As of June 30, 2014 and December 31, 2013, such agency securities had an aggregate unpaid principal balance of $1.3 billion and $1.4 billion, respectively, and such debt had an aggregate unpaid principal balance of $823 million and $900 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 and six months ended June 30, 2014, we recognized a net loss of $9 million and $12 million, respectively, and for the three and six months ended June 30, 2013 we recognized a net gain of $20 million and $34 million, respectively, associated with our consolidated debt. 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 June 30, 2014 and December 31, 2013, the fair value of our CMO securities and interest and principal-only securities was $1.7 billion, excluding the consolidated CMO trusts discussed above, or $2.2 billion and $2.3 billion, respectively, including the net asset value of our consolidated CMO trusts. Our maximum exposure to loss related to our CMO securities and interest and principal-only securities, including our consolidated CMO trusts, was $281 million and $246 million as of June 30, 2014 and December 31, 2013, respectively. |
Repurchase_Agreements_And_Othe
Repurchase Agreements And Other Debt | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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. For additional information regarding our pledged assets please refer to Note 7. 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. If the fair value of our pledged securities declines, lenders will typically require us to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as "margin calls." Similarly, if the fair value of our pledged securities increases, lenders may release collateral back to us. As of June 30, 2014, 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 June 30, 2014 and December 31, 2013 (dollars in millions): | |||||||||||||||||||||
30-Jun-14 | December 31, 2013 | ||||||||||||||||||||
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 | $ | 11,119 | 0.34 |  % | 15 | $ | 23,577 | 0.42 | % | 15 | |||||||||||
> 1 to ≤ 3 months | 14,511 | 0.36 |  % | 54 | 20,490 | 0.43 | % | 61 | |||||||||||||
> 3 to ≤ 6 months | 10,293 | 0.42 |  % | 138 | 6,946 | 0.45 | % | 140 | |||||||||||||
> 6 to ≤ 9 months | 4,735 | 0.48 |  % | 236 | 2,232 | 0.53 | % | 230 | |||||||||||||
> 9 to ≤ 12 months | 2,585 | 0.49 |  % | 309 | 3,607 | 0.54 | % | 323 | |||||||||||||
> 12 to ≤ 24 months | 2,273 | 0.59 |  % | 485 | 3,261 | 0.6 | % | 603 | |||||||||||||
> 24 to ≤ 36 months | 600 | 0.59 |  % | 782 | 500 | 0.62 | % | 930 | |||||||||||||
> 36 to ≤ 48 months | 502 | 0.63 |  % | 1,355 | 202 | 0.71 | % | 1,257 | |||||||||||||
> 48 to < 60 months | 900 | 0.67 | Â % | 1,726 | 400 | 0.66 | % | 1,574 | |||||||||||||
Total agency MBS | 47,518 | 0.41 | Â % | 170 | 61,215 | 0.45 | % | 124 | |||||||||||||
U.S. Treasury securities: | |||||||||||||||||||||
1 day | 1,196 | (0.35 | )% | 1 | 2,318 | 0.02 | % | 1 | |||||||||||||
Total / Weighted Average | $ | 48,714 | 0.39 | Â % | 166 | $ | 63,533 | 0.44 | % | 119 | |||||||||||
As of June 30, 2014 and December 31, 2013, debt of consolidated VIEs, at fair value ("other debt") was $844 million and $910 million, respectively. As of June 30, 2014 and December 31, 2013, our other debt had a weighted average interest rate of LIBOR plus 43 and 42 basis points and a principal balance of $823 million and $900 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 June 30, 2014 was 6.2 years. | |||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, we also had outstanding forward commitments to purchase and sell agency securities through the TBA market (see Notes 3 and 6). These transactions, also referred to as TBA dollar roll 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 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 | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
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 typically enter into agreements for interest rate swaps and interest rate swaptions. 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 and principal-only securities. 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 six months ended June 30, 2014, we reclassified $40 million and $83 million, respectively, and for the three and six months ended June 30, 2013, we reclassified $48 million and $97 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 $127 million and $253 million for the three and six months ended June 30, 2014, respectively, and $153 million and $286 million for the three and six months ended June 30, 2013, respectively. The difference between our total net periodic interest costs on our swap portfolio and the amount recorded in interest expense related to our de-designated hedges is reported in our accompanying consolidated statements of comprehensive income in gain (loss) on derivative instruments and other securities, net (or $87 million and $170 million for the three and six months ended June 30, 2014, respectively, and $105 million and $189 million for the three and six months ended June 30, 2013, respectively). As of June 30, 2014, the remaining net deferred loss in accumulated OCI related to de-designated interest rate swaps was $213 million and will be reclassified from OCI into interest expense over a remaining weighted average period of 1.7 years. As of June 30, 2014, the net deferred loss expected to be reclassified from OCI into interest expense over the next twelve months was $128 million. | |||||||||||||||||||||||||||||||||
Derivative Assets (Liabilities), at Fair Value | |||||||||||||||||||||||||||||||||
The table below summarizes fair value information about our derivative assets and liabilities as of June 30, 2014 and December 31, 2013 (in millions): | |||||||||||||||||||||||||||||||||
Derivatives Instruments | Balance Sheet Location | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Interest rate swaps | Derivative assets, at fair value | $ | 295 | $ | 880 | ||||||||||||||||||||||||||||
Swaptions | Derivative assets, at fair value | 72 | 258 | ||||||||||||||||||||||||||||||
TBA securities | Derivative assets, at fair value | 223 | 17 | ||||||||||||||||||||||||||||||
U.S. Treasury futures - short | Derivative assets, at fair value | 3 | 39 | ||||||||||||||||||||||||||||||
$ | 593 | $ | 1,194 | ||||||||||||||||||||||||||||||
Interest rate swaps | Derivative liabilities, at fair value | $ | (560 | ) | $ | (400 | ) | ||||||||||||||||||||||||||
TBA securities | Derivative liabilities, at fair value | (23 | ) | (22 | ) | ||||||||||||||||||||||||||||
$ | (583 | ) | $ | (422 | ) | ||||||||||||||||||||||||||||
  Additionally, as of June 30, 2014 and December 31, 2013, 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 $6.1 billion and $1.8 billion, respectively. The borrowed securities were used to cover short sales of U.S. Treasury securities from which we received total proceeds of $6.0 billion and $1.9 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 June 30, 2014 and December 31, 2013 (dollars in millions): | |||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Payer Interest Rate Swaps | Notional | Average | Average | Net | Average | ||||||||||||||||||||||||||||
Amount 1 | Fixed | Receive | Estimated | Maturity | |||||||||||||||||||||||||||||
Pay Rate 2 | Rate 3 | Fair Value | (Years) 4 | ||||||||||||||||||||||||||||||
≤ 3 years | $ | 16,150 | 1.58 | % | 0.17 | % | $ | (292 | ) | 1.4 | |||||||||||||||||||||||
> 3 to ≤ 5 years | 9,775 | 1.3 | % | 0.23 | % | 12 | 4 | ||||||||||||||||||||||||||
> 5 to ≤ 7 years | 6,250 | 2.09 | % | 0.23 | % | (22 | ) | 5.9 | |||||||||||||||||||||||||
> 7 to ≤ 10 years | 10,275 | 2.5 | % | 0.23 | % | 64 | 8.5 | ||||||||||||||||||||||||||
> 10 years | 5,450 | 3.23 | % | 0.23 | % | (27 | ) | 13.5 | |||||||||||||||||||||||||
Total Payer Interest Rate Swaps | $ | 47,900 | 1.97 | % | 0.2 | % | $ | (265 | ) | 5.4 | |||||||||||||||||||||||
   ________________________ | |||||||||||||||||||||||||||||||||
1 | Notional amount includes forward starting swaps of $11.7 billion with an average forward start date of 1.7 years and an average maturity of 8.6 years from June 30, 2014. | ||||||||||||||||||||||||||||||||
2 | Average fixed pay rate includes forward starting swaps. Excluding forward starting swaps, the average fixed pay rate was 1.61% as of June 30, 2014. | ||||||||||||||||||||||||||||||||
3 | Average receive rate excludes forward starting swaps. | ||||||||||||||||||||||||||||||||
4 | Average maturity measured from June 30, 2014 through stated maturity date. | ||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Payer Interest Rate Swaps 1 | Notional | Average | Average | Net | Average | ||||||||||||||||||||||||||||
Amount | Fixed | Receive | Estimated | Maturity | |||||||||||||||||||||||||||||
Pay Rate | Rate | Fair Value | (Years) | ||||||||||||||||||||||||||||||
≤ 3 years | $ | 16,750 | 1.57% | 0.19% | $ | (382 | ) | 1.6 | |||||||||||||||||||||||||
> 3 to ≤ 5 years | 10,225 | 1.07% | 0.24% | 81 | 3.9 | ||||||||||||||||||||||||||||
> 5 to ≤ 7 years | 5,700 | 1.97% | 0.26% | 113 | 6 | ||||||||||||||||||||||||||||
> 7 to ≤ 10 years | 8,825 | 2.28% | 0.24% | 499 | 8.8 | ||||||||||||||||||||||||||||
> 10 years | 1,750 | 2.79% | 0.24% | 169 | 14.7 | ||||||||||||||||||||||||||||
Total Payer Interest Rate Swaps | $ | 43,250 | 1.70% | 0.22% | $ | 480 | 4.7 | ||||||||||||||||||||||||||
   ________________________ | |||||||||||||||||||||||||||||||||
1 | Notional amount includes forward starting swaps of $4.0 billion with an average forward start date of 1.9 years from December 31, 2013. | ||||||||||||||||||||||||||||||||
2 | Average fixed pay rate includes forward starting swaps. Excluding forward starting swaps, the average fixed pay rate was 1.57% as of December 31, 2013. | ||||||||||||||||||||||||||||||||
3 | Average receive rate excludes forward starting swaps. | ||||||||||||||||||||||||||||||||
4 | Average maturity measured from December 31, 2013 through stated maturity date. | ||||||||||||||||||||||||||||||||
The following tables summarize our interest rate swaption agreements outstanding as of June 30, 2014 and December 31, 2013 (dollars in millions): | |||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||
Option | Underlying Payer Swap | ||||||||||||||||||||||||||||||||
Years to Expiration | Cost | Fair | Average | Notional | Average Fixed Pay | Average | Average | ||||||||||||||||||||||||||
Value | Months to | Amount | Rate | Receive | Term | ||||||||||||||||||||||||||||
Expiration | Rate | (Years) | |||||||||||||||||||||||||||||||
(LIBOR) | |||||||||||||||||||||||||||||||||
Payer Swaptions | |||||||||||||||||||||||||||||||||
≤ 1 year | $ | 95 | $ | 36 | 3 | $ | 4,300 | 2.73% | 3M | 6.2 | |||||||||||||||||||||||
> 1 to ≤ 2 years | 63 | 20 | 16 | 2,650 | 3.59% | 3M | 4.7 | ||||||||||||||||||||||||||
> 2 to ≤ 3 years | 21 | 6 | 26 | 700 | 3.95% | 3M | 5 | ||||||||||||||||||||||||||
Total Payer Swaptions | $ | 179 | $ | 62 | 10 | $ | 7,650 | 3.14% | 3M | 5.6 | |||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||
Option | Underlying Receiver Swap | ||||||||||||||||||||||||||||||||
Cost | Fair | Average | Notional | Average Fixed Receive | Average | Average | |||||||||||||||||||||||||||
Value | Months to | Amount | Rate | Â Pay | Term | ||||||||||||||||||||||||||||
Expiration | Rate | (Years) | |||||||||||||||||||||||||||||||
(LIBOR) | |||||||||||||||||||||||||||||||||
Receiver Swaptions | $ | 9 | $ | 10 | 8 | $ | 1,750 | 2.37% | 3M | 10 | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Option | Underlying Payer Swap | ||||||||||||||||||||||||||||||||
Years to Expiration | Cost | Fair | Average | Notional | Average Fixed Pay | Average | Average | ||||||||||||||||||||||||||
Value | Months to | Amount | Rate | Receive | Term | ||||||||||||||||||||||||||||
Expiration | Rate | (Years) | |||||||||||||||||||||||||||||||
(LIBOR) | |||||||||||||||||||||||||||||||||
Payer Swaptions | |||||||||||||||||||||||||||||||||
≤ 1 year | $ | 193 | $ | 117 | 4 | $ | 9,400 | 2.87% | 3M | 7.8 | |||||||||||||||||||||||
> 1 to ≤ 2 years | 105 | 92 | 19 | 3,600 | 3.40% | 3M | 5.6 | ||||||||||||||||||||||||||
> 2 to ≤ 3 years | 35 | 45 | 30 | 1,150 | 3.81% | 3M | 5.8 | ||||||||||||||||||||||||||
> 3 to ≤ 5 years | 2 | 4 | 52 | 100 | 4.80% | 3M | 7 | ||||||||||||||||||||||||||
Total Payer Swaptions | $ | 335 | $ | 258 | 10 | $ | 14,250 | 3.09% | 3M | 7 | |||||||||||||||||||||||
We did not have any receiver swaptions outstanding as of December 31, 2013. | |||||||||||||||||||||||||||||||||
The following table summarizes our contracts to purchase and sell TBA contracts as of June 30, 2014 and December 31, 2013 (in millions): | |||||||||||||||||||||||||||||||||
30-Jun-14 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Purchase and Sale Contracts for TBAs | 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 | $ | 21,380 | $ | 21,923 | $ | 22,136 | $ | 212 | $ | 6,660 | $ | 6,882 | $ | 6,864 | $ | (18 | ) | ||||||||||||||||
Sale contracts | (3,569 | ) | (3,739 | ) | (3,752 | ) | (12 | ) | (4,541 | ) | (4,606 | ) | (4,593 | ) | 13 | ||||||||||||||||||
TBA securities, net 5 | $ | 17,811 | $ | 18,184 | $ | 18,384 | $ | 200 | $ | 2,119 | $ | 2,276 | $ | 2,271 | $ | (5 | ) | ||||||||||||||||
  ________________________ | |||||||||||||||||||||||||||||||||
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 and the cost basis of the TBA contract as of period-end 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 | ||||||||||||||||||||||||||||||||
Gain (Loss) From Derivative Instruments and Other Securities, Net | |||||||||||||||||||||||||||||||||
The tables below summarize changes in our derivative and other hedge portfolio and their effect on our consolidated statements of comprehensive income for the three and six months ended June 30, 2014 and 2013 (in millions): | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount | Amount of | ||||||||||||||||||||||||||||
Long/(Short) | Expiration or | Long/(Short) June 30, 2014 | Gain/(Loss) | ||||||||||||||||||||||||||||||
31-Mar-14 | Exercise | Recognized in | |||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives 1 | |||||||||||||||||||||||||||||||||
Net TBA securities | $ | 13,909 | 65,946 | (62,044 | ) | $ | 17,811 | $ | 543 | ||||||||||||||||||||||||
Interest rate swaps | $ | (46,400 | ) | (2,800 | ) | 1,300 | $ | (47,900 | ) | (587 | ) | ||||||||||||||||||||||
Payer swaptions, net | $ | (8,000 | ) | (1,250 | ) | 1,600 | $ | (7,650 | ) | (41 | ) | ||||||||||||||||||||||
Receiver swaptions | $ | 1,000 | 750 | — | $ | 1,750 | — | ||||||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (6,786 | ) | (8,615 | ) | 9,413 | $ | (5,988 | ) | (173 | ) | ||||||||||||||||||||||
U.S. Treasury securities - long position | $ | 200 | 3,035 | (1,985 | ) | $ | 1,250 | 8 | |||||||||||||||||||||||||
U.S. Treasury futures contracts - short position | $ | (730 | ) | (730 | ) | 730 | $ | (730 | ) | (19 | ) | ||||||||||||||||||||||
TBA put option | $ | — | (100 | ) | — | $ | (100 | ) | — | ||||||||||||||||||||||||
$ | (269 | ) | |||||||||||||||||||||||||||||||
  ________________________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net gain of $24 million from investments in REIT equity securities, a net loss of $9 million from debt of consolidated VIEs, a net gain of $15 million on interest and principal-only securities and other miscellaneous net losses of $5 million recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount Long/(Short) June 30, 2013 | Amount of | ||||||||||||||||||||||||||||
Long/(Short) | Expiration or | Gain/(Loss) | |||||||||||||||||||||||||||||||
31-Mar-13 | Exercise | Recognized in | |||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives 1 | |||||||||||||||||||||||||||||||||
Net TBA and forward settling agency securities | $ | 26,268 | 65,425 | (77,285 | ) | $ | 14,408 | $ | (572 | ) | |||||||||||||||||||||||
Interest rate swaps | $ | (51,250 | ) | (10,100 | ) | 5,700 | $ | (55,650 | ) | 1,135 | |||||||||||||||||||||||
Payer swaptions | $ | (22,900 | ) | (3,200 | ) | 2,350 | $ | (23,750 | ) | 454 | |||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (12,560 | ) | (10,207 | ) | 12,290 | $ | (10,477 | ) | 346 | |||||||||||||||||||||||
U.S. Treasury securities - long position | $ | — | 7,304 | (3,554 | ) | $ | 3,750 | 4 | |||||||||||||||||||||||||
U.S. Treasury futures contracts - short position | $ | (800 | ) | (2,830 | ) | 1,200 | $ | (2,430 | ) | 77 | |||||||||||||||||||||||
$ | 1,444 | ||||||||||||||||||||||||||||||||
  ______________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net loss of $20 million on interest and principal-only securities and a net gain of $20 million from debt of consolidated VIEs recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount | Amount of | ||||||||||||||||||||||||||||
Long/(Short) | Expiration or | Long/(Short) June 30, 2014 | Gain/(Loss) | ||||||||||||||||||||||||||||||
31-Dec-13 | Exercise | Recognized in | |||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives 1 | |||||||||||||||||||||||||||||||||
Net TBA securities | $ | 2,119 | 90,322 | (74,630 | ) | $ | 17,811 | $ | 604 | ||||||||||||||||||||||||
Interest rate swaps | $ | (43,250 | ) | (8,700 | ) | 4,050 | $ | (47,900 | ) | (967 | ) | ||||||||||||||||||||||
Payer swaptions, net | $ | (14,250 | ) | (2,250 | ) | 8,850 | $ | (7,650 | ) | (146 | ) | ||||||||||||||||||||||
Receiver swaptions | $ | — | 1,750 | — | $ | 1,750 | — | ||||||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (2,007 | ) | (15,856 | ) | 11,875 | $ | (5,988 | ) | (218 | ) | ||||||||||||||||||||||
U.S. Treasury securities - long position | $ | 3,927 | 4,935 | (7,612 | ) | $ | 1,250 | 80 | |||||||||||||||||||||||||
U.S. Treasury futures contracts - short position | $ | (1,730 | ) | (1,460 | ) | 2,460 | $ | (730 | ) | (55 | ) | ||||||||||||||||||||||
TBA put option | $ | — | (150 | ) | 50 | $ | (100 | ) | — | ||||||||||||||||||||||||
$ | (702 | ) | |||||||||||||||||||||||||||||||
  ________________________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net gain of $73 million from investments in REIT equity securities, a net loss of $12 million from debt of consolidated VIEs, a net gain of $27 million on interest and principal-only securities and other miscellaneous net losses of $7 million recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount Long/(Short) June 30, 2013 | Amount of | ||||||||||||||||||||||||||||
Long/(Short) | Expiration or | Gain/(Loss) | |||||||||||||||||||||||||||||||
31-Dec-12 | Exercise | Recognized in | |||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives 1 | |||||||||||||||||||||||||||||||||
Net TBA and forward settling agency securities | $ | 12,477 | 108,692 | (106,761 | ) | $ | 14,408 | $ | (674 | ) | |||||||||||||||||||||||
Interest rate swaps | $ | (46,850 | ) | (15,850 | ) | 7,050 | $ | (55,650 | ) | 1,187 | |||||||||||||||||||||||
Payer swaptions | $ | (14,450 | ) | (14,350 | ) | 5,050 | $ | (23,750 | ) | 409 | |||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (11,835 | ) | (20,142 | ) | 21,500 | $ | (10,477 | ) | 344 | |||||||||||||||||||||||
U.S. Treasury securities - long position | $ | — | 7,304 | (3,554 | ) | $ | 3,750 | 4 | |||||||||||||||||||||||||
U.S. Treasury futures contracts - short position | $ | — | (3,630 | ) | 1,200 | $ | (2,430 | ) | 63 | ||||||||||||||||||||||||
$ | 1,333 | ||||||||||||||||||||||||||||||||
  ______________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net loss of $21 million on interest and principal-only securities and a net gain of $34 million from debt of consolidated VIEs recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. |
Pledged_Assets_Notes
Pledged Assets (Notes) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Offsetting Assets and Liabilities [Abstract] | ' | ||||||||||||||||||||||||
Pledged Assets [Text Block] | ' | ||||||||||||||||||||||||
Pledged Assets | |||||||||||||||||||||||||
Our repurchase agreements and derivative contracts require us to fully collateralize our obligations under the agreements based upon our counterparties' collateral requirements and their determination of the fair value of the securities pledged as collateral, which fluctuates with changes in interest rates, credit quality and liquidity conditions within the investment banking, mortgage finance and real estate industries. In addition, obligations under our derivative agreements will typically vary over time based on similar factors as well as the remaining term of the derivative contract. We are also typically required to post initial collateral upon execution of derivative transactions, such as interest rate swap agreements and TBA contracts. If we breach any of these provisions, we will be required to fully settle our obligations under the agreements, which could include a forced liquidation of our pledged collateral. | |||||||||||||||||||||||||
Our repurchase agreement and derivative counterparties also apply a "haircut" to our pledged collateral, which means our collateral is valued at slightly less than market value and limits the amount we can borrow against our securities. This haircut reflects the underlying risk of the specific collateral and protects our counterparty against a change in its value. Our agreements do not specify the haircut; rather haircuts are determined on an individual transaction basis. | |||||||||||||||||||||||||
Consequently, the use of repurchase agreements and derivative instruments exposes us to credit risk relating to potential losses that could be recognized in the event that our counterparties fail to perform their obligations under such agreements. We minimize this risk by limiting our repurchase agreement and derivative counterparties to major financial institutions with acceptable credit ratings or to a registered clearinghouse, and we monitor our positions with individual counterparties. In the event of a default by a counterparty we may have difficulty obtaining our assets pledged as collateral to such counterparty and may not receive payments provided for under the terms of our derivative agreements. In the case of centrally cleared instruments, 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 clearing exchanges' initial and daily mark to market margin requirements and clearinghouse guarantee funds and other resources that are available in the event of a clearing member default. | |||||||||||||||||||||||||
Further, each of our International Swaps and Derivatives Association ("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. Additionally, under certain of our ISDA Master Agreements, we could be required to settle our obligations under the agreements if we fail to maintain certain minimum stockholders' equity thresholds or our REIT status or if we fail to comply with limits on our leverage above certain specified levels. As of June 30, 2014, the fair value of additional collateral that could be required to be posted as a result of the credit-risk-related contingent features being triggered was not material to our financial statements. | |||||||||||||||||||||||||
As of June 30, 2014, our amount at risk with any counterparty related to our repurchase agreements was less than 4% of our stockholders' equity and our amount at risk with any counterparty related to our interest rate swap and swaption agreements, excluding centrally cleared swaps, was less than 1% of our stockholders' equity. | |||||||||||||||||||||||||
Assets Pledged to Counterparties | |||||||||||||||||||||||||
The following tables summarize our assets pledged as collateral under our repurchase agreements, debt of consolidated VIEs, derivative agreements and prime broker agreements by type, including securities pledged related to securities sold but not yet settled, as of June 30, 2014 and December 31, 2013 (in millions): | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Assets Pledged to Counterparties | Repurchase Agreements | Debt of Consolidated VIEs | Derivative Agreements | Prime Broker Agreements | Total | ||||||||||||||||||||
Agency MBS - fair value | $ | 50,055 | $ | 1,377 | $ | 95 | $ | 348 | $ | 51,875 | |||||||||||||||
U.S. Treasury securities - fair value | 1,176 | — | 71 | — | 1,247 | ||||||||||||||||||||
Accrued interest on pledged securities | 143 | 4 | — | — | 147 | ||||||||||||||||||||
Restricted cash | 1 | — | 534 | 248 | 783 | ||||||||||||||||||||
Total | $ | 51,375 | $ | 1,381 | $ | 700 | $ | 596 | $ | 54,052 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Assets Pledged to Counterparties | Repurchase Agreements | Debt of Consolidated VIEs | Derivative Agreements | Prime Broker Agreements | Total | ||||||||||||||||||||
Agency MBS - fair value | $ | 62,708 | $ | 1,459 | $ | 28 | $ | 91 | $ | 64,286 | |||||||||||||||
U.S. Treasury securities - fair value | 3,708 | — | 70 | — | 3,778 | ||||||||||||||||||||
Accrued interest on pledged securities | 189 | 5 | 1 | — | 195 | ||||||||||||||||||||
Restricted cash | 3 | — | 41 | 57 | 101 | ||||||||||||||||||||
Total | $ | 66,608 | $ | 1,464 | $ | 140 | $ | 148 | $ | 68,360 | |||||||||||||||
The cash and cash equivalents and agency securities pledged as collateral under our derivative agreements are included in restricted cash and agency securities, at fair value, respectively, on our consolidated balance sheets. | |||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013 (in millions): | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
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 | $ | 14,505 | $ | 14,403 | $ | 39 | $ | 27,694 | $ | 28,125 | $ | 76 | |||||||||||||
  > 30 and ≤ 60 days | 13,730 | 13,638 | 38 | 14,955 | 15,210 | 42 | |||||||||||||||||||
  > 60 and ≤ 90 days | 3,725 | 3,699 | 11 | 10,117 | 10,290 | 28 | |||||||||||||||||||
  > 90 days | 19,472 | 19,476 | 55 | 11,401 | 11,623 | 32 | |||||||||||||||||||
Total agency MBS | 51,432 | 51,216 | 143 | 64,167 | 65,248 | 178 | |||||||||||||||||||
U.S. Treasury securities: | |||||||||||||||||||||||||
   1 day | 1,176 | 1,168 | 4 | 3,708 | 3,760 | 16 | |||||||||||||||||||
Total | $ | 52,608 | $ | 52,384 | $ | 147 | $ | 67,875 | $ | 69,008 | $ | 194 | |||||||||||||
As of June 30, 2014 and December 31, 2013, none of our repurchase agreement borrowings backed by agency MBS were due on demand or mature overnight. | |||||||||||||||||||||||||
Assets Pledged from Counterparties | |||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, we also had assets pledged to us as collateral under our reverse repurchase and derivative agreements summarized in the tables below (in millions). | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Assets Pledged to AGNC | Reverse Repurchase Agreements | Derivative Agreements | Total | ||||||||||||||||||||||
U.S. Treasury securities - fair value | $ | 6,094 | $ | 23 | $ | 6,117 | |||||||||||||||||||
Cash | — | 101 | 101 | ||||||||||||||||||||||
Total | $ | 6,094 | $ | 124 | $ | 6,218 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Assets Pledged to AGNC | Reverse Repurchase Agreements | Derivative Agreements | Total | ||||||||||||||||||||||
Agency MBS - fair value | $ | — | $ | 82 | $ | 82 | |||||||||||||||||||
U.S. Treasury securities - fair value | 1,848 | 164 | 2,012 | ||||||||||||||||||||||
Cash | — | 366 | 366 | ||||||||||||||||||||||
Total | $ | 1,848 | $ | 612 | $ | 2,460 | |||||||||||||||||||
U.S Treasury securities received as collateral under our reverse repurchase agreements are accounted for as securities borrowing transactions and are used to cover short sales of the same securities. We recognize a corresponding obligation to return the borrowed securities at fair value on the accompanying consolidated balance sheets based on the value of the underlying borrowed securities as of the reporting date. | |||||||||||||||||||||||||
Cash collateral received is recognized in cash and cash equivalents with a corresponding amount recognized in accounts payable and other accrued liabilities on the accompanying consolidated balance sheets. | |||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013 (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-Jun-14 | |||||||||||||||||||||||||
Interest rate swap and swaption agreements, at fair value 1 | $ | 367 | $ | — | $ | 367 | $ | (195 | ) | $ | (121 | ) | $ | 51 | |||||||||||
Receivable under reverse repurchase agreements | 6,621 | — | 6,621 | (5,847 | ) | (774 | ) | — | |||||||||||||||||
Total derivative, other hedging instruments and other assets | $ | 6,988 | $ | — | $ | 6,988 | $ | (6,042 | ) | $ | (895 | ) | $ | 51 | |||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Interest rate swap and swaption agreements, at fair value 1 | $ | 1,138 | $ | — | $ | 1,138 | $ | (331 | ) | $ | (610 | ) | $ | 197 | |||||||||||
Receivable under reverse repurchase agreements | 1,881 | — | 1,881 | (1,881 | ) | — | — | ||||||||||||||||||
Total derivative, other hedging instruments and other assets | $ | 3,019 | $ | — | $ | 3,019 | $ | (2,212 | ) | $ | (610 | ) | $ | 197 | |||||||||||
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-Jun-14 | |||||||||||||||||||||||||
Interest rate swap agreements, at fair value 1 | $ | 560 | $ | — | $ | 560 | $ | (195 | ) | $ | (365 | ) | $ | — | |||||||||||
Repurchase agreements | 48,714 | — | 48,714 | (5,847 | ) | (42,867 | ) | — | |||||||||||||||||
Total derivative, other hedging instruments and other liabilities | $ | 49,274 | $ | — | $ | 49,274 | $ | (6,042 | ) | $ | (43,232 | ) | $ | — | |||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Interest rate swap agreements, at fair value 1 | $ | 400 | $ | — | $ | 400 | $ | (331 | ) | $ | (69 | ) | $ | — | |||||||||||
Repurchase agreements | 63,533 | — | 63,533 | (1,881 | ) | (61,652 | ) | — | |||||||||||||||||
Total derivative, other hedging instruments and other liabilities | $ | 63,933 | $ | — | $ | 63,933 | $ | (2,212 | ) | $ | (61,721 | ) | $ | — | |||||||||||
_______________________ | |||||||||||||||||||||||||
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. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||
Fair Value Measurements | ||||||||||||
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 six months ended June 30, 2014. 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 June 30, 2014 and December 31, 2013 (dollars in millions): | ||||||||||||
Fair Value Hierarchy | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
June 30, 2014 | ||||||||||||
Assets: | ||||||||||||
Agency securities | $ | — | $ | 52,174 | $ | — | ||||||
Agency securities transferred to consolidated VIEs | — | 1,377 | — | |||||||||
U.S. Treasury securities | 1,247 | — | — | |||||||||
Interest rate swaps | — | 295 | — | |||||||||
Swaptions | — | 72 | — | |||||||||
REIT equity securities | 202 | — | ||||||||||
U.S. Treasury futures | 3 | — | — | |||||||||
TBA securities | — | 223 | — | |||||||||
Total | $ | 1,452 | $ | 54,141 | $ | — | ||||||
Liabilities: | ||||||||||||
Debt of consolidated VIEs | $ | — | $ | 844 | $ | — | ||||||
Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements | 6,094 | — | — | |||||||||
Interest rate swaps | — | 560 | — | |||||||||
TBA securities | — | 23 | — | |||||||||
Total | $ | 6,094 | $ | 1,427 | $ | — | ||||||
December 31, 2013 | ||||||||||||
Assets: | ||||||||||||
Agency securities | $ | — | $ | 64,482 | $ | — | ||||||
Agency securities transferred to consolidated VIEs | — | 1,459 | — | |||||||||
U.S. Treasury securities | 3,822 | — | — | |||||||||
Interest rate swaps | — | 880 | — | |||||||||
Swaptions | — | 258 | — | |||||||||
REIT equity securities | 237 | — | — | |||||||||
U.S. Treasury futures | 39 | — | — | |||||||||
TBA securities | — | 17 | — | |||||||||
Total | $ | 4,098 | $ | 67,096 | $ | — | ||||||
Liabilities: | ||||||||||||
Debt of consolidated VIEs | $ | — | $ | 910 | $ | — | ||||||
Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements | 1,848 | — | — | |||||||||
Interest rate swaps | — | 400 | — | |||||||||
TBA securities | — | 22 | — | |||||||||
Total | $ | 1,848 | $ | 1,332 | $ | — | ||||||
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 | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Stockholders' Equity | ' | ||||||||||||
Stockholders' Equity  | |||||||||||||
Preferred Stock | |||||||||||||
Pursuant to our amended and restated certificate of incorporation, we are authorized to designate and issue up to 10.0 million shares of preferred stock in one or more classes or series. Our Board of Directors has designated 6.9 million shares as 8.000% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock") and 8,050 shares as 7.750% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock"). As of June 30, 2014 we have 3.1 million shares of authorized but unissued shares of preferred stock. Our Board of Directors may designate additional series of authorized preferred stock ranking junior to or in parity with the Series A or Series B Preferred Stock or designate additional shares of the Series A or Series B Preferred Stock and authorize the issuance of such shares. | |||||||||||||
In April 2012, we completed a public offering in which 6.9 million shares of our Series A Preferred Stock were sold to the underwriters at a price of $24.2125 per share. Upon completion of the offering we received proceeds, net of offering expenses, of approximately $167 million. Our Series A Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. Under certain circumstances upon a change of control, our Series A Preferred Stock is convertible to shares of our common stock. Holders of Series A Preferred Stock have no voting rights, except under limited conditions, and holders are entitled to receive cumulative cash dividends at a rate of 8.000% per annum of the $25.00 per share liquidation preference before holders of our common stock are entitled to receive any dividends. Shares of our Series A Preferred Stock are redeemable at $25.00 per share plus accumulated and unpaid dividends (whether or not declared) exclusively at our option commencing on April 5, 2017, or earlier under certain circumstances intended to preserve our qualification as a REIT for Federal income tax purposes. Dividends are payable quarterly in arrears on the 15th day of each January, April, July and October. As of June 30, 2014, we had declared all required quarterly dividends on the Series A Preferred Stock. | |||||||||||||
In May 2014, we completed a public offering in which 7.0 million depositary shares were sold to the underwriters at a price of $24.2125 per depositary share, for proceeds, net of offering expenses, of approximately $169 million. Each depositary share represents a 1/1,000th interest in a share of our Series B Preferred Stock. Our Series B Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and ranks on parity with our Series A Preferred Stock. Under certain circumstances upon a change of control, our Series B Preferred Stock is convertible to shares of our common stock. Holders of depositary shares have no voting rights, except under limited conditions, and are entitled to receive cumulative cash dividends at a rate of 7.750% per annum of the $25.00 per depositary share liquidation preference before holders of our common stock are entitled to receive any dividends. Dividends are payable quarterly in arrears on the 15th day of each January, April, July and October. Depositary shares are redeemable at $25.00 per depositary share plus accumulated and unpaid dividends (whether or not declared) exclusively at our option commencing on May 8, 2019, or earlier under certain circumstances intended to preserve our qualification as a REIT for federal income tax purposes. As of June 30, 2014, we had declared all required quarterly dividends on the Series B Preferred Stock underlying our depositary shares. | |||||||||||||
Common Stock Repurchase Program | |||||||||||||
In October 2012, our Board of Directors adopted a program that provides 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 $1 billion of our outstanding shares of common stock and extended its authorization through December 31, 2014. In January 2014, our Board of Directors increased the authorized amount by an additional $1 billion of our outstanding shares of common stock 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. | |||||||||||||
We did not repurchase any shares of our common stock during the three months ended June 30, 2014. During the six months ended June 30, 2014, we repurchased approximately 3.4 million shares of our common stock at an average repurchase price of $22.10 per share, including expenses, totaling $74 million. As of June 30, 2014, the total remaining amount authorized for repurchases of our common stock was $992 million. | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The following table summarizes changes to accumulated OCI for the three and six months ended June 30, 2014 and 2013 (in millions): | |||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||
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 March 31, 2014 | $ | (566 | ) | $ | (253 | ) | $ | (819 | ) | ||||
OCI before reclassifications | 813 | — | 813 | ||||||||||
Amounts reclassified from accumulated OCI | (22 | ) | 40 | 18 | |||||||||
Balance as of June 30, 2014 | $ | 225 | $ | (213 | ) | $ | 12 | ||||||
Three Months Ended June 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 March 31, 2013 | $ | 1,203 | $ | (436 | ) | $ | 767 | ||||||
OCI before reclassifications | (2,796 | ) | — | (2,796 | ) | ||||||||
Amounts reclassified from accumulated OCI | (17 | ) | 48 | 31 | |||||||||
Balance as of June 30, 2013 | $ | (1,610 | ) | $ | (388 | ) | $ | (1,998 | ) | ||||
Six Months Ended June 30, 2014 | |||||||||||||
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, 2013 | $ | (1,087 | ) | $ | (296 | ) | $ | (1,383 | ) | ||||
OCI before reclassifications | 1,315 | — | 1,315 | ||||||||||
Amounts reclassified from accumulated OCI | (3 | ) | 83 | 80 | |||||||||
Balance as of June 30, 2014 | $ | 225 | $ | (213 | ) | $ | 12 | ||||||
Six Months Ended June 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 | (3,659 | ) | — | (3,659 | ) | ||||||||
Amounts reclassified from accumulated OCI | 9 | 97 | 106 | ||||||||||
Balance as of June 30, 2013 | $ | (1,610 | ) | $ | (388 | ) | $ | (1,998 | ) | ||||
The following table summarizes reclassifications out of accumulated OCI for the three and six months ended June 30, 2014 and 2013 (in millions): | |||||||||||||
Three Months Ended June 30, | Line Item in the Consolidated | ||||||||||||
Statements of Comprehensive Income | |||||||||||||
Amounts Reclassified from Accumulated OCI | 2014 | 2013 | Where Net Income is Presented | ||||||||||
Gain amounts reclassified from accumulated OCI for available-for-sale MBS | $ | (22 | ) | $ | (17 | ) | Gain (loss) on sale of agency securities, net | ||||||
Periodic interest costs of interest rate swaps previously designated as hedges under GAAP, net | 40 | 48 | Interest expense | ||||||||||
     Total reclassifications | $ | 18 | $ | 31 | |||||||||
Six Months Ended June 30, | Line Item in the Consolidated | ||||||||||||
Statements of Comprehensive Income | |||||||||||||
Amounts Reclassified from Accumulated OCI | 2014 | 2013 | Where Net Income is Presented | ||||||||||
(Gain) loss amounts reclassified from accumulated OCI for available-for-sale MBS | $ | (3 | ) | $ | 9 | Gain (loss) on sale of agency securities, net | |||||||
Periodic interest costs of interest rate swaps previously designated as hedges under GAAP, net | 83 | 97 | Interest expense | ||||||||||
     Total reclassifications | $ | 80 | $ | 106 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2014 | |
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 sell any of our agency securities as part of our overall management of our investment portfolio. Accordingly, we typically designate our agency 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 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 and principal-only securities are included in agency securities, at fair value on the accompanying consolidated balance sheets. | |
REIT equity securities represent investments in the common stock of other publicly traded mortgage REITs that invest predominantly in agency MBS. We designate our investments in REIT equity securities as trading securities and report them at fair value on the accompanying consolidated balance sheets. | |
We estimate the fair value of our agency 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, benchmark 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. We estimate the fair value of our REIT equity securities on a market approach using "Level 1" inputs based on quoted market prices. Refer to Note 8 for further discussion of fair value measurements. | |
We evaluate our agency 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 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) the actual prepayments to date plus our 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 | ' |
Derivative Instruments | |
We use a variety of derivative instruments to 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 ("swaptions"). We also utilize forward contracts for the purchase or sale of agency MBS securities on a generic pool basis, or a TBA contract, 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 and principal-only securities. | |
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 the 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 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 interest rate 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 the 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 changes in interest rates on the performance of our investment portfolio (referred to as "convexity risk"). 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 rate 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 either the TBA contracts do not settle in the shortest period of time possible or 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. | |
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. | |
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) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | ||||||||||||||||||||||||
Agency Securities [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables summarize our investments in agency MBS as of December 31, 2013 (dollars in millions): | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Agency MBS | Fannie Mae | Freddie Mac | Ginnie Mae | Total | |||||||||||||||||||||
Available-for-sale agency MBS: | |||||||||||||||||||||||||
Agency MBS, par | $ | 50,914 | $ | 12,640 | $ | 223 | $ | 63,777 | |||||||||||||||||
Unamortized discount | (25 | ) | (7 | ) | — | (32 | ) | ||||||||||||||||||
Unamortized premium | 2,210 | 631 | 7 | 2,848 | |||||||||||||||||||||
Amortized cost | 53,099 | 13,264 | 230 | 66,593 | |||||||||||||||||||||
Gross unrealized gains | 181 | 74 | 5 | 260 | |||||||||||||||||||||
Gross unrealized losses | (991 | ) | (358 | ) | — | (1,349 | ) | ||||||||||||||||||
Total available-for-sale agency MBS, at fair value | 52,289 | 12,980 | 235 | 65,504 | |||||||||||||||||||||
Agency MBS remeasured at fair value through earnings: | |||||||||||||||||||||||||
Interest-only and principal-only strips, amortized cost 1 | 400 | 32 | — | 432 | |||||||||||||||||||||
Gross unrealized gains | 13 | 3 | — | 16 | |||||||||||||||||||||
Gross unrealized losses | (9 | ) | (2 | ) | — | (11 | ) | ||||||||||||||||||
Total agency MBS remeasured at fair value through earnings | 404 | 33 | — | 437 | |||||||||||||||||||||
Total agency MBS, at fair value | $ | 52,693 | $ | 13,013 | $ | 235 | $ | 65,941 | |||||||||||||||||
Weighted average coupon as of December 31, 2013 2 | 3.53 | % | 3.78 | % | 3.56 | % | 3.58 | % | |||||||||||||||||
Weighted average yield as of December 31, 2013 3 | 2.66 | % | 2.87 | % | 1.66 | % | 2.7 | % | |||||||||||||||||
Weighted average yield for the year ended December 31, 2013 3 | 2.74 | % | 2.87 | % | 1.79 | % | 2.77 | % | |||||||||||||||||
 ________________________ | |||||||||||||||||||||||||
1 | The underlying unamortized principal balance ("UPB" or "par value") of our interest-only agency MBS strips was $1.4 billion and the weighted average contractual interest we are entitled to receive was 5.50% of this amount as of December 31, 2013. The par value of our principal-only agency MBS strips was $271 million as of December 31, 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 December 31, 2013. | ||||||||||||||||||||||||
3 | Incorporates a weighted average future constant prepayment rate assumption of 7% based on forward rates as of December 31, 2013. | ||||||||||||||||||||||||
The following tables summarize our investments in agency MBS as of June 30, 2014 (dollars in millions): | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Agency MBS | Fannie Mae | Freddie Mac | Ginnie Mae | Total | |||||||||||||||||||||
Available-for-sale agency MBS: | |||||||||||||||||||||||||
Agency MBS, par | $ | 39,944 | $ | 10,494 | $ | 191 | $ | 50,629 | |||||||||||||||||
Unamortized discount | (17 | ) | (5 | ) | — | (22 | ) | ||||||||||||||||||
Unamortized premium | 1,777 | 515 | 5 | 2,297 | |||||||||||||||||||||
Amortized cost | 41,704 | 11,004 | 196 | 52,904 | |||||||||||||||||||||
Gross unrealized gains | 488 | 131 | 5 | 624 | |||||||||||||||||||||
Gross unrealized losses | (267 | ) | (134 | ) | — | (401 | ) | ||||||||||||||||||
Total available-for-sale agency MBS, at fair value | 41,925 | 11,001 | 201 | 53,127 | |||||||||||||||||||||
Agency MBS remeasured at fair value through earnings: | |||||||||||||||||||||||||
Interest-only and principal-only strips, amortized cost 1 | 368 | 29 | — | 397 | |||||||||||||||||||||
Gross unrealized gains | 27 | 3 | — | 30 | |||||||||||||||||||||
Gross unrealized losses | (2 | ) | (1 | ) | — | (3 | ) | ||||||||||||||||||
Total agency MBS remeasured at fair value through earnings | 393 | 31 | — | 424 | |||||||||||||||||||||
Total agency MBS, at fair value | $ | 42,318 | $ | 11,032 | $ | 201 | $ | 53,551 | |||||||||||||||||
Weighted average coupon as of June 30, 2014 2 | 3.6 | % | 3.75 | % | 3.54 | % | 3.63 | % | |||||||||||||||||
Weighted average yield as of June 30, 2014 3 | 2.68 | % | 2.81 | % | 1.65 | % | 2.7 | % | |||||||||||||||||
Weighted average yield for the quarter ended June 30, 2014 3 | 2.69 | % | 2.76 | % | 1.7 | % | 2.71 | % | |||||||||||||||||
 ________________________ | |||||||||||||||||||||||||
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 5.48% of this amount as of June 30, 2014. The par value of our principal-only agency MBS strips was $259 million as of June 30, 2014. | ||||||||||||||||||||||||
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 June 30, 2014. | ||||||||||||||||||||||||
3 | Incorporates a weighted average future constant prepayment rate assumption of 8% based on forward rates as of June 30, 2014. | ||||||||||||||||||||||||
Components of Investment Securities [Table Text Block] | ' | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Agency MBS | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
Fixed rate | $ | 64,057 | $ | 242 | $ | (1,338 | ) | $ | 62,961 | ||||||||||||||||
Adjustable rate | 1,223 | 15 | (3 | ) | 1,235 | ||||||||||||||||||||
CMO | 1,313 | 3 | (8 | ) | 1,308 | ||||||||||||||||||||
Interest-only and principal-only strips | 432 | 16 | (11 | ) | 437 | ||||||||||||||||||||
Total agency MBS | $ | 67,025 | $ | 276 | $ | (1,360 | ) | $ | 65,941 | ||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Agency MBS | Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
Fixed rate | $ | 50,691 | $ | 581 | $ | (401 | ) | $ | 50,871 | ||||||||||||||||
Adjustable rate | 967 | 21 | — | 988 | |||||||||||||||||||||
CMO | 1,246 | 22 | — | 1,268 | |||||||||||||||||||||
Interest-only and principal-only strips | 397 | 30 | (3 | ) | 424 | ||||||||||||||||||||
Total agency MBS | $ | 53,301 | $ | 654 | $ | (404 | ) | $ | 53,551 | ||||||||||||||||
Summary Of Agency Securities Estimated Weighted Average Life Classifications | ' | ||||||||||||||||||||||||
The following table summarizes our agency MBS classified as available-for-sale as of June 30, 2014 and December 31, 2013 according to their estimated weighted average life classification (dollars in millions): | |||||||||||||||||||||||||
30-Jun-14 | December 31, 2013 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||
≤ 1 year | $ | 93 | $ | 90 | 2.66% | 2.31% | $ | 129 | $ | 129 | 3.07% | 2.53% | |||||||||||||
> 1 year and ≤ 3 years | 163 | 158 | 4.61% | 3.26% | 498 | 491 | 4.08% | 2.25% | |||||||||||||||||
> 3 years and ≤ 5 years | 22,395 | 22,042 | 3.46% | 2.46% | 24,471 | 24,342 | 3.59% | 2.57% | |||||||||||||||||
> 5 years and ≤10 years | 29,833 | 29,955 | 3.54% | 2.82% | 38,522 | 39,635 | 3.39% | 2.73% | |||||||||||||||||
> 10 years | 643 | 659 | 3.82% | 2.99% | 1,884 | 1,996 | 3.66% | 2.96% | |||||||||||||||||
Total | $ | 53,127 | $ | 52,904 | 3.51% | 2.68% | $ | 65,504 | $ | 66,593 | 3.47% | 2.68% | |||||||||||||
 _______________________ | |||||||||||||||||||||||||
1 | Excludes interest and principal-only strips. | ||||||||||||||||||||||||
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 six months ended June 30, 2014 and 2013 (in millions): | |||||||||||||||||||||||||
Agency Securities Classified as | Beginning Accumulated OCI | Unrealized | Reversal of | Ending | |||||||||||||||||||||
Available-for-Sale | Balance | Gains and (Losses), Net | Unrealized | Accumulated OCI | |||||||||||||||||||||
(Gains) and Losses, | Balance | ||||||||||||||||||||||||
Net on Realization | |||||||||||||||||||||||||
Three months ended June 30, 2014 | $ | (566 | ) | 813 | (22 | ) | $ | 225 | |||||||||||||||||
Three months ended June 30, 2013 | $ | 1,203 | (2,796 | ) | (17 | ) | $ | (1,610 | ) | ||||||||||||||||
Six months ended June 30, 2014 | $ | (1,087 | ) | 1,315 | (3 | ) | $ | 225 | |||||||||||||||||
Six months ended June 30, 2013 | $ | 2,040 | (3,659 | ) | 9 | $ | (1,610 | ) | |||||||||||||||||
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 June 30, 2014 and December 31, 2013 (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 | |||||||||||||||||||
June 30, 2014 | $ | 349 | $ | (4 | ) | $ | 19,583 | $ | (397 | ) | $ | 19,932 | $ | (401 | ) | ||||||||||
December 31, 2013 | $ | 42,853 | $ | (1,248 | ) | $ | 1,586 | $ | (101 | ) | $ | 44,439 | $ | (1,349 | ) | ||||||||||
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 securities classified as available-for-sale for the three and six months ended June 30, 2014 and 2013 (in millions): | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Agency Securities Classified as | 30-Jun-14 | June 30, 2013 | 30-Jun-14 | June 30, 2013 | |||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
Agency MBS sold, at cost | $ | (7,166 | ) | $ | (15,069 | ) | $ | (16,877 | ) | $ | (35,397 | ) | |||||||||||||
Proceeds from agency MBS sold 1 | 7,188 | 15,086 | 16,880 | 35,388 | |||||||||||||||||||||
Net gain (loss) on sale of agency MBS | $ | 22 | $ | 17 | $ | 3 | $ | (9 | ) | ||||||||||||||||
Gross gain on sale of agency MBS | $ | 49 | $ | 93 | $ | 91 | $ | 180 | |||||||||||||||||
Gross loss on sale of agency MBS | (27 | ) | (76 | ) | (88 | ) | (189 | ) | |||||||||||||||||
Net gain (loss) on sale of agency MBS | $ | 22 | $ | 17 | $ | 3 | $ | (9 | ) | ||||||||||||||||
  ________________________ | |||||||||||||||||||||||||
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) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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 June 30, 2014 and December 31, 2013 (dollars in millions): | |||||||||||||||||||||
30-Jun-14 | December 31, 2013 | ||||||||||||||||||||
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 | $ | 11,119 | 0.34 |  % | 15 | $ | 23,577 | 0.42 | % | 15 | |||||||||||
> 1 to ≤ 3 months | 14,511 | 0.36 |  % | 54 | 20,490 | 0.43 | % | 61 | |||||||||||||
> 3 to ≤ 6 months | 10,293 | 0.42 |  % | 138 | 6,946 | 0.45 | % | 140 | |||||||||||||
> 6 to ≤ 9 months | 4,735 | 0.48 |  % | 236 | 2,232 | 0.53 | % | 230 | |||||||||||||
> 9 to ≤ 12 months | 2,585 | 0.49 |  % | 309 | 3,607 | 0.54 | % | 323 | |||||||||||||
> 12 to ≤ 24 months | 2,273 | 0.59 |  % | 485 | 3,261 | 0.6 | % | 603 | |||||||||||||
> 24 to ≤ 36 months | 600 | 0.59 |  % | 782 | 500 | 0.62 | % | 930 | |||||||||||||
> 36 to ≤ 48 months | 502 | 0.63 |  % | 1,355 | 202 | 0.71 | % | 1,257 | |||||||||||||
> 48 to < 60 months | 900 | 0.67 | Â % | 1,726 | 400 | 0.66 | % | 1,574 | |||||||||||||
Total agency MBS | 47,518 | 0.41 | Â % | 170 | 61,215 | 0.45 | % | 124 | |||||||||||||
U.S. Treasury securities: | |||||||||||||||||||||
1 day | 1,196 | (0.35 | )% | 1 | 2,318 | 0.02 | % | 1 | |||||||||||||
Total / Weighted Average | $ | 48,714 | 0.39 | Â % | 166 | $ | 63,533 | 0.44 | % | 119 | |||||||||||
Derivative_and_Other_Hedging_I1
Derivative and Other Hedging Instruments (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013 (in millions): | |||||||||||||||||||||||||||||||||
Derivatives Instruments | Balance Sheet Location | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Interest rate swaps | Derivative assets, at fair value | $ | 295 | $ | 880 | ||||||||||||||||||||||||||||
Swaptions | Derivative assets, at fair value | 72 | 258 | ||||||||||||||||||||||||||||||
TBA securities | Derivative assets, at fair value | 223 | 17 | ||||||||||||||||||||||||||||||
U.S. Treasury futures - short | Derivative assets, at fair value | 3 | 39 | ||||||||||||||||||||||||||||||
$ | 593 | $ | 1,194 | ||||||||||||||||||||||||||||||
Interest rate swaps | Derivative liabilities, at fair value | $ | (560 | ) | $ | (400 | ) | ||||||||||||||||||||||||||
TBA securities | Derivative liabilities, at fair value | (23 | ) | (22 | ) | ||||||||||||||||||||||||||||
$ | (583 | ) | $ | (422 | ) | ||||||||||||||||||||||||||||
Schedule of Interest Rate Swaption Agreements Outstandin [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The following tables summarize our interest rate swaption agreements outstanding as of June 30, 2014 and December 31, 2013 (dollars in millions): | |||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||
Option | Underlying Payer Swap | ||||||||||||||||||||||||||||||||
Years to Expiration | Cost | Fair | Average | Notional | Average Fixed Pay | Average | Average | ||||||||||||||||||||||||||
Value | Months to | Amount | Rate | Receive | Term | ||||||||||||||||||||||||||||
Expiration | Rate | (Years) | |||||||||||||||||||||||||||||||
(LIBOR) | |||||||||||||||||||||||||||||||||
Payer Swaptions | |||||||||||||||||||||||||||||||||
≤ 1 year | $ | 95 | $ | 36 | 3 | $ | 4,300 | 2.73% | 3M | 6.2 | |||||||||||||||||||||||
> 1 to ≤ 2 years | 63 | 20 | 16 | 2,650 | 3.59% | 3M | 4.7 | ||||||||||||||||||||||||||
> 2 to ≤ 3 years | 21 | 6 | 26 | 700 | 3.95% | 3M | 5 | ||||||||||||||||||||||||||
Total Payer Swaptions | $ | 179 | $ | 62 | 10 | $ | 7,650 | 3.14% | 3M | 5.6 | |||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||
Option | Underlying Receiver Swap | ||||||||||||||||||||||||||||||||
Cost | Fair | Average | Notional | Average Fixed Receive | Average | Average | |||||||||||||||||||||||||||
Value | Months to | Amount | Rate | Â Pay | Term | ||||||||||||||||||||||||||||
Expiration | Rate | (Years) | |||||||||||||||||||||||||||||||
(LIBOR) | |||||||||||||||||||||||||||||||||
Receiver Swaptions | $ | 9 | $ | 10 | 8 | $ | 1,750 | 2.37% | 3M | 10 | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Option | Underlying Payer Swap | ||||||||||||||||||||||||||||||||
Years to Expiration | Cost | Fair | Average | Notional | Average Fixed Pay | Average | Average | ||||||||||||||||||||||||||
Value | Months to | Amount | Rate | Receive | Term | ||||||||||||||||||||||||||||
Expiration | Rate | (Years) | |||||||||||||||||||||||||||||||
(LIBOR) | |||||||||||||||||||||||||||||||||
Payer Swaptions | |||||||||||||||||||||||||||||||||
≤ 1 year | $ | 193 | $ | 117 | 4 | $ | 9,400 | 2.87% | 3M | 7.8 | |||||||||||||||||||||||
> 1 to ≤ 2 years | 105 | 92 | 19 | 3,600 | 3.40% | 3M | 5.6 | ||||||||||||||||||||||||||
> 2 to ≤ 3 years | 35 | 45 | 30 | 1,150 | 3.81% | 3M | 5.8 | ||||||||||||||||||||||||||
> 3 to ≤ 5 years | 2 | 4 | 52 | 100 | 4.80% | 3M | 7 | ||||||||||||||||||||||||||
Total Payer Swaptions | $ | 335 | $ | 258 | 10 | $ | 14,250 | 3.09% | 3M | 7 | |||||||||||||||||||||||
Summary of Long and Short Position of Derivative Instruments | ' | ||||||||||||||||||||||||||||||||
The following table summarizes our contracts to purchase and sell TBA contracts as of June 30, 2014 and December 31, 2013 (in millions): | |||||||||||||||||||||||||||||||||
30-Jun-14 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Purchase and Sale Contracts for TBAs | 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 | $ | 21,380 | $ | 21,923 | $ | 22,136 | $ | 212 | $ | 6,660 | $ | 6,882 | $ | 6,864 | $ | (18 | ) | ||||||||||||||||
Sale contracts | (3,569 | ) | (3,739 | ) | (3,752 | ) | (12 | ) | (4,541 | ) | (4,606 | ) | (4,593 | ) | 13 | ||||||||||||||||||
TBA securities, net 5 | $ | 17,811 | $ | 18,184 | $ | 18,384 | $ | 200 | $ | 2,119 | $ | 2,276 | $ | 2,271 | $ | (5 | ) | ||||||||||||||||
  ________________________ | |||||||||||||||||||||||||||||||||
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 and the cost basis of the TBA contract as of period-end 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 | ||||||||||||||||||||||||||||||||
Schedule Of Outstanding Not Designated As Hedging Instruments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The tables below summarize changes in our derivative and other hedge portfolio and their effect on our consolidated statements of comprehensive income for the three and six months ended June 30, 2014 and 2013 (in millions): | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount | Amount of | ||||||||||||||||||||||||||||
Long/(Short) | Expiration or | Long/(Short) June 30, 2014 | Gain/(Loss) | ||||||||||||||||||||||||||||||
31-Mar-14 | Exercise | Recognized in | |||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives 1 | |||||||||||||||||||||||||||||||||
Net TBA securities | $ | 13,909 | 65,946 | (62,044 | ) | $ | 17,811 | $ | 543 | ||||||||||||||||||||||||
Interest rate swaps | $ | (46,400 | ) | (2,800 | ) | 1,300 | $ | (47,900 | ) | (587 | ) | ||||||||||||||||||||||
Payer swaptions, net | $ | (8,000 | ) | (1,250 | ) | 1,600 | $ | (7,650 | ) | (41 | ) | ||||||||||||||||||||||
Receiver swaptions | $ | 1,000 | 750 | — | $ | 1,750 | — | ||||||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (6,786 | ) | (8,615 | ) | 9,413 | $ | (5,988 | ) | (173 | ) | ||||||||||||||||||||||
U.S. Treasury securities - long position | $ | 200 | 3,035 | (1,985 | ) | $ | 1,250 | 8 | |||||||||||||||||||||||||
U.S. Treasury futures contracts - short position | $ | (730 | ) | (730 | ) | 730 | $ | (730 | ) | (19 | ) | ||||||||||||||||||||||
TBA put option | $ | — | (100 | ) | — | $ | (100 | ) | — | ||||||||||||||||||||||||
$ | (269 | ) | |||||||||||||||||||||||||||||||
  ________________________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net gain of $24 million from investments in REIT equity securities, a net loss of $9 million from debt of consolidated VIEs, a net gain of $15 million on interest and principal-only securities and other miscellaneous net losses of $5 million recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount Long/(Short) June 30, 2013 | Amount of | ||||||||||||||||||||||||||||
Long/(Short) | Expiration or | Gain/(Loss) | |||||||||||||||||||||||||||||||
31-Mar-13 | Exercise | Recognized in | |||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives 1 | |||||||||||||||||||||||||||||||||
Net TBA and forward settling agency securities | $ | 26,268 | 65,425 | (77,285 | ) | $ | 14,408 | $ | (572 | ) | |||||||||||||||||||||||
Interest rate swaps | $ | (51,250 | ) | (10,100 | ) | 5,700 | $ | (55,650 | ) | 1,135 | |||||||||||||||||||||||
Payer swaptions | $ | (22,900 | ) | (3,200 | ) | 2,350 | $ | (23,750 | ) | 454 | |||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (12,560 | ) | (10,207 | ) | 12,290 | $ | (10,477 | ) | 346 | |||||||||||||||||||||||
U.S. Treasury securities - long position | $ | — | 7,304 | (3,554 | ) | $ | 3,750 | 4 | |||||||||||||||||||||||||
U.S. Treasury futures contracts - short position | $ | (800 | ) | (2,830 | ) | 1,200 | $ | (2,430 | ) | 77 | |||||||||||||||||||||||
$ | 1,444 | ||||||||||||||||||||||||||||||||
  ______________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net loss of $20 million on interest and principal-only securities and a net gain of $20 million from debt of consolidated VIEs recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount | Amount of | ||||||||||||||||||||||||||||
Long/(Short) | Expiration or | Long/(Short) June 30, 2014 | Gain/(Loss) | ||||||||||||||||||||||||||||||
31-Dec-13 | Exercise | Recognized in | |||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives 1 | |||||||||||||||||||||||||||||||||
Net TBA securities | $ | 2,119 | 90,322 | (74,630 | ) | $ | 17,811 | $ | 604 | ||||||||||||||||||||||||
Interest rate swaps | $ | (43,250 | ) | (8,700 | ) | 4,050 | $ | (47,900 | ) | (967 | ) | ||||||||||||||||||||||
Payer swaptions, net | $ | (14,250 | ) | (2,250 | ) | 8,850 | $ | (7,650 | ) | (146 | ) | ||||||||||||||||||||||
Receiver swaptions | $ | — | 1,750 | — | $ | 1,750 | — | ||||||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (2,007 | ) | (15,856 | ) | 11,875 | $ | (5,988 | ) | (218 | ) | ||||||||||||||||||||||
U.S. Treasury securities - long position | $ | 3,927 | 4,935 | (7,612 | ) | $ | 1,250 | 80 | |||||||||||||||||||||||||
U.S. Treasury futures contracts - short position | $ | (1,730 | ) | (1,460 | ) | 2,460 | $ | (730 | ) | (55 | ) | ||||||||||||||||||||||
TBA put option | $ | — | (150 | ) | 50 | $ | (100 | ) | — | ||||||||||||||||||||||||
$ | (702 | ) | |||||||||||||||||||||||||||||||
  ________________________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net gain of $73 million from investments in REIT equity securities, a net loss of $12 million from debt of consolidated VIEs, a net gain of $27 million on interest and principal-only securities and other miscellaneous net losses of $7 million recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | Notional Amount | Additions | Settlement, Termination, | Notional Amount Long/(Short) June 30, 2013 | Amount of | ||||||||||||||||||||||||||||
Long/(Short) | Expiration or | Gain/(Loss) | |||||||||||||||||||||||||||||||
31-Dec-12 | Exercise | Recognized in | |||||||||||||||||||||||||||||||
Income on | |||||||||||||||||||||||||||||||||
Derivatives 1 | |||||||||||||||||||||||||||||||||
Net TBA and forward settling agency securities | $ | 12,477 | 108,692 | (106,761 | ) | $ | 14,408 | $ | (674 | ) | |||||||||||||||||||||||
Interest rate swaps | $ | (46,850 | ) | (15,850 | ) | 7,050 | $ | (55,650 | ) | 1,187 | |||||||||||||||||||||||
Payer swaptions | $ | (14,450 | ) | (14,350 | ) | 5,050 | $ | (23,750 | ) | 409 | |||||||||||||||||||||||
U.S. Treasury securities - short position | $ | (11,835 | ) | (20,142 | ) | 21,500 | $ | (10,477 | ) | 344 | |||||||||||||||||||||||
U.S. Treasury securities - long position | $ | — | 7,304 | (3,554 | ) | $ | 3,750 | 4 | |||||||||||||||||||||||||
U.S. Treasury futures contracts - short position | $ | — | (3,630 | ) | 1,200 | $ | (2,430 | ) | 63 | ||||||||||||||||||||||||
$ | 1,333 | ||||||||||||||||||||||||||||||||
  ______________________ | |||||||||||||||||||||||||||||||||
1 | Excludes a net loss of $21 million on interest and principal-only securities and a net gain of $34 million from debt of consolidated VIEs 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 June 30, 2014 and December 31, 2013 (dollars in millions): | |||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Payer Interest Rate Swaps | Notional | Average | Average | Net | Average | ||||||||||||||||||||||||||||
Amount 1 | Fixed | Receive | Estimated | Maturity | |||||||||||||||||||||||||||||
Pay Rate 2 | Rate 3 | Fair Value | (Years) 4 | ||||||||||||||||||||||||||||||
≤ 3 years | $ | 16,150 | 1.58 | % | 0.17 | % | $ | (292 | ) | 1.4 | |||||||||||||||||||||||
> 3 to ≤ 5 years | 9,775 | 1.3 | % | 0.23 | % | 12 | 4 | ||||||||||||||||||||||||||
> 5 to ≤ 7 years | 6,250 | 2.09 | % | 0.23 | % | (22 | ) | 5.9 | |||||||||||||||||||||||||
> 7 to ≤ 10 years | 10,275 | 2.5 | % | 0.23 | % | 64 | 8.5 | ||||||||||||||||||||||||||
> 10 years | 5,450 | 3.23 | % | 0.23 | % | (27 | ) | 13.5 | |||||||||||||||||||||||||
Total Payer Interest Rate Swaps | $ | 47,900 | 1.97 | % | 0.2 | % | $ | (265 | ) | 5.4 | |||||||||||||||||||||||
   ________________________ | |||||||||||||||||||||||||||||||||
1 | Notional amount includes forward starting swaps of $11.7 billion with an average forward start date of 1.7 years and an average maturity of 8.6 years from June 30, 2014. | ||||||||||||||||||||||||||||||||
2 | Average fixed pay rate includes forward starting swaps. Excluding forward starting swaps, the average fixed pay rate was 1.61% as of June 30, 2014. | ||||||||||||||||||||||||||||||||
3 | Average receive rate excludes forward starting swaps. | ||||||||||||||||||||||||||||||||
4 | Average maturity measured from June 30, 2014 through stated maturity date. | ||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Payer Interest Rate Swaps 1 | Notional | Average | Average | Net | Average | ||||||||||||||||||||||||||||
Amount | Fixed | Receive | Estimated | Maturity | |||||||||||||||||||||||||||||
Pay Rate | Rate | Fair Value | (Years) | ||||||||||||||||||||||||||||||
≤ 3 years | $ | 16,750 | 1.57% | 0.19% | $ | (382 | ) | 1.6 | |||||||||||||||||||||||||
> 3 to ≤ 5 years | 10,225 | 1.07% | 0.24% | 81 | 3.9 | ||||||||||||||||||||||||||||
> 5 to ≤ 7 years | 5,700 | 1.97% | 0.26% | 113 | 6 | ||||||||||||||||||||||||||||
> 7 to ≤ 10 years | 8,825 | 2.28% | 0.24% | 499 | 8.8 | ||||||||||||||||||||||||||||
> 10 years | 1,750 | 2.79% | 0.24% | 169 | 14.7 | ||||||||||||||||||||||||||||
Total Payer Interest Rate Swaps | $ | 43,250 | 1.70% | 0.22% | $ | 480 | 4.7 | ||||||||||||||||||||||||||
   ________________________ | |||||||||||||||||||||||||||||||||
1 | Notional amount includes forward starting swaps of $4.0 billion with an average forward start date of 1.9 years from December 31, 2013. | ||||||||||||||||||||||||||||||||
2 | Average fixed pay rate includes forward starting swaps. Excluding forward starting swaps, the average fixed pay rate was 1.57% as of December 31, 2013. | ||||||||||||||||||||||||||||||||
3 | Average receive rate excludes forward starting swaps. | ||||||||||||||||||||||||||||||||
4 | Average maturity measured from December 31, 2013 through stated maturity date. |
Pledged_Assets_Tables
Pledged Assets (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Offsetting Liabilities [Line Items] | ' | ||||||||||||||||||||||||
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables summarize our assets pledged as collateral under our repurchase agreements, debt of consolidated VIEs, derivative agreements and prime broker agreements by type, including securities pledged related to securities sold but not yet settled, as of June 30, 2014 and December 31, 2013 (in millions): | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Assets Pledged to Counterparties | Repurchase Agreements | Debt of Consolidated VIEs | Derivative Agreements | Prime Broker Agreements | Total | ||||||||||||||||||||
Agency MBS - fair value | $ | 50,055 | $ | 1,377 | $ | 95 | $ | 348 | $ | 51,875 | |||||||||||||||
U.S. Treasury securities - fair value | 1,176 | — | 71 | — | 1,247 | ||||||||||||||||||||
Accrued interest on pledged securities | 143 | 4 | — | — | 147 | ||||||||||||||||||||
Restricted cash | 1 | — | 534 | 248 | 783 | ||||||||||||||||||||
Total | $ | 51,375 | $ | 1,381 | $ | 700 | $ | 596 | $ | 54,052 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Assets Pledged to Counterparties | Repurchase Agreements | Debt of Consolidated VIEs | Derivative Agreements | Prime Broker Agreements | Total | ||||||||||||||||||||
Agency MBS - fair value | $ | 62,708 | $ | 1,459 | $ | 28 | $ | 91 | $ | 64,286 | |||||||||||||||
U.S. Treasury securities - fair value | 3,708 | — | 70 | — | 3,778 | ||||||||||||||||||||
Accrued interest on pledged securities | 189 | 5 | 1 | — | 195 | ||||||||||||||||||||
Restricted cash | 3 | — | 41 | 57 | 101 | ||||||||||||||||||||
Total | $ | 66,608 | $ | 1,464 | $ | 140 | $ | 148 | $ | 68,360 | |||||||||||||||
The cash and cash equivalents and agency securities pledged as collateral under our derivative agreements are included in restricted cash and agency securities, at fair value, respectively, on our consolidated balance sheets. | |||||||||||||||||||||||||
Schedules Of Securities Pledged As Collateral Under Repurchase Agreement [Text Block] [Table Text Block] | ' | ||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013 (in millions): | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
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 | $ | 14,505 | $ | 14,403 | $ | 39 | $ | 27,694 | $ | 28,125 | $ | 76 | |||||||||||||
  > 30 and ≤ 60 days | 13,730 | 13,638 | 38 | 14,955 | 15,210 | 42 | |||||||||||||||||||
  > 60 and ≤ 90 days | 3,725 | 3,699 | 11 | 10,117 | 10,290 | 28 | |||||||||||||||||||
  > 90 days | 19,472 | 19,476 | 55 | 11,401 | 11,623 | 32 | |||||||||||||||||||
Total agency MBS | 51,432 | 51,216 | 143 | 64,167 | 65,248 | 178 | |||||||||||||||||||
U.S. Treasury securities: | |||||||||||||||||||||||||
   1 day | 1,176 | 1,168 | 4 | 3,708 | 3,760 | 16 | |||||||||||||||||||
Total | $ | 52,608 | $ | 52,384 | $ | 147 | $ | 67,875 | $ | 69,008 | $ | 194 | |||||||||||||
Schedule of Securities and Cash Pledged as Collateral from Counterparties [Table Text Block] | ' | ||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, we also had assets pledged to us as collateral under our reverse repurchase and derivative agreements summarized in the tables below (in millions). | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Assets Pledged to AGNC | Reverse Repurchase Agreements | Derivative Agreements | Total | ||||||||||||||||||||||
U.S. Treasury securities - fair value | $ | 6,094 | $ | 23 | $ | 6,117 | |||||||||||||||||||
Cash | — | 101 | 101 | ||||||||||||||||||||||
Total | $ | 6,094 | $ | 124 | $ | 6,218 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Assets Pledged to AGNC | Reverse Repurchase Agreements | Derivative Agreements | Total | ||||||||||||||||||||||
Agency MBS - fair value | $ | — | $ | 82 | $ | 82 | |||||||||||||||||||
U.S. Treasury securities - fair value | 1,848 | 164 | 2,012 | ||||||||||||||||||||||
Cash | — | 366 | 366 | ||||||||||||||||||||||
Total | $ | 1,848 | $ | 612 | $ | 2,460 | |||||||||||||||||||
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 June 30, 2014 and December 31, 2013 (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-Jun-14 | |||||||||||||||||||||||||
Interest rate swap and swaption agreements, at fair value 1 | $ | 367 | $ | — | $ | 367 | $ | (195 | ) | $ | (121 | ) | $ | 51 | |||||||||||
Receivable under reverse repurchase agreements | 6,621 | — | 6,621 | (5,847 | ) | (774 | ) | — | |||||||||||||||||
Total derivative, other hedging instruments and other assets | $ | 6,988 | $ | — | $ | 6,988 | $ | (6,042 | ) | $ | (895 | ) | $ | 51 | |||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Interest rate swap and swaption agreements, at fair value 1 | $ | 1,138 | $ | — | $ | 1,138 | $ | (331 | ) | $ | (610 | ) | $ | 197 | |||||||||||
Receivable under reverse repurchase agreements | 1,881 | — | 1,881 | (1,881 | ) | — | — | ||||||||||||||||||
Total derivative, other hedging instruments and other assets | $ | 3,019 | $ | — | $ | 3,019 | $ | (2,212 | ) | $ | (610 | ) | $ | 197 | |||||||||||
Offsetting Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||
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-Jun-14 | |||||||||||||||||||||||||
Interest rate swap agreements, at fair value 1 | $ | 560 | $ | — | $ | 560 | $ | (195 | ) | $ | (365 | ) | $ | — | |||||||||||
Repurchase agreements | 48,714 | — | 48,714 | (5,847 | ) | (42,867 | ) | — | |||||||||||||||||
Total derivative, other hedging instruments and other liabilities | $ | 49,274 | $ | — | $ | 49,274 | $ | (6,042 | ) | $ | (43,232 | ) | $ | — | |||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Interest rate swap agreements, at fair value 1 | $ | 400 | $ | — | $ | 400 | $ | (331 | ) | $ | (69 | ) | $ | — | |||||||||||
Repurchase agreements | 63,533 | — | 63,533 | (1,881 | ) | (61,652 | ) | — | |||||||||||||||||
Total derivative, other hedging instruments and other liabilities | $ | 63,933 | $ | — | $ | 63,933 | $ | (2,212 | ) | $ | (61,721 | ) | $ | — | |||||||||||
_______________________ | |||||||||||||||||||||||||
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. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
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 June 30, 2014 and December 31, 2013 (dollars in millions): | ||||||||||||
Fair Value Hierarchy | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
June 30, 2014 | ||||||||||||
Assets: | ||||||||||||
Agency securities | $ | — | $ | 52,174 | $ | — | ||||||
Agency securities transferred to consolidated VIEs | — | 1,377 | — | |||||||||
U.S. Treasury securities | 1,247 | — | — | |||||||||
Interest rate swaps | — | 295 | — | |||||||||
Swaptions | — | 72 | — | |||||||||
REIT equity securities | 202 | — | ||||||||||
U.S. Treasury futures | 3 | — | — | |||||||||
TBA securities | — | 223 | — | |||||||||
Total | $ | 1,452 | $ | 54,141 | $ | — | ||||||
Liabilities: | ||||||||||||
Debt of consolidated VIEs | $ | — | $ | 844 | $ | — | ||||||
Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements | 6,094 | — | — | |||||||||
Interest rate swaps | — | 560 | — | |||||||||
TBA securities | — | 23 | — | |||||||||
Total | $ | 6,094 | $ | 1,427 | $ | — | ||||||
December 31, 2013 | ||||||||||||
Assets: | ||||||||||||
Agency securities | $ | — | $ | 64,482 | $ | — | ||||||
Agency securities transferred to consolidated VIEs | — | 1,459 | — | |||||||||
U.S. Treasury securities | 3,822 | — | — | |||||||||
Interest rate swaps | — | 880 | — | |||||||||
Swaptions | — | 258 | — | |||||||||
REIT equity securities | 237 | — | — | |||||||||
U.S. Treasury futures | 39 | — | — | |||||||||
TBA securities | — | 17 | — | |||||||||
Total | $ | 4,098 | $ | 67,096 | $ | — | ||||||
Liabilities: | ||||||||||||
Debt of consolidated VIEs | $ | — | $ | 910 | $ | — | ||||||
Obligation to return U.S. Treasury securities borrowed under reverse repurchase agreements | 1,848 | — | — | |||||||||
Interest rate swaps | — | 400 | — | |||||||||
TBA securities | — | 22 | — | |||||||||
Total | $ | 1,848 | $ | 1,332 | $ | — | ||||||
Stockholders_Equity_Equity_Off
Stockholders' Equity Equity Offerings (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Class of Stock [Line Items] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
The following table summarizes changes to accumulated OCI for the three and six months ended June 30, 2014 and 2013 (in millions): | |||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||
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 March 31, 2014 | $ | (566 | ) | $ | (253 | ) | $ | (819 | ) | ||||
OCI before reclassifications | 813 | — | 813 | ||||||||||
Amounts reclassified from accumulated OCI | (22 | ) | 40 | 18 | |||||||||
Balance as of June 30, 2014 | $ | 225 | $ | (213 | ) | $ | 12 | ||||||
Three Months Ended June 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 March 31, 2013 | $ | 1,203 | $ | (436 | ) | $ | 767 | ||||||
OCI before reclassifications | (2,796 | ) | — | (2,796 | ) | ||||||||
Amounts reclassified from accumulated OCI | (17 | ) | 48 | 31 | |||||||||
Balance as of June 30, 2013 | $ | (1,610 | ) | $ | (388 | ) | $ | (1,998 | ) | ||||
Six Months Ended June 30, 2014 | |||||||||||||
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, 2013 | $ | (1,087 | ) | $ | (296 | ) | $ | (1,383 | ) | ||||
OCI before reclassifications | 1,315 | — | 1,315 | ||||||||||
Amounts reclassified from accumulated OCI | (3 | ) | 83 | 80 | |||||||||
Balance as of June 30, 2014 | $ | 225 | $ | (213 | ) | $ | 12 | ||||||
Six Months Ended June 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 | (3,659 | ) | — | (3,659 | ) | ||||||||
Amounts reclassified from accumulated OCI | 9 | 97 | 106 | ||||||||||
Balance as of June 30, 2013 | $ | (1,610 | ) | $ | (388 | ) | $ | (1,998 | ) | ||||
The following table summarizes reclassifications out of accumulated OCI for the three and six months ended June 30, 2014 and 2013 (in millions): | |||||||||||||
Three Months Ended June 30, | Line Item in the Consolidated | ||||||||||||
Statements of Comprehensive Income | |||||||||||||
Amounts Reclassified from Accumulated OCI | 2014 | 2013 | Where Net Income is Presented | ||||||||||
Gain amounts reclassified from accumulated OCI for available-for-sale MBS | $ | (22 | ) | $ | (17 | ) | Gain (loss) on sale of agency securities, net | ||||||
Periodic interest costs of interest rate swaps previously designated as hedges under GAAP, net | 40 | 48 | Interest expense | ||||||||||
     Total reclassifications | $ | 18 | $ | 31 | |||||||||
Six Months Ended June 30, | Line Item in the Consolidated | ||||||||||||
Statements of Comprehensive Income | |||||||||||||
Amounts Reclassified from Accumulated OCI | 2014 | 2013 | Where Net Income is Presented | ||||||||||
(Gain) loss amounts reclassified from accumulated OCI for available-for-sale MBS | $ | (3 | ) | $ | 9 | Gain (loss) on sale of agency securities, net | |||||||
Periodic interest costs of interest rate swaps previously designated as hedges under GAAP, net | 83 | 97 | Interest expense | ||||||||||
     Total reclassifications | $ | 80 | $ | 106 | |||||||||
Organization_Details
Organization (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Organization [Abstract] | ' |
Required distribution of taxable net income on a annual basis | 90.00% |
Intended Annual Distribution of Taxable Net Income | 100.00% |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Gain Loss on Other Debt | ($9,000,000) | $20,000,000 | ($12,000,000) | $34,000,000 | ' |
Future Prepayment Rate Assumption Of Investment Portfolio | ' | ' | 8.00% | ' | 7.00% |
Fair value of CMO securities and interest-only strips | 1,700,000,000 | ' | 1,700,000,000 | ' | ' |
Securitized CMO Securities | 2,200,000,000 | ' | 2,200,000,000 | ' | 2,300,000,000 |
CMO and Interest Only, Pricincipal Only Securities, Maximum Loss Exposure | ' | ' | 281,000,000 | ' | 246,000,000 |
Fair value of agency securities collaterizing debt issued by securitization trust | 1,400,000,000 | ' | 1,400,000,000 | ' | 1,500,000,000 |
Principal balance of agency securities collaterizing debt issued by securitization trust | 1,300,000,000 | ' | 1,300,000,000 | ' | 1,400,000,000 |
Debt Instrument, Face Amount | 823,000,000 | ' | 823,000,000 | ' | 900,000,000 |
Other Long-term Debt | 844,000,000 | ' | 844,000,000 | ' | 910,000,000 |
Agency Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount (Premium), Net | $2,400,000,000 | ' | $2,400,000,000 | ' | $3,000,000,000 |
Investment_Securities_Summary_
Investment Securities (Summary of Investment in Agency Security) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | |||
Available-for-sale Securities Pledged as Collateral | $50,057,000,000 | $62,205,000,000 | ||
Amortized cost | 52,904,000,000 | 66,593,000,000 | ||
Total agency MBS, at fair value | 53,551,000,000 | 65,941,000,000 | ||
Weighted average coupon | 3.63% | 3.58% | [1] | |
Weighted average yield | 2.70% | 2.70% | [2] | |
Weighted average yield for the year ended | 2.71% | 0.00% | ||
Unamortized principal balance of interest-only strips | 1,300,000,000 | 1,400,000,000 | ||
Unamortized principal balance of principal-only strips | 259,000,000 | 271,000,000 | ||
Weighted average contractual interest rate of interest only strips | 5.48% | 5.50% | ||
Average prepayment rate based on forward rate assumption | 8.00% | 7.00% | ||
Restricted Cash and Cash Equivalents | 783,000,000 | 101,000,000 | ||
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ' | ' | ||
Total agency MBS, at fair value | 42,318,000,000 | 52,693,000,000 | ||
Weighted average coupon | 3.60% | [1] | 3.53% | [1] |
Weighted average yield | 2.68% | [2] | 2.66% | [2] |
Weighted average yield for the year ended | 2.69% | 0.00% | ||
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ' | ' | ||
Total agency MBS, at fair value | 11,032,000,000 | 13,013,000,000 | ||
Weighted average coupon | 3.75% | [1] | 3.78% | [1] |
Weighted average yield | 2.81% | [2] | 2.87% | [2] |
Weighted average yield for the year ended | 2.76% | 0.00% | ||
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ' | ' | ||
Total agency MBS, at fair value | 201,000,000 | 235,000,000 | ||
Weighted average coupon | 3.54% | [1] | 3.56% | [1] |
Weighted average yield | 1.65% | [2] | 1.66% | [2] |
Weighted average yield for the year ended | 1.70% | 0.00% | ||
Available-for-sale Securities [Member] | ' | ' | ||
Agency MBS, par | 50,629,000,000 | 63,777,000,000 | ||
Unamortized discount | 22,000,000 | 32,000,000 | ||
Unamortized premium | 2,297,000,000 | 2,848,000,000 | ||
Amortized cost | 52,904,000,000 | 66,593,000,000 | ||
Gross unrealized gains | 624,000,000 | 260,000,000 | ||
Gross unrealized losses | 401,000,000 | 1,349,000,000 | ||
Total available-for-sale agency MBS, at fair value | 53,127,000,000 | 65,504,000,000 | ||
Available-for-sale Securities [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ' | ' | ||
Agency MBS, par | 39,944,000,000 | 50,914,000,000 | ||
Unamortized discount | 17,000,000 | 25,000,000 | ||
Unamortized premium | 1,777,000,000 | 2,210,000,000 | ||
Amortized cost | 41,704,000,000 | 53,099,000,000 | ||
Gross unrealized gains | 488,000,000 | 181,000,000 | ||
Gross unrealized losses | 267,000,000 | 991,000,000 | ||
Total available-for-sale agency MBS, at fair value | 41,925,000,000 | 52,289,000,000 | ||
Available-for-sale Securities [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ' | ' | ||
Agency MBS, par | 10,494,000,000 | 12,640,000,000 | ||
Unamortized discount | 5,000,000 | 7,000,000 | ||
Unamortized premium | 515,000,000 | 631,000,000 | ||
Amortized cost | 11,004,000,000 | 13,264,000,000 | ||
Gross unrealized gains | 131,000,000 | 74,000,000 | ||
Gross unrealized losses | 134,000,000 | 358,000,000 | ||
Total available-for-sale agency MBS, at fair value | 11,001,000,000 | 12,980,000,000 | ||
Available-for-sale Securities [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ' | ' | ||
Agency MBS, par | 191,000,000 | 223,000,000 | ||
Unamortized discount | 0 | 0 | ||
Unamortized premium | 5,000,000 | 7,000,000 | ||
Amortized cost | 196,000,000 | 230,000,000 | ||
Gross unrealized gains | 5,000,000 | 5,000,000 | ||
Gross unrealized losses | 0 | 0 | ||
Total available-for-sale agency MBS, at fair value | 201,000,000 | 235,000,000 | ||
Agency MBS remeasured at fair value through earnings [Member] | ' | ' | ||
Interest-only and principal-only strips, amortized cost | 397,000,000 | 432,000,000 | ||
Gross unrealized gains | 30,000,000 | 16,000,000 | ||
Gross unrealized losses | -3,000,000 | -11,000,000 | ||
Total agency MBS remeasured at fair value through earnings, at fair value | 424,000,000 | 437,000,000 | ||
Agency MBS remeasured at fair value through earnings [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ' | ' | ||
Interest-only and principal-only strips, amortized cost | 368,000,000 | 400,000,000 | ||
Gross unrealized gains | 27,000,000 | 13,000,000 | ||
Gross unrealized losses | -2,000,000 | -9,000,000 | ||
Total agency MBS remeasured at fair value through earnings, at fair value | 393,000,000 | 404,000,000 | ||
Agency MBS remeasured at fair value through earnings [Member] | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ' | ' | ||
Interest-only and principal-only strips, amortized cost | 29,000,000 | 32,000,000 | ||
Gross unrealized gains | 3,000,000 | 3,000,000 | ||
Gross unrealized losses | -1,000,000 | -2,000,000 | ||
Total agency MBS remeasured at fair value through earnings, at fair value | 31,000,000 | 33,000,000 | ||
Agency MBS remeasured at fair value through earnings [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ' | ' | ||
Interest-only and principal-only strips, amortized cost | 0 | 0 | ||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | ||
Total agency MBS remeasured at fair value through earnings, at fair value | 0 | 0 | ||
Assets Pledged to Us [Member] | ' | ' | ||
Available-for-sale Securities Pledged as Collateral | ' | 82,000,000 | ||
Restricted Cash and Cash Equivalents | 101,000,000 | 366,000,000 | ||
Assets Pledged to Us [Member] | Derivative [Member] | ' | ' | ||
Available-for-sale Securities Pledged as Collateral | ' | 82,000,000 | ||
Derivative [Member] | ' | ' | ||
Available-for-sale Securities Pledged as Collateral | 95,000,000 | 28,000,000 | ||
Restricted Cash and Cash Equivalents | 534,000,000 | 41,000,000 | ||
Derivative [Member] | Assets Pledged to Us [Member] | ' | ' | ||
Restricted Cash and Cash Equivalents | $101,000,000 | $366,000,000 | ||
[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 5.48% of this amount as of JuneB 30, 2014. The par value of our principal-only agency MBS strips was $259 million as of JuneB 30, 2014. | |||
[2] | Incorporates a weighted average future constant prepayment rate assumption of 8% based on forward rates as of JuneB 30, 2014 |
Investment_Securities_Componen
Investment Securities (Components Of Investment Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Amortized cost | $53,301 | $67,025 |
Gross unrealized gains | 654 | 276 |
Gross unrealized losses | -404 | -1,360 |
Available-for-sale Securities, Fair Value Disclosure | 53,127 | 65,504 |
Available-for-sale Securities, Amortized Cost Basis | 52,904 | 66,593 |
Total agency MBS, at fair value | 53,551 | 65,941 |
Total Agency Securities | 53,551 | 65,941 |
Fixed-Rate [Member] | ' | ' |
Gross unrealized gains | 581 | 242 |
Gross unrealized losses | -401 | -1,338 |
Available-for-sale Securities, Fair Value Disclosure | 50,871 | 62,961 |
Adjustable-Rate [Member] | ' | ' |
Gross unrealized gains | 21 | 15 |
Gross unrealized losses | 0 | -3 |
Available-for-sale Securities, Fair Value Disclosure | 988 | 1,235 |
CMO [Member] | ' | ' |
Gross unrealized gains | 22 | 3 |
Gross unrealized losses | 0 | -8 |
Available-for-sale Securities, Fair Value Disclosure | 1,268 | 1,308 |
Agency Securities [Member] | Fixed-Rate [Member] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 50,691 | 64,057 |
Agency Securities [Member] | Adjustable-Rate [Member] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 967 | 1,223 |
Agency Securities [Member] | CMO [Member] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 1,246 | 1,313 |
Agency Securities [Member] | Interest Only And Principal Only Strip [Member] | ' | ' |
Amortized cost | 397 | 432 |
Gross unrealized gains | 30 | 16 |
Gross unrealized losses | -3 | -11 |
Fair Value | $424 | $437 |
Investment_Securities_Summary_1
Investment Securities (Summary Of Agency Securities Estimated Weighted Average Life Classifications) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Weighted Average Life Interest Only Securities | '6 years 6 months | '6 years 4 months |
Weighted Average Life Principal Only Securities | '8 years 9 months | '8 years 7 months |
Agency securities classified as available for sale, Fair value | $53,127 | $65,504 |
Agency securities classified as available for sale, Amortized cost | 52,904 | 66,593 |
Weighted average coupon | 3.51% | 3.47% |
Available For Sale Securities Weighted Average Life yield | 2.68% | 2.68% |
Less Than or Equal to One Year [Member] | ' | ' |
Available For Sale Securities Weighted Average Life Fair Value | 93 | 129 |
Available For Sale Securities Weighted Average Life Amortized Cost | 90 | 129 |
Weighted average coupon | 2.66% | 3.07% |
Available For Sale Securities Weighted Average Life yield | 2.31% | 2.53% |
Greater Than One Year and Less Than or Equal to Three Years [Member] | ' | ' |
Available For Sale Securities Weighted Average Life Fair Value | 163 | 498 |
Available For Sale Securities Weighted Average Life Amortized Cost | 158 | 491 |
Weighted average coupon | 4.61% | 4.08% |
Available For Sale Securities Weighted Average Life yield | 3.26% | 2.25% |
Greater Than Three Years and Less Than or Equal to Five Years [Member] | ' | ' |
Available For Sale Securities Weighted Average Life Fair Value | 22,395 | 24,471 |
Available For Sale Securities Weighted Average Life Amortized Cost | 22,042 | 24,342 |
Weighted average coupon | 3.46% | 3.59% |
Available For Sale Securities Weighted Average Life yield | 2.46% | 2.57% |
Greater Than Five Years [Member] | ' | ' |
Available For Sale Securities Weighted Average Life Fair Value | 29,833 | 38,522 |
Available For Sale Securities Weighted Average Life Amortized Cost | 29,955 | 39,635 |
Weighted average coupon | 3.54% | 3.39% |
Available For Sale Securities Weighted Average Life yield | 2.82% | 2.73% |
Greater Than Ten Years [Member] | ' | ' |
Available For Sale Securities Weighted Average Life Fair Value | 643 | 1,884 |
Available For Sale Securities Weighted Average Life Amortized Cost | $659 | $1,996 |
Weighted average coupon | 3.82% | 3.66% |
Available For Sale Securities Weighted Average Life yield | 2.99% | 2.96% |
Investment_Securities_Summary_2
Investment Securities (Summary Of Changes In Accumulated OCI For Available-For-Sale Security) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Unrealized gain (loss) on available-for-sale securities, net | $790 | ($2,813) | $1,312 | ($3,650) |
Agency Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning OCI Balance | -566 | 1,203 | -1,087 | 2,040 |
Unrealized gain (loss) on available-for-sale securities, net | 813 | -2,796 | 1,315 | -3,659 |
Reversal of prior Period Unrealized (Gains) and Losses, Net on Realization | -22 | -17 | -3 | 9 |
Ending OCI Balance | $225 | ($1,610) | $225 | ($1,610) |
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 $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Unrealized Loss Position For - Estimated Fair Value - Less than 12 Months | $349 | $42,853 |
Unrealized Loss Position For - Unrealized Loss - Less than 12 Months | -4 | -1,248 |
Unrealized Loss Position For - Estimated Fair Value - 12 Months or More | 19,583 | 1,586 |
Unrealized Loss Position For - Unrealized Loss - 12 Months or More | -397 | -101 |
Unrealized Loss Position For - Estimated Fair Value - Total | 19,932 | 44,439 |
Unrealized Loss Position For - Unrealized Loss - Total | ($401) | ($1,349) |
Investment_Securities_Summary_4
Investment Securities (Summary Of Net Gain From Sale Of Agency Securities) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Proceeds from agency MBS sold | ' | ' | ($23,324) | ($23,396) |
Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | 22 | 17 | 3 | -9 |
Agency Securities [Member] | ' | ' | ' | ' |
Agency MBS sold, at cost | -7,166 | -15,069 | -16,877 | -35,397 |
Proceeds from agency MBS sold | -7,188 | -15,086 | -16,880 | -35,388 |
Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | 22 | 17 | 3 | -9 |
Gross gains on sale of agency MBS | 49 | 93 | 91 | 180 |
Gross losses on sale of agency MBS | 27 | 76 | 88 | 189 |
Interest Only And Principal Only Strip [Member] | ' | ' | ' | ' |
Unrealized Gain (Loss) on Securities | $15 | ($20) | $27 | ($21) |
Repurchase_Agreements_And_Othe1
Repurchase Agreements And Other Debt (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Weighted Average Life of Other Debt | '6 years 2 months | ' |
Other Long-term Debt | $844 | $910 |
Debt Instrument, Face Amount | $823 | $900 |
Debt Instrument, Description of Variable Rate Basis, LIBOR | 'LIBOR | ' |
Spread Over LIBOR | '43 | '42 |
Repurchase_Agreements_And_Othe2
Repurchase Agreements And Other Debt (Repurchase Arrangements And Weighted Average Interest Rates Classified By Original Maturities) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Other Long-term Debt | $844 | $910 |
Spread Over LIBOR | '43 | '42 |
Debt Instrument, Face Amount | 823 | 900 |
Borrowings Outstanding | 48,714 | 63,533 |
Weighted Average Days to Maturity | 166 | 119 |
30 Days or Less [Member] | ' | ' |
Borrowings Outstanding | 11,119 | 23,577 |
Average Interest Rate | 0.34% | 0.42% |
Weighted Average Days to Maturity | 15 | 15 |
2 to 3 Months | ' | ' |
Borrowings Outstanding | 14,511 | 20,490 |
Average Interest Rate | 0.36% | 0.43% |
Weighted Average Days to Maturity | 54 | 61 |
4 to 6 Months | ' | ' |
Borrowings Outstanding | 10,293 | 6,946 |
Average Interest Rate | 0.42% | 0.45% |
Weighted Average Days to Maturity | 138 | 140 |
7 to 9 Months | ' | ' |
Borrowings Outstanding | 4,735 | 2,232 |
Average Interest Rate | 0.48% | 0.53% |
Weighted Average Days to Maturity | 236 | 230 |
10 to 12 Months | ' | ' |
Borrowings Outstanding | 2,585 | 3,607 |
Average Interest Rate | 0.49% | 0.54% |
Weighted Average Days to Maturity | 309 | 323 |
13 to 24 Months | ' | ' |
Borrowings Outstanding | 2,273 | 3,261 |
Average Interest Rate | 0.59% | 0.60% |
Weighted Average Days to Maturity | 485 | 603 |
25 to 36 Months | ' | ' |
Borrowings Outstanding | 600 | 500 |
Average Interest Rate | 0.59% | 0.62% |
Weighted Average Days to Maturity | 782 | 930 |
37 to 48 months | ' | ' |
Borrowings Outstanding | 502 | 202 |
Average Interest Rate | 0.63% | 0.71% |
Weighted Average Days to Maturity | 1,355 | 1,257 |
49 to 60 Months | ' | ' |
Borrowings Outstanding | 900 | 400 |
Average Interest Rate | 0.67% | 0.66% |
Weighted Average Days to Maturity | 1,726 | 1,574 |
US Treasury Securities [Member] | ' | ' |
Borrowings Outstanding | 1,196 | 2,318 |
Average Interest Rate | -0.35% | 0.02% |
Weighted Average Days to Maturity | 1 | 1 |
Repurchase Agreements [Member] | ' | ' |
Average Interest Rate | 0.39% | 0.44% |
Agency Securities [Member] | ' | ' |
Borrowings Outstanding | $47,518 | $61,215 |
Weighted Average Days to Maturity | 170 | 124 |
Agency Securities [Member] | Repurchase Agreements [Member] | ' | ' |
Average Interest Rate | 0.41% | 0.45% |
Derivative_and_Other_Hedging_I2
Derivative and Other Hedging Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [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] | 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] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | Forward Contracts [Member] | |||||||
Interest Rate Swaps [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||
Purchases Of TBAs And Forward Settling Agency Securities [Member] | |||||||||||||||||||||
Gain (loss) on REIT Equity Securities | $24,000,000 | $73,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative assets, at fair value | 593,000,000 | ' | ' | 593,000,000 | ' | 1,194,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 | 223,000,000 | ' |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 87,000,000 | ' | 105,000,000 | 170,000,000 | 189,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 40,000,000 | ' | 48,000,000 | 83,000,000 | 97,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Periodic Interest Rate Costs on Swaps | 127,000,000 | ' | 153,000,000 | 253,000,000 | 286,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain On Interest Only Securities Remeasured at Fair Value Through Earnings | 15,000,000 | ' | -20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -213,000,000 | 253,000,000 | 296,000,000 | -388,000,000 | 436,000,000 | 485,000,000 | ' | ' | ' | ' |
Derivative, Average Remaining Maturity | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 4 months 14 days | ' | '4 years 8 months | ' | ' | ' | ' | ' | ' | '1 year 7 months 28 days | ' | ' | '8 years 7 months |
Obligation to return securities borrowed under reverse repurchase agreements, at fair value | 6,094,000,000 | ' | ' | 6,094,000,000 | ' | 1,848,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable Under Reverse Repurchase Agreements | 6,621,000,000 | ' | ' | 6,621,000,000 | ' | 1,881,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of treasury securities | ' | ' | ' | 6,000,000,000 | ' | 1,900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred gain loss discontinued interest rate swap expected to be reclassified from OCI to interest expense next twelve months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | 7,650,000,000 | ' | ' | 7,650,000,000 | ' | ' | 47,900,000,000 | ' | 47,900,000,000 | ' | 43,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Derivative, Maximum Exposure, Undiscounted | 0.01 | ' | ' | 0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity, Measure of Activity, Expense | -9,000,000 | ' | ' | -12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($269,000,000) | ' | $1,444,000,000 | ($702,000,000) | $1,333,000,000 | ' | ($587,000,000) | $1,135,000,000 | ($967,000,000) | $1,187,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_and_Other_Hedging_I3
Derivative and Other Hedging Instruments (Summary Of Outstanding Interest Rate Swaps) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Interest Rate Swaps Excluding Forward Starting [Member] | Interest Rate Swaps Excluding Forward Starting [Member] | Less Than or Equal to One Year [Member] | |||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Receiver Interest Rate Swaps [Member] | |||||||
years | |||||||||||
Options At Cost | ' | ' | $179 | ' | ' | ' | ' | ' | ' | ' | $9 |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | 11,700 | 4,000 | ' | ' | ' |
Derivative, Higher Remaining Maturity Range | ' | ' | ' | ' | ' | ' | '1 year 7 months 28 days | '1 year 10 months 14 days | ' | ' | ' |
Derivative, Average Fixed Interest Rate | ' | ' | ' | ' | 1.97% | 1.70% | ' | ' | 1.61% | 1.57% | 2.37% |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 87 | 105 | 170 | 189 | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 40 | 48 | 83 | 97 | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivatives, at Fair Value, Net | 62 | ' | 62 | ' | ' | ' | ' | ' | ' | ' | 10 |
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 |
Notional Amount | $7,650 | ' | $7,650 | ' | $47,900 | $43,250 | ' | ' | ' | ' | $1,750 |
Interest Rate Derivative Not Designated As Hedging Instruments Receive Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3M |
Derivative, Average Remaining Maturity | ' | ' | ' | ' | '5 years 4 months 14 days | '4 years 8 months | '8 years 7 months | ' | ' | ' | '10 years |
Derivative_and_Other_Hedging_I4
Derivative and Other Hedging Instruments (Remaining Interest Rate Swap Term) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||
Unrealized (loss) gain on derivative instruments, net | $40 | $48 | $83 | $97 | ' | ' |
Notional Amount | 7,650 | ' | 7,650 | ' | 47,900 | 43,250 |
Derivative, Average Remaining Maturity | ' | ' | ' | ' | '5 years 4 months 14 days | '4 years 8 months |
Average Fixed Pay Rate | ' | ' | ' | ' | 1.97% | 1.70% |
Average Receive Rate | ' | ' | ' | ' | 0.20% | 0.22% |
Net Estimated Fair Value | ' | ' | ' | ' | ($265) | $480 |
Derivative_and_Other_Hedging_I5
Derivative and Other Hedging Instruments (Summary Of Outstanding Interest Rate Swaps Designated As Hedging Instruments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swaps [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||
Interest Rate Swaps Excluding Forward Starting [Member] | Interest Rate Swaps Excluding Forward Starting [Member] | Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Forward Contracts [Member] | Forward Contracts [Member] | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Average Remaining Maturity | ' | ' | ' | ' | '5 years 4 months 14 days | '4 years 8 months | ' | ' | '1 year 7 months 28 days | '8 years 7 months | ' |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $87 | $105 | $170 | $189 | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,700 | 4,000 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 40 | 48 | 83 | 97 | ' | ' | ' | ' | ' | ' | ' |
Derivative, Higher Remaining Maturity Range | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 7 months 28 days | '1 year 10 months 14 days |
Derivative, Average Fixed Interest Rate | ' | ' | ' | ' | 1.97% | 1.70% | 1.61% | 1.57% | ' | ' | ' |
Notional Amount | $7,650 | ' | $7,650 | ' | $47,900 | $43,250 | ' | ' | ' | ' | ' |
Derivative_and_Other_Hedging_I6
Derivative and Other Hedging Instruments (Effect Of Interest Rate Swaps Designated As Hedges) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $40 | $48 | $83 | $97 |
Net Periodic Interest Rate Costs on Swaps | 127 | 153 | 253 | 286 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $87 | $105 | $170 | $189 |
Derivative_and_Other_Hedging_I7
Derivative and Other Hedging Instruments (Summary Of Outstanding Forward Contracts Designated As Hedging Instruments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||
Net Periodic Interest Rate Costs on Swaps | $127 | $153 | $253 | $286 | ' | ' |
Notional Amount | 7,650 | ' | 7,650 | ' | 47,900 | 43,250 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $87 | $105 | $170 | $189 | ' | ' |
Derivative_and_Other_Hedging_I8
Derivative and Other Hedging Instruments (Effect of Forward Contracts Designated as Hedges) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Notional Amount | $7,650 | ' | $7,650 | ' |
Unrealized (loss) gain on derivative instruments, net | $40 | $48 | $83 | $97 |
Derivative_and_Other_Hedging_I9
Derivative and Other Hedging Instruments (Summary of Long and Short Position of Derivative Instruments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | ||
Put Option [Member] | Put Option [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [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] | Options Held [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Receiver Swaption [Member] | Receiver Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member] | TBA securities Fifteen Year and Thirty Year Securities [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Only And Principal Only Strip [Member] | Interest Only And Principal Only Strip [Member] | Other Derivatives [Member] | Other Derivatives [Member] | |||||||||
US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Payer Swaption [Member] | Receiver Swaption [Member] | Receiver Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Long [Member] | Long [Member] | Short [Member] | Short [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | |||||||||||||||||||||||||||||||||||||||
Future [Member] | Future [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain Loss on Other Debt | ($9) | ' | $20 | ($12) | $34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Gain On Interest Only Securities Remeasured at Fair Value Through Earnings | 15 | ' | -20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Notional Amount | 7,650 | ' | ' | 7,650 | ' | ' | -100 | -100 | 17,811 | 14,408 | 17,811 | 14,408 | 13,909 | 2,119 | 26,268 | 12,477 | 47,900 | ' | 47,900 | ' | 43,250 | ' | ' | ' | ' | 14,250 | ' | ' | ' | ' | -730 | -2,430 | -730 | -2,430 | -730 | -1,730 | -800 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -47,900 | -46,400 | -43,250 | -55,650 | -51,250 | -46,850 | -8,000 | -14,250 | -23,750 | -22,900 | -14,450 | -7,650 | 1,750 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,988 | -10,477 | -5,988 | -10,477 | -6,786 | -2,007 | -12,560 | -11,835 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Gain (loss) on REIT Equity Securities | 24 | 73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Variable Interest Entity, Measure of Activity, Expense | -9 | ' | ' | -12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -269 | ' | 1,444 | -702 | 1,333 | ' | ' | ' | 543 | -572 | 604 | -674 | ' | ' | ' | ' | -587 | 1,135 | -967 | 1,187 | ' | -41 | 454 | -146 | 409 | ' | ' | ' | ' | 0 | -19 | 77 | -55 | 63 | ' | ' | ' | ' | 8 | 4 | 80 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -173 | 346 | -218 | 344 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27 | -21 | -5 | -7 | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 593 | ' | ' | 593 | ' | 1,194 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 295 | 880 | 72 | 258 | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | -583 | ' | ' | -583 | ' | -422 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -560 | ' | -560 | ' | -400 | ' | ' | ' | ' | ' | -23 | -23 | -22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | -39 | ' | ' | ' | ' | ||
Derivative, Forward Settlement Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,184 | 2,276 | 21,923 | 6,882 | -3,739 | -4,606 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,752 | -4,593 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,384 | 2,271 | 22,136 | 6,864 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair Value of Derivative Instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200 | [1] | -5 | [1] | 212 | -18 | -12 | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period | ' | ' | ' | ' | ' | ' | -100 | -150 | 65,946 | 65,425 | 90,322 | 108,692 | ' | ' | ' | ' | -2,800 | -10,100 | -8,700 | -15,850 | ' | ' | -3,200 | ' | -14,350 | ' | ' | ' | ' | ' | -730 | -2,830 | -1,460 | -3,630 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750 | 1,750 | -1,250 | -2,250 | ' | ' | ' | ' | ' | ' | -8,615 | -10,207 | -15,856 | -20,142 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period | ' | ' | ' | ' | ' | ' | 0 | 50 | ' | -77,285 | ' | -106,761 | ' | ' | ' | ' | 1,300 | 5,700 | 4,050 | 7,050 | ' | 1,600 | 2,350 | 8,850 | 5,050 | ' | -62,044 | -74,630 | ' | ' | 730 | 1,200 | 2,460 | 1,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,413 | 12,290 | 11,875 | 21,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Trading Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250 | 3,750 | 1,250 | 3,750 | 200 | 3,927 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Trading Securities Added During the Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,035 | 7,304 | 4,935 | 7,304 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Notional Amount Of Trading Securities Settlement Expiration During The Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1,985) | ($3,554) | ($7,612) | ($3,554) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | 1.Notional amount represents the par value (or principal balance) of the underlying agency security. |
Recovered_Sheet2
Derivative and Other Hedging Instruments (Summary Of Outstanding Interest Rate Swaps Agreements Not Designated As Hedges) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | Put Option [Member] | Put Option [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] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | ||||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Receiver Swaption [Member] | Receiver Swaption [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | ||||||||||||||||||||||||||
Variable Interest Entity, Measure of Activity, Expense | ($9,000,000) | ' | ($12,000,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value | 6,094,000,000 | ' | 6,094,000,000 | ' | 1,848,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 593,000,000 | ' | 593,000,000 | ' | 1,194,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | 7,650,000,000 | ' | 7,650,000,000 | ' | ' | 47,900,000,000 | ' | 47,900,000,000 | ' | 43,250,000,000 | ' | ' | ' | ' | 14,250,000,000 | 17,811,000,000 | 14,408,000,000 | 17,811,000,000 | 14,408,000,000 | 13,909,000,000 | 2,119,000,000 | 26,268,000,000 | 12,477,000,000 | -100,000,000 | -100,000,000 | 16,150,000,000 | 16,750,000,000 | 2,650,000,000 | 3,600,000,000 | 9,775,000,000 | 10,225,000,000 | 6,250,000,000 | 5,700,000,000 | 10,275,000,000 | 8,825,000,000 | 5,450,000,000 | 1,750,000,000 | -47,900,000,000 | -46,400,000,000 | -43,250,000,000 | -55,650,000,000 | -51,250,000,000 | -46,850,000,000 | -8,000,000,000 | -14,250,000,000 | -23,750,000,000 | -22,900,000,000 | -14,450,000,000 | 1,750,000,000 | 1,000,000,000 | -5,988,000,000 | -10,477,000,000 | -5,988,000,000 | -10,477,000,000 | -6,786,000,000 | -2,007,000,000 | -12,560,000,000 | -11,835,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | -730,000,000 | -2,430,000,000 | -730,000,000 | -2,430,000,000 | -730,000,000 | -1,730,000,000 | -800,000,000 | 0 |
Net Estimated Fair Value | ' | ' | ' | ' | ' | -265,000,000 | ' | -265,000,000 | ' | 480,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -292,000,000 | -382,000,000 | ' | ' | 12,000,000 | 81,000,000 | -22,000,000 | 113,000,000 | 64,000,000 | 499,000,000 | -27,000,000 | 169,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 583,000,000 | ' | 583,000,000 | ' | 422,000,000 | 560,000,000 | ' | 560,000,000 | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period | ' | ' | ' | ' | ' | -2,800,000,000 | -10,100,000,000 | -8,700,000,000 | -15,850,000,000 | ' | ' | -3,200,000,000 | ' | -14,350,000,000 | ' | 65,946,000,000 | 65,425,000,000 | 90,322,000,000 | 108,692,000,000 | ' | ' | ' | ' | -100,000,000 | -150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,615,000,000 | -10,207,000,000 | -15,856,000,000 | -20,142,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -730,000,000 | -2,830,000,000 | -1,460,000,000 | -3,630,000,000 | ' | ' | ' | ' |
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period | ' | ' | ' | ' | ' | 1,300,000,000 | 5,700,000,000 | 4,050,000,000 | 7,050,000,000 | ' | 1,600,000,000 | 2,350,000,000 | 8,850,000,000 | 5,050,000,000 | ' | ' | -77,285,000,000 | ' | -106,761,000,000 | ' | ' | ' | ' | 0 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,413,000,000 | 12,290,000,000 | 11,875,000,000 | 21,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 730,000,000 | 1,200,000,000 | 2,460,000,000 | 1,200,000,000 | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -269,000,000 | 1,444,000,000 | -702,000,000 | 1,333,000,000 | ' | -587,000,000 | 1,135,000,000 | -967,000,000 | 1,187,000,000 | ' | -41,000,000 | 454,000,000 | -146,000,000 | 409,000,000 | ' | 543,000,000 | -572,000,000 | 604,000,000 | -674,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -173,000,000 | 346,000,000 | -218,000,000 | 344,000,000 | ' | ' | ' | ' | 8,000,000 | 4,000,000 | 80,000,000 | 4,000,000 | ' | ' | ' | ' | -19,000,000 | 77,000,000 | -55,000,000 | 63,000,000 | ' | ' | ' | ' |
Trading Securities Added During the Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,035,000,000 | 7,304,000,000 | 4,935,000,000 | 7,304,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Trading Securities Settlement Expiration During The Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,985,000,000 | -3,554,000,000 | -7,612,000,000 | -3,554,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000,000 | 3,750,000,000 | 1,250,000,000 | 3,750,000,000 | 200,000,000 | 3,927,000,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Term (Years) | ' | ' | ' | ' | ' | ' | ' | '5 years 4 months 14 days | ' | '4 years 8 months | ' | ' | '5 years 7 months | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 4 months 7 days | '1 year 7 months | '4 years 8 months | '5 years 7 months | '4 years | '3 years 11 months | '5 years 10 months 7 days | '6 years | '8 years 5 months 14 days | '8 years 9 months | '13 years 5 months 14 days | '14 years 8 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Securities Purchased under Agreements to Resell | ' | ' | $6,000,000,000 | ' | $1,900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Average Fixed Interest Rate | ' | ' | ' | ' | ' | 1.97% | ' | 1.97% | ' | 1.70% | 3.14% | ' | 3.14% | ' | 3.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.58% | 1.57% | 3.59% | 3.40% | 1.30% | 1.07% | 2.09% | 1.97% | 2.50% | 2.28% | 3.23% | 2.79% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Average Variable Interest Rate | ' | ' | ' | ' | ' | 0.20% | ' | 0.20% | ' | 0.22% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.17% | 0.19% | ' | ' | 0.23% | 0.24% | 0.23% | 0.26% | 0.23% | 0.24% | 0.23% | 0.24% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet3
Derivative and Other Hedging Instruments (Summary Of Outstanding Interest Rate Swaps Agreements Designated As Hedges in the Future) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Cost | 179 | ' |
Fair Value | 62 | ' |
Notional Amount | 7,650 | ' |
Payer Swaption [Member] | ' | ' |
Interest Rate Derivative Not Designated As Hedging Instruments Receive Rate | '3M | '3M |
Interest Rate Swaption [Member] | ' | ' |
Cost | ' | 335 |
Fair Value | ' | 258 |
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | 10 | 10 |
Notional Amount | ' | 14,250 |
Average Fixed Pay Rate | 3.14% | 3.09% |
Term (Years) | '5 years 7 months | '7 years |
Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | ' | ' |
Term (Years) | '1 year 7 months 28 days | ' |
Less Than or Equal to One Year [Member] | Payer Swaption [Member] | ' | ' |
Interest Rate Derivative Not Designated As Hedging Instruments Receive Rate | '3M | '3M |
Less Than or Equal to One Year [Member] | Interest Rate Swaption [Member] | ' | ' |
Cost | 95 | 193 |
Fair Value | 36 | 117 |
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | 3 | 4 |
Notional Amount | 4,300 | 9,400 |
Average Fixed Pay Rate | 2.73% | 2.87% |
Term (Years) | '6 years 2 months | '7 years 9 months |
Greater Than One Year and Less Than or Equal to Three Years [Member] | Payer Swaption [Member] | ' | ' |
Interest Rate Derivative Not Designated As Hedging Instruments Receive Rate | '3M | '3M |
Greater Than One Year and Less Than or Equal to Three Years [Member] | Interest Rate Swaption [Member] | ' | ' |
Cost | 63 | 105 |
Fair Value | 20 | 92 |
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | 16 | 19 |
Notional Amount | 2,650 | 3,600 |
Average Fixed Pay Rate | 3.59% | 3.40% |
Term (Years) | '4 years 8 months | '5 years 7 months |
greater than two years less than or equal to three years [Member] | Payer Swaption [Member] | ' | ' |
Interest Rate Derivative Not Designated As Hedging Instruments Receive Rate | '3M | '3M |
greater than two years less than or equal to three years [Member] | Interest Rate Swaption [Member] | ' | ' |
Cost | 21 | 35 |
Fair Value | 6 | 45 |
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | 26 | 30 |
Notional Amount | 700 | 1,150 |
Average Fixed Pay Rate | 3.95% | 3.81% |
Term (Years) | '5 years | '5 years 9 months |
greater than four years less than or equal to five years [Member] | Payer Swaption [Member] | ' | ' |
Interest Rate Derivative Not Designated As Hedging Instruments Receive Rate | ' | '3M |
greater than four years less than or equal to five years [Member] | Interest Rate Swaption [Member] | ' | ' |
Cost | ' | 2 |
Fair Value | ' | 4 |
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | ' | 52 |
Notional Amount | ' | 100 |
Average Fixed Pay Rate | ' | 4.80% |
Term (Years) | ' | '7 years |
Recovered_Sheet4
Derivative and Other Hedging Instruments (Summary of Outstanding TBAs) (Details) (TBA securities Fifteen Year and Thirty Year Securities [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | $18,384 | $2,271 | ||
Notional Amount | 17,811 | [1] | 2,119 | [1] |
Derivative, Forward Settlement Value | 18,184 | 2,276 | ||
Fair Value of Derivative Instruments | 200 | [1] | -5 | [1] |
Long [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 22,136 | 6,864 | ||
Notional Amount | 21,380 | 6,660 | ||
Derivative, Forward Settlement Value | 21,923 | 6,882 | ||
Fair Value of Derivative Instruments | 212 | -18 | ||
Short [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | -3,752 | -4,593 | ||
Notional Amount | -3,569 | -4,541 | ||
Derivative, Forward Settlement Value | -3,739 | -4,606 | ||
Fair Value of Derivative Instruments | ($12) | $13 | ||
[1] | 1.Notional amount represents the par value (or principal balance) of the underlying agency security. |
Recovered_Sheet5
Derivative and Other Hedging Instruments (Summary Of Derivatives Outstanding Not Designated As Hedging Instruments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | |
Put Option [Member] | Put Option [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | TBA and Forward Settling Agency Securities [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Payer Swaption [Member] | Payer Swaption [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] | 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] | Less Than or Equal to One Year [Member] | Less Than or Equal to One Year [Member] | Less Than or Equal to One Year [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 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 two years less than or equal to three years [Member] | greater than two years less than or equal to three 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] | Receiver Swaption [Member] | Receiver Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | Future [Member] | Other derivative instruments [Member] | Other derivative instruments [Member] | ||||||
years | years | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Receiver Swaption [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Payer Swaption [Member] | Payer Swaption [Member] | Interest Rate Swaption [Member] | Payer Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Payer Swaption [Member] | Receiver Swaption [Member] | Receiver Swaption [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | US Treasury Securities [Member] | |||||||||||||||||||||||||||||||||||||
years | years | years | years | years | years | years | years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options At Cost | ' | ' | $179,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $335,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $95,000,000 | $193,000,000 | ' | ' | $9,000,000 | ' | ' | $63,000,000 | $105,000,000 | ' | ' | $21,000,000 | $35,000,000 | ' | ' | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivatives, at Fair Value, Net | 62,000,000 | ' | 62,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 258,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | 117,000,000 | ' | ' | 10,000,000 | ' | ' | 20,000,000 | 92,000,000 | ' | ' | 6,000,000 | 45,000,000 | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flow Hedges Derivative Instruments Not Designated As Hedging Instruments Average Months To Expiration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 4 | ' | ' | 8 | ' | ' | 16 | 19 | ' | ' | 26 | 30 | ' | ' | 52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | 7,650,000,000 | ' | 7,650,000,000 | ' | ' | -100,000,000 | -100,000,000 | 17,811,000,000 | 14,408,000,000 | 17,811,000,000 | 14,408,000,000 | 13,909,000,000 | 2,119,000,000 | 26,268,000,000 | 12,477,000,000 | 47,900,000,000 | ' | 47,900,000,000 | ' | 43,250,000,000 | ' | ' | ' | ' | 14,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000,000 | 9,400,000,000 | ' | ' | 1,750,000,000 | 16,150,000,000 | 16,750,000,000 | 2,650,000,000 | 3,600,000,000 | ' | ' | 700,000,000 | 1,150,000,000 | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | -47,900,000,000 | -46,400,000,000 | -43,250,000,000 | -55,650,000,000 | -51,250,000,000 | -46,850,000,000 | -8,000,000,000 | -14,250,000,000 | -23,750,000,000 | -22,900,000,000 | -14,450,000,000 | -7,650,000,000 | 1,750,000,000 | 1,000,000,000 | -5,988,000,000 | -10,477,000,000 | -5,988,000,000 | -10,477,000,000 | -6,786,000,000 | -2,007,000,000 | -12,560,000,000 | -11,835,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | -730,000,000 | -2,430,000,000 | -730,000,000 | -2,430,000,000 | -730,000,000 | -1,730,000,000 | -800,000,000 | 0 | ' | ' |
Derivative, Average Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.97% | ' | 1.97% | ' | 1.70% | 3.14% | ' | 3.14% | ' | 3.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.73% | 2.87% | ' | ' | 2.37% | 1.58% | 1.57% | 3.59% | 3.40% | ' | ' | 3.95% | 3.81% | ' | ' | 4.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative Not Designated As Hedging Instruments Receive Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3M | '3M | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3M | '3M | '3M | ' | ' | ' | ' | '3M | '3M | ' | ' | '3M | '3M | ' | '3M | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain On Interest Only Securities Remeasured at Fair Value Through Earnings | 15,000,000 | -20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -269,000,000 | 1,444,000,000 | -702,000,000 | 1,333,000,000 | ' | ' | ' | 543,000,000 | -572,000,000 | 604,000,000 | -674,000,000 | ' | ' | ' | ' | -587,000,000 | 1,135,000,000 | -967,000,000 | 1,187,000,000 | ' | -41,000,000 | 454,000,000 | -146,000,000 | 409,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -173,000,000 | 346,000,000 | -218,000,000 | 344,000,000 | ' | ' | ' | ' | 8,000,000 | 4,000,000 | 80,000,000 | 4,000,000 | ' | ' | ' | ' | -19,000,000 | 77,000,000 | -55,000,000 | 63,000,000 | ' | ' | ' | ' | -5,000,000 | -7,000,000 |
Trading Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000,000 | 3,750,000,000 | 1,250,000,000 | 3,750,000,000 | 200,000,000 | 3,927,000,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading Securities Added During the Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,035,000,000 | 7,304,000,000 | 4,935,000,000 | 7,304,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Trading Securities Settlement Expiration During The Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,985,000,000 | -3,554,000,000 | -7,612,000,000 | -3,554,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Derivatives Not Designated As Hedging Instruments Settlement Expiration During The Period | ' | ' | ' | ' | ' | 0 | 50,000,000 | ' | -77,285,000,000 | ' | -106,761,000,000 | ' | ' | ' | ' | 1,300,000,000 | 5,700,000,000 | 4,050,000,000 | 7,050,000,000 | ' | 1,600,000,000 | 2,350,000,000 | 8,850,000,000 | 5,050,000,000 | ' | ' | ' | -62,044,000,000 | -74,630,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,413,000,000 | 12,290,000,000 | 11,875,000,000 | 21,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 730,000,000 | 1,200,000,000 | 2,460,000,000 | 1,200,000,000 | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 40,000,000 | 48,000,000 | 83,000,000 | 97,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative assets not designated as hedging instruments | 593,000,000 | ' | 593,000,000 | ' | 1,194,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liabilities not designated as hedging instruments | 583,000,000 | ' | 583,000,000 | ' | 422,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 560,000,000 | ' | 560,000,000 | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | 23,000,000 | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 213,000,000 | -253,000,000 | -296,000,000 | 388,000,000 | -436,000,000 | -485,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term (Years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 4 months 14 days | ' | '4 years 8 months | ' | ' | '5 years 7 months | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years 2 months | '7 years 9 months | ' | ' | '10 years | '1 year 4 months 7 days | '1 year 7 months | '4 years 8 months | '5 years 7 months | ' | ' | '5 years | '5 years 9 months | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred gain loss discontinued interest rate swap expected to be reclassified from OCI to interest expense next twelve months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount Of Derivatives Not Designated As Hedging Instruments Additions During The Period | ' | ' | ' | ' | ' | -100,000,000 | -150,000,000 | 65,946,000,000 | 65,425,000,000 | 90,322,000,000 | 108,692,000,000 | ' | ' | ' | ' | -2,800,000,000 | -10,100,000,000 | -8,700,000,000 | -15,850,000,000 | ' | ' | -3,200,000,000 | ' | -14,350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | 1,750,000,000 | -1,250,000,000 | -2,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,615,000,000 | -10,207,000,000 | -15,856,000,000 | -20,142,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -730,000,000 | -2,830,000,000 | -1,460,000,000 | -3,630,000,000 | ' | ' | ' | ' | ' | ' |
Credit Derivative, Maximum Exposure, Undiscounted | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet6
Derivative and Other Hedging Instruments (Effect Of Derivative Instruments Not Designated As Hedges On Income Statement) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 |
Notional Amount | ' | ' | ' | ' | $7,650 |
Amount Gain/(Loss) Recognized in Income on Derivatives | -269 | 1,444 | -702 | 1,333 | ' |
Interest Only And Principal Only Strip [Member] | ' | ' | ' | ' | ' |
Unrealized Gain (Loss) on Securities | $15 | ($20) | $27 | ($21) | ' |
Pledged_Assets_Details
Pledged Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Risk Of Repurchase Agreement To Stockholders Equity | 4.00% | ' |
Security Owned and Pledged as Collateral, Fair Value | $52,608,000,000 | $67,875,000,000 |
Available-for-sale Securities Pledged as Collateral | 50,057,000,000 | 62,205,000,000 |
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value | 6,094,000,000 | 1,848,000,000 |
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet | -895,000,000 | ' |
Available For Sale Securities Pledged As Collateral Accrued Interest | 147,000,000 | 195,000,000 |
Restricted Cash and Cash Equivalents | 783,000,000 | 101,000,000 |
Total Fair Value Of Agency Securities Pledged And Accrued Interest | 54,052,000,000 | 68,360,000,000 |
Agency Securities Pledged As Collateral Amortized Cost | 52,384,000,000 | 69,008,000,000 |
Agency Securities Pledged As Collateral Accrued Interest | 147,000,000 | 194,000,000 |
Credit Derivative, Maximum Exposure, Undiscounted | 0.01 | ' |
Liability [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Gross Amount of Recognized Assets (Liabilities) | 49,274,000,000 | 63,933,000,000 |
Net Amount of Assets (Liabilities) Presented on the Balance Sheet | 49,274,000,000 | 63,933,000,000 |
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet | -6,042,000,000 | -2,212,000,000 |
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet | -43,232,000,000 | -61,721,000,000 |
Liability [Member] | Swaption [Member] | Interest Rate Swap [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Gross Amount of Recognized Assets (Liabilities) | 560,000,000 | 400,000,000 |
Net Amount of Assets (Liabilities) Presented on the Balance Sheet | 560,000,000 | 400,000,000 |
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet | -195,000,000 | -331,000,000 |
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet | -365,000,000 | -69,000,000 |
Assets [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Gross Amount of Recognized Assets (Liabilities) | 6,988,000,000 | 3,019,000,000 |
Net Amount of Assets (Liabilities) Presented on the Balance Sheet | 6,988,000,000 | 3,019,000,000 |
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet | -6,042,000,000 | -2,212,000,000 |
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet | ' | -610,000,000 |
Net Amount After Deducting Gross Amounts Not Offset on the Balance Sheet From Net Amount of Assets (Liabilities) Presented on the Balance Sheet | 51,000,000 | 197,000,000 |
Assets [Member] | Swaption [Member] | Interest Rate Swap [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Gross Amount of Recognized Assets (Liabilities) | 367,000,000 | 1,138,000,000 |
Net Amount of Assets (Liabilities) Presented on the Balance Sheet | 367,000,000 | 1,138,000,000 |
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet | -195,000,000 | -331,000,000 |
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet | -121,000,000 | -610,000,000 |
Net Amount After Deducting Gross Amounts Not Offset on the Balance Sheet From Net Amount of Assets (Liabilities) Presented on the Balance Sheet | 51,000,000 | 197,000,000 |
Repurchase Agreements [Member] | Liability [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Gross Amount of Recognized Assets (Liabilities) | 48,714,000,000 | 63,533,000,000 |
Net Amount of Assets (Liabilities) Presented on the Balance Sheet | 48,714,000,000 | 63,533,000,000 |
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet | -5,847,000,000 | -1,881,000,000 |
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet | -42,867,000,000 | -61,652,000,000 |
Reverse Repurchase Agreements [Member] | Assets [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Gross Amount of Recognized Assets (Liabilities) | 6,621,000,000 | 1,881,000,000 |
Net Amount of Assets (Liabilities) Presented on the Balance Sheet | 6,621,000,000 | 1,881,000,000 |
Gross Amounts of Financial Instruments Not Offset on the Balance Sheet | -5,847,000,000 | -1,881,000,000 |
Gross Amounts of Cash Collateral Not Offset on the Balance Sheet | -774,000,000 | 0 |
Net Amount After Deducting Gross Amounts Not Offset on the Balance Sheet From Net Amount of Assets (Liabilities) Presented on the Balance Sheet | 0 | 0 |
Agency Securities [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Security Owned and Pledged as Collateral, Fair Value | 51,432,000,000 | 64,167,000,000 |
Agency Securities Pledged As Collateral Amortized Cost | 51,216,000,000 | 65,248,000,000 |
Agency Securities Pledged As Collateral Accrued Interest | 143,000,000 | 178,000,000 |
Derivative [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 95,000,000 | 28,000,000 |
Available For Sale Securities Pledged As Collateral Accrued Interest | 0 | 1,000,000 |
Restricted Cash and Cash Equivalents | 534,000,000 | 41,000,000 |
Total Fair Value Of Agency Securities Pledged And Accrued Interest | 700,000,000 | 140,000,000 |
Repurchase Agreements [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 50,055,000,000 | 62,708,000,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 1,377,000,000 | 1,459,000,000 |
Available For Sale Securities Pledged As Collateral Accrued Interest | 4,000,000 | 5,000,000 |
Total Fair Value Of Agency Securities Pledged And Accrued Interest | 1,381,000,000 | 1,464,000,000 |
Under Prime Broker Agreements [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 348,000,000 | 91,000,000 |
Available For Sale Securities Pledged As Collateral Accrued Interest | 0 | 0 |
Total Fair Value Of Agency Securities Pledged And Accrued Interest | 596,000,000 | 148,000,000 |
Includes Sold But Not Yet Settled Securities [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 51,875,000,000 | 64,286,000,000 |
US Treasury Securities [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 1,247,000,000 | 3,778,000,000 |
US Treasury Securities [Member] | Derivative [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 71,000,000 | 70,000,000 |
US Treasury Securities [Member] | Repurchase Agreements [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 1,176,000,000 | 3,708,000,000 |
Repurchase Agreements [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available For Sale Securities Pledged As Collateral Accrued Interest | 143,000,000 | 189,000,000 |
Total Fair Value Of Agency Securities Pledged And Accrued Interest | 51,375,000,000 | 66,608,000,000 |
Excluding Cash Received [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 783,000,000 | 101,000,000 |
Under Prime Broker Agreements [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 248,000,000 | 57,000,000 |
Repurchase Agreements [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 1,000,000 | 3,000,000 |
30 Days or Less [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Security Owned and Pledged as Collateral, Fair Value | 14,505,000,000 | 27,694,000,000 |
Agency Securities Pledged As Collateral Amortized Cost | 14,403,000,000 | 28,125,000,000 |
Agency Securities Pledged As Collateral Accrued Interest | 39,000,000 | 76,000,000 |
Maturity 31 To 59 Days [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Security Owned and Pledged as Collateral, Fair Value | 13,730,000,000 | 14,955,000,000 |
Agency Securities Pledged As Collateral Amortized Cost | 13,638,000,000 | 15,210,000,000 |
Agency Securities Pledged As Collateral Accrued Interest | 38,000,000 | 42,000,000 |
Maturity 60 To 90 Days [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Security Owned and Pledged as Collateral, Fair Value | 3,725,000,000 | 10,117,000,000 |
Agency Securities Pledged As Collateral Amortized Cost | 3,699,000,000 | 10,290,000,000 |
Agency Securities Pledged As Collateral Accrued Interest | 11,000,000 | 28,000,000 |
Maturity over 90 days [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Security Owned and Pledged as Collateral, Fair Value | 19,472,000,000 | 11,401,000,000 |
Agency Securities Pledged As Collateral Amortized Cost | 19,476,000,000 | 11,623,000,000 |
Agency Securities Pledged As Collateral Accrued Interest | 55,000,000 | 32,000,000 |
Maturity Overnight [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Security Owned and Pledged as Collateral, Fair Value | 1,176,000,000 | 3,708,000,000 |
Agency Securities Pledged As Collateral Amortized Cost | 1,168,000,000 | 3,760,000,000 |
Agency Securities Pledged As Collateral Accrued Interest | 4,000,000 | 16,000,000 |
Assets Pledged to Us [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | ' | 82,000,000 |
Restricted Cash and Cash Equivalents | 101,000,000 | 366,000,000 |
Restricted Cash and Securities Pledged | 6,218,000,000 | 2,460,000,000 |
Assets Pledged to Us [Member] | Derivative [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | ' | 82,000,000 |
Restricted Cash and Securities Pledged | 124,000,000 | 612,000,000 |
Assets Pledged to Us [Member] | Reverse Repurchase Agreements [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 6,094,000,000 | 1,848,000,000 |
Assets Pledged to Us [Member] | US Treasury Securities [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 6,117,000,000 | 2,012,000,000 |
Assets Pledged to Us [Member] | US Treasury Securities [Member] | Derivative [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 23,000,000 | 164,000,000 |
Assets Pledged to Us [Member] | Derivative [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | $101,000,000 | $366,000,000 |
Pledged_Assets_Pledged_Assets_
Pledged Assets Pledged Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Security Owned and Pledged as Collateral, Fair Value | $52,608 | $67,875 |
Available-for-sale Securities Pledged as Collateral | 50,057 | 62,205 |
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value | 6,094 | 1,848 |
Available For Sale Securities Pledged As Collateral Accrued Interest | 147 | 195 |
Restricted Cash and Cash Equivalents | 783 | 101 |
Total Fair Value Of Agency Securities Pledged And Accrued Interest | 54,052 | 68,360 |
Agency Securities Pledged As Collateral Amortized Cost | 52,384 | 69,008 |
Agency Securities Pledged As Collateral Accrued Interest | 147 | 194 |
Agency Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Security Owned and Pledged as Collateral, Fair Value | 51,432 | 64,167 |
Agency Securities Pledged As Collateral Amortized Cost | 51,216 | 65,248 |
Agency Securities Pledged As Collateral Accrued Interest | 143 | 178 |
Repurchase Agreements [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 50,055 | 62,708 |
Derivative [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 95 | 28 |
Available For Sale Securities Pledged As Collateral Accrued Interest | 0 | 1 |
Restricted Cash and Cash Equivalents | 534 | 41 |
Total Fair Value Of Agency Securities Pledged And Accrued Interest | 700 | 140 |
US Treasury Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 1,247 | 3,778 |
US Treasury Securities [Member] | Repurchase Agreements [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 1,176 | 3,708 |
US Treasury Securities [Member] | Derivative [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 71 | 70 |
Repurchase Agreements [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available For Sale Securities Pledged As Collateral Accrued Interest | 143 | 189 |
Total Fair Value Of Agency Securities Pledged And Accrued Interest | 51,375 | 66,608 |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 1,377 | 1,459 |
Available For Sale Securities Pledged As Collateral Accrued Interest | 4 | 5 |
Total Fair Value Of Agency Securities Pledged And Accrued Interest | 1,381 | 1,464 |
Under Prime Broker Agreements [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 348 | 91 |
Available For Sale Securities Pledged As Collateral Accrued Interest | 0 | 0 |
Total Fair Value Of Agency Securities Pledged And Accrued Interest | 596 | 148 |
Includes Sold But Not Yet Settled Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 51,875 | 64,286 |
Excluding Cash Received [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 783 | 101 |
Under Prime Broker Agreements [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 248 | 57 |
Repurchase Agreements [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | 1 | 3 |
Maturity up to 30 days [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Security Owned and Pledged as Collateral, Fair Value | 14,505 | 27,694 |
Agency Securities Pledged As Collateral Amortized Cost | 14,403 | 28,125 |
Agency Securities Pledged As Collateral Accrued Interest | 39 | 76 |
Maturity 31 To 59 Days [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Security Owned and Pledged as Collateral, Fair Value | 13,730 | 14,955 |
Agency Securities Pledged As Collateral Amortized Cost | 13,638 | 15,210 |
Agency Securities Pledged As Collateral Accrued Interest | 38 | 42 |
Maturity 60 To 90 Days [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Security Owned and Pledged as Collateral, Fair Value | 3,725 | 10,117 |
Agency Securities Pledged As Collateral Amortized Cost | 3,699 | 10,290 |
Agency Securities Pledged As Collateral Accrued Interest | 11 | 28 |
Maturity over 90 days [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Security Owned and Pledged as Collateral, Fair Value | 19,472 | 11,401 |
Agency Securities Pledged As Collateral Amortized Cost | 19,476 | 11,623 |
Agency Securities Pledged As Collateral Accrued Interest | 55 | 32 |
Maturity Overnight [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Security Owned and Pledged as Collateral, Fair Value | 1,176 | 3,708 |
Agency Securities Pledged As Collateral Amortized Cost | 1,168 | 3,760 |
Agency Securities Pledged As Collateral Accrued Interest | 4 | 16 |
Assets Pledged to Us [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | ' | 82 |
Restricted Cash and Cash Equivalents | 101 | 366 |
Restricted Cash and Securities Pledged | 6,218 | 2,460 |
Assets Pledged to Us [Member] | Derivative [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | ' | 82 |
Restricted Cash and Securities Pledged | 124 | 612 |
Assets Pledged to Us [Member] | US Treasury Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 6,117 | 2,012 |
Assets Pledged to Us [Member] | US Treasury Securities [Member] | Derivative [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 23 | 164 |
Assets Pledged to Us [Member] | Reverse Repurchase Agreements [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 6,094 | 1,848 |
Assets Pledged to Us [Member] | Derivative [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Restricted Cash and Cash Equivalents | $101 | $366 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
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 | $52,174 | $64,482 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 1,377 | 1,459 |
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 1,247 | 3,822 |
Derivative Assets | 593 | 1,194 |
Other Long-term Debt | 844 | 910 |
Obligation to return securities borrowed under reverse repurchase agreements, at fair value | -6,094 | -1,848 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 593 | 1,194 |
Marketable Securities, Equity Securities | 202 | 237 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 583 | 422 |
Derivative Liabilities | 583 | 422 |
Transfers between hierarchy levels | '0 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Obligation to return securities borrowed under reverse repurchase agreements, at fair value | ' | -1,848 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other Long-term Debt | ' | 910 |
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 | 1,452 | 4,098 |
Liabilities, Fair Value Disclosure | 6,094 | 1,848 |
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 | 54,141 | 67,096 |
Liabilities, Fair Value Disclosure | 1,427 | 1,332 |
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 | ' | 17 |
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 | 23 | 22 |
Interest Rate Swaption [Member] | Fair Value, Inputs, Level 2 [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 | 72 | 258 |
Interest Rate Swap [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 560 | 400 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [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 | 295 | 880 |
Interest Rate Swap [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 | 560 | 400 |
US Treasury Securities [Member] | Future [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | ($3) | $39 |
Management_Agreement_and_Relat
Management Agreement and Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Management Fee Expense | $30 | $37 | $59 | $70 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Investments, Owned, Federal Income Tax Note [Line Items] | ' | ' |
Dividends, Common Stock, Cash | ($459) | ($912) |
Stockholders_Equity_Summary_of
Stockholders' Equity (Summary of Follow-on Public Offerings of Common Stock) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 |
Variable Interest Entity, Measure of Activity, Expense | ($9) | ' | ' | ' | ' | ($12) | ' | ' |
Common Stock, Shares, Issued | 352.8 | ' | 356.2 | ' | ' | 352.8 | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | ' | ' | ' | ' | 1,803 | ' |
Stock Repurchase Program, Authorized Amount | ' | 1,000 | 1,000 | ' | 500 | ' | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | ' | ' | ' | ' | ' | $22.10 | ' | ' |
Stock Repurchased During Period, Value | ' | ' | ' | ' | ' | -74 | -7 | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | ' | ' | ' | 992 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 790 | ' | ' | -2,813 | ' | 1,312 | -3,650 | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 40 | ' | ' | 48 | ' | 83 | 97 | ' |
Total Reclass of Other Comprehensive Income | 18 | ' | ' | 31 | ' | 80 | 106 | ' |
Other comprehensive income (loss) | 830 | ' | ' | -2,765 | ' | 1,395 | -3,553 | ' |
Proceeds from Issuance of Common Stock | ' | ' | ' | ' | ' | 0 | 1,803 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 12 | -819 | -1,383 | -1,998 | 1,555 | 12 | -1,998 | 767 |
Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | ' | ' | ' | ' | 1 | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | ' | ' | -3.4 | -0.3 | ' |
Stock Repurchased During Period, Value | ' | ' | ' | ' | ' | -74 | -7 | ' |
Public offering of common stock | ' | ' | ' | ' | ' | ' | 57.6 | ' |
Agency Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 225 | -566 | -1,087 | -1,610 | 2,040 | 225 | -1,610 | 1,203 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 813 | ' | ' | -2,796 | ' | 1,315 | -3,659 | ' |
Other Comprehensive Income Reclassification Adjustment For Sale Of Security Reversal Of Prior Period Unrealized Gain And Losses On Realization | -22 | ' | ' | -17 | ' | -3 | 9 | ' |
Discontinuation of Election to Account for Interest Rate Swaps as Designated Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | ($213) | $253 | $296 | ($388) | $485 | ($213) | ($388) | $436 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | 5-May-14 | 5-May-14 | Jun. 30, 2014 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
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] | 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] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Preferred Class B [Member] | Preferred Class B [Member] | Preferred Class B [Member] | Series B Preferred Stock [Member] | Preferred Class A [Member] | Preferred Class A [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||||||||
Agency Securities [Member] | Agency Securities [Member] | Agency Securities [Member] | Agency Securities [Member] | |||||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | ' | 10,000,000 | ' | ' | 10,000,000 | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $24.21 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Value, Issued | $336 | ' | $167 | ' | ' | $336 | ' | $167 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $169 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | 352,800,000 | ' | 356,200,000 | ' | ' | 352,800,000 | ' | 356,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' | ' | ' | ' | 0 | 1,803 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225 | -1,610 | 225 | -1,610 | -566 | -1,087 | 1,203 | 2,040 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income Reclassification Adjustment For Sale Of Security Reversal Of Prior Period Unrealized Gain And Losses On Realization | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22 | -17 | -3 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spread Over LIBOR | ' | ' | ' | ' | ' | '43 | ' | '42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, value | ' | ' | ' | ' | ' | ' | 1,803 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Public offering of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,600,000 |
Preferred Stock Authorized, but not Issued | 3,100,000 | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $24.21 | ' | ' | ' | ' | ' |
Proceeds from Issuance of Preferred Stock and Preference Stock | ' | ' | ' | ' | ' | 169 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167 | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | 1,000 | 1,000 | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,400,000 | -300,000 |
Treasury Stock Acquired, Average Cost Per Share | ' | ' | ' | ' | ' | $22.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Value | ' | ' | ' | ' | ' | -74 | -7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -74 | -7 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 40 | ' | ' | 48 | ' | 83 | 97 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Reclass of Other Comprehensive Income | 18 | ' | ' | 31 | ' | 80 | 106 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -213 | 253 | 296 | -388 | 436 | 485 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 12 | -819 | -1,383 | -1,998 | 1,555 | 12 | -1,998 | -1,383 | 767 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 790 | ' | ' | -2,813 | ' | 1,312 | -3,650 | ' | ' | 813 | -2,796 | 1,315 | -3,659 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 813 | -2,796 | 1,315 | -3,659 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $830 | ' | ' | ($2,765) | ' | $1,395 | ($3,553) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75% | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' |
Preferred Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,050 | ' | ' | 6,900,000 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | 6,900,000 | ' | 6,900,000 | ' | ' | 6,900,000 | ' | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Liquidation Preference Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | $25 | ' | ' |