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SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Schedule of securities held | The following table presents the major components of securities at amortized cost and fair value:
| December 31, 2019 |  | December 31, 2018
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
U.S. Treasury and other |  | $71 |  |  | $— |  |  | $— |  |  | $71 |  |  |  | $24 |  |  | $— |  |  | $— |  |  | $24 |
State and political subdivisions | 5 |  | — |  | — |  | 5 |  |  | 5 |  | — |  | — |  | 5 |
Mortgage-backed securities, at fair value: |  |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | 19,803 |  | 143 |  | (71 | ) | 19,875 |  |  | 20,211 |  | 28 |  | (605 | ) | 19,634 |
Other/non-agency | 638 |  | 24 |  | — |  | 662 |  |  | 236 |  | 3 |  | (7 | ) | 232 |
Total mortgage-backed securities, at fair value | 20,441 |  | 167 |  | (71 | ) | 20,537 |  |  | 20,447 |  | 31 |  | (612 | ) | 19,866 |
Total debt securities available for sale, at fair value |  | $20,517 |  |  | $167 |  |  | ($71 | ) |  | $20,613 |  |  |  | $20,476 |  |  | $31 |  |  | ($612 | ) |  | $19,895 |
Federal agencies and U.S. government sponsored entities |  | $3,202 |  |  | $45 |  |  | ($5 | ) |  | $3,242 |  |  |  | $3,425 |  |  | $— |  |  | ($132 | ) |  | $3,293 |
Other/non-agency | — |  | — |  | — |  | — |  |  | 740 |  | 8 |  | — |  | 748 |
Total mortgage-backed securities, at cost | 3,202 |  | 45 |  | (5 | ) | 3,242 |  |  | 4,165 |  | 8 |  | (132 | ) | 4,041 |
Total debt securities held to maturity |  | $3,202 |  |  | $45 |  |  | ($5 | ) |  | $3,242 |  |  |  | $4,165 |  |  | $8 |  |  | ($132 | ) |  | $4,041 |
Money market mutual fund investments |  | $47 |  |  | $— |  |  | $— |  |  | $47 |  |  |  | $181 |  |  | $— |  |  | $— |  |  | $181 |
Total equity securities, at fair value |  | $47 |  |  | $— |  |  | $— |  |  | $47 |  |  |  | $181 |  |  | $— |  |  | $— |  |  | $181 |
Federal Reserve Bank stock |  | $577 |  |  | $— |  |  | $— |  |  | $577 |  |  |  | $463 |  |  | $— |  |  | $— |  |  | $463 |
Federal Home Loan Bank stock | 222 |  | — |  | — |  | 222 |  |  | 364 |  | — |  | — |  | 364 |
Other equity securities | 8 |  | — |  | — |  | 8 |  |  | 7 |  | — |  | — |  | 7 |
Total equity securities, at cost |  | $807 |  |  | $— |  |  | $— |  |  | $807 |  |  |  | $834 |  |  | $— |  |  | $— |  |  | $834 |
Schedule of investments classified by maturity date | The following table presents the amortized cost and fair value of debt securities by contractual maturity as of December 31, 2019. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.
| Distribution of Maturities
(in millions) | 1 Year or Less | 1-5 Years | 5-10 Years | After 10 Years | Total
Amortized cost: |  |  |  |  |
U.S. Treasury and other |  | $71 |  |  | $— |  |  | $— |  |  | $— |  |  | $71 |
State and political subdivisions | — |  | — |  | — |  | 5 |  | 5 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | 215 |  | 1,534 |  | 18,054 |  | 19,803 |
Other/non-agency | — |  | — |  | — |  | 638 |  | 638 |
Total debt securities available for sale | 71 |  | 215 |  | 1,534 |  | 18,697 |  | 20,517 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | — |  | — |  | 3,202 |  | 3,202 |
Other/non-agency | — |  | — |  | — |  | — |  | — |
Total debt securities held to maturity | — |  | — |  | — |  | 3,202 |  | 3,202 |
Total amortized cost of debt securities |  | $71 |  |  | $215 |  |  | $1,534 |  |  | $21,899 |  |  | $23,719 |
Fair value: |  |  |  |  |
U.S. Treasury and other |  | $71 |  |  | $— |  |  | $— |  |  | $— |  |  | $71 |
State and political subdivisions | — |  | — |  | — |  | 5 |  | 5 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | 217 |  | 1,553 |  | 18,105 |  | 19,875 |
Other/non-agency | — |  | — |  | — |  | 662 |  | 662 |
Total debt securities available for sale | 71 |  | 217 |  | 1,553 |  | 18,772 |  | 20,613 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | — |  | — |  | 3,242 |  | 3,242 |
Total debt securities held to maturity | — |  | — |  | — |  | 3,242 |  | 3,242 |
Total fair value of debt securities |  | $71 |  |  | $217 |  |  | $1,553 |  |  | $22,014 |  |  | $23,855 |
Schedule of income recognized on investment securities | The following table presents realized gains and losses on securities:
| Year Ended December 31,
(in millions) | 2019 |  |  | 2018 |  |  | 2017 |
Gains on sale of debt securities (1) |  | $41 |  |  |  | $19 |  |  |  | $11 |
Losses on sale of debt securities | (16 | ) |  | — |  |  | — |
Debt securities gains, net |  | $25 |  |  |  | $19 |  |  |  | $11 |
Equity securities gains |  | $— |  |  |  | $— |  |  |  | $1 |
(1) For the year ended December 31, 2019, $6 million of gains on sale of debt securities were recognized in mortgage banking fees in the Consolidated Statements of Operations, as they related to AFS securities held as economic hedges of the value of the MSR portfolio recognized using the amortization method.
Schedule of financial instruments owned and pledged as collateral | The following table presents the amortized cost and fair value of debt securities pledged:
| December 31, 2019 |  | December 31, 2018
(in millions) | Amortized Cost | Fair Value |  | Amortized Cost | Fair Value
Pledged against repurchase agreements |  | $265 |  |  | $266 |  |  |  | $344 |  |  | $338 |
Pledged against FHLB borrowed funds | 638 |  | 662 |  |  | 745 |  | 752 |
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | 3,670 |  | 3,672 |  |  | 3,592 |  | 3,460 |
Other than temporary impairment recognized in earnings | The following table presents the net securities impairment losses recognized in earnings:
| Year Ended December 31,
(in millions) | 2019 |  |  | 2018 |  |  | 2017 |
Other-than-temporary impairment: |  |  |  |  |
Total other-than-temporary impairment losses |  | ($2 | ) |  |  | ($7 | ) |  |  | ($7 | )
Portions of loss recognized in other comprehensive income (before taxes) | — |  |  | 4 |  |  | — |
Net securities impairment losses recognized in earnings on debt securities |  | ($2 | ) |  |  | ($3 | ) |  |  | ($7 | )
Schedule of unrealized loss on investments | The following tables present mortgage-backed debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position:
| December 31, 2019
| Less than 12 Months |  | 12 Months or Longer |  | Total
(dollars in millions) | Number of Issues | Fair Value | Gross Unrealized Losses |  | Number of Issues | Fair Value | Gross Unrealized Losses |  | Number of Issues | Fair Value | Gross Unrealized Losses
Federal agencies and U.S. government sponsored entities | 106 |  |  | $5,135 |  |  | ($24 | ) |  | 120 |  |  | $3,748 |  |  | ($52 | ) |  | 226 |  |  | $8,883 |  |  | ($76 | )
Other/non-agency | — |  | — |  | — |  |  | — |  | — |  | — |  |  | — |  | — |  | — |
Total | 106 |  |  | $5,135 |  |  | ($24 | ) |  | 120 |  |  | $3,748 |  |  | ($52 | ) |  | 226 |  |  | $8,883 |  |  | ($76 | )
| December 31, 2018
| Less than 12 Months |  | 12 Months or Longer |  | Total
(dollars in millions) | Number of Issues | Fair Value | Gross Unrealized Losses |  | Number of Issues | Fair Value | Gross Unrealized Losses |  | Number of Issues | Fair Value | Gross Unrealized Losses
Federal agencies and U.S. government sponsored entities | 166 |  |  | $4,881 |  |  | ($89 | ) |  | 429 |  |  | $15,124 |  |  | ($648 | ) |  | 595 |  |  | $20,005 |  |  | ($737 | )
Other/non-agency | 10 |  | 139 |  | (1 | ) |  | 11 |  | 72 |  | (6 | ) |  | 21 |  | 211 |  | (7 | )
Total | 176 |  |  | $5,020 |  |  | ($90 | ) |  | 440 |  |  | $15,196 |  |  | ($654 | ) |  | 616 |  |  | $20,216 |  |  | ($744 | )

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