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SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2020
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:
| June 30, 2020 |  | December 31, 2019
(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 |  | $11 |  |  | $— |  |  | $— |  |  | $11 |  |  |  | $71 |  |  | $— |  |  | $— |  |  | $71 |
State and political subdivisions | 4 |  | — |  | — |  | 4 |  |  | 5 |  | — |  | — |  | 5 |
Mortgage-backed securities, at fair value: |  |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | 20,898 |  | 648 |  | (4 | ) | 21,542 |  |  | 19,803 |  | 143 |  | (71 | ) | 19,875 |
Other/non-agency | 551 |  | 36 |  | — |  | 587 |  |  | 638 |  | 24 |  | — |  | 662 |
Total mortgage-backed securities, at fair value | 21,449 |  | 684 |  | (4 | ) | 22,129 |  |  | 20,441 |  | 167 |  | (71 | ) | 20,537 |
Total debt securities available for sale, at fair value |  | $21,464 |  |  | $684 |  |  | ($4 | ) |  | $22,144 |  |  |  | $20,517 |  |  | $167 |  |  | ($71 | ) |  | $20,613 |
Mortgage-backed securities, at cost: |  |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities |  | $2,856 |  |  | $153 |  |  | $— |  |  | $3,009 |  |  |  | $3,202 |  |  | $45 |  |  | ($5 | ) |  | $3,242 |
Total debt securities held to maturity, at cost |  | $2,856 |  |  | $153 |  |  | $— |  |  | $3,009 |  |  |  | $3,202 |  |  | $45 |  |  | ($5 | ) |  | $3,242 |
Money market mutual fund investments |  | $50 |  |  | $— |  |  | $— |  |  | $50 |  |  |  | $47 |  |  | $— |  |  | $— |  |  | $47 |
Total equity securities, at fair value |  | $50 |  |  | $— |  |  | $— |  |  | $50 |  |  |  | $47 |  |  | $— |  |  | $— |  |  | $47 |
Federal Reserve Bank stock |  | $577 |  |  | $— |  |  | $— |  |  | $577 |  |  |  | $577 |  |  | $— |  |  | $— |  |  | $577 |
Federal Home Loan Bank stock | 22 |  | — |  | — |  | 22 |  |  | 222 |  | — |  | — |  | 222 |
Other equity securities | 8 |  | — |  | — |  | 8 |  |  | 8 |  | — |  | — |  | 8 |
Total equity securities, at cost |  | $607 |  |  | $— |  |  | $— |  |  | $607 |  |  |  | $807 |  |  | $— |  |  | $— |  |  | $807 |
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 June 30, 2020. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.
| June 30, 2020
| Distribution of Maturities
(in millions) | 1 Year or Less | After 1 Year through 5 Years | After 5 Years through 10 Years | After 10 Years | Total
Amortized cost: |  |  |  |  |
U.S. Treasury and other |  | $11 |  |  | $— |  |  | $— |  |  | $— |  |  | $11 |
State and political subdivisions | — |  | — |  | — |  | 4 |  | 4 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | 4 |  | 169 |  | 1,575 |  | 19,150 |  | 20,898 |
Other/non-agency | — |  | — |  | — |  | 551 |  | 551 |
Total debt securities available for sale | 15 |  | 169 |  | 1,575 |  | 19,705 |  | 21,464 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | — |  | — |  | 2,856 |  | 2,856 |
Total debt securities held to maturity | — |  | — |  | — |  | 2,856 |  | 2,856 |
Total amortized cost of debt securities |  | $15 |  |  | $169 |  |  | $1,575 |  |  | $22,561 |  |  | $24,320 |
Fair value: |  |  |  |  |
U.S. Treasury and other |  | $11 |  |  | $— |  |  | $— |  |  | $— |  |  | $11 |
State and political subdivisions | — |  | — |  | — |  | 4 |  | 4 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | 4 |  | 176 |  | 1,631 |  | 19,731 |  | 21,542 |
Other/non-agency | — |  | — |  | — |  | 587 |  | 587 |
Total debt securities available for sale | 15 |  | 176 |  | 1,631 |  | 20,322 |  | 22,144 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | — |  | — |  | 3,009 |  | 3,009 |
Total debt securities held to maturity | — |  | — |  | — |  | 3,009 |  | 3,009 |
Total fair value of debt securities |  | $15 |  |  | $176 |  |  | $1,631 |  |  | $23,331 |  |  | $25,153 |
Schedule of income recognized on investment securities | The following table presents realized gains and losses on securities:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Gains on sale of debt securities(1) |  | $3 |  |  |  | $8 |  |  |  | $3 |  |  |  | $16 |
Losses on sale of debt securities | — |  |  | — |  |  | — |  |  | — |
Debt securities gains, net |  | $3 |  |  |  | $8 |  |  |  | $3 |  |  |  | $16 |
(1) For the three and six months ended June 30, 2019, $4 million of gains on sale of debt securities were recognized in mortgage banking fees in the Consolidated Statement 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:
| June 30, 2020 |  | December 31, 2019
(in millions) | Amortized Cost | Fair Value |  | Amortized Cost | Fair Value
Pledged against repurchase agreements |  | $242 |  |  | $251 |  |  |  | $265 |  |  | $266 |
Pledged against FHLB borrowed funds | 548 |  | 587 |  |  | 638 |  | 662 |
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | 3,861 |  | 3,998 |  |  | 3,670 |  | 3,672 |
Schedule of unrealized loss on investments | The following table presents AFS 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:
| June 30, 2020
| Less than 12 Months |  | 12 Months or Longer |  | Total
(dollars in millions) | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Federal agencies and U.S. government sponsored entities |  | $851 |  |  | ($4 | ) |  |  | $— |  |  | $— |  |  |  | $851 |  |  | ($4 | )
The following table present AFS and HTM 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) | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
Federal agencies and U.S. government sponsored entities |  | $5,135 |  |  | ($24 | ) |  |  | $3,748 |  |  | ($52 | ) |  |  | $8,883 |  |  | ($76 | )

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- Definition Tabular disclosure of available-for-sale, held to maturity, and other investment securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, and amortized cost basis. + References No definition available. + Details
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