Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(in millions) | |||||||||||
Gross realized gains | |||||||||||
Mortgage-related securities: | |||||||||||
Freddie Mac | $ | 547 | $ | 34 | $ | 77 | |||||
Fannie Mae | 17 | 14 | 14 | ||||||||
CMBS | 1,301 | 82 | 37 | ||||||||
Option ARM | 1 | 3 | — | ||||||||
Alt-A and other | 70 | — | — | ||||||||
Obligations of states and political subdivisions | 13 | 19 | 11 | ||||||||
Subprime | 1 | — | — | ||||||||
Total mortgage-related securities gross realized gains | 1,950 | 152 | 139 | ||||||||
Gross realized gains | 1,950 | 152 | 139 | ||||||||
Gross realized losses | |||||||||||
Mortgage related securities:(1) | |||||||||||
Freddie Mac | (25 | ) | — | — | |||||||
CMBS | — | — | (81 | ) | |||||||
Option ARM | (4 | ) | — | — | |||||||
Alt-A and other | (19 | ) | — | — | |||||||
Subprime | (3 | ) | — | — | |||||||
Total mortgage-related securities gross realized losses | (51 | ) | — | (81 | ) | ||||||
Gross realized losses | (51 | ) | — | (81 | ) | ||||||
Net realized gains (losses) | $ | 1,899 | $ | 152 | $ | 58 | |||||
(1) | The individual sales do not change our conclusion, at period end, that we do not intend to sell our remaining mortgage-related available-for-sale securities that are in an unrealized loss position and it is not more likely than not that we will be required to sell these securities before a sufficient time to recover all unrealized losses. |