Wells Fargo 2013 Annual Report Download - page 239
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The assets and liabilities accounted for under the fair value
option are initially measured at fair value. Gains and losses from
initial measurement and subsequent changes in fair value are
recognized in earnings. The changes in fair value related to
initial measurement and subsequent changes in fair value
included in earnings for these assets and liabilities measured at
fair value are shown below by income statement line item.
2013 2012 2011
(in millions)
Mortgage
banking
noninterest
income
Net gains
(losses)
from
trading
activities
Other
noninterest
income
Mortgage
banking
noninterest
income
Net gains
(losses)
from
trading
activities
Other
noninterest
income
Mortgage
banking
noninterest
income
Net gains
(losses)
from
trading
activities
Other
noninterest
income
Year ended December 31,
Mortgages held for sale $ 2,073 - - 8,240 - 1 6,084 - -
Loans held for sale - - - - - 21 - - 32
Loans - - (216) - - 63 13 - 80
Other assets - - 324 - - - - - -
Long-term debt - - - - - (27) (11) - -
Other interests held (1) - (15) - - (42) 34 - (25) -
(1) Consists of retained interests in securitization and changes in fair value of letters of credit.
For performing loans, instrument-specific credit risk gains or
losses were derived principally by determining the change in fair
value of the loans due to changes in the observable or implied
credit spread. Credit spread is the market yield on the loans less
the relevant risk-free benchmark interest rate. For
nonperforming loans, we attribute all changes in fair value to
instrument-specific credit risk. The following table shows the
estimated gains and losses from earnings attributable to
instrument-specific credit risk related to assets accounted for
under the fair value option.
Year ended December 31,
(in millions) 2013 2012 2011
Gains (losses) attributable to
instrument-specific credit risk:
Mortgages held for sale $ 126 (124) (144)
Loans held for sale - 21 32
Total $ 126 (103) (112)
237