Wells Fargo 2014 Annual Report Download - page 235
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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.
Year ended December 31,
2014 2013 2012
(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
Trading assets - loans $ — 29 4 — 40 3 — 14 1
Mortgages held for sale 2,211 — — 2,073 — — 8,240 — 1
Loans held for sale — — — — — — — — 21
Loans — — (49) — — (216) — — 63
Other assets — — 518 — — 324 — — —
Long-term debt — — — — — — — — (27)
Other interests held (1) — (12) — (15) — — (42) 34
(1) Consists of retained interests in securitizations 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) 2014 2013 2012
Gains (losses) attributable to
instrument-specific credit risk:
Trading assets - loans $ 29 40 14
Mortgages held for sale 60 126 (124)
Loans held for sale — — 21
Total $ 89 166 (89)
233