John Shrewsberry, Chief Financial Officer
So what happened in the 4th Quarter is both the impact of the extender legislation that came in at the end of the year as well as the resolution of some discreet matters that we have been working on with the various taxing authorities for some period of time. I would look at recent prior years for what a good expectation is for our tax rate going forward.
Eric Wasserstern, Guggenheim Securities
Okay. So largely unchanged at some point?
John Shrewsberry, Chief Financial Officer
I think that’s right.
Eric Wasserstern, Guggenheim Securities
Thanks very much.
Operator
The next call comes from the line of Chris Mutascio with KBW.
Chris Mutascio, KBW
Good Morning guys. Happy New Year to you. A quick question for John Shrewsberry. You noted investment securities portfolio has been increasing quite materially over the last year, I think it’s up about $50 billion. Can you tell me what portion of that is Ginnie Mae MBS? How much is that Ginnie Mae portfolio if you have exposure, has that grown in 2014?
John Shrewsberry, Chief Financial Officer
It’s negligible.
Chris Mutascio, KBW
So the refinance activity there with 50 basis points cut plus rates being bad – I don’t know what the impact would be – perhaps on the margin, but your Ginnie Mae exposure is negligible?
John Shrewsberry, Chief Financial Officer
Negligible.
Chris Mutascio, KBW
Thank you very much.
Operator
Your next question will come from the line of Nancy Bush with NAB Research.
Nancy Bush, NAB Research
Good Morning Guys. Happy New Year. Two questions for you. John, you mentioned the changes at in the GSE’s and at the FHA with regards to allowable mortgages etc. This has been a remarkable turnaround in Washington since the days of the financial crisis when everybody was cracking down on mortgages and we are in a reverse posture now. As a result of this, do you see any changes that you might make at the mortgage company in terms of businesses that you exited, the wholesale business etc. that you might want to go back and re-visit?
John Stumpf, Chairman and Chief Executive Officer
No. First of all, I think those are positive changes that have been made. I think they’ve been largely made because it got too restrictive and customers who deserved loan who wanted to buy a home, could afford it, could not get credit. I don’t want to overstate the amount of those folks but there was that element. And I think we’ve come to a much better place with regulators, with the industry and with customers. But no, we don’t have any intention of going back into joint ventures or the wholesale business. We like the business mix we have now.
Nancy Bush, NAB Research
Okay. Second question is this. There was I believe a heard on a street column a few days ago in the Wall Street Journal about the impact of the energy, price drop on various banks, and John, I think they mentioned that the figure of 17% of revenues comes to mind with regard to your capital markets businesses related to energy. Could you just clarify that where you stand in capital markets with relation to the energy business and if there is going to be a big impact in revenues there?
John Shrewsberry, Chief Financial Officer
So in that article they referred to geologic information for 2014 that suggested that we had about $280 million worth of underwriting revenue from energy related activity. So that would be debt and equity underwriting and probably loan syndication fees as well. So that’s the order of magnitude. The 17% would refer to that as a percentage of the US investment banking revenue for full-year 2014. So, in terms of at risk or where it goes from here, that’s a starting point for last year. And it’s bounced around between $150 million and may be $300 million over the course of the last several years.
Nancy Bush, NAB Research
Okay. And just one more question, John Stumpf, for you. You’ve been very positive on the direction of the American economy for the last couple of quarters, and I think you remained that way. I don’t know if you saw your predecessor, Mr. Kovacevich on CNBC a couple of mornings ago, and he was not so positive on strength of the American economy. I’m sure you still talk to Dick from time to time, what is behind the different views?
