Securitizations And Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2012

Securitizations And Variable Interest Entities [Abstract]

Schedule of Variable Interest Entities [Table Text Block]

Our involvement with consolidated and nonconsolidated VIEs in which we hold variable interests is presented below.



($ in millions)	Consolidated involvement with VIEs			Assets of nonconsolidated VIEs (a)			Maximum exposure to loss in nonconsolidated VIEs
June 30, 2012
On-balance sheet variable interest entities
Consumer automobile	$	26,852		$	—		$	—
Commercial automobile	18,371			—			—
Commercial other	656			—			—
Off-balance sheet variable interest entities
Consumer automobile	—			1,829			1,829		(b)
Consumer mortgage — other	—			—		(c)	15		(d)
Commercial other	8		(e)	—		(f)	135
Total	$	45,887		$	1,829		$	1,979
December 31, 2011
On-balance sheet variable interest entities
Consumer automobile	$	26,504		$	—		$	—
Consumer mortgage — private-label	1,098			—			—
Commercial automobile	19,594			—			—
Other	956			—			—
Off-balance sheet variable interest entities
Consumer mortgage — Ginnie Mae	2,652		(g)	44,127			44,127		(b)
Consumer mortgage — CMHC	66		(g)	3,222			66		(h)
Consumer mortgage — private-label	141		(g)	4,408			4,408		(b)
Consumer mortgage — other	—			—		(c)	17		(d)
Commercial other	83		(e)	—		(f)	242
Total	$	51,094		$	51,757		$	48,860


(a)	Asset values represent the current unpaid principal balance of outstanding consumer finance receivables and loans within the VIEs.

(b)

Maximum exposure to loss represents the current unpaid principal balance of outstanding loans based on our customary representation and warranty provisions. This measure is based on the unlikely event that all of the loans have underwriting defects or other defects that trigger a representation and warranty provision and the collateral supporting the loans are worthless. This required disclosure is not an indication of our expected loss.


(c)	Includes a VIE for which we have no management oversight and therefore we are not able to provide the total assets of the VIE. However, in March 2011 we sold excess servicing rights valued at $266 million to the VIE.

(d)

Our maximum exposure to loss in this VIE is a component of servicer advances made that are allocated to the trust. The maximum exposure to loss presented represents the unlikely event that every loan underlying the excess servicing rights sold defaults, and we, as servicer, are required to advance the entire excess service fee to the trust for the contractually established period. This required disclosure is not an indication of our expected loss.


(e)	Includes $0 million and $100 million classified as finance receivables and loans, net, and $36 million and $20 million classified as other assets, offset by $28 million and $37 million classified as accrued expenses and other liabilities at June 30, 2012, and December 31, 2011, respectively.


(f)	Includes VIEs for which we have no management oversight and therefore we are not able to provide the total assets of the VIEs.


(g)	Includes $0 billion and $2.4 billion classified as mortgage loans held-for-sale, $0 million and $92 million classified as trading securities or other assets, and $0 million and $386 million classified as mortgage servicing rights at June 30, 2012, and December 31, 2011, respectively. CMHC is the Canada Mortgage and Housing Corporation.


(h)	Due to combination of the credit loss insurance on the mortgages and the guarantee by CMHC on the issued securities, the maximum exposure to loss would be limited to the amount of the retained interests. Additionally, the maximum loss would occur only in the event that CMHC dismisses us as servicer of the loans due to servicer performance or insolvency.

Schedule of Pretax Gain (Loss) Recognized on Financial Assets Sold [Table Text Block]

The following summarizes all pretax gains and losses recognized on financial assets sold into nonconsolidated securitization and similar asset-backed financing entities.



	Three months ended June 30,				Six months ended June 30,
($ in millions)	2012		2011		2012		2011
Consumer automobile	$	6	$	—	$	6	$	—
Consumer mortgage — GSEs	85		267		365		265
Consumer mortgage — private-label	—		2		—		1
Total pretax gain	$	91	$	269	$	371	$	266

Schedule Of Cash Flow Received And Paid To Nonconsolidated Securitization Entities [Table Text Block]

The following table summarizes cash flows received from and paid related to securitization entities, asset-backed financings, or other similar transfers of financial assets where the transfer is accounted for as a sale and we have a continuing involvement with the transferred assets (e.g., servicing) that were outstanding during the three months ended June 30, 2012 and 2011. Additionally, this table contains information regarding cash flows received from and paid to nonconsolidated securitization entities that existed during each period.



Six months ended June 30, ($ in millions)	Consumer automobile		Consumer mortgage GSEs			Consumer mortgage private-label
2012
Cash proceeds from transfers completed during the period	$	1,978	$	16,645		$	—
Cash flows received on retained interests in securitization entities	—		—			71
Servicing fees	—		434			63
Purchases of previously transferred financial assets	—		(876		)	(12		)
Representations and warranties obligations	—		(30		)	(7		)
Other cash flows	—		(84		)	255
2011
Cash proceeds from transfers completed during the period	$	—	$	28,418		$	727
Cash flows received on retained interests in securitization entities	—		—			37
Servicing fees	—		495			72
Purchases of previously transferred financial assets	—		(1,068		)	(11		)
Representations and warranties obligations	—		(100		)	(28		)
Other cash flows	—		67			141

Schedule of Quantitative Information about Securitized and Other Financial Assets Managed Together [Table Text Block]

The following tables represent on-balance sheet loans held-for-sale and finance receivable and loans, off-balance sheet securitizations, and whole-loan sales where we have continuing involvement. The table presents quantitative information about delinquencies and net credit losses. Refer to Note 11 for further detail on total serviced assets.



	Total Amount				Amount 60 days or more past due
($ in millions)	June 30, 2012		December 31, 2011		June 30, 2012		December 31, 2011
On-balance sheet loans
Consumer automobile	$	68,759	$	63,884	$	342	$	341
Consumer mortgage (a)	11,200		18,940		230		3,242
Commercial automobile	38,373		37,302		67		162
Commercial mortgage	1,146		1,925		—		14
Commercial other	2,435		1,261		1		1
Total on-balance sheet loans	121,913		123,312		640		3,760
Off-balance sheet securitization entities
Consumer automobile	1,829		—		1		—
Consumer mortgage — GSEs	127,383		262,984		1,847		9,456
Consumer mortgage — private-label	—		63,991		—		11,301
Total off-balance sheet securitization entities	129,212		326,975		1,848		20,757
Whole-loan transactions (b)	9,101		33,961		31		2,901
Total	$	260,226	$	484,248	$	2,519	$	27,418


(a)	Includes loans subject to conditional repurchase options of $0 billion and $2.3 billion guaranteed by the GSEs, and $0 million and $132 million sold to certain private-label mortgage securitization entities at June 30, 2012, and December 31, 2011, respectively.


(b)	Whole-loan transactions are not part of a securitization transaction, but represent consumer automobile and consumer mortgage pools of loans sold to third-party investors.

Schedule of Net Credit Losses for Securitized and Other Financial Assets Managed Together [Table Text Block]



	Net credit losses
	Three months ended June 30,					Six months ended June 30,
($ in millions)	2012			2011		2012			2011
On-balance sheet loans
Consumer automobile	$	70		$	60	$	144		$	172
Consumer mortgage	(3		)	33		18			81
Commercial automobile	(1		)	8		(1		)	11
Commercial mortgage	—			9		(1		)	25
Commercial other	(18		)	—		(27		)	1
Total on-balance sheet loans	48			110		133			290
Off-balance sheet securitization entities
Consumer automobile	—			—		—			—
Consumer mortgage — GSEs (a)	n/m			n/m		n/m			n/m
Consumer mortgage — private-label	485			1,010		1,234			2,299
Total off-balance sheet securitization entities	485			1,010		1,234			2,299
Whole-loan transactions	95			55		237			270
Total	$	628		$	1,175	$	1,604		$	2,859

n/m = not meaningful


(a)	Anticipated credit losses are not meaningful due to the GSE guarantees.

- Definition

Tabular disclosure of amounts pertaining to the excess over or deficiency from the carrying amounts of financial assets which are recognized upon the sale of financial assets.

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- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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