Fair Value (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements - Recurring Basis [Table Text Block]

	Recurring fair value measurements
December 31, 2011 ($ in millions)	Level 1			Level 2			Level 3			Total
Assets
Trading assets (excluding derivatives)
Mortgage-backed residential securities	$	—		$	575		$	33		$	608
Investment securities
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies	903			643			—			1,546
U.S. states and political subdivisions	—			1			—			1
Foreign government	427			357			—			784
Mortgage-backed residential	—			7,312			—			7,312
Asset-backed	—			2,553			62			2,615
Corporate debt securities	—			1,491			—			1,491
Other debt securities	—			327			—			327
Total debt securities	1,330			12,684			62			14,076
Equity securities (a)	1,059			—			—			1,059
Total available-for-sale securities	2,389			12,684			62			15,135
Mortgage loans held-for-sale, net (b)	—			3,889			30			3,919
Consumer mortgage finance receivables and loans, net (b)	—			—			835			835
Mortgage servicing rights	—			—			2,519			2,519
Other assets
Interests retained in financial asset sales	—			—			231			231
Derivative contracts in a receivable position (c)
Interest rate	79			5,274			88			5,441
Foreign currency	—			242			18			260
Total derivative contracts in a receivable position	79			5,516			106			5,701
Collateral placed with counterparties (d)	328			—			—			328
Total assets	$	2,796		$	22,664		$	3,816		$	29,276
Liabilities
Long-term debt
On-balance sheet securitization debt (b)	$	—		$	—		$	(830	)	$	(830	)
Accrued expenses and other liabilities
Derivative contracts in a payable position (c)
Interest rate	(32		)	(5,229		)	(17		)	(5,278		)
Foreign currency	—			(99		)	(2		)	(101		)
Total derivative contracts in a payable position	(32		)	(5,328		)	(19		)	(5,379		)
Loan repurchase liabilities (b)	—			—			(29		)	(29		)
Trading liabilities (excluding derivatives)	(61		)	—			—			(61		)
Total liabilities	$	(93	)	$	(5,328	)	$	(878	)	$	(6,299	)

(a) Our investment in any one industry did not exceed 18%.

(b) Carried at fair value due to fair value option elections.

(c) Includes derivatives classified as trading.

(d) Represents collateral in the form of investment securities. Cash collateral was excluded.

The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk management activities.

	Recurring fair value measurements
September 30, 2012($ in millions)	Level 1			Level 2			Level 3			Total
Assets
Investment securities
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies	$	690		$	668		$	—		$	1,358
Foreign government	453			367			—			820
Mortgage-backed residential	—			6,374			—			6,374
Asset-backed	—			2,354			57			2,411
Corporate debt securities	—			1,404			—			1,404
Other debt securities	—			333			—			333
Total debt securities	1,143			11,500			57			12,700
Equity securities (a)	1,070			—			—			1,070
Total available-for-sale securities	2,213			11,500			57			13,770
Mortgage loans held-for-sale, net (b)	—			1,927			—			1,927
Mortgage servicing rights	—			—			902			902
Other assets
Interests retained in financial asset sales	—			—			165			165
Derivative contracts in a receivable position
Interest rate	40			4,393			158			4,591
Foreign currency	—			17			—			17
Total derivative contracts in a receivable position	40			4,410			158			4,608
Collateral placed with counterparties (c)	103			—			—			103
Total assets	$	2,356		$	17,837		$	1,282		$	21,475
Liabilities
Accrued expenses and other liabilities
Derivative contracts in a payable position
Interest rate	$	(22	)	$	(4,482	)	$	(14	)	$	(4,518	)
Foreign currency	—			(173		)	(20		)	(193		)
Total derivative contracts in a payable position	(22		)	(4,655		)	(34		)	(4,711		)
Total liabilities	$	(22	)	$	(4,655	)	$	(34	)	$	(4,711	)

(a) Our investment in any one industry did not exceed 22%.

(b) Carried at fair value due to fair value option elections.

(c) Represents collateral in the form of investment securities. Cash collateral was excluded.

Fair Value Measurements - Recurring Fair Value Inputs [Table Text Block]

The following table presents quantitative information regarding the significant unobservable inputs used in significant Level 3 assets and liabilities measured at fair value on a recurring basis.

September 30, 2012($ in millions)	Level 3 recurring measurements		Valuation technique	Unobservable input	Range
Assets
Mortgage servicing rights	$	902	(a)	(a)	(a)
Other assets
Interests retained in financial asset sales	165		Discounted cash flow	Discount rate	5.4-6.1%
				Commercial paper rate	0-0.1%

(a) Refer to Note 11 for information related to MSR valuation assumptions and sensitivities.

Fair Value Measurements - Reconciliation of Level 3 Assets and Liabilities [Table Text Block]

	Level 3 recurring fair value measurements
	Fair value at July 1, 2011			Net realized/unrealized gains (losses)							Purchases			Sales		Issuances		Settlements			Fair  value at September 30, 2011			Net  unrealized gains  (losses) included  in earnings still held at September 30, 2011
($ in millions)				included in earnings				included in OCI
Assets
Trading assets (excluding derivatives)
Mortgage-backed residential securities	$	39		$	(2	)	(a)	$	—		$	—		$	—	$	—	$	(3	)	$	34		$	—
Investment securities
Available-for-sale debt securities
Mortgage-backed residential	1			—				—			—			—		—		—			1			—
Asset-backed	67			—				(3		)	—			—		—		—			64			—
Total debt securities	68			—				(3		)	—			—		—		—			65			—
Mortgage loans held-for-sale, net (b)	22			(1		)	(b)	—			14			—		—		(5		)	30			(1		)	(b)
Consumer mortgage finance receivables and loans, net (b)	946			57			(b)	—			—			—		—		(162		)	841			4			(b)
Mortgage servicing rights	3,701			(1,212		)	(c)	—			15			—		159		—			2,663			(1,212		)	(c)
Other assets
Interests retained in financial asset sales	307			10			(d)	—			—			—		2		(22		)	297			(6		)	(d)
Derivative contracts, net (e)
Interest rate	87			59			(f)	—			—			—		—		(6		)	140			115			(f)
Foreign currency	—			2			(f)	—			—			—		—		—			2			2			(f)
Total derivative contracts in a receivable position, net	87			61				—			—			—		—		(6		)	142			117
Total assets	$	5,170		$	(1,087	)		$	(3	)	$	29		$	—	$	161	$	(198	)	$	4,072		$	(1,098	)
Liabilities
Long-term debt
On-balance sheet securitization debt (b)	$	(899	)	$	(82	)	(b)	$	—		$	—		$	—	$	—	$	150		$	(831	)	$	(50	)	(b)
Accrued expenses and other liabilities
Loan repurchase liabilities (b)	(19		)	1				—			(14		)	—		—		4			(28		)	1
Total liabilities	$	(918	)	$	(81	)		$	—		$	(14	)	$	—	$	—	$	154		$	(859	)	$	(49	)

(a) The fair value adjustment was reported as other income, net of losses, and the related interest was reported as interest on trading assets in the Condensed Consolidated Statement of Comprehensive Income.

(b) Carried at fair value due to fair value option elections. Refer to the next section of this note titled Fair Value Option for Financial Assets and Liabilities for the location of the gains and losses in the Condensed Consolidated Statement of Comprehensive Income.

(c) Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, in the Condensed Consolidated Statement of Comprehensive Income.

(d) Reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.

(e) Includes derivatives classified as trading.

(f) Refer to Note 20 for information related to the location of the gains and losses on derivative instruments in the Condensed Consolidated Statement of Comprehensive Income.

	Level 3 recurring fair value measurements
	Fair value at Jan. 1, 2011			Net realized/unrealized gains (losses)						Purchases			Sales				Issuances		Settlements			Fair  value at September 30, 2011			Net  unrealized gains  (losses) included  in earnings still held at September 30, 2011
($ in millions)				included in earnings				included in OCI
Assets
Trading assets (excluding derivatives)
Mortgage-backed residential securities	$	44		$	1		(a)	$	—	$	—		$	—			$	—	$	(11	)	$	34		$	8		(a)
Asset-backed securities	94			—				—		—			(94		)		—		—			—			—
Total trading assets	138			1				—		—			(94		)		—		(11		)	34			8
Investment securities
Available-for-sale debt securities
Mortgage-backed residential	1			—				—		—			—				—		—			1			—
Asset-backed	—			20			(b)	14		94			(64		)		—		—			64			—
Total debt securities	1			20				14		94			(64		)		—		—			65			—
Mortgage loans held-for-sale, net (c)	4			(1		)	(c)	—		37			(1		)		—		(9		)	30			(1		)	(c)
Consumer mortgage finance receivables and loans, net (c)	1,015			231			(c)	1		—			—				—		(406		)	841			70			(c)
Mortgage servicing rights	3,738			(1,327		)	(d)	—		31			(266		)	(e)	487		—			2,663			(1,327		)	(d)
Other assets
Interests retained in financial asset sales	568			167			(f)	—		—			—				3		(441		)	297			(14		)	(f)
Derivative contracts, net (g)
Interest rate	(13		)	188			(g)	—		—			—				—		(35		)	140			213			(g)
Foreign currency	—			2			(g)	—		—			—				—		—			2			2			(g)
Total derivative contracts in a (payable) receivable position, net	(13		)	190				—		—			—				—		(35		)	142			215
Total assets	$	5,451		$	(719	)		$	15	$	162		$	(425	)		$	490	$	(902	)	$	4,072		$	(1,049	)
Liabilities
Long-term debt
On-balance sheet securitization debt (c)	$	(972	)	$	(249	)	(c)	$	1	$	—		$	—			$	—	$	389		$	(831	)	$	(89	)	(c)
Accrued expenses and other liabilities
Loan repurchase liabilities (c)	—			1				—		(37		)	—				—		8			(28		)	1
Total liabilities	$	(972	)	$	(248	)		$	1	$	(37	)	$	—			$	—	$	397		$	(859	)	$	(88	)

(a) The fair value adjustment was reported as other income, net of losses, and the related interest was reported as interest on trading assets in the Condensed Consolidated Statement of Comprehensive Income.

(b) The fair value adjustment was reported as other income, net of losses, and the related interest was reported as interest and dividends on available-for-sale investment securities in the Condensed Consolidated Statement of Comprehensive Income.

(c) Carried at fair value due to fair value option elections. Refer to the next section of this note titled Fair Value Option for Financial Assets and Liabilities for the location of the gains and losses in the Condensed Consolidated Statement of Comprehensive Income.

(d) Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, in the Condensed Consolidated Statement of Comprehensive Income.

(e) Represents excess mortgage servicing rights transferred to an agency-controlled trust in exchange for trading securities. These securities were then sold instantaneously to third-party investors for $266 million.

(f) Reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.

(g) Refer to Note 20 for information related to the location of the gains and losses on derivative instruments in the Condensed Consolidated Statement of Comprehensive Income.

The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk management activities.

	Level 3 recurring fair value measurements
			Net realized/unrealized gains (losses)																Fair value at September 30, 2012			Net unrealized gains  (losses) included in earnings still held at September 30, 2012
($ in millions)	Fair value at July 1, 2012		included in earnings				included in OCI		Purchases		Sales			Issuances		Settlements
Assets
Investment securities
Available-for-sale debt securities
Asset-backed	$	63	$	4		(a)	$	1	$	—	$	(11	)	$	—	$	—		$	57		$	—
Mortgage servicing rights	1,105		(253		)	(b)	—		—		—			50		—			902			(253		)	(b)
Other assets
Interests retained in financial asset sales	193		11			(c)	—		—		—			—		(39		)	165			—
Derivative contracts, net
Interest rate	93		53			(d)	—		—		—			—		(2		)	144			16			(d)
Foreign currency	7		(27		)	(d)	—		—		—			—		—			(20		)	(27		)	(d)
Total derivative contracts in a receivable position, net	100		26				—		—		—			—		(2		)	124			(11		)
Total assets	$	1,461	$	(212	)		$	1	$	—	$	(11	)	$	50	$	(41	)	$	1,248		$	(264	)

(a) The fair value adjustment was reported as other income, net of losses, and the related interest was reported as interest and dividends on available-for-sale investment securities in the Condensed Consolidated Statement of Comprehensive Income.

(b) Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, in the Condensed Consolidated Statement of Comprehensive Income.

(c) Reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.

(d) Refer to Note 20 for information related to the location of the gains and losses on derivative instruments in the Condensed Consolidated Statement of Comprehensive Income

	Level 3 recurring fair value measurements
				Net realized/unrealized gains (losses)																					Fair value at September 30, 2012			Net unrealized gains (losses) included in earnings still held at September 30, 2012
($ in millions)	Fair value at Jan. 1, 2012			included in earnings				included in OCI		Purchases			Sales				Issuances		Settlements			Transfers out due to deconsolidation (a)
Assets
Trading assets (excluding derivatives)
Mortgage-backed residential securities	$	33		$	2		(b)	$	—	$	—		$	—			$	—	$	(4	)	$	(31	)	$	—		$	4		(b)
Investment securities
Available-for-sale debt securities
Asset-backed	62			4				2		—			(11		)		—		—			—			57			—
Mortgage loans held-for-sale, net (c)	30			—				—		12			—				—		(11		)	(31		)	—			—
Consumer mortgage finance receivables and loans, net (c)	835			121			(c)	—		—			(245		)	(d)	—		(124		)	(587		)	—			51			(c)
Mortgage servicing rights	2,519			(654		)	(e)	—		—			—				167		—			(1,130		)	902			(654		)	(e)
Other assets
Interests retained in financial asset sales	231			38			(f)	—		—			—				—		(104		)	—			165			—
Derivative contracts, net (g)
Interest rate	71			326			(h)	—		—			—				—		(252		)	(1		)	144			10			(h)
Foreign currency	16			(36		)	(h)	—		—			—				—		—			—			(20		)	(49		)	(h)
Total derivative contracts in a receivable position, net	87			290				—		—			—				—		(252		)	(1		)	124			(39		)
Total assets	$	3,797		$	(199	)		$	2	$	12		$	(256	)		$	167	$	(495	)	$	(1,780	)	$	1,248		$	(638	)
Liabilities
Long-term debt
On-balance sheet securitization debt (c)	$	(830	)	$	(115	)	(c)	$	—	$	—		$	—			$	—	$	389		$	556		$	—		$	(62	)	(c)
Accrued expenses and other liabilities
Loan repurchase liabilities (c)	(29		)	—				—		(11		)	—				—		10			30			—			—
Total liabilities	$	(859	)	$	(115	)		$	—	$	(11	)	$	—			$	—	$	399		$	586		$	—		$	(62	)

(a) Represents the amounts transferred out of Level 3 due to the deconsolidation of ResCap. Refer to Note 1 for additional information related to ResCap.

(b) The fair value adjustment was reported as other income, net of losses, and the related interest was reported as interest on trading assets in the Condensed Consolidated Statement of Comprehensive Income.

(c) Carried at fair value due to fair value option elections. Refer to the next section of this note titled Fair Value Option for Financial Assets and Liabilities for the location of the gains and losses in the Condensed Consolidated Statement of Comprehensive Income.

(d) Represents the sale of consumer mortgage finance receivable and loans sold as part of the sale of a business line during 2012.

(e) Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, in the Condensed Consolidated Statement of Comprehensive Income.

(f) Reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.

(g) Includes derivatives classified as trading.

(h) Refer to Note 20 for information related to the location of the gains and losses on derivative instruments in the Condensed Consolidated Statement of Comprehensive Income.

Fair Value Measurements - Nonrecurring Basis [Table Text Block]

The following tables display the assets and liabilities measured at fair value on a nonrecurring basis.

	Nonrecurring fair value measurements								Lower-of-cost or fair value or valuation reserve allowance			Total loss included in earnings for the three months ended		Total loss included in earnings for the nine months ended
September 30, 2012($ in millions)	Level 1		Level 2		Level 3		Total
Assets
Commercial finance receivables and loans, net (a)
Automotive	$	—	$	—	$	172	$	172	$	(31	)	n/m (b)		n/m (b)
Other	—		—		26		26		(7		)	n/m (b)		n/m (b)
Total commercial finance receivables and loans, net	—		—		198		198		(38		)	n/m (b)		n/m (b)
Other assets
Repossessed and foreclosed assets (c)	—		—		7		7		(1		)	n/m (b)		n/m (b)
Cost basis investment in ResCap (d)	—		—		—		—		—			—		(442		)
Total assets	$	—	$	—	$	205	$	205	$	(39	)	$	—	$	(442	)

n/m = not meaningful

(a) Represents the portion of the portfolio specifically impaired during 2012. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables.

(b) We consider the applicable valuation or loan loss allowance to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation or loan loss allowance.

(c) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.

	Nonrecurring fair value measurements								Lower-of-cost or fair value or valuation reserve allowance			Total loss included in earnings for the three months ended		Total loss included in earnings for the nine months ended
September 30, 2011 ($ in millions)	Level 1		Level 2		Level 3		Total
Assets
Mortgage loans held-for-sale (a)	$	—	$	—	$	507	$	507	$	(58	)	n/m (b)		n/m (b)
Commercial finance receivables and loans, net (c)
Automotive	—		—		272		272		(33		)	n/m (b)		n/m (b)
Mortgage	—		3		24		27		(5		)	n/m (b)		n/m (b)
Other	—		—		37		37		(10		)	n/m (b)		n/m (b)
Total commercial finance receivables and loans, net	—		3		333		336		(48		)	n/m (b)		n/m (b)
Other assets
Property and equipment	—		13		—		13		n/m (d)			$	—	$	(8	)
Repossessed and foreclosed assets (e)	—		35		29		64		(10		)	n/m (b)		n/m (b)
Total assets	$	—	$	51	$	869	$	920	$	(116	)	$	—	$	(8	)

n/m = not meaningful

(a) Represents loans held-for-sale that are required to be measured at the lower-of-cost or fair value. The table above includes only loans with fair values below cost during 2011. The related valuation allowance represents the cumulative adjustment to fair value of those specific assets.

(b) We consider the applicable valuation or loan loss allowance to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation or loan loss allowance.

(c) Represents the portion of the portfolio specifically impaired during 2011. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables.

(d) The total gain (loss) included in earnings is the most relevant indicator of the impact on earnings.

(e) The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.

Fair Value Measurements - Nonrecurring Fair Value Inputs [Table Text Block]

The following table presents quantitative information regarding the significant unobservable inputs used in significant Level 3 assets measured at fair value on a nonrecurring basis.

September 30, 2012($ in millions)	Level 3 nonrecurring measurements		Valuation technique	Unobservable input	Range
Assets
Commercial finance receivables and loans, net
Automotive	$	172	Fair value of collateral	Adjusted appraisal value	65.0-95.0%

Fair Value Option - Summary of Changes Included in the Condensed Consolidated Statement of Income [Table Text Block]

The following tables summarize the fair value option elections and information regarding the amounts recorded as earnings for each fair value option-elected item.

	Changes included in the
	Condensed Consolidated Statement of Comprehensive Income
Three months ended September 30, ($ in millions)	Interest and fees on finance receivables and loans (a)		Interest on loans held-for-sale (a)		Interest on long-term debt (b)			Gain on mortgage loans, net		Other income, net of losses			Total included in earnings			Change in fair value due to credit risk (c)
2012
Assets
Mortgage loans held-for-sale, net	$	—	$	18	$	—		$	33	$	—		$	51		$	—		(d)
2011
Assets
Mortgage loans held-for-sale, net	$	—	$	49	$	—		$	382	$	—		$	431		$	—		(d)
Consumer mortgage finance receivables and loans, net	48		—		—			—		9			57			(54		)	(e)
Liabilities
Long-term debt
On-balance sheet securitization debt	—		—		(29		)	—		(54		)	(83		)	37			(f)
Accrued expenses and other liabilities
Loan repurchase liabilities	—		—		—			—		1			1			—
Total													$	406

(a) Interest income is measured by multiplying the unpaid principal balance on the loans by the coupon rate and the number of days of interest due.

(b) Interest expense is measured by multiplying bond principal by the coupon rate and the number of days of interest due to the investor.

(c) Factors other than credit quality that impact fair value include changes in market interest rates and the illiquidity or marketability in the current marketplace. Lower levels of observable data points in illiquid markets generally result in wide bid/offer spreads.

(d) The credit impact for loans held-for-sale is assumed to be zero because the loans are either suitable for sale or are covered by a government guarantee.

(e) The credit impact for consumer mortgage finance receivables and loans was quantified by applying internal credit loss assumptions to cash flow models.

(f) The credit impact for on-balance sheet securitization debt is assumed to be zero until our economic interests in a particular securitization is reduced to zero, at which point the losses on the underlying collateral will be expected to be passed through to third-party bondholders. Losses allocated to third-party bondholders, including changes in the amount of losses allocated, will result in fair value changes due to credit. We also monitor credit ratings and will make credit adjustments to the extent any bond classes are downgraded by rating agencies.

	Changes included in the
	Condensed Consolidated Statement of Comprehensive Income
Nine months ended September 30, ($ in millions)	Interest and fees on finance receivables and loans (a)		Interest on loans held-for-sale (a)		Interest on long-term debt (b)			Gain on mortgage loans, net		Other income, net of losses			Total included in earnings			Change in fair value due to credit risk (c)
2012
Assets
Mortgage loans held-for-sale, net	$	—	$	58	$	—		$	280	$	—		$	338		$	—		(d)
Consumer mortgage finance receivables and loans, net	59		—		—			—		62			121			(24		)	(e)
Liabilities
Long-term debt
On-balance sheet securitization debt	—		—		(34		)	—		(81		)	(115		)	(8		)	(f)
Total													$	344
2011
Assets
Mortgage loans held-for-sale, net	$	—	$	128	$	—		$	666	$	—		$	794		$	—		(d)
Consumer mortgage finance receivables and loans, net	154		—		—			—		77			231			(49		)	(e)
Liabilities
Long-term debt
On-balance sheet securitization debt	—		—		(89		)	—		(161		)	(250		)	14			(f)
Accrued expenses and other liabilities
Loan repurchase liabilities	—		—		—			—		1			1			—
Total													$	776

(a) Interest income is measured by multiplying the unpaid principal balance on the loans by the coupon rate and the number of days of interest due.

(b) Interest expense is measured by multiplying bond principal by the coupon rate and the number of days of interest due to the investor.

(c) Factors other than credit quality that impact fair value include changes in market interest rates and the illiquidity or marketability in the current marketplace. Lower levels of observable data points in illiquid markets generally result in wide bid/offer spreads.

(d) The credit impact for loans held-for-sale is assumed to be zero because the loans are either suitable for sale or are covered by a government guarantee.

(e) The credit impact for consumer mortgage finance receivables and loans was quantified by applying internal credit loss assumptions to cash flow models.

(f) The credit impact for on-balance sheet securitization debt is assumed to be zero until our economic interests in a particular securitization is reduced to zero, at which point the losses on the underlying collateral will be expected to be passed through to third-party bondholders. Losses allocated to third-party bondholders, including changes in the amount of losses allocated, will result in fair value changes due to credit. We also monitor credit ratings and will make credit adjustments to the extent any bond classes are downgraded by rating agencies.

Fair Value Option Election [Table Text Block]

The following table provides the aggregate fair value and the aggregate unpaid principal balance for the fair value option-elected loans and long-term debt instruments.

	September 30, 2012				December 31, 2011
($ in millions)	Unpaid principal balance		Fair value (a)		Unpaid principal balance			Fair value (a)
Assets
Mortgage loans held-for-sale, net
Total loans	$	1,834	$	1,927	$	3,766		$	3,919
Nonaccrual loans	32		17		54			27
Loans 90+ days past due (b)	28		15		53			27
Consumer mortgage finance receivables and loans, net
Total loans	—		—		2,436			835
Nonaccrual loans (c)	—		—		506			209
Loans 90+ days past due (b) (c)	—		—		362			163
Liabilities
Long-term debt
On-balance sheet securitization debt	$	—	$	—	$	(2,559	)	$	(830	)
Accrued expenses and other liabilities
Loan repurchase liabilities	—		—		(57		)	(29		)

(a) Excludes accrued interest receivable.

(b) Loans 90+ days past due are also presented within the nonaccrual loan balance and the total loan balance; however, excludes government-insured loans that are still accruing interest.

(c) The fair value of consumer mortgage finance receivables and loans is calculated on a pooled basis; therefore, we allocated the fair value of nonaccrual loans and loans 90+ days past due to individual loans based on the unpaid principal balances. For further discussion regarding the pooled basis, refer to the previous section of this note titled Consumer mortgage finance receivables and loans, net.

Fair Value of Financial Intruments [Table Text Block]

The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting market data to develop estimates of fair value, so the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of using different market assumptions or estimation methodologies could be material to the estimated fair values. Fair value information presented herein was based on information available at September 30, 2012, and December 31, 2011.

	September 30, 2012										December 31, 2011
			Estimated fair value
($ in millions)	Carrying value		Level 1		Level 2		Level 3		Total		Carrying value		Estimated fair value
Financial assets
Loans held-for-sale, net (a)	$	1,937	$	—	$	1,927	$	10	$	1,937	$	8,557	$	8,674
Finance receivables and loans, net (a)	119,836		—		—		121,200		121,200		113,252		113,576
Nonmarketable equity investments	342		—		313		31		344		419		423
Financial liabilities
Deposit liabilities	$	49,872	$	—	$	3,811	$	46,922	$	50,733	$	45,050	$	45,696
Short-term borrowings	5,877		5		—		5,863		5,868		7,680		7,622
Long-term debt (a)(b)	93,726		—		42,881		53,909		96,790		93,434		92,142

(a) Includes financial instruments carried at fair value due to fair value option elections. Refer to the previous section of this note titled Fair Value Option for Financial Assets and Liabilities for further information about the fair value elections.

(b) The carrying value includes deferred interest for zero-coupon bonds of $698 million and $640 million at September 30, 2012, and December 31, 2011, respectively.