LOANS AND LEASES

A summary of the loans and leases portfolio follows:



(in millions)	September 30, 2015		December 31, 2014
Commercial		$32,726		$31,431
Commercial real estate	8,678		7,809
Leases	3,865		3,986
Total commercial	45,269		43,226
Residential mortgages	12,792		11,832
Home equity loans	2,842		3,424
Home equity lines of credit	14,707		15,423
Home equity loans serviced by others ⁽¹⁾	1,054		1,228
Home equity lines of credit serviced by others ⁽¹⁾	441		550
Automobile	13,876		12,706
Student	3,846		2,256
Credit cards	1,628		1,693
Other retail	976		1,072
Total retail	52,162		50,184
Total loans and leases ^{(2) (3)}		$97,431		$93,410

⁽¹⁾ The Company’s SBO portfolio consists of purchased home equity loans and lines that were originally serviced by others. The Company now services a portion of this portfolio internally.

⁽²⁾ Excluded from the table above are loans held for sale totaling $420 million as of September 30, 2015 and $281 million as of December 31, 2014.

⁽³⁾Mortgage loans serviced for others by the Company’s subsidiaries are not included above, and amounted to $17.7 billion and $17.9 billion at September 30, 2015 and December 31, 2014, respectively.

Loans held for sale at fair value totaled $369 million and $256 million at September 30, 2015 and December 31, 2014, respectively, and consisted of residential mortgages originated for sale of $269 million and the commercial trading portfolio of $100 million as of September 30, 2015. As of December 31, 2014, residential mortgages originated for sale were $213 million, and commercial trading portfolio totaled $43 million. Other loans held for sale totaled $51 million and $25 million as of September 30, 2015 and December 31, 2014, respectively and consisted of commercial loan syndications.

Loans pledged as collateral for FHLB borrowed funds totaled $22.1 billion and $22.0 billion at September 30, 2015 and December 31, 2014, respectively. This collateral consists primarily of residential mortgages and home equity loans. Loans pledged as collateral to support the contingent ability to borrow at the FRB discount window, if necessary, totaled $12.7 billion and $11.8 billion at September 30, 2015 and December 31, 2014, respectively.

During the nine months ended September 30, 2015, the Company purchased a portfolio of automobile loans with an outstanding principal balance of $1.1 billion, a portfolio of residential mortgages with an outstanding principal balance of $887 million, and a portfolio of student loans with an outstanding principal balance of $615 million. During the nine months ended September 30, 2014, the Company purchased a portfolio of residential loans with an outstanding principal balance of $1.5 billion, a portfolio of auto loans with an outstanding principal balance of $1.3 billion and a portfolio of student loans with an outstanding principal balance of $59 million.

During the nine months ended September 30, 2015, the Company sold a portfolio of residential mortgages with an outstanding principal balance of $273 million and $41 million of credit card balances associated with a terminated agent credit card servicing agreement. During the nine months ended September 30, 2014, in addition to the $1.1 billion loans sold as part of the Company's sale of its Chicago-area retail branches, the Company sold portfolios of residential mortgage loans with outstanding principal balances of $126 million and student loans of $357 million as well as commercial loans with an outstanding principal balance of $165 million.