LOANS AND LEASES

A summary of the loans and leases portfolio follows:



(in millions)	March 31, 2016		December 31, 2015
Commercial		$34,671		$33,264
Commercial real estate	9,406		8,971
Leases	3,895		3,979
Total commercial	47,972		46,214
Residential mortgages	13,345		13,318
Home equity loans	2,313		2,557
Home equity lines of credit	14,526		14,674
Home equity loans serviced by others ⁽¹⁾	930		986
Home equity lines of credit serviced by others ⁽¹⁾	339		389
Automobile	13,847		13,828
Student	5,006		4,359
Credit cards	1,581		1,634
Other retail	1,132		1,083
Total retail	53,019		52,828
Total loans and leases ^{(2) (3)}		$100,991		$99,042

⁽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 $751 million and $365 million as of March 31, 2016 and December 31, 2015, respectively.

⁽³⁾Mortgage loans serviced for others by the Company’s subsidiaries are not included above and amounted to $17.4 billion and $17.6 billion at March 31, 2016 and December 31, 2015, respectively.

Loans held for sale at fair value totaled $365 million and $325 million at March 31, 2016 and December 31, 2015, respectively, and consisted of residential mortgages originated for sale of $292 million and the commercial trading portfolio of $73 million as of March 31, 2016. As of December 31, 2015, residential mortgages originated for sale were $268 million and the commercial trading portfolio totaled $57 million.

Other loans held for sale, at lower of cost or market value, totaled $386 million and $40 million as of March 31, 2016 and December 31, 2015, respectively. On March 31, 2016, the Company transferred $373 million of TDRs to other loans held for sale, including $288 million of residential mortgages and $85 million of home equity loans. Other loans held for sale also included commercial loans associated with the Company’s syndications business of $13 million as of March 31, 2016 compared with $40 million as of December 31, 2015. The December 31, 2015 balance consisted entirely of commercial loan syndications.

Loans pledged as collateral for FHLB borrowed funds totaled $23.7 billion and $23.2 billion at March 31, 2016 and December 31, 2015, 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 $15.6 billion and $15.9 billion at March 31, 2016 and December 31, 2015, respectively.

During the three months ended March 31, 2016, the Company purchased $134 million of automobile loans, $120 million of residential mortgages, and $369 million of student loans. During the three months ended March 31, 2015, the Company purchased $249 million of residential loans, $393 million of automobile loans, and $261 million of student loans.

During the three months ended March 31, 2016, the Company sold $73 million of commercial loans and $173 million of residential mortgage loans. During the three months ended March 31, 2015, the Company sold $273 million of residential mortgage loans and $111 million of commercial loans.