LOANS AND LEASES

A summary of the loans and leases portfolio follows:



(in millions)	June 30, 2016		December 31, 2015
Commercial		$35,927		$33,264
Commercial real estate	9,825		8,971
Leases	3,805		3,979
Total commercial	49,557		46,214
Residential mortgages	13,855		13,318
Home equity loans	2,177		2,557
Home equity lines of credit	14,418		14,674
Home equity loans serviced by others ⁽¹⁾	860		986
Home equity lines of credit serviced by others ⁽¹⁾	273		389
Automobile	14,075		13,828
Student	5,516		4,359
Credit cards	1,613		1,634
Other retail	1,207		1,083
Total retail	53,994		52,828
Total loans and leases ^{(2) (3)}		$103,551		$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 $850 million and $365 million as of June 30, 2016 and December 31, 2015, respectively.

⁽³⁾Mortgage loans serviced for others by the Company’s subsidiaries are not included above and amounted to $17.2 billion and $17.6 billion at June 30, 2016 and December 31, 2015, respectively.

During the three months ended June 30, 2016, the Company purchased $348 million of student loans, $200 million of automobile loans and $63 million of residential mortgages. During the three months ended June 30, 2015, the Company purchased $202 million of student loans, $416 million of automobile loans and $387 million of residential mortgages. During the six months ended June 30, 2016, the Company purchased $717 million of student loans, $334 million of automobile loans and $183 million of residential mortgages. During the six months ended June 30, 2015, the Company purchased $463 million of student loans, $809 million of automobile loans and $636 million of residential mortgages.

During the three months ended June 30, 2016, the Company sold $108 million of residential mortgage loans and $45 million of commercial loans. During the three months ended June 30, 2015, the Company sold $114 million of commercial loans. During the six months ended June 30, 2016, the Company sold $281 million of residential mortgage loans and $118 million of commercial loans. During the six months ended June 30, 2015, the Company sold $273 million of residential mortgage loans and $225 million of commercial loans.

Loans held for sale at fair value totaled $478 million and $325 million at June 30, 2016 and December 31, 2015, respectively, and consisted of residential mortgages originated for sale of $424 million and the commercial trading portfolio of $54 million as of June 30, 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 $372 million and $40 million as of June 30, 2016 and December 31, 2015, respectively. Other loans held for sale, as of June 30, 2016, contained $322 million of TDRs, including $262 million of residential mortgages and $60 million of home equity loans. Other loans held for sale also included commercial loans associated with the Company’s syndications business of $50 million as of June 30, 2016 compared with $40 million as of December 31, 2015.

Loans pledged as collateral for FHLB borrowed funds totaled $23.2 billion at June 30, 2016 and December 31, 2015. 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 $16.6 billion and $15.9 billion at June 30, 2016 and December 31, 2015, respectively.