Transfers and Servicing of Mortgage Loans (Tables)

6 Months Ended

Jun. 30, 2011

Transfers and Servicing of Mortgage Loans [Abstract]

Activity in loan servicing portfolio associated with capitalized servicing rights


	Six Months
	Ended June 30,
	2011			2010
	(In millions)
Balance, beginning of period	$	134,753		$	127,700
Additions		18,649			12,381
Payoffs, sales and curtailments		(10,966	)		(9,984	)

Balance, end of period	$	142,436		$	130,097

Summary of Mortgage Servicing Rights

The activity in capitalized MSRs consisted of:


	Six Months
	Ended June 30,
	2011			2010
	(In millions)
Mortgage Servicing Rights:
Balance, beginning of period	$	1,442		$	1,413
Additions		257			195
Changes in fair value due to:
Realization of expected cash flows		(89	)		(110	)
Changes in market inputs or assumptions used in the valuation model		(102	)		(262	)

Balance, end of period	$	1,508		$	1,236

Contractually specified servicing fees, late fees and other ancillary servicing revenue were recorded within Loan servicing income as follows:


	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2011		2010		2011		2010
	(In millions)
Net service fee revenue	$	110	$	99	$	216	$	196
Late fees		4		5		10		10
Other ancillary servicing revenue		8		8		19		18

Cash flows relating to loan sales in which the Company has continuing involvement:

The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement:


	Six Months
	Ended June 30,
	2011			2010
	(In millions)
Proceeds from new loan sales or securitizations	$	18,818		$	12,599
Servicing fees received ⁽¹⁾		216			196
Other cash flows on retained interests ⁽²⁾		—			1
Purchases of delinquent or foreclosed loans ⁽³⁾		(20	)		(30	)
Servicing advances ⁽⁴⁾		(884	)		(846	)
Repayment of servicing advances		846			829


⁽¹⁾		Excludes late fees and other ancillary servicing revenue.

⁽²⁾		Represents cash flows received on retained interests other than servicing fees.

⁽³⁾		Excludes indemnification payments to investors and insurers of the related mortgage loans.

⁽⁴⁾		As of June 30, 2011 and December 31, 2010, outstanding servicing advance receivables of $218 million and $187 million, respectively, were included in Accounts receivable, net.

- Definition

Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes.

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