Derivatives (Tables)

6 Months Ended

Jun. 30, 2011

Derivatives [Abstract]

Summary of outstanding derivative amounts, prior to the application of counterparty and collateral netting

The following table presents the balances of outstanding derivative amounts on a gross basis prior to the application of counterparty and collateral netting:

	June 30, 2011								December 31, 2010
	Asset			Liability					Asset			Liability
	Derivatives			Derivatives			Notional		Derivatives			Derivatives			Notional
	(In millions)
Interest rate lock commitments	$	52		$	4		$	5,076	$	42		$	46		$	7,328
Forward delivery commitments: (1)
Not subject to master netting arrangements		13			18			4,061		61			14			4,703
Subject to master netting arrangements(2)		30			34			7,716		248			68			16,438
Interest rate contracts		2			—			552		4			—			653
Option contracts		3			—			1,025		—			—			—
Convertible note-related agreements (3)		31			31			—		54			54			—
Foreign exchange contracts		—			1			104		—			—			30
Gross derivative assets and liabilities		131			88					409			182
Netting adjustments:
Offsetting receivables / payables		(32	)		(32	)				(241	)		(241	)
Cash collateral paid / received		9			(1	)				—			190
Net fair value of derivative instruments	$	108		$	55				$	168		$	131

⁽¹⁾ The net notional amount of Forward delivery commitments was $5.7 billion and $10.3 billion as of June 30, 2011 and December 31, 2010, respectively.

Forward delivery commitments subject to netting arrangements

⁽²⁾ Represents derivative instruments that are executed with the same counterparties and subject to master netting arrangements. Forward delivery commitments subject to netting shown above were presented in the Balance sheets as follows:

	June 30, 2011				December 31, 2010
	Asset		Liability		Asset		Liability
	Derivatives		Derivatives		Derivatives		Derivatives
	(In millions)
Other Assets	$	15	$	17	$	10	$	3
Other Liabilities		15		17		238		65
Total	$	30	$	34	$	248	$	68

Gains (losses) in the Consolidated Statement of Operations for derivative instruments

The following table summarizes the gains (losses) recorded in the Condensed Consolidated Statements of Operations for derivative instruments:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(In millions)
Gain on mortgage loans, net:
IRLCs	$	249		$	379		$	433		$	581
Option contracts		(4	)		(12	)		(7	)		(12	)
Forward delivery commitments		(100	)		(189	)		(90	)		(246	)
Fleet interest expense:
Interest rate contracts		(1	)		(3	)		(1	)		(6	)
Foreign exchange contracts		(3	)		6			(5	)		5
Total	$	141		$	181		$	330		$	322