Securitization Activities (Tables)

3 Months Ended

Feb. 28, 2013

The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions):


	Three Months Ended
	February 28, 2013		February 29, 2012

Transferred assets	$	2,735.2	$	2,036.8
Proceeds on new securitizations		2,751.3		2,046.9
Net revenues		12.9		8.0

Cash flows received on retained interests	$	32.3	$	15.8

Summary of Retained Interests in SPEs

The following tables summarize our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions):


	As of February 28, 2013
Securitization Type	Total Assets			Retained Interests

U.S. government agency residential mortgage-backed securities	$	5,368.8		$	300.6	(1)
U.S. government agency commercial mortgage-backed securities		2,324.0			91.3	(1)
Collateralized loan obligations		728.5	(2)		19.7	(2)

(1)

A portion of these securities have been subsequently sold in secondary-market transactions to third parties. As of March 22, 2013, we continue to hold approximately $240.7 million and $16.2 million of these Residential mortgage-backed securities and Commercial mortgage-backed securities, respectively, in inventory.

(2)	Total assets include assets transferred by unrelated transferors. Retained interests at March 22, 2013 was $19.7 million.


	As of November 30, 2012
Securitization Type	Total Assets		Retained Interests

U.S. government agency residential mortgage-backed securities	$	3,791.5	$	335.2	(1)
U.S. government agency commercial mortgage-backed securities		2,193.4		28.9	(1)

(1)

A significant portion of these securities have been subsequently sold in secondary-market transactions to third parties. As of March 22, 2013, we continue to hold approximately $107.2 million and $16.2 million of these Residential mortgage-backed securities and Commercial mortgage-backed securities, respectively, in inventory.