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Receivables Held for Sale (Tables)
 3 Months Ended
Mar. 31, 2013
Receivables Held-for-sale [Abstract]  
Summary of Receivables Held for Sale
The following table summarizes receivables held for sale which are carried at the lower of amortized cost or fair value:
 
March 31, 2013
 
December 31, 2012
 
(in millions)
First lien real estate secured
$
3,407

 
$
3,022

Personal non-credit card
2,947

 
3,181

Total receivables held for sale
$
6,354

 
$
6,203
Summary of Activity in Receivables Held for Sale

The table below summarizes the activity in receivables held for sale during the three months ended March 31, 2013.
 
Three Months Ended March 31, 2013
 
Real Estate Secured
 
Personal Non-Credit Card
 
Total
 
(in millions)
Receivables held for sale at beginning of period
$
3,022

 
$
3,181

 
$
6,203

Lower of amortized cost or fair value adjustment on receivables held for sale
536

 
(82
)
 
454

Carrying value of real estate secured receivables held for sale settled through short sale or transfer to REO
(147
)
 
—

 
(147
)
Change in receivable balance
(4
)
 
(152
)
 
(156
)
Receivables held for sale at end of period(1)
$
3,407

 
$
2,947

 
$
6,354

 
(1) 
Net of a valuation allowance of $898 million at March 31, 2013.
Summary of Components of Cumulative Lower of Amortized Cost or Fair Value Adjustment
The following table summarizes the components of the lower of amortized cost or fair value adjustment recorded in other revenues during the three months ended March 31, 2013:
 
Lower of Amortized Cost or Fair Value Adjustments Associated With
 
 
Three Months Ended March 31, 2013
Fair Value
 
REO
 
Short Sales
 
Total
 
(in millions)
(Income)/Expense:
 
 
 
 
 
 
 
Lower of amortized cost or fair value adjustment
$
(412
)
 
$
(33
)
 
$
(9
)
 
$
(454
)