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Financing Receivables (Tables)
 9 Months Ended
Sep. 30, 2013
Receivables [Abstract]  
Rollforward of the allowance for loan losses
The following tables present a rollforward of the allowance for loan losses for the nine months ended and the ending balance of the allowance for loan losses by impairment method and type of loan:
 
September 30, 2013
 
Commercial Mortgage Loans
 
Syndicated Loans
 
Consumer Loans
 
Total
 
(in millions)
Beginning balance
$
29

 
$
7

 
$
8

 
$
44

Charge-offs
(3
)
 
(1
)
 
(2
)
 
(6
)
Recoveries
—

 
—

 
1

 
1

Ending balance
$
26

 
$
6

 
$
7

 
$
39

 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
6

 
$
—

 
$
1

 
$
7

Collectively evaluated for impairment
20

 
6

 
6

 
32


 
September 30, 2012
 
Commercial Mortgage Loans
 
Syndicated Loans
 
Consumer Loans
 
Total
 
(in millions)
Beginning balance
$
35

 
$
9

 
$
16

 
$
60

Charge-offs
(6
)
 
(2
)
 
(7
)
 
(15
)
Recoveries
—

 
—

 
1

 
1

Provisions
—

 
—

 
4

 
4

Ending balance
$
29

 
$
7

 
$
14

 
$
50

 
 
 
 
 
 
 
 
Individually evaluated for impairment
$
6

 
$
1

 
$
1

 
$
8

Collectively evaluated for impairment
23

 
6

 
13

 
42
Financing receivables by impairment method and type of loan
The recorded investment in financing receivables by impairment method and type of loan was as follows:
 
September 30, 2013
 
Commercial Mortgage Loans
 
Syndicated Loans
 
Consumer Loans
 
Total
 
(in millions)
Individually evaluated for impairment
$
46

 
$
5

 
$
7

 
$
58

Collectively evaluated for impairment
2,609

 
304

 
918

 
3,831

Total
$
2,655

 
$
309

 
$
925

 
$
3,889


 
December 31, 2012
 
Commercial Mortgage Loans
 
Syndicated Loans
 
Consumer Loans
 
Total
 
(in millions)
Individually evaluated for impairment
$
44

 
$
2

 
$
8

 
$
54

Collectively evaluated for impairment
2,562

 
335

 
1,061

 
3,958

Total
$
2,606

 
$
337

 
$
1,069

 
$
4,012
Purchases and sales of loans under financing receivables
Purchases and sales of loans were as follows:
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2013
 
2012
 
2013
 
2012
 
(in millions)
Purchases
 

 
 

 
 

 
 

Consumer loans
$
—

 
$
—

 
$
—

 
$
51

Syndicated loans
8

 
21

 
67

 
74

Total loans purchased
$
8

 
$
21

 
$
67

 
$
125

 
 
 
 
 
 
 
 
Sales
 

 
 

 
 

 
 

Consumer loans
$
—

 
$
78

 
$
—

 
$
199

Syndicated loans
—

 
5

 
2

 
5

Total loans sold
$
—

 
$
83

 
$
2

 
$
204
Schedule of commercial mortgage loans by geographic region and specific collateral property type
Concentrations of credit risk of commercial mortgage loans by U.S. region were as follows:
 
Loans
 
Percentage
 
September 30,
2013
 
December 31,
2012
 
September 30,
2013
 
December 31,
2012
 
(in millions)
 
 
 
 
East North Central
$
256

 
$
260

 
10
%
 
10
%
East South Central
71

 
66

 
2

 
3

Middle Atlantic
204

 
207

 
8

 
8

Mountain
259

 
272

 
10

 
10

New England
143

 
146

 
5

 
6

Pacific
643

 
597

 
24

 
23

South Atlantic
710

 
661

 
27

 
25

West North Central
203

 
232

 
8

 
9

West South Central
166

 
165

 
6

 
6

 
2,655

 
2,606

 
100
%
 
100
%
Less: allowance for loan losses
26

 
29

 
 

 
 

Total
$
2,629

 
$
2,577

 
 

 
 
Schedule of concentrations of credit risk of commercial mortgage loans by property type
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
 
Loans
 
Percentage
 
September 30,
2013
 
December 31,
2012
 
September 30,
2013
 
December 31,
2012
 
(in millions)
 
 
 
 
Apartments
$
484

 
$
450

 
18
%
 
17
%
Hotel
33

 
36

 
1

 
1

Industrial
462

 
474

 
18

 
18

Mixed use
27

 
42

 
1

 
2

Office
565

 
610

 
21

 
24

Retail
924

 
858

 
35

 
33

Other
160

 
136

 
6

 
5

 
2,655

 
2,606

 
100
%
 
100
%
Less: allowance for loan losses
26

 
29

 
 

 
 

Total
$
2,629

 
$
2,577

 
 

 
 
Schedule of troubled debt restructurings
The following table presents the number of loans restructured by the Company during the period and their recorded investment at the end of the period:
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2013
 
2012
 
2013
 
2012
 
Number of Loans

Recorded Investment
 
Number of Loans
 
Recorded Investment
 
Number of Loans
 
Recorded Investment
 
Number of Loans
 
Recorded Investment
 
(in millions, except number of loans)
Commercial mortgage loans
3

 
$
12

 
3

 
$
12

 
7

 
$
22

 
4

 
$
13

Syndicated loans
—

 
—

 
—

 
—

 
1

 
—

 
2

 
2

Consumer bank loans
4

 
—

 
17

 
—

 
13

 
—

 
56

 
1

Total
7

 
$
12

 
20

 
$
12

 
21

 
$
22

 
62

 
$
16