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Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2012
Schedule of Intangible Assets

Intangible assets consisted of the following:

 

     

September 30,

2012

    

December 31,

2011

 
     (in millions)  

Mortgage servicing rights

   $ 181       $ 227   

Purchased credit card relationships

     62         -   

Other

     10         15   
  

 

 

    

 

 

 

Total other intangible assets, net

   $ 253       $ 242   
  

 

 

    

 

 

 
Fair Value of Residential MSRs

Fair value of residential MSRs is calculated using the following critical assumptions:

 

     

September 30,

2012

   

December 31,

2011

 

Annualized constant prepayment rate (“CPR”)

     23.2     21.4

Constant discount rate

     10.8     11.3

Weighted average life

     3.2 years        3.4 years   
Residential MSRs Activity

Residential MSRs activity is summarized in the following table:

 

       Three Months Ended  
September 30,
      Nine Months Ended  
September 30,
 
      2012     2011     2012     2011  
     (in millions)  

Fair value of MSRs:

        

Beginning balance

   $ 187      $ 363      $ 220      $ 394   

Additions related to loan sales

     6        7        20        32   

Changes in fair value due to:

        

Change in valuation inputs or assumptions used in the valuation models

     (5     (110     (20     (132

Realization of cash flows

     (15     (23     (47     (57
  

 

 

   

 

 

   

 

 

   

 

 

 

Ending balance

   $ 173      $ 237      $ 173      $ 237   
  

 

 

   

 

 

   

 

 

   

 

 

 
Residential Mortgage Loans Serviced for Others

Information regarding residential mortgage loans serviced for others, which are not included in the consolidated balance sheet, is summarized in the following table:

 

     

September 30,

2012

    

December 31,

2011

 
     (in millions)  

Outstanding principal balances at period end

   $ 33,584       $ 37,839   
  

 

 

    

 

 

 

Custodial balances maintained and included in noninterest bearing deposits at period end

   $ 838       $ 838