Capital One 2014 Annual Report Download - page 177

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NOTE 2—DISCONTINUED OPERATIONS
Shutdown of Mortgage Origination Operations of our Wholesale Mortgage Banking Unit
In the third quarter of 2007, we closed the mortgage origination operations of our wholesale mortgage banking unit,
GreenPoint, which we acquired in December 2006 as part of the North Fork Bancorporation, Inc. (“North Fork”)
acquisition. The results of the wholesale banking unit have been accounted for as a discontinued operation and are
therefore not included in our results from continuing operations for the years ended December 31, 2014, 2013 and
2012. We have no significant continuing involvement in these operations.
The following table summarizes the results from discontinued operations related to the closure of the mortgage
origination operations of our wholesale mortgage banking unit:
Table 2.1: Results of Discontinued Operations
Year Ended December 31,
(Dollars in millions) 2014 2013 2012
Non-interest income (expense), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8$(371) $(343)
Income (loss) from discontinued operations before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . 8(371) (343)
Income tax provision (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3(138) (126)
Income (loss) from discontinued operations, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5$(233) $(217)
The discontinued mortgage origination operations of our wholesale mortgage banking unit had remaining assets of
$242 million and $370 million as of December 31, 2014 and 2013, respectively, which primarily consisted of the
deferred tax asset related to the reserve for representations and warranties. Liabilities, which primarily consisted of
reserves for representations and warranties on loans previously sold to third parties, totaled $646 million and $960
million as of December 31, 2014 and 2013, respectively.
CAPITAL ONE FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Capital One Financial Corporation (COF)