Capital One 2015 Annual Report Download - page 156
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CAPITAL ONE FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
137 Capital One Financial Corporation (COF)
NOTE 3—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
Mortgage Funding Inc. (“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, 2015, 2014 and 2013. 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 3.1: Results of Discontinued Operations
Year Ended December 31,
(Dollars in millions) 2015 2014 2013
Non-interest income (expense), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 60 $ 8 $ (371)
Income (loss) from discontinued operations before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . 60 8 (371)
Income tax provision (benefit). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 3 (138)
Income (loss) from discontinued operations, net of tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38 $ 5 $ (233)
The discontinued mortgage origination operations of our wholesale mortgage banking unit had remaining assets which primarily
consisted of a deferred tax asset related to the reserve for representations and warranties on loans previously sold to third parties.
See “Note 21—Commitments, Contingencies, Guarantees and Others” for information related to reserves we have established for
our mortgage representation and warranty exposure.