Capital One 2015 Annual Report Download - page 182

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CAPITAL ONE FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
163 Capital One Financial Corporation (COF)
December 31, 2014
Consolidated Unconsolidated
(Dollars in millions)
Carrying
Amount
of Assets
Carrying
Amount of
Liabilities
Carrying
Amount
of Assets
Carrying
Amount of
Liabilities
Maximum
Exposure to
Loss
Securitization-Related VIEs:
Credit card loan securitizations(1) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 36,779 $ 12,350 $ 0 $ 0 $ 0
Home loan securitizations(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 221 31 876
Total securitization-related VIEs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,779 12,350 221 31 876
Other VIEs:
Affordable housing entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 3,500 488 3,500
Entities that provide capital to low-income and rural
communities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374 99 1 0 1
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0 74 0 74
Total other VIEs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378 99 3,575 488 3,575
Total VIEs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37,157 $ 12,449 $ 3,796 $ 519 $ 4,451
__________
(1) Represents the gross amount of assets and liabilities owned by the VIE, which includes the seller’s interest and retained and repurchased notes held by other
related parties.
(2) The carrying amount of assets of unconsolidated securitization-related VIEs consists of retained interests associated with the securitization of option-adjustable
rate mortgage (“option-ARM”) loans and letters of credit related to manufactured housing securitizations. These are reported on our consolidated balance
sheets under other assets. The carrying amount of liabilities of unconsolidated securitization-related VIEs is comprised of obligations on certain swap
agreements associated with the securitization of manufactured housing loans and other obligations. These are reported on our consolidated balance sheets
under other liabilities.
Securitization-Related VIEs
In a securitization transaction, assets from our balance sheet are transferred to a trust we establish, which typically meets the
definition of a VIE. Our continuing involvement in the majority of our securitization transactions consists primarily of holding
certain retained interests and acting as the primary servicer on certain transactions. We also may have exposure associated with
contractual obligations to repurchase previously transferred loans due to breaches of representations and warranties. See “Note
21—Commitments, Contingencies, Guarantees and Others” for information related to reserves we have established for our mortgage
representation and warranty exposure.