MetLife 2011 Annual Report Download - page 134
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MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
Mortgage Loans
Mortgage loans are summarized as follows at:
December 31,
2011 2010
Carrying
Value %of
Total Carrying
Value %of
Total
(In millions)
Mortgage loans held-for-investment:
Commercial ......................................................... $40,440 56.1% $37,818 60.7%
Agricultural .......................................................... 13,129 18.2 12,751 20.4
Residential(1) ........................................................ 689 1.0 2,231 3.7
Subtotal .......................................................... 54,258 75.3 52,800 84.8
Valuation allowances(1) ................................................ (481) (0.7) (664) (1.1)
Subtotal mortgage loans held-for-investment, net .......................... 53,777 74.6 52,136 83.7
Commercial mortgage loans held by CSEs ................................. 3,138 4.4 6,840 11.0
Total mortgage loans held-for-investment, net ............................ 56,915 79.0 58,976 94.7
Mortgage loans held-for-sale:
Residential ............................................................ 3,064 4.2 2,510 4.0
Mortgage loans — lower of amortized cost or estimated fair value(1) ............. 4,462 6.2 811 1.3
Securitized reverse residential mortgage loans(2) ............................ 7,652 10.6 — —
Total mortgage loans held-for-sale ..................................... 15,178 21.0 3,321 5.3
Total mortgage loans, net ............................................ $72,093 100.0% $62,297 100.0%
(1) The valuation allowance on and the related carrying value of certain residential mortgage loans held-for-investment was transferred to mortgage
loans held-for-sale in connection with the pending disposition of certain operations of MetLife Bank. See Note 2.
(2) See Note 1 for a discussion of the securitized reverse residential mortgage loans.
See “— Variable Interest Entities” for discussion of CSEs included in the table above and the decrease in commercial mortgage loans held by CSEs.
Certain of the Company’s real estate joint ventures have mortgage loans with the Company. The carrying values of such mortgage loans were
$286 million and $283 million at December 31, 2011 and 2010, respectively.
130 MetLife, Inc.