eTrade 2008 Annual Report Download - page 121

Gain (Loss) on Loans and Securities, Net
Gain (loss) on loans and securities, net from continuing operations are as follows (dollars in thousands):
Year Ended December 31,
2008 2007 2006
Realized loss on sales of originated loans $ (783) $ (14,343) $(28,041)
Gain (loss) on securities, net
Realized gain on sales of available-for-sale securities 49,397 23,399 70,710
Realized loss on sales of available-for-sale securities (9,108) (26,310) (17,494)
Realized loss on asset-backed securities sale to Citadel — (2,241,031) —
Loss on impairment (102,909) (168,739) (1,504)
Loss on trading securities, net (134,297) (33,441) (969)
Hedge ineffectiveness 2,217 (5,009) (1,502)
Total gain (loss) on securities, net (194,700) (2,451,131) 49,241
Gain (loss) on loans and securities, net $(195,483) $(2,465,474) $ 21,200
Gain (loss) on Sales of Investments, Net
Gain (loss) on sales of investments, net are as follows (dollars in thousands):
Year Ended December 31,
2008 2007 2006
Realized gain on sales of publicly traded equity securities $ 254 $36,053 $71,815
Loss on impairment (4,425) — (1,260)
Other (59) (73) 241
Gain (loss) on sales of investments, net $(4,230) $35,980 $70,796
NOTE 8—LOANS, NET
Loans, net are summarized as follows (dollars in thousands):
December 31,
2008 2007
Loans held-for-sale $ — $ 100,539
Loans receivable, net:
One- to four-family 12,979,844 15,506,529
Home equity 10,017,183 11,901,324
Consumer and other loans:
Recreational vehicle 1,570,116 1,910,454
Marine 424,595 526,580
Commercial 214,084 272,156
Credit card 85,851 90,764
Other 4,024 23,334
Total consumer and other loans 2,298,670 2,823,288
Total loans receivable 25,295,697 30,231,141
Unamortized premiums, net 236,766 315,866
Allowance for loan losses (1,080,611) (508,164)
Total loans receivable, net 24,451,852 30,038,843
Total loans, net $24,451,852 $30,139,382
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