JP Morgan Chase 2008 Annual Report Download - page 174
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Notes to consolidated financial statements
172 JPMorgan Chase & Co./ 2008 Annual Report
The following table presents the fair value and gross unrealized losses for AFS securities by aging category at December 31.
Securities with gross unrealized losses
Less than 12 months 12 months or more Total
Gross Gross Total Gross
Fair unrealized Fair unrealized Fair unrealized
December 31, 2008 (in millions) value losses value losses value losses
Available-for-sale securities
U.S. government and federal agency obligations:
U.S. treasuries $ 249 $ 7 $ —$—$ 249 $ 7
Mortgage-backed securities 2,042 5 1 —2,043 5
Agency obligations — — — — — —
Collateralized mortgage obligations 427 8 —— 427 8
U.S. government-sponsored enterprise obligations:
Mortgage-backed securities 3,547 211 468 3 4,015 214
Direct obligations 7,410 90 ——7,410 90
Obligations of state and political subdivisions 1,129 232 16 6 1,145 238
Certificates of deposit 382 8 —— 382 8
Debt securities issued by non-U.S. governments 308 1 74 1 382 2
Corporate debt securities 558 54 30 7 588 61
Equity securities 19 7 —— 19 7
Mortgage-backed securities:
Prime 5,386 1,642 333 97 5,719 1,739
Subprime — — 151 19 151 19
Alt-A 868 196 —— 868 196
Non-U.S. residential 1,908 182 ——1,908 182
Commercial 3,939 684 ——3,939 684
Asset-backed securities:
Credit card receivables 10,267 1,964 472 304 10,739 2,268
Other consumer loans 813 134 —— 813 134
Commercial and industrial loans 9,059 820 ——9,059 820
Other — — 17 1 17 1
Total securities with gross unrealized losses $48,311 $ 6,245 $ 1,562 $ 438 $ 49,873 $ 6,683