eTrade 2008 Annual Report Download - page 78

The following table shows the distribution of those loans that mature in more than one year between fixed
and adjustable interest rate loans at December 31, 2008 (dollars in thousands):
Interest Rate Type
TotalFixed Adjustable
One- to four-family $3,223,109 $ 9,562,853 $12,785,962
Home equity 2,611,852 7,100,185 9,712,037
Consumer and other loans:
Recreational vehicle 1,477,667 — 1,477,667
Marine 400,934 — 400,934
Commercial — 140,113 140,113
Other 274 29 303
Total consumer and other loans 1,878,875 140,142 2,019,017
Total loans $7,713,836 $16,803,180 $24,517,016
Available-for-Sale and Trading Securities
Our portfolios of mortgage-backed and investment securities are classified into three categories in
accordance with SFAS No. 115, Accounting for Certain Investments in Debt and Equity Securities (“SFAS
No. 115”): trading, available-for-sale or held-to-maturity. None of our mortgage-backed or investment securities
was classified as held-to-maturity during 2008, 2007 and 2006.
Our mortgage-backed securities portfolio is composed primarily of:
• Fannie Mae participation certificates, guaranteed by Fannie Mae;
• Freddie Mac participation certificates, guaranteed by Freddie Mac;
• Government National Mortgage Association participation certificates, guaranteed by the full faith and
credit of the U.S.;
• Collateralized Mortgage Obligations; and
• Privately insured mortgage pass-through securities.
We buy and hold certain mortgage-backed securities principally for the purpose of selling them in the near
term. These holdings are classified as trading securities and are carried at market value with any realized or
unrealized gains and losses reflected in our consolidated statement of income (loss) as gain (loss) on loans and
securities, net.
Our securities classified as available-for-sale are carried at estimated fair value with the unrealized gains
and losses reflected as a component of accumulated other comprehensive loss.
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