eTrade 2009 Annual Report Download - page 88
Download and view the complete annual report
Please find page 88 of the 2009 eTrade annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78 -
79 -
80 -
81 -
82 -
83 -
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
-
226
-
227
-
228
-
229
-
230
-
231
-
232
-
233
-
234
-
235
-
236
-
237
-
238
-
239
-
240
-
241
-
242
-
243
-
244
-
245
-
246
-
247
-
248
-
249
-
250
-
251
-
252
-
253
-
254
-
255
-
256
 |
 |
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, 2009 (dollars in millions):
Interest Rate Type
Fixed Adjustable Total
One- to four-family $2,606.9 $ 7,786.4 $10,393.3
Home equity 1,730.1 5,591.3 7,321.4
Consumer and other 1,526.5 71.4 1,597.9
Total loans(1) $5,863.5 $13,449.1 $19,312.6
(1) Excludes loans held-for-sale of $7.9 million at December 31, 2009. The third party company providing this product performs all
processing and underwriting of these loans and is responsible for the credit risk associated with these loans, which minimizes our
assumption of any of the typical risks commonly associated with mortgage lending. There is a short period of time after closing of the
loans in which we record the originated loan as held-for-sale prior to the third party company purchasing the loan.
Available-for-Sale and Trading Securities
Our portfolios of mortgage-backed and investment securities are classified into three categories: trading,
available-for-sale or held-to-maturity. None of our mortgage-backed or investment securities was classified as
held-to-maturity during 2009, 2008 and 2007.
Our mortgage-backed securities portfolio is composed 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.
The majority of our investment securities portfolio is composed primarily of agency debentures which are
unsecured senior debt offered by Fannie Mae, Freddie Mac and FHLB.
Trading securities are carried at fair value with any realized or unrealized gains and losses reflected in our
consolidated statement of loss as gains (losses) on loans and securities, net. Our securities classified as
available-for-sale are carried at fair value with the unrealized gains and losses reflected as a component of
accumulated other comprehensive loss.
85