Annual report pursuant to Section 13 and 15(d)

Securitization of Financial Assets (Tables)

v3.24.0.1
Securitization of Financial Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Transfers and Servicing [Abstract]  
Schedule of Certain Transactions with Securitization Trusts
The following summarizes certain transactions with securitization trusts:
  As of and for the year ended December 31,
  2023 2022 2021
  (in millions)
Gains on securitizations $ 69  $ 57  $ 68 
Cost of financial assets securitized 559  500  810 
Proceeds from securitizations 628  557  878 
Residual and servicing assets 219  117  210 
Cash received from residual and servicing assets 20  20  18 
Schedule Of Allowance For Loss On Securitization Residual Assets The following table reconciles our beginning and ending allowance for loss on securitization residual assets:
Commercial Government
(in millions)
Beginning balance - December 31, 2021 $ —  $ — 
Provision for loss on securitization asset —  — 
Provision recorded on purchase of a credit deteriorated asset —  — 
Write-off of allowance —  — 
Recovery of allowance —  — 
Ending balance - December 31, 2022 $ —  $ — 
Provision for loss on securitization asset 3  — 
Provision recorded on purchase of a credit deteriorated asset —  — 
Write-off of allowance —  — 
Recovery of allowance —  — 
Ending balance - December 31, 2023 $ 3  $ —