v2.4.1.9
Variable Interest Entities (Tables)
|
12 Months Ended |
|
Variable Interest Entities [Abstract] |
|
Firm-sponsored mortgage and other consumer securitization trusts |
The following table presents the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans; holding senior interests or subordinated interests; recourse or guarantee arrangements; and derivative transactions. In certain instances, the Firm’s only continuing involvement is servicing the loans. See Securitization activity on page 269 of this Note for further information regarding the Firm’s cash flows with and interests retained in nonconsolidated VIEs, and pages 269–270 of this Note for information on the Firm’s loan sales to U.S. government agencies. | | | | | | | | | | | | | | | | | | | | | | Principal amount outstanding | | JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e) | | Total assets held by securitization VIEs | Assets held in consolidated securitization VIEs | Assets held in nonconsolidated securitization VIEs with continuing involvement | | Trading assets | AFS securities | Total interests held by JPMorgan Chase | Securitization-related | | | | | | | | Residential mortgage: | | | | | | | | Prime/Alt-A and Option ARMs | $ | 96.3 |
| $ | 2.7 |
| $ | 78.3 |
| | $ | 0.5 |
| $ | 0.7 |
| $ | 1.2 |
| Subprime | 28.4 |
| 0.8 |
| 25.7 |
| | 0.1 |
| — |
| 0.1 |
| Commercial and other(b) | 129.6 |
| 0.2 |
| 94.4 |
| | 0.4 |
| 3.5 |
| 3.9 |
| Total | $ | 254.3 |
| $ | 3.7 |
| $ | 198.4 |
| | $ | 1.0 |
| $ | 4.2 |
| $ | 5.2 |
|
| | | | | | | | | | | | | | | | | | | | | | Principal amount outstanding | | JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e) | | Total assets held by securitization VIEs | Assets held in consolidated securitization VIEs | Assets held in nonconsolidated securitization VIEs with continuing involvement | | Trading assets | AFS securities | Total interests held by JPMorgan Chase | Securitization-related | | | | | | | | Residential mortgage: | | | | | | | | Prime/Alt-A and Option ARMs | $ | 109.2 |
| $ | 3.2 |
| $ | 90.4 |
| | $ | 0.5 |
| $ | 0.3 |
| $ | 0.8 |
| Subprime | 32.1 |
| 1.3 |
| 28.0 |
| | 0.1 |
| — |
| 0.1 |
| Commercial and other(b) | 130.4 |
| — |
| 98.0 |
| | 0.5 |
| 3.5 |
| 4.0 |
| Total | $ | 271.7 |
| $ | 4.5 |
| $ | 216.4 |
| | $ | 1.1 |
| $ | 3.8 |
| $ | 4.9 |
|
| | (a) | Excludes U.S. government agency securitizations. See pages 269–270 of this Note for information on the Firm’s loan sales to U.S. government agencies. |
| | (b) | Consists of securities backed by commercial loans (predominantly real estate) and non-mortgage-related consumer receivables purchased from third parties. The Firm generally does not retain a residual interest in its sponsored commercial mortgage securitization transactions. |
| | (c) | The table above excludes the following: retained servicing (see Note 17 for a discussion of MSRs); securities retained from loan sales to U.S. government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities (See Note 6 for further information on derivatives); senior and subordinated securities of $136 million and $34 million, respectively, at December 31, 2014, and $151 million and $30 million, respectively, at December 31, 2013, which the Firm purchased in connection with CIB’s secondary market-making activities. |
| | (d) | Includes interests held in re-securitization transactions. |
| | (e) | As of December 31, 2014 and 2013, 77% and 69%, respectively, of the Firm’s retained securitization interests, which are carried at fair value, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $1.1 billion and $551 million of investment-grade and $185 million and $260 million of noninvestment-grade retained interests at December 31, 2014 and 2013, respectively. The retained interests in commercial and other securitizations trusts consisted of $3.7 billion and $3.9 billion of investment-grade and $194 million and $80 million of noninvestment-grade retained interests at December 31, 2014 and 2013, respectively. |
|
Firm's exposure to nonconsolidated municipal bond VIEs |
The Firm’s exposure to nonconsolidated municipal bond VIEs at December 31, 2014 and 2013, including the ratings profile of the VIEs’ assets, was as follows. | | | | | | | | | | | | | | December 31, (in billions) | Fair value of assets held by VIEs | Liquidity facilities | Excess/(deficit)(a) | Maximum exposure | Nonconsolidated municipal bond vehicles | | | | | 2014 | $ | 11.5 |
| $ | 6.3 |
| $ | 5.2 |
| $ | 6.3 |
| 2013 | 11.8 |
| 6.9 |
| 4.9 |
| 6.9 |
| | | | | |
|
Ratings profile of the VIEs' assets |
| | | | | | | | | | | | | | | | | | | | | | | Ratings profile of VIE assets(b) | Fair value of assets held by VIEs | Wt. avg. expected life of assets (years) | | Investment-grade | | Noninvestment- grade | December 31, (in billions, except where otherwise noted) | AAA to AAA- | AA+ to AA- | A+ to A- | BBB+ to BBB- | | BB+ and below | 2014 | $ | 2.7 |
| $ | 8.4 |
| $ | 0.4 |
| $ | — |
| | $ | — |
| $ | 11.5 |
| 4.9 | 2013 | 2.7 |
| 8.9 |
| 0.2 |
| — |
| | — |
| $ | 11.8 |
| 7.2 |
| | (a) | Represents the excess/(deficit) of the fair values of municipal bond assets available to repay the liquidity facilities, if drawn. |
| | (b) | The ratings scale is presented on an S&P-equivalent basis. |
|
Information on assets and liabilities related to VIEs that are consolidated by the Firm |
The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of December 31, 2014 and 2013. | | | | | | | | | | | | | | | | | | | | | | | | | Assets | | Liabilities | | Trading assets | Loans | Other(c) | Total assets(d) | | Beneficial interests in VIE assets(e) | Other(f) | Total liabilities | VIE program type | | | | | | | | | Firm-sponsored credit card trusts | $ | — |
| $ | 48.3 |
| $ | 0.7 |
| $ | 49.0 |
| | $ | 31.2 |
| $ | — |
| $ | 31.2 |
| Firm-administered multi-seller conduits | — |
| 17.7 |
| 0.1 |
| 17.8 |
| | 12.0 |
| — |
| 12.0 |
| Municipal bond vehicles | 5.3 |
| — |
| — |
| 5.3 |
| | 4.9 |
| — |
| 4.9 |
| Mortgage securitization entities(b) | 3.3 |
| 0.7 |
| — |
| 4.0 |
| | 2.1 |
| 0.8 |
| 2.9 |
| Student loan securitization entities | 0.2 |
| 2.2 |
| — |
| 2.4 |
| | 2.1 |
| — |
| 2.1 |
| Other | 0.3 |
| — |
| 1.0 |
| 1.3 |
| | 0.1 |
| 0.1 |
| 0.2 |
| Total | $ | 9.1 |
| $ | 68.9 |
| $ | 1.8 |
| $ | 79.8 |
| | $ | 52.4 |
| $ | 0.9 |
| $ | 53.3 |
| | | | | | | | | | | Assets | | Liabilities | | Trading assets | Loans | Other(c) | Total assets(d) | | Beneficial interests in VIE assets(e) | Other(f) | Total liabilities | VIE program type | | | | | | | | | Firm-sponsored credit card trusts | $ | — |
| $ | 46.9 |
| $ | 1.1 |
| $ | 48.0 |
| | $ | 26.6 |
| $ | — |
| $ | 26.6 |
| Firm-administered multi-seller conduits | — |
| 19.0 |
| 0.1 |
| 19.1 |
| | 14.9 |
| — |
| 14.9 |
| Municipal bond vehicles | 3.4 |
| — |
| — |
| 3.4 |
| | 2.9 |
| — |
| 2.9 |
| Mortgage securitization entities(b) | 2.3 |
| 1.7 |
| — |
| 4.0 |
| | 2.9 |
| 0.9 |
| 3.8 |
| Student loan securitization entities | — |
| 2.4 |
| 0.1 |
| 2.5 |
| | 2.2 |
| — |
| 2.2 |
| Other | 0.7 |
| 0.1 |
| 0.9 |
| 1.7 |
| | 0.1 |
| 0.2 |
| 0.3 |
| Total | $ | 6.4 |
| $ | 70.1 |
| $ | 2.2 |
| $ | 78.7 |
| | $ | 49.6 |
| $ | 1.1 |
| $ | 50.7 |
|
| | (a) | Excludes intercompany transactions, which were eliminated in consolidation. |
| | (b) | Includes residential and commercial mortgage securitizations as well as re-securitizations. |
| | (c) | Includes assets classified as cash, derivative receivables, AFS securities, and other assets within the Consolidated balance sheets. |
| | (d) | The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The difference between total assets and total liabilities recognized for consolidated VIEs represents the Firm’s interest in the consolidated VIEs for each program type. |
| | (e) | The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated variable interest entities.” The holders of these beneficial interests do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $35.4 billion and $31.8 billion at December 31, 2014 and 2013, respectively. The maturities of the long-term beneficial interests as of December 31, 2014, were as follows: $10.9 billion under one year, $19.0 billion between one and five years, and $5.5 billion over five years, all respectively. |
| | (f) | Includes liabilities classified as accounts payable and other liabilities in the Consolidated balance sheets. |
|
Securitization activities |
The following table provides information related to the Firm’s securitization activities for the years ended December 31, 2014, 2013 and 2012, related to assets held in JPMorgan Chase-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved based on the accounting rules in effect at the time of the securitization. | | | | | | | | | | | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Year ended December 31, (in millions, except rates)(a) | Residential mortgage(d)(e) | Commercial and other(e)(f) | | Residential mortgage(d)(e) | Commercial and other(e)(f) | | Residential mortgage(d)(e) | Commercial and other(e)(f) | | Principal securitized | $ | 2,558 |
| $ | 11,911 |
| | $ | 1,404 |
| $ | 11,318 |
| | $ | — |
| $ | 5,421 |
| | All cash flows during the period: | | | | | | | | | | Proceeds from new securitizations(b) | $ | 2,569 |
| $ | 12,079 |
| | $ | 1,410 |
| $ | 11,507 |
| | $ | — |
| $ | 5,705 |
| | Servicing fees collected | 557 |
| 4 |
| | 576 |
| 5 |
| | 662 |
| 4 |
| | Purchases of previously transferred financial assets (or the underlying collateral)(c) | 121 |
| — |
| | 294 |
| — |
| | 222 |
| — |
| | Cash flows received on interests | 179 |
| 578 |
| | 156 |
| 325 |
| | 185 |
| 163 |
| |
| | (a) | Excludes re-securitization transactions. |
| | (b) | Proceeds from residential mortgage securitizations were received in the form of securities. During 2014, $2.4 billion of residential mortgage securitizations were received as securities and classified in level 2, and $185 million were in level 3 of the fair value hierarchy. During 2013, $1.4 billion of residential mortgage securitizations were received as securities and classified in level 2 of the fair value hierarchy. Proceeds from commercial mortgage securitizations were received as securities and cash. During 2014, $11.4 billion of proceeds from commercial mortgage securitizations were received as securities and classified in level 2, and $130 million of proceeds were classified as level 3 of the fair value hierarchy; and $568 million of proceeds from commercial mortgage securitizations were received as cash. During 2013, $11.3 billion of commercial mortgage securitizations were classified in level 2 of the fair value hierarchy, and $207 million of proceeds from commercial mortgage securitizations were received as cash. During 2012, $5.7 billion of commercial mortgage securitizations were classified in level 2 of the fair value hierarchy. |
| | (c) | Includes cash paid by the Firm to reacquire assets from off–balance sheet, nonconsolidated entities – for example, loan repurchases due to representation and warranties and servicer clean-up calls. |
| | (d) | Includes prime, Alt-A, subprime, and option ARMs. Excludes certain loan securitization transactions entered into with Ginnie Mae, Fannie Mae and Freddie Mac. |
| | (e) | Key assumptions used to measure residential mortgage retained interests originated during the year included weighted-average life (in years) of |
5.9 and 3.9 for the years ended December 31, 2014 and 2013, respectively, and weighted-average discount rate of 3.4% and 2.5% for the years ended December 31, 2014 and 2013, respectively. There were no residential mortgage securitizations during 2012. Key assumptions used to measure commercial and other retained interests originated during the year included weighted-average life (in years) of 6.5, 8.3 and 8.8 for the years ended December 31, 2014, 2013, and 2012, respectively, and weighted-average discount rate of 4.8%, 3.2% and 3.6% for the years ended December 31, 2014, 2013 and 2012, respectively. (f) Includes commercial and student loan securitizations.
|
Summary of loan sale activities |
The following table summarizes the activities related to loans sold to the GSEs, loans in securitization transactions pursuant to Ginnie Mae guidelines, and other third-party-sponsored securitization entities. | | | | | | | | | | | Year ended December 31, (in millions) | 2014 | 2013 | 2012 | Carrying value of loans sold(a) | $ | 55,802 |
| $ | 166,028 |
| $ | 179,008 |
| Proceeds received from loan sales as cash | $ | 260 |
| $ | 782 |
| $ | 195 |
| Proceeds from loans sales as securities(b) | 55,117 |
| 163,373 |
| 176,592 |
| Total proceeds received from loan sales(c) | $ | 55,377 |
| $ | 164,155 |
| $ | 176,787 |
| Gains on loan sales(d) | $ | 316 |
| $ | 302 |
| $ | 141 |
|
| | (a) | Predominantly to the GSEs and in securitization transactions pursuant to Ginnie Mae guidelines. |
| | (b) | Predominantly includes securities from the GSEs and Ginnie Mae that are generally sold shortly after receipt. |
| | (c) | Excludes the value of MSRs retained upon the sale of loans. Gains on loans sales include the value of MSRs. |
| | (d) | The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale. |
|
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets |
The table below includes information about components of nonconsolidated securitized financial assets, in which the Firm has continuing involvement, and delinquencies as of December 31, 2014 and 2013. | | | | | | | | | | | | | | | | | | | | | | | Securitized assets | | 90 days past due | | Liquidation losses | As of or for the year ended December 31, (in millions) | 2014 | 2013 | | 2014 | 2013 | | 2014 | 2013 | Securitized loans(a) | | | | | | | | | Residential mortgage: | | | | | | | | | Prime/ Alt-A & Option ARMs | $ | 78,294 |
| $ | 90,381 |
| | $ | 11,363 |
| $ | 14,882 |
| | $ | 2,166 |
| $ | 4,688 |
| Subprime mortgage | 25,659 |
| 28,008 |
| | 6,473 |
| 7,726 |
| | 1,931 |
| 2,420 |
| Commercial and other | 94,438 |
| 98,018 |
| | 1,522 |
| 2,350 |
| | 1,267 |
| 1,003 |
| Total loans securitized(b) | $ | 198,391 |
| $ | 216,407 |
| | $ | 19,358 |
| $ | 24,958 |
| | $ | 5,364 |
| $ | 8,111 |
|
| | (a) | Total assets held in securitization-related SPEs were $254.3 billion and $271.7 billion, respectively, at December 31, 2014 and 2013. The $198.4 billion and $216.4 billion, respectively, of loans securitized at December 31, 2014 and 2013, excludes: $52.2 billion and $50.8 billion, respectively, of securitized loans in which the Firm has no continuing involvement, and $3.7 billion and $4.5 billion, respectively, of loan securitizations consolidated on the Firm’s Consolidated balance sheets at December 31, 2014 and 2013. |
| | (b) | Includes securitized loans that were previously recorded at fair value and classified as trading assets. |
|
X |
- Definition
Firm's exposure to nonconsolidated municipal bond VIEs detailing the fair value of assets held by VIEs, liquidity facilities, excess/deficit, and maximum exposure.
+ References+ Details
Name: |
jpm_FirmsExposureToNonconsolidatedMunicipalBondVIEsTableTextBlock |
Namespace Prefix: |
jpm_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Firm sponsored mortgage and other consumer securitization trusts broken-out by loan type as well as by principal amount outstanding. Also details the amount of the Firm's interest in securitized assets in nonconsolidated VIEs.
+ References+ Details
Name: |
jpm_FirmSponsoredMortgageAndOtherConsumerSecuritizationTrustsTableTextBlock |
Namespace Prefix: |
jpm_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Information about delinquencies, net charge-offs and components of off-balance sheet securitized financial assets.
+ References+ Details
Name: |
jpm_InformationAboutDelinquenciesNetChargeOffsAndComponentsOfOffBalanceSheetSecuritizedFinancialAssetsTableTextBlock |
Namespace Prefix: |
jpm_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Detailed item-by-item disclosures of variable interest entities and related information according to the following classifications: (1) VIEs consolidated because the registrant is the primary beneficiary.
+ References+ Details
Name: |
jpm_InformationOnAssetsAndLiabilitiesRelatedToVIEsThatAreConsolidatedByFirmTableTextBlock |
Namespace Prefix: |
jpm_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Ratings profile of VIE's assets broken-out by investment grade and noninvestment grade and showing the total fair value of assets held by VIEs and the weighted average expected life of assets.
+ References+ Details
Name: |
jpm_RatingsProfileOfVIEsAssetsTableTextBlock |
Namespace Prefix: |
jpm_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Securitization activities.
+ References+ Details
Name: |
jpm_SecuritizationActivitiesTableTextBlock |
Namespace Prefix: |
jpm_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
A table summarizing loan sale activities related to mortgage loans sold during the reporting period. The loan may be sold to the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).This table excludes loans sold related to securitization activities.
+ References+ Details
Name: |
jpm_SummaryOfLoanSaleActivitiesTableTextBlock |
Namespace Prefix: |
jpm_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
jpm_VariableInterestEntitiesAbstract |
Namespace Prefix: |
jpm_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
|