Quarterly report pursuant to Section 13 or 15(d)

Outstanding Loans and Leases and Allowance for Credit Losses (Tables)

v3.22.2
Outstanding Loans and Leases and Allowance for Credit Losses (Tables)
6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
Schedule of Loans and Leases Outstanding
The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at June 30, 2022 and December 31, 2021.
30-59 Days
 Past Due (1)
60-89 Days
 Past Due (1)
90 Days or
More
Past Due (1)
Total Past
Due 30 Days
or More
Total
 Current or
 Less Than
 30 Days
 Past Due (1)
Loans
 Accounted
 for Under
 the Fair
 Value
 Option
Total
Outstandings
(Dollars in millions) June 30, 2022
Consumer real estate            
Residential mortgage $ 944  $ 237  $ 1,179  $ 2,360  $ 225,610  $ 227,970 
Home equity 75  32  279  386  26,734  27,120 
Credit card and other consumer
Credit card 311  204  493  1,008  83,002  84,010 
Direct/Indirect consumer (2)
149  42  22  213  108,613  108,826 
Other consumer         195  195 
Total consumer 1,479  515  1,973  3,967  444,154  448,121 
Consumer loans accounted for under the fair value option (3)
          $ 377  377 
Total consumer loans and leases 1,479  515  1,973  3,967  444,154  377  448,498 
Commercial
U.S. commercial 603  290  485  1,378  354,353  355,731 
Non-U.S. commercial 157  116  360  633  125,163  125,796 
Commercial real estate (4)
129  167  71  367  63,886  64,253 
Commercial lease financing 18  55  10  83  13,529  13,612 
U.S. small business commercial (5)
220  51  146  417  17,340  17,757 
Total commercial 1,127  679  1,072  2,878  574,271  577,149 
Commercial loans accounted for under the fair value option (3)
          5,119  5,119 
Total commercial loans and leases 1,127  679  1,072  2,878  574,271  5,119  582,268 
Total loans and leases (6)
$ 2,606  $ 1,194  $ 3,045  $ 6,845  $ 1,018,425  $ 5,496  $ 1,030,766 
Percentage of outstandings 0.25  % 0.12  % 0.30  % 0.67  % 98.80  % 0.53  % 100.00  %
(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $173 million and nonperforming loans of $92 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $68 million and nonperforming loans of $87 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $492 million. Consumer real estate loans current or less than 30 days past due includes $1.7 billion, and direct/indirect consumer includes $43 million of nonperforming loans.
(2)Total outstandings primarily includes auto and specialty lending loans and leases of $50.8 billion, U.S. securities-based lending loans of $54.0 billion and non-U.S. consumer loans of $3.0 billion.
(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $79 million and home equity loans of $298 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.9 billion and non-U.S. commercial loans of $2.2 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.
(4)Total outstandings includes U.S. commercial real estate loans of $60.1 billion and non-U.S. commercial real estate loans of $4.1 billion.
(5)Includes Paycheck Protection Program loans.
(6)Total outstandings includes loans and leases pledged as collateral of $13.1 billion. The Corporation also pledged $164.1 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.
30-59 Days
Past Due
(1)
60-89 Days
 Past Due (1)
90 Days or
More
Past Due
(1)
Total Past
Due 30 Days
or More
Total
Current or
Less Than
30 Days
Past Due (1)
Loans
Accounted
for Under
the Fair
Value Option
Total Outstandings
(Dollars in millions) December 31, 2021
Consumer real estate            
Residential mortgage $ 1,005  $ 297  $ 1,571  $ 2,873  $ 219,090  $ 221,963 
Home equity 123  69  369  561  27,374  27,935 
Credit card and other consumer          
Credit card 298  212  487  997  80,441    81,438 
Direct/Indirect consumer (2)
147  52  18  217  103,343    103,560 
Other consumer  —  —  —  —  190    190 
Total consumer 1,573  630  2,445  4,648  430,438  435,086 
Consumer loans accounted for under the fair value option (3)
$ 618  618 
Total consumer loans and leases 1,573  630  2,445  4,648  430,438  618  435,704 
Commercial              
U.S. commercial 815  308  396  1,519  324,417    325,936 
Non-U.S. commercial 148  20  83  251  113,015    113,266 
Commercial real estate (4)
115  34  285  434  62,575    63,009 
Commercial lease financing 104  28  13  145  14,680    14,825 
U.S. small business commercial (5)
129  259  89  477  18,706    19,183 
Total commercial 1,311  649  866  2,826  533,393    536,219 
Commercial loans accounted for under the fair value option (3)
7,201  7,201 
Total commercial loans and leases
1,311  649  866  2,826  533,393  7,201  543,420 
Total loans and leases (6)
$ 2,884  $ 1,279  $ 3,311  $ 7,474  $ 963,831  $ 7,819  $ 979,124 
Percentage of outstandings 0.29  % 0.13  % 0.34  % 0.76  % 98.44  % 0.80  % 100.00  %
(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $164 million and nonperforming loans of $118 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $89 million and nonperforming loans of $100 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $633 million. Consumer real estate loans current or less than 30 days past due includes $1.4 billion, and direct/indirect consumer includes $55 million of nonperforming loans.
(2)Total outstandings primarily includes auto and specialty lending loans and leases of $48.5 billion, U.S. securities-based lending loans of $51.1 billion and non-U.S. consumer loans of $3.0 billion.
(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $279 million and home equity loans of $339 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.6 billion and non-U.S. commercial loans of $2.6 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.
(4)Total outstandings includes U.S. commercial real estate loans of $58.2 billion and non-U.S. commercial real estate loans of $4.8 billion.
(5)Includes Paycheck Protection Program loans.
(6)Total outstandings includes loans and leases pledged as collateral of $13.0 billion. The Corporation also pledged $146.6 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.
Schedule of Financing Receivables, Non Accrual Status The following table presents the Corporation’s nonperforming loans and leases, including nonperforming TDRs, and loans accruing past due 90 days or more at June 30, 2022 and December 31, 2021. Nonperforming loans held-for-sale (LHFS) are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2021 Annual Report on Form 10-K.
Credit Quality
Nonperforming Loans
and Leases
Accruing Past Due
90 Days or More
(Dollars in millions) June 30
2022
December 31
2021
June 30
2022
December 31
2021
Residential mortgage (1)
$ 2,245  $ 2,284  $ 492  $ 634 
With no related allowance (2)
1,956  1,950    — 
Home equity (1)
563  630    — 
With no related allowance (2)
371  414    — 
Credit Card                      n/a               n/a 493  487 
Direct/indirect consumer 58  75  15  11 
Total consumer 2,866  2,989  1,000  1,132 
U.S. commercial 742  825  357  171 
Non-U.S. commercial 279  268  184  19 
Commercial real estate 218  382  18  40 
Commercial lease financing 44  80  3 
U.S. small business commercial 15  23  143  87 
Total commercial 1,298  1,578  705  325 
Total nonperforming loans $ 4,164  $ 4,567  $ 1,705  $ 1,457 
Percentage of outstanding loans and leases
0.41  % 0.47  % 0.17  % 0.15  %
(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At June 30, 2022 and December 31, 2021 residential mortgage includes $395 million and $444 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $97 million and $190 million of loans on which interest was still accruing.
(2)Primarily relates to loans for which the estimated fair value of the underlying collateral less any costs to sell is greater than the amortized cost of the loans as of the reporting date.
n/a = not applicable
Financing Receivable Credit Quality Indicators The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by class of financing receivables and year of origination for term loan balances at June 30, 2022, including revolving loans that converted to term loans without an additional credit decision after origination or through a TDR.
Residential Mortgage – Credit Quality Indicators By Vintage
Term Loans by Origination Year
(Dollars in millions) Total as of
June 30,
 2022
2022 2021 2020 2019 2018 Prior
Residential Mortgage
Refreshed LTV
     
Less than or equal to 90 percent $ 213,285  $ 29,035  $ 83,405  $ 38,908  $ 19,897  $ 6,116  $ 35,924 
Greater than 90 percent but less than or equal to 100 percent
1,858  768  855  156  28  10  41 
Greater than 100 percent
686  306  222  71  24  11  52 
Fully-insured loans
12,141  312  3,840  3,256  1,015  177  3,541 
Total Residential Mortgage $ 227,970  $ 30,421  $ 88,322  $ 42,391  $ 20,964  $ 6,314  $ 39,558 
Residential Mortgage
Refreshed FICO score
Less than 620 $ 2,063  $ 230  $ 488  $ 345  $ 121  $ 94  $ 785 
Greater than or equal to 620 and less than 680
4,909  603  1,415  913  416  273  1,289 
Greater than or equal to 680 and less than 740
24,768  3,229  8,857  4,582  2,314  827  4,959 
Greater than or equal to 740
184,089  26,047  73,722  33,295  17,098  4,943  28,984 
Fully-insured loans
12,141  312  3,840  3,256  1,015  177  3,541 
Total Residential Mortgage $ 227,970  $ 30,421  $ 88,322  $ 42,391  $ 20,964  $ 6,314  $ 39,558 
Home Equity - Credit Quality Indicators
Total
Home Equity Loans and Reverse Mortgages (1)
Revolving Loans Revolving Loans Converted to Term Loans
(Dollars in millions) June 30, 2022
Home Equity
Refreshed LTV
     
Less than or equal to 90 percent $ 26,876  $ 1,518  $ 19,583  $ 5,775 
Greater than 90 percent but less than or equal to 100 percent
98  41  30  27 
Greater than 100 percent
146  54  44  48 
Total Home Equity $ 27,120  $ 1,613  $ 19,657  $ 5,850 
Home Equity
Refreshed FICO score
Less than 620 $ 731  $ 197  $ 174  $ 360 
Greater than or equal to 620 and less than 680
1,252  180  470  602 
Greater than or equal to 680 and less than 740
4,254  405  2,438  1,411 
Greater than or equal to 740
20,883  831  16,575  3,477 
Total Home Equity $ 27,120  $ 1,613  $ 19,657  $ 5,850 
(1)Includes reverse mortgages of $1.1 billion and home equity loans of $482 million, which are no longer originated.
Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
Direct/Indirect
Term Loans by Origination Year Credit Card
(Dollars in millions) Total Direct/
Indirect as of June 30,
 2022
Revolving Loans 2022 2021 2020 2019 2018 Prior Total Credit Card as of June 30,
 2022
Revolving Loans
Revolving Loans Converted to Term Loans (1)
Refreshed FICO score    
Less than 620 $ 691  $ 12  $ 71  $ 237  $ 108  $ 103  $ 55  $ 105  $ 3,094  $ 2,939  $ 155 
Greater than or equal to 620 and less than 680 2,347  13  570  964  326  214  99  161  9,545  9,362  183 
Greater than or equal to 680 and less than 740
8,723  54  2,472  3,426  1,262  753  310  446  28,737  28,565  172 
Greater than or equal to 740 39,165  87  9,742  13,504  7,072  4,520  1,820  2,420  42,634  42,589  45 
Other internal credit
   metrics (2,3)
57,900  57,052  170  288  87  67  42  194    —  — 
Total credit card and other
   consumer
$ 108,826  $ 57,218  $ 13,025  $ 18,419  $ 8,855  $ 5,657  $ 2,326  $ 3,326  $ 84,010  $ 83,455  $ 555 
(1)Represents TDRs that were modified into term loans.
(2)Other internal credit metrics may include delinquency status, geography or other factors.
(3)Direct/indirect consumer includes $57.1 billion of securities-based lending, which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at June 30, 2022.
Commercial – Credit Quality Indicators By Vintage (1)
Term Loans
Amortized Cost Basis by Origination Year
(Dollars in millions) Total as of
June 30,
 2022
2022 2021 2020 2019 2018 Prior Revolving Loans
U.S. Commercial
Risk ratings        
Pass rated $ 346,850  $ 38,819  $ 47,170  $ 21,131  $ 20,079  $ 10,660  $ 33,699  $ 175,292 
Reservable criticized 8,881  41  491  676  881  1,268  1,085  4,439 
Total U.S. Commercial
$ 355,731  $ 38,860  $ 47,661  $ 21,807  $ 20,960  $ 11,928  $ 34,784  $ 179,731 
Non-U.S. Commercial
Risk ratings
Pass rated $ 123,181  $ 13,828  $ 22,677  $ 7,001  $ 5,022  $ 3,412  $ 5,137  $ 66,104 
Reservable criticized 2,615  79  366  311  334  140  542  843 
Total Non-U.S. Commercial
$ 125,796  $ 13,907  $ 23,043  $ 7,312  $ 5,356  $ 3,552  $ 5,679  $ 66,947 
Commercial Real Estate
Risk ratings
Pass rated $ 59,121  $ 6,569  $ 13,558  $ 6,667  $ 9,710  $ 5,299  $ 9,615  $ 7,703 
Reservable criticized 5,132  468  567  1,648  1,113  1,185  145 
Total Commercial Real Estate
$ 64,253  $ 6,575  $ 14,026  $ 7,234  $ 11,358  $ 6,412  $ 10,800  $ 7,848 
Commercial Lease Financing
Risk ratings
Pass rated $ 13,296  $ 1,036  $ 2,811  $ 2,186  $ 2,185  $ 1,661  $ 3,417  $ — 
Reservable criticized 316  24  30  86  57  117  — 
Total Commercial Lease Financing
$ 13,612  $ 1,038  $ 2,835  $ 2,216  $ 2,271  $ 1,718  $ 3,534  $ — 
U.S. Small Business Commercial (2)
Risk ratings
Pass rated $ 9,228  $ 803  $ 2,547  $ 1,947  $ 945  $ 694  $ 2,159  $ 133 
Reservable criticized 345  21  33  82  62  135 
Total U.S. Small Business Commercial
$ 9,573  $ 812  $ 2,568  $ 1,980  $ 1,027  $ 756  $ 2,294  $ 136 
 Total $ 568,965  $ 61,192  $ 90,133  $ 40,549  $ 40,972  $ 24,366  $ 57,091  $ 254,662 
(1) Excludes $5.1 billion of loans accounted for under the fair value option at June 30, 2022.
(2)     Excludes U.S. Small Business Card loans of $8.2 billion. Refreshed FICO scores for this portfolio are $210 million for less than 620; $723 million for greater than or equal to 620 and less than 680; $2.2 billion for greater than or equal to 680 and less than 740; and $5.1 billion greater than or equal to 740.
The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by class of financing receivables and year of origination for term loan balances at December 31, 2021, including revolving loans that converted to term loans without an additional credit decision after origination or through a TDR.
Residential Mortgage – Credit Quality Indicators By Vintage
Term Loans by Origination Year
(Dollars in millions) Total as of
 December 31,
 2021
2021 2020 2019 2018 2017 Prior
Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent $ 206,562  $ 87,051  $ 43,597  $ 23,205  $ 7,392  $ 10,956  $ 34,361 
Greater than 90 percent but less than or equal to 100 percent
1,938  1,401  331  81  17  14  94 
Greater than 100 percent
759  520  112  29  11  12  75 
Fully-insured loans
12,704  3,845  3,486  1,150  216  235  3,772 
Total Residential Mortgage $ 221,963  $ 92,817  $ 47,526  $ 24,465  $ 7,636  $ 11,217  $ 38,302 
Residential Mortgage
Refreshed FICO score
Less than 620 $ 2,451  $ 636  $ 442  $ 140  $ 120  $ 104  $ 1,009 
Greater than or equal to 620 and less than 680
5,199  1,511  1,123  477  294  307  1,487 
Greater than or equal to 680 and less than 740
24,532  8,822  5,454  2,785  1,057  1,434  4,980 
Greater than or equal to 740 177,077  78,003  37,021  19,913  5,949  9,137  27,054 
Fully-insured loans
12,704  3,845  3,486  1,150  216  235  3,772 
Total Residential Mortgage $ 221,963  $ 92,817  $ 47,526  $ 24,465  $ 7,636  $ 11,217  $ 38,302 
Home Equity - Credit Quality Indicators
Total
Home Equity Loans and Reverse Mortgages (1)
Revolving Loans Revolving Loans Converted to Term Loans
(Dollars in millions) December 31, 2021
Home Equity
Refreshed LTV
Less than or equal to 90 percent $ 27,594  $ 1,773  $ 19,095  $ 6,726 
Greater than 90 percent but less than or equal to 100 percent
130  55  34  41 
Greater than 100 percent
211  85  54  72 
Total Home Equity $ 27,935  $ 1,913  $ 19,183  $ 6,839 
Home Equity
Refreshed FICO score
Less than 620 $ 893  $ 244  $ 209  $ 440 
Greater than or equal to 620 and less than 680
1,434  222  495  717 
Greater than or equal to 680 and less than 740
4,625  468  2,493  1,664 
Greater than or equal to 740
20,983  979  15,986  4,018 
Total Home Equity $ 27,935  $ 1,913  $ 19,183  $ 6,839 
(1)Includes reverse mortgages of $1.3 billion and home equity loans of $582 million, which are no longer originated.
Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
Direct/Indirect
Term Loans by Origination Year Credit Card
(Dollars in millions) Total Direct/Indirect as of December 31, 2021 Revolving Loans 2021 2020 2019 2018 2017 Prior Total Credit Card as of December 31, 2021 Revolving Loans
Revolving Loans Converted to Term Loans (1)
Refreshed FICO score
Less than 620 $ 685  $ 13  $ 179  $ 115  $ 129  $ 79  $ 101  $ 69  $ 3,017  $ 2,857  $ 160 
Greater than or equal to 620 and less than 680
2,313  14  1,170  414  313  148  134  120  9,264  9,064  200 
Greater than or equal to 680 and less than 740
8,530  60  4,552  1,659  1,126  466  314  353  28,347  28,155  192 
Greater than or equal to 740 37,164  94  15,876  8,642  6,465  2,679  1,573  1,835  40,810  40,762  48 
Other internal credit
   metrics (2, 3)
54,868  54,173  283  53  77  75  63  144  —  —  — 
Total credit card and other
   consumer
$ 103,560  $ 54,354  $ 22,060  $ 10,883  $ 8,110  $ 3,447  $ 2,185  $ 2,521  $ 81,438  $ 80,838  $ 600 
(1)Represents TDRs that were modified into term loans.
(2)Other internal credit metrics may include delinquency status, geography or other factors.
(3)Direct/indirect consumer includes $54.2 billion of securities-based lending, which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at December 31, 2021.

Commercial – Credit Quality Indicators By Vintage (1)
Term Loans
Amortized Cost Basis by Origination Year
(Dollars in millions) Total as of December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans
U.S. Commercial
Risk ratings        
Pass rated $ 315,618  $ 55,862  $ 25,012  $ 23,373  $ 11,439  $ 10,426  $ 23,877  $ 165,629 
Reservable criticized 10,318  598  687  1,308  1,615  514  1,072  4,524 
Total U.S. Commercial
$ 325,936  $ 56,460  $ 25,699  $ 24,681  $ 13,054  $ 10,940  $ 24,949  $ 170,153 
Non-U.S. Commercial
Risk ratings
Pass rated $ 110,787  $ 25,749  $ 8,703  $ 7,133  $ 4,521  $ 3,016  $ 3,062  $ 58,603 
Reservable criticized 2,479  223  324  487  275  257  216  697 
Total Non-U.S. Commercial
$ 113,266  $ 25,972  $ 9,027  $ 7,620  $ 4,796  $ 3,273  $ 3,278  $ 59,300 
Commercial Real Estate
Risk ratings
Pass rated $ 55,511  $ 14,402  $ 7,244  $ 11,237  $ 5,710  $ 3,326  $ 6,831  $ 6,761 
Reservable criticized 7,498  277  990  2,237  1,710  596  1,464  224 
Total Commercial Real Estate
$ 63,009  $ 14,679  $ 8,234  $ 13,474  $ 7,420  $ 3,922  $ 8,295  $ 6,985 
Commercial Lease Financing
Risk ratings
Pass rated $ 14,438  $ 3,280  $ 2,485  $ 2,427  $ 2,030  $ 1,741  $ 2,475  $ — 
Reservable criticized 387  25  18  91  67  48  138  — 
Total Commercial Lease Financing
$ 14,825  $ 3,305  $ 2,503  $ 2,518  $ 2,097  $ 1,789  $ 2,613  $ — 
U.S. Small Business Commercial (2)
Risk ratings
Pass rated $ 11,618  $ 4,257  $ 2,922  $ 1,059  $ 763  $ 623  $ 1,853  $ 141 
Reservable criticized 433  12  29  91  87  64  147 
Total U.S. Small Business Commercial
$ 12,051  $ 4,269  $ 2,951  $ 1,150  $ 850  $ 687  $ 2,000  $ 144 
 Total $ 529,087  $ 104,685  $ 48,414  $ 49,443  $ 28,217  $ 20,611  $ 41,135  $ 236,582 
(1) Excludes $7.2 billion of loans accounted for under the fair value option at December 31, 2021.
(2) Excludes U.S. Small Business Card loans of $7.1 billion. Refreshed FICO scores for this portfolio are $192 million for less than 620; $618 million for greater than or equal to 620 and less than 680; $1.9 billion for greater than or equal to 680 and less than 740; and $4.4 billion greater than or equal to 740.
Troubled Debt Restructurings on Financing Receivables The table below presents the June 30, 2022 and 2021 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during the three and six months ended June 30, 2022 and 2021. The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period.
Consumer Real Estate – TDRs Entered into During the Three and Six Months Ended June 30, 2022 and 2021
Unpaid Principal Balance Carrying
Value
Pre-Modification Interest Rate
Post-Modification Interest Rate (1)
Unpaid Principal Balance Carrying
Value
Pre-Modification Interest Rate
Post-Modification Interest Rate (1)
(Dollars in millions) Three Months Ended June 30, 2022 Six Months Ended June 30, 2022
Residential mortgage $ 540  $ 489  3.47  % 3.38  % $ 858  $ 774  3.53  % 3.35  %
Home equity 129  110  3.80  3.89  170  140  3.77  3.84 
Total $ 669  $ 599  3.53  3.48  $ 1,028  $ 914  3.57  3.43 
Three Months Ended June 30, 2021 Six Months Ended June 30, 2021
Residential mortgage $ 522  $ 466  3.53  % 3.51  % $ 744  $ 667  3.51  % 3.49  %
Home equity 62  47  3.58  3.61  83  63  3.55  3.58 
Total $ 584  $ 513  3.53  3.52  $ 827  $ 730  3.52  3.50 
(1)The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period.

The table below presents the June 30, 2022 and 2021 carrying value for consumer real estate loans that were modified in a TDR during the three and six months ended June 30, 2022 and 2021, by type of modification.
Consumer Real Estate – Modification Programs
TDRs Entered into During the
Three Months Ended June 30 Six Months Ended June 30
(Dollars in millions) 2022 2021 2022 2021
Modifications under government programs $   $ $   $
Modifications under proprietary programs 536  479  816  665 
Loans discharged in Chapter 7 bankruptcy (1)
4  12  8  22 
Trial modifications 59  21  90  40 
Total modifications $ 599  $ 513  $ 914  $ 730 
(1)Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.
The following table presents the carrying value of consumer real estate loans that entered into payment default during the three and six months ended June 30, 2022 and 2021 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification.
Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months
Three Months Ended June 30 Six Months Ended June 30
(Dollars in millions) 2022 2021 2022 2021
Modifications under government programs $   $ $   $
Modifications under proprietary programs 32  33  72  45 
Loans discharged in Chapter 7 bankruptcy (1)
  1 
Trial modifications (2)
7  11  12 
Total modifications $ 39  $ 42  $ 84  $ 64 
(1)Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.
(2)Includes trial modification offers to which the customer did not respond.
The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including the June 30, 2022 and 2021 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during the three and six months ended June 30, 2022 and 2021.
Credit Card and Other Consumer – TDRs Entered into During the Three and Six Months Ended June 30, 2022 and 2021
  Unpaid Principal Balance
Carrying
Value (1)
Pre-Modification Interest Rate Post-Modification Interest Rate Unpaid Principal Balance
Carrying
Value
(1)
Pre-Modification Interest Rate Post-Modification Interest Rate
(Dollars in millions) Three Months Ended June 30, 2022 Six Months Ended June 30, 2022
Credit card $ 65  $ 69  19.77  % 3.78  % $ 127  $ 132  19.60  % 3.76  %
Direct/Indirect consumer 3  2  5.41  5.41  5  5  5.62  5.62 
Total $ 68  $ 71  19.37  3.83  $ 132  $ 137  19.09  3.83 
Three Months Ended June 30, 2021 Six Months Ended June 30, 2021
Credit card $ 62  $ 68  18.44  % 4.24  % $ 137  $ 147  18.48  % 4.53  %
Direct/Indirect consumer 5.64  5.64  11  5.62  5.62 
Total $ 68  $ 72  17.75  4.31  $ 148  $ 154  17.87  4.58