Mortgage Banking Activities The Company enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding.
These commitments are referred to as Interest Rate Lock Commitments (“IRLCs”).
IRLCs on loans that the Company intends to sell are considered to be derivatives and are, therefore, recorded at fair value with changes in fair value recorded in earnings.
For purposes of determining fair value, the Company estimates the fair value of an IRLC based on the estimated fair value of the underlying mortgage loan and the probability that the mortgage loan will fund within the terms of the IRLC.
The fair value excludes the market value associated with the anticipated sale of servicing rights related to each loan commitment.
The fair value of these IRLCs was a $0.06 million and a $0.02 million liability at December 31, 2007 and 2006, respectively.
The Company also designates fair value relationships of closed loans held-for-sale against a combination of mortgage forwards and short treasury positions.
Short treasury relationships are economic hedges, rather than fair value or cash flow hedges.
Short treasury positions are marked-to-market, but do not receive hedge accounting treatment under SFAS No.133, as amended.
The mark-to-market of the mortgage forwards is included in the net change of the IRLCs and the related hedging instruments.
The fair value of the mark-to-market on closed loans was a $1.2 thousand and $1.7 million asset at December 31, 2007 and 2006, respectively.
IRLCs, as well as closed loans held-for-sale, expose the Company to interest rate risk.
The Company manages this risk by selling mortgages or mortgage-backed securities on a forward basis referred to as forward sale agreements.
Changes in the fair value of these derivatives are included as gain (loss) on loans and securities, net in the consolidated statement of income (loss).
The net change in IRLCs, closed loans, mortgage forwards and the short treasury positions generated a net loss of $2.4 million in 2007, a net gain of $1.6 million in 2006 and a net loss of $0.4 million in 2005.  Credit Risk Credit risk is managed by limiting activity to approved counterparties and setting aggregate exposure limits for each approved counterparty.
The credit risk, or maximum exposure, which results from interest rate swaps and purchased interest rate options is represented by the fair value of contracts that have unrealized gains at the reporting date.
Conversely, we have $197.5 million of derivative contracts with unrealized losses at December 31, 2007.
The Company pledged approximately $87.4 million of its mortgage-backed securities as collateral of derivative contracts.
While the Company does not expect that any counterparty will fail to perform, the following table shows the maximum exposure associated with each counterparty to interest rate swaps and purchased interest rate options at December 31, 2007 (dollars in thousands):
## Table 0 ##
percent of the unpaid principal balance of its residential mortgage loans; one percent of 30 percent of its total assets; or one-twentieth of its outstanding FHLB advances.
In addition, the Company must maintain qualified collateral equal to 110 to 115 percent of its advances, depending on the collateral type.
These advances are secured with specific mortgage loans and mortgage-backed securities.
At December 31, 2007 and 2006, the Company pledged $16.8 billion and $12.9 billion, respectively, of the one- to four-family and home equity loans as collateral.
Other—ETBH raises capital through the formation of trusts, which sell trust preferred stock in the capital markets.
The capital securities must be redeemed in whole at the due date, which is generally 30 years after issuance.
Each trust issued Floating Rate Cumulative Preferred Securities, at par with a liquidation amount of $1,000 per capital security.
The trusts use the proceeds from the sale of issuances to purchase Floating Rate Junior Subordinated Debentures issued by ETBH, which guarantees the trust obligations and contributes proceeds from the sale of its subordinated debentures to E*TRADE Bank in the form of a capital contribution.
During 2007, ETBH formed three trusts, ETBH Capital Trust XXVIII, ETBH Capital Trust XXIX and ETBH Capital Trust XXX.
These trusts issued a total of 60,000 shares of Floating Rate Cumulative Preferred Securities for a total of $60.0 million.
Net proceeds from these issuances were invested in Floating Rate Junior Subordinated Debentures that mature in 2037 and have variable rates of 1.90%, 1.95%, or 2.10% above the threemonth LIBOR, payable quarterly.
During 2006, ETBH formed five trusts, ETBH Capital Trust XXIII through ETBH Capital Trust XXVII.
These trusts issued a total of 95,000 shares of Floating Rate Cumulative Preferred Securities for a total of $95 million.
Net proceeds from these issuances were invested in Floating Rate Junior Subordinated Debentures that mature in 2036 or 2037 and have variable rates of 1.95% or 2.10% above the three-month LIBOR, payable quarterly.
In April 2007, ETBH called ETBH Capital Trust IV which had sold $10.0 million of trust preferred stock in the capital markets in 2002 and generated a loss of $0.3 million.
In June 2007, ETBH called Telebank Capital Trust I which had sold $9.0 million of trust preferred stock in the capital markets in 1997, and generated a loss of $0.9 million.
In December 2006, ETBH called ETBH Capital Trust III which had sold $15.0 million of trust preferred stock in the capital markets in 2001, and generated a loss of $0.5 million.
The face values of outstanding trusts at December 31, 2007 are shown below (dollars in thousands):
## Table 1 ##
The Company also has multiple term loans from financial institutions.
These loans are collateralized by equipment.
Borrowings under these term loans bear interest at 1% above LIBOR, 0.68% above LIBOR or 9.30%.
The Company had approximately $40 million of principal outstanding under these loans at December 31, 2007.
Other borrowings also includes $12.0 million of overnight and other short-term borrowings in connection with the Federal Reserve Bank’s term investment option and treasury, tax and loan programs.
The Company pledged $12.0 million of securities to secure these borrowings from the Federal Reserve Bank.
December 18, 2007, we issued an additional 23,182,197 shares of common stock to Citadel.
The issuances were exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, and each purchaser has represented to us that it is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, and that the common stock was being acquired for investment.
We did not engage in a general solicitation or advertising with regard to the issuances of the common stock and have not offered securities to the public in connection with the issuances.
See Item 1.
Business—Citadel Investment.
Performance Graph The following performance graph shows the cumulative total return to a holder of the Company’s common stock, assuming dividend reinvestment, compared with the cumulative total return, assuming dividend reinvestment, of the Standard & Poor’s (“S&P”) 500 and the S&P Super Cap Diversified Financials during the period from December 31, 2002 through December 31, 2007.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among E*Trade Financial Corporation, The S&P 500 Index And The S&P Super Cap Diversified Financials
## Table 2 ##
?
$100 invested on 12/31/02 in stock or index-including reinvestment of dividends.
Fiscal year ending December 31.  ?
Copyright ?2008, Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.  All rights reserved.
www.
researchdatagroup.
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The following table shows the cost basis and fair value of our mortgage-backed securities and investment portfolio that the Bank held and classified as available-for-sale (dollars in thousands):
## Table 3 ##
The following table shows the scheduled maturities, carrying values and current yields for the Bank’s available-for-sale and trading investment portfolio at December 31, 2007 (dollars in thousands)
## Table 4 ##
(1) Yields on tax-exempt obligations are computed on a tax-equivalent basis.
(2) Preferred stock in Freddie Mac and Fannie Mae, no stated maturity date.
(3) Corporate investments, no stated maturity dat
LENNAR CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 110 16.
Variable Interest Entities The Company evaluated the joint venture agreements of its joint ventures that were formed or that had reconsideration events during the year ended November 30, 2018.
Based on the Company’s evaluation, during the year ended November 30, 2018, the Company consolidated and deconsolidated the same VIE thus resulting in no change to the combined assets and liabilities during the year.
In addition, during the year ended November 30, 2018, the Company consolidated a VIE that had total assets of $57.3 million and an immaterial amount of liabilities.
During the year ended November 30, 2018, there was a VIE that was deconsolidated that had a total assets of $48.1 million.
Consolidated VIEs As of November 30, 2018, the carrying amount of the VIEs’ assets and non-recourse liabilities that consolidated was $666.2 million and $242.5 million, respectively.
As of November 30, 2017, the carrying amount of the VIEs’ assets and non-recourse liabilities that consolidated was $799.4 million and $389.7 million, respectively.
Those assets are owned by, and those liabilities are obligations of, the VIEs, not the Company.
A VIE’s assets can only be used to settle obligations of that VIE.
The VIEs are not guarantors of the Company’s senior notes and other debts payable.
The assets held by a VIE usually are collateral for that VIE’s debt.
The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with the VIE’s banks.
Other than debt guarantee agreements with a VIE’s banks, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE.
While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts.
Unconsolidated VIEs At November 30, 2018 and 2017, the Company’s recorded investments in VIEs that are unconsolidated and its estimated maximum exposure to loss were as follows:

<table><tr><td>Counterparty</td><td>Credit Risk</td></tr><tr><td>Bank of America</td><td>$48,161</td></tr><tr><td>Lehman Brothers</td><td>29,136</td></tr><tr><td>JP Morgan</td><td>18,878</td></tr><tr><td>Union Bank of Switzerland</td><td>15,562</td></tr><tr><td>Credit Suisse First Boston</td><td>11,047</td></tr><tr><td>Royal Bank of Scotland</td><td>6,164</td></tr><tr><td>Morgan Stanley</td><td>2,215</td></tr><tr><td>Salomon Brothers</td><td>1,943</td></tr><tr><td>Total exposure</td><td>$133,106</td></tr></table>
<table><tr><td>Trusts</td><td>Face Value</td><td>Maturity  Date</td><td>Annual Interest Rate</td></tr><tr><td>ETBH Capital Trust II</td><td>$5,000</td><td>2031</td><td>10.25%</td></tr><tr><td>ETBH Capital Trust I</td><td>$20,000</td><td>2031</td><td>3.75% above 6-month LIBOR</td></tr><tr><td>ETBH Capital Trust V, VI, VIII</td><td>$51,000</td><td>2032</td><td>3.25%-3.65% above 3-month LIBOR</td></tr><tr><td>ETBH Capital Trust VII, IX—XII</td><td>$65,000</td><td>2033</td><td>3.00%-3.30% above 3-month LIBOR</td></tr><tr><td>ETBH Capital Trust XIII—XVIII, XX</td><td>$77,000</td><td>2034</td><td>2.45%-2.90% above 3-month LIBOR</td></tr><tr><td>ETBH Capital Trust XIX, XXI, XXII</td><td>$60,000</td><td>2035</td><td>2.20%-2.40% above 3-month LIBOR</td></tr><tr><td>ETBH Capital Trust XXIII—XXIV</td><td>$45,000</td><td>2036</td><td>2.10% above 3-month LIBOR</td></tr><tr><td>ETBH Capital Trust XXV—XXX</td><td>$110,000</td><td>2037</td><td>1.90%-2.00% above 3-month LIBOR</td></tr></table>
<table><tr><td></td><td>12/02</td><td>12/03</td><td>12/04</td><td>12/05</td><td>12/06</td><td>12/07</td></tr><tr><td>E*TRADE Financial Corporation</td><td>100.00</td><td>260.29</td><td>307.61</td><td>429.22</td><td>461.32</td><td>73.05</td></tr><tr><td>S&P 500</td><td>100.00</td><td>128.68</td><td>142.69</td><td>149.70</td><td>173.34</td><td>182.87</td></tr><tr><td>S&P Super Cap Diversified Financials</td><td>100.00</td><td>139.29</td><td>156.28</td><td>170.89</td><td>211.13</td><td>176.62</td></tr></table>
<table><tr><td></td><td colspan="6"> December 31,</td></tr><tr><td></td><td colspan="2"> 2007</td><td colspan="2"> 2006</td><td colspan="2"> 2005</td></tr><tr><td></td><td> Cost  Basis</td><td> Fair  Value</td><td> Cost  Basis</td><td> Fair  Value</td><td> Cost  Basis</td><td> Fair  Value</td></tr><tr><td>Mortgage-backed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Backed by U.S. Government sponsored and Federal Agencies</td><td>$9,638,676</td><td>$9,330,129</td><td>$9,375,444</td><td>$9,109,307</td><td>$9,687,666</td><td>$9,427,521</td></tr><tr><td>Collateralized mortgage obligations and other</td><td>1,170,360</td><td>1,123,255</td><td>1,127,650</td><td>1,108,385</td><td>1,014,582</td><td>995,891</td></tr><tr><td>Total mortgage-backed securities</td><td>10,809,036</td><td>10,453,384</td><td>10,503,094</td><td>10,217,692</td><td>10,702,248</td><td>10,423,412</td></tr><tr><td>Investment securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Asset-backed securities</td><td>—</td><td>—</td><td>2,163,538</td><td>2,161,728</td><td>1,376,315</td><td>1,365,754</td></tr><tr><td>Municipal bonds</td><td>320,521</td><td>314,348</td><td>620,261</td><td>632,747</td><td>168,682</td><td>169,684</td></tr><tr><td>Corporate bonds</td><td>36,557</td><td>35,279</td><td>105,692</td><td>104,518</td><td>74,931</td><td>72,760</td></tr><tr><td>Other debt securities</td><td>78,836</td><td>77,291</td><td>80,623</td><td>74,880</td><td>78,989</td><td>73,485</td></tr><tr><td>Publicly traded equity securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Preferred stock</td><td>505,498</td><td>371,404</td><td>455,801</td><td>458,674</td><td>290,240</td><td>288,365</td></tr><tr><td>Corporate investments</td><td>1,460</td><td>1,271</td><td>12,040</td><td>24,139</td><td>53,152</td><td>147,400</td></tr><tr><td>Retained interest from securitizations</td><td>980</td><td>2,071</td><td>2,930</td><td>3,393</td><td>22,444</td><td>23,878</td></tr><tr><td>Total investment securities</td><td>943,852</td><td>801,664</td><td>3,440,885</td><td>3,460,079</td><td>2,064,753</td><td>2,141,326</td></tr><tr><td>Total available-for-sale securities</td><td>$11,752,888</td><td>$11,255,048</td><td>$13,943,979</td><td>$13,677,771</td><td>$12,767,001</td><td>$12,564,738</td></tr></table>
<table><tr><td></td><td colspan="2">Within One Year</td><td colspan="2">After One But Within Five Years</td><td colspan="2">After Five But Within Ten Years</td><td colspan="2">After Ten Years</td><td colspan="2"> Total</td></tr><tr><td></td><td> Balance  Due</td><td>Weighted Average Yield</td><td> Balance Due</td><td>Weighted Average Yield</td><td> Balance Due</td><td>Weighted Average Yield</td><td> Balance  Due</td><td>Weighted Average Yield</td><td> Balance  Due</td><td> Weighted Average Yield</td></tr><tr><td>Mortgage-backed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Backed by U.S. Government sponsored and Federal agencies</td><td>$—</td><td>N/A</td><td>$—</td><td>N/A</td><td>$—</td><td>N/A</td><td>$9,638,676</td><td>5.06%</td><td>$9,638,676</td><td>5.06%</td></tr><tr><td>Collateralized mortgage obligations and other</td><td>—</td><td>N/A</td><td>28</td><td>8.33%</td><td>169</td><td>9.79%</td><td>1,170,163</td><td>5.42%</td><td>1,170,360</td><td>5.42%</td></tr><tr><td>Total mortgage-backed securities</td><td>—</td><td></td><td>28</td><td></td><td>169</td><td></td><td>10,808,839</td><td></td><td>10,809,036</td><td></td></tr><tr><td>Investment securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Municipal bonds<sup>-1</sup></td><td>266</td><td>3.24%</td><td>211</td><td>2.56%</td><td>12</td><td>4.06%</td><td>320,032</td><td>4.59%</td><td>320,521</td><td>4.59%</td></tr><tr><td>Corporate debt</td><td>11,211</td><td>2.38%</td><td>—</td><td>N/A</td><td>—</td><td>N/A</td><td>25,346</td><td>5.71%</td><td>36,557</td><td>4.69%</td></tr><tr><td>Other debt securities</td><td>609</td><td>3.47%</td><td>249</td><td>4.00%</td><td>77,978</td><td>4.38%</td><td>—</td><td>N/A</td><td>78,836</td><td>4.37%</td></tr><tr><td>Publicly traded equity securities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Preferred stock<sup>-2</sup></td><td>—</td><td>N/A</td><td>—</td><td>N/A</td><td>—</td><td>N/A</td><td>505,498</td><td>5.42%</td><td>505,498</td><td>5.42%</td></tr><tr><td>Corporate investments<sup>-3</sup></td><td>—</td><td>N/A</td><td>—</td><td>N/A</td><td>—</td><td>N/A</td><td>1,460</td><td>4.42%</td><td>1,460</td><td>4.42%</td></tr><tr><td>Retained interests from securitizations</td><td>—</td><td>N/A</td><td>—</td><td>N/A</td><td>—</td><td>N/A</td><td>980</td><td>2.00%</td><td>980</td><td>2.00%</td></tr><tr><td>Total investment securities</td><td>12,086</td><td></td><td>460</td><td></td><td>77,990</td><td></td><td>853,316</td><td></td><td>943,852</td><td></td></tr><tr><td>Total available-for-sale securities</td><td>$12,086</td><td></td><td>$488</td><td></td><td>$78,159</td><td></td><td>$11,662,155</td><td></td><td>$11,752,888</td><td></td></tr></table>

Question: What was the average value of the Investment securities:Corporate bonds for Cost Basis in the years where Publicly traded equity securities:Retained interest from securitizations is positive for Cost Basis?