equity investment income.
At December 31, 2009 and 2008, the cost of this investment was $2.6 billion and the fair value was $5.4 billion and $2.5 billion.
At December 31, 2009 and 2008, the Corporation had a 24.9 percent, or $2.5 billion and $2.1 billion, investment in Grupo Financiero Santander, S. A. , the subsidiary of Grupo Santander, S. A.
This investment is recorded in other assets and is accounted for under the equity method of accounting with income being recorded in equity investment income.
As part of the acquisition of Merrill Lynch, the Corporation acquired an economic ownership in BlackRock, a publicly traded investment company.
At December 31, 2009, the carrying value was $10.0 billion representing approximately a 34 percent economic ownership interest in BlackRock.
This investment is recorded in other assets and is accounted for using the equity method of accounting with income being recorded in equity investment income.
During 2009, BlackRock completed its purchase of Barclays Global Investors, an asset management business, from Barclays PLC which had the effect of diluting the Corporation’s ownership interest in BlackRock from approximately 50 percent to approximately 34 percent and, for accounting purposes, was treated as a sale of a portion of the Corporation’s ownership interest.
As a result, upon the closing of this transaction, the Corporation recorded an adjustment to its investment inBlackRock, resulting in a pre-tax gain of $1.1 billion.
The summarized earnings information for BlackRock, which represents 100 percent of BlackRock, includes revenues of $4.7 billion, operating income and income before income taxes of $1.3 billion, and net income of $875 million in 2009.
On June 26, 2009, the Corporation entered into a joint venture agreement with First Data Corporation (First Data) creating Banc of America Merchant Services, LLC.
Under the terms of the agreement, the Corporation contributed its merchant processing business to the joint venture and First Data contributed certain merchant processing contracts and personnel resources.
The Corporation recorded in other income a pre-tax gain of $3.8 billion related to this transaction.
The Corporation owns approximately 46.5 percent of this joint venture, 48.5 percent is owned by First Data, with the remaining stake held by a third party investor.
The third party investor has the right to put their interest to the joint venture which would have the effect of increasing the Corporation’s ownership interest to 49 percent.
The investment in the joint venture, which was initially recorded at a fair value of $4.7 billion, is being accounted for under the equity method of accounting with income being recorded in equity investment income.
The carrying value at December 31, 2009 was $4.7 billion.
NOTE 6 – Outstanding Loans and Leases Outstanding loans and leases at December 31, 2009 and 2008 were:
## Table 0 ##
(1) Includes foreign residential mortgages of $552 million at December 31, 2009 mainly from the Merrill Lynch acquisition.
The Corporation did not have any material foreign residential mortgage loans prior to January 1, 2009.
(2) Includes $13.4 billion and $18.2 billion of pay option loans and $1.5 billion and $1.8 billion of subprime loans at December 31, 2009 and 2008.
The Corporation no longer originates these products.
(3) Includes dealer financial services loans of $41.6 billion and $40.1 billion, consumer lending of $19.7 billion and $28.2 billion, securities-based lending margin loans of $12.9 billion and $0, and foreign consumer loans of $7.8 billion and $1.8 billion at December 31, 2009 and 2008.
(4) Includes consumer finance loans of $2.3 billion and $2.6 billion, and other foreign consumer loans of $709 million and $618 million at December 31, 2009 and 2008.
(5) Includes small business commercial – domestic loans, primarily credit card related, of $17.5 billion and $19.1 billion at December 31, 2009 and 2008.
(6) Includes domestic commercial real estate loans of $66.5 billion and $63.7 billion and foreign commercial real estate loans of $3.0 billion and $979 million at December 31, 2009 and 2008.
(7) Certain commercial loans are accounted for under the fair value option and include commercial – domestic loans of $3.0 billion and $3.5 billion, commercial – foreign loans of $1.9 billion and $1.7 billion, and commercial real estate loans of $90 million and $203 million at December 31, 2009 and 2008.
See Note 20 – Fair Value Measurements for additional discussion of fair value for certain financial instruments.
The Corporation mitigates a portion of its credit risk through synthetic securitizations which are cash collateralized and provide mezzanine risk protection of $2.5 billion which will reimburse the Corporation in the event that losses exceed 10 bps of the original pool balance.
As of December 31, 2009 and 2008, $70.7 billion and $109.3 billion of mortgage loans were protected by these agreements.
The decrease in these credit protected pools was due to approximately $12.1 billion in loan sales, a terminated transaction of $6.6 billion and principal payments during the year.
During 2009, $669 million was recognized in other income for amounts that will be reimbursed under these structures.
As of December 31, 2009, the Corporation had a receivable of $1.0 billion from these structures for reimbursement of losses.
In addition, the Corporation has entered into credit protection agreements with GSEs totaling $6.6 billion and $9.6 billion as of December 31, 2009 and 2008, providing full protection on conforming residential mortgage loans that become severely delinquent.
At December 31, 2009, we held purchased insurance on our subprime and non-subprime super senior CDO exposure with a notional value of $5.2 billion and $1.0 billion from monolines and other financial guarantors.
Monolines provided $3.8 billion of the purchased insurance in the form of CDS, total return swaps or financial guarantees.
In addition, we held collateral in the form of cash and marketable securities of $1.1 billion related to our non-monoline purchased insurance.
In the case of default, we look to the underlying securities and then to recovery on purchased insurance.
The table below provides notional, receivable, counterparty credit valuation adjustment and gains (write-downs) on insurance purchased from monolines
## Table 1 ##
Monoline wrap protection on our super senior CDOs had a notional value of $3.8 billion at December 31, 2009, with a receivable of $2.8 billion and a counterparty credit valuation adjustment of $1.9 billion, or 66 percent.
During 2009, we recorded $961 million of counterparty credit risk-related write-downs on these positions.
At December 31, 2008, the monoline wrap on our super senior CDOs had a notional value of $2.8 billion, with a receivable of $1.5 billion and a counterparty credit valuation adjustment of $1.1 billion, or 72 percent.
In addition to the monoline financial guarantor exposure related to super senior CDOs, we had $38.8 billion of notional exposure to monolines that predominantly hedge corporate collateralized loan obligation and CDO exposure as well as CMBS, RMBS and other ABS cash and synthetic exposures that were acquired from Merrill Lynch.
At December 31, 2008, the monoline wrap on our other guaranteed positions was $5.9 billion of notional exposure.
Mark-to-market monoline derivative credit exposure was $8.3 billion at December 31, 2009 compared to $694 million at December 31, 2008.
This increase was driven by the addition of Merrill Lynch exposures as well as credit deterioration related to underlying counterparties, partially offset by positive valuation adjustments on legacy assets and terminated monoline contracts.
At December 31, 2009, the counterparty credit valuation adjustment related to non-super senior CDO monoline derivative exposure was $4.1 billion which reduced our net mark-to-market exposure to $4.1 billion.
We do not hold collateral against these derivative exposures.
Also, during 2009 we recognized gains of $113 million for counterparty credit risk related to these positions.
With the Merrill Lynch acquisition, we acquired a loan with a carrying value of $4.4 billion as of December 31, 2009 that is collateralized by U. S.  super senior ABS CDOs.
Merrill Lynch originally provided financing to the borrower for an amount equal to approximately 75 percent of the fair value of the collateral.
The loan has full recourse to the borrower and all scheduled payments on the loan have been received.
Events of default under the loan are customary events of default, including failure to pay interest when due and failure to pay principal at maturity.
Collateral for the loan is excluded from our CDO exposure discussions and the applicable tables.
Table 27 presents our commercial loans and leases, and related credit quality information at December 31, 2009 and 2008.
Loans that were acquired from Merrill Lynch that were considered impaired were written down to fair value upon acquisition.
In addition to being included in the “Outstandings” column below, these loans are also shown separately, net of purchase accounting adjustments, for increased transparency, in the “Merrill Lynch Purchased Impaired Loan Portfolio” column.
Nonperforming loans and accruing balances 90 days or more past due do not include Merrill Lynch purchased impaired loans even though the customer may be contractually past due.
The portion of the Merrill Lynch port folio that was not impaired at acquisition was recorded at fair value in accordance with fair value accounting.
This adjustment to fair value incorporates the interest rate, creditworthiness of the borrower and market liquidity compared to the contractual terms of the non-impaired loans at the date of acquisition.
For more information, see Note 2 – Merger and Restructuring Activity and Note 6 – Outstanding Loans and Leases to the Consolidated Financial Statements.
The acquisition of Countrywide and related purchased impaired loan portfolio did not impact the commercial portfolios.
Table 27 Commercial Loans and Leases
## Table 2 ##
(1) Nonperforming commercial loans and leases as a percentage of outstanding commercial loans and leases excluding loans measured at fair value were 4.00 percent (4.01 percent excluding the purchased impaired loan portfolio) and 1.93 percent at December 31, 2009 and 2008.
(2) Accruing commercial loans and leases past due 90 days or more as a percentage of outstanding commercial loans and leases excluding loans measured at fair value were 0.32 percent and 0.33 percent at December 31, 2009 and 2008.
The December 31, 2009 ratio remained unchanged excluding the purchased impaired loan portfolio.
(3) Excludes small business commercial – domestic loans.
(4) Includes domestic commercial real estate loans of $66.5 billion and $63.7 billion, and foreign commercial real estate loans of $3.0 billion and $979 million at December 31, 2009 and 2008.
(5) Small business commercial – domestic including card related products.
(6) Certain commercial loans are accounted for under the fair value option and include commercial – domestic loans of $3.0 billion and $3.5 billion, commercial – foreign loans of $1.9 billion and $1.7 billion and commercial real estate loans of $90 million and $203 million at December 31, 2009 and 2008.
See Note 20 – Fair Value Measurements to the Consolidated Financial Statements for additional discussion of fair value for certain financial instruments.
Table 28 presents net charge-offs and related ratios for our commercial loans and leases for 2009 and 2008.
The reported net charge-off ratios for commercial – domestic, commercial real estate and commercial – foreign were impacted by the addition of the Merrill Lynch purchased impaired loan portfolio as the initial fair value adjustments recorded on those loans upon acquisition would have already included the estimated credit losses.
Table 28 Commercial Net Charge-offs and Related Ratios
## Table 3 ##
(1) Net charge-off ratios are calculated as net charge-offs divided by average outstanding loans and leases excluding loans accounted for under the fair value option.
(2) Net charge-off ratios excluding the Merrill Lynch purchased impaired loan portfolio were 1.06 percent for commercial – domestic, 3.60 percent for commercial real estate, 1.49 percent for commercial – foreign, and 2.41 percent for the total commercial portfolio in 2009.
These are the only product classifications impacted by the Merrill Lynch purchased impaired loan portfolio in 2009.
(3) Although the Merrill Lynch purchased impaired portfolio was recorded at fair value at acquisition on January 1, 2009, actual credit losses have exceeded the initial purchase accounting estimates.
Included above are net charge-offs related to the Merrill Lynch purchased impaired portfolio in 2009 of $55 million for commercial – domestic, $88 million for commercial real estate and $90 million for commercial – foreign.
(4) Excludes small business commercial – domestic.
Debt Maturities – The following table presents aggregate debt maturities as of December 31, 2008, excluding market value adjustments.

<table><tr><td></td><td colspan="2"> December 31</td></tr><tr><td>(Dollars in millions)</td><td> 2009</td><td>2008</td></tr><tr><td> Consumer</td><td></td><td></td></tr><tr><td>Residential mortgage<sup>-1</sup></td><td>$242,129</td><td>$248,063</td></tr><tr><td>Home equity</td><td>149,126</td><td>152,483</td></tr><tr><td>Discontinued real estate<sup>-2</sup></td><td>14,854</td><td>19,981</td></tr><tr><td>Credit card – domestic</td><td>49,453</td><td>64,128</td></tr><tr><td>Credit card – foreign</td><td>21,656</td><td>17,146</td></tr><tr><td>Direct/Indirect consumer<sup>-3</sup></td><td>97,236</td><td>83,436</td></tr><tr><td>Other consumer<sup>-4</sup></td><td>3,110</td><td>3,442</td></tr><tr><td> Total consumer</td><td>577,564</td><td>588,679</td></tr><tr><td> Commercial</td><td></td><td></td></tr><tr><td>Commercial – domestic<sup>-5</sup></td><td>198,903</td><td>219,233</td></tr><tr><td>Commercial real estate<sup>-6</sup></td><td>69,447</td><td>64,701</td></tr><tr><td>Commercial lease financing</td><td>22,199</td><td>22,400</td></tr><tr><td>Commercial – foreign</td><td>27,079</td><td>31,020</td></tr><tr><td>Total commercial loans</td><td>317,628</td><td>337,354</td></tr><tr><td>Commercial loans measured at fair value<sup>-7</sup></td><td>4,936</td><td>5,413</td></tr><tr><td> Total commercial</td><td>322,564</td><td>342,767</td></tr><tr><td> Total loans and leases</td><td>$900,128</td><td>$931,446</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td>Super Senior CDOs</td><td>Other Guaranteed Positions</td><td>Total</td></tr><tr><td>Notional</td><td>$3,757</td><td>$38,834</td><td>$42,591</td></tr><tr><td>Mark-to-market or guarantor receivable</td><td>$2,833</td><td>$8,256</td><td>$11,089</td></tr><tr><td>Credit valuation adjustment</td><td>-1,873</td><td>-4,132</td><td>-6,005</td></tr><tr><td> Total</td><td>$960</td><td>$4,124</td><td>$5,084</td></tr><tr><td>Credit valuation adjustment %</td><td>66%</td><td>50%</td><td>54%</td></tr><tr><td>(Write-downs) gains during 2009</td><td>$-961</td><td>$98</td><td>$-863</td></tr></table>
<table><tr><td></td><td colspan="7"> December 31</td></tr><tr><td></td><td colspan="2"> Outstandings</td><td colspan="2"> Nonperforming<sup>-1</sup></td><td colspan="2"> Accruing Past Due 90 Days or More<sup>-2</sup></td><td> Merrill Lynch Purchased Impaired Loan Portfolio</td></tr><tr><td>(Dollars in millions)</td><td> 2009</td><td>2008</td><td> 2009</td><td>2008</td><td> 2009</td><td>2008</td><td> 2009</td></tr><tr><td> Commercial loans and leases</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial – domestic<sup>-3</sup></td><td>$181,377</td><td>$200,088</td><td>$4,925</td><td>$2,040</td><td>$213</td><td>$381</td><td>$100</td></tr><tr><td>Commercial real estate<sup>-4</sup></td><td>69,447</td><td>64,701</td><td>7,286</td><td>3,906</td><td>80</td><td>52</td><td>305</td></tr><tr><td>Commercial lease financing</td><td>22,199</td><td>22,400</td><td>115</td><td>56</td><td>32</td><td>23</td><td>–</td></tr><tr><td>Commercial – foreign</td><td>27,079</td><td>31,020</td><td>177</td><td>290</td><td>67</td><td>7</td><td>361</td></tr><tr><td></td><td>300,102</td><td>318,209</td><td>12,503</td><td>6,292</td><td>392</td><td>463</td><td>766</td></tr><tr><td>Small business commercial – domestic<sup>-5</sup></td><td>17,526</td><td>19,145</td><td>200</td><td>205</td><td>624</td><td>640</td><td>–</td></tr><tr><td>Total commercial loans excluding loans measured at fair value</td><td>317,628</td><td>337,354</td><td>12,703</td><td>6,497</td><td>1,016</td><td>1,103</td><td>766</td></tr><tr><td>Total measured at fair value<sup>-6</sup></td><td>4,936</td><td>5,413</td><td>15</td><td>–</td><td>87</td><td>–</td><td>–</td></tr><tr><td> Total commercial loans and leases</td><td>$322,564</td><td>$342,767</td><td>$12,718</td><td>$6,497</td><td>$1,103</td><td>$1,103</td><td>$766</td></tr></table>
<table><tr><td></td><td colspan="2"> Net Charge-offs</td><td colspan="2"> Net Charge-off Ratios<sup>-1, 2, 3</sup></td></tr><tr><td>(Dollars in millions)</td><td> 2009</td><td>2008</td><td>2009</td><td>2008</td></tr><tr><td> Commercial loans and leases</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial – domestic<sup>-4</sup></td><td>$2,190</td><td>$519</td><td>1.09%</td><td>0.26%</td></tr><tr><td>Commercial real estate</td><td>2,702</td><td>887</td><td>3.69</td><td>1.41</td></tr><tr><td>Commercial lease financing</td><td>195</td><td>60</td><td>0.89</td><td>0.27</td></tr><tr><td>Commercial – foreign</td><td>537</td><td>173</td><td>1.76</td><td>0.55</td></tr><tr><td></td><td>5,624</td><td>1,639</td><td>1.72</td><td>0.52</td></tr><tr><td>Small business commercial – domestic</td><td>2,886</td><td>1,930</td><td>15.68</td><td>9.80</td></tr><tr><td> Total commercial</td><td>$8,510</td><td>$3,569</td><td>2.47</td><td>1.07</td></tr></table>

Question: What will Total commercial of Net Charge-offs be like in 2010 if it develops with the same increasing rate as current? (in million)