Off–balance sheet lending-related financial instruments, guarantees and other commitments
## Table 0 ##
(a) At December 31, 2012 and 2011, reflects the contractual amount net of risk participations totaling $473 million and $1.1 billion, respectively, for other unfunded commitments to extend credit; $16.6 billion and $19.8 billion, respectively, for standby letters of credit and other financial guarantees; and $690 million and $974 million, respectively, for other letters of credit.
In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.
(b) At December 31, 2012 and 2011, included credit enhancements and bond and commercial paper liquidity commitments to U. S.  states and municipalities, hospitals and other non-profit entities of $44.5 billion and $48.6 billion, respectively.
These commitments also include liquidity facilities to nonconsolidated municipal bond VIEs; for further information, see Note 16 on pages 280–291 of this Annual Report.
(c) At December 31, 2012 and 2011, included unissued standby letters of credit commitments of $44.4 billion and $44.1 billion, respectively.
(d) At December 31, 2012 and 2011, JPMorgan Chase held collateral relating to $42.7 billion and $41.5 billion, respectively, of standby letters of credit; and $1.1 billion and $1.3 billion, respectively, of other letters of credit.
(e) At December 31, 2012 and 2011, collateral held by the Firm in support of securities lending indemnification agreements was $165.1 billion and $186.3 billion, respectively.
Securities lending collateral comprises primarily cash and securities issued by governments that are members of the Organisation for Economic Co-operation and Development (“OECD”) and U. S.  government agencies.
(f) At December 31, 2012 and 2011, the amount of commitments related to forward-starting reverse repurchase agreements and securities borrowing agreements were $13.2 billion and $14.4 billion, respectively.
Commitments related to unsettled reverse repurchase agreements and securities borrowing agreements with regular-way settlement periods were $21.7 billion and $25.5 billion, at December 31, 2012 and 2011, respectively.
(g) At December 31, 2012 and 2011, included unfunded commitments of $370 million and $789 million, respectively, to third-party private equity funds; and $1.5 billion and $1.5 billion, respectively, to other equity investments.
These commitments included $333 million and $820 million, respectively, related to investments that are generally fair valued at net asset value as discussed in Note 3 on pages 196–214 of this Annual Report.
In addition, at December 31, 2012 and 2011, included letters of credit hedged by derivative transactions and managed on a market risk basis of $4.5 billion and $3.9 billion, respectively.
(h) For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivativerelated products, the carrying value represents the fair value.
Card, Merchant Services & Auto Selected income statement data
## Table 1 ##
2012 compared with 2011 Card, Merchant Services & Auto net income was $4.0 billion, a decrease of $537 million, or 12%, compared with the prior year.
The decrease was driven by lower net revenue and higher provision for credit losses.
Net revenue was $18.8 billion, a decrease of $371 million, or 2%, from the prior year.
Net interest income was $13.7 billion, down $580 million, or 4%, from the prior year.
The decrease was driven by narrower loan spreads and lower average loan balances, partially offset by lower revenue reversals associated with lower net charge-offs.
Noninterest revenue was $5.1 billion, an increase of $209 million, or 4%, from the prior year.
The increase was driven by higher net interchange income, including lower partner revenue-sharing due to the impact of the Kohl’s portfolio sale on April 1, 2011, and higher merchant servicing revenue, partially offset by higher amortization of loan origination costs.
The provision for credit losses was $4.0 billion, compared with $3.6 billion in the prior year.
The current-year provision reflected lower net charge-offs and a $1.6 billion reduction in the allowance for loan losses due to lower estimated losses.
The prior-year provision included a $3.9 billion reduction in the allowance for loan losses.
The Credit Card net charge-off rate1 was 3.94%, down from 5.40% in the prior year; and the 30+ day delinquency rate1 was 2.10%, down from 2.81% in the prior year.
The net chargeoff rate would have been 3.87% absent a policy change on restructured loans that do not comply with their modified payment terms.
The Auto net charge-off rate was 0.39%, up from 0.32% in the prior year, including $53 million of charge-offs related to regulatory guidance.
Excluding these charge-offs, the net charge-off rate would have been 0.28%.
Noninterest expense was $8.2 billion, an increase of $171 million, or 2%, from the prior year, driven by expenses related to a non-core product that is being exited and the write-off of intangible assets associated with a nonstrategic relationship, partially offset by lower marketing expense.2011 compared with 2010 Card, Merchant Services & Auto net income was $4.5 billion, compared with $2.9 billion in the prior year.
The increase was driven primarily by lower net charge-offs, partially offset by a lower reduction in the allowance for loan losses compared with the prior year.
Net revenue was $19.1 billion, a decrease of $1.3 billion, or 7%, from the prior year.
Net interest income was $14.2 billion, down by $1.9 billion, or 12%.
The decrease was driven by lower average loan balances, the impact of legislative changes, and a decreased level of fees.
These decreases were largely offset by lower revenue reversals associated with lower charge-offs.
Noninterest revenue was $4.9 billion, an increase of $614 million, or 14%, from the prior year.
The increase was driven by the transfer of the Commercial Card business to Card from CIB in the first quarter of 2011, higher net interchange income, and lower partner revenue-sharing due to the impact of the Kohl’s portfolio sale.
These increases were partially offset by lower revenue from fee-based products.
Excluding the impact of the Commercial Card business, noninterest revenue increased 8%.
The provision for credit losses was $3.6 billion, compared with $8.6 billion in the prior year.
The current-year provision reflected lower net charge-offs and an improvement in delinquency rates, as well as a reduction of $3.9 billion to the allowance for loan losses due to lower estimated losses.
The prior-year provision included a reduction of $6.2 billion to the allowance for loan losses.
The Credit Card net charge-off rate1 was 5.40%, down from 9.72% in the prior year; and the 30+ day delinquency rate1 was 2.81%, down from 4.07% in the prior year.
The Auto net charge-off rate was 0.32%, down from 0.63% in the prior year.
Noninterest expense was $8.0 billion, an increase of $867 million, or 12%, from the prior year, due to higher marketing expense and the inclusion of the Commercial Card business.
Excluding the impact of the Commercial Card business, noninterest expense increased 8%.
In May 2009, the CARD Act was enacted.
The changes required by the CARD Act were fully implemented by the end of the fourth quarter of 2010.
The total estimated reduction in net income resulting from the CARD Act was approximately $750 million and $300 million in 2011 and 2010, respectively.1 The net charge-off and 30+ day delinquency rates presented for credit card loans, which include loans held-for-sale, are non-GAAP financial measures.
Management uses this as an additional measure to assess the performance of the portfolio.
2011 compared with 2010 Net income was $822 million, compared with $1.3 billion in the prior year.
Private Equity reported net income of $391 million, compared with $588 million in the prior year.
Net revenue was $836 million, a decrease of $403 million, primarily related to net write-downs on private investments and the absence of prior year gains on sales.
Noninterest expense was $238 million, a decrease of $85 million from the prior year.
Treasury and CIO reported net income of $1.3 billion, compared with net income of $3.6 billion in the prior year.
Net revenue was $3.2 billion, including $1.4 billion of security gains.
Net interest income in 2011 was lower compared with 2010, primarily driven by repositioning of the investment securities portfolio and lower funding benefits from financing the portfolio.
Other Corporate reported a net loss of $918 million, compared with a net loss of $2.9 billion in the prior year.
Net revenue was $103 million, compared with a net loss of $467 million in the prior year.
Noninterest expense was $2.9 billion which included $3.2 billion of additional litigation reserves, predominantly for mortgage-related matters.
Noninterest expense in the prior year was $5.5 billion which included $5.7 billion of additional litigation reserves.
Treasury and CIO overview Treasury and CIO are predominantly responsible for measuring, monitoring, reporting and managing the Firm’s liquidity, funding, capital and structural interest rate and foreign exchange risks.
The risks managed by Treasury and CIO arise from the activities undertaken by the Firm’s four major reportable business segments to serve their respective client bases, which generate both on- and offbalance sheet assets and liabilities.
Treasury is responsible for, among other functions, funds transfer pricing.
Funds transfer pricing is used to transfer structural interest rate risk and foreign exchange risk of the Firm to Treasury and CIO and allocate interest income and expense to each business based on market rates.
CIO, through its management of the investment portfolio, generates net interest income to pay the lines of business market rates.
Any variance (whether positive or negative) between amounts generated by CIO through its investment portfolio activities and amounts paid to or received by the lines of business are retained by CIO, and are not reflected in line of business segment results.
Treasury and CIO activities operate in support of the overall Firm.
CIO achieves the Firm’s asset-liability management objectives generally by investing in high-quality securities that are managed for the longer-term as part of the Firm’s AFS investment portfolio.
Unrealized gains and losses on securities held in the AFS portfolio are recorded in other comprehensive income.
For further information about securities in the AFS portfolio, see Note 3 and Note 12 on pages 196–214 and 244–248, respectively, of this Annual Report.
CIO also uses securities that are not classified within the AFS portfolio, as well as derivatives, to meet the Firm’s asset-liability management objectives.
Securities not classified within the AFS portfolio are recorded in trading assets and liabilities; realized and unrealized gains and losses on such securities are recorded in the principal transactions revenue line in the Consolidated Statements of Income.
For further information about securities included in trading assets and liabilities, see Note 3 on pages 196–214 of this Annual Report.
Derivatives used by CIO are also classified as trading assets and liabilities.
For further information on derivatives, including the classification of realized and unrealized gains and losses, see Note 6 on pages 218–227 of this Annual Report.
CIO’s AFS portfolio consists of U. S.  and non-U.
S.  government securities, agency and non-agency mortgage-backed securities, other asset-backed securities and corporate and municipal debt securities.
Treasury’s AFS portfolio consists of U. S.  and non-U.
S.  government securities and corporate debt securities.
At December 31, 2012, the total Treasury and CIO AFS portfolios were $344.1 billion and $21.3 billion, respectively; the average credit rating of the securities comprising the Treasury and CIO AFS portfolios was AA+ (based upon external ratings where available and where not available, based primarily upon internal ratings that correspond to ratings as defined by S&P and Moody’s).
See Note 12 on pages 244–248 of this Annual Report for further information on the details of the Firm’s AFS portfolio.
For further information on liquidity and funding risk, see Liquidity Risk Management on pages 127–133 of this Annual Report.
For information on interest rate, foreign exchange and other risks, and CIO VaR and the Firm’s nontrading interest rate-sensitive revenue at risk, see Market Risk Management on pages 163–169 of this Annual Report.
Selected income statement and balance sheet data
## Table 2 ##
(a) Reflects repositioning of the investment securities portfolio.

<table><tr><td></td><td colspan="6">Contractual amount</td><td colspan="2">Carrying value<sup>(h)</sup></td></tr><tr><td></td><td colspan="5">2012</td><td>2011</td><td>2012</td><td>2011</td></tr><tr><td>By remaining maturity at December 31,(in millions)</td><td>Expires in 1 year or less</td><td>Expires after1 year through3 years</td><td>Expires after3 years through5 years</td><td>Expires after 5 years</td><td>Total</td><td>Total</td><td></td><td></td></tr><tr><td>Lending-related</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Consumer, excluding credit card:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Home equity – senior lien</td><td>$2,039</td><td>$5,208</td><td>$4,848</td><td>$3,085</td><td>$15,180</td><td>$16,542</td><td>$—</td><td>$—</td></tr><tr><td>Home equity – junior lien</td><td>3,739</td><td>8,343</td><td>6,361</td><td>3,353</td><td>21,796</td><td>26,408</td><td>—</td><td>—</td></tr><tr><td>Prime mortgage</td><td>4,107</td><td>—</td><td>—</td><td>—</td><td>4,107</td><td>1,500</td><td>—</td><td>—</td></tr><tr><td>Subprime mortgage</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Auto</td><td>6,916</td><td>111</td><td>127</td><td>31</td><td>7,185</td><td>6,694</td><td>1</td><td>1</td></tr><tr><td>Business banking</td><td>10,160</td><td>476</td><td>94</td><td>362</td><td>11,092</td><td>10,299</td><td>6</td><td>6</td></tr><tr><td>Student and other</td><td>128</td><td>189</td><td>8</td><td>471</td><td>796</td><td>864</td><td>—</td><td>—</td></tr><tr><td>Total consumer, excluding credit card</td><td>27,089</td><td>14,327</td><td>11,438</td><td>7,302</td><td>60,156</td><td>62,307</td><td>7</td><td>7</td></tr><tr><td>Credit card</td><td>533,018</td><td>—</td><td>—</td><td>—</td><td>533,018</td><td>530,616</td><td>—</td><td>—</td></tr><tr><td>Total consumer</td><td>560,107</td><td>14,327</td><td>11,438</td><td>7,302</td><td>593,174</td><td>592,923</td><td>7</td><td>7</td></tr><tr><td>Wholesale:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other unfunded commitments to extend credit<sup>(a)(b)</sup></td><td>57,443</td><td>81,575</td><td>97,394</td><td>6,813</td><td>243,225</td><td>215,251</td><td>377</td><td>347</td></tr><tr><td>Standby letters of credit and other financial guarantees<sup>(a)(b)(c)(d)</sup></td><td>28,641</td><td>31,270</td><td>39,076</td><td>1,942</td><td>100,929</td><td>101,899</td><td>647</td><td>696</td></tr><tr><td>Unused advised lines of credit</td><td>73,967</td><td>10,328</td><td>375</td><td>417</td><td>85,087</td><td>60,203</td><td>—</td><td>—</td></tr><tr><td>Other letters of credit<sup>(a)(d)</sup></td><td>4,276</td><td>1,169</td><td>74</td><td>54</td><td>5,573</td><td>5,386</td><td>2</td><td>2</td></tr><tr><td>Total wholesale</td><td>164,327</td><td>124,342</td><td>136,919</td><td>9,226</td><td>434,814</td><td>382,739</td><td>1,026</td><td>1,045</td></tr><tr><td>Total lending-related</td><td>$724,434</td><td>$138,669</td><td>$148,357</td><td>$16,528</td><td>$1,027,988</td><td>$975,662</td><td>$1,033</td><td>$1,052</td></tr><tr><td>Other guarantees and commitments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities lending indemnification agreements and guarantees<sup>(e)</sup></td><td>$166,493</td><td>$—</td><td>$—</td><td>$—</td><td>$166,493</td><td>$186,077</td><td>NA</td><td>NA</td></tr><tr><td>Derivatives qualifying as guarantees</td><td>2,336</td><td>2,441</td><td>19,946</td><td>37,015</td><td>61,738</td><td>75,593</td><td>$42</td><td>$457</td></tr><tr><td>Unsettled reverse repurchase and securities borrowing agreements<sup>(f)</sup></td><td>34,871</td><td>—</td><td>—</td><td>—</td><td>34,871</td><td>39,939</td><td>—</td><td>—</td></tr><tr><td>Loan sale and securitization-related indemnifications:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage repurchase liability</td><td>NA</td><td>NA</td><td>NA</td><td>NA</td><td>NA</td><td>NA</td><td>2,811</td><td>3,557</td></tr><tr><td>Loans sold with recourse</td><td>NA</td><td>NA</td><td>NA</td><td>NA</td><td>9,305</td><td>10,397</td><td>141</td><td>148</td></tr><tr><td>Other guarantees and commitments<sup>(g)</sup></td><td>609</td><td>319</td><td>1,400</td><td>4,452</td><td>6,780</td><td>6,321</td><td>-75</td><td>-5</td></tr></table>
<table><tr><td>Year ended December 31,(in millions, except ratios)</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Revenue</td><td></td><td></td><td></td></tr><tr><td>Card income</td><td>$4,092</td><td>$4,127</td><td>$3,514</td></tr><tr><td>All other income</td><td>1,009</td><td>765</td><td>764</td></tr><tr><td>Noninterest revenue</td><td>5,101</td><td>4,892</td><td>4,278</td></tr><tr><td>Net interest income</td><td>13,669</td><td>14,249</td><td>16,194</td></tr><tr><td>Total net revenue</td><td>18,770</td><td>19,141</td><td>20,472</td></tr><tr><td>Provision for credit losses</td><td>3,953</td><td>3,621</td><td>8,570</td></tr><tr><td>Noninterest expense</td><td>8,216</td><td>8,045</td><td>7,178</td></tr><tr><td>Income before income tax expense</td><td>6,601</td><td>7,475</td><td>4,724</td></tr><tr><td>Net income</td><td>$4,007</td><td>$4,544</td><td>$2,872</td></tr><tr><td>Overhead ratio</td><td>44%</td><td>42%</td><td>35%</td></tr></table>
<table><tr><td>As of or for the year ended December 31, (in millions)</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Securities gains<sup>(a)</sup></td><td>$2,028</td><td>$1,385</td><td>$2,897</td></tr><tr><td>Investment securities portfolio (average)</td><td>358,029</td><td>330,885</td><td>323,673</td></tr><tr><td>Investment securities portfolio (period–end)</td><td>365,421</td><td>355,605</td><td>310,801</td></tr><tr><td>Mortgage loans (average)</td><td>10,241</td><td>13,006</td><td>9,004</td></tr><tr><td>Mortgage loans (period-end)</td><td>7,037</td><td>13,375</td><td>10,739</td></tr></table>

Question: What's the increasing rate of Home equity – senior lien in 2012?
Answer: -0.08234