Commercial mortgage-backed securities – When relevant market activity is not present or is limited, the value of commercial mortgage-backed securities is estimated considering the value of the collateral and the specific attributes of the securities held by the Firm.
The value of the collateral pool supporting the securities is analyzed using the same techniques and factors described above for the valuation of commercial mortgage loans, albeit in a more aggregated manner across the pool.
For example, average delinquencies, loan or geographic concentrations and average debt-service coverage ratios, among other metrics, may be evaluated.
In addition, as each securitization vehicle distributes cash in a manner or order that is predetermined at the inception of the vehicle, the priority in which each particular mortgage-backed security is allocated cash flows, and the level of credit enhancement that is in place to support those cash flows, are key considerations in deriving the value of commercial mortgage-backed securities.
Finally, the risk premium that investors demand for securitized products in today’s market is factored into the valuation.
To benchmark its valuations, the Firm utilizes independent pricing provided by third-party vendors, and broker quotes, as applicable.
While none of those sources are solely indicative of fair value, they serve as directional indicators for the appropriateness of the Firm’s estimates.
The following table presents mortgage-related activities within the available-for-sale securities portfolio.
## Table 0 ##
(a) Excludes related net interest income.
Exposures in the table above include $140.1 billion of mortgagebacked securities classified as available-for-sale in the Firm’s Consolidated Balance Sheets at December 31, 2008.
These investments are primarily used as part of the Firm’s centralized risk management of structural interest rate risk (the sensitivity of the Firm’s aggregate balance sheet to changes in interest rates).
Changes in the Firm’s structural interest rate position, as well as changes in the overall interest rate environment, are continually monitored, resulting in periodic repositioning of mortgage-backed securities classified as available-for-sale.
Given that this portfolio is primarily used to manage interest rate risk, predominantly all of these securities are backed by either U. S.  government agencies, government sponsored entities, or they are rated “AAA”.
Investment securities in the available-for-sale portfolio include: ?
$6.9 billion of prime and Alt-A securities, principally rated “AAA”.
The fair value of these securities is determined based upon independent pricing services supported by relevant and observable market data for similar securities.
The Firm classifies these securities in level 2 of the valuation hierarchy.  ?
$3.9 billion of commercial mortgage-backed securities, principally rated “AAA”.
The fair value of these securities is determined using a third party pricing service that uses relevant and observable market data.
The Firm classifies these securities in level 2 of the valuation hierarchy.  ?
$127.0 billion of U. S.  government agencies or U. S.  governmentsponsored enterprise mortgage-backed securities.
Where these securities trade in active markets and there is market-observable pricing, they are classified in level 1 of the valuation hierarchy.
Where the determination of fair value is based on broker quotes and independent pricing services, supported by relevant and observable market data, the Firm classifies such securities in level 2 of the valuation hierarchy.
Notes to consolidated financial statements
## Table 1 ##
Residential mortgage
## Table 2 ##
(a) Other cash flows received include excess servicing fees and other ancillary fees received.
(b) Includes cash paid by the Firm to reacquire assets from the QSPEs, for example, servicer clean-up calls.
(c) Excludes a random removal of $6.2 billion of credit card loans from a securitization trust previously established by Washington Mutual and an account addition of $5.8 billion of higher quality credit card loans from the legacy Chase portfolio to the legacy Washington Mutual trust in November 2008.
These are noncash transactions that are permitted by the trust documents in order to maintain the appropriate level of undivided seller’s interest.
(d) Includes cash flows received on retained interests including, for example, principal repayments, and interest payments.
(e) PPR: principal payment rate; CPR: constant prepayment rate; ABS: absolute prepayment speed.
(f) Includes $5.5 billion of securities retained by the Firm.
(g) Includes securitizations sponsored by Bear Stearns and Washington Mutual as of their respective acquisition dates.
(h) Includes Alt-A loans.
(i) As of January 1, 2007, the Firm adopted the fair value election for IB warehouse and the RFS prime mortgage warehouse.
The carrying value of these loans accounted for at fair value approximates the proceeds received from securitization.
(j) Expected credit losses for consumer prime residential mortgage, and student and certain other securitizations are minimal and are incorporated into other assumptions.
Notes to Five Year Summary (a) Includes the effects of items not considered in the assessment of the operating performance of our business segments (see the section, “Results of Operations – Unallocated Corporate (Expense) Income, Net” in Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)) which, on a combined basis, increased earnings from continuing operations before income taxes by $214 million, $139 million after tax ($0.31 per share).
Also includes a reduction in income tax expense of $62 million ($0.14 per share) resulting from a tax benefit related to claims we filed for additional extraterritorial income exclusion (ETI) tax benefits.
These items increased earnings by $201 million after tax ($0.45 per share).
(b) Includes the effects of items not considered in the assessment of the operating performance of our business segments (see the section, “Results of Operations – Unallocated Corporate (Expense) Income, Net” in MD&A) which, on a combined basis, increased earnings from continuing operations before income taxes by $173 million, $113 million after tax ($0.25 per share).
(c) Includes the effects of items not considered in the assessment of the operating performance of our business segments (see the section, “Results of Operations – Unallocated Corporate (Expense) Income, Net” in MD&A) which, on a combined basis, decreased earnings from continuing operations before income taxes by $215 million, $154 million after tax ($0.34 per share).
Also includes a reduction in income tax expense resulting from the closure of an Internal Revenue Service examination of $144 million ($0.32 per share).
These items reduced earnings by $10 million after tax ($0.02 per share).
(d) Includes the effects of items not considered in the assessment of the operating performance of our business segments which, on a combined basis, decreased earnings from continuing operations before income taxes by $153 million, $102 million after tax ($0.22 per share).
(e) Includes the effects of items not considered in the assessment of the operating performance of our business segments which, on a combined basis, decreased earnings from continuing operations before income taxes by $1,112 million, $632 million after tax ($1.40 per share).
(f) We define return on invested capital (ROIC) as net earnings plus after-tax interest expense divided by average invested capital (stockholders’ equity plus debt), after adjusting stockholders’ equity by adding back adjustments related to postretirement benefit plans.
We believe that reporting ROIC provides investors with greater visibility into how effectively we use the capital invested in our operations.
We use ROIC to evaluate multi-year investment decisions and as a long-term performance measure, and also use it as a factor in evaluating management performance under certain of our incentive compensation plans.
ROIC is not a measure of financial performance under GAAP, and may not be defined and calculated by other companies in the same manner.
ROIC should not be considered in isolation or as an alternative to net earnings as an indicator of performance.
We calculate ROIC as follows:
## Table 3 ##
1 Represents after-tax interest expense utilizing the federal statutory rate of 35%.2 Debt consists of long-term debt, including current maturities, and short-term borrowings (if any).3 Equity includes non-cash adjustments, primarily for the additional minimum pension liability in all years and the adoption of FAS 158 in 2006.4 Average benefit plan adjustments reflect the cumulative value of entries identified in our Statement of Stockholders Equity under the captions “Adjustment for adoption of FAS 158” and “Minimum pension liability.
” The annual benefit plan adjustments to equity were: 2006 = ($1,883) million; 2005 = ($105) million; 2004 = ($285) million; 2003 = $331 million; and 2002 = ($1,537) million.
As these entries are recorded in the fourth quarter, the value added back to our average equity in a given year is the cumulative impact of all prior year entries plus 20% of the current year entry value.5 Yearly averages are calculated using balances at the start of the year and at the end of each quarter.

<table><tr><td>(in millions)</td><td>Exposures as of December 31, 2008</td><td>Net gains/(losses) reported in income – year ended December 31,2008 (a)</td><td>Unrealized gains/(losses) included in other comprehensive income (pretax) – year ended December 31, 2008</td></tr><tr><td> U.S. residential mortgage:</td><td></td><td></td><td></td></tr><tr><td>Prime</td><td>$6,027</td><td>$-32</td><td>$-1,769</td></tr><tr><td>Alt-A</td><td>868</td><td>—</td><td>-196</td></tr><tr><td>Subprime</td><td>194</td><td>-89</td><td>-32</td></tr><tr><td> Non-U.S. residential</td><td>2,075</td><td>2</td><td>-156</td></tr><tr><td> Commercial mortgage</td><td>3,939</td><td>—</td><td>-684</td></tr><tr><td> U.S. government and federal agency obligations:</td><td></td><td></td><td></td></tr><tr><td>Mortgage-backed securities</td><td>$6,424</td><td>$23</td><td>$165</td></tr><tr><td>Collateralized mortgage obligations</td><td>558</td><td>-5</td><td>-4</td></tr><tr><td> U.S. government-sponsored enterpriseobligations:</td><td></td><td></td><td></td></tr><tr><td>Mortgage-backed securities</td><td>110,403</td><td>458</td><td>1,915</td></tr><tr><td>Directobligations<sup></sup></td><td>9,657</td><td>11</td><td>-54</td></tr></table>
<table><tr><td>Year ended December 31, 2007</td><td></td><td colspan="4">Residential mortgage</td><td></td><td></td><td></td><td></td></tr><tr><td>(in millions, except for ratios and where</td><td></td><td></td><td></td><td></td><td rowspan="2">Option ARMs</td><td rowspan="2">Commercial and other</td><td></td><td rowspan="2">Student loans</td><td></td></tr><tr><td>otherwise noted)</td><td>Credit card</td><td>Prime<sup>(h)</sup></td><td></td><td>Subprime</td><td></td><td>Auto</td></tr><tr><td>Principal securitized</td><td>$21,160</td><td>$32,084</td><td></td><td>$6,763</td><td>$—</td><td>$12,797</td><td></td><td>$1,168</td><td>$—</td></tr><tr><td>Pretax gains</td><td>177</td><td>28</td><td><sup>(i)</sup></td><td>43</td><td>—</td><td>—</td><td></td><td>51</td><td>—</td></tr><tr><td> All cash flows during the period:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Proceeds from new securitizations</td><td>$21,160</td><td>$31,791</td><td></td><td>$6,844</td><td>$—</td><td>$13,038</td><td></td><td>$1,168</td><td>$—</td></tr><tr><td>Servicing fees collected</td><td>1,005</td><td>124</td><td></td><td>246</td><td>—</td><td>7</td><td></td><td>2</td><td>36</td></tr><tr><td>Other cash flows received<sup>(a)</sup></td><td>4,963</td><td>—</td><td></td><td>—</td><td>—</td><td>—</td><td></td><td>—</td><td>—</td></tr><tr><td>Proceeds from collections reinvestedin revolving securitizations</td><td>148,946</td><td>—</td><td></td><td>—</td><td>—</td><td>—</td><td></td><td>—</td><td>—</td></tr><tr><td>Purchases of previously transferredfinancial assets (or the underlyingcollateral)<sup>(b)</sup></td><td>—</td><td>58</td><td></td><td>598</td><td>—</td><td>—</td><td></td><td>—</td><td>431</td></tr><tr><td>Cash flows received on the intereststhat continue to be held by theFirm<sup>(d)</sup></td><td>18</td><td>140</td><td></td><td>278</td><td>—</td><td>256</td><td></td><td>—</td><td>89</td></tr><tr><td colspan="7"> Key assumptions used to measure retainedinterests originated during the year(rates per annum):</td><td></td><td></td><td></td></tr><tr><td>Prepaymentrate<sup>(e)</sup></td><td>20.4%</td><td>13.7-37.2%</td><td></td><td>30.0-48.0%</td><td></td><td>0.0-8.0%</td><td></td><td>1.0-8.0%</td><td></td></tr><tr><td></td><td>PPR</td><td>CPR</td><td></td><td>CPR</td><td></td><td>CPR</td><td></td><td>CPR</td><td></td></tr><tr><td>Weighted-average life (in years)</td><td>0.4</td><td>1.3-5.4</td><td></td><td>2.3-2.8</td><td></td><td>1.3-10.2</td><td></td><td>9.3</td><td></td></tr><tr><td>Expected credit losses</td><td>3.5-3.9%</td><td>0.0-1.6</td><td>%<sup>(j)</sup></td><td>1.2-2.2%</td><td></td><td>0.0-1.0</td><td>%<sup>(j)</sup></td><td>—% (j)</td><td></td></tr><tr><td>Discount rate</td><td>12.0%</td><td>5.8-20.0%</td><td></td><td>12.1-26.7%</td><td></td><td>10.0-14.0%</td><td></td><td>9.0%</td><td></td></tr></table>
<table><tr><td>Year ended December 31, 2006</td><td></td><td colspan="4">Residential mortgage</td><td></td><td></td><td></td><td></td></tr><tr><td>(in millions, except for ratios and where</td><td></td><td></td><td></td><td></td><td rowspan="2">Option ARMs</td><td rowspan="2">Commercial and other</td><td></td><td rowspan="2">Student loans</td><td></td></tr><tr><td>otherwise noted)</td><td>Credit card</td><td>Prime<sup>(h)</sup></td><td></td><td>Subprime</td><td></td><td>Auto</td></tr><tr><td>Principal securitized</td><td>$9,735</td><td>$30,254</td><td></td><td>$17,359</td><td>$—</td><td>$13,858</td><td></td><td>$—</td><td>$2,405</td></tr><tr><td>Pretax gains</td><td>67</td><td>53</td><td></td><td>193</td><td>—</td><td>129</td><td></td><td>—</td><td>—</td></tr><tr><td> All cash flows during the period:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Proceeds from new securitizations</td><td>$9,735</td><td>$30,167</td><td></td><td>$17,635</td><td>$—</td><td>$14,248</td><td></td><td>$—</td><td>$1,745</td></tr><tr><td>Servicing fees collected</td><td>973</td><td>76</td><td></td><td>29</td><td>—</td><td>1</td><td></td><td>—</td><td>52</td></tr><tr><td>Other cash flows received<sup>(a)</sup></td><td>5,281</td><td>35</td><td></td><td>—</td><td>—</td><td>95</td><td></td><td>—</td><td>—</td></tr><tr><td>Proceeds from collections reinvestedin revolving securitizations</td><td>151,186</td><td>—</td><td></td><td>—</td><td>—</td><td>—</td><td></td><td>—</td><td>—</td></tr><tr><td>Purchases of previously transferredfinancial assets (or the underlyingcollateral)<sup>(b)</sup></td><td>—</td><td>31</td><td></td><td>31</td><td>—</td><td>—</td><td></td><td>—</td><td>138</td></tr><tr><td>Cash flows received on the intereststhat continue to be held by theFirm<sup>(d)</sup></td><td>76</td><td>48</td><td></td><td>258</td><td>—</td><td>73</td><td></td><td>—</td><td>96</td></tr><tr><td colspan="7"> Key assumptions used to measure retainedinterests originated during the year(rates per annum):</td><td></td><td></td><td></td></tr><tr><td>Prepaymentrate<sup>(e)</sup></td><td>20.0-22.2%</td><td>10.0-41.3%</td><td></td><td>36.0-45.0%</td><td></td><td>0.0-36.2%</td><td></td><td></td><td>1.4-1.5%</td></tr><tr><td></td><td>PPR</td><td>CPR</td><td></td><td>CPR</td><td></td><td>CPR</td><td></td><td></td><td>ABS</td></tr><tr><td>Weighted-average life (in years)</td><td>0.4</td><td>1.7-4.0</td><td></td><td>1.5-2.4</td><td></td><td>1.5-6.1</td><td></td><td></td><td>1.4-1.9</td></tr><tr><td>Expected credit losses</td><td>3.3-4.2%</td><td>0.1-3.3</td><td>%<sup>(j)</sup></td><td>1.1-2.1%</td><td></td><td>0.0-0.9%</td><td><sup>(j)</sup></td><td></td><td>0.3-0.7%</td></tr><tr><td>Discount rate</td><td>12.0%</td><td>8.4-26.2%</td><td></td><td>15.1-22.0%</td><td></td><td>3.8-14.0%</td><td></td><td></td><td>7.6-7.8%</td></tr></table>
<table><tr><td><i>(In millions)</i></td><td> 2006</td><td>2005</td><td>2004</td><td>2003</td><td>2002</td></tr><tr><td>Net earnings</td><td>$2,529</td><td>$1,825</td><td>$1,266</td><td>$1,053</td><td>$500</td></tr><tr><td>Interest expense (multiplied by 65%)<sup>1</sup></td><td>235</td><td>241</td><td>276</td><td>317</td><td>378</td></tr><tr><td>Return</td><td>$2,764</td><td>$2,066</td><td>$1,542</td><td>$1,370</td><td>$878</td></tr><tr><td>Average debt<sup>2, 5</sup></td><td>$4,727</td><td>$5,077</td><td>$5,932</td><td>$6,612</td><td>$7,491</td></tr><tr><td>Average equity<sup>3, 5</sup></td><td>7,686</td><td>7,590</td><td>7,015</td><td>6,170</td><td>6,853</td></tr><tr><td>Average benefit plan adjustments<sup>3, 4,5</sup></td><td>2,006</td><td>1,545</td><td>1,296</td><td>1,504</td><td>341</td></tr><tr><td>Average invested capital</td><td>$14,419</td><td>$14,212</td><td>$14,243</td><td>$14,286</td><td>$14,685</td></tr><tr><td>Return on invested capital</td><td>19.2%</td><td>14.5%</td><td>10.8%</td><td>9.6%</td><td>6.0%</td></tr></table>

Question: What's the total value of all Subprime that are in the range of 0 and 500 in 2007? (in million)
Answer: 567.0