Consumer credit portfolio JPMorgan Chase’s consumer portfolio consists primarily of residential mort- gages and home equity loans, credit cards, auto and education financings and loans to small businesses.
The domestic consumer portfolio reflects t benefit of diversification from both a product and a geographical perspective.
The primary focus is on serving the prime consumer credit market.
The following table presents managed consumer credit–related information for the dates indicated: Consumer portfolio
## Table 0 ##
(a) Includes $406 million of charge-offs related to the manufactured home loan portfolio in the fourth quarter of 2004.
(b) Past-due loans 90 days and over and accruing includes credit card receivables of $998 million and $273 million, and related credit card securitizations of $1.3 billion and $879 million at December 31, 2004 and 2003, respectively.
(c) Represents securitized credit cards.
For a further discussion of credit card securitizations, see Card Services on page 39 of this Annual Report.
(d) Heritage JPMorgan Chase only.
(e) Net charge-off rates exclude average loans HFS in the amount of $14.7 billion and $25.3 billion for 2004 and 2003, respectively.
NA – Not applicab
The chart shows that for year ended December 31, 2012, the Firm posted market risk related gains on 220 of the 261 days in this period, with gains on eight days exceeding $200 million.
The chart includes year to date losses incurred in the synthetic credit portfolio.
CIB and Credit Portfolio posted market risk-related gains on 254 days in the period.
The inset graph looks at those days on which the Firm experienced losses and depicts the amount by which VaR exceeded the actual loss on each of those days.
Of the losses that were sustained on the 41 days of the 261 days in the trading period, the Firm sustained losses that exceeded the VaR measure on three of those days.
These losses in excess of the VaR all occurred in the second quarter of 2012 and were due to the adverse effect of market movements on risk positions in the synthetic credit portfolio held by CIO.
During the year ended December 31, 2012, CIB and Credit Portfolio experienced seven loss days; none of the losses on those days exceeded their respective VaR measures.
## Table 1 ##
Other risk measures Debit valuation adjustment sensitivity The following table provides information about the gross sensitivity of DVA to a one-basis-point increase in JPMorgan Chase’s credit spreads.
This sensitivity represents the impact from a one-basis-point parallel shift in JPMorgan Chase’s entire credit curve.
However, the sensitivity at a single point in time multiplied by the change in credit spread at a single maturity point may not be representative of the actual DVA gain or loss realized within a period.
The actual results reflect the movement in credit spreads across various maturities, which typically do not move in a parallel fashion, and is the product of a constantly changing exposure profile, among other factors.
Debit valuation adjustment sensitivity
Economic-value stress testing Along with VaR, stress testing is important in measuring and controlling risk.
While VaR reflects the risk of loss due to adverse changes in markets using recent historical market behavior as an indicator of losses, stress testing captures the Firm’s exposure to unlikely but plausible events in abnormal markets.
The Firm runs weekly stress tests on market-related risks across the lines of business using multiple scenarios that assume significant changes in risk factors such as credit spreads, equity prices, interest rates, currency rates or commodity prices.
The framework uses a grid-based approach, which calculates multiple magnitudes of stress for both market rallies and market sell-offs for
Typical master netting agreements for these types of transactions also often contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the party that has the right to demand margin (the “demanding party”).
The collateral/margin agreement typically requires a party to transfer collateral/margin to the demanding party with a value equal to the amount of the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold.
The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to set-off any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin.
It also grants to the demanding party the right to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty.
For further discussion of the Firm’s derivative instruments, see Note 6.
For further discussion of the Firm’s repurchase and reverse repurchase agreements, and securities borrowing and lending agreements, see Note 13.
Simplifying the presentation of debt issuance costs Effective October 1, 2015, the Firm early adopted new accounting guidance that simplifies the presentation of debt issuance costs, by requiring that unamortized debt issuance costs be presented as a reduction of the applicable liability rather than as an asset.
The adoption of this guidance had no material impact on the Firm’s Consolidated balance sheets, and no impact on the Firm’s consolidated results of operations.
The guidance was required to be applied retrospectively, and accordingly, certain prior period amounts have been revised to conform with the current period presentation.
Investments in qualified affordable housing projects Effective January 1, 2015, the Firm adopted new accounting guidance for investments in affordable housing projects that qualify for the low-income housing tax credit, which impacted the Corporate & Investment Bank (“CIB”).
As a result of the adoption of this new guidance, the Firm made an accounting policy election to amortize the initial cost of its qualifying investments in proportion to the tax credits and other benefits received, and to present the amortization as a component of income tax expense; previously such amounts were predominantly presented in other income.
The guidance was required to be applied retrospectively, and accordingly, certain prior period amounts have been revised to conform with the current period presentation.
The cumulative effect on retained earnings was a reduction of $284 million as of January 1, 2013.
The adoption of this accounting guidance resulted in an increase of $907 million and $924 million in other income and income tax expense, respectively, for the year ended December 31, 2014 and $761 million and $798 million, respectively, for the year ended December 2013, which led to an increase of approximately 2% in the effective tax rate for the year ended December 31, 2014 and 2013.
The impact on net income and earnings per share in the periods affected was not material.
For further information, see Note 26.
Statements of cash flows For JPMorgan Chase’s Consolidated statements of cash flows, cash is defined as those amounts included in cash and due from banks.
Significant accounting policies The following table identifies JPMorgan Chase’s other significant accounting policies and the Note and page where a detailed description of each policy can be found.
## Table 2 ##
Note 2 – Business changes and developments Private Equity sale As part of the Firm’s business simplification agenda, the sale of a portion of the Private Equity Business (“Private Equity sale”) was completed on January 9, 2015.
Concurrent with the sale, a new independent management company was formed by the former One Equity Partners investment professionals.
The new management company provides investment management services to the acquirer of the investments sold in the Private Equity sale and to the Firm for the portion of the private equity investments that were retained by the Firm.
The sale of the investments did not have a material impact on the Firm’s Consolidated balance sheets or its results of operations.

<table><tr><td>As of or for the year ended</td><td colspan="2" rowspan="2"Credit-related exposure></td><td></td><td colspan="2" rowspan="2"Nonperforming assets></td><td></td><td></td><td></td><td></td><td colspan="2" rowspan="2"Average annual net charge-off rate<sup>(e)</sup>></td><td></td></tr><tr><td>December 31,</td><td></td><td></td><td colspan="2">Net charge-offs</td><td></td><td></td></tr><tr><td>(in millions, except ratios)</td><td> 2004</td><td>2003</td><td><sup>(d)</sup></td><td> 2004</td><td>2003</td><td><sup>(d)</sup></td><td> 2004</td><td>2003</td><td><sup>(d)</sup></td><td>2004</td><td>2003</td><td><sup>(d)</sup></td></tr><tr><td>Consumer real estate</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Home finance– home equity and other<sup>(a)</sup></td><td>$67,837</td><td>$24,179</td><td></td><td>$416</td><td>$125</td><td></td><td>$554</td><td>$109</td><td></td><td>1.18%</td><td>0.56%</td><td></td></tr><tr><td>Home finance– mortgage</td><td>56,816</td><td>50,381</td><td></td><td>257</td><td>249</td><td></td><td>19</td><td>26</td><td></td><td>0.05</td><td>0.08</td><td></td></tr><tr><td>Total Home finance<sup>(a)</sup></td><td>124,653</td><td>74,560</td><td></td><td>673</td><td>374</td><td></td><td>573</td><td>135</td><td></td><td>0.65</td><td>0.26</td><td></td></tr><tr><td>Auto & education finance</td><td>62,712</td><td>43,157</td><td></td><td>193</td><td>123</td><td></td><td>263</td><td>171</td><td></td><td>0.52</td><td>0.43</td><td></td></tr><tr><td>Consumer & small business and other</td><td>15,107</td><td>4,204</td><td></td><td>295</td><td>72</td><td></td><td>154</td><td>75</td><td></td><td>1.64</td><td>1.83</td><td></td></tr><tr><td>Credit cardreceivables – reported<sup>(b)</sup></td><td>64,575</td><td>17,426</td><td></td><td>8</td><td>11</td><td></td><td>1,923</td><td>1,126</td><td></td><td>4.95</td><td>6.40</td><td></td></tr><tr><td> Totalconsumer loans – reported</td><td>267,047</td><td>139,347</td><td></td><td>1,169</td><td>580</td><td></td><td>2,913</td><td>1,507</td><td></td><td>1.56</td><td>1.33</td><td></td></tr><tr><td>Credit card securitizations<sup>(b)(c)</sup></td><td>70,795</td><td>34,856</td><td></td><td>—</td><td>—</td><td></td><td>2,898</td><td>1,870</td><td></td><td>5.51</td><td>5.64</td><td></td></tr><tr><td> Totalconsumer loans – managed<sup>(b)</sup></td><td>337,842</td><td>174,203</td><td></td><td>1,169</td><td>580</td><td></td><td>5,811</td><td>3,377</td><td></td><td>2.43</td><td>2.31</td><td></td></tr><tr><td>Assets acquired in loan satisfactions</td><td>NA</td><td>NA</td><td></td><td>224</td><td>206</td><td></td><td>NA</td><td>NA</td><td></td><td>NA</td><td>NA</td><td></td></tr><tr><td> Total consumer relatedassets – managed</td><td>337,842</td><td>174,203</td><td></td><td>1,393</td><td>786</td><td></td><td>5,811</td><td>3,377</td><td></td><td>2.43</td><td>2.31</td><td></td></tr><tr><td>Consumer lending-related commitments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Home finance</td><td>53,223</td><td>31,626</td><td></td><td>NA</td><td>NA</td><td></td><td>NA</td><td>NA</td><td></td><td>NA</td><td>NA</td><td></td></tr><tr><td>Auto & education finance</td><td>5,193</td><td>2,637</td><td></td><td>NA</td><td>NA</td><td></td><td>NA</td><td>NA</td><td></td><td>NA</td><td>NA</td><td></td></tr><tr><td>Consumer & small business and other</td><td>10,312</td><td>5,792</td><td></td><td>NA</td><td>NA</td><td></td><td>NA</td><td>NA</td><td></td><td>NA</td><td>NA</td><td></td></tr><tr><td>Credit cards</td><td>532,468</td><td>141,143</td><td></td><td>NA</td><td>NA</td><td></td><td>NA</td><td>NA</td><td></td><td>NA</td><td>NA</td><td></td></tr><tr><td> Total lending-related commitments</td><td>601,196</td><td>181,198</td><td></td><td>NA</td><td>NA</td><td></td><td>NA</td><td>NA</td><td></td><td>NA</td><td>NA</td><td></td></tr><tr><td> Total consumer credit portfolio</td><td>$939,038</td><td>$355,401</td><td></td><td>$1,393</td><td>$786</td><td></td><td>$5,811</td><td>$3,377</td><td></td><td>2.43%</td><td>2.31%</td><td></td></tr></table>
<table><tr><td>(in millions)</td><td>One basis-point increase inJPMorgan Chase’s credit spread</td></tr><tr><td>December 31, 2012</td><td>$34</td></tr><tr><td>December 31, 2011</td><td>35</td></tr></table>
<table><tr><td>Fair value measurement</td><td>Note 3</td><td>Page 184</td></tr><tr><td>Fair value option</td><td>Note 4</td><td>Page 203</td></tr><tr><td>Derivative instruments</td><td>Note 6</td><td>Page 208</td></tr><tr><td>Noninterest revenue</td><td>Note 7</td><td>Page 221</td></tr><tr><td>Interest income and interest expense</td><td>Note 8</td><td>Page 223</td></tr><tr><td>Pension and other postretirement employee benefit plans</td><td>Note 9</td><td>Page 223</td></tr><tr><td>Employee stock-based incentives</td><td>Note 10</td><td>Page 231</td></tr><tr><td>Securities</td><td>Note 12</td><td>Page 233</td></tr><tr><td>Securities financing activities</td><td>Note 13</td><td>Page 238</td></tr><tr><td>Loans</td><td>Note 14</td><td>Page 242</td></tr><tr><td>Allowance for credit losses</td><td>Note 15</td><td>Page 262</td></tr><tr><td>Variable interest entities</td><td>Note 16</td><td>Page 266</td></tr><tr><td>Goodwill and other intangible assets</td><td>Note 17</td><td>Page 274</td></tr><tr><td>Premises and equipment</td><td>Note 18</td><td>Page 278</td></tr><tr><td>Long-term debt</td><td>Note 21</td><td>Page 279</td></tr><tr><td>Income taxes</td><td>Note 26</td><td>Page 285</td></tr><tr><td>Off–balance sheet lending-related financial instruments, guarantees and other commitments</td><td>Note 29</td><td>Page 290</td></tr><tr><td>Litigation</td><td>Note 31</td><td>Page 297</td></tr></table>

Question: In which years is Home finance– home equity and other(a) greater than Home finance– mortgage?
Answer: 2003 2004