notes to consolidated financial statements jpmorgan chase & co./2009 annual report 168 nonrecurring fair value changes the following table presents the total change in value of financial instruments for which a fair value adjustment has been included in the consolidated statements of income for the years ended december 31 , 2009 , 2008 and 2007 , related to financial instru- ments held at these dates .year ended december 31 .
[['( in millions )', '2009', '2008', '2007'], ['loans retained', '$ -3550 ( 3550 )', '$ -1159 ( 1159 )', '$ -218 ( 218 )'], ['loans held-for-sale', '-389 ( 389 )', '-2728 ( 2728 )', '-502 ( 502 )'], ['total loans', '-3939 ( 3939 )', '-3887 ( 3887 )', '-720 ( 720 )'], ['other assets', '-104 ( 104 )', '-685 ( 685 )', '-161 ( 161 )'], ['accounts payable andother liabilities', '31', '-285 ( 285 )', '2'], ['total nonrecurringfairvalue gains/ ( losses )', '$ -4012 ( 4012 )', '$ -4857 ( 4857 )', '$ -879 ( 879 )']]
accounts payable and other liabilities 31 ( 285 ) 2 total nonrecurring fair value gains/ ( losses ) $ ( 4012 ) $ ( 4857 ) $ ( 879 ) in the above table , loans predominantly include : ( 1 ) write-downs of delinquent mortgage and home equity loans where impairment is based on the fair value of the underlying collateral ; and ( 2 ) the change in fair value for leveraged lending loans carried on the consolidated balance sheets at the lower of cost or fair value .accounts payable and other liabilities predominantly include the change in fair value for unfunded lending-related commitments within the leveraged lending portfolio .level 3 analysis level 3 assets ( including assets measured at fair value on a nonre- curring basis ) were 6% ( 6 % ) of total firm assets at both december 31 , 2009 and 2008 .level 3 assets were $ 130.4 billion at december 31 , 2009 , reflecting a decrease of $ 7.3 billion in 2009 , due to the following : 2022 a net decrease of $ 6.3 billion in gross derivative receivables , predominantly driven by the tightening of credit spreads .offset- ting a portion of the decrease were net transfers into level 3 dur- ing the year , most notably a transfer into level 3 of $ 41.3 billion of structured credit derivative receivables , and a transfer out of level 3 of $ 17.7 billion of single-name cds on abs .the fair value of the receivables transferred into level 3 during the year was $ 22.1 billion at december 31 , 2009 .the fair value of struc- tured credit derivative payables with a similar underlying risk profile to the previously noted receivables , that are also classified in level 3 , was $ 12.5 billion at december 31 , 2009 .these de- rivatives payables offset the receivables , as they are modeled and valued the same way with the same parameters and inputs as the assets .2022 a net decrease of $ 3.5 billion in loans , predominantly driven by sales of leveraged loans and transfers of similar loans to level 2 , due to increased price transparency for such assets .leveraged loans are typically classified as held-for-sale and measured at the lower of cost or fair value and , therefore , included in the nonre- curring fair value assets .2022 a net decrease of $ 6.3 billion in trading assets 2013 debt and equity instruments , primarily in loans and residential- and commercial- mbs , principally driven by sales and markdowns , and by sales and unwinds of structured transactions with hedge funds .the declines were partially offset by a transfer from level 2 to level 3 of certain structured notes reflecting lower liquidity and less pricing ob- servability , and also increases in the fair value of other abs .2022 a net increase of $ 6.1 billion in msrs , due to increases in the fair value of the asset , related primarily to market interest rate and other changes affecting the firm's estimate of future pre- payments , as well as sales in rfs of originated loans for which servicing rights were retained .these increases were offset par- tially by servicing portfolio runoff .2022 a net increase of $ 1.9 billion in accrued interest and accounts receivable related to increases in subordinated retained interests from the firm 2019s credit card securitization activities .gains and losses gains and losses included in the tables for 2009 and 2008 included : 2022 $ 11.4 billion of net losses on derivatives , primarily related to the tightening of credit spreads .2022 net losses on trading 2013debt and equity instruments of $ 671 million , consisting of $ 2.1 billion of losses , primarily related to residential and commercial loans and mbs , principally driven by markdowns and sales , partially offset by gains of $ 1.4 billion , reflecting increases in the fair value of other abs .( for a further discussion of the gains and losses on mortgage-related expo- sures , inclusive of risk management activities , see the 201cmort- gage-related exposures carried at fair value 201d discussion below. ) 2022 $ 5.8 billion of gains on msrs .2022 $ 1.4 billion of losses related to structured note liabilities , pre- dominantly due to volatility in the equity markets .2022 losses on trading-debt and equity instruments of approximately $ 12.8 billion , principally from mortgage-related transactions and auction-rate securities .2022 losses of $ 6.9 billion on msrs .2022 losses of approximately $ 3.9 billion on leveraged loans .2022 net gains of $ 4.6 billion related to derivatives , principally due to changes in credit spreads and rate curves .2022 gains of $ 4.5 billion related to structured notes , principally due to significant volatility in the fixed income , commodities and eq- uity markets .2022 private equity losses of $ 638 million .for further information on changes in the fair value of the msrs , see note 17 on pages 223 2013224 of this annual report. .

Question: how much of the change in level 3 assets was due to the net decrease in derivative receivables due to the tightening of credit spreads?
Answer: 86%