Table VII Allowance for Credit Losses
## Table 0 ##
(1) Includes U. S.  small business commercial charge-offs of $253 million, $282 million, $345 million, $457 million and $799 million in 2016, 2015, 2014, 2013 and 2012, respectively.
(2) Includes U. S.  small business commercial recoveries of $45 million, $57 million, $63 million, $98 million and $100 million in 2016, 2015, 2014, 2013 and 2012, respectively.
(3) Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments and certain other reclassifications.
(4) Represents allowance for loan and lease losses related to the non-U.
S.  credit card loan portfolio, which is included in assets of business held for sale on the Consolidated Balance Sheet at December 31, 2016.
Valuation Adjustments on Derivatives The Corporation records credit risk valuation adjustments on derivatives in order to properly reflect the credit quality of the counterparties and its own credit quality.
The Corporation calculates valuation adjustments on derivatives based on a modeled expected exposure that incorporates current market risk factors.
The exposure also takes into consideration credit mitigants such as enforceable master netting agreements and collateral.
CDS spread data is used to estimate the default probabilities and severities that are applied to the exposures.
Where no observable credit default data is available for counterparties, the Corporation uses proxies and other market data to estimate default probabilities and severity.
Valuation adjustments on derivatives are affected by changes in market spreads, non-credit related market factors such as interest rate and currency changes that affect the expected exposure, and other factors like changes in collateral arrangements and partial payments.
Credit spreads and non-credit factors can move independently.
For example, for an interest rate swap, changes in interest rates may increase the expected exposure, which would increase the counterparty credit valuation adjustment (CVA).
Independently, counterparty credit spreads may tighten, which would result in an offsetting decrease to CVA.
The Corporation early adopted, retrospective to January 1, 2015, the provision of new accounting guidance issued in January 2016 that requires the Corporation to record unrealized DVA resulting from changes in the Corporation’s own credit spreads on liabilities accounted for under the fair value option in accumulated OCI.
This new accounting guidance had no impact on the accounting for DVA on derivatives.
For additional information, see New Accounting Pronouncements in Note 1 – Summary of Significant Accounting Principles.
The Corporation enters into risk management activities to offset market driven exposures.
The Corporation often hedges the counterparty spread risk in CVA with CDS.
The Corporation hedges other market risks in both CVA and DVA primarily with currency and interest rate swaps.
In certain instances, the net-of-hedge amounts in the table below move in the same direction as the gross amount or may move in the opposite direction.
This movement is a consequence of the complex interaction of the risks being hedged resulting in limitations in the ability to perfectly hedge all of the market exposures at all times.
The table below presents CVA, DVA and FVA gains (losses) on derivatives, which are recorded in trading account profits, on a gross and net of hedge basis for 2016, 2015 and 2014.
CVA gains reduce the cumulative CVA thereby increasing the derivative assets balance.
DVA gains increase the cumulative DVA thereby decreasing the derivative liabilities balance.
CVA and DVA losses have the opposite impact.
FVA gains related to derivative assets reduce the cumulative FVA thereby increasing the derivative assets balance.
FVA gains related to derivative liabilities increase the cumulative FVA thereby decreasing the derivative liabilities balance.
## Table 1 ##
(1) At December 31, 2016, 2015 and 2014, cumulative CVA reduced the derivative assets balance by $1.0 billion, $1.4 billion and $1.6 billion, cumulative FVA reduced the net derivatives balance by $296 million, $481 million and $497 million, and cumulative DVA reduced the derivative liabilities balance by $774 million, $750 million and $769 million, respectively
NOTE 6 Securitizations and Other Variable Interest Entities The Corporation utilizes VIEs in the ordinary course of business to support its own and its customers’ financing and investing needs.
The Corporation routinely securitizes loans and debt securities using VIEs as a source of funding for the Corporation and as a means of transferring the economic risk of the loans or debt securities to third parties.
The assets are transferred into a trust or other securitization vehicle such that the assets are legally isolated from the creditors of the Corporation and are not available to satisfy its obligations.
These assets can only be used to settle obligations of the trust or other securitization vehicle.
The Corporation also administers, structures or invests in other VIEs including CDOs, investment vehicles and other entities.
For more information on the Corporation’s utilization of VIEs, see Note 1 – Summary of Significant Accounting Principles.
The tables in this Note present the assets and liabilities of consolidated and unconsolidated VIEs at December 31, 2016 and 2015, in situations where the Corporation has continuing involvement with transferred assets or if the Corporation otherwise has a variable interest in the VIE.
The tables also present the Corporation’s maximum loss exposure at December 31, 2016 and 2015, resulting from its involvement with consolidated VIEs and unconsolidated VIEs in which the Corporation holds a variable interest.
The Corporation’s maximum loss exposure is based on the unlikely event that all of the assets in the VIEs become worthless and incorporates not only potential losses associated with assets recorded on the Consolidated Balance Sheet but also potential losses associated with off-balance sheet commitments, such as unfunded liquidity commitments and other contractual arrangements.
The Corporation’s maximum loss exposure does not include losses previously recognized through write-downs of assets.
As a result of new accounting guidance, which was effective on January 1, 2016, the Corporation identified certain limited partnerships and similar entities that are now considered to be VIEs and are included in the unconsolidated VIE tables in this Note at December 31, 2016.
The Corporation had a maximum loss exposure of $6.1 billion related to these VIEs, which had total assets of $16.7 billion.
The Corporation invests in ABS issued by third-party VIEs with which it has no other form of involvement and enters into certain commercial lending arrangements that may also incorporate the use of VIEs to hold collateral.
These securities and loans are included in Note 3 – Securities or Note 4 – Outstanding Loans and Leases.
In addition, the Corporation uses VIEs such as trust preferred securities trusts in connection with its funding activities.
For additional information, see Note 11 – Long-term Debt.
The Corporation uses VIEs, such as common trust funds managed within Global Wealth & Investment Management (GWIM), to provide investment opportunities for clients.
These VIEs, which are generally not consolidated by the Corporation, as applicable, are not included in the tables in this Note.
Except as described below, the Corporation did not provide financial support to consolidated or unconsolidated VIEs during 2016 or 2015 that it was not previously contractually required to provide, nor does it intend to do so.
First-lien Mortgage Securitizations First-lien Mortgages As part of its mortgage banking activities, the Corporation securitizes a portion of the first-lien residential mortgage loans it originates or purchases from third parties, generally in the form of RMBS guaranteed by government-sponsored enterprises, FNMA and FHLMC (collectively the GSEs), or Government National Mortgage Association (GNMA) primarily in the case of FHA-insured and U. S.  Department of Veterans Affairs (VA)-guaranteed mortgage loans.
Securitization usually occurs in conjunction with or shortly after origination or purchase, and the Corporation may also securitize loans held in its residential mortgage portfolio.
In addition, the Corporation may, from time to time, securitize commercial mortgages it originates or purchases from other entities.
The Corporation typically services the loans it securitizes.
Further, the Corporation may retain beneficial interests in the securitization trusts including senior and subordinate securities and equity tranches issued by the trusts.
Except as described below and in Note 7 – Representations and Warranties Obligations and Corporate Guarantees, the Corporation does not provide guarantees or recourse to the securitization trusts other than standard representations and warranties.
The table below summarizes select information related to firstlien mortgage securitizations for 2016, 2015 and 2014.
## Table 2 ##
(1) The Corporation transfers residential mortgage loans to securitizations sponsored by the GSEs or GNMA in the normal course of business and receives RMBS in exchange which may then be sold into the market to third-party investors for cash proceeds.
(2) A majority of the first-lien residential and commercial mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option.
Gains recognized on these LHFS prior to securitization, which totaled $487 million, $750 million and $715 million net of hedges, during 2016, 2015 and 2014, respectively are not included in the table above.
(3) The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make.
The Corporation may also repurchase loans from securitization trusts to perform modifications.
The majority of repurchased loans are FHA-insured mortgages collateralizing GNMA securities.
In addition to cash proceeds as reported in the table above, the Corporation received securities with an initial fair value of $4.2 billion, $22.3 billion and $5.4 billion in connection with first-lien mortgage securitizations in 2016, 2015 and 2014.
The receipt of these securities represents non-cash operating and investing activities and, accordingly, is not reflected on the Consolidated Statement of Cash Flows.
All of these securities were initially classified as Level 2 assets within the fair value hierarchy.
During 2016, 2015 and 2014 there were no changes to the initial classification.
The Corporation recognizes consumer MSRs from the sale or securitization of first-lien mortgage loans.
Servicing fee and ancillary fee income on consumer mortgage loans serviced, including securitizations where the Corporation has continuing
The following table shows the major categories of ongoing claims for which the Company has been able to estimate its probable liability and for which the Company has taken reserves and the related insurance receivables:

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(Dollars in millions)	2016	2015	2014	2013	2012
Allowance for loan and lease losses, January 1	$12,234	$14,419	$17,428	$24,179	$33,783
Loans and leases charged off
Residential mortgage	-403	-866	-855	-1,508	-3,276
Home equity	-752	-975	-1,364	-2,258	-4,573
U.S. credit card	-2,691	-2,738	-3,068	-4,004	-5,360
Non-U.S. credit card	-238	-275	-357	-508	-835
Direct/Indirect consumer	-392	-383	-456	-710	-1,258
Other consumer	-232	-224	-268	-273	-274
Total consumer charge-offs	-4,708	-5,461	-6,368	-9,261	-15,576
U.S. commercial-1	-567	-536	-584	-774	-1,309
Commercial real estate	-10	-30	-29	-251	-719
Commercial lease financing	-30	-19	-10	-4	-32
Non-U.S. commercial	-133	-59	-35	-79	-36
Total commercial charge-offs	-740	-644	-658	-1,108	-2,096
Total loans and leases charged off	-5,448	-6,105	-7,026	-10,369	-17,672
Recoveries of loans and leases previously charged off
Residential mortgage	272	393	969	424	165
Home equity	347	339	457	455	331
U.S. credit card	422	424	430	628	728
Non-U.S. credit card	63	87	115	109	254
Direct/Indirect consumer	258	271	287	365	495
Other consumer	27	31	39	39	42
Total consumer recoveries	1,389	1,545	2,297	2,020	2,015
U.S. commercial-2	175	172	214	287	368
Commercial real estate	41	35	112	102	335
Commercial lease financing	9	10	19	29	38
Non-U.S. commercial	13	5	1	34	8
Total commercial recoveries	238	222	346	452	749
Total recoveries of loans and leases previously charged off	1,627	1,767	2,643	2,472	2,764
Net charge-offs	-3,821	-4,338	-4,383	-7,897	-14,908
Write-offs of PCI loans	-340	-808	-810	-2,336	-2,820
Provision for loan and lease losses	3,581	3,043	2,231	3,574	8,310
Other-3	-174	-82	-47	-92	-186
Allowance for loan and lease losses, December 31	11,480	12,234	14,419	17,428	24,179
Less: Allowance included in assets of business held for sale-4	-243	—	—	—	—
Total allowance for loan and lease losses, December 31	11,237	12,234	14,419	17,428	24,179
Reserve for unfunded lending commitments, January 1	646	528	484	513	714
Provision for unfunded lending commitments	16	118	44	-18	-141
Other-3	100	—	—	-11	-60
Reserve for unfunded lending commitments, December 31	762	646	528	484	513
Allowance for credit losses, December 31	$11,999	$12,880	$14,947	$17,912	$24,692

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2016	2015	2014
(Dollars in millions)	Gross	Net	Gross	Net	Gross	Net
Derivative assets (CVA)(1)	$374	$214	$255	$227	$-22	$191
Derivative assets/liabilities (FVA)(1)	186	102	16	16	-497	-497
Derivative liabilities (DVA)(1)	24	-141	-18	-153	-28	-150

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Residential Mortgage
Agency	Non-agency - Subprime	Commercial Mortgage
(Dollars in millions)	2016	2015	2014	2016	2015	2014	2016	2015	2014
Cash proceeds from new securitizations-1	$24,201	$27,164	$36,905	$—	$—	$809	$3,887	$7,945	$5,710
Gain on securitizations-2	370	894	371	—	—	49	38	49	68
Repurchases from securitization trusts-3	3,611	3,716	5,155	—	—	—	—	—	—

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Question: What is the ratio of all elements for Total consumer recoveries that are range of 200 and 500 to the sum of elements, in 2016?
Answer: 0.74946