NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JPMorgan Chase & Co.  132 JPMorgan Chase & Co.  / 2007 Annual Report The Firm’s policy for issuing shares upon settlement of employee share-based payment awards is to issue either new shares of common stock or treasury shares.
On April 17, 2007, the Board of Directors approved a stock repurchase program that authorizes the repurchase of up to $10.0 billion of the Firm’s common shares, which supersedes an $8.0 billion stock repurchase program approved in 2006.
The $10.0 billion authorization includes shares to be repurchased to offset issuances under the Firm’s employee stock-based plans.
During 2007, the Firm settled all of its employee stock-based awards by issuing treasury shares.
In December 2005, the Firm accelerated the vesting of approximately 41 million unvested, out-of-the-money employee stock options granted in 2001 under the Growth and Performance Incentive Program, which were scheduled to vest in January 2007.
These options were not modified other than to accelerate vesting.
The related expense was approximately $145 million, and was recognized as compensation expense in the fourth quarter of 2005.
The Firm believed that at the time the options were accelerated they had limited economic value since the exercise price of the accelerated options was $51.22 and the closing price of the Firm’s common stock on the effective date of the acceleration was $39.69.
RSU activity Compensation expense for RSUs is measured based upon the number of shares granted multiplied by the stock price at the grant date, and is recognized in Net income as previously described.
The following table summarizes JPMorgan Chase’s RSU activity for 2007.
Year ended December 31, 2007
## Table 0 ##
The total fair value of shares that vested during the years ended December 31, 2007, 2006 and 2005, was $1.5 billion, $1.3 billion and $1.1 billion, respectively.
Employee stock option and SARs activity Compensation expense, which is measured at the grant date as the fair value of employee stock options and SARs, is recognized in Net income as described above.
The following table summarizes JPMorgan Chase’s employee stock option and SARs activity for the year ended December 31, 2007, including awards granted to key employees and awards granted in prior years under broad-based plans.
## Table 1 ##
The weighted-average grant date per share fair value of stock options and SARs granted during the years ended December 31, 2007, 2006 and 2005, was $13.38, $10.99 and $10.44, respectively.
The total intrinsic value of options exercised during the years ended December 31, 2007, 2006 and 2005 was $937 million, $994 million and $364 million, respectively.
Subprime adjustable-rate mortgage loan modifications See the Glossary of Terms on page 183 of this Annual Report for the Firm’s definition of subprime loans.
Within the confines of the limited decision-making abilities of a QSPE under SFAS 140, the operating documents that govern existing subprime securitizations generally authorize the servicer to modify loans for which default is reasonably foreseeable, provided that the modification is in the best interests of the QSPE’s beneficial interest holders, and would not result in a REMIC violation.
In December 2007, the American Securitization Forum (“ASF”) issued the “Streamlined Foreclosure and Loss Avoidance Framework for Securitized Subprime Adjustable Rate Mortgage Loans” (“the Framework”).
The Framework provides guidance for servicers to streamline evaluation procedures for borrowers with certain subprime adjustable rate mortgage (“ARM”) loans to more efficiently provide modifications of such loans with terms that are more appropriate for the individual needs of such borrowers.
The Framework applies to all first-lien subprime ARM loans that have a fixed rate of interest for an initial period of 36 months or less, are included in securitized pools, were originated between January 1, 2005, and July 31, 2007, and have an initial interest rate reset date between January 1, 2008, and July 31, 2010 (“ASF Framework Loans”).
The Framework categorizes the population of ASF Framework Loans into three segments.
Segment 1 includes loans where the borrower is current and is likely to be able to refinance into any available mortgage product.
Segment 2 includes loans where the borrower is current, is unlikely to be able to refinance into any readily available mortgage industry product and meets certain defined criteria.
Segment 3 includes loans where the borrower is not current, as defined, and does not meet the criteria for Segments 1 or 2.
ASF Framework Loans in Segment 2 of the Framework are eligible for fast-track modification under which the interest rate will be kept at the existing initial rate, generally for five years following the interest rate reset date.
The Framework indicates that for Segment 2 loans, JPMorgan Chase, as servicer, may presume that the borrower will be unable to make payments pursuant to the original terms of the borrower’s loan after the initial interest rate reset date.
Thus, the Firm may presume that a default on that loan by the borrower is reasonably foreseeable unless the terms of the loan are modified.
JPMorgan Chase has adopted the loss mitigation approaches under the Framework for securitized subprime loans that meet the specific Segment 2 screening criteria, and it expects to begin modifying Segment 2 loans by the end of the first quarter of 2008.
The Firm believes that the adoption of the Framework will not affect the off-balance sheet accounting treatment of JPMorgan Chase-sponsored QSPEs that hold Segment 2 subprime loans.
The total amount of assets owned by Firm-sponsored QSPEs that hold ASF Framework Loans (including those loans that are not serviced by the Firm) as of December 31, 2007, was $20.0 billion.
Of this amount, $9.7 billion relates to ASF Framework Loans serviced by the Firm.
Based on current economic conditions, the Firm estimates that approximately 20%, 10% and 70% of the ASF Framework Loans it services that are owned by Firm-sponsored QSPEs will fall within Segments 1, 2 and 3, respectively.
This estimate could change substantially as a result of unanticipated changes in housing values, economic conditions, investor/borrower behavior and other factors.
The total principal amount of beneficial interests issued by Firm-sponsored securitizations that hold ASF Framework Loans as of December 31, 2007, was as follows.
## Table 2 ##
The Firm regularly evaluates market conditions and overall economic returns and makes an initial determination of whether new originations will be held-for-investment or sold within the foreseeable future.
The Firm also periodically evaluates the expected economic returns of previously originated loans under prevailing market conditions to determine whether their designation as held-for-sale or held-for-investment continues to be appropriate.
When the Firm determines that a change in this designation is appropriate, the loans are transferred to the appropriate classification.
During the third and fourth quarters of 2007, in response to changes in market conditions, the Firm designated as held-for-investment all new originations of subprime mortgage loans, as well as subprime mortgage loans that were previously designated held-for-sale.
In addition, all new prime mortgage originations that cannot be sold to U. S.  government agencies and U. S.  government-sponsored enterprises have been designated as held-for-investment.
Prime mortgage loans originated with the intent to sell are accounted for at fair value under SFAS 159 and are classified as Trading assets in the Consolidated Balance Sheets.
The following discussion relates to the specific loan and lendingrelated categories within the consumer portfolio.
Home equity: Home equity loans at December 31, 2007, were $94.8 billion, an increase of $9.1 billion from year-end 2006.
The change in the portfolio from December 31, 2006, reflected organic growth.
The Provision for credit losses for the Home equity portfolio includes net increases of $1.0 billion to the Allowance for loan losses for the year ended December 31, 2007, as risk layered loans, continued weak housing prices and slowing economic growth have resulted in a significant increase in nonperforming assets and estimated losses, especially with respect to recently originated high loan-to-value loans in specific geographic regions that have experienced significant declines in housing prices.
The decline in housing prices and the second lien position for these types of loans results in minimal proceeds upon foreclosure, increasing the severity of losses.
Although subprime Home equity loans do not represent a significant portion of the Home equity loan balance, the origination of subprime home equity loans was discontinued in the third quarter of 2007.
In addition, loss mitigation activities continue to be intensified, underwriting standards have been tightened and pricing actions have been implemented to reflect elevated risks related to the home equity portfolio.
The following tables present the geographic distribution of consumer credit outstandings by product as of December 31, 2007 and 2006.
Consumer loans by geographic region
## Table 3 ##

['

(in thousands, exceptweighted-average data)	Number of options/SARs	Weighted-average exercise price	Weighted-average remaining contractual life (in years)	Aggregate intrinsic value
Outstanding, January 1	376,227#	$ 40.31
Granted	21,446	46.65
Exercised	-64,453	34.73
Forfeited	-1,410	40.13
Canceled	-5,879	48.10
Outstanding, December 31	325,931#	$ 41.70	4.0	$1,601,780
Exercisable, December 31	281,327	41.44	3.2	1,497,992

', '

(in thousands, except weighted average data)	Number of Shares	Weighted- average grant date fair value
Outstanding, January 1	88,456#	$ 38.50
Granted	47,608	48.29
Vested	-30,925	38.09
Forfeited	-6,122	42.56
Outstanding, December 31	99,017#	$ 43.11

', '

December 31, 2007(in millions)	2007
Third-party	$19,636
Retained interest	412
Total	$20,048

', '

December 31, 2007 (in billions)	Home equity	Mortgage	Auto	Card reported	All other loans	Total consumer loans–reported	Card securitized	Total consumer loans–managed
Top 12 states
California	$14.9	$13.4	$5.0	$11.0	$1.0	$45.3	$9.6	$54.9
New York	14.4	8.0	3.6	6.6	4.2	36.8	5.6	42.4
Texas	6.1	2.0	3.7	5.8	3.5	21.1	5.4	26.5
Florida	5.3	6.4	1.6	4.7	0.5	18.5	4.2	22.7
Illinois	6.7	3.0	2.2	4.5	1.9	18.3	3.9	22.2
Ohio	4.9	1.0	2.9	3.3	2.6	14.7	3.1	17.8
New Jersey	4.4	2.2	1.7	3.3	0.5	12.1	3.1	15.2
Michigan	3.7	1.6	1.3	2.9	2.3	11.8	2.5	14.3
Arizona	5.7	1.5	1.8	1.7	1.8	12.5	1.4	13.9
Pennsylvania	1.6	0.9	1.7	3.2	0.5	7.9	2.9	10.8
Colorado	2.3	1.3	1.0	2.0	0.8	7.4	1.7	9.1
Indiana	2.4	0.6	1.2	1.8	1.1	7.1	1.5	8.6
All other	22.4	14.1	14.7	33.6	8.0	92.8	27.8	120.6
Total	$94.8	$56.0	$42.4	$84.4	$28.7	$306.3	$72.7	$379.0

']

Question: How much of Home equity is there in total without California and New York?
Answer: 65.5