Management’s discussion and analysis JPMorgan Chase & Co. /2009 Annual Report 108 The following table presents additional information on the wholesale real estate industry for the periods ended December 31, 2009 and 2008
## Table 0 ##
December 31, 2008
## Table 1 ##
(a) Other includes lodging, REITs, single family, homebuilders and other real estate.
(b) Ratios were calculated using end-of-period retained loans of $57.2 billion and $64.5 billion for the years ended December 31, 2009 and 2008, respectively.
Banks and finance companies: Exposure to this industry decreased by 28% or $21.5 billion from 2008, primarily as a result of lower derivative exposure to commercial banks.
Automotive: Conditions in the U. S.  had improved by the end of 2009, largely as a result of the government supported restructuring of General Motors and Chrysler in the first half of 2009 and the related effects on automotive suppliers.
Exposure to this industry decreased by 18% or $2.1 billion and criticized exposure decreased 30% or $535 million from 2008, largely due to loan repayments and sales.
Most of the Firm’s remaining criticized exposure in this segment remains performing and is substantially secured.  ?
Leisure: Exposure to this industry decreased by 16% or $1.3 billion from 2008 due to loan repayments and sales, primarily in gaming.
While exposure to this industry declined, the criticized component remained elevated due to the continued weakness in the industry, particularly in gaming.
The gaming portfolio continues to be managed actively.
All other: All other in the wholesale credit exposure concentration table on pages 106–107 of this Annual Report at December 31, 2009 (excluding loans held-for-sale and loans at fair value) included $135.8 billion of credit exposure to seven industry segments.
Exposures related to SPEs and to Individuals, Private Education & Civic Organizations were 44% and 47%, respectively, of this category.
SPEs provide secured financing (generally backed by receivables, loans or bonds) originated by a diverse group of companies in industries that are not highly correlated.
For further discussion of SPEs, see Note 16 on pages 214–222 of this Annual Report.
The remaining all other exposure is well-diversified across industries and none comprise more than 1.0% of total exposure.
Loans The following table presents wholesale loans and nonperforming assets by business segment as of December 31, 2009 and 2008.
## Table 2 ##
these programs, borrowers must make at least three payments under the revised contractual terms during a trial period and be successfully re-underwritten with income verification before their loan can be permanently modified.
Upon contractual modification, retained residential real estate loans, other than purchased creditimpaired loans, are accounted for as troubled debt restructurings.
Consumer loans with balances of approximately $3.1 billion and $1.8 billion have been permanently modified and accounted for as troubled debt restructurings as of December 31, 2009 and 2008, respectively.
Of these loans, $966 million and $853 million were classified as nonperforming at December 31, 2009 and 2008, respectively.
JPMorgan Chase has also modified the terms of credit card loan agreements with borrowers who have experienced financial difficulty.
Such modifications may include reducing the interest rate on the card and/or placing the customer on a fixed payment plan not exceeding 60 months; in all cases, the Firm cancels the customer’s available line of credit on the credit card.
If the cardholder does not comply with the modified payment terms, then the credit card loan agreement will revert back to its original payment terms, with the amount of any loan outstanding reflected in the appropriate delinquency “bucket.
” The loan amount may then be charged-off in accordance with the Firm’s standard charge-off policy.
Under these modification programs, $5.1 billion and $2.4 billion of on-balance sheet credit card loans outstandings have been modified at December 31, 2009 and 2008, respectively.
In accordance with the Firm’s methodology for determining its consumer allowance for loan losses, the Firm had already recognized a provision for loan losses on these credit card loans; accordingly the modifications to these credit card loans had no incremental impact on the Firm’s allowance for loan losses.
Purchased credit-impaired loans In connection with the Washington Mutual transaction, JPMorgan Chase acquired certain loans that it deemed to be credit-impaired.
Wholesale loans with a carrying amount of $135 million at December 31, 2009, down from $224 million at December 31, 2008, were determined to be credit-impaired at the date of acquisition.
These wholesale loans are being accounted for individually (not on a pooled basis) and are reported as nonperforming loans since cash flows for each individual loan are not reasonably estimable.
Such loans are excluded from the remainder of the following discussion, which relates solely to purchased credit-impaired consumer loans.
Purchased credit-impaired consumer loans were determined to be credit-impaired based on specific risk characteristics of the loan, including product type, loan-to-value ratios, FICO scores, and past due status.
Purchasers are permitted to aggregate credit-impaired loans acquired in the same fiscal quarter into one or more pools, provided that the loans have common risk characteristics.
A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows.
With respect to the Washington Mutual transaction, all of the consumer loans were aggregated into pools of loans with common risk characteristics.
The table below sets forth information about these purchased credit-impaired consumer loans at the acquisition date.
## Table 3 ##
(a) Represents undiscounted principal and interest cash flows expected at acquisition.
(b) During the first quarter of 2009, the Firm continued to refine its model to estimate future cash flows for its purchased credit-impaired consumer loans, which resulted in an adjustment of the initial estimate of cash flows expected to be collected.
These refinements, which primarily affected the amount of the undiscounted interest cash flows expected to be received over the life of the loans, resulted in a $6.8 billion increase in the Firm's initial estimates of cash flows expected to be collected and the accretable yield.
(c) This amount is recognized into interest income over the estimated lives of the underlying pools of loans.
(d) Date of the Washington Mutual transaction.
The Firm determined the fair value of the purchased credit-impaired consumer loans at the acquisition date by discounting the cash flows expected to be collected at a market observable discount rate, when available, adjusted for factors that a market participant would consider in determining fair value.
In determining the cash flows expected to be collected, management incorporated assumptions regarding default rates, loss severities and the amounts and timing of prepayments.
Contractually required payments receivable represent the total undiscounted amount of all uncollected contractual principal and interest payments, both past due and due in the future, adjusted for the effect of estimated prepayments.
The accretable yield represents the excess of cash flows expected to be collected over the carrying value of the purchased credit-impaired loans.
This amount is not reported on the Firm’s Consolidated Balance Sheets but is accreted into interest income at a level rate of return over the expected lives of the underlying pools of loans.
For variable rate loans, expected future cash flows were initially based on the rate in effect at acquisition; expected future cash flows are recalculated as rates change over the lives of the loans.
The table below sets forth the accretable yield activity for these loans for the years ended December 31, 2009 and 2008.
Accretable Yield Activity
## Table 4 ##
(a) During the first quarter of 2009, the Firm continued to refine its model to estimate future cash flows for its purchased credit-impaired consumer loans, which resulted in an adjustment of the initial estimate of cash flows expected to be collected.
These refinements, which primarily affected the amount of undiscounted interest cash flows expected to be received over the life of the loans, resulted in a $6.8 billion increase in the Firm’s initial estimate of cash flows expected to be collected and the accretable yield.
However, on a discounted basis, these refinements did not have a material impact on the fair value of the purchased credit-impaired loans as of the September 25, 2008, acquisition date; nor did they have a material impact
Notes to consolidated financial statements JPMorgan Chase & Co. /2009 Annual Report 240 purchase agreements, standby letters of credit and financial guarantees, securities lending indemnifications, certain indemnification agreements included within third-party contractual arrangements and certain derivative contracts.
The amount of the liability related to guarantees recorded at December 31, 2009 and 2008, excluding the allowance for credit losses on lending-related commitments and derivative contracts discussed below, was $475 million and $535 million, respectively.
Asset purchase agreements Asset purchase agreements are principally used as a mechanism to provide liquidity to SPEs, predominantly multi-seller conduits, as described in Note 16 on pages 214–222 of this Annual Report.
The carrying value of asset purchase agreements was $126 million and $147 million at December 31, 2009 and 2008, respectively, which was classified in accounts payable and other liabilities on the Consolidated Balance Sheets; the carrying values include $18 million and $9 million, respectively, for the allowance for lendingrelated commitments, and $108 million and $138 million, respectively, for the fair value of the guarantee liability.
Standby letters of credit Standby letters of credit (“SBLC”) and financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade and similar transactions.
The carrying values of standby and other letters of credit were $920 million and $673 million at December 31, 2009 and 2008, respectively, which was classified in accounts payable and other liabilities on the Consolidated Balance Sheets; these carrying values include $553 million and $276 million, respectively, for the allowance for lending-related commitments, and $367 million and $397 million, respectively, for the fair value of the guarantee liability.
The following table summarizes the type of facilities under which standby letters of credit and other letters of credit arrangements are outstanding by the ratings profiles of the Firm’s customers as of December 31, 2009 and 2008.
The ratings scale represents the current status of the payment or performance risk of the guarantee, and is based on the Firm’s internal risk ratings, which generally correspond to ratings defined by S&P and Moody’s.
## Table 5 ##
(a) Ratings scale is based on the Firm’s internal ratings which generally correspond to ratings defined by S&P and Moody’s.
(b) Represents the contractual amount net of risk participations totaling $24.6 billion and $26.4 billion for standby letters of credit and other financial guarantees at December 31, 2009 and 2008, respectively, and $690 million and $1.1 billion for other letters of credit at December 31, 2009 and 2008, respectively.
In regulatory filings with the Federal Reserve Board these commitments are shown gross of risk participations.
(c) Includes unissued standby letters of credit commitments of $38.4 billion and $39.5 billion at December 31, 2009 and 2008, respectively.
(d) The investment-grade and noninvestment-grade amounts have been revised from previous disclosures.
Derivatives qualifying as guarantees In addition to the contracts described above, the Firm transacts certain derivative contracts that meet the characteristics of a guarantee under U. S.  GAAP.
These contracts include written put options that require the Firm to purchase assets upon exercise by the option holder at a specified price by a specified date in the future.
The Firm may enter into written put option contracts in order to meet client needs, or for trading purposes.
The terms of written put options are typically five years or less.
Derivative guarantees also include contracts such as stable value derivatives that require the Firm to make a payment of the difference between the market value and the book value of a counterparty’s reference portfolio of assets in the event that market value is less than book value and certain other conditions have been met.
Stable value derivatives, commonly referred to as “stable value wraps”, are transacted in order to allow investors to realize investment returns with less volatility than an unprotected portfolio and are typically longer-term or may have no stated maturity, but allow the Firm to terminate the contract under certain conditions.
Derivative guarantees are recorded on the Consolidated Balance Sheets at fair value in trading assets and trading liabilities.
The total notional value of the derivatives that the Firm deems to be guarantees was $87.2 billion and $83.8 billion at December 31, 2009 and 2008, respectively.
The notional value generally represents the Firm’s maximum exposure to derivatives qualifying as guarantees, although exposure to certain stable value derivatives is contractually limited to a substantially lower percentage of the notional value.
The fair value of the contracts reflects the probability of whether the Firm will be required to perform under the contract.
The fair value related to derivative guarantees were derivative receivables of $219 million and $184 million and derivative payables of $981 million and $5.6 billion at December 31, 2009 and 2008, respectively.
The Firm reduces exposures to these contracts by entering into offsetting transactions, or by entering into contracts that hedge the market risk related to the derivative guarantees.
In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market.
For a further discussion of credit derivatives, see Note 5 on pages 175–183 of this Annual Report.
Securities lending indemnification Through the Firm’s securities lending program, customers’ securities, via custodial and non-custodial arrangements, may be lent to
Item 15.
Exhibits, Financial Statement Schedules.
(continued) Kinder Morgan, Inc.  Form 10-K

Tables referenced above, in order (Table 0 first):
<table><tr><td> December 31, 2009</td><td rowspan="2">Credit exposure</td><td rowspan="2">% of credit portfolio</td><td rowspan="2">Criticized exposure</td><td rowspan="2">Nonperforming loans</td><td rowspan="2">% of nonperforming loans to total loans (b)</td><td rowspan="2">Net charge-offs/ (recoveries)</td><td rowspan="2">% of net charge-offs to total loans<sup>(b)</sup></td><td></td></tr><tr><td>(in millions, except ratios)</td><td></td></tr><tr><td> Commercial real estate subcategories</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Multi-family</td><td>$32,073</td><td>47%</td><td>$3,986</td><td>$1,109</td><td>3.57%</td><td>$199</td><td> 0.64</td><td> %</td></tr><tr><td>Commercial lessors</td><td>18,512</td><td>27</td><td>4,017</td><td>1,057</td><td>6.97</td><td>232</td><td> 1.53</td><td></td></tr><tr><td>Commercial construction and development</td><td>6,593</td><td>10</td><td>1,518</td><td>313</td><td>6.81</td><td>105</td><td> 2.28</td><td></td></tr><tr><td>Other<sup>(a)</sup></td><td>11,331</td><td>16</td><td>2,454</td><td>409</td><td>6.44</td><td>152</td><td> 2.39</td><td></td></tr><tr><td> Total commercial real estate</td><td>$68,509</td><td>100%</td><td>$11,975</td><td>$2,888</td><td>5.05%</td><td>$688</td><td> 1.20</td><td> %</td></tr></table>
<table><tr><td>December 31, 2008</td><td rowspan="2">Credit exposure</td><td rowspan="2">% of credit portfolio</td><td rowspan="2">Criticized exposure</td><td rowspan="2">Nonperforming loans</td><td rowspan="2">% of nonperforming loans to total loans (b)</td><td rowspan="2">Net charge-offs/ (recoveries)</td><td rowspan="2">% of net charge-offs to total loans<sup>(b)</sup></td></tr><tr><td>(in millions, except ratios)</td></tr><tr><td> Commercial real estate subcategories</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Multi-family</td><td>$36,188</td><td>45%</td><td>$1,191</td><td>$293</td><td>0.87%</td><td>$-1</td><td>—%</td></tr><tr><td>Commercial lessors</td><td>21,037</td><td>26</td><td>1,649</td><td>74</td><td>0.43</td><td>4</td><td>0.02</td></tr><tr><td>Commercial construction and development</td><td>6,688</td><td>8</td><td>706</td><td>82</td><td>1.95</td><td>4</td><td>0.10</td></tr><tr><td>Other<sup>(a)</sup></td><td>16,371</td><td>21</td><td>2,415</td><td>357</td><td>3.89</td><td>205</td><td>2.23</td></tr><tr><td> Total commercial real estate</td><td>$80,284</td><td>100%</td><td>$5,961</td><td>$806</td><td>1.25%</td><td>$212</td><td>0.33%</td></tr></table>
<table><tr><td></td><td colspan="10"> December 31, 2009</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td colspan="2">Assets acquired in loan</td><td></td></tr><tr><td></td><td colspan="3">Loans</td><td colspan="3">Nonperforming</td><td></td><td colspan="2">satisfactions</td><td></td></tr><tr><td></td><td></td><td>Held-for-sale</td><td></td><td></td><td></td><td></td><td></td><td>Real estate</td><td></td><td>Nonperforming</td></tr><tr><td>(in millions)</td><td>Retained</td><td>and fair value</td><td>Total</td><td>Loans</td><td></td><td>Derivatives</td><td></td><td>owned</td><td>Other</td><td>assets</td></tr><tr><td>Investment Bank</td><td>$45,544</td><td>$3,567</td><td>$49,111</td><td>$3,504</td><td></td><td>$529</td><td><sup>(b)</sup></td><td>$203</td><td>$—</td><td>$4,236</td></tr><tr><td>Commercial Banking</td><td>97,108</td><td>324</td><td>97,432</td><td>2,801</td><td></td><td>—</td><td></td><td>187</td><td>1</td><td>2,989</td></tr><tr><td>Treasury & Securities Services</td><td>18,972</td><td>—</td><td>18,972</td><td>14</td><td></td><td>—</td><td></td><td>—</td><td>—</td><td>14</td></tr><tr><td>Asset Management</td><td>37,755</td><td>—</td><td>37,755</td><td>580</td><td></td><td>—</td><td></td><td>2</td><td>—</td><td>582</td></tr><tr><td>Corporate/Private Equity</td><td>698</td><td>207</td><td>905</td><td>5</td><td></td><td>—</td><td></td><td>—</td><td>—</td><td>5</td></tr><tr><td> Total</td><td>$200,077</td><td>$4,098</td><td>$204,175</td><td>$6,904</td><td><sup>(a)</sup></td><td>$529</td><td></td><td>$392</td><td>$1</td><td>$7,826</td></tr></table>
<table><tr><td>(in millions)</td><td>September 25,2008 (d)</td></tr><tr><td>Contractually required paymentsreceivable</td><td></td></tr><tr><td>(including interest)</td><td>$188,958</td></tr><tr><td>Less: Nonaccretable difference</td><td>-59,396</td></tr><tr><td>Cash flows expected to becollected<sup>(a)(b)</sup></td><td>129,562</td></tr><tr><td>Less: Accretable yield<sup>(b)(c)</sup></td><td>-39,454</td></tr><tr><td> Fair value of loans acquired</td><td>$90,108</td></tr></table>
<table><tr><td>(in millions)</td><td>2009</td><td>2008</td></tr><tr><td>Balance, January 1</td><td>$32,619</td><td>$—</td></tr><tr><td>Washington Mutual acquisition<sup>(a)</sup></td><td>—</td><td>39,454</td></tr><tr><td>Accretion into interest income</td><td>-4,363</td><td>-1,292</td></tr><tr><td>Changes in interest rates onvariable rate loans</td><td>-4,849</td><td>-5,543</td></tr><tr><td>Other changes in expected cashflows<sup>(b)</sup></td><td>2,137</td><td>—</td></tr><tr><td> Balance, December 31,</td><td>$25,544</td><td>$32,619</td></tr><tr><td>Accretable yield percentage</td><td>5.14%</td><td>5.81%</td></tr></table>
<table><tr><td></td><td colspan="3"> 2009</td><td colspan="3">2008</td></tr><tr><td>December 31, (in millions)</td><td colspan="2">Standby letters of credit and other financial guarantees</td><td>Other letters of credit</td><td colspan="2">Standby letters of credit and other financial guarantees</td><td>Other letters of credit<sup>(d)</sup></td></tr><tr><td>Investment-grade<sup>(a)</sup></td><td>$66,786</td><td></td><td>$3,861</td><td>$73,394</td><td></td><td>$3,772</td></tr><tr><td>Noninvestment-grade<sup>(a)</sup></td><td>24,699</td><td></td><td>1,306</td><td>21,958</td><td></td><td>1,155</td></tr><tr><td>Total contractual amount<sup>(b)</sup></td><td>$91,485</td><td><sup>(c)</sup></td><td>$5,167</td><td>$95,352</td><td><sup>(c)</sup></td><td>$4,927</td></tr><tr><td>Allowance for lending-related commitments</td><td>$552</td><td></td><td>$1</td><td>$274</td><td></td><td>$2</td></tr><tr><td>Commitments with collateral</td><td>31,454</td><td></td><td>1,315</td><td>30,972</td><td></td><td>1,000</td></tr></table>

Question: In the section with the most Commercial lessors, what is the growth rate of Commercial construction and developmen?
Answer: 8