the following table summarizes the total contractual amount of credit-related , off-balance sheet financial instruments at december 31 . amounts reported do not reflect participations to independent third parties. .

2008: indemnified securities financing: 324590
liquidity asset purchase agreements: 28800
unfunded commitments to extend credit: 20981
standby letters of credit: 6061
2007: indemnified securities financing: 558368
liquidity asset purchase agreements: 35339
unfunded commitments to extend credit: 17533
standby letters of credit: 4711

approximately 81% ( 81 % ) of the unfunded commitments to extend credit expire within one year from the date of issue . since many of the commitments are expected to expire or renew without being drawn upon , the total commitment amounts do not necessarily represent future cash requirements . securities finance : on behalf of our customers , we lend their securities to creditworthy brokers and other institutions . we generally indemnify our customers for the fair market value of those securities against a failure of the borrower to return such securities . collateral funds received in connection with our securities finance services are held by us as agent and are not recorded in our consolidated statement of condition . we require the borrowers to provide collateral in an amount equal to or in excess of 100% ( 100 % ) of the fair market value of the securities borrowed . the borrowed securities are revalued daily to determine if additional collateral is necessary . in this regard , we held , as agent , cash and u.s . government securities with an aggregate fair value of $ 333.07 billion and $ 572.93 billion as collateral for indemnified securities on loan at december 31 , 2008 and 2007 , respectively , presented in the table above . the collateral held by us is invested on behalf of our customers . in certain cases , the collateral is invested in third-party repurchase agreements , for which we indemnify the customer against loss of the principal invested . we require the repurchase agreement counterparty to provide collateral in an amount equal to or in excess of 100% ( 100 % ) of the amount of the repurchase agreement . the indemnified repurchase agreements and the related collateral are not recorded in our consolidated statement of condition . of the collateral of $ 333.07 billion at december 31 , 2008 and $ 572.93 billion at december 31 , 2007 referenced above , $ 68.37 billion at december 31 , 2008 and $ 106.13 billion at december 31 , 2007 was invested in indemnified repurchase agreements . we held , as agent , cash and securities with an aggregate fair value of $ 71.87 billion and $ 111.02 billion as collateral for indemnified investments in repurchase agreements at december 31 , 2008 and december 31 , 2007 , respectively . asset-backed commercial paper program : in the normal course of our business , we provide liquidity and credit enhancement to an asset-backed commercial paper program sponsored and administered by us , described in note 12 . the commercial paper issuances and commitments of the commercial paper conduits to provide funding are supported by liquidity asset purchase agreements and back-up liquidity lines of credit , the majority of which are provided by us . in addition , we provide direct credit support to the conduits in the form of standby letters of credit . our commitments under liquidity asset purchase agreements and back-up lines of credit totaled $ 23.59 billion at december 31 , 2008 , and are included in the preceding table . our commitments under standby letters of credit totaled $ 1.00 billion at december 31 , 2008 , and are also included in the preceding table . legal proceedings : several customers have filed litigation claims against us , some of which are putative class actions purportedly on behalf of customers invested in certain of state street global advisors 2019 , or ssga 2019s , active fixed-income strategies . these claims related to investment losses in one or more of ssga 2019s strategies that included sub-prime investments . in 2007 , we established a reserve of approximately $ 625 million to address legal exposure associated with the under-performance of certain active fixed-income strategies managed by ssga and customer concerns as to whether the execution of these strategies was consistent with the customers 2019 investment intent . these strategies were adversely impacted by exposure to , and the lack of liquidity in .

Questions:
what was the value of standby letters of credit in 2008?
what was the value in 2007?
what is the net change?
what is the percent change?

Answers:
6061
4711
1350
.2866