december 31 , 2009 , $ 397 million of the credit losses related to securities rated below investment grade . as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for non-agency residential mortgage-backed securities totaled $ 1.1 billion and the related securities had a fair value of $ 2.6 billion . the fair value of sub-investment grade investment securities for which we have not recorded an otti credit loss as of december 31 , 2009 totaled $ 2.6 billion , with unrealized net losses of $ 658 million . the results of our security-level assessments indicate that we will recover the entire cost basis of these securities . note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities . commercial mortgage-backed securities the fair value of the non-agency commercial mortgage- backed securities portfolio was $ 6.1 billion at december 31 , 2009 and consisted of fixed-rate , private-issuer securities collateralized by non-residential properties , primarily retail properties , office buildings , and multi-family housing . the agency commercial mortgage-backed securities portfolio was $ 1.3 billion fair value at december 31 , 2009 consisting of multi-family housing . substantially all of the securities are the most senior tranches in the subordination structure . we recorded otti credit losses of $ 6 million on non-agency commercial mortgage-backed securities during 2009 . the remaining fair value of the securities for which otti was recorded approximates zero . all of the credit-impaired securities were rated below investment grade . asset-backed securities the fair value of the asset-backed securities portfolio was $ 4.8 billion at december 31 , 2009 and consisted of fixed-rate and floating-rate , private-issuer securities collateralized primarily by various consumer credit products , including residential mortgage loans , credit cards , and automobile loans . substantially all of the securities are senior tranches in the securitization structure and have credit protection in the form of credit enhancement , over-collateralization and/or excess spread accounts . we recorded otti credit losses of $ 111 million on asset- backed securities during 2009 . all of the securities were collateralized by first and second lien residential mortgage loans and were rated below investment grade . as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for asset- backed securities totaled $ 221 million and the related securities had a fair value of $ 562 million . for the sub-investment grade investment securities for which we have not recorded an otti loss through december 31 , 2009 , the remaining fair value was $ 381 million , with unrealized net losses of $ 110 million . the results of our security-level assessments indicate that we will recover the entire cost basis of these securities . note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities . if the current housing and economic conditions were to continue for the foreseeable future or worsen , if market volatility and illiquidity were to continue or worsen , or if market interest rates were to increase appreciably , the valuation of our investment securities portfolio could continue to be adversely affected and we could incur additional otti credit losses that would impact our consolidated income statement . loans held for sale in millions dec . 31 dec . 31 .
what percentage of total commercial mortgages were at fair value?
we stopped originating commercial mortgage loans held for sale designated at fair value during the first quarter of 2008 and intend to continue pursuing opportunities to reduce these positions at appropriate prices . for commercial mortgages held for sale carried at the lower of cost or market , strong origination volumes partially offset sales to government agencies of $ 5.4 billion during 2009 . we recognized net gains of $ 107 million in 2009 on the valuation and sale of commercial mortgage loans held for sale , net of hedges , carried at fair value and lower of cost or market compared with losses of $ 197 million in 2008 . we sold $ .3 billion and $ .6 billion , respectively , of commercial mortgage loans held for sale carried at fair value in 2009 and 2008 . residential mortgage loans held for sale decreased during 2009 despite strong refinancing volumes , especially in the first quarter . loan origination volume was $ 19.1 billion . substantially all such loans were originated to agency standards . we sold $ 19.8 billion of loans and recognized related gains of $ 435 million during 2009 . net interest income on residential mortgage loans held for sale was $ 332 million for 2009. .