Weighted average remaining life of bonds held in the trusts in years

  
Home Equity LoansThe Corporation retains interests, primarily senior securities, in home equity securitization trusts to which it transferred home equity loans. In addition, the Corporation may be obligated to provide subordinate funding to the trusts during a rapid amortization event. This obligation is included in the maximum loss exposure in the preceding table. The charges that will ultimately be recorded as a result of the rapid amortization events depend on the undrawn portion of the home equity lines of credit, performance of the loans, the amount of subsequent draws and the timing of related cash flows. Credit Card SecuritizationsThe Corporation securitizes originated and purchased credit card loans. The Corporation’s continuing involvement with the securitization trust includes servicing the receivables, retaining an undivided interest (seller’s interest) in the receivables, and holding certain retained interests, including subordinate interests in accrued interest and fees on the securitized receivables and cash reserve accounts. Senior debt securities totaling $1.0 billion were issued to third-party investors from the credit card securitization trust during the nine months ended September 30, 2022 and 2021.At both September 30, 2022 and December 31, 2021, the Corporation held subordinate securities issued by the credit card securitization trust with a notional principal amount of $6.5 billion. These securities serve as a form of credit enhancement to the senior debt securities and have a stated interest rate of zero percent. There were $161 million of subordinate securities issued by the credit card securitization trust during the nine months ended September 30, 2022 and 2021. Resecuritization TrustsThe Corporation transfers securities, typically MBS, into resecuritization VIEs generally at the request of customers seeking securities with specific characteristics. Generally, there are no significant ongoing activities performed in a resecuritization trust, and no single investor has the unilateral ability to liquidate the trust.The Corporation resecuritized $5.3 billion and $19.5 billion of securities during the three and nine months ended September 30, 2022 compared to $5.9 billion and $20.6 billion for the same periods in 2021. Securities transferred into resecuritization VIEs were measured at fair value with changes in fair value recorded in market making and similar activities prior to the resecuritization and, accordingly, no gain or loss on sale was recorded. During the three and nine months ended September 30, 2022 and 2021, resecuritization proceeds included securities with an initial fair value of $670 million and $2.4 billion compared to $1.0 billion and $1.6 billion, of which substantially all of the securities were classified as trading account assets for both periods and categorized as Level 2 within the fair value hierarchy.Municipal Bond TrustsThe Corporation administers municipal bond trusts that hold highly-rated, long-term, fixed-rate municipal bonds. The trusts obtain financing by issuing floating-rate trust certificates that reprice on a weekly or other short-term basis to third-party investors.The Corporation’s liquidity commitments to unconsolidated municipal bond trusts, including those for which the Corporation was transferor, totaled $3.1 billion and $4.1 billion at September 30, 2022 and December 31, 2021. The weighted-average remaining life of bonds held in the trusts at September 30, 2022 was 7.9 years. There were no significant write-downs or downgrades of assets or issuers during the nine months ended September 30, 2022 and 2021.Other Variable Interest EntitiesThe table below summarizes select information related to other VIEs in which the Corporation held a variable interest at September 30, 2022 and December 31, 2021.

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| Other VIEs  |  |  |  |  |  |  |  |  |
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|  | Consolidated |  | Unconsolidated |  | Total |  | Consolidated |  | Unconsolidated |  | Total |
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| (Dollars in millions) | September 30, 2022 |  | December 31, 2021 |
| Maximum loss exposure  | $ | 2,133  |  |  | $ | 28,835  |  |  | $ | 30,968  |  |  | $ | 4,819  |  |  | $ | 27,790  |  |  | $ | 32,609  |  |
| On-balance sheet assets |   |  |   |  |   |  |   |  |   |  |   |
| Trading account assets  | $ | 342  |  |  | $ | 557  |  |  | $ | 899  |  |  | $ | 2,552  |  |  | $ | 626  |  |  | $ | 3,178  |  |
| Debt securities carried at fair value  | —  |  |  | 4  |  |  | 4  |  |  | —  |  |  | 7  |  |  | 7  |  |
| Loans and leases  | 1,943  |  |  | 86  |  |  | 2,029  |  |  | 2,503  |  |  | 47  |  |  | 2,550  |  |
| Allowance for loan and lease losses  | (3) |  |  | (11) |  |  | (14) |  |  | (2) |  |  | (12) |  |  | (14) |  |
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| All other assets  | 33  |  |  | 27,606  |  |  | 27,639  |  |  | 28  |  |  | 26,628  |  |  | 26,656  |  |
| Total | $ | 2,315  |  |  | $ | 28,242  |  |  | $ | 30,557  |  |  | $ | 5,081  |  |  | $ | 27,296  |  |  | $ | 32,377  |  |
| On-balance sheet liabilities |   |  |   |  |   |  |   |  |   |  |   |
|  |  |  |  |  |  |  |  |  |  |  |  |
| Short-term borrowings | $ | 33  |  |  | $ | —  |  |  | $ | 33  |  |  | $ | 51  |  |  | $ | —  |  |  | $ | 51  |  |
| Long-term debt | 149  |  |  | —  |  |  | 149  |  |  | 211  |  |  | —  |  |  | 211  |  |
| All other liabilities  | —  |  |  | 7,009  |  |  | 7,009  |  |  | —  |  |  | 6,548  |  |  | 6,548  |  |
| Total  | $ | 182  |  |  | $ | 7,009  |  |  | $ | 7,191  |  |  | $ | 262  |  |  | $ | 6,548  |  |  | $ | 6,810  |  |
| Total assets of VIEs  | $ | 2,315  |  |  | $ | 95,767  |  |  | $ | 98,082  |  |  | $ | 5,081  |  |  | $ | 92,249  |  |  | $ | 97,330  |  |

  


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|  |  | Bank of America  78 |


