136 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 4 Despite advancements in the availability of financing for  commercial real estate, as evidenced by the gradual reopening  of the CMBS markets, the lending market remains limited as  lenders continue to be more conservative with underwriting  standards. Moreover, property transactions have increased but  still remain low relative to historical standards. While liquidity  has improved within the CMBS market, a broad re-pricing of risk  has kept credit spreads across the subordinate CMBS tranches  at wide levels. AEGON USA holds EUR 4,715 million (2009: EUR 5,216 million)  of non-housing related ABS, net unrealized losses on this  portfolio amount to EUR 204 million at December 31, 2010  (2009: EUR 496 million). These are securitizations of underlying  pools of credit cards receivables, auto financing loans, small  business loans, bank loans and other receivables. The underlying  assets have varying credit ratings and are pooled together and  sold in tranches. See the table below for the breakdown of the  non housing ABS exposure of AEGON USA. AEGON USA ABS - NON HOUSING EXPOSURE CMBS exposure by quality AAA AA A BBB  < BBB  Total amortized cost Total fair  value CMBS 5,068 637 583 152 169 6,609 6,618 CMBS and CRE CDOs 30 20 35 15 47 147 82 AT DECEMBER 31, 2010 5,098 657 618 167 216 6,756 6,700 CMBS 4,520 681 477 306 219 6,203 5,418 CMBS and CRE CDOs 72 48 13 24 – 157 64  AT DECEMBER 31, 2009 4,592 729 490 330 219 6,360 5,482  AAA AA A BBB  < BBB  Total amortized cost Total fair value Credit cards 1,145 97 249 504 10 2,005 2,044 Autos 395 77 – – 93 565 574 Small business loans 180 120 14 62 60 436 335 CDOs backed by ABS, Corp. Bonds,  Bank loans 314 377 16 19 40 766 691 Other ABS 508 156 170 76 237 1,147 1,071 AT DECEMBER 31, 2010 2,542 827 449 661 440 4,919 4,715 Credit cards 1,227 382 355 609 14 2,587 2,548 Autos 304 87 106 41 188 726 725 Small business loans 414 9 11 31 – 465 322 CDOs backed by ABS, Corp. Bonds,  Bank loans 413 208 42 19 37 719 596 Other ABS 551 124 299 187 54 1,215 1,025 AT DECEMBER 31, 2009 2,909 810 813 887 293 5,712 5,216