NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  6. LOANS AND LEASES Total portfolio loans and leases were recorded net of unearned  income, which totaled $1.0 billion and $1.2 billion as of December  31, 2010 and 2009, respectively. Additionally, unamortized  premiums and discounts, deferred loan fees and costs, and fair  value adjustments (associated with acquired loans or loans  designated as fair value upon origination), totaled a net discount  of $19 million and $106 million as of December 31, 2010 and  2009, respectively. The Bancorp diversifies its loan and lease portfolio by  offering a variety of loan and lease products with various payment  terms and rate structures. Lending activities are concentrated  within those states in which the Bancorp has banking centers and  are primarily located in the Midwestern and Southeastern regions  of the United States. The Bancorp’s commercial loan portfolio  consists of lending to various industry types. Management  periodically reviews the performance of its loan and lease  products to evaluate whether they are performing within  The components of the investment in lease financing at December 31:  acceptable interest rate and credit risk levels and changes are made  to underwriting policies and procedures as needed. The Bancorp  maintains an allowance to absorb loan and lease losses inherent in  the portfolio. For further information on credit quality and the  ALLL, see Note 7. The Bancorp engages in commercial and consumer lease  products primarily related to the financing of commercial  equipment and automobiles. The Bancorp had $3.0 billion of  direct financing leases and $1.7 billion of leveraged leases at  December 31, 2010 compared to $3.2 billion and $2.0 billion,  respectively, at December 31, 2009. Pre-tax income from leveraged leases for 2010 was $49  million compared to pre-tax income in 2009 of $57 million and a  pre-tax loss in 2008 of $97 million. The tax effect of this income  was an expense of $10 million in each of the years ended 2010 and  2009 and a tax benefit of $37 million in 2008.  (a) The accumulated allowance for uncollectible minimum lease payments was  $112  and $125 at  December 31, 2010  and 2009, respectively. The Bancorp periodically reviews residual values associated with  its leasing portfolio. Declines in residual values that are deemed to  be other-than-temporary are recognized as a loss. Residual value  write-downs related to consumer automobile leases for the year  ended December 31, 2010 were immaterial to the Consolidated  Financial Statements. The Bancorp recognized $1 million and $3  million in residual value write-downs related to consumer  automobile leases for the years ended December 31, 2009 and  2008, respectively. The Bancorp recognized an immaterial amount  of residual value write-downs related to commercial leases in 2010  and 2008 and $4 million for the year ended December 31, 2009.  At December 31, 2010, the minimum future lease payments  receivable for each of the years 2011 through 2015 was $860  million, $686 million, $492 million, $457 million and $251 million,  respectively.  The following table provides a summary of the total loans and leases classified by primary purpose as of December 31:  ($ in millions)  2010 2009  Loans and leases held for sale:  Commercial and industrial loans $83 4  Commercial mortgage loans  147 134  Commercial construction loans 63 87  Residential mortgage loans  1,901 1,811   Other consumer loans and leases 22 31  Total loans and leases held for sale $2,216 2,067  Portfolio loans and leases:  Commercial and industrial loans  $27,191 $25,683  Commercial mortgage loans 10,845 11,803  Commercial construction loans 2,048 3,784  Commercial leases 3,378 3,535  Total commercial loans and leases 43,462 44,805  Residential mortgage loans 8,956 8,035  Home equity 11,513 12,174  Automobile loans  10,983 8,995  Credit card  1,896 1,990  Other consumer loans and leases  681 780  Total consumer loans and leases 34,029 31,974  Total portfolio loans and leases  $77,491 76,779  ($ in millions)  2010 2009 Rentals receivable, net of principal and interest on nonrecourse debt  $3,775 4,174 Estimated residual value of leased assets  900 1,028 Initial direct cost, net of amortization  16 19 Gross investment in lease financing  4,691 5,221 Unearned income  (1,040) (1,186) Net investment in lease financing  (a) $3,651 4,035 Fifth Third Bancorp  81