Securitizations

The following table summarizes securitization activity and cash flows from consolidated special purpose entities (SPEs) used for securitizations (dollars in millions):



	Three Months Ended March 31,
	2012		2011
Receivables securitized	$	1,916	$	849
Net proceeds from securitization	$	1,800	$	800
Servicing Fees
Variable interest entities	$	59	$	49
Net Distributions from Trusts
Variable interest entities	$	451	$	143

GM Financial retains servicing responsibilities for receivables transferred to certain securitization SPEs. At March 31, 2012 and December 31, 2011 GM Financial serviced finance receivables that have been transferred to certain SPEs of $8.5 billion and $7.9 billion.

At March 31, 2012 a Canadian subsidiary of GM Financial serviced leased assets of $0.9 billion for a third party.