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				Six Months Ended
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Receivables securitized	$	2,433	$	2,069	$	4,349	$	2,918
Net proceeds from securitization	$	2,300	$	1,950	$	4,100	$	2,750
Servicing fees
Variable interest entities	$	59	$	49	$	118	$	98
Net distributions from trusts
Variable interest entities	$	465	$	291	$	916	$	434

GM Financial retains servicing responsibilities for receivables transferred to certain securitization SPEs. At June 30, 2012 and December 31, 2011 GM Financial serviced finance receivables that have been transferred to certain SPEs of $9.5 billion and $7.9 billion. At June 30, 2012 and December 31, 2011 a Canadian subsidiary of GM Financial serviced leased assets of $802 million and $1.0 billion for a third party.