| Outstanding Claims By Category And Product |
The table below presents unresolved repurchase claims at June 30, 2013 and December 31, 2012. The unresolved repurchase claims include only claims where the Corporation believes that the counterparty has a basis to submit claims. For additional information, see Whole Loan Sales and Private-label Securitizations Experience in this Note and Note 11 – Commitments and Contingencies herein. These repurchase claims do not include any repurchase claims related to the BNY Mellon Settlement regarding the Covered Trusts.
|
|
|
|
|
|
|
|
|
Unresolved Repurchase Claims by Counterparty and Product Type (1, 2)
|
|
|
|
(Dollars in millions) |
June 30
2013 |
|
December 31
2012 |
By counterparty |
|
|
|
GSEs |
$ |
1,120 |
|
|
$ |
13,530 |
|
Monolines |
1,542 |
|
|
2,449 |
|
Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other |
13,986 |
|
|
12,299 |
|
Total unresolved repurchase claims by counterparty |
$ |
16,648 |
|
|
$ |
28,278 |
|
By product type |
|
|
|
Prime loans |
$ |
1,421 |
|
|
$ |
8,793 |
|
Alt-A |
1,120 |
|
|
5,428 |
|
Home equity |
1,598 |
|
|
2,394 |
|
Pay option |
5,584 |
|
|
5,884 |
|
Subprime |
5,317 |
|
|
3,687 |
|
Other |
1,608 |
|
|
2,092 |
|
Total unresolved repurchase claims by product type |
$ |
16,648 |
|
|
$ |
28,278 |
|
|
|
(1) |
Excludes certain MI rescission notices. However, at June 30, 2013 and December 31, 2012, included $466 million and $2.3 billion of repurchase requests received from the GSEs that have resulted solely from MI rescission notices. For additional information, see Mortgage Insurance Rescission Notices in this Note.
|
|
|
(2) |
At June 30, 2013 and December 31, 2012, unresolved repurchase claims did not include repurchase demands of $1.5 billion and $1.6 billion where the Corporation believes the claimants have not satisfied the contractual thresholds as discussed on page 205.
|
|
| Rollforward Of Liability For Representations And Warranties |
The table below presents a rollforward of the liability for representations and warranties and corporate guarantees.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Representations and Warranties and Corporate Guarantees |
|
|
|
|
|
|
|
|
Three Months Ended June 30 |
|
Six Months Ended June 30 |
(Dollars in millions) |
2013 |
|
2012 |
|
2013 |
|
2012 |
Liability for representations and warranties and corporate guarantees, beginning of period |
$ |
14,076 |
|
|
$ |
15,746 |
|
|
$ |
19,021 |
|
|
$ |
15,858 |
|
Additions for new sales |
12 |
|
|
6 |
|
|
22 |
|
|
11 |
|
Net reductions |
(265 |
) |
|
(204 |
) |
|
(5,470 |
) |
|
(603 |
) |
Provision |
197 |
|
|
395 |
|
|
447 |
|
|
677 |
|
Liability for representations and warranties and corporate guarantees, June 30 |
$ |
14,020 |
|
|
$ |
15,943 |
|
|
$ |
14,020 |
|
|
$ |
15,943 |
|
|