| Outstanding Claims By Category And Product |
The table below presents unresolved repurchase claims at December 31, 2013 and 2012. The unresolved repurchase claims include only claims where the Corporation believes that the counterparty has the contractual right to submit claims. For additional information, see Whole-loan Sales and Private-label Securitizations Experience in this Note and Note 12 – Commitments and Contingencies. These repurchase claims do not include any repurchase claims related to the BNY Mellon Settlement regarding the Covered Trusts.
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Unresolved Repurchase Claims by Counterparty and Product Type (1, 2)
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|
December 31 |
(Dollars in millions) |
2013 |
|
2012 |
By counterparty |
|
|
|
|
|
|
Private-label securitization trustees, whole-loan investors, including third-party securitization
sponsors and other (3)
|
$ |
17,953 |
|
|
$ |
12,222 |
|
Monolines |
1,532 |
|
|
2,442 |
|
GSEs |
170 |
|
|
13,437 |
|
Total unresolved repurchase claims by counterparty (3)
|
$ |
19,655 |
|
|
$ |
28,101 |
|
By product type |
|
|
|
|
|
Prime loans |
$ |
623 |
|
|
$ |
8,724 |
|
Alt-A |
1,536 |
|
|
5,422 |
|
Home equity |
1,889 |
|
|
2,390 |
|
Pay option |
5,776 |
|
|
5,877 |
|
Subprime |
7,502 |
|
|
4,227 |
|
Other |
2,329 |
|
|
1,461 |
|
Total unresolved repurchase claims by product type (3)
|
$ |
19,655 |
|
|
$ |
28,101 |
|
|
|
(1) |
The total notional amount of unresolved repurchase claims does not include any repurchase claims related to the trusts covered by the BNY Mellon Settlement. |
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(2) |
At December 31, 2013 and 2012, unresolved repurchase claims did not include repurchase demands of $1.2 billion and $1.6 billion where the Corporation believes the claimants have not satisfied the contractual thresholds as noted on page 210.
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(3) |
Includes $13.8 billion and $11.7 billion of claims based on individual file reviews and $4.1 billion and $519 million of claims submitted without individual file reviews at December 31, 2013 and 2012.
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| Loan Repurchases And Indemnification Payments |
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Loan Repurchases and Indemnification Payments |
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December 31 |
|
2013 |
|
2012 |
(Dollars in millions) |
Unpaid
Principal
Balance |
|
Cash Paid
for
Repurchases
|
|
Loss |
|
Unpaid
Principal
Balance |
|
Cash Paid
for
Repurchases
|
|
Loss |
First-lien |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchases |
$ |
746 |
|
|
$ |
784 |
|
|
$ |
149 |
|
|
$ |
1,184 |
|
|
$ |
1,273 |
|
|
$ |
389 |
|
Indemnification payments |
661 |
|
|
383 |
|
|
383 |
|
|
831 |
|
|
425 |
|
|
425 |
|
Total first-lien |
1,407 |
|
|
1,167 |
|
|
532 |
|
|
2,015 |
|
|
1,698 |
|
|
814 |
|
Home equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Repurchases |
— |
|
|
— |
|
|
— |
|
|
24 |
|
|
24 |
|
|
— |
|
Indemnification payments |
74 |
|
|
77 |
|
|
77 |
|
|
36 |
|
|
33 |
|
|
33 |
|
Total home equity |
74 |
|
|
77 |
|
|
77 |
|
|
60 |
|
|
57 |
|
|
33 |
|
Total first-lien and home equity |
$ |
1,481 |
|
|
$ |
1,244 |
|
|
$ |
609 |
|
|
$ |
2,075 |
|
|
$ |
1,755 |
|
|
$ |
847 |
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| Rollforward Of Liability For Representations And Warranties |
The table below presents a rollforward of the liability for representations and warranties and corporate guarantees.
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Representations and Warranties and Corporate Guarantees |
|
|
|
|
(Dollars in millions) |
2013 |
|
2012 |
Liability for representations and warranties and corporate guarantees, January 1 |
$ |
19,021 |
|
|
$ |
15,858 |
|
Additions for new sales |
36 |
|
|
28 |
|
Net reductions |
(6,615 |
) |
|
(804 |
) |
Provision |
840 |
|
|
3,939 |
|
Liability for representations and warranties and corporate guarantees, December 31 |
$ |
13,282 |
|
|
$ |
19,021 |
|
|