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Representations and Warranties Obligations and Corporate Guarantees (Tables)
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12 Months Ended |
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Dec. 31, 2011
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| Guarantees [Abstract] |
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| Outstanding Claims By Category And Product [Table Text Block] |
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Outstanding Claims by Counterparty and Product |
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December 31 |
(Dollars in millions) |
2011 |
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2010 |
By counterparty (1)
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GSEs |
$ |
6,258 |
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$ |
2,821 |
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Monolines |
3,082 |
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4,678 |
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Whole loan and private-label securitization investors and other (2)
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4,912 |
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|
3,188 |
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Total outstanding claims by counterparty |
$ |
14,252 |
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$ |
10,687 |
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By product type (1)
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Prime loans |
$ |
3,928 |
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$ |
2,040 |
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Alt-A |
2,333 |
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1,190 |
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Home equity |
2,872 |
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3,658 |
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Pay option |
3,588 |
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2,889 |
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Subprime |
891 |
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734 |
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Other |
640 |
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176 |
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Total outstanding claims by product type |
$ |
14,252 |
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$ |
10,687 |
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(1) |
Excludes certain MI rescission notices. However, includes $1.2 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.
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(2) |
Amounts for December 31, 2011 and 2010 included $1.7 billion in demands contained in correspondence from private-label securitizations investors in the Covered Trusts that do not have the right to demand repurchase of loans directly or the right to access loan files. For additional information, see Settlement with Bank of New York Mellon, as Trustee in this Note.
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| Loan Repurchases And Indemnification Payments [Table Text Block] |
The table below presents first-lien and home equity loan repurchases and indemnification payments for 2011 and 2010.
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Loan Repurchases and Indemnification Payments |
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December 31 |
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2011 |
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2010 |
(Dollars in millions) |
Unpaid
Principal
Balance |
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Cash Paid
for
Repurchases
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Loss |
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Unpaid
Principal
Balance |
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Cash Paid
for
Repurchases
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Loss |
First-lien |
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Repurchases |
$ |
2,713 |
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$ |
3,067 |
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$ |
1,346 |
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$ |
2,557 |
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$ |
2,799 |
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$ |
1,142 |
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Indemnification payments |
3,329 |
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2,026 |
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2,026 |
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3,785 |
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2,173 |
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2,173 |
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Total first-lien |
6,042 |
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5,093 |
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3,372 |
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6,342 |
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4,972 |
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3,315 |
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Home equity |
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Repurchases |
28 |
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28 |
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14 |
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78 |
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86 |
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44 |
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Indemnification payments |
99 |
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99 |
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99 |
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149 |
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146 |
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146 |
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Total home equity |
127 |
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127 |
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113 |
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227 |
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232 |
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190 |
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Total first-lien and home equity |
$ |
6,169 |
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$ |
5,220 |
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$ |
3,485 |
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$ |
6,569 |
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$ |
5,204 |
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$ |
3,505 |
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| Rollforward Of Liability For Representations And Warranties [Table Text Block] |
The Representations and Warranties and Corporate Guarantees table presents a rollforward of the liability for representations and warranties and corporate guarantees.
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Representations and Warranties and Corporate Guarantees |
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(Dollars in millions) |
2011 |
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2010 |
Liability for representations and warranties and corporate guarantees, beginning of year |
$ |
5,438 |
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$ |
3,507 |
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Additions for new sales |
20 |
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30 |
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Charge-offs |
(5,191 |
) |
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(4,803 |
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Provision |
15,591 |
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6,785 |
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Other |
— |
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(81 |
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Liability for representations and warranties and corporate guarantees, December 31 |
$ |
15,858 |
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$ |
5,438 |
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