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Representations and Warranties Obligations and Corporate Guarantees (Tables)
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6 Months Ended |
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Jun. 30, 2011
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| Representations and Warranties Obligations and Corporate Guarantees [Abstract] |
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| Outstanding Claims by Category and Product |
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Outstanding Claims by Counterparty and Product Type
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June 30 |
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December 31 |
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| (Dollars in millions) |
|
2011 |
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|
2010 |
|
| |
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By counterparty
|
|
|
|
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|
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GSEs
|
|
$ |
5,081 |
|
|
$ |
2,821 |
|
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Monolines
|
|
|
3,533 |
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|
|
4,799 |
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Whole loan and private-label securitization investors and other (1)
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|
|
2,966 |
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|
|
3,067 |
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Total outstanding claims by counterparty
|
|
$ |
11,580 |
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$ |
10,687 |
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By product type
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Prime loans
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$ |
3,421 |
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$ |
2,040 |
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Alt-A
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|
|
1,938 |
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|
1,190 |
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Home equity
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2,853 |
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3,658 |
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Pay option
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2,478 |
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2,889 |
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Subprime
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|
|
663 |
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|
|
734 |
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Other
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|
|
227 |
|
|
|
176 |
|
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Total outstanding claims by product type
|
|
$ |
11,580 |
|
|
$ |
10,687 |
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| (1) |
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Amounts for June 30, 2011 and December 31, 2010 include
$1.7 billion in demands contained in correspondence from
private-label securitizations investors in the Covered
Trusts that do not have the right to demand repurchase of
loans directly or the right to access loan files. For
additional information, see Settlement with Bank of New
York Mellon, as Trustee on page 174.
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| Loan Repurchases and Indemnification Payments |
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| Loan Repurchases and Indemnification Payments |
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Three Months Ended June 30 |
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2011 |
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2010 |
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Unpaid |
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Cash Paid |
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Unpaid |
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Cash Paid |
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Principal |
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for |
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Principal |
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for |
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| (Dollars in millions) |
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Balance |
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Repurchases |
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Loss |
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Balance |
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Repurchases |
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Loss |
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First-lien
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Repurchases
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$ |
860 |
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$ |
970 |
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$ |
419 |
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$ |
573 |
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$ |
627 |
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$ |
267 |
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Indemnification payments
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|
958 |
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|
539 |
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|
539 |
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|
291 |
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|
166 |
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|
165 |
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Total first-lien
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1,818 |
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1,509 |
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|
958 |
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|
864 |
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|
|
793 |
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|
432 |
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Home equity
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Repurchases
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3 |
|
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|
3 |
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- |
|
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|
24 |
|
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|
28 |
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|
19 |
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Indemnification payments
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|
45 |
|
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|
48 |
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|
48 |
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|
38 |
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|
36 |
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|
36 |
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Total home equity
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|
48 |
|
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|
51 |
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|
48 |
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|
62 |
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|
64 |
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|
55 |
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Total first-lien and home equity
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$ |
1,866 |
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$ |
1,560 |
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$ |
1,006 |
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$ |
926 |
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$ |
857 |
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$ |
487 |
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Six Months Ended June 30 |
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2011 |
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2010 |
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First-lien
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|
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Repurchases
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$ |
1,194 |
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$ |
1,333 |
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$ |
552 |
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$ |
1,209 |
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$ |
1,325 |
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|
$ |
627 |
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Indemnification payments
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|
|
1,292 |
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|
|
699 |
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|
|
699 |
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|
801 |
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|
|
462 |
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|
462 |
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Total first-lien
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2,486 |
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2,032 |
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1,251 |
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2,010 |
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1,787 |
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|
1,089 |
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Home equity
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Repurchases
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|
18 |
|
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|
18 |
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14 |
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|
42 |
|
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|
48 |
|
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|
29 |
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Indemnification payments
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|
85 |
|
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|
87 |
|
|
|
87 |
|
|
|
79 |
|
|
|
76 |
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|
76 |
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Total home equity
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|
103 |
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|
105 |
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|
101 |
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|
121 |
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|
124 |
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|
105 |
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Total first-lien and home equity
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$ |
2,589 |
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$ |
2,137 |
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$ |
1,352 |
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$ |
2,131 |
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$ |
1,911 |
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$ |
1,194 |
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| Rollforward of the liability for representations and warranties |
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Three Months Ended June 30 |
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Six Months Ended June 30 |
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| (Dollars in millions) |
|
2011 |
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|
2010 |
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|
2011 |
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|
2010 |
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Liability for representations and warranties and corporate guarantees, beginning of period
|
|
$ |
6,220 |
|
|
$ |
3,325 |
|
|
$ |
5,438 |
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$ |
3,507 |
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Additions for new sales
|
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|
3 |
|
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|
8 |
|
|
|
10 |
|
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|
16 |
|
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Charge-offs
|
|
|
(2,480 |
) |
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|
(642 |
) |
|
|
(2,718 |
) |
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(1,360 |
) |
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Provision
|
|
|
14,037 |
|
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|
1,248 |
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|
|
15,050 |
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|
|
1,774 |
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Other
|
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|
- |
|
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|
- |
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|
- |
|
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|
2 |
|
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Liability for representations and warranties and corporate guarantees, June 30
|
|
$ |
17,780 |
|
|
$ |
3,939 |
|
|
$ |
17,780 |
|
|
$ |
3,939 |
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