Quarterly report pursuant to Section 13 or 15(d)

Representations and Warranties Obligations and Corporate Guarantees (Tables)

v3.7.0.1
Representations and Warranties Obligations and Corporate Guarantees (Tables)
 3 Months Ended
Mar. 31, 2017
Representations and Warranties Obligations and Corporate Guarantees [Abstract]  
Outstanding Claims by Category and Product
The table below presents unresolved repurchase claims at March 31, 2017 and December 31, 2016. The unresolved repurchase claims include only claims where the Corporation believes that the counterparty has the contractual right to submit claims. The unresolved repurchase claims predominantly relate to subprime and pay option first-lien loans and home equity loans. For additional information, see Private-label Securitizations and Whole-loan Sales Experience in this Note and Note 12 – Commitments and Contingencies to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K.
 
 
 
 
Unresolved Repurchase Claims by Counterparty, net of duplicate claims
 
 
 
 
(Dollars in millions)
March 31
2017
 
December 31
2016
By counterparty
 

 
 

Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other (1)
$
16,678

 
$
16,685

Monolines
1,583

 
1,583

GSEs
4

 
9

Total unresolved repurchase claims by counterparty, net of duplicate claims
$
18,265

 
$
18,277

(1) 
Includes $11.9 billion of claims based on individual file reviews and $4.8 billion of claims submitted without individual file reviews at both March 31, 2017 and December 31, 2016.
Rollforward of Liability for Representation 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 March 31
(Dollars in millions)
2017
 
2016
Liability for representations and warranties and corporate guarantees, January 1
$
2,339

 
$
11,326

Additions for new sales
1

 
1

Payments (1)
(43
)
 
(8,557
)
Provision (benefit)
(3
)
 
42

Liability for representations and warranties and corporate guarantees, March 31
$
2,294

 
$
2,812


(1) 
In February 2016, the Corporation made an $8.5 billion settlement payment to BNY Mellon as part of the settlement with BNY Mellon.