Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The following table presents the carrying value on each junior subordinated note and VIE, along with the related interest rates of the long-term debt as of the dates indicated.

	June 30, 2015				December 31, 2014
	(Dollars in millions)
Trust Preferred Securities
Floating Three Month LIBOR
Plus 3.25%, matures 2032	$	26	3.53	%	$	26	3.50	%
Plus 3.25%, matures 2033	26		3.53	%	26		3.48	%
Plus 3.25%, matures 2033	26		3.52	%	26		3.51	%
Plus 2.00%, matures 2035	26		2.28	%	26		2.23	%
Plus 2.00%, matures 2035	26		2.28	%	26		2.23	%
Plus 1.75%, matures 2035	51		2.04	%	51		1.99	%
Plus 1.50%, matures 2035	25		1.78	%	25		1.73	%
Plus 1.45%, matures 2037	25		1.74	%	25		1.69	%
Plus 2.50%, matures 2037	16		2.78	%	16		2.74	%
Subtotal	$	247			$	247
Notes associated with consolidated VIEs
Floating One Month LIBOR
Plus 0.46% (1), matures 2018 (3)	—				42
Plus 0.16% (2), matures 2019 (4)	36				42
Total long-term debt	$	283			$	331

(1) The Note accrued interest at a rate equal to the least of (i) one-month LIBOR plus 0.46 percent (ii) the net weighted average coupon, and (iii) 16.00 percent.

(2) The interest rate for the notes may adjust monthly and will be subject to (i) a cap based on the weighted average of the loan rates on the mortgage loans, minus the rates at which certain fees and expenses of the issuing entity are calculated and minus any required spread and adjusted for actual days and (ii) a fixed cap of 16.00 percent.

(3) In June 2015, the Company exercised a clean-up of the outstanding debt. The par value for the debt was $43 million at December 31, 2014.

(4) The par value for the debt was $37 million and $45 million, respectively, at June 30, 2015 and December 31, 2014.