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Financial Guaranty Insurance Losses (Details 6) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Jun. 30, 2013
risk
Dec. 31, 2012
risk
Outstanding exposure:    
Reserves (salvage) $ 210 [1] $ 133 [1]
Effect of Consolidating FG VIEs
   
Outstanding exposure:    
Present value of expected cash flows (31)  
Financial guaranty
   
Outstanding exposure:    
Present value of expected cash flows (530) (451)
Reserves (salvage) 189 106
Financial guaranty | BIG 1 | Gross
   
Financial Guaranty Insurance BIG Transaction Loss Summary    
Number of risks 144 153
Remaining weighted-average contract period (in years) 11 years 3 months 18 days 11 years
Outstanding exposure:    
Principal 7,135 8,533
Interest 4,153 4,357
Total 11,288 12,890
Expected cash outflows (inflows) 1,199 1,582
Potential recoveries (1,247) (1,629)
Subtotal (48) (47)
Discount 1 (1)
Present value of expected cash flows (47) (48)
Deferred premium revenue 168 111
Reserves (salvage) (86) (103)
Financial guaranty | BIG 1 | Ceded
   
Financial Guaranty Insurance BIG Transaction Loss Summary    
Number of risks (47) (57)
Remaining weighted-average contract period (in years) 7 years 9 months 18 days 9 years 3 months 18 days
Outstanding exposure:    
Principal (1,159) (1,484)
Interest (463) (585)
Total (1,622) (2,069)
Expected cash outflows (inflows) (435) (677)
Potential recoveries 441 653
Subtotal 6 (24)
Discount 1 9
Present value of expected cash flows 7 (15)
Deferred premium revenue (36) (24)
Reserves (salvage) 11 (4)
Financial guaranty | BIG 2 | Gross
   
Financial Guaranty Insurance BIG Transaction Loss Summary    
Number of risks 83 76
Remaining weighted-average contract period (in years) 10 years 2 months 12 days 11 years 6 months 0 days
Outstanding exposure:    
Principal 3,703 2,741
Interest 1,849 1,813
Total 5,552 4,554
Expected cash outflows (inflows) 916 863
Potential recoveries (516) (509)
Subtotal 400 354
Discount (118) (107)
Present value of expected cash flows 282 247
Deferred premium revenue 221 227
Reserves (salvage) 125 102
Financial guaranty | BIG 2 | Ceded
   
Financial Guaranty Insurance BIG Transaction Loss Summary    
Number of risks (27) (22)
Remaining weighted-average contract period (in years) 13 years 15 years 3 months 18 days
Outstanding exposure:    
Principal (394) (135)
Interest (179) (131)
Total (573) (266)
Expected cash outflows (inflows) (104) (58)
Potential recoveries 29 18
Subtotal (75) (40)
Discount 26 14
Present value of expected cash flows (49) (26)
Deferred premium revenue (30) (15)
Reserves (salvage) (32) (18)
Financial guaranty | BIG 3 | Gross
   
Financial Guaranty Insurance BIG Transaction Loss Summary    
Number of risks 148 142
Remaining weighted-average contract period (in years) 9 years 8 years 6 months
Outstanding exposure:    
Principal 7,065 7,568
Interest 2,387 2,269
Total 9,452 9,837
Expected cash outflows (inflows) 2,937 3,052
Potential recoveries (2,181) (2,639)
Subtotal 756 413
Discount (371) (202)
Present value of expected cash flows 385 211
Deferred premium revenue 647 757
Reserves (salvage) 156 (35)
Financial guaranty | BIG 3 | Ceded
   
Financial Guaranty Insurance BIG Transaction Loss Summary    
Number of risks (52) [2] (51) [2]
Remaining weighted-average contract period (in years) 6 years 7 months 6 days 5 years 9 months 18 days
Outstanding exposure:    
Principal (516) (540)
Interest (151) (137)
Total (667) [3] (677) [3]
Expected cash outflows (inflows) (141) (156)
Potential recoveries 119 [4] 142 [4]
Subtotal (22) (14)
Discount 5 0
Present value of expected cash flows (17) (14)
Deferred premium revenue (80) (90)
Reserves (salvage) (1) [5] 11 [5]
Financial guaranty | Below investment grade (BIG)
   
Financial Guaranty Insurance BIG Transaction Loss Summary    
Number of risks 375 [2] 371 [2]
Remaining weighted-average contract period (in years) 10 years 4 months 24 days 10 years 2 months 12 days
Outstanding exposure:    
Principal 15,834 16,683
Interest 7,596 7,586
Total 23,430 [3] 24,269 [3]
Expected cash outflows (inflows) 3,667 3,868
Potential recoveries (2,726) [4] (3,166) [4]
Subtotal 941 702
Discount (411) (251)
Present value of expected cash flows 530 451
Deferred premium revenue 688 715
Reserves (salvage) 189 [5] 106 [5]
Financial guaranty | Below investment grade (BIG) | Total BIG, Net
   
Financial Guaranty Insurance BIG Transaction Loss Summary    
Number of risks 375 [2] 371 [2]
Remaining weighted-average contract period (in years) 10 years 4 months 24 days 10 years 2 months 12 days
Outstanding exposure:    
Principal 15,834 16,683
Interest 7,596 7,586
Total 23,430 [3] 24,269 [3]
Expected cash outflows (inflows) 4,372 4,606
Potential recoveries (3,355) [4] (3,964) [4]
Subtotal 1,017 642
Discount (456) (287)
Present value of expected cash flows 561 355
Deferred premium revenue 890 966
Reserves (salvage) 173 [5] (47) [5]
Financial guaranty | Below investment grade (BIG) | Effect of Consolidating FG VIEs
   
Financial Guaranty Insurance BIG Transaction Loss Summary    
Number of risks 0 [2] 0 [2]
Outstanding exposure:    
Principal 0 0
Interest 0 0
Total 0 [3] 0 [3]
Expected cash outflows (inflows) (705) (738)
Potential recoveries 629 [4] 798 [4]
Subtotal (76) 60
Discount 45 36
Present value of expected cash flows (31) 96
Deferred premium revenue (202) (251)
Reserves (salvage) $ 16 [5] $ 153 [5]
[1] (1)See “Components of Net Reserves (Salvage)” table for loss and LAE reserve and salvage and subrogation recoverable components.
[2] A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making Debt Service payments. The ceded number of risks represents the number of risks for which the Company ceded a portion of its exposure.
[3] Includes BIG amounts related to FG VIEs.
[4] Includes estimated future recoveries for breaches of R&W as well as excess spread, and draws on HELOCs.
[5] See table “Components of net reserves (salvage).”