XML 57 R83.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Variable Interest Entities (Details) (USD $)
3 Months Ended 12 Months Ended
Mar. 31, 2014
Entity
risk
Mar. 31, 2013
Entity
Dec. 31, 2013
Entity
risk
Consolidated VIEs      
Net fair value gains and losses on FG VIEs are expected to reverse to zero at maturity of the VIE debt $ 0    
Number of VIE that did not require consolidation 950   1,000
Consolidated Variable Interest Entities [Roll Forward]      
Number of FG VIEs, beginning of period 40 33 33
Variable Interest Entity, Number of Entities to be Consolidated 0 [1]   11 [1]
Variable Interest Entity, Number of Entities to be Deconsolidated (7) [1]   (3) [1]
Variable Interest Entity Number Matured (2)   (1)
Number of FG VIEs, end of period 31   40
Variable Interest Entity Consolidation Gain or Loss 120,000,000    
Variable Interest Entity Consolidation and Deconsolidation Gain or Loss     7,000,000
Credit Risk Derivatives at Fair Value before Effect of Credit Spread Net 1 [Abstract]      
Number of days VIEs' assets were past due (in days) 90 days    
Total unpaid principal balance for the VIEs' assets that were over 90 days or more past due 201,000,000   750,000,000
Difference between the aggregate unpaid principal and aggregate fair value of the VIEs' Assets 1,159,000,000   1,940,000,000
Change in the instrument specific credit risk of the VIEs' assets 58,000,000 71,000,000  
Financial Guaranty Insurance Contracts, Variable Interest Entity, Consolidated Outstanding Principal Amount, Gross 1,783,000,000   2,316,000,000
Difference between the aggregate unpaid principal and aggregate fair value of the VIEs' liabilities 954,000,000   1,611,000,000
Assets 1,257,000,000   2,565,000,000
Total with recourse , Assets 1,121,000,000   1,449,000,000
Without recourse, Assets 136,000,000   1,116,000,000
Liabilities 1,447,000,000   2,871,000,000
Financial guaranty variable interest entities’ liabilities with recourse, at fair value 1,346,000,000   1,790,000,000
Financial guaranty variable interest entities’ liabilities without recourse, at fair value 101,000,000   1,081,000,000
Net change in fair value of financial guaranty variable interest entities:      
Net earned premiums (17,000,000) (18,000,000)  
Net investment income (3,000,000) (3,000,000)  
Net realized investment gains (losses) 0 1,000,000  
Fair value gains (losses) on FG VIEs 157,000,000 70,000,000  
Other income (2,000,000) 0  
Loss and LAE (1,000,000) (7,000,000)  
Effect on net income before tax provision 134,000,000 43,000,000  
Less: tax provision (benefit) 47,000,000 15,000,000  
Effect on net income (loss) 87,000,000 28,000,000  
Effect on cash flows from operating activities (8,000,000) 21,000,000  
Effect on shareholders’ equity (decrease) increase (87,000,000)   (172,000,000)
Number of Risks as of the end of the period with R&W Benefit Recorded (in policies) 45 [2]   42 [2]
Flagstar
     
Net change in fair value of financial guaranty variable interest entities:      
Fair value gains (losses) on FG VIEs   64,000,000  
Number of Risks as of the end of the period with R&W Benefit Recorded (in policies)   0  
Total first lien
     
Credit Risk Derivatives at Fair Value before Effect of Credit Spread Net 1 [Abstract]      
Assets 505,000,000   630,000,000
Liabilities 599,000,000   791,000,000
Second lien
     
Credit Risk Derivatives at Fair Value before Effect of Credit Spread Net 1 [Abstract]      
Assets 256,000,000   460,000,000
Liabilities 387,000,000   640,000,000
Other VIE with recourse
     
Credit Risk Derivatives at Fair Value before Effect of Credit Spread Net 1 [Abstract]      
Assets 360,000,000   359,000,000
Liabilities 360,000,000   359,000,000
Deconsolidation of Variable Interest Entity [Member]
     
Net change in fair value of financial guaranty variable interest entities:      
Fair value gains (losses) on FG VIEs 120,000,000    
Exercise of Option to Accelerate Variable Interest Entity [Member]
     
Net change in fair value of financial guaranty variable interest entities:      
Fair value gains (losses) on FG VIEs $ 37,000,000    
[1] Net gain on deconsolidation was $120 million in First Quarter 2014, and a net loss on consolidation and deconsolidation was $7 million in 2013, and recorded in “fair value gains (losses) on FG VIEs” in the consolidated statement of operations.
[2] A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making Debt Service payments. This table shows the full future Debt Service (not just the amount of Debt Service expected to be reimbursed) for risks with projected future R&W benefit, whether pursuant to an agreement or not.