Citibank 2013 Annual Report Download - page 109

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The table below sets forth the activity in the repurchase reserve for each of the quarterly periods presented:
Three Months Ended
In millions of dollars December 31, 2013 September 30, 2013 June 30, 2013 March 31, 2013 December 31, 2012
Balance, beginning of period $345 $ 719 $ 1,415 $ 1,565 $ 1,516
Reclassification (1) — — — (244) —
Additions for new sales (2) 4 7 9 7 6
Change in estimate — — 245 225 173
Utilizations (8) (10) (37) (138) (130)
Fannie Mae Agreement (3) — — (913) — —
Freddie Mac Agreement (4) — (371) — — —
Balance, end of period $341 $ 345 $ 719 $ 1,415 $ 1,565
(1) First quarter of 2013 reflects reclassification of $244 million of the repurchase reserve relating to private-label securitizations to Citi’s litigation accruals.
(2) Reflects new whole loan sales, primarily to the GSEs.
(3) Reflects $968 million paid pursuant to the Fannie Mae agreement, net of repurchases made in the first quarter of 2013.
(4) Reflects $395 million paid pursuant to the Freddie Mac agreement, net of repurchases made in the second quarter of 2013.
The following table sets forth the unpaid principal balance of loans repurchased due to representation and warranty claims during each of the quarterly
periods presented:
Three Months Ended
In millions of dollars December 31, 2013 September 30, 2013 June 30, 2013 March 31, 2013 December 31, 2012
GSEs and others $22 $46 $220 $190 $157
In addition to the amounts set forth in the table above, Citi recorded
make-whole payments of $1 million, $17 million, $59 million,
$93 million and $92 million for the quarterly periods ended
December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013, and
December 31, 2012, respectively.