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Savings Association Insurance Fund’s Financial Statements Statements of Financial Position_part3

Tham khảo tài liệu 'savings association insurance fund’s financial statements statements of financial position_part3', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Savings Association Insurance Fund s Financial Statements Savings Association Insurance Fund million respectively including cash investments and miscellaneous receivables of 93 million and 16 million at December 31 2002 and 2001 respectively . The estimated cash recoveries from the management and disposition of these assets that are used to derive the allowance for losses are based primarily on a non-representative sampling of receivership assets. This nonrepresentative sample based primarily on asset book values provided 95 coverage of the entire portfolio s book value for the year ended December 31 2002. These estimated recoveries are regularly evaluated but remain subject to uncertainties because of potential changes in economic conditions. Such uncertainties could cause the SAIF s and other claimants actual recoveries to vary from the level currently estimated. As part of the FDIC s efforts to maximize the return from the sale of assets from thrift resolutions representations and warranties and guarantees were offered on loan sales from the Superior resolution. In general the guarantees representations and warranties on loans sold relate to the completeness and accuracy of loan documentation the quality of the underwriting standards used the accuracy of the delinquency status when sold and the conformity of the loans with characteristics of the pool in which they were sold. The total amount of loans sold subject to unexpired representations and warranties and guarantees was 4.8 billion as of December 31 2002. SAIF did not establish a liability for all outstanding claims asserted in connection with representations and warranties because the receivership has sufficient funds to pay for such claims. However future losses on representations and warranties and guarantees could be incurred over the remaining life of the loans sold which is generally 20 years or more. Consequently the FDIC believes it is possible that additional losses may be incurred by the SAIF from