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Fair Value Of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2012
Quantitative Information Regarding Significant Unobservable Inputs For Certain Assets And Liabilities Measured At Fair Value On Recurring Basis |
In millions |  | Fair Value as of September 30, 2012 |  |  | Valuation Techniques |  | Unobservable Input |  | Range (Weighted Average) |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable at fair value |  | $ | 1,892 |  |  | Quoted market prices adjusted for financial guarantees provided to VIE obligations |  | Impact of financial guarantee |  |  | 0% - 22% (4%) |
Loan repurchase commitments |  |  | 1,051 |  |  | Discounted cash flow |  | Recovery rates |  |  | 9% - 96% (43%) |
|  |  |  |  |  |  |  | Breach rates |  |  | 65% - 94% (78%) |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | 1,885 |  |  | Quoted market prices of VIE assets adjusted for financial guarantees provided |  | Impact of financial guarantee |  |  | 0% - 20% (6%) |
Credit derivative liabilities, net: |  |  |  |  |  |  |  |  |  |  |  |
CMBS |  |  | 1,533 |  |  | BET Model |  | Recovery rates |  |  | 20% - 90% (51%) |
|  |  |  |  |  |  |  | Nonperformance risk |  |  | 8% - 62% (57%) |
|  |  |  |  |  |  |  | Weighted average life (in years) |  |  | 0.3 - 5.9 (4.6) |
|  |  |  |  |  |  |  | CMBS spreads |  |  | 1% - 22% (12%) |
Multi-sector CDO |  |  | 628 |  |  | Direct Price Model |  | Nonperformance risk |  |  | 63% - 63% (63%) |
Other |  |  | 1,156 |  |  | BET Model |  | Recovery rates |  |  | 42% - 75% (47%) |
|  |  |  |  |  |  |  | Nonperformance risk |  |  | 8% - 63% (50%) |
|  |  |  |  |  |  |  | Weighted average life (in years) |  |  | 0.2 - 19.0 (3.1) |
Company's Assets And Liabilities Measured At Fair Value On Recurring Basis |
|  | Fair Value Measurements at Reporting Date Using |  |  |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Counterparty and Cash Collateral Netting |  |  | Balance as of September 30, 2012 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable bonds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency |  | $ | 860 |  |  | $ | 101 |  |  | $ | - |  |  | $ | - |  |  | $ | 961 |
Foreign governments |  |  | 257 |  |  |  | 72 |  |  |  | 12 | (1) |  |  | - |  |  |  | 341 |
Corporate obligations |  |  | 1 |  |  |  | 1,136 |  |  |  | 91 | (1) |  |  | - |  |  |  | 1,228 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | - |  |  |  | 1,073 |  |  |  | - |  |  |  | - |  |  |  | 1,073 |
Residential mortgage-backed non-agency |  |  | - |  |  |  | 169 |  |  |  | 7 | (1) |  |  | - |  |  |  | 176 |
Commercial mortgage-backed |  |  | - |  |  |  | 19 |  |  |  | 30 | (1) |  |  | - |  |  |  | 49 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | - |  |  |  | 64 |  |  |  | 30 | (1) |  |  | - |  |  |  | 94 |
Other asset-backed |  |  | - |  |  |  | 116 |  |  |  | 73 | (1) |  |  | - |  |  |  | 189 |
State and municipal bonds |  |  | - |  |  |  | 888 |  |  |  | 71 | (1) |  |  | - |  |  |  | 959 |
Total taxable bonds |  |  | 1,118 |  |  |  | 3,638 |  |  |  | 314 |  |  |  | - |  |  |  | 5,070 |
Tax-exempt bonds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal bonds |  |  | - |  |  |  | 925 |  |  |  | 23 | (1) |  |  | - |  |  |  | 948 |
Other fixed-maturity investments |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | - |  |  |  | 10 |
Total fixed-maturity investments |  |  | 1,118 |  |  |  | 4,573 |  |  |  | 337 |  |  |  | - |  |  |  | 6,028 |
Money market securities |  |  | 593 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 593 |
Perpetual preferred securities |  |  | - |  |  |  | 28 |  |  |  | 3 | (1) |  |  | - |  |  |  | 31 |
Other |  |  | 20 |  |  |  | - |  |  |  | 11 | (1) |  |  | - |  |  |  | 31 |
Total investments |  |  | 1,731 |  |  |  | 4,601 |  |  |  | 351 |  |  |  | - |  |  |  | 6,683 |
Cash and cash equivalents |  |  | 298 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 298 |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit derivatives |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  |  | - |  |  |  | 95 |  |  |  | 4 | (1) |  |  | (96) |  |  |  | 3 |
Total derivative assets |  |  | - |  |  |  | 95 |  |  |  | 5 |  |  |  | (96) |  |  |  | 4 |
|  | Fair Value Measurements at Reporting Date Using |  |  |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Counterparty and Cash Collateral Netting |  |  | Balance as of September 30, 2012 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | - |  |  |  | 219 |  |  |  | 83 | (1) |  |  | - |  |  |  | 302 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed non-agency |  |  | - |  |  |  | 852 |  |  |  | 8 | (1) |  |  | - |  |  |  | 860 |
Commercial mortgage-backed |  |  | - |  |  |  | 409 |  |  |  | 13 | (1) |  |  | - |  |  |  | 422 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | - |  |  |  | 191 |  |  |  | 173 | (1) |  |  | - |  |  |  | 364 |
Other asset-backed |  |  | - |  |  |  | 126 |  |  |  | 66 | (1) |  |  | - |  |  |  | 192 |
State and municipal taxable bonds |  |  | - |  |  |  | 41 |  |  |  | - |  |  |  | - |  |  |  | 41 |
Money market securities |  |  | 15 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 15 |
Total fixed-maturity investments |  |  | 15 |  |  |  | 1,838 |  |  |  | 343 |  |  |  | - |  |  |  | 2,196 |
Cash |  |  | 143 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 143 |
Loans receivable |  |  | - |  |  |  | - |  |  |  | 1,892 |  |  |  | - |  |  |  | 1,892 |
Loan repurchase commitments |  |  | - |  |  |  | - |  |  |  | 1,051 |  |  |  | - |  |  |  | 1,051 |
Total assets |  | $ | 2,187 |  |  | $ | 6,534 |  |  | $ | 3,642 |  |  | $ | (96) |  |  | $ | 12,267 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  |  | $ | - |  |  | $ | 168 | (1) |  | $ | - |  |  | $ | 168 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit derivatives |  |  | - |  |  |  | 14 |  |  |  | 3,318 |  |  |  | - |  |  |  | 3,332 |
Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  |  | - |  |  |  | 305 |  |  |  | 4 | (1) |  |  | (311) |  |  |  | (2) |
Currency derivatives |  |  | - |  |  |  | 1 |  |  |  | 1 | (1) |  |  | - |  |  |  | 2 |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants |  |  | - |  |  |  | 18 |  |  |  | - |  |  |  | - |  |  |  | 18 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | - |  |  |  | 1,741 |  |  |  | 1,885 |  |  |  | - |  |  |  | 3,626 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  |  | - |  |  |  | 157 |  |  |  | - |  |  |  | - |  |  |  | 157 |
Currency derivatives |  |  | - |  |  |  | - |  |  |  | 23 | (1) |  |  | - |  |  |  | 23 |
Total liabilities |  | $ | - |  |  | $ | 2,236 |  |  | $ | 5,399 |  |  | $ | (311) |  |  | $ | 7,324 |
(1) - | Unobservable inputs are either not developed by the Company or do not significantly impact the overall fair values of the aggregate financial assets and liabilities.
|  | Fair Value Measurements at Reporting Date Using |  |  |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Counterparty and Cash Collateral Netting |  |  | Balance as of December 31, 2011 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable bonds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency |  | $ | 1,038 |  |  | $ | 103 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,141 |
Foreign governments |  |  | 277 |  |  |  | 62 |  |  |  | 11 |  |  |  | - |  |  |  | 350 |
Corporate obligations |  |  | 1 |  |  |  | 1,531 |  |  |  | 207 |  |  |  | - |  |  |  | 1,739 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | - |  |  |  | 1,276 |  |  |  | 8 |  |  |  | - |  |  |  | 1,284 |
Residential mortgage-backed non-agency |  |  | - |  |  |  | 350 |  |  |  | 17 |  |  |  | - |  |  |  | 367 |
Commercial mortgage-backed |  |  | - |  |  |  | 34 |  |  |  | 24 |  |  |  | - |  |  |  | 58 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | - |  |  |  | 78 |  |  |  | 60 |  |  |  | - |  |  |  | 138 |
Other asset-backed |  |  | - |  |  |  | 130 |  |  |  | 317 |  |  |  | - |  |  |  | 447 |
State and municipal bonds |  |  | - |  |  |  | 924 |  |  |  | - |  |  |  | - |  |  |  | 924 |
Total taxable bonds |  |  | 1,316 |  |  |  | 4,488 |  |  |  | 644 |  |  |  | - |  |  |  | 6,448 |
Tax-exempt bonds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal bonds |  |  | - |  |  |  | 1,137 |  |  |  | 28 |  |  |  | - |  |  |  | 1,165 |
Other fixed-maturity investments |  |  | - |  |  |  | 15 |  |  |  | - |  |  |  | - |  |  |  | 15 |
Total fixed-maturity investments |  |  | 1,316 |  |  |  | 5,640 |  |  |  | 672 |  |  |  | - |  |  |  | 7,628 |
Money market securities |  |  | 912 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 912 |
Perpetual preferred securities |  |  | - |  |  |  | 106 |  |  |  | 1 |  |  |  | - |  |  |  | 107 |
Other |  |  | 25 |  |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 35 |
Total investments |  |  | 2,253 |  |  |  | 5,746 |  |  |  | 683 |  |  |  | - |  |  |  | 8,682 |
Cash and cash equivalents |  |  | 473 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 473 |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit derivatives |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | 1 |
Interest rate derivatives |  |  | - |  |  |  | 91 |  |  |  | 3 |  |  |  | - |  |  |  | 94 |
Other |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (93) |  |  |  | (93) |
Total derivative assets |  |  | - |  |  |  | 92 |  |  |  | 3 |  |  |  | (93) |  |  |  | 2 |
|  | Fair Value Measurements at Reporting Date Using |  |  |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Counterparty and Cash Collateral Netting |  |  | Balance as of December 31, 2011 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | - |  |  |  | 170 |  |  |  | 69 |  |  |  | - |  |  |  | 239 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | - |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 3 |
Residential mortgage-backed non-agency |  |  | - |  |  |  | 1,437 |  |  |  | 21 |  |  |  | - |  |  |  | 1,458 |
Commercial mortgage-backed |  |  | - |  |  |  | 559 |  |  |  | 22 |  |  |  | - |  |  |  | 581 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | - |  |  |  | 330 |  |  |  | 203 |  |  |  | - |  |  |  | 533 |
Other asset-backed |  |  | - |  |  |  | 236 |  |  |  | 67 |  |  |  | - |  |  |  | 303 |
Money market securities |  |  | 199 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 199 |
Total fixed-maturity investments |  |  | 199 |  |  |  | 2,735 |  |  |  | 382 |  |  |  | - |  |  |  | 3,316 |
Cash |  |  | 160 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 160 |
Loans receivable |  |  | - |  |  |  | - |  |  |  | 2,046 |  |  |  | - |  |  |  | 2,046 |
Loan repurchase commitments |  |  | - |  |  |  | - |  |  |  | 1,077 |  |  |  | - |  |  |  | 1,077 |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit derivatives |  |  | - |  |  |  | - |  |  |  | 447 |  |  |  | - |  |  |  | 447 |
Interest rate derivatives |  |  | - |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 3 |
Total assets |  | $ | 3,085 |  |  | $ | 8,576 |  |  | $ | 4,638 |  |  | $ | (93) |  |  | $ | 16,206 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  |  | $ | - |  |  | $ | 165 |  |  | $ | - |  |  | $ | 165 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit derivatives |  |  | - |  |  |  | 18 |  |  |  | 4,790 |  |  |  | - |  |  |  | 4,808 |
Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  |  | - |  |  |  | 445 |  |  |  | - |  |  |  | - |  |  |  | 445 |
Currency derivatives |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 4 |
Other |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (93) |  |  |  | (93) |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants |  |  | - |  |  |  | 38 |  |  |  | - |  |  |  | - |  |  |  | 38 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | - |  |  |  | 1,865 |  |  |  | 2,889 |  |  |  | - |  |  |  | 4,754 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit derivatives |  |  | - |  |  |  | - |  |  |  | 527 |  |  |  | - |  |  |  | 527 |
Interest rate derivatives |  |  | - |  |  |  | 281 |  |  |  | - |  |  |  | - |  |  |  | 281 |
Currency derivatives |  |  | - |  |  |  | - |  |  |  | 17 |  |  |  | - |  |  |  | 17 |
Total liabilities |  | $ | - |  |  | $ | 2,651 |  |  | $ | 8,388 |  |  | $ | (93) |  |  | $ | 10,946 |
Fair Value And Carrying Value Of Assets And Liabilities That Are Disclosed At Fair Value But Not Reported At Fair Value On Company's Consolidated Balance Sheets |
|  | Fair Value Measurements at Reporting Date Using |  |  |  |  |  |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Fair Value Balance as of September 30, 2012 |  |  | Carry Value Balance as of September 30, 2012 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  | $ | - |  |  | $ | - |  |  | $ | 9 |  |  | $ | 9 |  |  | $ | 9 |
Accrued investment income(1) |  |  | 51 |  |  |  | - |  |  |  | - |  |  |  | 51 |  |  |  | 51 |
Receivable for investments sold(1) |  |  | 159 |  |  |  | - |  |  |  | - |  |  |  | 159 |  |  |  | 159 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments held-to-maturity |  |  | - |  |  |  | - |  |  |  | 2,867 |  |  |  | 2,867 |  |  |  | 3,015 |
Total assets |  | $ | 210 |  |  | $ | - |  |  | $ | 2,876 |  |  | $ | 3,086 |  |  | $ | 3,234 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment agreements |  | $ | - |  |  | $ | - |  |  | $ | 1,254 |  |  | $ | 1,254 |  |  | $ | 993 |
Medium-term notes |  |  | - |  |  |  | - |  |  |  | 1,068 |  |  |  | 1,068 |  |  |  | 1,438 |
Long-term debt |  |  | - |  |  |  | 1,109 |  |  |  | - |  |  |  | 1,109 |  |  |  | 1,836 |
Payable for investments purchased(2) |  |  | 150 |  |  |  | - |  |  |  | - |  |  |  | 150 |  |  |  | 150 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | - |  |  |  | - |  |  |  | 3,166 |  |  |  | 3,166 |  |  |  | 3,468 |
Total liabilities |  | $ | 150 |  |  | $ | 1,109 |  |  | $ | 5,488 |  |  | $ | 6,747 |  |  | $ | 7,885 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross |  | $ | - |  |  | $ | - |  |  | $ | 866 |  |  | $ | 866 |  |  | $ | 720 |
Ceded |  |  | - |  |  |  | - |  |  |  | 88 |  |  |  | 88 |  |  |  | 94 |
(1) - Reported within “Other assets” on MBIA’s consolidated balance sheets. (2) - Reported within “Other liabilities” on MBIA’s consolidated balance sheets.
|  | Fair Value Measurements at Reporting Date Using |  |  | Fair Value Balance as of December 31, 2011 |  |  | Carry Value Balance as of December 31, 2011 |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  | $ | - |  |  | $ | - |  |  | $ | 11 |  |  | $ | 11 |  |  | $ | 11 |
Accrued investment income(1) |  |  | 63 |  |  |  | - |  |  |  | - |  |  |  | 63 |  |  |  | 63 |
Receivable for investments sold(1) |  |  | 32 |  |  |  | - |  |  |  | - |  |  |  | 32 |  |  |  | 32 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments held-to-maturity |  |  | - |  |  |  | - |  |  |  | 3,489 |  |  |  | 3,489 |  |  |  | 3,843 |
Total assets |  | $ | 95 |  |  | $ | - |  |  | $ | 3,500 |  |  | $ | 3,595 |  |  | $ | 3,949 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment agreements |  | $ | - |  |  | $ | - |  |  | $ | 1,853 |  |  | $ | 1,853 |  |  | $ | 1,578 |
Medium-term notes |  |  | - |  |  |  | - |  |  |  | 1,187 |  |  |  | 1,187 |  |  |  | 1,491 |
Securities sold under agreements to repurchase |  |  | - |  |  |  | 286 |  |  |  | - |  |  |  | 286 |  |  |  | 287 |
Long-term debt |  |  | - |  |  |  | 1,117 |  |  |  | - |  |  |  | 1,117 |  |  |  | 1,840 |
Payable for investments purchased(2) |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 3 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | - |  |  |  | - |  |  |  | 3,297 |  |  |  | 3,297 |  |  |  | 3,943 |
Long-term debt |  |  | - |  |  |  | - |  |  |  | 368 |  |  |  | 368 |  |  |  | 360 |
Total liabilities |  | $ | 3 |  |  | $ | 1,403 |  |  | $ | 6,705 |  |  | $ | 8,111 |  |  | $ | 9,502 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross |  | $ | - |  |  | $ | - |  |  | $ | 1,451 |  |  | $ | 1,451 |  |  | $ | 1,305 |
Ceded |  |  | - |  |  |  | - |  |  |  | 94 |  |  |  | 94 |  |  |  | 104 |
(1) - Reported within “Other assets” on MBIA’s consolidated balance sheets. (2) - Reported within “Other liabilities” on MBIA’s consolidated balance sheets.
Changes In Level 3 Assets And Liabilities Measured At Fair Value On Recurring Basis | Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2012
In millions |  | Balance, Beginning of Period |  |  | Realized Gains / (Losses) |  |  | Unrealized Gains / (Losses) Included in Earnings |  |  | Unrealized Gains / (Losses) Included in OCI |  |  | Foreign Exchange Recognized in OCI or Earnings |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3(1) |  |  | Transfers out of Level 3(1) |  |  | Ending Balance |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of September 30, 2012 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments |  | $ | 12 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1 |  |  | $ | 9 |  |  | $ | - |  |  | $ | (10) |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 12 |  |  | $ | - |
Corporate obligations |  |  | 98 |  |  |  | - |  |  |  | 4 |  |  |  | (2) |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | (13) |  |  |  | - |  |  |  | 10 |  |  |  | (8) |  |  |  | 91 |  |  |  | 3 |
Residential mortgage- backed agency |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1) |  |  |  | - |  |  |  | - |  |  |  | (3) |  |  |  | - |  |  |  | - |
Residential mortgage- backed non-agency |  |  | 33 |  |  |  | (1) |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5) |  |  |  | - |  |  |  | 1 |  |  |  | (23) |  |  |  | 7 |  |  |  | - |
Commercial mortgage-backed |  |  | 27 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 30 |  |  |  | - |
Collateralized debt obligations |  |  | 29 |  |  |  | (4) |  |  |  | - |  |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4) |  |  |  | - |  |  |  | 4 |  |  |  | (4) |  |  |  | 30 |  |  |  | - |
Other asset-backed |  |  | 69 |  |  |  | (2) |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | (1) |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | 73 |  |  |  | - |
State and municipal taxable bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 71 |  |  |  | - |  |  |  | 71 |  |  |  | - |
State and municipal tax-exempt bonds |  |  | 25 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 23 |  |  |  | - |
Perpetual preferred securities |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | - |
Other investments |  |  | 10 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11 |  |  |  | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 95 |  |  |  | - |  |  |  | (10) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2) |  |  |  | - |  |  |  | 3 |  |  |  | (3) |  |  |  | 83 |  |  |  | 1 |
Residential mortgage- backed non-agency |  |  | 10 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1) |  |  |  | - |  |  |  | 2 |  |  |  | (3) |  |  |  | 8 |  |  |  | - |
Commercial mortgage-backed |  |  | 12 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 13 |  |  |  | 1 |
Collateralized debt obligations |  |  | 140 |  |  |  | - |  |  |  | (5) |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1) |  |  |  | - |  |  |  | 37 |  |  |  | - |  |  |  | 173 |  |  |  | (2) |
Other asset-backed |  |  | 42 |  |  |  | - |  |  |  | (1) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5) |  |  |  | - |  |  |  | 30 |  |  |  | - |  |  |  | 66 |  |  |  | 1 |
Loans receivable |  |  | 1,903 |  |  |  | - |  |  |  | 61 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (72) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,892 |  |  |  | 61 |
Loan repurchase commitments |  |  | 1,032 |  |  |  | - |  |  |  | 19 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,051 |  |  |  | 19 |
Total assets |  | $ | 3,544 |  |  | $ | (7) |  |  | $ | 70 |  |  | $ | 14 |  |  | $ | 1 |  |  | $ | 13 |  |  | $ | - |  |  | $ | (117) |  |  | $ | - |  |  | $ | 163 |  |  | $ | (44) |  |  | $ | 3,637 |  |  | $ | 84 |
In millions |  | Balance, Beginning of Period |  |  | Realized (Gains) / Losses |  |  | Unrealized (Gains) / Losses Included in Earnings |  |  | Unrealized (Gains) / Losses Included in OCI |  |  | Foreign Exchange Recognized in OCI or Earnings |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3(1) |  |  | Transfers out of Level 3(1) |  |  | Ending Balance |  |  | Change in Unrealized (Gains) Losses for the Period Included in Earnings for Liabilities still held as of September 30, 2012 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 151 |  |  | $ | - |  |  | $ | 14 |  |  | $ | - |  |  | $ | 3 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 168 |  |  | $ | 14 |
Credit derivatives, net |  |  | 3,285 |  |  |  | - |  |  |  | 32 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,317 |  |  |  | 33 |
Interest rate derivatives, net |  |  | (4) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 5 |
Currency derivatives, net |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |  |  |  | - |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 1,867 |  |  |  | - |  |  |  | 128 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (110) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,885 |  |  |  | 128 |
Currency derivatives, net |  |  | 21 |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 23 |  |  |  | 2 |
Total liabilities |  | $ | 5,320 |  |  | $ | - |  |  | $ | 176 |  |  | $ | - |  |  | $ | 3 |  |  | $ | - |  |  | $ | - |  |  | $ | (110) |  |  | $ | - |  |  | $ | 5 |  |  | $ | - |  |  | $ | 5,394 |  |  | $ | 182 |
(1) - Transferred in and out at the end of the period. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2011
In millions |  | Balance, Beginning of Period |  |  | Realized Gains / (Losses) |  |  | Unrealized Gains / (Losses) Included in Earnings |  |  | Unrealized Gains / (Losses) Included in OCI |  |  | Foreign Exchange Recognized in OCI or Earnings |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3(1) |  |  | Transfers out of Level 3(1) |  |  | Ending Balance |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of September 30, 2011 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments |  | $ | 13 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (2) |  |  | $ | 3 |  |  | $ | - |  |  | $ | (3) |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 11 |  |  | $ | - |
Corporate obligations |  |  | 294 |  |  |  | (1) |  |  |  | - |  |  |  | (10) |  |  |  | (5) |  |  |  | 19 |  |  |  | - |  |  |  | (32) |  |  |  | (38) |  |  |  | 115 |  |  |  | - |  |  |  | 342 |  |  |  | - |
Residential mortgage- backed agency |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |
Residential mortgage- backed non-agency |  |  | 28 |  |  |  | (1) |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | (4) |  |  |  | - |  |  |  | 1 |  |  |  | (2) |  |  |  | 27 |  |  |  | - |
Commercial mortgage-backed |  |  | 50 |  |  |  | (2) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3) |  |  |  | (13) |  |  |  | - |  |  |  | - |  |  |  | 32 |  |  |  | - |
Collateralized debt obligations |  |  | 162 |  |  |  | (2) |  |  |  | - |  |  |  | (3) |  |  |  | - |  |  |  | 39 |  |  |  | 2 |  |  |  | (79) |  |  |  | (28) |  |  |  | 1 |  |  |  | (25) |  |  |  | 67 |  |  |  | - |
Other asset-backed |  |  | 331 |  |  |  | - |  |  |  | - |  |  |  | (27) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (9) |  |  |  | - |  |  |  | 3 |  |  |  | (28) |  |  |  | 270 |  |  |  | - |
State and municipal taxable bonds |  |  | 13 |  |  |  | 1 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (15) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
State and municipal tax-exempt bonds |  |  | 32 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 30 |  |  |  | - |
Perpetual preferred securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |  |  |  | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 62 |  |  |  | - |  |  |  | (5) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1) |  |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 63 |  |  |  | (2) |
Residential mortgage- backed non-agency |  |  | 17 |  |  |  | - |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1) |  |  |  | (6) |  |  |  | 2 |  |  |  | - |  |  |  | 15 |  |  |  | 1 |
Commercial mortgage-backed |  |  | 27 |  |  |  | - |  |  |  | (1) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (11) |  |  |  | 2 |  |  |  | - |  |  |  | 17 |  |  |  | (2) |
Collateralized debt obligations |  |  | 201 |  |  |  | - |  |  |  | (17) |  |  |  | (7) |  |  |  | - |  |  |  | 60 |  |  |  | - |  |  |  | (1) |  |  |  | (21) |  |  |  | 12 |  |  |  | (21) |  |  |  | 206 |  |  |  | (14) |
Other asset-backed |  |  | 73 |  |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6) |  |  |  | - |  |  |  | (1) |  |  |  | 71 |  |  |  | 5 |
Loans receivable |  |  | 2,320 |  |  |  | - |  |  |  | (36) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (66) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,218 |  |  |  | (36) |
Loan repurchase commitments |  |  | 905 |  |  |  | - |  |  |  | 33 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 938 |  |  |  | 33 |
Total assets |  | $ | 4,528 |  |  | $ | (5) |  |  | $ | (18) |  |  | $ | (45) |  |  | $ | (7) |  |  | $ | 126 |  |  | $ | 2 |  |  | $ | (216) |  |  | $ | (123) |  |  | $ | 144 |  |  | $ | (77) |  |  | $ | 4,309 |  |  | $ | (15) |
In millions |  | Balance, Beginning of Period |  |  | Realized (Gains) / Losses |  |  | Unrealized (Gains) / Losses Included in Earnings |  |  | Unrealized (Gains) / Losses Included in OCI |  |  | Foreign Exchange Recognized in OCI or Earnings |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3(1) |  |  | Transfers out of Level 3(1) |  |  | Ending Balance |  |  | Change in Unrealized (Gains) Losses for the Period Included in Earnings for Liabilities still held as of September 30, 2011 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 206 |  |  | $ | - |  |  | $ | (69) |  |  | $ | - |  |  | $ | (9) |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 128 |  |  | $ | (69) |
Credit derivatives, net |  |  | 5,657 |  |  |  | 78 |  |  |  | (777) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (78) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,880 |  |  |  | (388) |
Interest rate derivatives, net |  |  | (4) |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3) |  |  |  | 5 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 4,513 |  |  |  | - |  |  |  | (194) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (207) |  |  |  | (981) |  |  |  | - |  |  |  | - |  |  |  | 3,131 |  |  |  | (194) |
Credit derivatives, net |  |  | 920 |  |  |  | - |  |  |  | (154) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 765 |  |  |  | (154) |
Currency derivatives, net |  |  | 16 |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18 |  |  |  | 2 |
Total liabilities |  | $ | 11,308 |  |  | $ | 78 |  |  | $ | (1,191) |  |  | $ | - |  |  | $ | (9) |  |  | $ | - |  |  | $ | - |  |  | $ | (286) |  |  | $ | (981) |  |  | $ | - |  |  | $ | - |  |  | $ | 8,919 |  |  | $ | (798) |
(1) - Transferred in and out at the end of the period. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2012
In millions |  | Balance, Beginning of Year |  |  | Realized Gains / (Losses) |  |  | Unrealized Gains / (Losses) Included in Earnings |  |  | Unrealized Gains / (Losses) Included in OCI |  |  | Foreign Exchange Recognized in OCI or Earnings |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3(1) |  |  | Transfers out of Level 3(1) |  |  | Ending Balance |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of September 30, 2012 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments |  | $ | 11 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1 |  |  | $ | 22 |  |  | $ | - |  |  | $ | (19) |  |  | $ | (3) |  |  | $ | - |  |  | $ | - |  |  | $ | 12 |  |  | $ | - |
Corporate obligations |  |  | 207 |  |  |  | (15) |  |  |  | 9 |  |  |  | 24 |  |  |  | - |  |  |  | 18 |  |  |  | - |  |  |  | (29) |  |  |  | (140) |  |  |  | 25 |  |  |  | (8) |  |  |  | 91 |  |  |  | 8 |
Residential mortgage- backed agency |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1) |  |  |  | - |  |  |  | 4 |  |  |  | (12) |  |  |  | - |  |  |  | - |
Residential mortgage- backed non-agency |  |  | 17 |  |  |  | (1) |  |  |  | - |  |  |  | (1) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (11) |  |  |  | (3) |  |  |  | 31 |  |  |  | (25) |  |  |  | 7 |  |  |  | - |
Commercial mortgage-backed |  |  | 24 |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | (1) |  |  |  | 30 |  |  |  | - |
Collateralized debt obligations |  |  | 60 |  |  |  | (9) |  |  |  | - |  |  |  | 18 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (12) |  |  |  | (10) |  |  |  | 14 |  |  |  | (31) |  |  |  | 30 |  |  |  | - |
Other asset-backed |  |  | 317 |  |  |  | (58) |  |  |  | - |  |  |  | 71 |  |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | (11) |  |  |  | (250) |  |  |  | 5 |  |  |  | (6) |  |  |  | 73 |  |  |  | - |
State and municipal taxable bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 71 |  |  |  | - |  |  |  | 71 |  |  |  | - |
State and municipal tax-exempt bonds |  |  | 28 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 23 |  |  |  | - |
Perpetual preferred securities |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | (3) |  |  |  | 3 |  |  |  | - |
Other investments |  |  | 10 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11 |  |  |  | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 69 |  |  |  | - |  |  |  | (15) |  |  |  | (6) |  |  |  | - |  |  |  | 28 |  |  |  | - |  |  |  | (5) |  |  |  | - |  |  |  | 15 |  |  |  | (3) |  |  |  | 83 |  |  |  | 3 |
Residential mortgage- backed non-agency |  |  | 21 |  |  |  | - |  |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5) |  |  |  | (15) |  |  |  | 5 |  |  |  | (4) |  |  |  | 8 |  |  |  | 3 |
Commercial mortgage-backed |  |  | 22 |  |  |  | - |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3) |  |  |  | (8) |  |  |  | 5 |  |  |  | (6) |  |  |  | 13 |  |  |  | 2 |
Collateralized debt obligations |  |  | 203 |  |  |  | - |  |  |  | (5) |  |  |  | (1) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1) |  |  |  | (74) |  |  |  | 51 |  |  |  | - |  |  |  | 173 |  |  |  | 5 |
Other asset-backed |  |  | 67 |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | (8) |  |  |  | (35) |  |  |  | 34 |  |  |  | - |  |  |  | 66 |  |  |  | 5 |
Loans receivable |  |  | 2,046 |  |  |  | - |  |  |  | 52 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (204) |  |  |  | (2) |  |  |  | - |  |  |  | - |  |  |  | 1,892 |  |  |  | 52 |
Loan repurchase commitments |  |  | 1,077 |  |  |  | - |  |  |  | (26) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,051 |  |  |  | (26) |
Total assets |  | $ | 4,188 |  |  | $ | (83) |  |  | $ | 29 |  |  | $ | 112 |  |  | $ | 1 |  |  | $ | 78 |  |  | $ | - |  |  | $ | (314) |  |  | $ | (540) |  |  | $ | 265 |  |  | $ | (99) |  |  | $ | 3,637 |  |  | $ | 52 |
In millions |  | Balance, Beginning of Year |  |  | Realized (Gains) / Losses |  |  | Unrealized (Gains) / Losses Included in Earnings |  |  | Unrealized (Gains) / Losses Included in OCI |  |  | Foreign Exchange Recognized in OCI or Earnings |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3(1) |  |  | Transfers out of Level 3(1) |  |  | Ending Balance |  |  | Change in Unrealized (Gains) Losses for the Period Included in Earnings for Liabilities still held as of September 30, 2012 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 165 |  |  | $ | - |  |  | $ | 3 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 168 |  |  | $ | 4 |
Credit derivatives, net |  |  | 4,790 |  |  |  | 463 |  |  |  | (1,473) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (463) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,317 |  |  |  | (538) |
Interest rate derivatives, net |  |  | (3) |  |  |  | - |  |  |  | (1) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 12 |
Interest rate derivatives, net |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |  |  |  | - |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 2,889 |  |  |  | - |  |  |  | 348 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (369) |  |  |  | (983) |  |  |  | - |  |  |  | - |  |  |  | 1,885 |  |  |  | 292 |
Credit derivatives, net |  |  | 80 |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (82) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Currency derivatives, net |  |  | 17 |  |  |  | - |  |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 23 |  |  |  | 6 |
Total liabilities |  | $ | 7,938 |  |  | $ | 463 |  |  | $ | (1,115) |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (832) |  |  | $ | (1,065) |  |  | $ | 5 |  |  | $ | - |  |  | $ | 5,394 |  |  | $ | (224) |
(1) - Transferred in and out at the end of the period. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2011
In millions |  | Balance, Beginning of Year |  |  | Realized Gains / (Losses) |  |  | Unrealized Gains / (Losses) Included in Earnings |  |  | Unrealized Gains / (Losses) Included in OCI |  |  | Foreign Exchange Recognized in OCI or Earnings |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3(1) |  |  | Transfers out of Level 3(1) |  |  | Ending Balance |  |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of September 30, 2011 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments |  | $ | 11 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (1) |  |  | $ | 9 |  |  | $ | - |  |  | $ | (8) |  |  | $ | - |  |  | $ | 7 |  |  | $ | (7) |  |  | $ | 11 |  |  | $ | - |
Corporate obligations |  |  | 246 |  |  |  | (1) |  |  |  | - |  |  |  | (3) |  |  |  | (2) |  |  |  | 30 |  |  |  | - |  |  |  | (65) |  |  |  | (50) |  |  |  | 202 |  |  |  | (15) |  |  |  | 342 |  |  |  | - |
Residential mortgage- backed agency |  |  | 41 |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | (1) |  |  |  | (1) |  |  |  | - |  |  |  | (41) |  |  |  | 1 |  |  |  | - |
Residential mortgage- backed non-agency |  |  | 48 |  |  |  | (2) |  |  |  | - |  |  |  | 11 |  |  |  | (1) |  |  |  | 15 |  |  |  | - |  |  |  | (14) |  |  |  | (19) |  |  |  | 9 |  |  |  | (20) |  |  |  | 27 |  |  |  | - |
Commercial mortgage-backed |  |  | 41 |  |  |  | (2) |  |  |  | - |  |  |  | 2 |  |  |  | 1 |  |  |  | 8 |  |  |  | - |  |  |  | (3) |  |  |  | (14) |  |  |  | - |  |  |  | (1) |  |  |  | 32 |  |  |  | - |
Collateralized debt obligations |  |  | 192 |  |  |  | (4) |  |  |  | - |  |  |  | 25 |  |  |  | - |  |  |  | 46 |  |  |  | 3 |  |  |  | (112) |  |  |  | (36) |  |  |  | 49 |  |  |  | (96) |  |  |  | 67 |  |  |  | - |
Other asset-backed |  |  | 349 |  |  |  | - |  |  |  | - |  |  |  | (26) |  |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | (20) |  |  |  | (2) |  |  |  | 16 |  |  |  | (57) |  |  |  | 270 |  |  |  | - |
State and municipal taxable bonds |  |  | 14 |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (15) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
State and municipal tax-exempt bonds |  |  | 36 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | (7) |  |  |  | (1) |  |  |  | - |  |  |  | - |  |  |  | 30 |  |  |  | - |
Perpetual preferred securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |  |  |  | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 82 |  |  |  | - |  |  |  | (18) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5) |  |  |  | - |  |  |  | 11 |  |  |  | (7) |  |  |  | 63 |  |  |  | (2) |
Residential mortgage- backed non-agency |  |  | 40 |  |  |  | - |  |  |  | 2 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6) |  |  |  | (6) |  |  |  | 2 |  |  |  | (20) |  |  |  | 15 |  |  |  | 2 |
Commercial mortgage-backed |  |  | 23 |  |  |  | - |  |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2) |  |  |  | (12) |  |  |  | 2 |  |  |  | - |  |  |  | 17 |  |  |  | 3 |
Collateralized debt obligations |  |  | 245 |  |  |  | - |  |  |  | (27) |  |  |  | (7) |  |  |  | - |  |  |  | 60 |  |  |  | - |  |  |  | (3) |  |  |  | (21) |  |  |  | 48 |  |  |  | (89) |  |  |  | 206 |  |  |  | 1 |
Other asset-backed |  |  | 81 |  |  |  | - |  |  |  | (3) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2) |  |  |  | (6) |  |  |  | 2 |  |  |  | (1) |  |  |  | 71 |  |  |  | 2 |
Loans receivable |  |  | 2,183 |  |  |  | - |  |  |  | 260 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (223) |  |  |  | (2) |  |  |  | - |  |  |  | - |  |  |  | 2,218 |  |  |  | 260 |
Loan repurchase commitments |  |  | 835 |  |  |  | - |  |  |  | 91 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 938 |  |  |  | 91 |
Total assets |  | $ | 4,467 |  |  | $ | (8) |  |  | $ | 311 |  |  | $ | 6 |  |  | $ | (3) |  |  | $ | 182 |  |  | $ | 15 |  |  | $ | (486) |  |  | $ | (170) |  |  | $ | 349 |  |  | $ | (354) |  |  | $ | 4,309 |  |  | $ | 357 |
In millions |  | Balance, Beginning of Year |  |  | Realized (Gains) / Losses |  |  | Unrealized (Gains) / Losses Included in Earnings |  |  | Unrealized (Gains) / Losses Included in OCI |  |  | Foreign Exchange Recognized in OCI or Earnings |  |  | Purchases |  |  | Issuances |  |  | Settlements |  |  | Sales |  |  | Transfers into Level 3(1) |  |  | Transfers out of Level 3(1) |  |  | Ending Balance |  |  | Change in Unrealized (Gains) Losses for the Period Included In Earnings for Liabilities still held as of September 30, 2011 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 116 |  |  | $ | - |  |  | $ | 9 |  |  | $ | - |  |  | $ | 3 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 128 |  |  | $ | 9 |
Credit derivatives, net |  |  | 4,350 |  |  |  | 683 |  |  |  | 530 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (683) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,880 |  |  |  | 2,160 |
Interest rate derivatives, net |  |  | (5) |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | (3) |  |  |  | 6 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 4,673 |  |  |  | - |  |  |  | 75 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (456) |  |  |  | (1,161) |  |  |  | - |  |  |  | - |  |  |  | 3,131 |  |  |  | 75 |
Credit derivatives, net |  |  | 768 |  |  |  | - |  |  |  | (3) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 765 |  |  |  | (3) |
Currency derivatives, net |  |  | 14 |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18 |  |  |  | 4 |
Total liabilities |  | $ | 9,916 |  |  | $ | 683 |  |  | $ | 616 |  |  | $ | - |  |  | $ | 3 |  |  | $ | - |  |  | $ | - |  |  | $ | (1,139) |  |  | $ | (1,161) |  |  | $ | 1 |  |  | $ | - |  |  | $ | 8,919 |  |  | $ | 2,251 |
(1) - Transferred in and out at the end of the period.
Gains And Losses (Realized And Unrealized) Included In Earnings Relating To Level 3 Assets And Liabilities |
|  | Three Months Ended September 30, 2012 |
|  |  |  |  |  |  |  |  |  |  | Consolidated VIEs |
In millions |  | Unrealized Gains (Losses) on Insured Derivatives |  |  | Net Realized Gains (Losses) |  |  | Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange |  |  | Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange |
Total gains (losses) included in earnings |  | $ | (32) |  |  | $ | (7) |  |  | $ | (9) |  |  | $ | (65) |
Change in unrealized gains (losses) for the period included in earnings for assets and liabilities still held as of September 30, 2012 |  | $ | (33) |  |  | $ | - |  |  | $ | (16) |  |  | $ | (49) |
|  | Three Months Ended September 30, 2011 |
|  |  |  |  |  |  |  |  |  |  | Consolidated VIEs |
In millions |  | Unrealized Gains (Losses) on Insured Derivatives |  |  | Net Realized Gains (Losses) |  |  | Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange |  |  | Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange |
Total gains (losses) included in earnings |  | $ | 777 |  |  | $ | (83) |  |  | $ | 68 |  |  | $ | 328 |
Change in unrealized gains (losses) for the period included in earnings for assets and liabilities still held as of September 30, 2011 |  | $ | 388 |  |  | $ | - |  |  | $ | 64 |  |  | $ | 331 |
|  | Nine Months Ended September 30, 2012 |
|  |  |  |  |  |  |  |  |  |  | Consolidated VIEs |
In millions |  | Unrealized Gains (Losses) on Insured Derivatives |  |  | Net Realized Gains (Losses) |  |  | Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange |  |  | Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange |
Total gains (losses) included in earnings |  | $ | 1,473 |  |  | $ | (546) |  |  | $ | 8 |  |  | $ | (337) |
Change in unrealized gains (losses) for the period included in earnings for assets and liabilities still held as of September 30, 2012 |  | $ | 538 |  |  | $ | - |  |  | $ | (8) |  |  | $ | (254) |
|  | Nine Months Ended September 30, 2011 |
|  |  |  |  |  |  |  |  |  |  | Consolidated VIEs |
In millions |  | Unrealized Gains (Losses) on Insured Derivatives |  |  | Net Realized Gains (Losses) |  |  | Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange |  |  | Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange |
Total gains (losses) included in earnings |  | $ | (530) |  |  | $ | (691) |  |  | $ | (10) |  |  | $ | 235 |
Change in unrealized gains (losses) for the period included in earnings for assets and liabilities still held as of September 30, 2011 |  | $ | (2,160) |  |  | $ | - |  |  | $ | (15) |  |  | $ | 281 |
Changes In Fair Value Included In Company's Consolidated Statements Of Operations |
|  | Net Gains (Losses) on Financial Instruments at Fair Value and Foreign Exchange |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
In millions |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Fixed-maturity securities held at fair value |  | $ | 21 |  |  | $ | (286) |  |  | $ | (36) |  |  | $ | (338) |
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans |  |  | (4) |  |  |  | (65) |  |  |  | (103) |  |  |  | 65 |
Other loans |  |  | (7) |  |  |  | (37) |  |  |  | (48) |  |  |  | (30) |
Loan repurchase commitments |  |  | 19 |  |  |  | 33 |  |  |  | 62 |  |  |  | 103 |
Other assets |  |  | - |  |  |  | (162) |  |  |  | - |  |  |  | (184) |
Long-term debt |  |  | 12 |  |  |  | 481 |  |  |  | 140 |  |  |  | 367 |
Difference Between Aggregate Fair Value And Aggregate Remaining Contractual Principal Balance Outstanding |
|  | As of September 30, 2012 |  |  | As of December 31, 2011 |
In millions |  | Contractual Outstanding Principal |  |  | Fair Value |  |  | Difference |  |  | Contractual Outstanding Principal |  |  | Fair Value |  |  | Difference |
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans |  | $ | 2,430 |  |  | $ | 1,746 |  |  | $ | 684 |  |  | $ | 2,769 |  |  | $ | 1,895 |  |  | $ | 874 |
Residential mortgage loans (90 days or more past due) |  |  | 241 |  |  |  | 46 |  |  |  | 195 |  |  |  | 259 |  |  |  | - |  |  |  | 259 |
Other loans |  |  | 39 |  |  |  | 16 |  |  |  | 23 |  |  |  | 129 |  |  |  | 43 |  |  |  | 86 |
Other loans (90 days or more past due) |  |  | 206 |  |  |  | 84 |  |  |  | 122 |  |  |  | 324 |  |  |  | 108 |  |  |  | 216 |
Total loans receivable at fair value |  | $ | 2,916 |  |  | $ | 1,892 |  |  | $ | 1,024 |  |  | $ | 3,481 |  |  | $ | 2,046 |  |  | $ | 1,435 |
Variable interest entity notes |  | $ | 9,015 |  |  | $ | 3,626 |  |  | $ | 5,389 |  |  | $ | 13,583 |  |  | $ | 4,754 |  |  | $ | 8,829 |

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