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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2013
Text Block [Abstract] |
Quantitative Information Regarding The Significant Unobservable Inputs For Certain Assets And Liabilities Measured At Fair Value On A Recurring Basis |
|  |  | Fair Value |  |  |  |  |  |  |
|  |  | as of |  |  |  |  |  | Range |
|  |  | September 30, |  |  |  |  |  | (Weighted |
In millions |  | 2013 |  | Valuation Techniques |  | Unobservable Input |  | Average) |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |
| Loans receivable at fair value |  | $ | 1,704 |  | Quoted market prices adjusted for financial |  | Impact of financial guarantee |  | 0% - 17% (4%) |
|  |  |  |  |  | guarantees provided to VIE obligations |  |  |  |  |
| Loan repurchase commitments |  |  | 1,116 |  | Discounted cash flow |  | Recovery rates |  | 0% - 98% (81%) |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 745 |  | Quoted market prices of VIE assets |  | Impact of financial guarantee |  | 0% - 27% (10%) |
|  |  |  |  |  | adjusted for financial guarantees provided |  |  |  |  |
Credit derivative liabilities, net: |  |  |  |  |  |  |  |  |  |
| CMBS |  |  | 956 |  | BET Model |  | Recovery rates |  | 25% - 90% (60%) |
|  |  |  |  |  |  |  | Nonperformance risk |  | 12% - 57% (28%) |
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 1.4 - 28.3 (3.5) |
|  |  |  |  |  |  |  | CMBS spreads |  | 1% - 27% (13%) |
| Multi-sector CDO |  |  | 16 |  | Direct Price Model |  | Nonperformance risk |  | 57% - 57% (57%) |
| Other |  |  | 391 |  | BET Model |  | Recovery rates |  | 42% - 70% (46%) |
|  |  |  |  |  |  |  | Nonperformance risk |  | 18% - 31% (27%) |
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 0.2 - 3.8 (2.2) |
|  |  | Fair Value |  |  |  |  |  |  |
|  |  | as of |  |  |  |  |  | Range |
|  |  | December 31, |  |  |  |  |  | (Weighted |
In millions |  | 2012 |  | Valuation Techniques |  | Unobservable Input |  | Average) |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |
| Loans receivable at fair value |  | $ | 1,881 |  | Quoted market prices adjusted for financial |  | Impact of financial guarantee |  | 0% - 14% (3%) |
|  |  |  |  |  | guarantees provided to VIE obligations |  |  |  |  |
| Loan repurchase commitments |  |  | 1,086 |  | Discounted cash flow |  | Recovery rates |  | 10% - 75% (47%) |
|  |  |  |  |  |  |  | Breach rates |  | 66% - 94% (78%) |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 1,932 |  | Quoted market prices of VIE assets |  | Impact of financial guarantee |  | 0% - 23% (6%) |
|  |  |  |  |  | adjusted for financial guarantees provided |  |  |  |  |
Credit derivative liabilities, net: |  |  |  |  |  |  |  |  |  |
| CMBS |  |  | 1,590 |  | BET Model |  | Recovery rates |  | 21% - 90% (51%) |
|  |  |  |  |  |  |  | Nonperformance risk |  | 19% - 59% (58%) |
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 0.1 - 5.6 (4.4) |
|  |  |  |  |  |  |  | CMBS spreads |  | 1% - 23% (13%) |
| Multi-sector CDO |  |  | 525 |  | Direct Price Model |  | Nonperformance risk |  | 59% - 59% (59%) |
| Other |  |  | 806 |  | BET Model |  | Recovery rates |  | 42% - 75% (47%) |
|  |  |  |  |  |  |  | Nonperformance risk |  | 42% - 59% (58%) |
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 0.1 - 19.6 (3.0) |
Company's Assets And Liabilities Measured At Fair Value On Recurring Basis |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |  |  |
|  |  |  |  |  | Quoted Prices in |  | Significant |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Active Markets |  | Other |  | Significant |  |  | Counterparty |  |  |
|  |  |  |  |  | for Identical |  | Observable |  | Unobservable |  |  | and Cash |  | Balance as of
|  |  |  |  |  | Assets |  | Inputs |  | Inputs |  |  | Collateral |  | September 30,
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | Netting |  | 2013
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and government agency |  | $ | 424 |  | $ | 137 |  | $ | 0 |  |  | $ | 0 |  | $ | 561
| State and municipal bonds |  |  | 0 |  |  | 1,551 |  |  | 62 | (1) |  |  | 0 |  |  | 1,613
| Foreign governments |  |  | 87 |  |  | 109 |  |  | 5 | (1) |  |  | 0 |  |  | 201
| Corporate obligations |  |  | 0 |  |  | 1,717 |  |  | 47 | (1) |  |  | 0 |  |  | 1,764
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | 0 |  |  | 945 |  |  | 17 | (1) |  |  | 0 |  |  | 962
|  | Residential mortgage-backed non-agency |  |  | 0 |  |  | 79 |  |  | 0 |  |  |  | 0 |  |  | 79
|  | Commercial mortgage-backed |  |  | 0 |  |  | 26 |  |  | 14 | (1) |  |  | 0 |  |  | 40
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | 0 |  |  | 70 |  |  | 88 | (1) |  |  | 0 |  |  | 158
|  | Other asset-backed |  |  | 0 |  |  | 89 |  |  | 57 | (1) |  |  | 0 |  |  | 146
|  |  | Total fixed-maturity investments |  |  | 511 |  |  | 4,723 |  |  | 290 |  |  |  | 0 |  |  | 5,524
Money market securities |  |  | 910 |  |  | 3 |  |  | 0 |  |  |  | 0 |  |  | 913
Perpetual debt and equity securities |  |  | 27 |  |  | 14 |  |  | 11 | (1) |  |  | 0 |  |  | 52
Cash and cash equivalents |  |  | 1,057 |  |  | 0 |  |  | 0 |  |  |  | 0 |  |  | 1,057
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | 0 |  |  | 57 |  |  | 0 |  |  |  | (53) |  |  | 4
|  |  | Total derivative assets |  |  | 0 |  |  | 57 |  |  | 0 |  |  |  | (53) |  |  | 4
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |  |  |
|  |  |  |  |  | Quoted Prices in |  | Significant |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Active Markets |  | Other |  | Significant |  |  | Counterparty |  |  |
|  |  |  |  |  | for Identical |  | Observable |  | Unobservable |  |  | and Cash |  | Balance as of
|  |  |  |  |  | Assets |  | Inputs |  | Inputs |  |  | Collateral |  | September 30,
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | Netting |  | 2013
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate obligations |  |  | 0 |  |  | 46 |  |  | 48 | (1) |  |  | 0 |  |  | 94
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed non-agency |  |  | 0 |  |  | 255 |  |  | 4 | (1) |  |  | 0 |  |  | 259
|  | Commercial mortgage-backed |  |  | 0 |  |  | 103 |  |  | 2 | (1) |  |  | 0 |  |  | 105
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | 0 |  |  | 33 |  |  | 20 | (1) |  |  | 0 |  |  | 53
|  | Other asset-backed |  |  | 0 |  |  | 65 |  |  | 50 | (1) |  |  | 0 |  |  | 115
| Money market securities |  |  | 156 |  |  | 0 |  |  | 0 |  |  |  | 0 |  |  | 156
| Cash |  |  | 46 |  |  | 0 |  |  | 0 |  |  |  | 0 |  |  | 46
| Loans receivable |  |  | 0 |  |  | 0 |  |  | 1,704 |  |  |  | 0 |  |  | 1,704
| Loan repurchase commitments |  |  | 0 |  |  | 0 |  |  | 1,116 |  |  |  | 0 |  |  | 1,116
Total assets |  | $ | 2,707 |  | $ | 5,299 |  | $ | 3,245 |  |  | $ | (53) |  | $ | 11,198
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 0 |  | $ | 0 |  | $ | 204 | (1) |  | $ | 0 |  | $ | 204
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Credit derivatives |  |  | 0 |  |  | 7 |  |  | 1,363 |  |  |  | 0 |  |  | 1,370
| Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | 0 |  |  | 195 |  |  | 0 |  |  |  | (195) |  |  | 0
|  | Currency derivatives |  |  | 0 |  |  | 1 |  |  | 0 |  |  |  | (1) |  |  | 0
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Warrants |  |  | 0 |  |  | 48 |  |  | 0 |  |  |  | 0 |  |  | 48
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 0 |  |  | 1,681 |  |  | 745 |  |  |  | 0 |  |  | 2,426
| Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Currency derivatives |  |  | 0 |  |  | 0 |  |  | 15 | (1) |  |  | 0 |  |  | 15
Total liabilities |  | $ | 0 |  | $ | 1,932 |  | $ | 2,327 |  |  | $ | (196) |  | $ | 4,063
____________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  |  |
|  |  |  |  |  | Quoted Prices in |  | Significant |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Active Markets |  | Other |  | Significant |  |  | Counterparty |  |  |
|  |  |  |  |  | for Identical |  | Observable |  | Unobservable |  |  | and Cash |  | Balance as of
|  |  |  |  |  | Assets |  | Inputs |  | Inputs |  |  | Collateral |  | December 31,
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | Netting |  | 2012
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and government agency |  | $ | 784 |  | $ | 100 |  | $ | 0 |  |  | $ | 0 |  | $ | 884
| State and municipal bonds |  |  | 0 |  |  | 1,429 |  |  | 103 | (1) |  |  | 0 |  |  | 1,532
| Foreign governments |  |  | 86 |  |  | 107 |  |  | 3 | (1) |  |  | 0 |  |  | 196
| Corporate obligations |  |  | 0 |  |  | 1,140 |  |  | 76 | (1) |  |  | 0 |  |  | 1,216
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | 0 |  |  | 988 |  |  | 0 |  |  |  | 0 |  |  | 988
|  | Residential mortgage-backed non-agency |  |  | 0 |  |  | 94 |  |  | 4 | (1) |  |  | 0 |  |  | 98
|  | Commercial mortgage-backed |  |  | 0 |  |  | 20 |  |  | 28 | (1) |  |  | 0 |  |  | 48
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | 0 |  |  | 65 |  |  | 31 | (1) |  |  | 0 |  |  | 96
|  | Other asset-backed |  |  | 0 |  |  | 119 |  |  | 26 | (1) |  |  | 0 |  |  | 145
|  |  | Total fixed-maturity investments |  |  | 870 |  |  | 4,062 |  |  | 271 |  |  |  | 0 |  |  | 5,203
Money market securities |  |  | 585 |  |  | 8 |  |  | 0 |  |  |  | 0 |  |  | 593
Perpetual debt and equity securities |  |  | 23 |  |  | 20 |  |  | 14 | (1) |  |  | 0 |  |  | 57
Cash and cash equivalents |  |  | 814 |  |  | 0 |  |  | 0 |  |  |  | 0 |  |  | 814
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | 0 |  |  | 89 |  |  | 5 | (1) |  |  | (90) |  |  | 4
|  |  | Total derivative assets |  |  | 0 |  |  | 89 |  |  | 5 |  |  |  | (90) |  |  | 4
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |  |  |
|  |  |  |  |  | Quoted Prices in |  | Significant |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Active Markets |  | Other |  | Significant |  |  | Counterparty |  |  |
|  |  |  |  |  | for Identical |  | Observable |  | Unobservable |  |  | and Cash |  | Balance as of
|  |  |  |  |  | Assets |  | Inputs |  | Inputs |  |  | Collateral |  | December 31,
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | Netting |  | 2012
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| State and municipal bonds |  |  | 0 |  |  | 41 |  |  | 0 |  |  |  | 0 |  |  | 41
| Corporate obligations |  |  | 0 |  |  | 215 |  |  | 78 | (1) |  |  | 0 |  |  | 293
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed non-agency |  |  | 0 |  |  | 869 |  |  | 6 | (1) |  |  | 0 |  |  | 875
|  | Commercial mortgage-backed |  |  | 0 |  |  | 410 |  |  | 7 | (1) |  |  | 0 |  |  | 417
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | 0 |  |  | 215 |  |  | 125 | (1) |  |  | 0 |  |  | 340
|  | Other asset-backed |  |  | 0 |  |  | 120 |  |  | 64 | (1) |  |  | 0 |  |  | 184
| Money market securities |  |  | 210 |  |  | 0 |  |  | 0 |  |  |  | 0 |  |  | 210
| Cash |  |  | 176 |  |  | 0 |  |  | 0 |  |  |  | 0 |  |  | 176
| Loans receivable |  |  | 0 |  |  | 0 |  |  | 1,881 |  |  |  | 0 |  |  | 1,881
| Loan repurchase commitments |  |  | 0 |  |  | 0 |  |  | 1,086 |  |  |  | 0 |  |  | 1,086
Total assets |  | $ | 2,678 |  | $ | 6,049 |  | $ | 3,537 |  |  | $ | (90) |  | $ | 12,174
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 0 |  | $ | 0 |  | $ | 165 | (1) |  | $ | 0 |  | $ | 165
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Credit derivatives |  |  | 0 |  |  | 13 |  |  | 2,921 |  |  |  | 0 |  |  | 2,934
| Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | 0 |  |  | 287 |  |  | 4 | (1) |  |  | (293) |  |  | (2)
|  | Currency derivatives |  |  | 0 |  |  | 1 |  |  | 1 | (1) |  |  | 0 |  |  | 2
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Warrants |  |  | 0 |  |  | 6 |  |  | 0 |  |  |  | 0 |  |  | 6
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 0 |  |  | 1,727 |  |  | 1,932 |  |  |  | 0 |  |  | 3,659
| Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | 0 |  |  | 141 |  |  | 0 |  |  |  | 0 |  |  | 141
|  | Currency derivatives |  |  | 0 |  |  | 0 |  |  | 21 | (1) |  |  | 0 |  |  | 21
Total liabilities |  | $ | 0 |  | $ | 2,175 |  | $ | 5,044 |  |  | $ | (293) |  | $ | 6,926
____________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 Hierarchy Table Presents The Company's Assets And Liabilities Not Recorded At Fair Value On The Company's Consolidated Balance Sheet |
|  |  | Fair Value Measurements at Reporting Date Using |  |  |  |  |  |  |
|  |  | Quoted Prices in |  | Significant |  | Significant |  | Fair Value |  | Carry Value |
|  |  | Active Markets for |  | Other Observable |  | Unobservable |  | Balance as of |  | Balance as of |
|  |  | Identical Assets |  | Inputs |  | Inputs |  | September 30, |  | September 30, |
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | 2013 |  | 2013 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other investments |  | $ | 0 |  | $ | 0 |  | $ | 6 |  | $ | 6 |  | $ | 6 |
| Accrued investment income(1) |  |  | 44 |  |  | 0 |  |  | 0 |  |  | 44 |  |  | 44 |
| Receivable for investments sold(1) |  |  | 23 |  |  | 0 |  |  | 0 |  |  | 23 |  |  | 23 |
| Net cash collateral pledged(1) |  |  | 62 |  |  | 0 |  |  | 0 |  |  | 62 |  |  | 62 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments held-to-maturity |  |  | 0 |  |  | 0 |  |  | 2,566 |  |  | 2,566 |  |  | 2,809 |
Total assets |  | $ | 129 |  | $ | 0 |  | $ | 2,572 |  | $ | 2,701 |  | $ | 2,944 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment agreements |  | $ | 0 |  | $ | 0 |  | $ | 902 |  | $ | 902 |  | $ | 760 |
| Medium-term notes |  |  | 0 |  |  | 0 |  |  | 1,035 |  |  | 1,035 |  |  | 1,350 |
| Long-term debt |  |  | 10 |  |  | 1,282 |  |  | 0 |  |  | 1,292 |  |  | 1,677 |
| Payable for investments purchased(2) |  |  | 150 |  |  | 0 |  |  | 0 |  |  | 150 |  |  | 150 |
| Secured loan(2) |  |  | 0 |  |  | 0 |  |  | 50 |  |  | 50 |  |  | 50 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 0 |  |  | 0 |  |  | 2,689 |  |  | 2,689 |  |  | 2,959 |
Total liabilities |  | $ | 160 |  | $ | 1,282 |  | $ | 4,676 |  | $ | 6,118 |  | $ | 6,946 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross |  | $ | 0 |  | $ | 0 |  | $ | 3,097 |  | $ | 3,097 |  | $ | 2,490 |
| Ceded |  |  | 0 |  |  | 0 |  |  | 69 |  |  | 69 |  |  | 77 |
__________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  |  |  |  |  |
|  |  | Quoted Prices in |  | Significant |  | Significant |  | Fair Value |  | Carry Value
|  |  | Active Markets for |  | Other Observable |  | Unobservable |  | Balance as of |  | Balance as of
|  |  | Identical Assets |  | Inputs |  | Inputs |  | December 31, |  | December 31,
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | 2012 |  | 2012
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other investments |  | $ | 0 |  | $ | 0 |  | $ | 9 |  | $ | 9 |  | $ | 9
| Accrued investment income(1) |  |  | 43 |  |  | 0 |  |  | 0 |  |  | 43 |  |  | 43
| Receivable for investments sold(1) |  |  | 17 |  |  | 0 |  |  | 0 |  |  | 17 |  |  | 17
| Net cash collateral pledged(1) |  |  | 66 |  |  | 0 |  |  | 0 |  |  | 66 |  |  | 66
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments held-to-maturity |  |  | 0 |  |  | 0 |  |  | 2,674 |  |  | 2,674 |  |  | 2,829
Total assets |  | $ | 126 |  | $ | 0 |  | $ | 2,683 |  | $ | 2,809 |  | $ | 2,964
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment agreements |  | $ | 0 |  | $ | 0 |  | $ | 1,175 |  | $ | 1,175 |  | $ | 944
| Medium-term notes |  |  | 0 |  |  | 0 |  |  | 860 |  |  | 860 |  |  | 1,433
| Long-term debt |  |  | 9 |  |  | 702 |  |  | 0 |  |  | 711 |  |  | 1,732
| Payable for investments purchased(2) |  |  | 50 |  |  | 0 |  |  | 0 |  |  | 50 |  |  | 50
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 0 |  |  | 0 |  |  | 3,147 |  |  | 3,147 |  |  | 3,465
Total liabilities |  | $ | 59 |  | $ | 702 |  | $ | 5,182 |  | $ | 5,943 |  | $ | 7,624
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross |  | $ | 0 |  | $ | 0 |  | $ | 650 |  | $ | 650 |  | $ | 143
| Ceded |  |  | 0 |  |  | 0 |  |  | 97 |  |  | 97 |  |  | 91
__________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 Measured At Fair Value On A Recurring Basis |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2013
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gains
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Losses) for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings
|  |  |  |  |  |  |  | Gains / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | for Assets
|  |  |  |  |  |  |  | (Losses) |  | Gains / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | (Losses) |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | Gains / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | September 30,
In millions |  | of Period |  | (Losses) |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2013
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments |  | $ | 3 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | (3) |  | $ | 0 |  | $ | 5 |  | $ | 0 |  | $ | 5 |  | $ | 0
Corporate obligations |  |  | 63 |  |  | (7) |  |  | 1 |  |  | 7 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | (14) |  |  | (6) |  |  | 1 |  |  | 0 |  |  | 47 |  |  | 1
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed agency |  |  | 3 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 17 |  |  | (3) |  |  | 17 |  |  | 0
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 13 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 14 |  |  | 0
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 85 |  |  | 0 |  |  | 0 |  |  | 7 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (3) |  |  | 0 |  |  | 10 |  |  | (11) |  |  | 88 |  |  | 0
Other asset-backed |  |  | 64 |  |  | 0 |  |  | 0 |  |  | (5) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (4) |  |  | 0 |  |  | 3 |  |  | (1) |  |  | 57 |  |  | 0
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 63 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 62 |  |  | 0
Perpetual debt and equity securities |  |  | 10 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 11 |  |  | 0
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 48 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 48 |  |  | 0
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 4 |  |  | 0
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 4 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 2 |  |  | 0
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 35 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (4) |  |  | 0 |  |  | 0 |  |  | (12) |  |  | 20 |  |  | (1)
Other asset-backed |  |  | 63 |  |  | 0 |  |  | (7) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 1 |  |  | (6) |  |  | 50 |  |  | (1)
Loans receivable |  |  | 1,790 |  |  | 0 |  |  | (12) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (74) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,704 |  |  | (12)
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 1,115 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,116 |  |  | 1
Total assets |  | $ | 3,362 |  | $ | (7) |  | $ | (17) |  | $ | 9 |  | $ | 3 |  | $ | 0 |  | $ | 0 |  | $ | (106) |  | $ | (6) |  | $ | 41 |  | $ | (34) |  | $ | 3,245 |  | $ | (12)
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2012
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gains
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Losses) for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | Gains / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Assets
|  |  |  |  |  |  |  | (Losses) |  | Gains / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | (Losses) |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | Gains / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | September 30,
In millions |  | of Period |  | (Losses) |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2012
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments |  | $ | 12 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 1 |  | $ | 9 |  | $ | 0 |  | $ | (10) |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 12 |  | $ | 0
Corporate obligations |  |  | 98 |  |  | 0 |  |  | 4 |  |  | (2) |  |  | 0 |  |  | 2 |  |  | 0 |  |  | (13) |  |  | 0 |  |  | 10 |  |  | (8) |  |  | 91 |  |  | 3
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed agency |  |  | 4 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | (3) |  |  | 0 |  |  | 0
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 33 |  |  | (1) |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (5) |  |  | 0 |  |  | 1 |  |  | (23) |  |  | 7 |  |  | 0
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 27 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 30 |  |  | 0
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 29 |  |  | (4) |  |  | 0 |  |  | 9 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (4) |  |  | 0 |  |  | 4 |  |  | (4) |  |  | 30 |  |  | 0
Other asset-backed |  |  | 69 |  |  | (2) |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 4 |  |  | 0 |  |  | 73 |  |  | 0
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 25 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (2) |  |  | 0 |  |  | 71 |  |  | 0 |  |  | 94 |  |  | 0
Perpetual debt and equity securities |  |  | 13 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 14 |  |  | 0
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 95 |  |  | 0 |  |  | (10) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (2) |  |  | 0 |  |  | 3 |  |  | (3) |  |  | 83 |  |  | 1
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 10 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 2 |  |  | (3) |  |  | 8 |  |  | 0
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 12 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 13 |  |  | 1
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 140 |  |  | 0 |  |  | (5) |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 37 |  |  | 0 |  |  | 173 |  |  | (2)
Other asset-backed |  |  | 42 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (5) |  |  | 0 |  |  | 30 |  |  | 0 |  |  | 66 |  |  | 1
Loans receivable |  |  | 1,903 |  |  | 0 |  |  | 61 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (72) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,892 |  |  | 61
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 1,032 |  |  | 0 |  |  | 19 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,051 |  |  | 19
Total assets |  | $ | 3,544 |  | $ | (7) |  | $ | 70 |  | $ | 14 |  | $ | 1 |  | $ | 13 |  | $ | 0 |  | $ | (117) |  | $ | 0 |  | $ | 163 |  | $ | (44) |  | $ | 3,637 |  | $ | 84
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2013
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gains
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Losses) for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | Gains / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Assets
|  |  |  |  |  |  |  | (Losses) |  | Gains / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | (Losses) |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | Gains / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | September 30,
In millions |  | of Year |  | (Losses) |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2013
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments |  | $ | 3 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | (11) |  | $ | 0 |  | $ | 16 |  | $ | (3) |  | $ | 5 |  | $ | 0
Corporate obligations |  |  | 76 |  |  | (5) |  |  | 6 |  |  | 11 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | (14) |  |  | (29) |  |  | 1 |  |  | 0 |  |  | 47 |  |  | 6
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed agency |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 20 |  |  | (3) |  |  | 17 |  |  | 0
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 4 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (3) |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 28 |  |  | 0 |  |  | 0 |  |  | 4 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (2) |  |  | (18) |  |  | 3 |  |  | (1) |  |  | 14 |  |  | 0
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 31 |  |  | (2) |  |  | 0 |  |  | 11 |  |  | 0 |  |  | 61 |  |  | 0 |  |  | (14) |  |  | (5) |  |  | 28 |  |  | (22) |  |  | 88 |  |  | 1
Other asset-backed |  |  | 26 |  |  | 0 |  |  | 0 |  |  | (5) |  |  | 0 |  |  | 3 |  |  | 0 |  |  | (9) |  |  | 0 |  |  | 47 |  |  | (5) |  |  | 57 |  |  | 0
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 103 |  |  | 2 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (4) |  |  | (12) |  |  | 42 |  |  | (68) |  |  | 62 |  |  | 0
Perpetual debt and equity securities |  |  | 14 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (3) |  |  | 11 |  |  | 0
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 78 |  |  | (4) |  |  | (7) |  |  | 6 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (3) |  |  | (25) |  |  | 3 |  |  | 0 |  |  | 48 |  |  | 0
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 6 |  |  | 0 |  |  | 6 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (7) |  |  | 0 |  |  | 3 |  |  | (4) |  |  | 4 |  |  | 0
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 7 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (24) |  |  | 20 |  |  | 0 |  |  | 2 |  |  | 1
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 125 |  |  | 0 |  |  | (8) |  |  | 5 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (5) |  |  | (84) |  |  | 1 |  |  | (14) |  |  | 20 |  |  | 2
Other asset-backed |  |  | 64 |  |  | 0 |  |  | (7) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (10) |  |  | (2) |  |  | 11 |  |  | (6) |  |  | 50 |  |  | 3
Loans receivable |  |  | 1,881 |  |  | 0 |  |  | 208 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (211) |  |  | (174) |  |  | 0 |  |  | 0 |  |  | 1,704 |  |  | 194
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 1,086 |  |  | 0 |  |  | 140 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (110) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,116 |  |  | 140
Total assets |  | $ | 3,532 |  | $ | (9) |  | $ | 337 |  | $ | 31 |  | $ | 0 |  | $ | 65 |  | $ | 0 |  | $ | (403) |  | $ | (373) |  | $ | 195 |  | $ | (130) |  | $ | 3,245 |  | $ | 347
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2012
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gains
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Losses) for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | Gains / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Assets
|  |  |  |  |  |  |  | (Losses) |  | Gains / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | (Losses) |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | Gains / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | September 30,
In millions |  | of Year |  | (Losses) |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2012
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments |  | $ | 11 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 1 |  | $ | 22 |  | $ | 0 |  | $ | (19) |  | $ | (3) |  | $ | 0 |  | $ | 0 |  | $ | 12 |  | $ | 0
Corporate obligations |  |  | 207 |  |  | (15) |  |  | 9 |  |  | 24 |  |  | 0 |  |  | 18 |  |  | 0 |  |  | (29) |  |  | (140) |  |  | 25 |  |  | (8) |  |  | 91 |  |  | 8
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed agency |  |  | 8 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 4 |  |  | (12) |  |  | 0 |  |  | 0
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 17 |  |  | (1) |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (11) |  |  | (3) |  |  | 31 |  |  | (25) |  |  | 7 |  |  | 0
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 24 |  |  | 0 |  |  | 0 |  |  | 5 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | (1) |  |  | 30 |  |  | 0
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 60 |  |  | (9) |  |  | 0 |  |  | 18 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (12) |  |  | (10) |  |  | 14 |  |  | (31) |  |  | 30 |  |  | 0
Other asset-backed |  |  | 317 |  |  | (58) |  |  | 0 |  |  | 71 |  |  | 0 |  |  | 5 |  |  | 0 |  |  | (11) |  |  | (250) |  |  | 5 |  |  | (6) |  |  | 73 |  |  | 0
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 28 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (5) |  |  | 0 |  |  | 71 |  |  | 0 |  |  | 94 |  |  | 0
Perpetual debt and equity securities |  |  | 11 |  |  | 0 |  |  | 1 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 4 |  |  | (3) |  |  | 14 |  |  | 0
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 69 |  |  | 0 |  |  | (15) |  |  | (6) |  |  | 0 |  |  | 28 |  |  | 0 |  |  | (5) |  |  | 0 |  |  | 15 |  |  | (3) |  |  | 83 |  |  | 3
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 21 |  |  | 0 |  |  | 6 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (5) |  |  | (15) |  |  | 5 |  |  | (4) |  |  | 8 |  |  | 3
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 22 |  |  | 0 |  |  | 3 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (3) |  |  | (8) |  |  | 5 |  |  | (6) |  |  | 13 |  |  | 2
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 203 |  |  | 0 |  |  | (5) |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | (74) |  |  | 51 |  |  | 0 |  |  | 173 |  |  | 5
Other asset-backed |  |  | 67 |  |  | 0 |  |  | 4 |  |  | 0 |  |  | 0 |  |  | 4 |  |  | 0 |  |  | (8) |  |  | (35) |  |  | 34 |  |  | 0 |  |  | 66 |  |  | 5
Loans receivable |  |  | 2,046 |  |  | 0 |  |  | 52 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (204) |  |  | (2) |  |  | 0 |  |  | 0 |  |  | 1,892 |  |  | 52
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 1,077 |  |  | 0 |  |  | (26) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,051 |  |  | (26)
Total assets |  | $ | 4,188 |  | $ | (83) |  | $ | 29 |  | $ | 112 |  | $ | 1 |  | $ | 78 |  | $ | 0 |  | $ | (314) |  | $ | (540) |  | $ | 265 |  | $ | (99) |  | $ | 3,637 |  | $ | 52
Changes In Level 3 Liabilities Measured At Fair Value On A Recurring Basis |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Gains)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | (Gains) / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities
|  |  |  |  |  |  |  | Losses |  | (Gains) / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | Losses |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | (Gains) / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | September 30,
In millions |  | of Period |  | Losses |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2013
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 188 |  | $ | 0 |  | $ | 9 |  | $ | 0 |  | $ | 7 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 204 |  | $ | 17
Credit derivatives, net |  |  | 1,648 |  |  | 28 |  |  | (285) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (28) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,363 |  |  | (285)
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (15)
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 824 |  |  | 0 |  |  | (6) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (73) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 745 |  |  | (6)
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | 16 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 15 |  |  | (1)
Total liabilities |  | $ | 2,676 |  | $ | 28 |  | $ | (282) |  | $ | 0 |  | $ | 6 |  | $ | 0 |  | $ | 0 |  | $ | (101) |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 2,327 |  | $ | (290)
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Transferred in and out at the end of the period.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Gains)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | (Gains) / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities
|  |  |  |  |  |  |  | Losses |  | (Gains) / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | Losses |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | (Gains) / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | September 30,
In millions |  | of Period |  | Losses |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2012
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 151 |  | $ | 0 |  | $ | 14 |  | $ | 0 |  | $ | 3 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 168 |  | $ | 14
Credit derivatives, net |  |  | 3,285 |  |  | (12) |  |  | 32 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 12 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 3,317 |  |  | 33
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | (4) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 4 |  |  | 0 |  |  | 0 |  |  | 5
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 1 |  |  | 0
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 1,867 |  |  | 0 |  |  | 128 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (110) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,885 |  |  | 128
Currency derivatives, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
net |  |  | 21 |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 23 |  |  | 2
Total liabilities |  | $ | 5,320 |  | $ | (12) |  | $ | 176 |  | $ | 0 |  | $ | 3 |  | $ | 0 |  | $ | 0 |  | $ | (98) |  | $ | 0 |  | $ | 5 |  | $ | 0 |  | $ | 5,394 |  | $ | 182
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Transferred in and out at the end of the period.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Gains)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | (Gains) / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities
|  |  |  |  |  |  |  | Losses |  | (Gains) / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | Losses |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | (Gains) / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | September 30,
In millions |  | of Year |  | Losses |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2013
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 165 |  | $ | 0 |  | $ | 34 |  | $ | 0 |  | $ | 5 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 204 |  | $ | 39
Credit derivatives, net |  |  | 2,921 |  |  | 1,548 |  |  | (1,562) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1,548) |  |  | 0 |  |  | 4 |  |  | 0 |  |  | 1,363 |  |  | 301
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | (1) |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | (21)
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 1,932 |  |  | 0 |  |  | 140 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (251) |  |  | (1,076) |  |  | 0 |  |  | 0 |  |  | 745 |  |  | 53
Currency derivatives, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
net |  |  | 21 |  |  | 0 |  |  | (5) |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 15 |  |  | (6)
Total liabilities |  | $ | 5,039 |  | $ | 1,548 |  | $ | (1,391) |  | $ | 0 |  | $ | 4 |  | $ | 0 |  | $ | 0 |  | $ | (1,799) |  | $ | (1,076) |  | $ | 4 |  | $ | (2) |  | $ | 2,327 |  | $ | 366
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Transferred in and out at the end of the period.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Gains)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | (Gains) / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities
|  |  |  |  |  |  |  | Losses |  | (Gains) / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | Losses |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | (Gains) / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | September 30,
In millions |  | of Year |  | Losses |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2012
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 165 |  | $ | 0 |  | $ | 3 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 168 |  | $ | 4
Credit derivatives, net |  |  | 4,790 |  |  | 420 |  |  | (1,473) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (420) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 3,317 |  |  | (538)
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | (3) |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 4 |  |  | 0 |  |  | 0 |  |  | 12
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 1 |  |  | 0
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 2,889 |  |  | 0 |  |  | 348 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (369) |  |  | (983) |  |  | 0 |  |  | 0 |  |  | 1,885 |  |  | 292
Credit derivatives, net |  |  | 80 |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (82) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0
Currency derivatives, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
net |  |  | 17 |  |  | 0 |  |  | 6 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 23 |  |  | 6
Total liabilities |  | $ | 7,938 |  | $ | 420 |  | $ | (1,115) |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | (789) |  | $ | (1,065) |  | $ | 5 |  | $ | 0 |  | $ | 5,394 |  | $ | (224)
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Transferred in and out at the end of the period.
Gains And Losses (Realized And Unrealized) Included In Earnings Pertaining To Level 3 Assets And Liabilities |
|  |  | Three Months Ended September 30, 2013 |  | Three Months Ended September 30, 2012
|  |  |  |  |  | Change in |  |  |  |  | Change in
|  |  |  |  |  | Unrealized |  |  |  |  | Unrealized
|  |  |  |  |  | Gains (Losses) |  |  |  |  | Gains (Losses)
|  |  |  |  |  | for the |  |  |  |  | for the
|  |  |  |  |  | Period Included |  |  |  |  | Period Included
|  |  |  |  |  | in Earnings |  |  |  |  | in Earnings
|  |  |  |  |  | for Assets |  |  |  |  | for Assets
|  |  |  |  | and |  |  |  |  | and
|  |  | Total Gains |  | Liabilities still |  | Total Gains |  | Liabilities still
|  |  | (Losses) |  | held as of |  | (Losses) |  | held as of
|  |  | Included |  | September 30, |  | Included |  | September 30,
In millions |  | in Earnings |  | 2013 |  | in Earnings |  | 2012
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Unrealized gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  | $ | 285 |  | $ | 285 |  | $ | (32) |  | $ | (33)
| Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |
| settlements on insured derivatives |  |  | (28) |  |  | 0 |  |  | 12 |  |  | 0
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | (24) |  |  | (1) |  |  | (9) |  |  | (16)
| Net investment losses related to |  |  |  |  |  |  |  |  |  |  |  |
| other-than-temporary impairments |  |  | 0 |  |  | 0 |  |  | (7) |  |  | 0
| Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | (11) |  |  | (6) |  |  | (65) |  |  | (49)
Total |  | $ | 222 |  | $ | 278 |  | $ | (101) |  | $ | (98)
|  |  | Nine Months Ended September 30, 2013 |  | Nine Months Ended September 30, 2012
|  |  |  |  |  | Change in |  |  |  |  | Change in
|  |  |  |  |  | Unrealized |  |  |  |  | Unrealized
|  |  |  |  |  | Gains (Losses) |  |  |  |  | Gains (Losses)
|  |  |  |  |  | for the |  |  |  |  | for the
|  |  |  |  |  | Period Included |  |  |  |  | Period Included
|  |  |  |  |  | in Earnings |  |  |  |  | in Earnings
|  |  |  |  |  | for Assets |  |  |  |  | for Assets
|  |  |  |  | and |  |  |  |  | and
|  |  | Total Gains |  | Liabilities still |  | Total Gains |  | Liabilities still
|  |  | (Losses) |  | held as of |  | (Losses) |  | held as of
|  |  | Included |  | September 30, |  | Included |  | September 30,
In millions |  | in Earnings |  | 2013 |  | in Earnings |  | 2012
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Unrealized gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  | $ | 1,562 |  | $ | (301) |  | $ | 1,473 |  | $ | 538
| Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |
| settlements on insured derivatives |  |  | (1,548) |  |  | 0 |  |  | (420) |  |  | 0
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | (39) |  |  | (11) |  |  | (8) |  |  | (8)
| Net investment losses related to |  |  |  |  |  |  |  |  |  |  |  |
| other-than-temporary impairments |  |  | 0 |  |  | 0 |  |  | (67) |  |  | 0
| Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | 193 |  |  | 293 |  |  | (337) |  |  | (254)
Total |  | $ | 168 |  | $ | (19) |  | $ | 641 |  | $ | 276
Changes In Fair Value Included In The 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 |  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Fixed-maturity securities held at fair value |  | $ | (37) |  | $ | 21 |  | $ | (35) |  | $ | (36) |
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage loans |  |  | (87) |  |  | (4) |  |  | (16) |  |  | (103) |
| Other loans |  |  | - |  |  | (7) |  |  | 13 |  |  | (48) |
Loan repurchase commitments |  |  | 1 |  |  | 19 |  |  | 140 |  |  | 62 |
Variable interest entity notes |  |  | 164 |  |  | 12 |  |  | 85 |  |  | 140 |
Difference Between Aggregate Fair Value And The Aggregate Remaining Contractual Principal Balance Outstanding |
|  |  | As of September 30, 2013 |  |  | As of December 31, 2012
|  |  | Contractual |  |  |  |  |  |  |  | Contractual |  |  |  |  |  |
|  |  | Outstanding |  | Fair |  |  |  |  | Outstanding |  | Fair |  |  |
In millions |  | Principal |  | Value |  | Difference |  | Principal |  | Value |  | Difference
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage loans |  | $ | 1,932 |  | $ | 1,622 |  | $ | 310 |  | $ | 2,307 |  | $ | 1,735 |  | $ | 572
| Residential mortgage loans (90 days or more past due) |  |  | 221 |  |  | 82 |  |  | 139 |  |  | 244 |  |  | 54 |  |  | 190
| Other loans |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 22 |  |  | 22 |  |  | 0
| Other loans (90 days or more past due) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 197 |  |  | 70 |  |  | 127
Total loans receivable at fair value |  | $ | 2,153 |  | $ | 1,704 |  | $ | 449 |  | $ | 2,770 |  | $ | 1,881 |  | $ | 889
Variable interest entity notes |  | $ | 3,859 |  | $ | 2,426 |  | $ | 1,433 |  | $ | 9,021 |  | $ | 3,659 |  | $ | 5,362

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