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Fair Value of Financial Instruments (Tables)

9 Months Ended

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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